1.1 Highlights of the period
1.1.1 Main changes in scope in 2024
VINCI Concessions
VINCI Airports completed several strategic developments in 2024:
- In late December 2023, Aerodom – which holds the concession for six airports in the Dominican Republic (6.8 million passengers in 2024) and has been a VINCI Airports subsidiary since 2016 – was granted a 30-year extension to its concession contract, from 2030 to 2060, by the Dominican authorities. In relation to this contract extension, Aerodom made an initial payment of $300 million to the Dominican government in January 2024, followed by a further payment of $475 million in July 2024. VINCI Airports will also be making investments to increase the capacity of the airports.
- On 25 June 2024, VINCI Airports acquired a 50.01% stake in Edinburgh Airport Limited, the freehold owner of Edinburgh airport, the largest airport in Scotland and the sixth largest in the United Kingdom, which handled 15.8 million passengers in 2024, for £1.3 billion (value of the 50.01% equity stake). The company is fully consolidated in VINCI’s financial statements.
- On 6 June 2024, VINCI Airports acquired a 20% stake in the concession company of Budapest airport in Hungary, for €0.6 billion. Through that transaction, VINCI Airports became the airport’s operator. With 17.5 million passengers in 2024, it is one of Central Europe’s busiest airports. There are 55 years remaining on the concession, which ends in 2080. The company is accounted for under the equity method.
VINCI Highways announced the following transactions in 2024:
- It acquired 100% of NWP HoldCo LLC, which holds the concession running until 2106 for the Northwest Parkway – a 14 km tolled section of the Denver ring road in Colorado, one of the fastest-growing states in the United States – for around $1.2 billion (value of the 100% equity stake).
- It also won a 30-year concession to operate and modernise a 594 km section of the BR-040 highway in Brazil. This toll motorway section connects Belo Horizonte, the capital of Minas Gerais state, with Cristalina, a city in the south of Goiás state, and serves the country’s capital, Brasília. VINCI Highways will begin operating the motorway section in the first quarter of 2025.
- It increased its stake in Olympia Odos – which holds the concession for the Athens–Corinth–Patras motorway in Greece – from 29.9% to 36.0% for €36 million. The company is still accounted for under the equity method.
In November 2024, VINCI Concessions strengthened its position as the largest shareholder of LISEA, the concession company for the South Europe Atlantic high-speed rail line between Tours and Bordeaux, which covers a distance of around 300 km. VINCI Concessions now owns 42.0% of LISEA as opposed to 33.4% previously. The company is still accounted for under the equity method.
VINCI Concessions, via its SunMind subsidiary, completed the acquisition of Helios Nordic Energy in July 2024. This company operates across Northern Europe from its base in Sweden, and specialises in developing solar power facilities and energy storage projects.
VINCI Energies
VINCI Energies made 34 new acquisitions in 2024, representing full-year revenue of €740 million, of which around €680 million outside France (including €260 million in Germany, €170 million in the Netherlands, €100 million in Switzerland and €30 million in the United States). The main acquisitions were as follows:
- Fernao, a German group providing cybersecurity, IT and cloud services in Germany and Switzerland, with annual revenue of around €260 million. The acquisition was completed in September and strengthens VINCI Energies’ Axians brand (focused on information and communication technologies), a segment in which VINCI Energies generated revenue of €3.7 billion in 38 countries in 2024.
- RH Marine and Bakker Sliedrecht, two Dutch companies specialising in the integration of electrical and automation systems in the maritime industry, with combined full-year revenue of close to €160 million. The acquisition was completed in November.
- E+HPS in Singapore, specialising in the design and installation of clean rooms for a variety of industries.
- One Way Wireless Construction in the United States (Minnesota), specialising in telecoms infrastructure.
- Premiere Automation, based in the US state of South Carolina, a company specialising in robot programming services for the automotive industry.
- Giordano, an Italian company specialising in designing and building electrical, mechanical and automation systems for the manufacturing sector.
- Kramer & Best, a German company specialising in the integration of process control systems for plant automation, particularly on behalf of customers in the pharmaceuticals and fine chemicals sectors.
- Leukhardt Schaltanlagen Systemtechnik, a German company specialising in the manufacture and installation of low- and medium-voltage switchgear and control cabinets for industrial customers, including data centres.
- Miprotek, a German company specialising in automation and process solutions for asphalt plants.
- Hesselink, a German company specialising in services for electrical distribution networks in north-west Germany.
- Robo Mat, a Swiss company specialising in the design and installation of special machinery for the pharmaceutical industry.
- Envico, based in the north of Sweden, specialising in electrical installations and instrumentation.
- Solu-tech, a French company specialising in industrial automation, IT and robotics, mainly operating in the agri-food and pharmaceuticals sectors.
The acquisitions break down across VINCI Energies’ four business lines as follows:
- Industry: 15 acquisitions with full-year revenue of over €380 million;
- ICT: eight acquisitions with full-year revenue of around €310 million;
- Building Solutions: seven acquisitions with full-year revenue of around €25 million;
- Infrastructure: four acquisitions with full-year revenue of €25 million.
