2024 Universal Registration Document

1.1.4 Other highlights in the Energy and Construction businesses

Cobra IS

In line with its road map for renewable power generation, Cobra IS increased the capacity of its asset portfolio – consisting mostly of photovoltaic facilities – by 1.5 GW to 3.5 GW at the end of 2024, including:

• 0. 6 GW in operation (Belmonte in Brazil);
• 2. 9 GW under construction, comprising 1.4 GW in Brazil of which 0.6 GW should come into service in 2025 and 0.8 GW in 2026, more than 1.2 GW in Spain and almost 0.3 GW in the United States, with the commissioning of the assets in the latter two countries expected in 2026.

Since the end of December 2022, Cobra IS has been operating and maintaining the facilities of Polo Carmópolis, a cluster of 11 onshore oil and natural gas field concessions acquired from Petrobras and located in the Brazilian state of Sergipe, as well as upgrading them to comply with technical and environmental standards. In late 2023 and 2024, Cobra IS renewed all operating licences for these facilities until 2052. The Group is currently carrying out a strategic review of these operations.

1.1.5 Financing activities

New financing

In July 2024, rating agency Standard & Poor’s reiterated its confidence in the Group’s credit quality by affirming its A− long-term and A2 short-term ratings, both with stable outlook. In addition, ratings awarded to VINCI by Moody’s (A3 long-term and P-2 short-term, with stable outlook) were confirmed in June 2024.

In 2024, VINCI and its subsidiaries successfully completed several bond issues. Including bank loans, the Group raised €4.1 billion of new financing in total in 2024.

The main transactions were as follows:

• VINCI carried out seven private placements during the year for a total amount of €1.2 billion. The average maturity of those transactions was 3.1 years and the average yield was 3.36%.
• Aerodom, the concession company for six airports in the Dominican Republic, issued $500 million of 10-year bonds in July with an annual coupon of 7.0%, and arranged a $400 million floating rate bank loan with a five-year term.
• In April, London Gatwick airport issued £250 million of bonds due to mature in April 2040 and paying an annual coupon of 5.5%, and then in October issued €750 million of bonds due to mature in October 2033 with an annual coupon of 3.625%. The latter was London Gatwick airport’s first euro-denominated bond issue and consisted of sustainability-linked bonds, a sign of the issuer’s commitment to reducing its direct and indirect CO₂ emissions.
• Edinburgh airport carried out five bond issues in November for a total amount of £400 million (£240 million of fixed rate bonds paying an average annual coupon of 6.0% and £160 million of floating rate bonds), with an average maturity of 11 years.

Those financing transactions by London Gatwick and Edinburgh airports were made possible by their strong credit quality and enabled them both to strengthen their financial positions and pay €1.3 billion of dividends to their shareholders, including almost €0.7 billion to VINCI’s holding companies (of which €0.5 billion came from London Gatwick airport).

Debt repayments

In 2024, the Group repaid a total of €2.0 billion of debt, including:

• bonds issued by Autoroutes du Sud de la France (ASF) for €600 million in January and €185 million in September;
• £150 million of borrowings owed by London Gatwick airport in January;
• $317 million of debt owed by Aerodom in July;
• two loans owed by Edinburgh airport in a total amount of £90 million in November.

At 31 December 2024, the Group’s long-term gross financial debt, before taking into account net cash, totalled €33.5 billion, as opposed to €29.3 billion at 31 December 2023. Most of that debt was owed by VINCI Autoroutes, VINCI Airports and VINCI SA, and its average maturity was 5.9 years (6.4 years at 31 December 2023). The average cost of 4.9% (4.6% ^(*) in 2023) represents a limited increase despite the higher amount of debt in currencies more expensive than the euro.

1.2 Revenue

VINCI’s consolidated revenue amounted to €71.6 billion in 2024, up 4.0% on an actual basis and 3.1% on a like-for-like basis compared with 2023. Changes in consolidation scope has a positive 1.0% impact, mainly relating to the integration of Edinburgh airport in Scotland by VINCI Airports, along with the latest acquisitions made by VINCI Energies, VINCI Construction and VINCI Highways (described in paragraph 1.1 above). Exchange rate movements had a marginal impact (–0.1%).

Outside France, revenue was €41.4 billion, up 5.6% on an actual basis (up 4.0% like-for-like) compared with 2023. Revenue generated outside France equalled 58% of the Group total versus 57% in 2023. Organic growth was 11.3% in the Concessions business and 6.6% in the Energy business, while revenue in the Construction business fell by 0.6% on an organic basis.

In France (42% of the total), revenue totalled €30.2 billion, up 2.0% on an actual basis (up 1.9% at constant scope) compared with 2023. Organic growth was 1.4% in the Concessions business, 1.8% in the Energy business and 2.0% in the Construction business.

Revenue in the Concessions business totalled almost €11.7 billion, up 6.6% on an actual basis (up 5.0% like-for-like) compared with 2023.