Revenue at Cobra IS was driven in the fourth quarter by the start of several EPC (*) projects (including those relating to electricity transmission lines in Brazil) and by high business levels at Dragados Offshore, which builds HVDC (*) converter platforms for operators in the North Sea. Cobra IS’s excellent performance also reflects good momentum in flow business, particularly in Spain.
In Spain (45% of the total), revenue totalled €3.2 billion (up 13% actual and up 10% like-for-like). Recurring flow business accounted for almost 85% of the total and rose by 11.5% compared with 2023.
Outside Spain (55% of the total), revenue totalled €3.9 billion, up 7% both on an actual and like-for-like basis.
Outside France (56% of the total), revenue was €17.8 billion, stable relative to 2023 (down 0.6% like-for-like). Business levels were well oriented in the United Kingdom, in the Americas and in Soletanche Freyssinet’s Specialty Networks business. However, they fell for Sogea-Satom in Africa, because of geopolitical instability in several of the region’s countries. There was also a lower level of revenue from large projects because of phasing issues, with some being completed while others were in a start-up phase.
In France (44% of the total), revenue was €14.0 billion, up 2.4% compared with 2023. Business levels remained firm in roadworks, water works and rail works, offsetting the decline in civil engineering caused in particular by the phasing of works on the Grand Paris Express programme. In building, amid a depressed new-build market, business levels were supported by rehabilitation projects and construction work on public buildings.
VINCI Immobilier’s consolidated revenue amounted to €1.1 billion, down 7.2% year on year.
Revenue including the Group’s share of joint developments fell by 7% to €1.3 billion in 2024, including a 4% fall in revenue recognised on a progress towards completion basis in the French residential segment and a 31% decline in the non-residential segment. Although the housing market remained depressed in France, the number of reserved homes at VINCI Immobilier rose by 14% to 4,816 units in 2024. Unlike the situation in 2023, reservations were boosted by bulk sales to social housing providers. Work began on 3,871 units, a decrease of 3% relative to 2023, and completed residential sales rose by 10% to 4,855 units.
| 2024/2023 change | ||||||
|---|---|---|---|---|---|---|
| (in € millions) | 2024 | % of total | 2023 | Amount | Actual | At constant exchange rates |
| France | 30,197 | 42.2% | 29,615 | 582 | +2.0% | +2.0% |
| United Kingdom | 6,700 | 9.4 % | 5,946 | 754 | +12.7% | +9.6% |
| Germany | 5,553 | 7.8% | 4,817 | 737 | +15.3% | +15.3% |
| Spain | 3,801 | 5.3% | 3,452 | 349 | +10.1% | +10.1% |
| Central and Eastern Europe | 3,147 | 4.4% | 3,088 | 59 | +1.9% | +2.3% |
| Rest of Europe | 6,936 | 9.7 % | 6,293 | 643 | +10.2% | +10.0% |
| Europe excluding France | 26,137 | 36.5 % | 23,595 |
2,542 |
+10.8% | +10.0% |
| North America | 5,498 | 7.7 % | 5,374 | 124 | +23% | +3.0% |
| of which United States | 3,297 | 4.6 % | 3,141 | 156 | +5.0% | +5.1% |
| dof which Canada |
2,201 |
3.1 % |
2,234 |
(32) | -1.4% | +0.1% |
| Central and South America | 4,222 | 5.9 % | 4,346 | (124) | -2.8% | -0.4% |
| Africa | 1,546 | 2.2 % | 1,851 | (305) | -16.5% | -14.8% |
| Rest of the world | 4,022 | 5.6 % | 4,058 | (36) | -0.9% | -0.1% |
| International excluding Europe | 15,288 | 21.3% | 15,628 | (340) | -2.2% | -0.8% |
| Total International | 41,426 | 57.8% | 39,224 | 2,202 | +5.6% | +5.7% |
| Revenue(*) | 71,623 | 100.0% | 68,838 | 2,784 | +4.0% | 4.1% |
Operating income from ordinary activities (Ebit) was €8,997 million, 7.7% higher than in 2023 (€8,357 million), despite the impact of France’s new tax on long-distance transport infrastructure operators. Ebit margin was 12.6% (12.1% in 2023).
