| 2024/2023 change | ||||||
|---|---|---|---|---|---|---|
| (in € millions) | 2024 | % of revenue (*) | 2023 | % of revenue (*) | Amount | % |
| Concessions | 5,688 | 48.8% | 5,373 | 49.2% | 315 | +5,9% |
| VINCI Autoroutes | 3,265 | 49.6% | 3,362 | 53.2% | (97) | -2.9% |
| VINCI Airports | 2,334 | 51.6% | 1,889 | 47.9% | 444 | +23.5% |
| Other concessions | 90 | - | 122 | - | (33) | - |
| VINCI Energies | 1,474 | 7.2% | 1,356 | 7.0% | 118 | +8.7% |
| Cobra IS | 553 | 7.8% | 490 | 7.5% | 63 | +12.9% |
| VINCI Construction | 1,304 | 4.1% | 1,260 | 4.0% | 44 | +3.5% |
| VINCI Immobilier | (57) | (5.0%) | (53) | (4.3%) | (4) | -7.9% |
| Holdings companies | 35 | - | (69) | - | 105 | - |
| Operating income from ordinary activities (Ebit) | 8,997 | 12.6% | 8,357 | 12.1% | 640 | +7.7% |
| Share-based payments (IFRS 2) | (462) | - | (360) | - | (103) | - |
| Profit/(loss) of companies accounted for under the equity method | 219 | - | 111 | - | 109 | - |
| Other recurring operating items | 97 | - | 68 | - | 29 | - |
| Recurring operating income | 8,850 | 12.4% | 8,175 | 11.9% | 675 | +8.3% |
| Non-recurring operating items | (68) | - | (105) | - | 37 | - |
| Operating income | 8,783 | 12.3% | 8,071 | 11.7% | 712 | +8.8% |
In Concessions, Ebit was €5,688 million, up almost 6% relative to 2023 and equal to 48.8% of revenue.
Ebit at VINCI Autoroutes was €3,265 million, down 2.9% year on year (€3,362 million in 2023) including a negative impact of €284 million arising from France’s new tax on long-distance transport infrastructure operators. Ebit margin was 49.6% in 2024 (53.2% in 2023).
At VINCI Airports, Ebit was €2,334 million, up 23% relative to 2023 (€1,889 million). This sharp improvement reflects the recovery in airport passenger numbers, a firm grip on operating costs and the integration of Edinburgh airport in Scotland. Ebit margin improved from 47.9% in 2023 to 51.6% in 2024.
The Group’s other concession subsidiaries generated positive Ebit of €90 million (€122 million in 2023), reflecting good operating performance at VINCI Highways, partly offset by the sharp decline in VINCI Stadium’s contribution, due to low business levels in 2024.
At VINCI Energies, Ebit totalled €1,474 million and Ebit margin was 7.2% in 2024, 20 basis points higher than in 2023 (€1,356 million and 7.0%). All business activities and regions contributed to this very solid performance.
At Cobra IS, Ebit was €553 million and Ebit margin was 7.8% (*) (€490 million and 7.5% respectively in 2023), as a result of well-controlled business growth.
At VINCI Construction, Ebit was €1,304 million (€1,260 million in 2023). Ebit margin improved from 4.0% in 2023 to 4.1% in 2024, a level of margin not seen since 2011. All divisions maintained or increased their Ebit margins relative to 2023, particularly Specialty Networks (Soletanche Freyssinet) and Proximity Networks in France, the United Kingdom and Oceania.
VINCI Immobilier made a loss of €57 million at the Ebit level in 2024 and Ebit margin was negative 5.0%, as opposed to a loss of €53 million and a margin of negative 4.3% in 2023. The business line’s contribution remained negative because of value adjustments, in particular for certain commercial property projects and costs relating to a restructuring plan. Excluding those effects, VINCI Immobilier’s Ebit would have become slightly positive again in 2024.
The Ebit of holding companies included the amortisation of intangible assets recognised when allocating the Cobra IS purchase price and a release of contingency provisions no longer required, for a net expense of €28 million in 2024 (€128 million in 2023)
Recurring operating income totalled €8,850 million versus €8,175 million in 2023. It included:
