2024 Universal Registration Document

General and financial elements

Recurring operating income by business line
          2024/2023 change
(in € millions) 2024 % of revenue (*) 2023 % of revenue (*) Amount %
Concessions 5,860 50.3% 5,456 49.9% 404 +7.4%
VINCI Autoroutes 3,239 49.2% 3,342 52.9% (104) −3.1%
VINCI Airports 2,448 54.1% 1,937 49.1% 510 +26.4%
Other concessions 174 - 177 - (3) -
VINCI Energies 1,304 6.4% 1,221 6.3% 83 +6.8%
Cobra IS 552 7.8% 495 7.6% 57 +11.5%
VINCI Construction 1,152 3.6% 1,111 3.5% 41 +3.7%
VINCI Immobilier (40) (3.5%) (28) (2.3%) (12) −43.6%
Holding companies 22 - (80) - 102 -
Recurring operating income 8,850 12.4% 8,175 11.9% 675 +8.3%

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.

Non-recurring operating items produced a net expense of €68 million in 2024, as opposed to €105 million in 2023, including the effects of changes in scope, particularly the remeasurement of the earn-out payable by Cobra IS to ACS, which had a negative impact of €50 million. After taking account of non-recurring items, operating income was €8,783 million in 2024 as opposed to €8,071 million in 2023.

1.4 Net income

Consolidated net income attributable to owners of the parent was €4,863 million (6.8% of revenue), up 3.4% compared with the 2023 figure of €4,702 million. Adjusted for changes in taxation (i.e. excluding France’s new tax on long-distance transport infrastructure operators) it would have amounted to €5,147 million, up 9.5% relative to 2023 and equal to 7.2% of Group revenue.

Earnings per share, after taking account of dilutive instruments, amounted to €8.43, up 3.2% compared with 2023 (€8.18).

Net income attributable to owners of the parent, by business line
      2024/2023 change
(in € millions) 2024 2023 Amount %
Concessions 2,726 2,778 (52) −1.9%
VINCI Autoroutes 1,833 2,021 (188) −9.3%
VINCI Airports 947 733 214 +29.2%
Other concessions (54) 24 (78) -
VINCI Energies 862 830 32 +3.9%
Cobra IS 297 262 35 +13.5%
VINCI Construction 861 793 68 +8.6%
VINCI Immobilier (69) (48) (21) −43.5%
Holding companies 187 88 98 -
Net income attributable to owners of the parent 4,863 4,702 161 +3.4%

The cost of net financial debt amounted to €1,191 million in 2024 (€894 million in 2023). This increase was mainly due to the positive non-recurring impact related to the restructuring in 2023 of the debt used to acquire London Gatwick airport (€167 million), slightly higher interest rates and an increase in the average amount of long-term gross debt outstanding, tied in particular to acquisitions in 2023 and 2024. In 2024, the average interest rate on long-term gross financial debt was 4.9% (4.6% (*) in 2023).

Other financial income and expense resulted in a net expense of €217 million compared with €157 million in 2023, and mainly included:

  • a net expense of €109 million relating to the discounting of provisions for the obligation to maintain the condition of concession intangible assets and retirement benefit obligations (net expense of €88 million in 2023);
  • a €127 million gain relating to capitalised borrowing costs on current concession investments, particularly on Vía Sumapaz in Colombia (€118 million in 2023);
  • lease expenses amounting to €91 million (€67 million in 2023);
  • a €60 million negative impact from the change in fair value of equity instruments (negative impact of €70 million in 2023), mainly regarding the mark-to-market adjustment of VINCI’s stake in Groupe ADP.

(*) After adjusting for the positive non-recurring impact of €167 million related to the restructuring, in the first half of 2023, of the debt used to acquire London Gatwick airport.