Non-current assets amounted to €76.7 billion at 31 December 2024 (€68.0 billion at 31 December 2023). They included €50.2 billion in the Concessions business (€44.0 billion at 31 December 2023), €9.5 billion at VINCI Energies (€8.6 billion at 31 December 2023), €8.4 billion at Cobra IS (€7.6 million at 31 December 2023) and €7.4 billion at VINCI Construction (€6.7 billion at 31 December 2023). The increase during 2024 was due to investments carried out during the period, notably those by VINCI Concessions, VINCI Energies and Cobra IS.
After taking account of a net working capital surplus (attributable mainly to VINCI Construction, VINCI Energies and Cobra IS) of €15.4 billion (up €2.0 billion year on year), capital employed by the Group was €59.4 billion at 31 December 2024 (€52.9 billion at end-2023).
Capital employed in the Concessions business was €47.7 billion, making up 80% of the Group total, including €24.7 billion at VINCI Airports and €17.6 billion at VINCI Autoroutes. Cobra IS accounted for 8% of capital employed at 31 December 2024 (€4.9 billion). Capital employed at VINCI Energies amounted to €4.3 billion, equal to 7% of the total. Capital employed totalled €1.4 billion at VINCI Immobilier and €0.7 billion at VINCI Construction at 31 December 2024.
The Group’s consolidated equity was €34.0 billion at 31 December 2024, up €2.0 billion compared with 31 December 2023. It includes €4.1 billion relating to non-controlling interests, mainly concerning London Gatwick and Edinburgh airports and Mexican airport operator OMA.
The number of shares, including treasury shares, was 581,816,830 at 31 December 2024 (589,048,647 at 31 December 2023). Treasury shares amounted to 3.3% of the total capital at 31 December 2024 (3.1% at 31 December 2023).
In June and December 2024, VINCI carried out two transactions to reduce its share capital by cancelling a total of 13.8 million shares held in treasury.
Consolidated net financial debt at 31 December 2024 was €20.4 billion (€16.1 billion at 31 December 2023). That figure reflects long-term gross financial debt of almost €33.5 billion (€29.3 billion at 31 December 2023) and managed net cash of €13.1 billion (€13.2 billion at 31 December 2023).
For the Concessions business, including its holding companies, net debt stood at €31.7 billion, up €3.0 billion relative to 31 December 2023, particularly as a result of acquisitions during the period, partly financed through a €1.5 billion capital increase by VINCI SA. VINCI Energies, Cobra IS and VINCI Construction showed a net financial surplus of €5.4 billion as opposed to €4.9 billion at 31 December 2023. Holding companies and other activities showed a net financial surplus of €5.9 billion (€7.7 billion at 31 December 2023). Of that surplus, €10.1 billion consisted of the net balance of loans granted to Group subsidiaries and investments made by subsidiaries within the Group.
The ratio of net financial debt to equity was 0.6 at 31 December 2024 (0.5 at 31 December 2023). The ratio of net financial debt to Ebitda stood at 1.6 at 31 December 2024 (1.3 at 31 December 2023).
Group liquidity totalled €19.6 billion at 31 December 2024 (€21.2 billion at 31 December 2023). The liquidity figure comprises €13.1 billion of managed net cash and a €6.5 billion confirmed, unused credit facility held by VINCI SA, which has been extended until January 2030. In addition, London Gatwick airport has a £300 million revolving credit facility due to expire in June 2025, which was unused at 31 December 2024, while Cobra IS has various credit facilities totalling €1.2 billion, of which €0.6 billion was used at 31 December 2024.
| (in € millions) | 31/12/2024 | Of which external net financial surplus (debt) | Total net financial debt/Ebitda | 31/12/2023 |
Of which external net financial surplus (debt) |
Total net financial debt/Ebitda | 2024/2023 change |
|---|---|---|---|---|---|---|---|
| Concessions | Concessions 31/12/2024 (31,739) |
Concessions Of whichexternal net financial surplus (debt)(20,888) |
Concessions Total net financial debt/Ebitda 4.1x |
Concessions 31/12/2023 (28,734) |
Concessions Of which external net financial surplus (debt) (18,761) |
Concessions Total net financial debt/Ebitda 3.9x |
Concessions 2024/2023 change (3,005) |
| VINCI Autoroutes | VINCI Autoroutes 31/12/2024 (16,159) |
VINCI Autoroutes Of whichexternal net financial surplus (debt)(11,296) |
VINCI Autoroutes Total net financial debt/Ebitda 3.5x |
VINCI Autoroutes 31/12/2023 (16,533) |
VINCI Autoroutes Of which external net financial surplus (debt) (12,323) |
VINCI Autoroutes Total net financial debt/Ebitda 3.5x |
VINCI Autoroutes 2024/2023 change 374 |
| VINCI Airports | VINCI Airports 31/12/2024 (11,558) |
VINCI Airports Of whichexternal net financial surplus (debt)(8,744) |
VINCI Airports Total net financial debt/Ebitda 4x |
VINCI Airports 31/12/2023 (8,781) |
VINCI Airports Of which external net financial surplus (debt) (5,551) |
VINCI Airports Total net financial debt/Ebitda 3.5x |
VINCI Airports 2024/2023 change (2,777) |
| Other concessions | Other concessions 31/12/2024 (4,023) |
Other concessions Of whichexternal net financial surplus (debt)(848) |
Other concessions Total net financial debt/Ebitda - |
Other concessions 31/12/2023 (3,421) |
Other concessions Of which external net financial surplus (debt) (887) |
Other concessions Total net financial debt/Ebitda - |
Other concessions 2024/2023 change (602) |
| VINCI Energies | VINCI Energies 31/12/2024 761 |
VINCI Energies Of whichexternal net financial surplus (debt)848 |
VINCI Energies Total net financial debt/Ebitda - |
VINCI Energies 31/12/2023 296 |
VINCI Energies Of which external net financial surplus (debt) 529 |
VINCI Energies Total net financial debt/Ebitda - |
VINCI Energies 2024/2023 change 465 |
| Cobra IS | Cobra IS 31/12/2024 547 |
Cobra IS Of whichexternal net financial surplus (debt)547 |
Cobra IS Total net financial debt/Ebitda - |
Cobra IS 31/12/2023 403 |
Cobra IS Of which external net financial surplus (debt) 403 |
Cobra IS Total net financial debt/Ebitda - |
Cobra IS 2024/2023 change 144 |
| VINCI Construction | VINCI Construction 31/12/2024 4,116 |
VINCI Construction Of whichexternal net financial surplus (debt)2,134 |
VINCI Construction Total net financial debt/Ebitda - |
VINCI Construction 31/12/2023 4,160 |
VINCI Construction Of which external net financial surplus (debt) 2,158 |
VINCI Construction Total net financial debt/Ebitda - |
VINCI Construction 2024/2023 change (44) |
| Holding companies and VINCI Immobilier | Holding companies and VINCI Immobilier 31/12/2024 5,901 |
Holding companies and VINCI Immobilier Of whichexternal net financial surplus (debt)(3,057) |
Holding companies and VINCI Immobilier Total net financial debt/Ebitda - |
Holding companies and VINCI Immobilier 31/12/2023 7,749 |
Holding companies and VINCI Immobilier Of which external net financial surplus (debt) (456) |
Holding companies and VINCI Immobilier Total net financial debt/Ebitda - |
Holding companies and VINCI Immobilier 2024/2023 change (1,848) |
| Total | Total 31/12/2024 (20,415) |
TotalOf which external net financial surplus (debt)(20,415) |
Total Total net financial debt/Ebitda 1.6x |
Total 31/12/2023 (16,126) |
Total
Of which external net financial surplus (debt) (16,126) |
Total Total net financial debt/Ebitda 1.3x |
Total 2024/2023 change (4,289) |
