On 7 January 2025, VINCI carried out a private placement consisting of €300 million of notes due to mature in January 2027 with a yield of 2.55% after being swapped to fixed rate.
In late January 2025 VINCI Construction completed the acquisition of FM Conway Limited, which generates annual revenue of almost €700 million. FM Conway is a leading player in the English public works market, with expertise covering roadworks, civil engineering, production of asphalt mixes and binders. By adding FM Conway, VINCI Construction will gain greater exposure to the highly buoyant south-east England market.
When publishing its quarterly results in October 2024, VINCI clarified its full-year trends:
Based on its performance in the first nine months of 2024 and barring events of which it is not currently aware, anticipated trends in the Group’s various business lines are as follows in 2024:
As a result, VINCI expects its total revenue to rise again in 2024, although growth is likely to be more limited than in 2023, along with an increase in operating earnings.
As regards 2024 net income, the Group previously stated that it could be close to the level achieved in 2023 after taking into account the new tax on long-distance transport infrastructure operators introduced by the French government, which has been expected at around €280 million.
This guidance regarding net income does not take into account the negative impact of the introduction, currently being reviewed by the French parliament, of a surtax applicable to the French corporate income tax.
Those trends are confirmed and the performance targets have been achieved or exceeded.
At 31 December 2024, the combined order book of the Energy and Construction businesses stood at a record €69.1 billion. After rising by 13% year on year – with increases of 17% outside France and 4% in France – it represented 14 months of average activity for the business lines concerned, with 60% of it to be completed in 2025. International business made up 70% of the order book (67% at 31 December 2023).
VINCI Energies’ order book amounted to €16.5 billion at 31 December 2024, up 15% year on year (up 8% in France and up 20% outside France). It represents almost 10 months of VINCI Energies’ average business activity.
The Cobra IS order book amounted to €17.6 billion, up 22% over 12 months and representing almost 30 months of this business line’s average business activity.
VINCI Construction’s order book totalled €35.0 billion at 31 December 2024, up 7% over the year (up 1% in France and up 12% outside France). It represents more than 13 months of VINCI Construction’s average business activity.
