2024 Universal Registration Document

General and financial elements

Order book (*)
(in € billions) 31/12/2024 Of which France Of which outside France 31/12/2023 Of which France Of which outside
VINCI Energies

VINCI Energies

31/12/2024

16.5

VINCI Energies

Of which

France

6.5

VINCI Energies

Of which outside France

10.0

VINCI Energies

31/12/2023

14.3

VINCI Energies

Of which France

6.0

VINCI Energies

Of which outside

8.3
Cobra IS

Cobra IS

31/12/2024

17.6

Cobra IS

Of which

France

0.1

Cobra IS

Of which outside France

17.5

Cobra IS

31/12/2023

14.4

Cobra IS

Of which France

0.0

Cobra IS

Of which outside

14.4
VINCI Construction

VINCI Construction

31/12/2024

35.0

VINCI Construction

Of which

France

14.2

VINCI Construction

Of which outside France

20.8

VINCI Construction

31/12/2023

32.7

VINCI Construction

Of which France

14.0

VINCI Construction

Of which outside

18.7
Total Total

31/12/2024

69.1		 TotalOf which

France

20.7		 TotalOf which outside France48.3 Total31/12/202361.4 TotalOf which France20.0 TotalOf which outside41.4
 

 

31/12/2024

 

 

Of which

France

 

 

Of which outside France

 

 

31/12/2023

 

 

Of which France

 

 

Of which outside

 
VINCI Immobilier

VINCI Immobilier

31/12/2024

0.8

VINCI Immobilier

Of which

France

0.8

VINCI Immobilier

Of which outside France

-

VINCI Immobilier

31/12/2023

0.9

VINCI Immobilier

Of which France

0.9

VINCI Immobilier

Of which outside

-
2.3 Trends in 2025

Despite a more uncertain economic and geopolitical environment, VINCI’s resilient business model and large order book mean that it starts 2025 in a quietly confident mood.

Barring exceptional events, the Group anticipates the following trends in its various business lines in 2025:

  • At VINCI Autoroutes, traffic levels are expected to rise slightly compared with 2024.
  • At VINCI Airports, passenger numbers are expected to grow further on an annual basis, (*) but probably at a slower pace than in 2024.
  • At VINCI Energies, revenue growth is expected to be similar to that seen in 2024, with at least a stable operating margin. (**)
  • At Cobra IS, revenue of at least €7.5 billion, while comforting its high operating margin. (**)
  • Renewable electricity capacity is expected to rise to around 5 GW – in operation or under construction – by the end of the year, representing additional capacity of around 1.5 GW relative to end-2024.
  • At VINCI Construction, revenue – including that of FM Conway in the United Kingdom – should remain close to the 2024 level, with a targeted further improvement in its operating margin. (**)

Based on those developments, VINCI would expect its total revenue and earnings to rise again in 2025, before factoring in the increase in corporate tax rates in France. (***)