VINCI Construction had a solid year with slightly increased revenue, and a further improvement in operating margin. Order intake remained strong, enabling it to remain highly selective and focus on projects that create the most value and improve its earnings. The trend here mirrors that in our Energy business: a growing proportion of VINCI Construction’s work revolves around the environmental transition. We are seeing this long-term shift at work in projects involving civil engineering for electric infrastructure, extensive low-carbon public-transport programmes, structures and systems for water conservation, and infrastructure to enhance climate resilience (river flood regulation systems and catch basins, for example). And we can also see this in the increasing number of building refurbishment projects combining thermal renovation and other upgrades to adapt workplaces, homes and community facilities to contemporary uses.
It is precisely because this urban regeneration trend is so profound and inevitable that we are confident our property development arm will recover over the medium term. VINCI Immobilier tackled the downturn across its sector in France by taking the necessary measures to adapt, while strengthening its position as a leading developer for land recycling operations. A prime example is the beautiful Universeine project in Saint-Denis (just north of Paris), which housed athletes during the Paris 2024 Olympic and Paralympic Games and is now becoming a large environmentally outstanding mixed-use neighbourhood. Once again, the long term is our ally.
The factors underpinning our resilience, which I mentioned earlier, will enable us to stay on course in a geopolitical and macroeconomic landscape where uncertainty is becoming the norm.
Our concessions will be sustained by strong demand for mobility worldwide. Our Energy order book is at its highest ever, so we expect this business to grow again in 2025. And the situation at VINCI Construction will vary from country to country but its order book is also very full, so we expect its revenue to remain close to its 2024 level – while focusing principally on improving its operating margin. So we are well equipped to continue delivering robust results and our sound financials put us in a position to move forward with our development strategy in good conditions.
Looking further down the road, the environmental transition is a powerful and sustainable lever to develop all our business lines. We have always stated that our aim is to be a force for good through what we do as well as how we do it. That is part of our long-term perspective and vision of all-round performance as we tackle this existential issue for our planet and our companies head-on. We embrace it as a fantastic opportunity to create even more value by re-engineering our materials, methods, products, services and solutions to address environmental concerns. It is an opportunity to make our collective endeavour even more meaningful, in a world where our skills are more useful and playing a more powerful role in driving progress than ever before.
Continuity is one of VINCI’s hallmarks – and that applies to its management, strategy and culture. Pierre Anjolras is the perfect personification of our Group. He has spent most of his career with us and shown outstanding managerial flair. We have taken our time to prepare this transition since his appointment as Chief Operating Officer in May 2024. I have every confidence in his ability to lead the Group through the exciting challenges ahead, and I will stand by, placing my experience at the service of the Board of Directors. VINCI has a bright future, and I have no doubt that the coming years will confirm it!
