2024 Universal Registration Document

25.1 Detail of long-term financial debt by business line

The breakdown of net long-term financial debt (including the part at less than one year) at 31 December 2024 was as follows:

At 31 December 2024, long-term net financial debt amounted to €32.3 billion, up €4.5 billion compared with the 31 December 2023 figure of €27.8 billion. Apart from the debts transferred in connection with acquisitions during the period, amounting to €1.8 billion, and a negative impact of €0.3 billion due to changes in the fair value of interest rate hedging instruments, the increase in long-term financial debt resulted mainly from the following transactions:

• In January, ASF redeemed €600 million of bonds issued in 2014 with a coupon of 2.95%, followed by the repayment in the second quarter of €55 million of borrowings from the European Investment Bank and the redemption of two private placements, for €50 million in July and for €185 million in September.
• In January, London Gatwick airport redeemed £150 million of bonds issued in 2012 with a coupon of 5.25%. In addition, the airport issued £250 million of 16-year bonds with a coupon of 5.50% in April and €750 million of nine-year bonds with a coupon of 3.625% in October.
• In November, following its acquisition by VINCI Airports, Edinburgh airport issued £400 million of bonds through five transactions, £240 million of which at fixed rate and the remaining £160 million linked to the Sterling Overnight Index Average (SONIA), with maturities ranging from eight to 15 years. In addition, the company redeemed two bond issues in the total amount of £90 million prior to their maturity dates.
• In July, Aerodom issued $500 million of 10-year bonds with a coupon of 7.0% and arranged a $400 million five-year bank loan tied to the Secured Overnight Financing Rate (SOFR). This new financing allowed the company to proceed with the early redemption of $317 million of bonds due to mature in March 2029 with a coupon of 6.75%.
• As part of its Euro Medium Term Notes (EMTN) programme, VINCI SA carried out seven financing transactions in the form of private placements, with a total amount of €1.2 billion and an average maturity of 3.1 years :
  
  • in January, a €150 million tap on a €300 million issue of floating rate notes due to mature in January 2026;
  • in April and May, three taps, for €200 million, €50 million and €100 million respectively, on a €950 million issue of bonds due to mature in January 2029, with a coupon of 1.625%;
  • in May, an €85 million tap on a €1 billion issue of bonds due to mature in September 2030, with a coupon of 1.75%;
  • also in May, a €500 million issue of floating rate notes due to mature in May 2026, followed by a €150 million tap on this same issue in June.