Strong growth dynamics continued to boost global traffic, which, overall, surpassed pre-pandemic levels during the year. VINCI Airports, which expanded its network to include Edinburgh airport and Budapest airport, stepped up its investment in modernising infrastructure and furthering its strategy of decarbonising its activities.
Traffic and economic data
More than 318 million passengers were welcomed in the network’s airports in 2024, up 8.5% compared to 2023 and 3.7% compared to 2019, the reference year before the Covid-19 pandemic. Supported by brisk demand, capacity increases and dynamic international routes, particularly for tourist travel and VFR (visiting friends and relatives), traffic rose in almost all 14 countries in the VINCI Airports network. Compared with 2019, the trend was particularly strong in Serbia (up 36%), the Dominican Republic (up 22%), Portugal (up 17%) and Mexico (up 15%). The rebound in traffic in Japan was confirmed, thanks in particular to the reopening of numerous routes with China. It is also worth noting the strong growth at the Edinburgh and Budapest airports, which joined the network in June 2024. The surge in traffic across the network has come with an increase in non-aviation revenue, thanks to VINCI Airports’ efforts to upgrade retail areas and services in its airports.
Against this backdrop, revenue increased 15% to €4.5 billion over 12 months in actual terms and 11% on a like-for-like basis. At the same time, sound management of operating expenses allowed VINCI Airports to post Ebitda of €2.9 billion, up 16% over the full year, to 63.7% of revenue. Investment, allocated primarily to the modernisation and environmental optimisation of infrastructure, rose 23% to almost €730 million.
Development
United Kingdom
VINCI Airports acquired a 50.01% majority stake in Edinburgh airport, on a freehold basis with no term limits, unlike its concession assets for £1.3 billion plus financial debt of £1.1 billion. The rest of the capital will remain under the management of Global Infrastructure Partners (GIP), which acquired the airport in 2012, under an arrangement comparable to that put in place by the two partners after VINCI Airports took a majority stake in London Gatwick airport in 2019.
Edinburgh airport, the largest airport in Scotland and the sixth in the United Kingdom in terms of traffic – close to 16 million passengers in 2024, higher than the pre-Covid level serves more than 150 destinations in almost 40 countries, taking advantage of the strong tourist attraction and economic dynamism of the country’s capital. In the second half of 2024, it generated revenue of £210 million, for an Ebitda margin of 64%. After Belfast International and London Gatwick, VINCI Airports now manages three airports in the United Kingdom.
Hungary
In June 2024, VINCI Airports and Corvinus, an investment fund owned and managed by the Hungarian government, finalised acquisition of the concession company managing Ferenc Liszt International Airport in Budapest, with Corvinus holding 80% of the capital and VINCI Airports 20%. The transaction went ahead for €3.1 billion (equity value), plus net debt of €1.2 billion. The concession has a residual term of 55 years. Through this acquisition, VINCI Airports becomes operator of the airport, which it will manage while deploying its model aimed at improving the customer experience, supporting traffic growth through pertinent investment and achieving the net zero emissions target by 2030 (Scopes 1 and 2).
Budapest airport, which handles 96% of the country’s air traffic, is one of the most important in Central Europe. It served more than 17 million passengers in 2024, exceeding the pre-Covid traffic level.
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airports are managed by VINCI Airports in the UK: London Gatwick, Belfast International and Edinburgh.
1Edinburgh airport sits in a population base of over 4 million people, who can fly to more than 150 destinations from it.
2Thanks to the €230 million investment, works on the new terminal at Santo Domingo airport will start in 2025 (computer-generated image).