VINCI Construction has maintained high business volumes while continuing to improve its operating margin. A growing proportion of its projects revolves around the environmental transition, which offers long-term opportunities for all its trades.
Despite the more difficult economic environment than in 2023, VINCI Construction’s revenue rose slightly, reaching €31.8 billion. Growth was bolstered by a further improvement in Ebit margin, which stood at 4.1%. These figures confirm the resilience of its business model, which stems from VINCI Construction’s broad geographical coverage, diverse skill sets and strong management system. Through its organisational structure based on three complementary pillars Major Projects, Specialty Networks and Proximity Networks, it enjoys extensive market coverage, facilitates cross-business synergies and gives its 1,300 business units the autonomy they require. Its network of local companies, which boast strong local roots and account for nearly three-quarters of total business, generates a steady inflow of small and medium-sized projects, while also enabling VINCI Construction to win larger contracts, which generally involve other companies within the business line. It carries out over 70,000 projects a year representing an average value of €450,000, with some projects totalling several hundred million euros.
A growing number of VINCI Construction’s projects are linked to the major issues facing society today. Infrastructure associated with low-carbon mobility, the production and transport of renewable energy, the water cycle and climate resilience accounts for a significant proportion of its civil engineering projects. In the building sector, it carries out a growing number of refurbishment projects in which energy renovation goes hand in hand with adapting workplaces, homes and community facilities to contemporary uses. To address these challenges, VINCI Construction is speeding up the transformation of its trades by developing specific solutions relating to urban heat islands, the production of highly technical recycled aggregates and ecological engineering projects, for example. Its business units are also working on adapting their design and production methods to reduce the environmental footprint of their projects. In 2024, for the first time, more than 60% of the concrete used by VINCI Construction on its sites in France was low-carbon (Exegy® solutions). It is thus on the road to meeting its goal of 90% low-carbon concrete worldwide by 2030.
Major Projects
Following brisk growth in 2023, revenue dipped 5.6% to €3.7 billion, as a number of large projects reached completion while others were still in the preliminary study phase. Buoyed by strong intake, orders remained very high and represent more than two years of business activity.
2024 revenue was primarily driven by transport infrastructure projects. Major Projects sets the standard in this field with the large projects that it is carrying out mainly in Europe and the Americas, in most cases in synergy with companies in VINCI Construction’s networks of specialist subsidiaries and local contractors.
- In France, it continued work on Line 18 (underground section) and began construction of Line 15 West between Sèvres and Courbevoie (west–south-west quadrant just outside Paris) with the new Pont de Sèvres and La Défense stations, part of a design-build contract which includes 14 km of tunnels, five metro stations, tail tracks and 16 service structures. The work is part of the Grand Paris Express, currently Europe’s largest urban transport programme. Major Projects is also involved in building a 23 km twin-tube tunnel and four ventilation shafts on the future Euralpin Lyon–Turin rail line.
- In the United Kingdom, VINCI Construction and Balfour Beatty are responsible for the main civil engineering packages on the future High Speed 2 rail line, covering 91 km of infrastructure including 51 viaducts, four twin-tube tunnels and 150 standard engineering structures. A milestone was reached in 2024 with 1,000,000 cu. metres of concrete poured, representing over half of the total volume for the project.
- In Denmark, work on the Fehmarnbelt Fixed Link the world’s longest immersed tunnel (18 km), which will connect Germany and Denmark by road and rail entered a new operational phase with the casting and transfer to an immersion basin of the first of the tunnel’s 89 elements (79 standard elements each 217 metres long and 10 special elements which will house all the technical equipment, each weighing 24 tonnes).
- In Portugal, Major Projects will be partnering with a local company to carry out modernisation work for VINCI Airports at Lisbon’s Humberto Delgado airport.
- In Egypt, section 3C of the Cairo metro was inaugurated, marking the completion of a project that included 17 km of civil engineering struc tures, of which 7 km of tunnels and 5 km of viaducts, as well as 15 stations. ETF, a Networks France subsidiary, was also involved on the project.
- In Germany, Major Projects continued work on behalf of VINCI Highways on the B247, a new federal road.
- In the United States, the project to extend and refurbish the I-64 interstate highway between Hampton and Norfolk, Virginia (construction of two 2.4 km long tunnels between two artificial islands linked to the mainland by two sea viaducts) reached a significant milestone when boring for the first tunnel began. In Illinois, VINCI Construction also won a contract to design and build the 9 km extension of the Chicago transit system’s Red Line (including 6.4 km of elevated guideway and four new stations), as part of a consortium.
- In Canada, work continued on the Ottawa and Toronto LRT construction projects and on the renovation of the Louis-Hippolyte La Fontaine tunnel in Montreal.
- In Colombia, working for VINCI Highways, VINCI Construction is refurbishing the entire length of the Bogotá–Girardot highway as well as building a third lane over 65 km.
- In New Zealand, Major Projects is working alongside specialist subsidiaries on Auckland’s City Rail Link (3.5 km rail line extension including 3.2 km of tunnel, and three new stations). In addition to being technically complex, the project stands out for its high degree of inclusiveness and active collaboration with the Māori community.
1The Fehmarnbelt Fixed Link, the world’s longest immersed tunnel, will connect Denmark and Germany by road and rail.
2Construction of the Nanterre-La Folie station on the southern section of Line 15 West of the Grand Paris Express in Nanterre, near the VINCI Group’s head office.