Vinci Sa · EURONEXT:DG
Vinci Sa — VINCI Energies — Investor Day (November 2024)
99 slides from Vinci Sa's investor day presentation, Nov 22, 2024
Slide 1: Strategic Positioning to Capture Megatrends
STRATEGIC POSITIONING TO CAPTURE MEGATRENDS C A P I T A L M A R K E T S D AY 22 NOVEMBER 2024
Slide 2: Welcome to VINCI Energies Capital Markets Day
INT RODUCT ION WELCOME TO VINCI ENERGIES CAPITAL MARKETS DAY CHRISTIAN LABEYRIE Executive Vice-President and CFO VINCI
Slide 3: Stellar Evolution: Doubling in Size, Strong Increase in Margins
VINCI ENERGIES TODAY VS LAST CMD (2016) STELLAR EVOLUTION: DOUBLING IN SIZE, STRONG INCREASE IN MARGINS, CASH AND RETURNS Revenue EBITDA1 Free cash flow ROCE2 (€Bn) (€Bn and % of revenue) (€Bn) ~x2 ~x3 ~x3 +330bps 19.3 1.7 19.9% 1.4 16.6% France 42% 10.2 International 52% 0.6 58% 0.4 8.6% 48% 48% 6.
Slide 4: More International with a Good Mix of Expertise
VINCI ENERGIES TODAY VS LAST CMD (2016) MORE INTERNATIONAL WITH A GOOD MIX OF EXPERTISE 2016 Revenue 2023 Revenue Rest of World 9% 8% 5% 42% 52% 39% 45% ICT* 17% 19% Building Solutions 25% 30% Infrastructure 29% 28% Industry 29% 23% * Information Communication Technology 4
Slide 5: VINCI Energies and VINCI Group: Stronger Together
MORE AND MORE KEY IN THE GROUP’S STRATEGY AND BUSINESS MODEL VINCI ENERGIES AND VINCI GROUP: STRONGER TOGETHER 2006 2023 VINCI GROUP 6% Financial firepower 14% Cross-businesses VINCI synergies EBITDA1 HR appealing initiatives VALUE CREATION 8% 21% VINCI VINCI ENERGIES Free cash flow Profitable growt
Slide 6: Expertise, Sustainable Growth & Leadership Undervalued
EXPERTISE, SUSTAINABLE GROWTH & LEADERSHIP UNDERVALUED A BEST-IN-CLASS BUSINESS… • Unique & efficient organization and culture • Agile & talented teams • The only true global player • Low-risk activities and best-in-class returns • Sustainable quality of earnings • Strong FCF generation / Excess cas
Slide 7: VINCI Energies: Asset Light Business
VINCI ENERGIES: ASSET LIGHT BUSINESS GROWTH LEADERSHIP DIVERSIFICATION PROMISING PERSPECTIVES 7
Slide 8: Topics for Today
TOPICS FOR TODAY VINCI ENERGIES, A UNIQUE LEADERSHIP WITH OVER 20 YEARS OF SUCCESS 01 VINCI ENERGIES, A UNIQUE LEADERSHIP 01 WITH OVER 20 YEARS OF SUCCESS WHY IT WILL LAST 02 WHY IT WILL LAST 02 1. A 2. 3. Well strong successful positioned culture track on a record unique dynamic of entrepreneurial
Slide 9: Technical Expertise Shaped Across Business Lines
0101 0202 0303 0404 0505 06 AtAtaaglance glance TECHNICAL EXPERTISE SHAPED ACROSS BUSINESS LINES
Slide 10: VINCI Energies, a Unique Leadership with Over 20 Years of Success
0101 0202 0303 0404 0505 06 AtAtaaglance glance ARNAUD GRISON CEO, VINCI Energies VINCI ENERGIES, A UNIQUE LEADERSHIP WITH OVER NATHALIE BOIJOUX 20 YEARS OF SUCCESS 01 CFO, VINCI Energies 10
Slide 11: Executive Committee
0101 0202 0303 0404 0505 06 AtAtaaglance glance ARNAUD GRISON ERIC PLUMEY Chairman and CEO Managing Director - VINCI Energies France Building Solutions & Industrie NATHALIE BOIJOUX CHRISTIAN GLADE Chief Financial Officer Managing Director - VINCI Energies France Infras & ICT EXECUTIVE VINCENT BOUFF
Slide 12: Incomparable Global Presence in 61 Countries
0101 0202 0303 0404 0505 06 AtAtaaglance glance INCOMPARABLE GLOBAL PRESENCE IN 61 COUNTRIES Revenue by geographical area 2013 59% * 35% Rest of the 6% World 2023 42% * 45% Rest of the 13% World * Europe excluding France 97,000 260 Employees Acquisitions in 10 years 58 core positions 3 marginal posi
Slide 13: Incomparable Global Presence in 61 Countries
0101 0202 0303 0404 0505 06 AtAtaaglance glance INCOMPARABLE GLOBAL PRESENCE IN 61 COUNTRIES AT SCALE IN MANY GEOGRAPHIES 2023 Revenue (€Bn) France 8.2 Germany 3.1 North America 1.0 Top 6 Nordics 1.0 Switzerland 0.9 Netherlands 0.9 Rest of Europe 2.6 Rest of the World 1.6 Total 19.3 58 core 97,000 2
Slide 14: Large Spectrum of Expertise Through 4 Business Lines
0101 0202 0303 0404 0505 06 AtAtaaglance glance LARGE SPECTRUM OF EXPERTISE THROUGH 4 BUSINESS LINES INFRASTRUCTURE INDUSTRY BUILDING SOLUTIONS ICT • Energy networks • Process control and • Electrical systems • Telecom networks (HV lines, Substations, automation • Heating, ventilation, air • Cloud i
Slide 15: Our Brands
0101 0202 0303 0404 0505 06 AtAtaaglance glance OUR BRANDS IMPACT ON BUSINESS TOOL FOR SERVICE OFFERING MARKET INTELLIGENCE Marketing segmentation & PERSPECTIVES Key factor of collaboration and Market studies, focus long term trends & innovation FACILITATING NETWORKING Connect BUs and employees to c
Slide 16: #1 Global Integrator of Multi-Technical Services
01 02 03 04 05 06 At a glance #1 GLOBAL INTEGRATOR OF MULTI-TECHNICAL SERVICES EXPERTISE FOOTPRINT REVENUE PLAYER 2023 (€Bn)* Infrastructure Industry Building solutions ICT # countries covered 19 61 19 3 ~2 19 0 12 2 11 1 9 38 6 50 ~2 6 0 5 2 5 1 ~3 4 0 4 1 *EUR/USD: Source: companies’ annual report
Slide 17: A Multi-Faceted Competitive Landscape
0101 0202 0303 0404 0505 06 AtAtaaglance glance A MULTI-FACETED COMPETITIVE LANDSCAPE INFRASTRUCTURE INDUSTRY BUILDING SOLUTIONS ICT WELLKNOWN PLAYERS LOCAL PLAYERS – FAMILY OWNED & PRIVATE EQUITY OWNED 17
Slide 18: Sustainable Growth, Even Through Crises
0101 0202 0303 0404 0505 06 AtAtaaglance glance SUSTAINABLE GROWTH, EVEN THROUGH CRISES Resilience Revenue (€Bn) to inflation Resilience to Resilience energy crisis to Covid-19 19.3 crisis Internationalizati Axians 16.7 on acceleration 15.1 Acquisition out of Europe 13.7 13.7 Resilience 12.6 of Cege
Slide 19: Growth with Unmatched Quality of Earnings
0101 0202 0303 0404 0505 06 AtAtaaglance GROWTH glance WITH UNMATCHED QUALITY OF EARNINGS Over 20 years: 9.6% Revenue CAGR '03-'23 Over 10 years: 7.6% Revenue CAGR '13-'23 Over 5 years: 8.9% Revenue CAGR '18-'23 EBIT1 (€m and % of revenue) 7.0% 6.8% 6.5% 6.0% 5.8% 5.6% 5.6% 5.6% 5.6% 5.6% 5.7% 5.7%
Slide 20: Sustained Growth Across All Our Business Lines
0101 0202 0303 0404 0505 06 AtAtaaglance glance SUSTAINED GROWTH ACROSS ALL OUR BUSINESS LINES KEY FEATURES Revenue (€Bn) 19.3 #1 19% Global market leader €3.6 Bn 12.6 28% +10% €5.4 Bn 18% p.a. 20 years 9.2 Unstopped growth +11% 10% 26% p.a. 23% 32% €4.5 Bn +4% 29% p.a. 32% 30% 27% +11% p.a. €5.8 Bn
Slide 21: Steady Trajectory of High Margins
0101 0202 0303 0404 0505 06 AtAtaaglance glance STEADY TRAJECTORY OF HIGH MARGINS KEY FEATURES EBIT1 (€Bn) & EBIT margin (% of revenue) Expertise and discipline shield our profitability #1 7.0% European leader in margin #3 Global leader in margin 5.8% 5.6% 20 years Unstopped margin improvement 0. 0.
Slide 22: Strong Cash Flow with Best In-Class Conversion
0101 0202 0303 0404 0505 06 AtAtaaglance glance STRONG CASH FLOW WITH BEST IN-CLASS CONVERSION KEY FEATURES Free cash flow (€Bn) & Cash conversion ratio 1 (%) #1 Global leader in cash 161% generation 145% Cash conversion ratio1 last 5-year average 117% x4 Free cash flow 97% since 2013 0. 0.5 1.4 3 <
Slide 23: Undeniable Global Top Performer
01 02 03 04 05 06 At a glance UNDENIABLE GLOBAL TOP PERFORMER #1 European profit maker #1 Global market leader #1 European accelerator #1 Global cash generator #3 worldwide Revenue 2023 (€Bn) CAGR '18-'23 EBIT* margin 2023 (% of revenue) Cumulated Cash Flow from Dycom Operations '19-'23 (€Bn) 19 Ven
Slide 24: Our Robust Financial Track Record Powered by Our Model
0101 0202 0303 0404 0505 06 AtAtaaglance glance OUR ROBUST FINANCIAL TRACK RECORD POWERED BY OUR MODEL SUSTAINED MARGIN CASH PROFITABLE GROWTH POWER GENERATOR INVESTMENTS 1. Operating income from ordinary activities / revenue 2. Free cash flow / Net result before minority interests and goodwill impa
Slide 25: Why It Will Last
0101 0202 0303 0404 0505 06 Market Markettrends trends WHY IT WILL LAST 25
Slide 26: Key Messages
0101 0202 0303 0404 0505 06 Market Markettrends trends Well positioned on 2 major trends: Energy transition and Digital transformation Already seizing multiple market development KEY opportunities across our 4 business lines and in all MESSAGES our countries An international integrator of multi-tech
Slide 27: Acting Toward Two Major Transitions: Energy & Digital
Positioned On Fast 0101 0202 0303 0404 0505 06 Growing Activities Market Markettrends trends ACTING TOWARD TWO MAJOR TRANSITIONS: ENERGY & DIGITAL PARTNER WITH A STRONG INTEGRATOR LOCAL PRESENCE of tailor-made multi- and key to its customers’ technical solutions and energy choices, services useful t
Slide 28: Unprecedented Opportunities from 2 Major Transitions
0101 0202 0303 0404 0505 06 Market Markettrends trends UNPRECEDENTED OPPORTUNITIES FROM 2 MAJOR TRANSITIONS Electrification of uses ENERGY TRANSITION Decarbonization Renovation of infrastructure and facilities DIGITAL Deployment of technologies (automation, digitalization) TRANSFORMATION Increasing
Slide 29: Infrastructures, Buildings, Industry and Data Trends
INFRASTRUCTURES BUILDINGS 4 Bn m2 34 Bn m2 in 2021 in 2030 x8.5 30 m km of grids (lines & substations) worldwide 20 m km of new grids are required Certified green buildings must be replaced or renewed 20 m km (age & capacity constraints) 600 m €22 trillion to secure electric grids (climate change) i
Slide 30: Well Positioned on Dynamic Market Trends
0101 0202 0303 0404 0505 06 Market Markettrends trends JULIO DE ALMEIDA ERIC PLUMEY Managing Director, Managing Director, WELL VINCI Energies VINCI Energies International & Systems France Building Solutions & POSITIONED Sponsor Omexom Industrie Sponsor Building Solutions ON DYNAMIC MARKET JOS BOERS
Slide 31: Opportunities for Growth
0101 0202 0303 0404 0505 06 Market Markettrends trends OPPORTUNITIES FOR GROWTH EXPERTISE VERTICALS COUNTRIES 31
Slide 32: Infrastructure
& | ra 5 = 4 Z SFE MONZA ome \1 <== A Ls RK s INFRASTRUCTURE vinci?
Slide 33: Infrastructure: Energy Infrastructure Key Figures
01 02 03 04 05 06 Market trends INFRASTRUCTURE ENERGY INFRASTRUCTURE: KEY FIGURES €5.0 Bn +8% ENERGY INFRASTRUCTURE TRANSPORT Revenue CAGR’18-’23 2023 €5.0 Bn INFRASTRUCTURE €0.8 Bn Technical equipment and management system 22,000 500 Employees BUs Power Transmission Substation €0.5 Bn €0.7 Bn €0.9
Slide 34: Infrastructure Opportunities and Top 5 Revenue
0101 0202 0303 0404 0505 06 Market Markettrends trends OPPORTUNITIES TOP 5 revenue 2023 France 34% Sweden 4% Germany 16% New Zealand 3% Energy mix electrification USA 11% Extension & retrofit of energy 7% distribution network 14% 17% Required electricity storage solutions 62% Mobility electrificatio
Slide 35: Industry & Actemium
INDUSTRY & ACTEMIUM ea vinci?
Slide 36: Industry: Key Figures
0101 0202 0303 0404 0505 06 Market Markettrends trends INDUSTRY INDUSTRY: KEY FIGURES €4.5 Bn +4% Revenue CAGR’18-’23 2023 Electrical Mechanical, thermal Process control engineering and fluids and automation €1.9 Bn €1.4 Bn €1.2 Bn 27,000 500 OUR VERTICALS: ADDRESSING ALL INDUSTRIES Employees BUs Ou
Slide 37: Industry Opportunities and Top 5 Revenue
0101 0202 0303 0404 0505 06 Market Markettrends trends OPPORTUNITIES TOP 5 revenue 2023 France 44% Belgium 5% Germany 21% Sweden 4% ENERGY TRANSITION Low-carbon & reliable energy Netherlands 6% sources and production processes are driving industrial investment 12% ADVANCED DIGITAL 25% PRODUCTION TEC
Slide 38: Building Solutions
BUILDING SOLUTIONS VIN ci! BUILDING SOLUTIONS Bad
Slide 39: Building Solutions: Key Figures
0101 0202 0303 0404 0505 06 Market Markettrends trends BUILDING SOLUTIONS: KEY FIGURES Services & Electrical Engineering HVAC Maintenance €2.0 Bn €1.3 Bn €1.2 Bn €5.4 Bn +11% Smart Building Fire protection Interior fittings Revenue CAGR’18-’23 €0.2 Bn €0.6 Bn €0.1 Bn 2023 OUR VERTICALS: SHAPING LOW-
Slide 40: Our Position Is Specific to Each Country
0101 0202 0303 0404 0505 06 Market Markettrends trends OUR POSITION IS SPECIFIC TO EACH COUNTRY TOP 5 revenue 2023 France 58% Belgium 5% LARGE PLAYERS Germany 12% Singapore 3% MULTI TECHNICAL / LIFE CYCLE Switzerland 10% FIRE PROTECTION 2ND PLAYER 2% 13% 24% NATIONAL PLAYERS SINGLE EXPERTISE 61% REG
Slide 41: Building Solutions Opportunities
0101 0202 0303 0404 0505 06 Market Markettrends trends OPPORTUNITIES REGULATION AND ASSET VALUE (GREEN CERTIFICATE) ARE DRIVING INVESTMENTS ENVIRONMENTAL TRANSITION • Continuing on the energy path: • Decarbonising: low carbon renovation, renewable energies, energy design, sourcing & storage operatio
Slide 42: ICT
ICT
Slide 43: ICT: Key Figures
0101 0202 0303 0404 0505 06 Market Markettrends trends ICT: KEY FIGURES Telecom Cloud & Data Center Enterprise Infrastructure Infrastructure Networks €1.5 Bn €0.6 Bn €0.5 Bn Business Applications €3.6 Bn +10% Digital Workspace Cybersecurity Data Analytics Revenue CAGR’18-’23 2023 €0.4 Bn €0.3 Bn €0.
Slide 44: Common Strategy Towards Vendors and Customers
0101 0202 0303 0404 0505 06 Market Markettrends trends COMMON STRATEGY TOWARDS VENDORS Customer lead Certifications Services CUSTOMERS Added value • Tailoring to customers’ needs & processes • Integration with other applications/vendors 44
Slide 45: ICT Top 5 Revenue and European Market Forecast
Ps itioned On Fas t 0101 0202 0303 0404 0505 0606 Growing Activities Market Markettrends trends TOP 5 revenue 2023 France 30% Switzerland 8% EUROPEAN MARKET FORECAST 2024 - 2028 Germany 19% Poland 6% Business App & Data analytics Netherlands 9% CAGR: 10.3% (€221 45 Bn) Cloud & Data Center CAGR: 10.1
Slide 46: Environment and Innovation
01 02 03 04 05 06 Market trends ARNAUD GRISON CEO, VINCI Energies ENVIRONMENT AND INNOVATION 46
Slide 47: The Environmental Transition: Maturity & Impact
0101 0202 0303 0404 0505 06 Market Markettrends trends THE ENVIRONMENTAL TRANSITION RISK ADAPTING TO CLIMATE CHANGE Resilience MATURITY & IMPACT Water use & H2O PROTECTING NATURAL RESOURCES recovery Materials & CO2 DECARBONISING THE LIFECYCLE equipment Renovation KW CONTINUING ON THE ENERGY PATH Ele
Slide 48: An Integrator at the Edge of Innovation
0101 0202 0303 0404 0505 06 Market Markettrends trends AN INTEGRATOR AT THE EDGE OF INNOVATION Positioned at the heart of our clients’ energy choices, infrastructure and processes We bring bespoke, practical and innovative solutions to our customers and we maintain them Our innovation programs are a
Slide 49: Supporting the Environmental Transition
01 02 03 04 05 06 Market trends SUPPORTING THE ENVIRONMENTAL TRANSITION INFRASTRUCTURE ISO 14001 48% 75% INDUSTRY environmental certification of revenue BUILDING SOLUTIONS OFFERS of worldwide GHG emissions are coming from the domains on ICT which VINCI Energies is positioned1 TAXONOMY Internal tool
Slide 50: Diversified and Recurring Revenue
01 02 03 04 05 06 Market trends IN A NUTSHELL: DIVERSIFIED AND RECURRING REVENUE 2023 revenue breakdown BY TYPE OF CONTRACT BY TECHNICAL EXPERTISE BY TYPE OF CLIENT 7% 8% 17% 22% 14% 19% 45% 9% 9% 74% 57% 8% 11% Consulting and Engineering Electricity Public and local authorities General / Main contr
Slide 51: Key Messages
0101 0202 0303 0404 0505 06 Market Markettrends trends Well positioned on 2 major trends: Energy transition and Digital transformation Already seizing multiple market development KEY opportunities across our 4 business lines and in all MESSAGES our countries An international integrator of multi-tech
Slide 52: theagilityeffect.com
0101 0202 0303 0404 0505 06 Market Markettrends trends theagilityeffect.com theagilityeffect.com 52
Slide 53: A Strong Culture & a Unique Entrepreneurial Model
0101 0202 0303 0404 0505 06 Culture Culture & Model Model ARNAUD GRISON CEO, VINCI Energies A STRONG CULTURE & A UNIQUE ENTREPRENEURIAL MODEL NATHALIE BOIJOUX CFO, VINCI Energies 53
Slide 54: Key Messages
0101 0202 0303 0404 0505 06 Culture Culture & Model Model A strong culture based on shared set of values that translates into ways of working and common behaviors A model based on decentralization, with segmented human scale Business Units connected in networks, KEY driving a resilient and scalable
Slide 55: Slide 55
Slide 56: VINCI Energies' Culture
0101 0202 0303 0404 0505 06 Culture Culture & Model Model VINCI ENERGIES’ CULTURE PROXIMITY With our clients and our teams, bringing technological know-how and customized multi-technical solutions and services HOW WE DO THINGS OUR VALUES • Management principles (QUARTZ) • Trust • Decentralized human
Slide 57: Guy Richard
0101 0202 0303 0404 0505 06 Culture Culture & Model Model If I could leave you with one last piece of advice, it would be to continue doing what you are doing, keep looking to improve, but never forget our core principles. And bear in mind, to succeed in what you do, you need to combine audacity wit
Slide 58: VINCI Energies' Model: Full Decentralization
01 02 0303 03 04 05 06 Culture Culture & Model Model VINCI ENERGIES’ MODEL: FULL DECENTRALIZATION The Business Unit General Manager (“chef d’entreprise”) An organization of is the cornerstone of VINCI Energies Operating in 2,000 BUs networks AUTONOMOUS He is: & SEGMENTED - seconded by Responsables d
Slide 59: A Common Framework Regularly Reviewed
0101 0202 0303 0404 0505 06 Culture Culture & Model Model A COMMON FRAMEWORK REGULARLY REVIEWED SEGMENTATION Facilitates collaboration Gives focus and effectiveness 59
Slide 60: VINCI Energies' QUARTZ Principles
0101 0202 0303 03 0404 0505 06 Culture Culture & Model Model VINCI ENERGIES’ QUARTZ PRINCIPLES EMBEDDED IN OUR ERP FULL COST SYSTEMATICALLY BUDGET / SSP (shared strategic project) ROLLED OUT PROFITABILITY TRANSPARENCY PRUDENCE 60
Slide 61: Scalable and Resilient Model
0101 0202 0303 0404 0505 06 Culture Culture & Model Model A MODEL BASED ON FULL DECENTRALIZATION DRIVING RESILIENT, SCALABLE AND AGILE GROWTH Recurring customers (active for more than 5 years) 80% DIVERSIFICATION RESILIENT Average project value Number of projects €70 k > 200,000 61 countries Orders
Slide 62: Attracting and Retaining
0101 0202 0303 0404 0505 06 Culture Culture & Model Model ATTRACTING AND RETAINING Top 100 Executives Operational Senior Managers …WITH ATTENTION TO +20 years seniority +16 years seniority FUTURE CHALLENGES Average age: 54 years Average age: 49 years International 41% (2019) -> 49% (2024) 21.3% +26%
Slide 63: Talent Development Is Our Priority
0101 0202 0303 0404 0505 06 Culture Culture & Model Model TALENT DEVELOPMENT IS OUR PRIORITY A STRUCTURED AND FAST-GROWING CONTINUOUS TRAINING LEARNING ORGANIZATION IN LINE WITH CULTURE AND MARKET A total of 56 local learning centers in 21 EVOLUTIONS countries >90% of employees are covered by our Am
Slide 64: An Attractive Model Supported by Commitments
01 02 03 04 05 06 Culture & Model AN ATTRACTIVE MODEL SUPPORTED BY COMMITMENTS EMBEDDING SAFETY INTO OUR CULTURE ACTING ON SOLIDARITY STRENGTHENING OUR SOCIAL PILLARS RESPONDING TO ENVIRONMENTAL CHALLENGES 64
Slide 65: People Planet Profit Purpose
01 02 0303 04 05 06 Culture Culture & Model Model PEOPLE PLANET PROFIT PURPOSE 65
Slide 66: Key Messages
0101 0202 0303 0404 0505 06 Culture Culture & Model Model A strong culture based on shared set of values that translates into ways of working and common behaviors A model based on decentralization, with segmented human scale Business Units connected in networks, KEY driving a resilient and scalable
Slide 67: A Successful Track Record of Acquisitions and Integration
0101 0202 0303 0404 0505 06 Acquisitions Acquisitions ARNAUD GRISON CEO, VINCI Energies A SUCCESSUL TRACK RECORD OF ACQUISITIONS NATHALIE BOIJOUX AND INTEGRATION CFO, VINCI Energies 67
Slide 68: Key Messages
0101 0202 0303 0404 0505 06 Acquisitions Acquisitions Acquisitions are quasi-organic revenue growth Recurring M&A activity to expand geographically, densify locally, and broaden our existing offer and KEY know-how MESSAGES True acquisition and integration know-how, ensuring long-term value creation
Slide 69: An Attractive Model
0101 0202 0303 0404 0505 06 Acquisitions Acquisitions AN ATTRACTIVE MODEL DECENTRALIZATION WITH SHARED PRINCIPLES (QUARTZ) LONG TERM NETWORKS OF BUs PERSPECTIVES ORGANIC GROWTH EXTERNAL GROWTH Acquisitions driven by operational managers with dedicated integration teams 69
Slide 70: 288 Acquisitions Since 2014
0101 0202 0303 0404 0505 06 Acquisitions Acquisitions 288 ACQUISITIONS SINCE 2014 Proforma annual revenue acquired Proforma annual revenue acquired per year of acquisition (€m) Internationa per business line 2014-2024* (€m) l 2,483 1,093 2,196 1,034 930 750 745 681 1,339 430 754 379 380 167 182 Infr
Slide 71: Acquisitions Contribute to a Quasi-Organic Growth
0101 0202 0303 0404 0505 06 Acquisitions Acquisitions ACQUISITIONS CONTRIBUTE TO A QUASI-ORGANIC GROWTH Revenue evolution: M&A, ACTIVE CONTRIBUTOR TO OUR GROWTH contribution from organic and external growth (€Bn) +4% €23 m annual growth average revenue 19.3 from acquisitions per acquisition 5.7 57%
Slide 72: Our M&A Know-How: Selectivity and Focus on Integration
0101 0202 0303 0404 0505 06 Acquisitions Acquisitions OUR M&A KNOW-HOW: SELECTIVITY AND FOCUS ON INTEGRATION 1 2 3 TARGET INTEGRATE CREATE VALUE Assessment based on « Quartzification » Long-term success and financials, culture and integration and connection performance evaluation integration capacit
Slide 73: Our M&A Know-How Contributing to Value Creation
01 02 03 04 05 06 Acquisitions OUR M&A KNOW-HOW CONTRIBUTING TO VALUE CREATION VALUATION QUARTZ SYNERGIES GROW OUR DISCIPLINE « full cost effect » « network effect » TEAMS & ORGANIZATION Acquisition multiple Reducing dilutive Supporting growth in < VINCI Energies revenue the Business Plan multiple1
Slide 74: Strong Strategic Rationale Driving Value Creation
0101 0202 0303 0404 0505 06 Acquisitions Acquisitions STRONG STRATEGIC RATIONALE DRIVING VALUE CREATION STRATEGIC RATIONALE GEOGRAPHY EXPERTISE TALENTS Densify and Expand, gain Complement Broaden Face skilled Attract senior consolidate relevance on service know-how workforce managers, local market s
Slide 75: External Growth Is Part of VINCI Energies' DNA
0101 02 03 04 05 06 Acquisitions EXTERNAL GROWTH IS PART OF VINCI ENERGIES’ DNA INTEGRATION TEAM FOR QUARTZIFICATION OPERATIONAL / FINANCIAL / SUPPORT ANALYSIS & VALUATION FILE Strict capital discipline and go / no go process INTEGRATION PLAN 4 X 3 within 3 days 3 weeks 3 months 3 years 75
Slide 76: Testimonies of Recent Integrations
0101 0202 0303 0404 0505 06 Acquisitions Acquisitions TESTIMONIES OF RECENT INTEGRATIONS 76
Slide 77: Room for Future Growth Through M&A
0101 0202 0303 0404 0505 06 Acquisitions Acquisitions ROOM FOR FUTURE GROWTH THROUGH M&A STILL A HIGHLY BOLD STRATEGIC FRAGMENTED MARKET ACQUISITIONS #1 player in size with Mostly recurring bolt-on acquisitions ~15% average market share in France A few opportunistic larger acquisitions < 2% average
Slide 78: Key Messages
0101 0202 0303 0404 0505 06 Acquisitions Acquisitions Acquisitions are quasi-organic revenue growth Recurring M&A activity to expand geographically, densify locally, and broaden our existing offer and KEY know-how MESSAGES True acquisition and integration know-how, ensuring long-term value creation
Slide 79: Strategy Outlook: Roadmap 2030
0101 0202 0303 0404 0505 06 Ambition Ambition ARNAUD GRISON STRATEGY OUTLOOK: CEO, VINCI Energies ROADMAP 2030 79
Slide 80: Growth Comes from Strategy
0101 0202 0303 0404 0505 06 Ambition Ambition THANKS TO OUR ENTREPRENEURIAL MINDSET, GROWTH COMES FROM STRATEGY 2003-2013 2014-2023 2024-2030 SCALING UP BROADER BOLSTERING OUR IN CORE MARKETS DIVERSIFICATION GLOBAL LEADERSHIP Leadership in core European leadership Continue international 1 European m
Slide 81: Grow Our Business, Organization & Teams (1)
01 02 03 04 05 06 Ambition GROW OUR BUSINESS, OUR ORGANIZATION & OUR TEAMS (1) NORTH AMERICA FRANCE REVENUE SPLIT BY REGIONS • Omexom Organic growth and bolt-on consolidation acquisitions in specific segments • Development of (e.g., robotics, HVAC) 2023 Actemium and Axians offers GERMANY • Consolida
Slide 82: Replicate Our European Success in North America
01 02 03 04 05 06 Ambition REPLICATE OUR EUROPEAN SUCCESS IN NORTH AMERICA FRANCE GERMANY NORTH AMERICA > 50 years > 30 years > 5 years In €m In €m In €m ICT 1,089 ICT 678 ICT 108 Building Solutions 3,127 Building Solutions 657 Industry 153 Industry 1,910 Industry 951 Infrastructure 2,044 Infrastruc
Slide 83: Grow Our Business, Organization & Teams (2)
01 02 03 04 05 06 Ambition GROW OUR BUSINESS, OUR ORGANIZATION & OUR TEAMS (2) NORDICS REVENUE SPLIT BY REGIONS Organic growth in Omexom Densification of Actemium Expansion in Axians 2023 REST OF EUROPE • Consolidation to increase 58% market share Rest of the World 42% • Densification & Expansion Fr
Slide 84: Our Financial Ambition by 2030
0101 0202 0303 0404 0505 06 Ambition Ambition OUR FINANCIAL AMBITION BY 2030 Sustained growth, favoring value creation & best-in class returns STEADY GROWTH WITH INCREASED SUSTAINED STRONG BEST-IN-CLASS INTERNATIONAL FOCUS PROFIT MARGINS RETURNS 65% revenue outside France by 2030 MID-TO-HIGH SINGLE
Slide 85: VINCI Energies, a Unique Leadership
0101 0202 0303 0404 0505 06 Ambition Ambition VINCI ENERGIES, A UNIQUE LEADERSHIP CULTURE & DECENTRALIZED ENTREPRENEURIAL MODEL • Local decision power => empowerment and • Attractive for organic & external growth commitment • In house learning network • Agile & scalable => regular evolution of our =
Slide 86: Why It Will Last
0101 0202 0303 0404 0505 06 Ambition Ambition WHY IT WILL LAST CULTURE PEOPLE VINCI ENERGIES, A UNIQUE LEADERSHIP WITH OVER 20 YEARS OF SUCCESS MARKET 86
Slide 87: Key Messages
0101 02 03 04 05 0606 Valuation Valuation We are among the best-in-class performer in multi-technical services thanks to our unique model and strong culture Our acquisition and integration know-how fuels our growth KEY We are positioned on unprecedented market MESSAGES growth opportunities We are di
Slide 88: VINCI Energies Valuation: Room for Rerating
0101 02 03 04 05 0606 Valuation Valuation CHRISTIAN LABEYRIE VINCI ENERGIES VALUATION: Executive Vice-President and CFO VINCI ROOM FOR RERATING 88
Slide 89: A Bright and Unprecedented Outlook
0101 02 03 04 05 0606 Valuation Valuation A BRIGHT AND UNPRECEDENTED OUTLOOK 2024-2030 ANNUAL REVENUE GROWTH Energy transition MID-TO-HIGH SINGLE DIGIT (on average) 2030 EBIT MARGIN1 Digital transition ≥ 7.5% 2024-2030 CASH CONVERSION2 Very fragmented markets / High potential for consolidation ≥ 100
Slide 90: Leadership Position Not Reflected in Current Valuation
01 02 03 04 05 06 Valuation VINCI ENERGIES LEADERSHIP POSITION NOT REFLECTED IN CURRENT VALUATION LISTED EUROPEAN RELEVANT M&A EUROPEAN LISTED US PURE-PLAY PEERS DEALS IN THE SECTOR SINCE 2018 2 PURE-PLAY PEERS Average EV/EBITDA 24e multiples Average EV/EBITDA at deal date 3 Average EV/EBITDA 24e mu
Slide 91: To Go Further: Players on the Same Markets and Trends
01 02 03 04 05 06 Valuation TO GO FURTHER: A LOOK AT SOME OF THE PLAYERS POSITIONED ON THE SAME MARKETS AND TRENDS EV/EBITDA 24e multiples EXPERTISE* ~19x ~17x ~16x Infrastructure ~14x Industry ~9x Building Solutions ICT (*) As perceived by ~9x VINCI Energies’ teams Source: Bloomberg as of 5 Novembe
Slide 92: Significant Valuation Disparity
01 02 03 04 05 06 Valuation SIGNIFICANT VALUATION DISPARITY EV/EBITDA 2024e multiples of VINCI Energies among analysts x10.2 KEY OBSERVATIONS x3.3 spread Disparity in analysts’ models EV/EBITDA assumptions (growth, margin and risk reward) could explain the valuation x6.9 spread The structural growth
Slide 93: How to Look at VINCI Energies to Unlock Its Value?
0101 02 03 04 05 0606 Valuation Valuation HOW TO LOOK AT VINCI ENERGIES TO UNLOCK ITS VALUE ? Time to change your glasses! 93
Slide 94: DCF Methodology
01 02 03 04 05 06 Valuation DCF METHODOLOGY MAIN ASSUMPTIONS Low-risk profile: predictable quality of Above earnings & FCF, sector-wide leader DCF €20 Bn ~[7%-8%] WACC uplift Revenue growth (organic + bolt-on Below €16 Bn M&A): mid-to-high single digit on average per year by 2030 EBIT margin1: ≥ 7.5
Slide 95: Sum of the Parts
0101 02 03 04 05 0606 Valuation Valuation SUM OF THE PARTS M&A value accretion Above KEY HIGHLIGHTS North American €20 Bn footprint ICT business Leadership position in core markets Leadership position Below €16 Bn Uplift from fast-growing ICT services Uplift from geographical footprints such as Nort
Slide 96: VINCI
VINCI 96
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