Vinci Sa · EURONEXT:DG
Vinci Sa — Vinci Sa Act — FY2024 Earnings Presentation
116 slides from Vinci Sa's earnings presentation, Feb 7, 2025
Slide 1: 2024 Full Year Results
2024 FULL YEAR RESULTS Commissioning of the D4: 1st motorway under a PPP in Czech Republic 7 FEBRUARY 2025
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking objectives and statements about VINCI’s financial situation, operating results, business activities and expansion strategy. These objectives and statements are based on assumptions that are dependent upon significant risk and uncertainty facto
Slide 3: VINCI Autoroutes: ~2,100 charging points in our networks
VINCI Autoroutes: ~2,100 charging points in our networks at the end of 2024, of which 90% ultra-fast 3 2024 FULL YEAR RESULTS
Slide 4: VINCI Airports: €233 m capex plan for Lisbon airport
Closing à confirmer VINCI Airports: launched a €233 m capex plan to modernize and improve the quality of service of Lisbon Humberto Delgado airport (Portugal) 4 2024 FULL YEAR RESULTS
Slide 5: VINCI Highways: 30-year BR-040 highway concession in Brazil
VINCI Highways: winning of a 30-year concession for the BR-040 highway, ~600-km long (Brazil) 5 2024 FULL YEAR RESULTS
Slide 6: VINCI Energies: acquisition of Fernao
Photo à changer + description VINCI Energies: acquisition of Fernao, leading company in cybersecurity, IT and cloud services in Germany and Switzerland 6 2024 FULL YEAR RESULTS
Slide 7: Cobra IS: Poolbeg open cycle power plant
Cobra IS: construction of the 299 MW Poolbeg open cycle power plant close to the Dublin port (Ireland) 7 2024 FULL YEAR RESULTS
Slide 8: VINCI Construction: Canberra wastewater facilities contract
VINCI Construction: contract to upgrade and extend wastewater treatment facilities in Canberra (Australia) 8 2024 FULL YEAR RESULTS
Slide 9: VINCI Immobilier: Bay House luxury residence, Monaco
VINCI Immobilier: Inauguration of the Bay House luxury residence (Monaco) 9 2024 FULL YEAR RESULTS
Slide 10: FY 2024 highlights
FY 2024 highlights Xavier Huillard Chairman and Chief Executive Officer 10 2024 FULL YEAR RESULTS
Slide 11: FY 2024 highlights
FY 2024 highlights Record-high free cash flow Growth in revenue and earnings VINCI Autoroutes: stable traffic overall despite farmers’ blockades in H1 VINCI Airports: pax numbers up – Covid now behind us VINCI Highways: strengthening of its international footprint VINCI Energies: revenue and operati
Slide 12: FY 2024 Group key figures
FY 2024 Group key figures Data in € million (unless otherwise specified) Revenue Ebit Ebitda* Free cash flow 71,623 8,997 12,689 6,808 +4% +8% +6% +€179 m (+3% lfl) Δ FY 2024/FY 2023 Diluted net Dividend Net financial Net income income/share (€) proposed (€) debt 4,863 8.43 4.75 (20,415) +3% +3% +6%
Slide 13: International: 58% of FY 2024 revenue
International: 58% of FY 2024 revenue 32% Western Europe 42% France (excl. France) €30.2 bn €23.0 bn +2% +12% North America 8% 4% Central & €5.5 bn Eastern Europe +2% €3.1 bn +2% Central & 6% South America 6% Asia/Middle East/ €4.2 bn Oceania -3% €4.0 bn -1% 2% Africa €1.5 bn -16% FY 2024/FY 2023 ch
Slide 14: VINCI Autoroutes
VINCI Autoroutes Total traffic change Key takeaways 0.0% Δ FY 2024/FY 2023 Dynamic traffic levels in Q4 24 (+2.1% vs Q4 23): – LV: +2.3% Revenue Of which: – HV: +1.0% €6,585 m +4.1% FY 2024 traffic levels stable overall (LV +0.1% / HV -0.8%) +0.1% despite the negative impact of farmers’ blockade
Slide 15: VINCI Airports
VINCI Airports passenger numbers in FY 2024 VINCI Airports (vs FY 2019) Total Key takeaways Δ FY 2024/FY 2023 318 mpax* Δ FY 2024/FY 2019 Q4 24 traffic: +7.6% vs Q4 23, +7.9% vs Q4 19 Of which: Revenue Portugal 69.2 mpax FY 24 traffic levels up 8.5% vs FY 23 and up 3.7% vs FY 19 +17% €4,526 m 65
Slide 16: VINCI Highways
VINCI Highways Key takeaways Δ FY 2024/FY 2023 Strengthening of VINCI Highways international** footprint: – In April 2024, acquisition of Northwest Parkway in Denver (USA) Revenue – In August 2024, winning of a 30-year concession for the €403 m BR-040 highway, nearly 600-km long (Brazil). Start of
Slide 17: Order intake
Order intake VINCI order intake at €66.3 bn (+7% yoy), up in each division By business line (in € billion) By geographical area (in € billion) + 7% + 7% + 11% 66.3 + 11% 66.3 61.9 61.9 55.7 * 10.4 55.7 10.3 +1% 23.3 +29% ** 8.0 -4% 22.1 21.2 +15% 24.4 +6% 17.9 +17% 20.9 19.6 +27% 24.9 +15% 28.7 ** *
Slide 18: VINCI Energies
Revenue change vs FY 23 and VINCI Energies split by geographical area France Key takeaways +2% Δ FY 2024/FY 2023 Revenue up vs FY 2023 (+5% actual, +4% lfl), activity up for each of 41% the 4 business lines* Revenue 59% – International revenue up 8% (+5% lfl), of which up 12% in Q4 (+8% lfl). Buoy
Slide 19: Cobra IS
Cobra IS Revenue change vs FY 23 and split by geographical area Key takeaways Spain Δ FY 2024/FY 2023 +13% Revenue up 9% vs FY 2023 of which +22% in Q4: 45% – Spain revenue up 13%, driven by good momentum in flow 55% Revenue business Outside €7,105 m Spain – Outside Spain revenue up 7% (actual and
Slide 20: Cobra IS: 3.5 GW in operation or under construction
Cobra IS: 3.5 GW in operation or under construction At the end of December 2024 Assets in operation Assets under construction By geography By geography Brazil Brazil 95% 48% 0.6 100% 2.9 >99% GW Solar PV Solar PV Spain GW 43% USA Portugal 9% 5% ≤ FY 24 ≥ FY 25 Total CAPEX €0.4 bn Total CAPEX €0.9 bn
Slide 21: VINCI Construction
Revenue change vs FY 23 and VINCI Construction split by geographical area Key takeaways France +2% Revenue up 1% vs FY 2023 (actual and lfl) Δ FY 2024/FY 2023 44% France: revenue up 2% 56% – Good activity levels in roadworks, hydraulic and rail works Revenue – Decline in civil engineering due to
Slide 22: VINCI Immobilier
VINCI Immobilier Key takeaways Δ FY 2024/FY 2023 FY 24 consolidated revenue: €1.1 bn (-7% vs FY 23) – Slightly up in Q4 24 (+1.7% vs Q4 23) Revenue ROI* In a soft market situation, housing reservations in France are €1,143 m €(40) m up 14% vs FY 23, driven by block sales to social institutions -
Slide 23: FY 2024 financial data
FY 2024 financial data Christian Labeyrie Executive Vice President and Chief Financial Officer 23 2024 FULL YEAR RESULTS
Slide 24: Consolidated revenue change by division
Consolidated revenue change by division VINCI VINCI Airports & VINCI VINCI Energies Cobra IS VINCI Construction Autoroutes other concessions * Immobilier FY 2024 €6,585 m €5,066 m €20,373 m €7,105 m €31,784 m €1,143 m revenue vs FY 2023 +€261 m +€458 m +9.9% +€1,046 m +5.4% +€610 m, +9.4% +€325 m +1
Slide 25: Consolidated revenue change by geographical area
Consolidated revenue change by geographical area France International FY 2024 revenue / €30,197 m / 42% €41,426 m / 58% Group contribution vs FY 2023 +€582 m +2.0% +€2,202 m +5.6% Organic Scope Organic Scope FX €71,623 m (0.1)% +1.7% €68,838 m +0.1% +4.0% +1.9% Total FY 2024 VINCI Group revenue €71,
Slide 26: Operating income from ordinary activities (Ebit)
Operating income from ordinary activities (Ebit): good improvement overall, despite the new tax impacting VINCI Autoroutes VINCI Group Ebit: €8,997 million (+€640 vs FY 23, ie +7.7%) Ebit margin: 12.6% (+50 bp vs FY 23) VINCI VINCI VINCI VINCI VINCI Cobra IS Autoroutes Airports Energies Construction
Slide 27: Income statement
Income statement (in € million) FY 2024 FY 2023 Δ 2024/2023 Δ (€m) Operating income from ordinary activities (Ebit) 8,997 8,357 +7.7% +640 % of revenue 12.6% 12.1% Share-based payment expense (IFRS 2) (462) (360) Profit/loss of equity-accounted cos. & miscellaneous 316 178 Recurring operating income
Slide 28: Increase in net financial debt during FY 2024
Increase in net financial debt during FY 2024 (€4.3 bn) driven by significant M&A investments Free cash flow: €6,808 m (20.4) vs €6,628 m in FY 2023 (16.1) Dividends/Share buyback & miscellaneous Interests & taxes (4.1) Δ Working capital paid Acquisitions / requirement (3.3) Disposals 2.3 (7.0) Cape
Slide 29: Cumulative free cash flow over the year
Cumulative free cash flow over the year Seasonal development of free cash flow, December contributing significantly to the annual amount (in € billions) 8.0 Contribution to full-year FCF 6.8 7.0 6.6 2024 2023 6.0 5.4 5.3 H1 5% 4% 5.0 4.0 H2 95% 96% 3.0 o/w Dec. 39% 32% 2.0 1.0 FY 100% 100% 0.0 -1.0
Slide 30: Strong FCF generation and high cash conversion
Strong FCF generation and high level of cash conversion FCF Net income* Free cash flow generation 2015 to 2024: €44.0 bn total 10-year CAGR 10-year CAGR +12% +8% inflation War in Ukraine, 6.6 6.8 Covid-19 energy crisis crisis 5.3 5.4 5.3 5.1 4.2 4.4 4.0 in € million 3.4 3.0 2.9 2.8 3.1 3.2 2.5 2.5 2
Slide 31: Consolidated balance sheet
Consolidated balance sheet Δ 31 Dec. 24 (in € million) 31 Dec. 2024 31 Dec. 2023 / 31 Dec. 23 Non-current assets – Concessions 50,182 43,955 +6,227 Non-current assets – Energy, Construction and misc. 26,516 24,074 +2,442 WCR, provisions and other current assets & liabilities (17,296) (15,176) -2,120
Slide 32: Sound financial situation
Sound financial situation High level of liquidity Solid credit rating 21.2 1… A- Outlook stable -1.5 Confirmed for VINCI in July 2024 8.0 6.5 * A3 Outlook stable Data in € billion 31 December 2023 31 December 2024 Confirmed for VINCI in June 2024 13.2 13.1 31 December 2023 31 December 2024 Net cash
Slide 33: Optimised financing and dividends flows
Optimised financing and dividends flows €4.1 bn of new financing raised by the Group €0.7 bn of dividends pushed up from in 2024 London Gatwick and Edinburgh airport • In 2024, VINCI SA has issued €1.2 bn of debt through 7 private placements bearing an average maturity of 3.1 years and carrying an •
Slide 34: Optimised cost of debt
Optimised cost of debt despite increasing weight of debt in currencies other than € Breakdown of LT* gross financial debt by currency Cost of LT* gross financial debt over the past 5 years (closing rate) 4.9% 4.3% 24% 1.8% 3.7% 1.8% £ Group Dec22 Dec23 Dec24 58% (31€33.5 bn Dec20 Dec21 4.1% 3.3% Dec
Slide 35: Outlook and strategy
Outlook and strategy Xavier Huillard Chairman and Chief Executive Officer 35 2024 FULL YEAR RESULTS
Slide 36: VINCI Autoroutes traffic
VINCI Autoroutes traffic VINCI Autoroutes - Rolling twelve-month traffic over 10 years FY 2024 VINCI Autoroutes traffic CAGR Q4 2024/ 130 Q4 2014 Total 125 HV +2.0% Δ FY 2024/FY 2023 0.0% +0.1% -0.8% 120 115 Total +1.3% LV +1.2% French GDP * +1.1% Of which: 110 105 100 ASF -0.1% +0.1% -1.1% 95 90 Es
Slide 37: VINCI Airports: annual traffic levels above 2019
VINCI Airports: overall, annual traffic levels now above 2019 Change in VINCI Airports monthly passenger numbers (vs. 2019) FY 2024 (vs FY 2019) 20% VINCI Airports +3.7% 0% Dominican -20% Republic +22% Portugal +17% -40% Mexico +15% -60% UK -3% -80% Japan -5% -100% Jan. Apr. July Oct. Jan. Apr. July
Slide 38: All-time high order book at €69.1 bn
All-time high order book, up 13% yoy at €69.1 bn International accounts for 70% of the order book, of which: • Europe excl. France: 47% • Rest of world: 23% Number of months of average business By business line (in € billion) activity By geographical area (in € billion) +13% 69.1 14.0 +13% 69.1 +7%
Slide 39: FY 2025 guidance
FY 2025 guidance CONCESSIONS ENERGY CONSTRUCTION VINCI Autoroutes: traffic levels slightly VINCI Energies: VINCI Construction: higher than those of 2024 Revenue growth comparable to 2024 Revenue - including FM Conway - Operating margin at least equal to that of 2024 (7.2%) close to its 2024 le
Slide 40: Dividend
Dividend 2024 dividend per share €4.75 22 April 2025 Ex-date (all-cash) per share 24 April 2025 Payment date 4.75 4.50 4.00 3.05 * 2.90 2.67 Total dividend (–) interim dividend 2.45 2.10 2.04 2.04 1.84 Interim dividend 0.79 1.00 1.05 1.05 0.57 0.63 0.69 0.75 0.65 2015 2016 2017 2018 2019 2020 2021 2
Slide 41: Energy, Airports and other concessions now generate more Ebitda than Autoroutes
Energy, VINCI Airports and other concessions now generate more Ebitda than VINCI Autoroutes €12.7 bn Group Ebitda breakdown in 2024 in details €0.4 bn / 3% €2.0 bn / 16% +€8.7 bn €4.0 bn +20% +13% excl. TEITLD 1 Group Ebitda breakdown +€2.3 bn €2.5 bn / 20% in 2006 * +€3.0 bn €4.7 bn / 37% +€2.3 bn
Slide 42: Capital allocation strategy execution 2022-2024
Capital allocation strategy execution Wrap-up of the last 3 years (2022-2024) In € billion CASH-FLOW FROM Renewable assets • 0.6 GW in operation OPERATIONS * (1.4) • 2.9 GW under construction 30.7 Main deals VINCI Airports • Edinburgh airport • Budapest airport CAPEX ** (6.1) • OMA • Aerodom extensi
Slide 43: 2024 Full Year Results
2024 FULL YEAR RESULTS VINCI
Slide 44: Appendices
Appendices 44 2024 FULL YEAR RESULTS
Slide 45: FY 2024 financial data
FY 2024 financial data 45 2024 FULL YEAR RESULTS
Slide 46: Consolidated revenue
Consolidated revenue Δ 2024/2023 in € million FY 2024 FY 2023 Actual Like-for-like Concessions* 11,651 10,932 +6.6% +5.0% VINCI Autoroutes 6,585 6,324 +4.1% +4.1% VINCI Airports 4,526 3,947 +14.7% +11.0% VINCI Highways 403 352 +14.5% +7.5% Other concessions** 137 309 -55.5% -56.2% VINCI Energies 20,
Slide 47: Consolidated revenue - France
Consolidated revenue - France Δ 2024/2023 in € million FY 2024 FY 2023 Actual Like-for-like Concessions* 7,046 7,004 +0.6% +1.4% VINCI Autoroutes 6,585 6,324 +4.1% +4.1% 1 VINCI Airports 329 374 -11.9% +4.2% Other concessions** 132 306 -56.8% -57.1% VINCI Energies 8,358 8,170 +2.3% +1.8% Cobra IS 52
Slide 48: Consolidated revenue - International
Consolidated revenue - International Δ 2024/2023 in € million FY 2024 FY 2023 Actual Like-for-like Concessions* 4,605 3,928 +17.2% +11.3% VINCI Airports 4,196 3,573 +17.4% +11.6% VINCI Highways 403 352 +14.5% +7.5% Other concessions** 5 3 VINCI Energies 12,015 11,157 +7.7% +5.5% Cobra IS 7,054 6,445
Slide 49: Ebitda
Ebitda in € million FY 2024 % of revenue* FY 2023 % of revenue* Δ 2024/2023 Concessions 7,773 66.7% 7,462 68.3% +311 1 1 o/w VINCI Autoroutes 4,662 70.8% 4,683 74.0% -21 o/w VINCI Airports 2,883 63.7% 2,495 63.2% +388 o/w VINCI Highways 198 49.0% 172 48.8% +26 VINCI Energies 1,794 8.8% 1,672 8.6% +1
Slide 50: Cash flow from operations before tax and financing costs (Ebitda)
Cash flow from operations before tax and financing costs (Ebitda) VINCI Group Ebitda: €12,689 million (+725 vs FY 23) Ebitda margin: 17.7% (+30 bp vs FY 23) VINCI VINCI VINCI VINCI VINCI Cobra IS Autoroutes Airports Energies Construction Immobilier -21 * 4,946* 4,683 4,662 +388 2,883 +80 2,495 +122
Slide 51: Ebit by business line
Ebit - operating income from ordinary activities by business line % of % of in € million FY 2024 FY 2023 Δ 2024/2023 revenue* revenue* Concessions 5,688 48.8% 5,373 49.2% +315 1 1 VINCI Autoroutes 3,265 49.6% 3,362 53.2% -97 VINCI Airports 2,334 51.6% 1,889 47.9% +444 VINCI Highways 103 25.6% 62 17.
Slide 52: Net income attributable to owners of the parent, by business line
Net income attributable to owners of the parent, by business line in € million FY 2024 FY 2023 Δ 2024/2023 Concessions 2,726 2,778 -52 1 VINCI Autoroutes 1,833 1 2,021 -188 VINCI Airports 947 733 +214 VINCI Highways 33 24 +10 Other concessions* (88) 0 -88 VINCI Energies 862 830 +32 Cobra IS 297 262
Slide 53: Cash flow statement (1/2)
Cash flow statement (1/2) in € million FY 2024 FY 2023 Ebitda 12,689 11,964 Change in WCR* and current provisions 2,311 1,463 Income taxes paid (2,220) (2,288) Net interest paid (1,177) (802) 1 Dividends received from companies accounted for under the equity method 117 110 Cash flows from operating
Slide 54: Cash flow statement (2/2)
Cash flow statement (2/2) in € million FY 2024 FY 2023 Free cash flow (after CAPEX) 6,808 6,628 Net financial investments and other cash flows* (6,984) (974) Cash flow before movements in share capital (176) 5,655 Share capital increases and other operations 590 707 Dividends (incl. to non-controlli
Slide 55: Operating CAPEX
Operating CAPEX in € million FY 2024 FY 2023 Δ 2024/2023 Concessions 318 229 +89 VINCI Autoroutes 20 21 -1 VINCI Airports* 284 201 +84 Other concessions** 13 7 +6 VINCI Energies 274 277 -3 1 Cobra IS 1,238 625 +612 VINCI Construction 1,045 1,010 +35 VINCI Immobilier and holdings 10 17 -6 Purchases o
Slide 56: Growth CAPEX in concessions and PPPs
Growth CAPEX in concessions and PPPs in € million FY 2024 FY 2023 Δ 2024/2023 Concessions 1,072 1,033 +39 VINCI Autoroutes 604 585 +19 Of which: ASF 291 209 +82 Escota 196 177 +19 Cofiroute 108 190 -82 VINCI Airports 445 391 +54 Other concessions* 23 57 -34 VINCI Energies (1) (1) -0 1 Cobra IS 349 1
Slide 57: Free cash flow by business line
Free cash flow by business line in € million FY 2024 FY 2023 Δ 2024/2023 Concessions 3,554 3,709 -155 1 VINCI Autoroutes 2,507 2,731 -224 VINCI Airports 1,052 990 +61 VINCI Highways 22 (26) +48 Other concessions* (27) 14 -40 VINCI Energies 1,623 1,363 +260 Cobra IS (48) (52) +4 VINCI Construction 76
Slide 58: Net financial debt by business line
Net financial debt by business line Of which Of which in € million 31 Dec. 2024 external 31 Dec. 2023 external net debt net debt Concessions (31,739) (20,888) (28,734) (18,761) VINCI Autoroutes (16,159) (11,296) (16,533) (12,323) VINCI Airports (11,558) (8,744) (8,781) (5,551) VINCI Highways (2,035)
Slide 59: Maturity of LT gross financial debt
Maturity of LT gross financial debt Average maturity of LT gross financial debt (€33.5 bn) as of 31 December 2024: 5.9 years* 4,500 4,000 3,500 3,000 € million 2,500 2,000 1,500 1,000 500 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040+ Holdings & misc. Groupe ASF C
Slide 60: Average cost of future debt repayments
Average cost of future debt repayments 2025 2026 2027 2028 2029 2030 Nominal amount in € million 2,793 3,880 3,567 3,305 3,314 2,979 Average rate* 3.78% 4.34% 3.48% 3.82% 4.65% 3.65% * After hedging 60 2024 FULL YEAR RESULTS
Slide 61: LT gross debt: 52% fixed rate, 48% floating
LT* gross debt: 52% at fixed rate, 48% at floating rate LT* gross financial debt breakdown between fixed and floating rates (in € billion) 33.5 27.9 28.6 29.3 27.8 17.5 11.3 14.5 16.2 16.3 52% 41% 50% 12.0 12.7 58% 57% 10.2 5.9 7.9 16.4 14.8 16.0 11.8 12.3 59% 13.2 13.1 10.0 9.0 9.2 50% 48% 42% 43%
Slide 62: 2024 Group key figures broken down by business
2024 Group’s key figures broken down by business 1% 3% 0% 16% 6% 13% 6% 44% 9% 15% Revenue 14% Ebitda ROI* 7% €71.6 bn €12.7 bn 37% €8.9 bn 37% 25% 30% 10% 28% VINCI Autoroutes VINCI Concessions VINCI Energies Cobra IS VINCI Construction 2% 1%3% 18% -1% 11% 13% 7% 8% VINCI Immobilier & holdings 6% F
Slide 63: Other information
Other information 63 2024 FULL YEAR RESULTS
Slide 64: Details on contracts awarded in 2024
Details on contracts awarded in 2024 Order intake breakdown Noteworthy contracts in 2024 by division and granularity VINCI Energies -Several projects in the data centers and defence sectors, both in France and abroad FY FY Change -T&D works for TenneT (Germany & Netherlands): construction of transmi
Slide 65: Quarterly order intake by division
Quarterly order intake by division Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Change Change Change Change Change In € billion 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 Q1 Q2 Q3 Q4 FY 24/23 VINCI Energies 6.0 5.1 4.8 5.1 20.9 6.3 5.2 5.4 5.2 22.1 +4% +3% +14% +3% +6% Cobra IS 2.0 3.3 1 3.3 2 1.8 10.3 4.0
Slide 66: Energy transition megatrends captured by the Group's business lines
Energy transition megatrends captured by the Group’s business lines Industry and buildings Data needs Electricity needs decarbonization €600 Bn pa Worldwide capex needed to build new ~30% Of global greenhouse gas emissions +48% Number of data centers (DC) in 2030 x2 vs. 2023 or retrofit existing T&D
Slide 67: VINCI 2024 key figures
VINCI 2024 key figures €71.6 bn >120 4,000 285,000 >350,000 €58 bn Group revenue countries where Est. number of Est. number of Est. number market cap. at (incl. holdings) VINCI operates business units employees of contracts 31 December 2024 Concessions Energy Construction Real estate Revenue € 6.6 b
Slide 68: VINCI strategy
VINCI strategy Long cycles/significant equity Short and medium term cycles/ investments/capital employed intensity low equity investments CONCESSIONS ENERGY & CONSTRUCTION ⁃ Extension of average maturity of the concessions portfolio ⁃Prioritise margin over revenue growth ⁃ Strengthening of the Group
Slide 69: Recent developments
Recent developments VINCI Airports VINCI Energies June 2024: closing of the acquisition of a 50.01% stake in FY 2024: 34 acquisitions completed (~€740 m of full-year Edinburgh airport (15.8 mpax in 2024, freehold asset) in revenue, mainly outside France), of which: Scotland for £1.3 bn* • Fernao (Se
Slide 70: VINCI's environmental ambition and 2024 performance
VINCI’s environmental ambition and 2024 performance Optimise resources thanks Preserve Act for the climate to circular economy natural environments 2030 2024 PERFORMANCE 2030 2024 PERFORMANCE 2030 2024 PERFORMANCE AMBITION AMBITION AMBITION 2.2 mt 57 sites -40% Scopes 1 & 2 emissions in 2024 20 mt 1
Slide 71: EU Taxonomy – 2024 performance
EU Taxonomy – 2024 performance 41% 22% of eligible revenue of aligned revenue Most contributing sectors to the eligibility and alignment of VINCI’s activities in 2024 In bn€ Eligible Revenue Aligned Revenue Transmission and distribution of 5.8 4.1 electricity (4.9) Infrastructure for rail transport
Slide 72: VINCI's ESG ratings in 2024
VINCI’s ESG ratings in 2024 2024 2023 2022 CDP Climate B A- A CDP Water Security B B B CDP Forest B- C C 4 airports achieved Net Zero emissions for Scopes 1 and 2 Disclosure score: 89% (vs industrials average: 55%) 72 2024 FULL YEAR RESULTS
Slide 73: VINCI's social performance in 2024
VINCI’s social performance in 2024 Aiming for all-round performance and sharing the benefits of our performance with our stakeholders 4,000 74% 23.6% 5,897,755 More than 87% long-term unemployed female managers in 2024 hours of training provided of all employees can of companies without lost- (vs 18
Slide 74: A growing international presence
A growing international presence 2014 revenue geographic breakdown 2024 revenue geographic breakdown 5% 14% 5% 4% 6% 5% INCREASED 2% INTERNATIONAL 4% 42% €38.7 bn EXPOSURE €71.6 bn 19% 62% 32% 2014 Revenue CAGR 2014/2024 2024 Revenue France €23.9 bn +2.4% €30.2 bn International €14.8 bn +10.9% €41.4
Slide 75: ROCE and ROE higher than pre-covid levels
ROCE and ROE higher than pre-covid levels Covid-19 period 2024 excl. TEITLD ** 18.6% 18.1% * 18.3% 17.3% 12.4% 11.9% 11.3% 11.3% 9.2% 6.1% 6.7% 3.3% 2020 2021 2022 2023 2024 2024 ROCE ROE Return on capital employed (ROCE) is net operating income after tax excluding non-recurring items (NOPAT), divid
Slide 76: Shareholder base at 31 December 2024
Shareholder base at 31 December 2024 Rest of the World Rest of Europe 4.2% Shareholding structure* 13.3% Individual investors 11.9% Almost 1,000 institutional investors United Kingdom Institutional 17.8% Over 170,000 Group employees and Employees former employees are shareholders, investors 581.
Slide 77: Aiming for an all-round performance
Aiming for an all-round performance A sustainable economic project is impossible without an ambitious social, workforce-related and environmental commitment. 77 2024 FULL YEAR RESULTS
Slide 78: Business line profiles
Business line profiles 78 2024 FULL YEAR RESULTS
Slide 79: Concessions Profile
Concessions Profile Revenue and Ebitda margin over the last 5 years 10.9 11.7 9.2 7.0 5.8 67.7% 68.3% 69.2% 66.4% 66.7% excl. TEITLD* 59.8% 2020 2021 2022 2023 2024 Revenue (€bn) Ebitda margin 2024 revenue by geographical area 4% 11% France Portugal 14% €11.7 bn UK 60% Americas 11% RoW 79 *Ebitda ma
Slide 80: Concessions Profile
Concessions Profile 56% 39% 5% Revenue €6.6 bn €4.5 bn €0.5 bn Ebitda €4.7 bn €2.9 bn €0.2 bn Ebitda margin 70.8% 63.7% 42.2% 80 XX % = % of the division’s 2024 revenue 2024 FULL YEAR RESULTS
Slide 81: Concessions capex forecasts
Concessions capex forecasts* 2,000 1,800 1,600 1,400 1,200 VINCI Airports 1,000 800 600 VINCI Autoroutes 400 200 0 2025e 2026e 2027e * Forecast as of 31 December 2024 and including fully consolidated assets only 81 2024 FULL YEAR RESULTS
Slide 82: VINCI Airports FY traffic details
VINCI Airports FY traffic details FY Change Change Passenger traffic (in thousands of pax) 2024 FY 24/FY 23 FY 24/FY 19 Portugal (ANA) 69,197 +4.3% +17.0% o/w Lisbon 35,093 +4.3% +12.6% United Kingdom 65,796 +7.4% (2.7)% o/w London Gatwick 43,248 +5.7% (7.1)% o/w Edinburgh 15,790 +9.6% +7.1% Mexico
Slide 83: VINCI Autoroutes
VINCI Autoroutes 83 2024 FULL YEAR RESULTS
Slide 84: VINCI Autoroutes
VINCI Autoroutes France’s leading toll road concession operator 4,443 km approx. 50% >35% under concession of conceded French of total motorway toll roads network in France Intercity (1) network ASF Cofiroute End of concession Apr. 2036 Feb. 2032 Jun. 2034 Dec. 2086 Dec. 2070 Jan. 2070 ESCOTA A19-Ar
Slide 85: Contractually CPI-linked tariffs
VINCI Autoroutes Contractually CPI-linked tariffs Contractual framework of toll increases (LVs) Cofiroute ASF Escota Intercity Network 2025* 0.77% 0.77% 0.77% After 2025 70% x i 70% x i 70% x i i = Consumer price index excl. tobacco products at end October Y-1 * Applied on 1 February 2025 The amendm
Slide 86: VINCI Airports
VINCI Airports 86 2024 FULL YEAR RESULTS
Slide 87: VINCI Airports
VINCI Airports The world’s largest private airports operator The most geographically diversified airport operator 72* Platforms in 14* countries (*) As of 31 December 2024 87 2024 FULL YEAR RESULTS
Slide 88: VINCI Airports: world's largest private-sector airport operator
VINCI Airports The world’s largest private-sector airport operator Published passengers traffic1 (millions of pax.) 318 267 255 210 195 157 132 77 86 69 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1 Data at 100% irrespective of percentage held Data include airport passenger numbers on a full-y
Slide 89: VINCI Airports financials
VINCI Airports financials Revenue and Ebitda margin over the past 5 years 4.5 3.9 2.7 1.0 1.2 59.0% 63.2% 63.7% 32.4% 14.7% 2020 2021 2022 2023 2024 Revenue (€bn) Ebitda margin VINCI Airports 2024 revenue and Ebitda by country UK (100% Gatwick + Edinburgh 2% 8% + Belfast) 2% 8% 5% 6% Portugal (ANA)
Slide 90: VINCI Airports traffic split
VINCI Airports traffic split Traffic breakdown by segment* (FY 2019) 1% Tourism/Leisure 56% VFR (Visiting Friends & Relatives) 21% Business Other 22% Breakdown of seats by destination (FY 2024) 9% Domestic 33% Intra EU 40% International Short & Mid haul (excl. Intra EU) 18% International Long haul (
Slide 91: VINCI Airports network (1/2)
VINCI Airports network (1/2) As of 31st December 2024 End of VINCI Traffic Country Name Description mpax in 2019 mpax in 2024 Consolidation concession share risk London Gatwick Freehold 46.6 43.3 - 50% Yes Full consolidation UK Edinburgh Airport Freehold 14.7 15.8 - 50% Yes Full consolidation Belfas
Slide 92: VINCI Airports network (2/2)
VINCI Airports network (2/2) As of 31st December 2024 End of VINCI Traffic Country Name Description mpax in 2019 mpax in 2024 Consolidation concession share risk 4 airports: Hollywood Burbank Airport in California, Management USA Atlantic City in New Jersey, Macon Downtown Airport and 7.1 7.5 n.a 10
Slide 93: VINCI Highways, VINCI Railways, VINCI Stadium
VINCI Highways VINCI Railways VINCI Stadium 93 2024 FULL YEAR RESULTS
Slide 94: VINCI Highways and other concessions
VINCI Highways and other concessions* Revenue over the past 5 years 661 540 * * VINCI Highways + Other concessions* 479 309 Equity invested Net financial debt 235 48.5% 56.7% 41.8% 42.9% 42.2% 2020 2021 2022 2023 2024 € 4.5 bn € 4.0 bn At 31 Dec. 2024 At 31 Dec. 2024 Revenue (€m) Ebitda margin VINCI
Slide 95: VINCI Highways (1/2)
VINCI Highways (1/2) As of 31st December 2024 End of VINCI Traffic Country Type Name Description Consolidation concession share risk Road Infrastructure Motorway A7 Bockenem-Göttingen 60 km 2047 50% no Equity method Motorway A4 Horselberg 45 km 2037 50% yes Equity method Germany Motorway A9 Thuringi
Slide 96: VINCI Highways (2/2)
VINCI Highways (2/2) As of 31st December 2024 End of VINCI Traffic Country Type Name Description Consolidation concession share risk Bridges & Tunnels Tunnel Prado Carénage 2.5 km road tunnel, Marseille 2033 34.2% yes Equity method France Tunnel Prado Sud 1.5 km road tunnel, Marseille 2055 58.5% yes
Slide 97: VINCI Stadium
VINCI Stadium As of 31st December 2024 End of VINCI Traffic Country Type Name Description Consolidation concession share risk Stadium Stade de France 80,000 seats, Saint-Denis August 2025 67% yes Full consolidation Stadium Marie-Marvingt 25,000 seats, Le Mans 2044 100% yes Full consolidation France
Slide 98: VINCI Railways and other concessions
VINCI Railways and other concessions As of 31st December 2024 VINCI Railways VINCI Traffic Country Type Name Description End of concession Consolidation share risk Rail GSM-Rail Ground-train communication system on 16,000 km of track April 2025 70% no Equity method France Rail SEA High-Speed-Rail 30
Slide 99: VINCI Energies
VINCI Energies 99 2024 FULL YEAR RESULTS
Slide 100: VINCI Energies
VINCI Energies Making energy transition and digital €70 k Average contract size ~2,100 Business units transformation a reality 2024 revenue by geographical area Revenue and Ebit margin over the past 5 years 20.4 3%4% France 19.3 6% 16.7 Germany 15.1 13.7 Scandinavia 41% 7.0% 7.2% Rest of Europe 6.5%
Slide 101: VINCI Energies
VINCI Energies Making energy transition and digital transformation a reality Infrastructure Industry Building Solutions ICT (energies and transport) (Information Communication Technology) Transport infrastructure: technical Process control and automation Electrical systems Telecommunication and ente
Slide 102: VINCI Energies: revenue details by business line
VINCI Energies: revenue details by business line €6.2 bn €4.8 bn €5.7 bn €3.7bn +7% +5% +5% +3% Infrastructure Industry Building Solutions ICT Energy infrastructure: Electrical engineering Electrical engineering Telecom infrastructure €5.3 bn €2.0 Bn €2.0 Bn €1.5 Bn Power Transmission Mechanical, th
Slide 103: Cobra IS
Cobra IS 103 2024 FULL YEAR RESULTS
Slide 104: Cobra IS
Cobra IS A leading company in applied industrial €317 m 525 Business units Average contract size engineering and specialised services and in EPC projects a global player in the energy sector 2024 revenue by geographical area 2% Revenue and Ebit margin Portfolio of renewable energy 1% 11% Spain 3% La
Slide 105: Cobra IS
Cobra IS A leading company in applied industrial engineering and specialised services and a global player in the energy sector Flow business EPC Projects Networks Facilities Control systems Integrated projects Design, engineering, supply and construction of Construction, installation and maintenance
Slide 106: Offshore windfarm energy converter platforms won by Cobra IS
List of offshore windfarm energy converter platforms won by Cobra IS As of 31 December 2024 Year of entry Project Capacity Client in the order name (GW) book Dolwin 6 * TenneT Before acq.** 0.9 Borwin 5 TenneT Before acq.** 0.9 Dolwin 4 Amprion 2022 0.9 Borwin 4 Amprion 2022 0.9 Balwin 1 Amprion 202
Slide 107: VINCI Construction
VINCI Construction 107 2024 FULL YEAR RESULTS
Slide 108: VINCI Construction
VINCI Construction €450 k ~1,300 Business Units France’s leading construction company Average contract size and a major global player 2024 revenue by geographical area Revenue and Ebit margin over the past 5 years 2% 2% France 31.8 6% 31.5 UK 29.3 * 26.3 Central & Eastern 23.1 16% Europe 44% Rest of
Slide 109: VINCI Construction
VINCI Construction France’s leading construction company and a major global player Building Civil works Roads Networks Roadworks Non residential / Residential Civil engineering Rail works Maintenance and management of roads and Refurbishment / New build Geotechnical engineering Earthworks motorways
Slide 110: The Grand Paris Express project
The Grand Paris Express project At the end of December 2024 €7.3 bn attributed to VINCI Main works 4 new metro lines around Paris entities as of December 2024 packages and 2 line extensions won in 2024 Line 15 Around -Specialized civil engineering €36 bn works on Line 15 East-2 between Construction
Slide 111: VINCI Immobilier
VINCI Immobilier 111 2024 FULL YEAR RESULTS
Slide 112: VINCI Immobilier
€1.3 bn 2024 managed revenue* VINCI Immobilier Presence in 27 cities in France (+ in Monaco and Poland) Revenue over the past 5 years 1.6 2024 reservations by destination 1.5 1.2 1.2 Buy to let private 1.1 investors 23% Social, 4,816 50% Institutional 2020 2021 2022 2023 2024 Private owners 16% Reve
Slide 113: VINCI Immobilier
VINCI Immobilier Residential Real Estate Non-residential Real Estate Services 57 managed residences Housing / Managed residences Offices Stores Hotels (senior, student & co-living*) 75% 9% 0% 8% 7% # In # Under XX % = % of the division’s 2024 revenue operation construction 39 7 17 6 1* 2 113 * The f
Slide 114: Notes
Notes 114 2024 FULL YEAR RESULTS
Slide 115: Notes
Notes 115 2024 FULL YEAR RESULTS
Slide 116: Team
Team Agenda Grégoire THIBAULT Boris VALET Head of investor relations Deputy head of investor 17 April 2025 relations VINCI Shareholders meeting gregoire.thibault@vinci.com boris.valet@vinci.com +33 1 57 98 63 84 +33 1 57 98 62 84 22 April 2025 Ex-dividend date Céline LOUVET Marie RICHARD Investor re