Vinci (DG) CMD 2024 summary

Strategic achievements and business evolution

• Revenue nearly doubled since 2016, reaching €19.3 billion in 2023, with a 10% CAGR and further growth expected in 2024.

• EBITDA nearly tripled to €1.4 billion, and ROCE improved to 19.9% from 16.6% eight years ago.

• Internationalization accelerated, with 58% of revenue from outside France in 2023, up from 42% in 2016; North America now represents 5% of revenue.

• VINCI Energies now contributes 21% of group free cash flow, up from 8% in 2006, reflecting its growing strategic importance.

• Over 260 acquisitions in 10 years, with a disciplined, value-focused integration process and recurring M&A as a key growth driver.

Business model, culture, and organization

• Operates a highly decentralized, networked model with 2,000 business units, fostering agility, local expertise, and rapid adaptation.

• Emphasizes segmentation and specialization, avoiding internal competition and promoting collaboration across brands and geographies.

• Quartz management framework ensures strict cost control, transparency, and prudence, with all BUs using a unified ERP system.

• People-centric approach with strong internal talent development, low turnover, and high employee shareholding.

• Asset-light model focused on profitable growth, recurring M&A, and strong cash generation.

Market positioning and growth opportunities

• Well-positioned on megatrends: energy transition, digital transformation, electrification, and decarbonization, with tailored solutions across 61 countries.

• Four business lines (Infrastructure, Industry, Building Solutions, ICT) are diversified and consistently growing, each generating over €3bn in revenue.

• Recurring business is strong, with a large, diversified customer base and 80% of top clients active for over five years.

• Cash conversion ratio averaged 145% over the last five years, with operating capex below 1.5% of revenue.

• 46% of revenue is EU taxonomy eligible, with a strong focus on environmental transition and innovation.