Vinci (DG) H2 2024 earnings summary

Executive summary

• 2024 saw record revenue of €71.6 billion and earnings, with free cash flow at a historic €6.8 billion; international operations now account for 58% of revenue and over half of net income.

• Major acquisitions included Edinburgh and Budapest airports, Denver ring road, and 34 companies by VINCI Energies, driving global expansion.

• Order book surged 13% to €69.1 billion, with 70% from international business.

• Proposed dividend for 2024 is €4.75 per share, up 5.6% year-over-year.

• 2025 outlook anticipates further revenue and earnings growth, despite higher French taxes and macroeconomic uncertainties.

Financial highlights

• Revenue grew 4% year-over-year to €71.6 billion, with 3% organic growth; EBITDA rose 6.1% to €12.7 billion (17.7% margin), and EBIT up 8% to €9.0 billion (12.6% margin).

• Net income attributable to owners was €4.86 billion, up 3.4%; excluding the new French motorway tax, net income would have exceeded €5.15 billion, a rise of 9.5%.

• Free cash flow hit a record €6.8 billion, with 60% generated by concessions.

• Net financial debt increased to €20.4 billion, mainly due to M&A investments.

• Dividend per share proposed at €4.75, up 5.6%.

Outlook and guidance

• 2025 is expected to see further growth in revenue and net profit, with prudent guidance due to macroeconomic uncertainties and a €400 million one-off French corporate tax charge.

• VINCI Energies and Cobra IS are expected to maintain strong margins and growth, with Cobra targeting at least €7.5 billion in revenue and 5 GW of renewables in operation or under construction by end-2025.

• Construction revenue will remain stable, focusing on margin improvement rather than volume.

• VINCI Autoroutes and Airports expect slight traffic and passenger growth, though airport growth may slow.

• Dividend proposed at €4.75 per share for 2024.