Essentials 2025
FORGING
A SUSTAINABLE WORLD
VINCI is a world leader in concessions, energy and construction, operating in more than 120 countries. We are at the centre of the challenges facing today’s world, and our ambition is to play an active part in the energy and environmental transition of living spaces, infrastructure and mobility, while fostering social progress as a humanist group that stands for inclusion and solidarity.
We harness our fields of expertise, our quest for innovation, our business model’s strength and our teams’ engagement to strive towards a goal that our 285,000 employees share: serving a useful purpose and caring for the planet.
Serving a useful purpose and caring for the planet
2024
key data
Billion
employees
worksites
€71.6 BILLION REVENUE
VINCI’s 2024 financial statements show an increase in revenue and record earnings, despite the negative impact of the new tax on French motorway operators. In addition, free cash flow generation was very strong.
Consolidated revenue rose by 4.0% to €71.6 billion.
Consolidated net income attributable to owners of the parent was €4.9 billion. In France (42% of the total), revenue was €30.2 billion, up 2.0%.
Outside France (58% of the total), revenue came to €41.4 billion, up 5.6%.
Free cash flow hit a record €6.8 billion.
21% reduction in direct CO2 emissions from 2018
VINCI is aware of the responsibility it bears, due to the nature of its business activities, but also recognises its ability to contribute positively to the environmental transition. That is why in 2020 the Group recast its 2030 environmental ambition, with a twofold objective: significantly reduce the direct impact of its activities and contribute to improving the footprint of its customers, users, suppliers and partners through the development of shared solutions. This ambition is cascaded into three areas: act for the climate, optimise resources thanks to the circular economy and preserve natural environments.
The Group’s target for 2030, validated by the SBTi (Science Based Target initiative), is to reduce its Scopes 1 and 2 CO2 emissions by 40% relative to 2018 and its Scope 3 emissions by 20% relative to 2019.
At 31 December 2024, VINCI's direct greenhouse gas emissions were 21% lower than in 2018.
In 2024, the Group continued to deploy its environmental strategy, based around its three priority areas:
- climate change
- For VINCI Autoroutes, 100% of its service areas are now equipped with EV charging points.
- For VINCI Airports, four of the network’s airports (Toulon Hyères in France and Funchal, Beja and Ponta Delgada in Portugal) received Level 5 certification under the Airport Carbon Accreditation programme, having successfully achieved net zero for Scope 1 and 2 emissions.
- For VINCI Energies and Cobra IS, electricity transmission and distribution activities and renewable energy generation activities (solar and wind) have represented over €5.7 billion in revenue in 2024 for the year aligned with the EU Taxonomy.
- The circular economy. VINCI Construction produced 16 million tonnes of recycled aggregates in 2024, nearing its target of 20 million tonnes in 2030.
- The preservation of natural habitats. VINCI Immobilier continued to pursue its “zero net loss of natural land” target for 2030, with only 15% new land take of its projects in 2024.
+8,000 YOUNG PEOPLE ON WORK-BASED TRAINING PROGRAMMES IN 2024
VINCI seeks to help the long-term unemployed, in particular through its ViE social enterprise. This structure manages almost 1.3 million integration hours annually in France, i.e. half the total number of hours provided in the Group.
VINCI continued to roll out a vast programme launched in 2018 in France focused on the guidance and employability of young people from priority neighbourhoods identified under city policy. Called Give Me Five, the initiative targets five areas of action: guidance, individual support, integration, employability and learning. Under the programme’s guidance area of action, VINCI hosts middle school students each year in two specific areas of France’s priority education network for guidance and learning about Group businesses either in schools or VINCI sites throughout France (over 8,000 in the 2023-2024 school year). And over 8,000 young people joined the Group on work-based training programmes.
The Group is also committed to promoting gender diversity, especially in management. The percentage of women in management positions was 23.6% in 2024 (26.3% in France). The Group has set a goal to increase both the percentage of women in management positions and the percentage of women members on the Group’s management committees to 30% by 2030.
74% OF GROUP COMPANIES WITH NO LOST-TIME WORKPLACE ACCIDENTS
The zero accident objective for all people working on its construction and operation sites remains the Group’s number-one priority.
This approach applies to all individuals – employees, temporary staff and subcontractors – working on a VINCI construction or operating site, as well as customers of managed infrastructure.
The Group’s health and safety policy is overarching and aims to anticipate and prevent all occupational risks and psychosocial risks.
100,000 EMPLOYEES WERE TRAINED IN THE PREVENTION AND DETECTION OF ACTS OF CORRUPTION DURING THE YEAR
VINCI has adopted a rigorous framework so that all its employees can contribute effectively to the Group’s integrity and transparency requirements.
The Code of Ethics and Conduct lays down all the principles of business ethics that apply in all circumstances, in all countries where the Group operates, and to all companies and their employees.
It is used in tandem with the Anti-corruption Code of Conduct, which details the rules concerning the prevention of all acts of corruption, notably identifying risks in business processes and defining conduct to be avoided.
The integrity and transparency requirement does not just apply to Group companies and employees, but also to its partners and subcontractors. In addition to their technical expertise and ability to fulfil their duties, subcontractors are also assessed for their commitment to complying with human rights and business ethics, and their commitment to VINCI’s values.
The online whistleblowing platform called VINCI Integrity is available in five languages on the Group intranet and website. In addition to the systems specific to each entity, it enables employees and all other stakeholders to report any inappropriate behaviour in the areas of human rights, business ethics, environmental risks, and health and safety. It guarantees full traceability and anonymity of all discussions, and the protection of whistleblowers.
Interview with
the chairman and CEO
All the elements in our model work together to make us more resilient to short-term uncertainties, and more effective at seizing the immense opportunities arising for our business lines, now and in the future.Discover
How would you sum up VINCI’s performance in 2024?
We confirmed, once again, that we can chart our course to virtuous growth. We increased our revenue and earnings despite a generally less favourable economic environment than in 2023 and the new tax on long-distance transport infrastructure operators in France, which added a €284 million charge. Very significantly, our free cash flow hit a new all-time high, giving us extra leeway to push ahead with our development. These solid results stem from our model, which we have strengthened year after year. All the elements in our model work together to make us more resilient to short-term uncertainties, and more effective at seizing the immense opportunities arising for our business lines, now and in the future.
Precisely: what is keeping you resilient amid the geopolitical and macroeconomic uncertainties today?
Firstly, our decentralised model. It is designed to empower our teams to take initiative on the ground. Now that agility is becoming a cardinal value everywhere, we see just how modern our model truly is. At its core, VINCI consists of more than 4,200 autonomous business units operating in their respective markets and geographies, while sharing the strong culture that unites us as a group and the sound management practices that sustain it. And this is reflected in our steady results year after year. Another – equally essential – factor is the variety of business lines and geographies we operate in. Our three main businesses – Concessions, Energy and Construction – are active in a constantly growing number of fields of expertise, contracts, regions and countries. Our international expansion is the most visible sign of this: we generate nearly 60% of our revenue outside France today, up from about 40% only a decade ago, and now make most of our net income outside France. We are now a significant player in 10 or so European countries as well as in the United States, Canada, Brazil, Australia and New Zealand.
Our three main businesses are active in a constantly growing number of fields of expertise, contracts, regions and countries
How do you see the situation evolving in 2025 and beyond?
The factors underpinning our resilience, which I mentioned earlier, will enable us to stay on course in a geopolitical and macroeconomic landscape where uncertainty is becoming the norm. Our concessions will be sustained by strong demand for mobility worldwide. Our Energy order book is at its highest ever, so we expect this business to grow again in 2025. And the situation at VINCI Construction will vary from country to country but its order book is also very full, so we expect its revenue to remain close to its 2024 level – while focusing principally on improving its operating margin. So we are well equipped to continue delivering robust results and our sound financials put us in a position to move forward with our development strategy in good conditions. Looking further down the road, the environmental transition is a powerful and sustainable lever to develop all our business lines. We have always stated that our aim is to be a force for good through what we do as well as how we do it. That is part of our long-term perspective and vision of all-round performance as we tackle this existential issue for our planet and our companies head-on. We embrace it as a fantastic opportunity to create even more value by re-engineering our materials, methods, products, services and solutions to address environmental concerns. It is an opportunity to make our collective endeavour even more meaningful, in a world where our skills are more useful and playing a more powerful role in driving progress than ever before.
You will hand over your duties as VINCI’s CEO to Pierre Anjolras in spring 2025 while remaining Chairman of the Board of Directors. How are you handling this transition?
Continuity is one of VINCI’s hallmarks – and that applies to its management, strategy and culture. Pierre Anjolras is the perfect personification of our Group. He has spent most of his career with us and shown outstanding managerial flair. We have taken our time to prepare this transition since his appointment as Chief Operating Officer in May 2024. I have every confidence in his ability to lead the Group through the exciting challenges ahead, and I will stand by, placing my experience at the service of the Board of Directors. VINCI has a bright future, and I have no doubt that the coming years will confirm it!
A RESILIENT BUSINESS MODEL COMBINED WITH A SUSTAINABLE GROWTH STRATEGY
VINCI’s business model is stable in its fundamentals and can be applied to ever-expanding geographies and areas of expertise. This stability and versatility are what gives it such immense resilience.
Learn more
A presence in more than 120 countries
Learn more about 7 of our projects worldwide in 2024:
UN PPP POUR ÉQUIPER LES CENTRES URBAINS DE BORNES DE RECHARGE
La filiale de VINCI Concessions, eliso, va installer d’ici trois ans 106 stations de recharge dans les régions de Berlin, Hambourg et Leipzig. Elle sera également en charge de leur exploitation pour une période de 12 ans.
500 KM DE LIGNES À HAUTE TENSION DANS 8 DES 12 DÉPARTEMENTS DU PAYS
Pour former les 900 employés du chantier, VINCI Energies a créé l’Institut Omexom à Cotonou pour organiser le transfert de compétences.
PREMIÈRE CENTRALE SOLAIRE EN CONCESSION
Cobra IS a livré et exploite la ferme photovoltaïque de Sao José do Belmonte qui produit à pleine capacité environ 1 200 GWh d’énergie renouvelable par an soit la consommation de plus de 700 000 foyers.
VINCI IMMOBILIER IS DEVELOPPING THE MIXED-USED INTERGENERATIONAL PROJECT ARBORESCENCE
Located in the historical downtown area of Angers, this residence is giving much room to vegetation and outdoor shared or private living spaces. It comprises a senior housing Ovelia complex, a urban B&B, a rooftop, apartments, offices, and indoor landscaped garden, a vegetable garden and greened balconies.
UN CAMION ÉLECTRIQUE, ÇA SE TESTE !
VINCI Autoroutes et ses partenaires ont emporté en 2023 un appel à projets de Bpifrance pour un projet – le premier au monde de ce type sur autoroute – qui vise à expérimenter en conditions réelles de circulation, deux solutions de recharge dynamique de poids lourds électriques : l’une par induction, l’autre par rail conductif.
L’AÉROPORT D’OSAKA SE REFAIT UNE BEAUTÉ
En vue de l’exposition universelle de 2025, le nouveau terminal international opéré par VINCI Airports a été inauguré en décembre 2023 et peut désormais accueillir 40 millions de passagers par an.
CITY RAIL LINK, CHANTIER MAJEUR D’INFRASTRUCTURE URBAINE
VINCI Construction conçoit et construit l’extension d’une ligne ferroviaire à Auckland sur 3,5 km, dont 3,2 km de tunnel, et qui comprend trois nouvelles stations.
OUR BUSINESSES
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VINCI Autoroutes is France’s leading motorway concession holder. The primary mission of its employees is to ensure – whatever the circumstances – the maintenance and continuity of a public motorway service across its 4,443 km network, which is vital to the economy, society and regional accessibility. To tackle the climate crisis and biodiversity degradation, VINCI Autoroutes has pledged to transform motorways into low-carbon infrastructure and improve their integration in natural environments.
LEARN MORE€6,585 M2024 revenue -
VINCI Airports is the world’s leading private operator in its sector, managing more than 70 airports across 14 countries. VINCI Airports develops, finances, builds and manages airports, leveraging its investment capacity and know-how in optimising operational performance, modernising infrastructure and steering their environmental transition.
LEARN MORE€4,526 M2024 revenue -
VINCI Highways finances, builds, operates and maintains motorways, bridges, tunnels, urban roads and toll services over a 3,500 km network in around 15 countries, drawing on its know-how as a global mobility operator to apply the highest standards of operational performance, safety and service quality.
LEARN MORE€403 M2024 revenue -
VINCI Railways designs, finances, builds and operates rail and urban transport infrastructure. In France, it manages the South Europe Atlantic highspeed line and a part of the right-of-way public transport system in the French overseas territory of Martinique.
LEARN MORE€540 M2024 revenue (combined with VINCI Highways and VINCI Stadium) -
VINCI Stadium manages four stadiums built by the Group in France: the Stade de France in Saint-Denis, the Matmut Atlantique in Bordeaux, the Allianz Riviera in Nice and the Stade Marie-Marvingt in Le Mans.
En savoir plus€540 M2024 revenue (combined with VINCI Highways and VINCI Railways)
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VINCI Construction operates in some 100 countries with its 1,300 business units and 117,370 employees. With operations structured around three complementary pillars – Major Projects, Specialty Networks and Proximity Networks in France and abroad – the company brings together a unique range of expertise which it applies to projects of all sizes, from day-to-day operations to large infrastructure projects. VINCI Construction aims to provide its customers with sustainable and innovative solutions by building structures that contribute to the environmental transition, support regional growth and will benefit future generations.
LEARN MORE€31,784 M2024 revenue
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Energy sufficiency, the ecological transition and digital transformation are rapidly rising up the global agenda. These challenges are intensifying the need to modernise and refurbish buildings, infrastructure and industrial production sites to make them more reliable, energy-efficient and sustainable. VINCI Energies supports its customers by deploying a wide array of expertise and bespoke multi-technical solutions. It relies on a network of 2,100 agile, innovative and locally rooted business units – bringing together 102,600 employees – that extends across 61 countries.
LEARN MORE€20,373 M2024 revenue -
With +42,000 employees, Cobra IS is active in some 65 countries featuring a strong presence in Spain (its domestic market), Portugal and Latin America. It has solid experience in applied industrial engineering and specialised services in a wide range of sectors, including energy, industry, telecommunications and mobility. While primarily concentrated in its flow business, Cobra IS's activities also range to the development and financing of major renewable energy production projects under long-term contracts.
LEARN MORE€7,105 M2024 revenue
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VINCI Immobilier, a key player in property development in France, designs, builds and manages residential and business property programmes that contribute to social and economic development in their regions. VINCI Immobilier also operates senior, student and co-living residences that offer community spaces in harmony with users’ needs. Its long-term environmental strategy positions it as a go-to property developer for land recycling projects.
LEARN MORE€1,143 M2024 revenue
PERSPECTIVE AND STRATEGY: A RESILIENT BUSINESS MODEL COMBINED WITH A SUSTAINABLE GROWTH STRATEGY
VINCI’s business model is stable in its fundamentals and can be applied to ever-expanding geographies and areas of expertise. This stability and versatility are what gives it such immense resilience. The Group’s strategy is to adapt and hone this robust model as it continues to develop across its three businesses: Concessions, Energy and Construction.
DiscoverPERSPECTIVE AND STRATEGY: A RESILIENT BUSINESS MODEL COMBINED WITH A SUSTAINABLE GROWTH STRATEGY
VINCI’s business model is stable in its fundamentals and can be applied to ever-expanding geographies and areas of expertise. This stability and versatility are what gives it such immense resilience. The Group’s strategy is to adapt and hone this robust model as it continues to develop across its three businesses: Concessions, Energy and Construction. VINCI’s priority is to actively engage in the energy and environmental transition, by harnessing its innovation capacity to achieve responsible, sustainable growth.
As it has diversified its areas of expertise, so has VINCI entered more and more international markets.
In 2024, the Group generated 58% of its revenue outside France, compared to 37% a decade earlier.
In addition to a broad range of businesses and markets, VINCI gains its resilience from its management approach. The Group’s highly decentralised organisation and supportive management culture gives its companies and people tremendous agility in adapting to changes and unpredictability in their environment.
Drawing on these solid and shared fundamentals, VINCI will continue to implement its long-term strategy and to develop its three core businesses. In this context of climate emergency, the environment is VINCI’s strategic priority. The Group is tackling this issue by playing an active role in the transition of the built environment, infrastructure and mobility.
VINCI welcomes the energy and environmental transition as a powerful driver for adding new expertise and solutions while supporting its business activities’ long-term growth. The Group’s policy of innovation is building opportunities in this transformation. As novel solutions and services emerge that create environmental value, promising activities open up for the Group’s business lines.
