Essentials 2024
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 280,000 employees share: serving a useful purpose and caring for the planet.
Serving a useful purpose and caring for the planet

2023
key data
Billion

employees

worksites


Interview with
the chairman and CEO

Discover

How would you describe VINCI’s performance in 2023?
It is solid. We moved forward on our virtuous growth path despite the uncertainties in our economic environment and the geopolitical situation. We increased our revenue, our operating income and, notwithstanding significantly higher financial costs, our net income. Our free cash flow, which had broken a record in 2022, rose substantially again in 2023, giving us more latitude to press ahead with our development. These accomplishments are the hallmark of a group that is well run and has an organisational and management model that facilitates each company’s and each team’s performance on the ground. We are agile entrepreneurs, and this gives us a valuable advantage in times of radical change. Our business model also makes us resilient. We have been reinforcing our model constantly and consistently since VINCI’s inception, and can see exactly how relevant it is today: our three main fields of expertise – in mobility concessions, in energy and in construction – place us where the answers to the contemporary world’s problems are emerging. All this shines through our current performance and, even more so, our growth prospects. We are also strengthening our resilience by diversifying geographically: our vigorous international expansion has increased our revenue outside France from 37% of the total a decade ago to 57% in 2023.
What are your medium-term prospects looking like?
The trends at work in our markets today will continue: the driver in Concessions will remain demand for mobility, which is higher than ever worldwide; in Construction it will be the constant need to renew infrastructure, buildings and urban spaces, which is showing in the fact that our order book is as full as ever; in Energy it will be the transition to low-carbon sources and the massive shift to electricity in every sector of the economy. We expect these trends to sustain our growth over the next few years. And our financials are solid, so we are in a comfortable position to keep on rolling out our development strategy. These trends will also give rise to considerable opportunities, because all our businesses have a prominent role to play in the mother of all battles – the one to curb climate change. The need to tackle the climate emergency right now has turned the long-term future into a short-term concern. The prospects this is opening up for a group such as ours are more tangible, and more enormous, than ever before. These overlapping time horizons were what prompted us to recast our environmental policy at the beginning of the decade. We did that with two goals in mind: to reduce the direct footprint of our activities and, most importantly, given our business lines’ substantial impact, to actively advance the energy and environmental transition of living environments, infrastructure and mobility.
The need to tackle the climate emergency right now has turned the long-term future into a short-term concern
Precisely: how are you supporting the ecological transition right now?
With our strategic moves – for instance strengthening our Energy business to play a significant role in meeting rocketing demand for low-carbon electricity infrastructure – and, at the same time, through deep transformation within our own business lines and across our solutions. In our Construction business, we are already cutting carbon emissions, reusing materials and improving energy performance to bring passive buildings closer within reach. For example, we are on track to meet our ambitious objective of using 90% lowcarbon concrete at our worksites by 2030. In our motorway concessions, we have high-power charging stations for our customers at all VINCI Autoroutes service areas, to help encourage long-distance travel in electric vehicles. We are also trialling dynamic charging for heavy vehicles, using induction systems and charging rails on our network, to help develop technologies that lower carbon emissions from road freight. Our airports are already well on their way to net zero emissions, thanks in particular to the on-site solar power plants they have been setting up. And we are working with partner airlines and large industrial groups on alternative fuels – biofuels initially, hydrogen eventually – to decarbonise air travel. So we have wholeheartedly embraced the ecological transition. Even more importantly, we are determined to step up the pace, with all the partners in our ecosystem, to achieve carbon neutrality by 2050 in line with the pledges that France, the European Union and most countries worldwide have made. Reaching that goal will require considerable investment in transport infrastructure and energy grids. And government budgets will not be enough, so public-private partnerships will necessarily be part of the answer. This is another reason why our long-standing model combining concessions and construction and the short and long term is the right one.
To sum up, what is your view on these sea changes?
We have entered a period that will lastingly benefit our businesses. So we have the peace of mind we need to move forward confidently and decisively. The notion of all-round performance, which has always been our compass, is more meaningful than ever in light of the challenges facing the world today. So we will continue our virtuous growth journey, striving to develop our companies and empowering our employees to thrive while serving as a force for good by protecting the planet.

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 2023:


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€6,324 M2023 revenue -
VINCI Airports is the world’s leading private operator in its sector, managing more than 70 airports across 13 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€3,947 M2023 revenue -
VINCI Highways finances, builds, operates and maintains motorways, bridges, tunnels, urban roads and toll services over a 3,140 km network in 14 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€352 M2023 revenue -
VINCI Railways designs, finances, builds and operates rail and urban transport infrastructure. In France, it manages the South Europe Atlantic highspeed line, the GSMRail communications network and a part of the right-of-way public transport system in the French overseas territory of Martinique.
LEARN MORE€309 M2023 revenue (combined with 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€309 M2023 revenue (combined with VINCI Railways)
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VINCI Construction operates in some 100 countries with its 1,300 business units and 119,000 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 support regional growth and will benefit future generations.
LEARN MORE€31,4592023 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 2,000 agile, innovative and locally rooted business units – bringing together 97,000 employees – that extends across 61 countries.
LEARN MORE€19,327 M2023 revenue -
With +40,000 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€6,495 M2023 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€1,231 M2023 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 2023, the Group generated 57% 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.

