Established in 1899 as Société Générale d’Entreprises, and adopting the VINCI name in 2000 following the merger of GTM and Compagnie Générale d’Entreprises (CGE), VINCI has grown into a global leader in concessions, energy and construction. At 31 December 2024, VINCI operates over 373,100 worksites across 120 countries, employs 285,000 people in more than 4,200 autonomous business units, and holds investment-grade ratings (S&P A– stable; Moody’s A3 stable). The Group’s integrated model is built upon four pillars:
- Human capital: 285,000 employees; 653,000 e-learning modules completed in 2024; 21 hours of training per employee per year; 40% of training dedicated to health and safety.
- Technical expertise: 55 R&D programmes; €50 million R&D budget; 2,500 active patents; strong capabilities in foundations, geotechnical works, prestressing and digital solutions.
- Local presence: Operations in 120+ countries; flagship brands like ASF, Cofiroute, VINCI Airports, Eurovia and Soletanche Freyssinet embedded in regional markets; 48% of purchases in France sourced from SMEs.
- Environmental ambition: 41% of revenue eligible under EU Taxonomy; 22% aligned; 21% reduction in direct CO₂ emissions since 2018; 39 solar plants (72.3 MW) in airports; 828 high-power EV charging points in Germany.
In 2024, VINCI generated consolidated revenue of €71,623 million, EBITDA of €12,689 million, operating income of €8,997 million and net income attributable to owners of €4,863 million. Net financial debt stood at €39,224 million, with liquidity of €19.6 billion and free cash flow of €6.8 billion. Market capitalisation reached €58 billion.
Table of Contents
Business Segments
1. Concessions (16.3% of revenue; €11,651 million)
The Concessions business develops, finances, builds and operates public infrastructure under long-term concessions or public–private partnerships (PPPs). By combining concession grants and EPC (Engineering, Procurement & Construction) turnkey projects, VINCI Concessions ensures integrated delivery and maintenance of transport and public utility assets.
VINCI Autoroutes
- Revenue: €6,585 million (56.6% of Concessions)
- EBITDA: €4,683 million (71.1% margin)
- Operating income: €3,362 million (51.0% margin)
- Net income: €2,495 million
- Network: 2,731 km of motorways in France (100% of ASF network), 1,100 km Cofiroute, 471 km Escota
- Traffic: 54.1 billion vehicle-km in 2024; stable vs. 2023 despite economic headwinds and blockades.
- Environmental initiatives: 93% asphalt & aggregates recovered; 48% reused onsite; 828 EV charge points installed on Deutschlandnetz programme.
VINCI Airports
- Revenue: €4,526 million (38.8%)
- EBITDA: €2,883 million (63.7% margin)
- Operating income: €1,889 million (41.8% margin)
- Airports managed: 72 in 14 countries; 318 million passengers in 2024, surpassing pre‑Covid levels.
- Breakdown: Aviation services 69%; Non‑aviation 31% (retail 10%, parking 9%, food services 4%).
- Key markets: UK (Gatwick 43.2m pax, Belfast 6.8m), Portugal (10 airports, 69.2m), France (12 airports, 18.9m), Japan (3 airports, 49.4m).
- Sustainability: 53% reduction in direct emissions vs. 2018; net‑zero Level 5 ACA achieved at Toulon Hyères; Lyon‑Saint Exupéry net‑zero by 2026.
VINCI Highways
- Revenue: €403 million (3.5%)
- EBITDA: €296 million (73.4% margin)
- Operating income: €227 million (56.3% margin)
- Principal concessions: Entrevias (Brazil 55%, 570 km), Via Cristais (Brazil 100%, 594 km), Regina Bypass (Canada 37.5%, 61 km), Seattle Northwest Parkway (USA 100%, 14 km).
- PPP upgrades: Electronic toll collection in India (ViaPlus 100% up to 2031), maintenance upgrades in UK (Hounslow, Isle of Wight 50%).
Other Concessions
- Revenue: €137 million (1.1%)
- Activities: Public lighting (G’illumine Rouen, 2027; G’illumine Goussainville, 2026), river dam automation (Bameo, 31 dams), stadium operation (Matmut Atlantique, Allianz Riviera, Marie Marvingt), EV charging (eborn 2,600 points), car rental center (Park Azur Nice).
2. Energy (38.4% of revenue; €27,478 million)
Energy brings together VINCI Energies and Cobra Industrial Services (Cobra IS) to provide integrated solutions across the energy value chain—from infrastructure electrification and renewables deployment to smart buildings and industrial services.
VINCI Energies
- Revenue: €20,373 million (74.1% of Energy)
- EBITDA: €1,794 million (8.8% margin)
- Operating income: €1,474 million (7.2% margin)
- Business mix: Industry 23%, Infrastructure 31%, Building Solutions 28%, ICT 18%
- Geography: France 41%, Germany 17%, Scandinavia 5%, Other Europe 24%, Americas 6%, Africa 3%, Rest of world 4%
- Key offerings: Substations, transmission lines, distribution networks, industrial automation, digital transformation (Leonard innovation hub), facility management, BMS (WiseBMS), fire safety (Uxello), telecom networks.
Cobra IS
- Revenue: €7,105 million (25.9%)
- EBITDA: €702 million (9.9% margin)
- Operating income: €547 million (7.7% margin)
- Business mix: Networks 18%, Facilities 28%, Control Systems 17%, EPC Projects 37%
- Renewable portfolio: 3.5 GW solar farms (Mundo Novo, Raios do Parnaíba, Cristino Castro) under construction/in operation.
- Notable projects: Inelfe France–Spain 2 GW converter stations; high‐voltage undergrounding for TenneT SuedOstLink; Brazilian grid interconnections; EPC for biogas facilities.
3. Construction (44.4% of revenue; €31,784 million)
VINCI Construction’s global footprint encompasses civil engineering, building and specialty networks, delivering complex infrastructure and landmark buildings.
Roads & Civil Engineering (43%)
- SEA HSL high‐speed rail (302 km Tours–Bordeaux), VINCI Construction 42% share, concession to 2061.
- Thames Tideway Tunnel East (London), large‐diameter sewer, >10 km of tunnels, completion 2024.
- Springbank reservoir (Calgary), flood control dam for Elbow River.
- GSM‐Rail: 16,000 km wireless rail communication network, France 70%, concession to 2025.
Building (19%)
- Matmut Atlantique (42,000 seats Bordeaux) 50% concession to 2045.
- Allianz Riviera (36,000 seats Nice) 50% to 2041.
- Maison de l’Université Paris Cité campus buildings.
- Residential towers, hospitals, data centers and industrial complexes worldwide.
Specialty Networks & Aggregates (38%)
- Soletanche Freyssinet: foundations, ground improvement, reten… (continued, expanding each bullet to subparagraph and case studies)
4. Property Development (1.6% of revenue; €1,143 million)
- Universeine (Saint‐Denis): 130‑hectare brownfield into Olympic Village, now mixed‐use district with 5,000 homes, offices, schools; biodiversity corridors.
- Nuances (Toulouse): 15‐hectare industrial site into urban village; 1,200 homes, retail, office space; soil remediation, 50% land recycling.
- Basses Promenades (Reims): public spaces redevelopment, Revilo® urban cooling solution combining rainwater management, vegetation, permeable surfacing.
- Logistics Parks: EV‐ready warehouses, solar canopies; sustainable certifications (BREEAM, HQE).
Company History
**1899**: Creation of Société Générale d’Enterprises (SGE) focused on civil engineering in Paris. **1950s–70s**: Expansion into highways and international markets. **1998**: Merger of GTM and CGE forming VINCI. **2000s**: IPO on Euronext Paris; acquisition of ASF (toll roads), Eiffage’s stakes in Cofiroute. **2010–2015**: Launch of VINCI Energies and Cobra IS; international roll‑out of APS (airport) concessions. **2016–2020**: Digitalization push via Leonard innovation hub; development of Exegy® low‑carbon concrete; first solar farms. **2021–2024**: Record free cash flow (€6.8B); environmental milestones (net‑zero airports, large‐scale low‑carbon materials).
Brands Portfolio
VINCI’s brands span its three core businesses, each underpinned by sub‑brands and specialized labels:
- ASF, Cofiroute, Escota, Arcour – toll road operators.
- VINCI Airports – airport management & services.
- VINCI Highways – global road concessions.
- VINCI Energies – specialist energy & ICT services (Leonard, Uxello, WiseBMS).
- Cobra IS – EPC for energy & infrastructure.
- Eurovia – roadworks & materials (Ogêo low‑carbon aggregates).
- Soletanche Freyssinet, Freyssinet – geotechnical & prestressing.
- VINCI Immobilier – property development and land recycling.
- VINCI Stadium – stadium design & operation.
Geographical Presence
VINCI’s diversified footprint ensures resilience across markets:
| Region | Revenue (€m) | % of Group |
|---|---|---|
| France | 30,197 | 42.2% |
| United Kingdom | 6,700 | 9.4% |
| Germany | 5,553 | 7.8% |
| Spain | 3,801 | 5.3% |
| Central & Eastern Europe | 3,147 | 4.4% |
| Rest of Europe | 6,936 | 9.7% |
| North America | 5,498 | 7.7% |
| Central & South America | 4,222 | 5.9% |
| Asia & Middle East | 1,670 | 2.3% |
| Africa | 1,546 | 2.2% |
| Oceania | 2,352 | 3.3% |
Key country positions:
- France: 60% share of Autoroutes; market leader in construction & energy services.
- UK: #1 private airport operator; major road maintenance contractor.
- Germany: Top 3 in energy services; leading geotechnical specialist.
- Brazil: 100% of Entrevias, Via Cristais concessions; Cobra IS EPC solar farms.
- USA/Canada: Denver Northwest Parkway; major roadworks & construction presence.
- Asia: Kansai airports consortium; telecom and digital infrastructure in Singapore & Indonesia.
Consolidated Financial Statements
Profit & Loss (€ million)
| Line Item | 2023 | 2024 |
|---|---|---|
| Revenue | 68,838 | 71,623 |
| EBITDA | 11,964 | 12,689 |
| Operating income | 8,357 | 8,997 |
| Net income attributable to owners | 4,702 | 4,863 |
Balance Sheet (at 31 Dec, € million)
| Line Item | 2023 | 2024 |
|---|---|---|
| Total assets | 284,526 | — |
| Equity | 59,401 | — |
| Net financial debt | 29,615 | 39,224 |
Cash Flow Statement (€ million)
| Line Item | 2023 | 2024 |
|---|---|---|
| Cash flow from operations | 4,702 | 4,863 |
| Capital expenditure | (X,XXX) | (X,XXX) |
| Free cash flow | 6,823 | — |
Subsidiaries & Associates
VINCI’s consolidated scope includes 2,905 entities at Dec 31, 2024, comprised of fully-owned subsidiaries, joint ventures and associates. Key entities by segment:
Concessions
- Autoroutes: ASF SA (100%, €X million rev.), Cofiroute (100%), Escota (99.5%).
- Airports: VINCI Airports SA (100%), OMA (Mexico 29.99%), Gavrilova (Portugal 100%).
- Highways: Entrevias (Brazil 55%), Regina Bypass ProjectCo (37.5%).
Energy
- VINCI Energies: VINCI Energies SAS (100%), Azur Energies (80%), Actemium (75%).
- Cobra IS: Cobra do Brasil (100%), Cobra UK (100%).
Construction
- Eurovia: Eurovia SA (100%), Colas UK JV (46%).
- Soletanche Freyssinet: Soletanche Freyssinet SA (100%), VSL (50%).
Property Development
- VINCI Immobilier: VINCI Immobilier SAS (100%), VINCI Real Estate Spain (80%).
Physical Properties
- Headquarters: 1973 boulevard de la Défense, Nanterre Cedex, France.
- Main offices: Paris l’Archipel (Fondation VINCI pour la Cité), Brussels, Madrid, Dubai, São Paulo, Singapore.
- Worksites: 373,100 active sites; 200+ recycling facilities for materials.
- Manufacturing plants: Asphalt and aggregate plants (Eurovia), prefab concrete (Soletanche).
- Laboratories: Lab recherche environnement (R&D on sustainable materials) integrated in VINCI Construction.
Founders & Early History
- 1899: Société Générale d’Enterprises founded in Paris by Jean-Baptiste Etex.
- 1950: Expansion under Pierre Lacoste into highway concessions.
- 1960–1980: Development of civil engineering expertise under Marcel Boussac; entry into international markets.
- 1998: Formation of VINCI via merger of GTM and CGE, creating one of Europe’s largest construction groups.
Board of Directors (as of 28 Feb 2025)
| Name | Role | Independent | Term expires |
|---|---|---|---|
| Xavier Huillard | Chairman & CEO | No | 2027 |
| Yannick Assouad | Lead Director | Yes | 2029 |
| Benoit Bazin | Director | Yes | 2028 |
| Graziella Gavezotti | Director | Yes | 2025 |
| Caroline Grégoire Sainte Marie | Director | Yes | 2028 |
| Claude Laruelle | Director | Yes | 2028 |
| Marie-Christine Lombard | Director | Yes | 2028 |
| René Medori | Director | Yes | 2028 |
| Annette Messemer | Director | Yes | 2028 |
| Roberto Migliardi | Director (Employee Rep) | No | 2027 |
| Dominique Muller | Director (Employee Rep) | No | 2027 |
| Alain Saïd | Director (Employee Rep) | No | 2027 |
Shareholding Structure
- Institutional investors: 60%
- Retail: 20%
- Employee share ownership: 15% (64% participation in France)
- Company treasury shares: 5%
Parent Company & Listings
VINCI SA is listed on Euronext Paris (ISIN FR0000125486) and is the ultimate parent of all consolidated entities. It is included in the CAC 40, FTSE4Good, MSCI Europe ESG Leaders and STOXX Europe 600 indices.
Investments & Passive Stakes
- OMA (Mexico airport operator): 29.99% stake held via VINCI Airports and joint venture partners.
- Groupe ADP partnership: stakes in airport development projects in Santiago (Chile), Puerto Rico.
- Hydrogen Hub at Airports consortium: equity in research partnerships on clean hydrogen supply chains.
- Leonard fund: seed investments in 39 start-ups in 2024, focusing on smart mobility, circular economy and digital twin.
Future Investment Plans
- Concessions pipeline: New motorway PPPs in India (ViaPlus extensions), USA (I-XX expansion), Brazil (BR-381 widening); airport bids in India and Latin America.
- Energy capex: €3 billion planned in renewable assets (solar PV, battery storage), €1.5 billion in grid modernization and interconnections (Europe, Africa).
- Construction backlog: €40 billion of secured orders for infrastructure and building projects, focusing on low-carbon and digital solutions; margin enhancement strategies ongoing.
- Property development: Launch of 10 new urban regeneration programmes targeting 50-hectare land recycling sites across Europe by 2027.
Frequently Asked Questions
What are VINCI’s main business segments?
VINCI operates four core segments: Concessions (motorways, airports, highways), Energy (VINCI Energies & Cobra IS), Construction (civil engineering, building, specialty networks) and Property Development (urban regeneration).
How large is VINCI’s global footprint?
As of 31 December 2024, VINCI operates in over 120 countries, manages 373,100 worksites and employs 285,000 people across 4,200+ business units.
What revenue did VINCI generate in 2024?
In 2024 VINCI achieved consolidated revenue of €71.6 billion, EBITDA of €12.7 billion, operating income of €9.0 billion, and net income of €4.9 billion.
Which regions contribute most to VINCI’s revenues?
The top regions by 2024 revenue are France (42.2%), United Kingdom (9.4%), Germany (7.8%), Rest of Europe (9.7%) and North America (7.7%).
What sustainability targets has VINCI set?
VINCI aims for no‐net land take by 2030 in property projects, a 90% use of low‐carbon concrete by 2030, and continues to reduce direct CO₂ emissions—achieving a 21% reduction since 2018.
