- Revenue Growth VINCI's revenue increased by 3% to nearly €35 billion, driven by growth in Concessions (8%), Energy Solutions (6%), and VINCI Airports' strong performance, up 11%.
- Net Profit Increase Net profit rose by 10% to €2.2 billion, reflecting strong performance across all business lines despite higher income tax charges.
- Order Book Record The order book reached a historic high of over €71 billion, up 6% year-on-year, providing 14 months of visibility and supporting financial guidance for 2025.
- VINCI Airports Growth Passenger traffic increased by 6% to 159 million, driven by capacity expansion for low-cost carriers and strong demand.
- Energy Solutions Margin Energy Solutions' operating margin improved to 7.4%, with revenue up 6% to €13.7 billion, driven by international growth.
Business Line Performance
VINCI's business lines showed significant growth, with Concessions' revenue up 8%, driven by strong traffic numbers in airports and motorways. Energy Solutions' revenue was €13.7 billion, up 6%, with growth driven by international business. Construction revenue declined slightly, with a focus on selective approach and improved profitability. VINCI Airports showed growth, with 159 million passengers, up 6% from last year, driven by increases in capacity for low-cost air carriers and strong demand.
Order Intake and Order Book
Order intake reached a high level of nearly €32 billion, with a strong performance in flow businesses. The order book continues to grow, with a stable outlook for 2025. The company has a historic high of over €71 billion in its order book, providing 14 months of visibility.
Cash Flow and Liquidity
VINCI's cash flow generation was traditionally weighted towards the second half of the year. The company's liquidity improved, with available cash and cash equivalents increasing by €2.5 billion to €11 billion. VINCI has raised €3.5 billion in new funding since the beginning of the year, with an average maturity of 5.6 years and an average rate of 3.5%.
Valuation
VINCI's valuation metrics suggest that the stock may be attractively priced. The P/E Ratio is 13.9, indicating a relatively low valuation compared to earnings growth. The EV/EBITDA ratio is 7.44, suggesting that the company's enterprise value is reasonable compared to its EBITDA. The Dividend Yield is 4.0%, providing a relatively attractive income opportunity. The Free Cash Flow Yield is 13.21%, indicating that the company is generating significant cash flow.
Outlook
VINCI's growth is expected to continue, driven by its diversified businesses and geographic footprint. The company will continue to focus on its capital allocation strategy, with a disciplined approach to investments and a commitment to maintaining a solid financial position. VINCI's development in renewables is on track, with Cobra IS opening two new solar farms in Brazil in the first half of 2025, bringing operational capacity to 1.2 gigawatts.