Vinci (DG) H1 2024 earnings summary

Executive summary

• Revenue increased by 4.4% year-over-year to €33.8 billion, with strong growth across concessions, energy, and construction, and organic growth of 3.8%.

• EBIT rose 9.1% to €3.87 billion (11.5% margin), while net income declined 4.5% to €2.0 billion due to a new French transport infrastructure tax.

• Free cash flow improved to €361 million, near record H1 levels, and the order book reached a historic €67.3 billion (+9% YoY).

• Major acquisitions included controlling stakes in Edinburgh and Budapest airports, Denver ring road, and Helios Nordic Energy, contributing to higher net debt.

• Interim dividend maintained at €1.05 per share; Pierre Anjolras appointed COO as part of succession planning.

Financial highlights

• EBITDA reached €5.67 billion (16.8% margin), up 6.9% year-over-year, with VINCI Airports contributing significantly.

• Net financial debt increased to €23.4 billion, up €7.2 billion from December 2023, mainly due to acquisitions.

• International revenue accounted for 56% of total, with Western Europe (ex-France) up 13% YoY.

• Equity attributable to owners stood at €28.6 billion; total equity at €33.2 billion.

• Interim dividend set at €1.05 per share, unchanged from prior year.

Outlook and guidance

• Revenue and operating earnings are expected to grow in 2024, but at a slower rate than in 2023.

• Net income will be impacted by the new tax (~€280 million full-year), but is expected to approach last year’s level.

• VINCI Airports expects passenger numbers to exceed 2019 levels; VINCI Autoroutes traffic to remain stable.

• VINCI Energies and Cobra IS anticipate further revenue and margin growth; Construction to maintain or improve business levels and margins.

• Renewable energy portfolio targeted at 3.5 GW in operation or under construction by year-end.