Vinci announces a slight increase in its turnover in the 3rd quarter thanks to air traffic

Vinci specified that it was counting "on a further increase in its turnover in 2024, but on a lesser scale than that achieved in 2023", as well as on "an increase in its operating results".

The group reported a "high level" of its order book, at 66,8 billion euros as of September 30 (+6% over one year), guaranteeing it "good" visibility.

Regarding its 2024 net profit, the group had previously indicated in July that it expected a level "close to the level reached in 2023, after taking into account the new tax" on French motorways, for an amount "estimated at around 280 million euros".

However, this perspective "does not take into account the negative impact" of the surcharge applicable to corporate tax, currently being examined by Parliament, and which would imply, in the event of a vote, "an additional charge of around 400 million euros", Vinci indicated in a press release.

Over the first nine months of 2024, turnover reached 52,3 billion euros, up 3,3%, according to the group, which generated 57% of its revenues outside France.

In detail, Vinci Airports recorded a 16,3% increase in revenue in the third quarter, thanks to "strong summer demand and a high aircraft occupancy rate". In its motorway branch (+3,6%), traffic for all vehicles remained stable over the entire quarter after a "good month of August".

In its other concessions, down 21,7%, "Vinci Stadium's activity remained very limited due to the Paris 2024 Olympic and Paralympic Games, which mobilized the Stade de France until mid-September," according to the group.

The turnover of the energy branch increased by 4,5%, driven by new acquisitions and reflecting "the excellent positioning of the companies in the division in very promising markets: energy transition and digital transformation".

On the other hand, activity fell by 2,2% in construction (44% of quarterly revenues), "mainly a consequence of the phasing of certain major projects", such as the Grand Paris Express and "a drop in activity in Africa". In France, Vinci says it is nevertheless benefiting from "sustained activity" in road and network works (hydraulic and railway), and, in construction, from "rehabilitation projects" and the "construction of public buildings, particularly in the hospital sector".

For the whole of the 2024 financial year in this branch, Vinci indicates that it should experience "activity at least equivalent to that of 2023 while continuing to improve its operating margin".

The decline is much more marked in the real estate sector (-14,8%), but the group emphasizes that "housing reservations are increasing (+29% to 3.247 lots at the end of September 2024)", seeing this as a "positive inflection" supported by "bulk sales to social landlords" to alleviate the real estate crisis.