Vinci: Initiation of Coverage- From Data Centers to Airports—Is This the Most Overlooked Infrastructure Powerhouse in Europe?

Vinci, a global leader in concessions, construction, and energy, reported its financial performance for the fiscal year 2024, showcasing both achievements and challenges that frame its investment outlook. Positively, Vinci demonstrated robust revenue growth, achieving a 4% overall increase to reach record levels despite economic headwinds. This growth stemmed from significant contributions across its diverse business segments—Concessions, Energy, and Construction. Notably, Vinci Airports reported an 8.5% rise in passenger numbers to 318 million, bolstering revenue to nearly €3 billion. The segment’s EBITDA exceeded €1 billion, indicating strong cash flow generation despite increased capital expenditures post-COVID-19.