Vinci SA (VCISF) Q1 2025 Sales/ Trading Statement Call Transcript

2025-04-24 16:51:42 ET

Vinci SA (VCISF)

Q1 2025 Sales/ Trading Statement Call

April 24, 2025 11:55 AM ET

Company Participants

Grégoire Thibault - Director, Investor Relations

Conference Call Participants

Elodie Rall - JPMorgan

Luis Prieto - Kepler

Ruairi Cullinane - RBC

Graham Hunt - Jefferies

José Manuel Arroyas - Banco Santander

Ami Galla - Citi

Harishankar Ramamoorthy - Deutsche Bank

Marcin Wojtal - Bank of America

Presentation

Operator

Ladies and gentlemen, welcome to the VINCI Q1 Revenue 2025 Conference Call. I now hand over to Grégoire Thibault, Head of Investor Relations of VINCI. Sir, please go ahead.

Grégoire Thibault

Thank you, Adi. Hello, and thanks for attending this conference call. I'm today with the Investor Relations team I am as well the Group Controller. As usual, I will be brief to have more time for the Q&A and because I know there are other publications and con calls for you this evening.

What are the key takeaways of this Q1 publication. First, a solid performance overall to start the year with total revenue up 4% to €16.3 billion, mainly driven by international, which is up 6% and international represents more than 56% of our total revenue. Point number two, for Q1, please keep in mind that for concession, traffic is up year-on-year on motorways and on airport.

For the Energy Solutions business made up of VINCI Energy and the dynamic international momentum and a good order intake in business. For construction, stabilization of revenue, as expected, at a high level, while order intake of VINCI Construction are up.

I will give you more granularity later. Point number three, the group's order intake are down €2 billion versus Q1 '24, but no worries that due to high comps at Cobra, indeed, recall that the order intake in Q1 2024 included two offshore wind farm energy converter platform worth €2.5 billion. Adjusted for these orders, order intake are up by almost 4% this quarter with a buoyant flow business level.

As a result, the order book of VINCI reached a new all-time high of €72 million at the end of March, up 8% year-on-year and up 4% versus December 2024. It represents more than 4 months of average activity, 14.5 months to be exact and to be fair, and that's a record visibility giving the group serenity and enabling it to remain selective....

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