2022 Universal Registration Document

4.1.3.2 Internal comparison

In accordance with the sixth paragraph of Article L.22-10-9 I of the French Commercial Code, it is noted that the ratio between the Chairman and Chief Executive Officer’s total annual remuneration (fixed, variable and long-term components) and

the average full-time equivalent remuneration ^(*) for 2022 of VINCI SA’s employees, not including company officers, employed from 1 January to 31 December (Ratio A) is equal to 43.8;
the median full-time equivalent remuneration^(*)for 2022 of VINCI SA’s employees, not including company officers, employed from 1 January to 31 December (Ratio B) is equal to 74.4;
the average full-time equivalent remuneration^(*) for 2022 of the employees based in France of French companies over which VINCI has exclusive control within the meaning of Article L.233-16 II of the Commercial Code, not including VINCI SA’s executive company officers, employed from 1 January to 31 December (Ratio C) is equal to 122.2.

The indicators mentioned in Article L.22-10-9 recorded the movements shown in the table below:

	2018	2019	2020	2021	2022
Change from the prior year in the Chairman and Chief Executive Officer’s remuneration	Change from the prior year in the Chairman and Chief Executive Officer’s remuneration 2018 +9.4% ^(**)	Change from the prior year in the Chairman and Chief Executive Officer’s remuneration 2019 +8.8% ^(**)	Change from the prior year in the Chairman and Chief Executive Officer’s remuneration 2020 +0.5% ^(**)	Change from the prior year in the Chairman and Chief Executive Officer’s remuneration 2021 −9.2% ^(**)	Change from the prior year in the Chairman and Chief Executive Officer’s remuneration 2022 +27.9%^(**)
Change from the prior year in net income attributable to owners of the parent	Change from the prior year in net income attributable to owners of the parent 2018 +9.0% ^(***)	Change from the prior year in net income attributable to owners of the parent 2019 +9.3%	Change from the prior year in net income attributable to owners of the parent 2020 −61.9%	Change from the prior year in net income attributable to owners of the parent 2021 +109.1%	Change from the prior year in net income attributable to owners of the parent 2022 +64%
Change from the prior year in the average remuneration ^(*) of the Company’s employees	Change from the prior year in the average remuneration ^(*) of the Company’s employees 2018 −0.2%	Change from the prior year in the average remuneration ^(*) of the Company’s employees 2019 +5.0%	Change from the prior year in the average remuneration ^(*) of the Company’s employees 2020 −4.1%	Change from the prior year in the average remuneration ^(*) of the Company’s employees 2021 +4.4%	Change from the prior year in the average remuneration ^(*) of the Company’s employees 2022 +9.9%
Change from the prior year in the average remuneration ^(*) of the employees in France of companies over which VINCI has exclusive control	Change from the prior year in the average remuneration ^(*) of the employees in France of companies over which VINCI has exclusive control 2018 +3.0%	Change from the prior year in the average remuneration ^(*) of the employees in France of companies over which VINCI has exclusive control 2019 +1.2%	Change from the prior year in the average remuneration ^(*) of the employees in France of companies over which VINCI has exclusive control 2020 −4.7%	Change from the prior year in the average remuneration ^(*) of the employees in France of companies over which VINCI has exclusive control 2021 +3.9%	Change from the prior year in the average remuneration ^(*) of the employees in France of companies over which VINCI has exclusive control 2022 +3.1%
Annual change in Ratio A	Annual change in Ratio A 2018 +9.6%	Annual change in Ratio A 2019 +3.7%	Annual change in Ratio A 2020 +4.6%	Annual change in Ratio A 2021 −13.1%	Annual change in Ratio A 2022 +16.4%
Annual change in Ratio B	Annual change in Ratio B 2018 +2.4%	Annual change in Ratio B 2019 +5.1%	Annual change in Ratio B 2020 −6.0%	Annual change in Ratio B 2021 −8.4%	Annual change in Ratio B 2022 +17.0%
Annual change in Ratio C	Annual change in Ratio C 2018 +6.2%	Annual change in Ratio C 2019 +7.6%	Annual change in Ratio C 2020 +5.4%	Annual change in Ratio C 2021 −12.5%	Annual change in Ratio C 2022 +24.1%

(*) Remuneration amount including fixed and variable components, the employer contribution, long-term incentive payments, the fair value of performance share awards and benefits in kind.

(**) Remuneration amount including the fixed component paid in year Y, the short-term variable component in respect of year Y−1 paid in year Y, the IFRS 2 fair value of the share award granted in year Y as the long-term component of remuneration, benefits in kind and remuneration as a Board member paid in year Y.

(***) After adjustment for non-recurring tax effects.

4.2 Remuneration paid in 2022 or due in respect of this same year to company officers

4.2.1 Decisions relating to the Chairman and Chief Executive Officer’s remuneration

4.2.1.1 Short-term variable remuneration due in respect of 2022 to the Chairman and Chief Executive Officer

At its meeting of 8 February 2023, the Board, acting on a proposal from the Remuneration Committee and, for the managerial and ESG parts, on a proposal prepared jointly by this committee and the Appointments and Corporate Governance Committee, approved as shown below the short-term variable remuneration payable to Mr Huillard in respect of 2022.

Economic and financial part

The following movements were recorded for the indicators relating to economic and financial performance in 2022:

Indicator	2022	2021	2022/2021 change	2022 bonus	Upper limit applicable in 2022
Earnings per share attributable to owners of the parent (in €)	Earnings per share attributable to owners of the parent (in €) 2022 7.47	Earnings per share attributable to owners of the parent (in €) 2021 4.51	Earnings per share attributable to owners of the parent (in €) 2022/2021 change +65.6%	Earnings per share attributable to owners of the parent (in €) 2022 bonus 499,200	Earnings per share attributable to owners of the parent (in €) Upper limit applicable in 2022 €416,000 potentially raised to €499,200 ^(*)
Recurring operating income (in € millions)	Recurring operating income (in € millions) 2022 6,481	Recurring operating income (in € millions) 2021 4,464	Recurring operating income (in € millions) 2022/2021 change +45.2%	Recurring operating income (in € millions) 2022 bonus 499,200	Recurring operating income (in € millions) Upper limit applicable in 2022 €416,000 potentially raised to €499,200 ^(*)
Operating cash flow (in € millions)	Operating cash flow (in € millions) 2022 6,270	Operating cash flow (in € millions) 2021 6,098	Operating cash flow (in € millions) 2022/2021 change +2.8%	Operating cash flow (in € millions) 2022 bonus 304,003	Operating cash flow (in € millions) Upper limit applicable in 2022 €416,000 potentially raised to €499,200 ^(*)
Capping effect ^(**)	Capping effect ^(**) 2022	Capping effect ^(**) 2021	Capping effect ^(**) 2022/2021 change	Capping effect ^(**) 2022 bonus −54,403	Capping effect ^(**) Upper limit applicable in 2022
Total economic and financial part	Total economic and financial part 2022	Total economic and financial part 2021	Total economic and financial part 2022/2021 change	Total economic and financial part 2022 bonus 1,248,000	Total economic and financial part Upper limit applicable in 2022 €1,248,000

(*) After applying the outperformance rule mentioned in paragraph 4.1.2.

(**) The short-term variable component is capped at €1,248,000 in application of the rule mentioned in paragraph 4.1.2.3.

Part based on managerial and ESG performance

At its meeting of 8 February 2023, the Board approved the recommendations of the Remuneration Committee and the Appointments and Corporate Governance Committee, which had examined managerial and ESG performance in detail.