2022 Universal Registration Document

• The building construction and renovation activities, classified under 7.1 and 7.2, of VINCI Construction and VINCI Immobilier in France and works packages to connect buildings to the electric grid subcontracted to VINCI Energies as part of new construction projects in Europe. The Group’s conservative approach means the current rate of alignment is low. After being analysed on a case-by-case basis, VINCI Construction projects are only considered aligned if they total more than €50 million and meet the substantial contribution and DNSH criteria. VINCI Construction’s alignment percentage determined according to this approach was applied to VINCI Energies projects in France, while a 50% rate was applied to other VINCI Energies projects in Europe. VINCI Immobilier only qualified the To-Lyon tower and office buildings that comply with the E+C– labels.
• Activity 5.9, which covers VINCI Construction’s materials recycling activities (recycling platforms, plants and quarries).
• The nuclear plant maintenance activities, classified under 4.28, of VINCI Energies and VINCI Construction (Nuvia) in the European Union (mainly France) and the United Kingdom.

These activities total 96% of VINCI’s aligned revenue at 31 December 2022. This highlights the significant impact of the expertise of VINCI Energies, VINCI Construction and VINCI Immobilier in the ecological transition, but does not reflect the intense efforts made by the Group’s Concessions businesses to reduce their greenhouse gas emissions (see paragraph 3.2, “Acting for the climate”, page 229).

The Group’s Taxonomy-aligned eligible revenue is broken down by activity in the regulatory format on pages 403 to 404 (EU Taxonomy reporting tables supplementing this Report of the Board of Directors).

3.1.2.2 Eligibility and alignment of VINCI’s CapEx at 31 December 2022

A first estimate shows that 22% of VINCI’s CapEx is eligible and 6% of its CapEx is aligned under the first two objectives of the EU Taxonomy. At 31 December 2022, 51% of the Group’s CapEx, i.e. more than €3 billion, relates to the value recognised for the concession rights to the airports managed by the Mexican airport operator OMA, acquired in December 2022 (see paragraph 1.1.1, “ Main changes in scope in 2022”, of chapter A, “Report on the financial statements for the year”, page 117). Excluding this significant acquisition, VINCI’s eligible and aligned CapEx percentages would be 44% and 12% respectively.

(*) Excluding Cobra IS.

At 31 December 2022, most of the Group’s aligned CapEx is related to the aligned economic activities identified above:

• CapEx relating to the construction of rail infrastructure, especially the future London Gatwick airport station;
• CapEx relating to activities classified under 5.9, which mainly corresponds to the percentage of fully recycled asphalt mix that VINCI Autoroutes uses on its road maintenance worksites and, to a lesser extent, to VINCI Construction’s CapEx relating to its aligned aggregate recycling activities;
• CapEx relating to VINCI Energies’ electricity transmission and distribution activities;
• CapEx relating to aligned activities of VINCI Energies and the Concessions business involving the installation, maintenance and repair of energy efficient equipment in buildings;
• CapEx relating to aligned building construction activities.

Based on the breakdown of long-term lease assets recognised under IFRS 16, two additional activities were identified that contribute significantly to the alignment of the Group’s CapEx:

• long-term leases of electric or plug-in hybrid vehicles;
• long-term leases of buildings with an energy performance score of A (only in France).

These activities account for 94% of VINCI’s aligned investments at 31 December 2022. The Group’s Taxonomy-aligned eligible CapEx is broken down by activity in the regulatory format on pages 405 to 406 (EU Taxonomy reporting tables supplementing this Report of the Board of Directors).

In addition to its Taxonomy-aligned CapEx, the Group estimates the amount of CapEx required to achieve its environmental ambition by 2030 at several hundred million euros. For example, VINCI Autoroutes’ Environmental Ambition plan includes a €61 million budget to cover the transition to LED lighting, building renovation, the installation of EV charging terminals for employees, coverage of salt piles, etc.

3.1.2.3 Materiality of VINCI OpEx at 31 December 2022

OpEx as defined in the Taxonomy Regulation amounted to €1,945 million at 31 December 2022, i.e. less than 5% of the Group’s total OpEx, which is not representative of its business model. Further analysis would not have resulted in a significant amount of eligible or aligned OpEx based on the EU Taxonomy, so the indicator is considered immaterial. The Group’s OpEx denominator is presented in the regulatory format on page 407 (EU Taxonomy reporting tables supplementing this Report of the Board of Directors).