2023 UNIVERSAL REGISTRATION DOCUMENT

The dotted rectangle highlights the most significant risks, which are also presented in chapter D, “Risk factors and management procedures”, page 174. Most of these risks are medium and long term risks. VINCI is working to implement both risk hedging and business strategies to simultaneously diminish the impact of its activities and reduce financial risk, for risks deemed to be material in the short term (ST), medium term (MT) or long term (LT).

In addition to assessing and mitigating the environmental impacts of its activities, VINCI analyses the opportunities brought to its activities by the challenges of the environmental transition. Technological and market evolutions are enabling VINCI to deliver new environmental solutions to its customers, in every business line. VINCI’s research and development efforts are focused on creating low carbon and energy efficient products and services.

Climate related risks and opportunities

Risk	Description of the net risk	Horizon^(*)	Business lines
1. Intensification of extreme weather events (RCP 4.5 scenario)	1. Intensification of extreme weather events (RCP 4.5 scenario) Description of the net risk Physical risk causing damage to installations, equipment and the health or safety of employees during extreme weather events (storms, wide variations in temperature, drought, flooding, rockslides and other ground movements), whose frequency and magnitude are likely to increase with climate change (see paragraph 1.5.1, “Physical risks related to climate change”, of chapter D, “Risk factors and management procedures”, page 182). This risk was assessed under an RCP 4.5 scenario, using data from a study conducted by the Resallience engineering and design office on the resilience of Group activities to climate risks. Under a more optimistic scenario (RCP 2.6), the financial materiality of the risk would be lessened. The following procedures are in place to manage this risk: to reduce financial materiality: identifying and adapting high-risk sites and activities to mitigate the risk, using data from research on the resilience of Group activities (see paragraph 3.2.3, “Resilience of projects and structures”, of the “Environmental performance” section, page 244, and paragraph 4.4.3, “Tailored actions to mitigate risks and prevent serious impacts,” page 286); establishing business continuity plans for certain concession assets and implementing emergency procedures in cooperation with local stakeholders; and obtaining coverage from insurance companies (see paragraph 1.5.1, “Physical risks related to climate change”, of chapter D, “Risk factors and management procedures”, page 182); to reduce impact materiality: commitments to reduce greenhouse gas (GHG) emissions, as part of the “Acting for the climate” focus of the Group’s environmental ambition (see paragraph 3.1, “Environmental ambition”, of the “Environmental performance” section, page 222).	1. Intensification of extreme weather events (RCP 4.5 scenario) Horizon ^(*) MT	1. Intensification of extreme weather events (RCP 4.5 scenario) Business lines VINCI Autoroutes VINCI ConcessionsVINCI Energies Cobra ISVINCI Construction VINCI Immobilier
2. Market uncertainties related to the transition (RCP 2.6 scenario)	2. Market uncertainties related to the transition (RCP 2.6 scenario) Description of the net risk Transition risk impacting VINCI’s activities in the medium term. The environmental transition has raised many uncertainties about how to interpret market signals. New cap-and-trade programmes (markets for rights to pollute, which can affect activities that emit greenhouse gases), the possibility of a carbon tax, and the consequences of the EU Taxonomy on excluded sectors are all sources of risk. This risk was assessed under an RCP 2.6 scenario, which would drive a very rapid transition and a strong societal preference for low-carbon activities. Under the RCP 4.5 scenario, the transition would be more gradual, and the financial materiality of the risk would be lessened. The procedures in place to manage risk in terms of both financial and impact materiality involve the Group’s ability to adapt to its markets and effectively track changes in standards (see paragraph 1.2.2, “Legal and regulatory compliance”, of chapter D, “Risk factors and management procedures”, page 178).	2. Market uncertainties related to the transition (RCP 2.6 scenario) Horizon ^(*) MT	2. Market uncertainties related to the transition (RCP 2.6 scenario) Business lines VINCI Autoroutes VINCI ConcessionsVINCI Energies Cobra ISVINCI Construction VINCI Immobilier

Risk

Description of the net risk

Horizon^(*)

Business lines

1. Intensification of extreme weather events

(RCP 4.5 scenario)

Physical risk causing damage to installations, equipment and the health or safety of employees during extreme weather events (storms, wide variations in temperature, drought, flooding, rockslides and other ground movements), whose frequency and magnitude are likely to increase with climate change (see paragraph 1.5.1, “Physical risks related to climate change”, of chapter D, “Risk factors and management procedures”, page 182).

This risk was assessed under an RCP 4.5 scenario, using data from a study conducted by the Resallience engineering and design office on the resilience of Group activities to climate risks. Under a more optimistic scenario (RCP 2.6), the financial materiality of the risk would be lessened.

The following procedures are in place to manage this risk:

to reduce financial materiality: identifying and adapting high-risk sites and activities to mitigate the risk, using data from research on the resilience of Group activities (see paragraph 3.2.3, “Resilience of projects and structures”, of the “Environmental performance” section, page 244, and paragraph 4.4.3, “Tailored actions to mitigate risks and prevent serious impacts,” page 286); establishing business continuity plans for certain concession assets and implementing emergency procedures in cooperation with local stakeholders; and obtaining coverage from insurance companies (see paragraph 1.5.1, “Physical risks related to climate change”, of chapter D, “Risk factors and management procedures”, page 182);
to reduce impact materiality: commitments to reduce greenhouse gas (GHG) emissions, as part of the “Acting for the climate” focus of the Group’s environmental ambition (see paragraph 3.1, “Environmental ambition”, of the “Environmental performance” section, page 222).

VINCI Autoroutes VINCI ConcessionsVINCI Energies Cobra ISVINCI Construction VINCI Immobilier

2. Market uncertainties related to the transition

(RCP 2.6 scenario)

Transition risk impacting VINCI’s activities in the medium term. The environmental transition has raised many uncertainties about how to interpret market signals. New cap-and-trade programmes (markets for rights to pollute, which can affect activities that emit greenhouse gases), the possibility of a carbon tax, and the consequences of the EU Taxonomy on excluded sectors are all sources of risk.

This risk was assessed under an RCP 2.6 scenario, which would drive a very rapid transition and a strong societal preference for low-carbon activities. Under the RCP 4.5 scenario, the transition would be more gradual, and the financial materiality of the risk would be lessened.

The procedures in place to manage risk in terms of both financial and impact materiality involve the Group’s ability to adapt to its markets and effectively track changes in standards (see paragraph 1.2.2, “Legal and regulatory compliance”, of chapter D, “Risk factors and management procedures”, page 178).

VINCI Autoroutes VINCI ConcessionsVINCI Energies Cobra ISVINCI Construction VINCI Immobilier

Opportunity	Description of the opportunity	Horizon^(*)	Business lines
1. Accelerating energy renovation	1. Accelerating energy renovation Description of the opportunity A boom in the energy renovation market is expected in the coming years, creating opportunities for VINCI’s Energy and Construction businesses, which develop and deliver solutions to improve the energy efficiency of the built environment (see “Environmental transition of buildings” under paragraph 3.2.2.1, “Actions to reduce indirect emissions”, of the “Environmental performance” section, page 242). According to the GHG emissions reduction targets published by the European Union in June 2021 (the “Fit for 55” package), 3% of the building stock must be renovated each year to achieve energy savings of at least 60% between 2021 and 2030.	1. Accelerating energy renovation Horizon ^(*) CT	1. Accelerating energy renovation Business lines VINCI Energies Cobra ISVINCI Construction
2. Supporting the transition to a low carbon economy	2. Supporting the transition to a low carbon economy Description of the opportunity The GHG emissions reduction targets cannot be achieved without a massive exit from fossil fuels by every industry. VINCI offers solutions to facilitate the transition to other sources or pathways to low carbon energy, described in paragraph 3.2.2.1, “Actions to reduce indirect emissions”, of the “Environmental performance” section, page 239 , in the areas of: sustainable mobility; funding, building, connecting and maintaining renewable energy production facilities (solar PV plants, wind power projects, etc.); developing low carbon hydrogen infrastructure.	2. Supporting the transition to a low carbon economy Horizon ^(*)MT	2. Supporting the transition to a low carbon economy Business lines VINCI ConcessionsVINCI Autoroutes VINCI EnergiesCobra IS VINCI Construction
3. Climate change adaptation	3. Climate change adaptation Description of the opportunity The current infrastructure, built to last between 50 and 100 years , may have to contend with extreme weather events of increasing frequency. In preparation for this, infrastructure modifications (strengthening sea walls, adapting drinking water distribution networks, building rainwater harvesting and wastewater collection systems, creating cool urban spaces, etc.) and maintenance (repair of equipment or electrical lines) are necessary. VINCI offers solutions to make buildings and regions more resilient to climate change. These solutions are presented in paragrap h 3.2 .3, “Resilience of projects and structures”, of the “Environmental performance” section, page 244 .	3. Climate change adaptation Horizon ^(*) ST	3. Climate change adaptation Business lines VINCI Construction VINCI Energies Cobra IS

Opportunity

Description of the opportunity

Horizon^(*)

Business lines

1. Accelerating energy renovation

A boom in the energy renovation market is expected in the coming years, creating opportunities for VINCI’s Energy and Construction businesses, which develop and deliver solutions to improve the energy efficiency of the built environment (see “Environmental transition of buildings” under paragraph 3.2.2.1, “Actions to reduce indirect emissions”, of the “Environmental performance” section, page 242). According to the GHG emissions reduction targets published by the European Union in June 2021 (the “Fit for 55” package), 3% of the building stock must be renovated each year to achieve energy savings of at least 60% between 2021 and 2030.

VINCI Energies

Cobra ISVINCI

Construction

2. Supporting the transition to a low carbon economy

The GHG emissions reduction targets cannot be achieved without a massive exit from fossil fuels by every industry. VINCI offers solutions to facilitate the transition to other sources or pathways to low carbon energy, described in paragraph 3.2.2.1, “Actions to reduce indirect emissions”, of the “Environmental performance” section,

page 239

, in the areas of:

sustainable mobility;
funding, building, connecting and maintaining renewable energy production facilities (solar PV plants, wind power projects, etc.);
developing low carbon hydrogen infrastructure.

VINCI ConcessionsVINCI Autoroutes VINCI EnergiesCobra IS VINCI Construction

3. Climate change adaptation

The current infrastructure, built to last between 50 and

100 years

, may have to contend with extreme weather events of increasing frequency. In preparation for this, infrastructure modifications (strengthening sea walls, adapting drinking water distribution networks, building rainwater harvesting and wastewater collection systems, creating cool urban spaces, etc.) and maintenance (repair of equipment or electrical lines) are necessary. VINCI offers solutions to make buildings and regions more resilient to climate change. These solutions are presented in paragrap

h 3.2

.3, “Resilience of projects and structures”, of the “Environmental performance” section,

page 244

VINCI Construction VINCI Energies Cobra IS

(*) Short term (ST), medium term (MT), long term (LT).

2023 UNIVERSAL REGISTRATION DOCUMENT

General and financial elements