2024 Universal Registration Document

Aligned activities

The percentage of the Group’s Taxonomy-aligned revenue rose slightly to 22% at 31 December 2024, from 21% a year earlier. The main contributing activities were as follows:

Climate change mitigation objective

• Activity 4.9, which mainly covers the construction and operation of electricity transmission and distribution lines and transformer stations by VINCI Energies and Cobra IS in Europe, and projects to connect VINCI Energies’ renewable energy production facilities in New Zealand.
• Activity 6.14, which includes several major projects led by VINCI Construction, which may involve the participation of VINCI Energies, to build electrified rail infrastructure such as High Speed 2 (HS2) in the United Kingdom, Ontario Line South in Canada, the Lyon–Turin (TELT) rail tunnel project and the Grand Paris Express projects. This subset also includes the construction and electrification of rail networks in Spain and Israel by Cobra IS, tram line activities under way at VINCI Energies in Europe, the maintenance of the South Europe Atlantic high-speed rail line by VINCI Railways and most of the activities of VINCI Construction’s subsidiary ETF, which mainly involve railway maintenance projects in France.
• Activities 7.3, 7.5 and 9.3, which come under VINCI Energies and Cobra IS, relating to the energy performance of buildings.
• Activities 4.1 and 4.3 of VINCI Energies and Cobra IS, which involve building, operating and maintaining electricity generation facilities powered by renewable energy sources, either solar (photovoltaic) or wind, mainly located in Europe and Brazil.
• Activities 7.1 and 7.2, relating to the building construction and renovation operations of VINCI Construction and VINCI Immobilier in France and works packages to connect buildings to the power grid subcontracted to VINCI Energies as part of new construction projects in Europe. VINCI Construction and VINCI Immobilier have analysed each project for eligibility and alignment. The most representative projects, such as Austerlitz, The Link and Rennes university hospital for construction, and Champs-Élysées 103 and 23 Matignon for renovation, are mainly located in France. At VINCI Immobilier, aligned revenue mainly includes the construction of office buildings and some iconic projects containing residential housing units, such as To-Lyon. Eligible Cobra IS projects covered by activities 7.1 and 7.2 are mainly located outside Europe, for the most part in Latin America, and did not qualify as aligned, as they were assessed taking a conservative approach.
• Activity 5.9, which covers VINCI Construction’s materials recycling activities (asphalt plants, recycling platforms, and quarries).
• Activity 4.28 involving nuclear plant maintenance by VINCI Energies and VINCI Construction (Nuvia) in France, mainly with EDF.
• Activity 4.29, which mainly includes Cobra IS’s construction or operation of infrastructure to produce electricity from fossil gaseous fuels, mainly in Belgium (Luminus project).

Climate change adaptation objective

Activity 14.2, covering several flood risk prevention and protection infrastructure projects by VINCI Construction, such as the Springbank Off-stream Reservoir (Canada) and the Cressbrook Dam (Australia).

Circular economy objective

Activity 3.4, involving maintenance contracts managed by ImesAPI (Cobra IS) in Spain.

Water and marine resources objective

Activity 2.2, especially the Matasnillo project (VINCI Construction) to design and build a 7,500-metre wastewater collection system in Panama.

These activities total 95% of VINCI’s aligned revenue at 31 December 2024. This highlights the significant impact of the expertise of VINCI Energies, Cobra IS, VINCI Construction and VINCI Immobilier in the ecological transition. The remaining 5% of aligned revenue includes several activities of VINCI Autoroutes and VINCI Concessions (see the regulatory tables, pages 413 to 414), which does not however reflect the intense efforts made by companies across the Group’s Concessions business to reduce their greenhouse gas emissions (see paragraph 2.2, “Acting for the climate (ESRS E1)”, page 210).

Eligible but non-aligned activities

The analysis of the Group’s alignment in 2024 did not identify any additional activities contributing significantly to the water, circular economy, pollution or biodiversity objectives. Activities corresponding to the circular economy objective (3.3, 3.4 and 3.5) contributed significantly to the Group’s Taxonomy-eligibility at 30 September 2024, but alignment was low, due to the complexity of the technical screening and “do no significant harm” (DNSH) criteria.

The alignment of other eligible activities of VINCI Construction and Cobra IS could not be demonstrated due to the complexity of DNSH criteria and the difficulty of transposing some substantial contribution criteria outside Europe. As a result, Sogea Environnement’s hydraulic activities (5.3 – CCM) and the Thames Tideway Tunnel in London, a system for intercepting and storing sewage waste and rainwater (2.2 – WTR) did not qualify as aligned.

Non-eligible activities

Non-eligible revenue mainly includes the activities of VINCI Autoroutes and VINCI Highways. Most airport operations also generate non-eligible revenue, as do VINCI Energies’ activities relating to digital transformation and VINCI Construction’s civil engineering operations (except those using concrete). At 31 December 2024, non-eligible activities involving oil and gas generated about 2% of VINCI’s total revenue. The Group did not identify any activities involving coal.

Activities contributing to multiple objectives

When an activity was eligible for multiple objectives, its alignment potential was reviewed for all of them, and the activity was included only under the most relevant objective, to avoid being counted more than once. For example, the construction of new buildings, which meets the eligibility criteria of two objectives (climate change mitigation and circular economy), was classified as contributing to the change mitigation objective under 7.1.

The table below breaks down the eligibility and alignment of Group revenue by objective for an overall perspective. Construction revenue therefore appears twice: under 7.1 as contributing to the climate change mitigation objective and under 3.1 as contributing to the circular economy objective.