2025 Universal Registration Document

General and financial elements

Among the contracts won by the Group in the second half of 2025, the most significant are listed below.

VINCI Energies
  • Technical works packages for the rehabilitation of the Hauts-de-Seine departmental administrative centre in a consortium with VINCI Construction.
  • Dismantling and reconstruction of 20 km of high-voltage transmission lines in the US state of Virginia for the utility Dominion Energy.
Cobra IS
  • Electricity, piping and industrial mechanical work on a second-generation biofuel plant in Huelva province in Spain.
  • Electrification of 870 km of railways in Estonia, Latvia and Lithuania as part of the Rail Baltica project.
VINCI Construction
  • Three contracts to build and/or renovate roads and motorways in Australia.
  • Modernisation of a section of the Eastern Freeway in Melbourne, in the state of Victoria in Australia.
  • Design-build contract for a 12 km section of a new four-lane motorway (State Highway 1) to the north of Wellington in New Zealand.
Cobra IS: creation of Zero.e

The Group has decided to create a subsidiary called Zero.e to house the electricity generation and storage assets developed by Cobra IS, which mainly involve photovoltaic systems. This will allow for greater clarity regarding the performance of those assets, improved funding and opportunistic asset rotation.

Currently, Zero.e has renewable energy facilities with more than 5.0 GW of production capacity in operation, under construction or ready to build.

In May 2025, two new solar farms were brought into service in Brazil with total capacity of 0.6 GW, bringing the combined capacity of Zero.e’s photovoltaic facilities in operation to 1.2 GW. Construction is under way or about to begin on an additional 3.9 GW of capacity: 2.1 GW in Spain, 0.9 GW in the United States and 0.8 GW in Brazil – with the aim of starting production in those three countries in 2026-2027 – and 0.1 GW in Ecuador, expected to come into service in 2027.

1.1.4 Financing activities
New financing

In 2025, rating agencies confirmed their credit ratings for the Group, showing their confidence in its creditworthiness. S&P Global maintained its credit ratings (A− long-term and A2 short-term, with stable outlook) in October 2025, and Moody’s did likewise (A3 long-term and P-2 short-term, with stable outlook) in May 2025.

In 2025, VINCI and its subsidiaries raised a total of €5.7 billion of new financing with an average maturity of 5.5 years and an average interest rate of 4.66%.

The main transactions were as follows:

  • In January, VINCI SA carried out a private placement consisting of €300 million of floating rate notes due to mature in January 2027, with a yield to maturity of 2.55% after hedging.
  • In February, VINCI SA carried out a placement of €400 million of five-year convertible bonds and purchased calls to eliminate any dilutive impact. An additional €150 million placement of bonds from the same line took place in May 2025.
  • In March, Cofiroute issued €650 million of eight-year bonds paying a coupon of 3.125%.
  • In April, VINCI SA carried out a private placement consisting of €300 million of three-year bonds paying a coupon of 2.625%.
  • In May, VINCI SA carried out a private placement consisting of €300 million of 18-month notes, with a yield to maturity of 2.19% after hedging.
  • In June, VINCI SA carried out a €200 million private tap issue of an existing line due to mature in January 2029, which had originally paid a coupon of 1.625%.
  • In June, OMA carried out two bond issues: one for 820 million Mexican pesos consisting of three-year floating rate bonds and one for 1,930 million Mexican pesos consisting of seven-year bonds with a coupon of 9.34%.
  • In June, London Gatwick airport issued €750 million of bonds due to mature in June 2035 and paying an annual coupon of 3.875%. As with its inaugural euro-denominated bond issue in October 2024, all of which was converted into sterling, this issue took the form of sustainability-linked bonds, showing this VINCI Airports subsidiary’s commitment to reducing its CO2 emissions. In November, it issued £475 million of five-year bonds paying a coupon of 6%.
  • In November, VINCI SA carried out a €75 million private placement of four-year bonds paying a coupon of 2.75%.
  • In December, Edinburgh airport carried out two bond issues linked to the Sterling Overnight Index Average (SONIA): £225 million of seven-year bonds and £400 million of five-year bonds.

Those financing transactions by London Gatwick and Edinburgh airports enabled them to strengthen their financial positions and pay €1.2 billion of dividends to their shareholders, including almost €0.6 billion to the VINCI Group.

Debt repayments

In 2025, the Group repaid a total of €4.2 billion of debt, including:

  • a Lima Expresa bridging loan in an amount of 1,195 Peruvian soles (around €310 million) that had been taken out in 2019;
  • €650 million of bonds issued by Cofiroute in 2016;
  • €500 million of bonds issued by VINCI SA in 2023 and €750 million of bonds issued by VINCI SA in 2018;
  • €100 million of bonds issued by Autoroutes du Sud de la France (ASF) in 2013;
  • £450 million of bonds issued by London Gatwick airport, originally due to mature in April 2026;
  • a £400 million bank loan taken out by Edinburgh airport in 2023, the initial term of which was April 2028.

At 31 December 2025, the Group’s long-term gross financial debt, before taking into account net cash, totalled €34.6 billion, as opposed to €33.5 billion at 31 December 2024. Most of that debt was owed by VINCI Autoroutes, VINCI Airports and VINCI SA, its average maturity was 5.5 years (5.9 years at 31 December 2024) and its average cost was 4.4% (4.9% in 2024).