2025 Universal Registration Document

General and financial elements

Net income attributable to owners of the parent, by business line
Net income attributable to owners of the parent, by business line
  2025/2024 change
(in € millions) 2025 2024 Amount %
Concessions 2,951 2,726 +225 +8.3%
VINCI Autoroutes 1,760 1,833 −73 −4.0%
VINCI Airports 1,140 947 +193 +20.4%
Other concessions 50 (54) +105 -
Energy Solutions 1,253 1,159 +94 +8.1%
VINCI Energies 920 862 +58 +6.8%
Cobra IS 333 297 +36 +12.1%
Construction 827 792 +35 +4.4%
VINCI Construction 817 861 −45 −5.2%
VINCI Immobilier 10 (69) +79 n/a
Holding companies (128) 187 −314 -
Net income attributable to owners of the parent 4,903 4,863 +40 +0.8%

The cost of net financial debt amounted to €1,247 million in 2025 (€1,191 million in 2024). The limited extent of the increase reflects in particular the impact of lower interest rates on cash investments, despite their larger average amount. Lower interest rates also helped reduce the impact in 2025 of the higher average amount of long-term debt outstanding, resulting from the full-year effect of acquisitions made in 2024 (Edinburgh and Budapest airports, 30-year extension of Aerodom’s concession contract, Northwest Parkway section of the Denver ring road), the full consolidation of Entrevias and investments in renewable energies at Cobra IS. In 2025, the average interest rate on long-term gross financial debt was 4.4% (4.9% in 2024).

Other financial income and expense resulted in a net expense of €181 million compared with €217 million in 2024, and mainly included:

  • a net expense of €86 million relating to the discounting of provisions for the obligation to maintain the condition of concession intangible assets and retirement benefit obligations (net expense of €109 million in 2024);
  • a €125 million gain relating to capitalised borrowing costs on current investments in concessions and renewable energies at Cobra IS (€127 million in 2024);
  • lease expenses amounting to €110 million (€91 million in 2024);
  • a €10 million negative impact from the change in fair value of equity instruments (negative impact of €60 million in 2024, mainly arising from the mark-to-market adjustment of VINCI’s stake in Groupe ADP).

The 2025 tax expense amounted to €2,661 million and the effective tax rate was 34.8% (€2,102 million and 29.4% in 2024). Along with the rise in the Group’s pre-tax earnings excluding non-recurring items, this increase reflected the €449 million negative impact from the exceptional contribution on corporate income tax for large companies in France;(1) that contribution concerned ASF and Cofiroute (in a combined amount of €261 million) and VINCI SA (€188 million). Assuming no change in taxation in France, the tax expense would have been €2,212 million and the effective tax rate would have been 29.0%.

Income attributable to non-controlling interests totalled €372 million (€410 million in 2024), mainly relating to Mexican airport operator OMA as well as London Gatwick and Edinburgh airports and airports in Cambodia.