Dividends paid in 2025 totalled €3,469 million (€3,472 million in 2024), including €2,665 million paid by VINCI SA, comprising the 2024 final dividend (€3.70 per share) and the interim dividend in respect of 2025 (€1.05 per share). The remainder includes dividends paid to non-controlling shareholders by subsidiaries not wholly owned by the Group, and particularly by Mexican airport operator OMA and by London Gatwick and Edinburgh airports.
VINCI SA’s capital increases relating to Group savings plans totalled €771 million in 2025 (7.5 million shares issued). VINCI also purchased 16.6 million of its own shares in the market through its share buy-back programme, at a total cost of €1,977 million and an average price of €119.11 per share.
As a result of those cash flows, together with a positive impact from exchange rate movements and changes in the fair value of derivative instruments, net financial debt fell by €1.3 billion in 2025, taking the total to €19.1 billion at 31 December 2025.
Non-current assets amounted to €77.8 billion at 31 December 2025 (€76.7 billion at 31 December 2024).
By business, they broke down as follows: €48.8 billion in Concessions (€50.2 billion at 31 December 2024), €19.4 billion in Energy Solutions (€17.9 billion at 31 December 2024) and €8.9 billion in Construction (€7.9 billion at 31 December 2024).
After taking account of a net working capital surplus (attributable mainly to the Construction and Energies Solutions businesses) of €19.7 billion (up €2.4 billion year on year), capital employed by the Group was €58.2 billion at 31 December 2025 (€59.4 billion at end-2024).
Capital employed in Concessions was €46.3 billion, making up 80% of the Group total, including €24.1 billion at VINCI Airports and €16.6 billion at VINCI Autoroutes. Capital employed in Energy Solutions was €9.5 billion, making up 16% of the Group total, including €5.3 billion at Cobra IS and €4.1 billion at VINCI Energies. Capital employed in Construction totalled €1.9 billion (€1.1 billion at VINCI Immobilier and €0.8 billion at VINCI Construction).
The Group’s consolidated equity was €34.3 billion at 31 December 2025, up €0.3 billion compared with 31 December 2024. It includes €3.6 billion relating to non-controlling interests, mainly concerning London Gatwick and Edinburgh airports and Mexican airport operator OMA.
The number of shares, including treasury shares, was 581,816,830 at 31 December 2025 (581,816,830 at 31 December 2024). Treasury shares amounted to 4.4% of the total capital at 31 December 2025 (3.3% at 31 December 2024).
In June and December 2025, VINCI SA carried out two transactions to reduce its share capital by cancelling a total of 7.5 million shares held in treasury.
Consolidated net financial debt at 31 December 2025 was €19.1 billion (€20.4 billion at 31 December 2024). That figure comprises €34.6 billion of gross financial debt due in more than one year (€33.5 billion at 31 December 2024) and €15.5 billion of net cash managed (€13.1 billion at 31 December 2024).
Net debt in Concessions, including its holding companies, stood at €29.1 billion, down €2.6 billion relative to 31 December 2024. Energy Solutions had a net financial surplus of €1.7 billion and Construction had a net financial surplus of €3.8 billion (€1.3 billion and €3.4 billion respectively at the end of 2024). Holding companies showed a net financial surplus of €4.5 billion (€6.6 billion at 31 December 2024). Of that surplus, €5.9 billion consisted of the net balance of loans granted to Group subsidiaries and investments made by subsidiaries within the Group.
The ratio of net financial debt to equity was 0.6 at 31 December 2025 (0.6 at 31 December 2024). The ratio of net financial debt to Ebitda stood at 1.4 at 31 December 2025 (1.6 at 31 December 2024).
Group liquidity totalled €22.0 billion at 31 December 2025 (€19.6 billion at 31 December 2024). The liquidity figure comprises €15.5 billion of net cash managed and a €6.5 billion confirmed, unused credit facility held by VINCI SA, which has been extended until January 2031. In addition, London Gatwick airport has a £450 million revolving credit facility due to expire in March 2030, which was unused at 31 December 2025, while Cobra IS has various credit facilities totalling €1.4 billion, of which €0.7 billion was unused at 31 December 2025.
| (in € millions) | 31/12/2025 | Of which external net financial surplus (debt) | Total net financial debt/Ebitda | 31/12/2024 | Of which external net financial surplus (debt) | Total net financial debt/Ebitda | 2025/2024 change |
|---|---|---|---|---|---|---|---|
| Concessions | Concessions 31/12/2025 (29,124) |
ConcessionsOf which external net financial surplus (debt) (21,412) |
Concessions Total net financial debt/Ebitda 3.6x |
Concessions 31/12/2024 (31,739) |
ConcessionsOf which external net financial surplus (debt) (20,888) |
Concessions Total net financial debt/Ebitda 4.1x |
Concessions 2025/2024 change +2,615 |
| VINCI Autoroutes | VINCI Autoroutes 31/12/2025 (15,001) |
VINCI Autoroutes Of which externalnet financial surplus (debt) (11,057) |
VINCI Autoroutes Total net financial debt/Ebitda 3.1x |
VINCI Autoroutes 31/12/2024 (16,159) |
VINCI Autoroutes Of which externalnet financial surplus (debt) (11,296) |
VINCI Autoroutes Total net financial debt/Ebitda 3.5x |
VINCI Autoroutes 2025/2024 change +1,157 |
| VINCI Airports | VINCI Airports 31/12/2025 (10,542) |
VINCI Airports Of which externalnet financial surplus (debt) (9,056) |
VINCI Airports Total net financial debt/Ebitda 3.5x |
VINCI Airports 31/12/2024 (11,558) |
VINCI Airports Of which externalnet financial surplus (debt) (8,744) |
VINCI Airports Total net financial debt/Ebitda 4x |
VINCI Airports 2025/2024 change +1,016 |
| Other concessions | Other concessions 31/12/2025 (3,581) |
Other concessions Of which externalnet financial surplus (debt) (1,299) |
Other concessions Total net financial debt/Ebitda - |
Other concessions 31/12/2024 (4,023) |
Other concessions Of which externalnet financial surplus (debt) (848) |
Other concessions Total net financial debt/Ebitda - |
Other concessions 2025/2024 change +442 |
| Energy Solutions | Energy Solutions 31/12/2025 1,718 |
Energy SolutionsOf which external net financial surplus (debt) 909 |
Energy Solutions Total net financial debt/Ebitda - |
Energy Solutions 31/12/2024 1,308 |
Energy SolutionsOf which external net financial surplus (debt) 1,396 |
Energy Solutions Total net financial debt/Ebitda - |
Energy Solutions 2025/2024 change +411 |
| VINCI Energies | VINCI Energies 31/12/2025 1,366 |
VINCI Energies Of which externalnet financial surplus (debt) 557 |
VINCI Energies Total net financial debt/Ebitda - |
VINCI Energies 31/12/2024 761 |
VINCI Energies Of which externalnet financial surplus (debt) 848 |
VINCI Energies Total net financial debt/Ebitda - |
VINCI Energies 2025/2024 change +606 |
| Cobra IS | Cobra IS 31/12/2025 352 |
Cobra IS Of which externalnet financial surplus (debt) 352 |
Cobra IS Total net financial debt/Ebitda - |
Cobra IS 31/12/2024 547 |
Cobra IS Of which externalnet financial surplus (debt) 547 |
Cobra IS Total net financial debt/Ebitda - |
Cobra IS 2025/2024 change −195 |
| Construction | Construction 31/12/2025 3,801 |
ConstructionOf which external net financial surplus (debt) 2,569 |
Construction Total net financial debt/Ebitda - |
Construction 31/12/2024 3,418 |
ConstructionOf which external net financial surplus (debt) 2,197 |
Construction Total net financial debt/Ebitda - |
Construction 2025/2024 change +383 |
| VINCI Construction | VINCI Construction 31/12/2025 4,176 |
VINCI Construction Of which externalnet financial surplus (debt) 2,488 |
VINCI Construction Total net financial debt/Ebitda - |
VINCI Construction 31/12/2024 4,116 |
VINCI Construction Of which externalnet financial surplus (debt) 2,134 |
VINCI Construction Total net financial debt/Ebitda - |
VINCI Construction 2025/2024 change +60 |
| VINCI Immobilier | VINCI Immobilier 31/12/2025 (375) |
VINCI Immobilier Of which externalnet financial surplus (debt) 81 |
VINCI Immobilier Total net financial debt/Ebitda - |
VINCI Immobilier 31/12/2024 (698) |
VINCI Immobilier Of which externalnet financial surplus (debt) 63 |
VINCI Immobilier Total net financial debt/Ebitda - |
VINCI Immobilier 2025/2024 change +323 |
| Holding companies | Holding companies 31/12/2025 4,530 |
Holding companies Of which externalnet financial surplus (debt) (1,141) |
Holding companies Total net financial debt/Ebitda - |
Holding companies 31/12/2024 6,599 |
Holding companies Of which externalnet financial surplus (debt) (3,120) |
Holding companies Total net financial debt/Ebitda - |
Holding companies 2025/2024 change −2,069 |
| Total | Total 31/12/2025 (19,075) |
TotalOf which external net financial surplus (debt) (19,075) |
Total Total net financial debt/Ebitda 1.4x |
Total 31/12/2024 (20,415) |
TotalOf which external net financial surplus (debt) (20,415) |
Total Total net financial debt/Ebitda 1.6x |
Total 2025/2024 change +1,340 |
