2025 Universal Registration Document

1.7 Return on capital

Definitions

• Return on equity (ROE) is net income for the current period attributable to owners of the parent, divided by equity excluding non-controlling interests at the previous year end.
• Net operating profit after tax (NOPAT) is recurring operating income less theoretical tax based on the effective rate for the period, adjusted for non-recurring items.
• Return on capital employed (ROCE) is net operating income after tax divided by the average capital employed at the opening and closing balance sheet dates for the financial year in question.

Return on equity (ROE)

The Group’s ROE was 16.4% in 2025, compared with 17.3% in 2024. ROE adjusted for the exceptional contribution on corporate income tax for large companies in France was 17.9%.

Return on capital employed (ROCE)

ROCE was 10.7% in 2025, compared with 11.4% in 2024. ROCE adjusted for the exceptional contribution on corporate income tax for large companies in France was 11.6%.

2. Parent company financial statements

VINCI’s parent company financial statements show revenue of €23 million for 2025, compared with €20 million in 2024, reflecting services invoiced by the holding company to subsidiaries.

The parent company’s net income was €1,845 million in 2025, compared with €1,784 million in 2024. It mainly comprises dividends received from Group subsidiaries totalling €1,915 million (€2,140 million in 2024).

Expenses referred to in Article 39.4 of the French Tax Code amounted to €131,107 in 2025.

Disclosures relating to suppliers’ payment terms required by France’s LME law on modernising the country’s economy and Article L.441-6-1 of the French Commercial Code are provided in the note to the parent company financial statements entitled “Information on payment periods”, page 430.

3. Dividends

At its meeting of 5 February 2026, VINCI’s Board of Directors decided to propose a 2025 dividend of €5.00 per share at the Shareholders’ General Meeting on 14 April 2026 (€4.75 per share with respect to 2024).

Since an interim dividend of €1.05 per share was paid in October 2025, the final dividend payment on 23 April 2026 (ex-date: 21 April 2026) will be €3.95 per share if approved.