2025 Universal Registration Document

B. Post-balance sheet events, trends and outlook

1. Material post-balance sheet events

Share buy-back programme

On 5 January 2026, as part of its share buy-back programme, VINCI signed a share purchase agreement with an investment services provider. Under that agreement, which is valid from 6 January until 25 March 2026 at the latest, the provider will purchase up to €600 million of VINCI shares on VINCI’s behalf. The price paid for those shares will not exceed the price determined in VINCI’s Combined Shareholders’ General Meeting of 17 April 2025.

New financing

On 12 January 2026, Autoroutes du Sud de la France (ASF) successfully placed €500 million of bonds due to mature in January 2034 and paying an annual coupon of 3.375%.

Cofiroute: signing of a new master contract

In January 2026, following constructive discussions with the French state as the concession grantor, VINCI Autoroutes entered into an addendum to the Cofiroute concession contract. This involves around €350 million of investments to be made on the intercity network. These investments mainly cover projects relating to shared mobility, facilities for electric vehicles, environmental integration and land use planning. The addendum also includes an offset⁽¹⁾ for the increase in the regional development tax (taxe d’aménagement du territoire, or TAT) decided in the Finance Bill for 2020.

This addendum will be funded by specific price increases.⁽²⁾

Adoption of France’s 2026 Finance Bill

The 2026 Finance Bill, which was adopted by the French Parliament on 2 February 2026, extends the exceptional contribution on corporate income tax for large companies for a further year.

As a result, the VINCI Group anticipates a charge in 2026 of the same magnitude as that recorded in 2025.

2. Trend information

2.1 Outcome in 2025

When publishing its quarterly results in October 2025, VINCI confirmed its full-year guidance as follows:

Barring exceptional events, the Group anticipates the following trends in its various business lines in 2025:

At VINCI Autoroutes, traffic levels are expected to rise slightly compared with 2024.
At VINCI Airports, passenger numbers are expected to grow further on an annual basis,⁽³⁾ but probably at a slower pace than in 2024.
At VINCI Energies, revenue growth is expected to be similar to that seen in 2024, with at least a stable operating margin.⁽⁴⁾
At Cobra IS, revenue of at least €7.5 billion, while comforting its high operating margin.⁽⁴⁾
Renewable electricity capacity is expected to rise to around 5 GW – in operation or under construction – by the end of the year, representing additional capacity of around 1.5 GW relative to end-2024.
At VINCI Construction, revenue – including that of FM Conway in the United Kingdom – should remain close to the 2024 level, with a targeted further improvement in its operating margin.⁽⁴⁾

Based on those developments, VINCI would expect its total revenue and earnings to rise again in 2025, before factoring in the increase in corporate tax rates in France.⁽⁵⁾

Those trends have been confirmed and the performance targets have been achieved or exceeded.

In accordance with the decision issued by the Paris Administrative Court of Appeal in May 2025.
Cofiroute: tolls will rise at 83% of the reference inflation rate until the end of the concession as opposed to 70% previously, and additional increases for light vehicles of 0.472% on 1 February 2026 and then 0.173% per year from 2027 to 2030.
Figures at 100% including passenger numbers at all managed airports over the period as a whole.
Ebit/revenue.
France’s 2025 budget includes an exceptional contribution increasing the corporate income tax rate for larger companies. The impact of this measure on VINCI’s 2025 net income is an additional charge estimated at €0.4 billion, to be paid at the end of 2025.