At its meeting of 5 February 2026, the Board approved the recommendations of the Remuneration Committee and the Appointments and Corporate Governance Committee, which had examined managerial and ESG performance in detail.
The Board took into account the following factors:
| Indicator | Assessment of performance | Weighting of the indicator as a percentage of the upper limit for the short-term variable component | Performance level achieved | Performance rate |
|---|---|---|---|---|
| Revenue generated outside France / Total revenue | Revenue generated outside France / Total revenue Assessment of performance Revenue growth outside France: 58.7% in 2025, up from 57.8% in 2024 |
Revenue generated outside France / Total revenue Weighting of the indicator as a percentage of the upper limit for the short-termvariable component 5% |
Revenue generated outside France / Total revenue Performance level achieved 100% |
Revenue generated outside France / Total revenue Performance rate 5% |
| Managerial performance and dialogue with stakeholders | Managerial performance and dialogue with stakeholders Assessment of performance Leadership transition recognised as exemplary by investors and its quality highlighted by Board members during the formal assessment of the Board |
Managerial performance and dialogue with stakeholders Weighting of the indicator as a percentage of the upper limit for the short-termvariable component 10% |
Managerial performance and dialogue with stakeholders Performance level achieved 100% |
Managerial performance and dialogue with stakeholders Performance rate 10% |
| Reductions in Scope 1 and Scope 2 CO2 emissions | Reductions in Scope 1 and Scope 2CO 2emissions Assessment of performance Reductions in Scope 1 and Scope 2 CO2 emissions ahead of schedule to meet the 40% target by 2030 compared with the 2018 baseline see paragraph 2.2.3.3, “Progress against emissions reduction targets – Scopes 1 and 2”, of the sustainability report, pages 226 to 227 |
Reductions in Scope 1 and Scope 2CO 2emissions Weighting of the indicator as a percentage of the upper limit for the short-termvariable component 5% |
Reductions in Scope 1 and Scope 2CO 2emissions Performance level achieved 100% |
Reductions in Scope 1 and Scope 2CO 2emissions Performance rate 5% |
| Managerial initiatives to reduce indirect CO2 emissions intensity in order to remain in line with the reduction plan for Scope 3 | Managerial initiatives to reduce indirect CO 2emissions intensity in order to remain in line with the reduction plan for Scope 3 Assessment of performance Discipline, consistency and momentum of the initiatives taken in construction activities to optimise the use of concrete and steel as well as at airport and motorway concessions |
Managerial initiatives to reduce indirect CO 2emissions intensity in order to remain in line with the reduction plan for Scope 3 Weighting of the indicator as a percentage of the upper limit for the short-termvariable component 3% |
Managerial initiatives to reduce indirect CO 2emissions intensity in order to remain in line with the reduction plan for Scope 3 Performance level achieved 100% |
Managerial initiatives to reduce indirect CO 2emissions intensity in order to remain in line with the reduction plan for Scope 3 Performance rate 3% |
| Reduction in the workplace accident frequency rate | Reduction in the workplace accident frequency rate Assessment of performance Decline in the frequency rate to 5.70, compared with 5.80 at end-2024 |
Reduction in the workplace accident frequency rate Weighting of the indicator as a percentage of the upper limit for the short-termvariable component 2% |
Reduction in the workplace accident frequency rate Performance level achieved 66.7% |
Reduction in the workplace accident frequency rate Performance rate 1.33% |
| Reduction in the workplace accident severity rate | Reduction in the workplace accident severity rate Assessment of performance Severity rate at 0.42, as against 0.41 at end-2024 |
Reduction in the workplace accident severity rate Weighting of the indicator as a percentage of the upper limit for the short-termvariable component 2% |
Reduction in the workplace accident severity rate Performance level achieved 33.3% |
Reduction in the workplace accident severity rate Performance rate 0.67% |
| Quality and deployment of safety management policies | Quality and deployment of safety management policies Assessment of performance The Board notes that VINCI’s businesses are exposed to a number of risks (wide range of worksites and projects, varied environments, collaboration with other actors, risks of multiple types) and that a genuine safety culture has enabled them to outperform most of their industry peers in this area. The Group targets the complete elimination of accidents through the application of rigorous methods, including safety by design, specific worksite procedures, personal and collective protective equipment, documentation, training, penalties and the right to refuse work. The Group’s results have continued to improve: 76% of VINCI companies did not record any lost-time workplace accidents in 2025. Recognising that safety requires concerted efforts on a daily basis, the Chief Executive Officer has launched a new campaign to engage everyone in the Group around the related issues and has made safety a cornerstone of his actions, with the support of the Board of Directors. |
Quality and deployment of safety management policies Weighting of the indicator as a percentage of the upper limit for the short-termvariable component 3% |
Quality and deployment of safety management policies Performance level achieved 100% |
Quality and deployment of safety management policies Performance rate 3% |
| Improvement in female representation at executive levels | Improvement in female representation at executive levels Assessment of performance Female representation at executive levels at 25.5% in 2025, compared with 20.5% in 2024 |
Improvement in female representation at executive levels Weighting of the indicator as a percentage of the upper limit for the short-termvariable component 4% |
Improvement in female representation at executive levels Performance level achieved 100% |
Improvement in female representation at executive levels Performance rate 4% |
| Governance and compliance | Governance and compliance Assessment of performance Qualitative assessment by the Board |
Governance and compliance Weighting of the indicator as a percentage of the upper limit for the short-termvariable component 6% |
Governance and compliance Performance level achieved 100% |
Governance and compliance Performance rate 6% |
| Total | Total Assessment of performance
|
Total Weighting of the indicator as a percentage of the upper limit for the short-termvariable component 40% |
Total Performance level achieved
|
Total Performance rate 38% |
The performance rates for the executive officer and the non-executive officer are the same, since this performance is assessed for the year as a whole.
Performance by the executive and non-executive officers relating to management and governance quality is assessed individually.
The Board noted that the leadership transition has been recognised as exemplary by investors and its quality was highlighted by the Board members during the formal assessment of the Board.
Regarding Pierre Anjolras’s managerial performance specifically, the Board observed in particular that he already has several significant achievements to his credit since taking up the position of Chief Executive Officer:
At its meeting of 5 February 2026, following a proposal from the Remuneration Committee and a separate proposal prepared jointly by this committee and the Appointments and Corporate Governance Committee for the managerial and ESG parts, and after having first defined the performance conditions applying to the determination of the short-term variable remuneration payable to Xavier Huillard for the period from 1 January to 30 april 2025, the Board set the remuneration in light of these criteria as shown in the table below:
| Indicator (in €) | 2024 bonus | Percentage of maximum bonus received in 2024 | 2025 bonus (*) | Upper limit applicable in 2025 | Percentage of maximum bonus received in 2025 |
|---|---|---|---|---|---|
| Managerial performance | Managerial performance 2024 bonus 312,000 |
Managerial performance Percentage of maximum bonus received in 2024 100% |
Managerial performance 2025 bonus (*)312,000 |
Managerial performance Upper limit applicable in 2025 312,000 |
Managerial performance Percentage of maximum bonus received in 2025 100% |
| ESG performance | ESG performance 2024 bonus 436,800 |
ESG performance Percentage of maximum bonus received in 2024 84% |
ESG performance 2025 bonus (*)478,386 |
ESG performance Upper limit applicable in 2025 520,000 |
ESG performance Percentage of maximum bonus received in 2025 92% |
| Variable remuneration based on managerial and ESG performance on a full-year basis | Variable remuneration based on managerial and ESG performance on a full-year basis 2024 bonus 748,800 |
Variable remuneration based on managerial and ESG performance on a full-year basis Percentage of maximum bonus received in 2024 90% |
Variable remuneration based on managerial and ESG performance on a full-year basis 2025 bonus (*)790,386 |
Variable remuneration based on managerial and ESG performance on a full-year basis Upper limit applicable in 2025 832,000 |
Variable remuneration based on managerial and ESG performance on a full-year basis Percentage of maximum bonus received in 2025 95% |
| On a pro rata basis for January-April 2025 | On a pro rata basis for January-April 2025 2024 bonus
|
On a pro rata basis for January-April 2025 Percentage of maximum bonus received in 2024
|
On a pro rata basis for January-April 2025 2025 bonus (*)263,462 |
On a pro rata basis for January-April 2025 Upper limit applicable in 2025
|
On a pro rata basis for January-April 2025 Percentage of maximum bonus received in 2025
|
