Financial and economic risks (changes in the economic and tax environment)
Budgets deficits combined with lacklustre economic outlooks may lead governments to seek out new receipts, through additional taxes or duties. The budget discussions in France since October 2025 illustrate this trend.
Technology risk related to AI and its use (cross-cutting risk)
The meteoric rise of artificial intelligence and its accelerated deployment have led to its growing adoption by various Group subsidiaries. This development is opening up major prospects: enhancement of products and services, improvements in operational effectiveness, optimisation of business processes. But it is also accompanied by risks that it is important to identify and address through robust risk management procedures. Among these are:
- ethical issues,
- legal and regulatory risks,
- cyber risks relating to the protection of data and systems,
- operational risks.
Mindful of these challenges and the need for an integrated approach, the Group has begun developing policies and procedures to manage AI risks. This initiative has been presented to the Board of Directors (see paragraph 3.4.1, “Functioning and work of the Board in 2025”, of chapter C, “Report on corporate governance”, page 144).
The Group is of the opinion that AI does not constitute a risk in its own right, given that it affects all of the risk categories listed in the table below.
| Type of risk | Description | Criticality(*) | Trend |
|---|---|---|---|
|
Operational |
Operational Description 1.1.1 Energy Solutions and Construction businesses |
 |
|
Type of risk Before the contract is signed |
Description High |
||
Type of risk After the contract is signed |
Description Intermediate |
||
Type of risk 1.1.1 Concessions business |
Description
|
||
Type of risk Design phase |
Description Intermediate |
||
Type of risk Construction phase |
Description Intermediate |
||
Type of risk Operating phase |
Description High |
||
Type of risk 1.1.1 Property development business |
Description Intermediate |
||
Type of risk 1.1.2 Acquisition and disposal of companies |
Description Intermediate |
||
|
Legal |
Legal Description 1.2.1 Contractual relationships |
Legal Criticality (*)High |
 |
Type of risk 1.2.2 Legal and regulatory compliance |
Description Intermediate |
||
|
Cyber |
Cyber Description 1.3.1 Cyberattacks |
Cyber Criticality (*)High |
|
Type of risk 1.3.2 Fraud |
Description Moderate |
||
|
Social |
Social Description 1.4.1 Human rights |
Social Criticality (*)High |
|
Type of risk 1.4.2 Health, safety and security of employees and subcontractors |
Description High |
||
Type of risk 1.4.3 Attracting and retaining talent |
Description Moderate |
||
|
Environmental |
Environmental Description 1.5.1 Physical risks related to climate change |
Environmental Criticality (*)High |
|
Type of risk 1.5.2 Risks relating to the transition to a low-carbon economy |
Description Intermediate |
||
Type of risk 1.5.3 Increase in energy costs |
Description Intermediate |
||
|
Ethics |
Ethics Description 1.6 Violation des principes éthiques du Groupe |
Ethics Criticality (*)Moderate |
|
|
Financial and economic |
Financial and economic Description 1.7.1 Changes in the economic and tax environment |
Financial and economic Criticality (*)High |
|
Type of risk 1.7.2 Financial risks |
Description Intermediate |
||
1. Risk factors
The risks that may affect VINCI’s performance and image are identified, assessed and handled at different organisational levels (holding company, business line, subsidiary) within the framework of VINCI’s decentralised organisation.
1.1 Operational risks
Depending on its business, each Group company is exposed to specific operational risks, which are prevented, monitored and managed differently.
One of the key elements of VINCI’s risk management system is the existence of risk committees at every level of the organisation, with the largest projects presented before the central risk committee at the holding company level. These committees examine, at the preliminary phase, all proposals that entail commitments to new projects exceeding thresholds among those defined in the general guidelines provided to the various operational managers or involving specific technical or financial parameters. The operating procedure and composition of the VINCI Risk Committee are described in paragraph 2.4.3, “Procedures related to commitments and the VINCI Risk Committee”, page 184.