2025 Universal Registration Document

General and financial elements

Physical risks related to climate change were evaluated on the basis of SSP5-8.5, the IPCC’s very high GHG emissions scenario, incorporating the most pessimistic change for extreme weather events and the highest risk level. See paragraph 2.2.1, “Identification of material impacts, risks and opportunities”, of chapter E, “Sustainability report”, pages 208 to 210.

Risk identification Risk management procedures

Intensification of extreme weather events

Possible consequences:

  • Deterioration in health and safety conditions for employees
  • Financial impacts resulting from increased spending necessary to maintain or repair damaged infrastructure and equipment (higher operating expenses and capital expenditure, lower operating income)
  • Damage to the Group’s image and reputation in the event of deficient quality of service (unavailability of the infrastructure under concession, missed delivery deadlines, etc.)

Intensification of extreme weather events

Possible consequences:

  • Deterioration in health and safety conditions for employees
  • Financial impacts resulting from increased spending necessary to maintain or repair damaged infrastructure and equipment (higher operating expenses and capital expenditure, lower operating income)
  • Damage to the Group’s image and reputation in the event of deficient quality of service (unavailability of the infrastructure under concession, missed delivery deadlines, etc.)

Risk management procedures
  • Identification of vulnerabilities affecting operating sites in order to implement appropriate adaptation plans (see paragraph 2.2.2.2, “Climate change adaptation”, of chapter E, pages 220 to 222)
  • Integration of climate resilience into the Group’s infrastructure projects from conception to construction (see paragraph 2.2.2.2, “Climate change adaptation”, of chapter E, page 220 to 222)
  • Business continuity plans (BCPs) for certain concession assets (e.g. airports)
  • Emergency procedures, in cooperation with local actors, to respond to extreme weather events (work stoppages for employees due to inclement weather, equipment removal, etc.) and cooperation with local officials to implement appropriate emergency and work resumption measures
  • Management of unplanned events with the appropriate insurance company departments
1.5.2 Risks relating to the transition to a low-carbon economy

The transition to a low-carbon economy involves numerous uncertainties in the interpretation of market signals that may give rise to risks affecting the Group’s financial performance and reputation. Among these risks, those identified as the most material relate to the advent of new and more stringent regulations aimed at reducing greenhouse gas (GHG) emissions in the most carbon-intensive sectors (construction of new buildings, oil and gas activities, motorway traffic or air travel). These developments might also include the introduction of carbon pricing measures (carbon tax, carbon border adjustment mechanism, etc.). See paragraph 2.2.1, “Identification of material impacts, risks and opportunities”, of chapter E, ”Sustainability report”, pages 208 to 210.

Risks relating to the transition to a low-carbon economy
Risk identification Risk management procedures

Risk of market uncertainties related to the environmental transition

Possible consequences:

  • Loss of revenue in markets that contribute significantly to greenhouse gas emissions and could shrink as a result of more stringent regulations (construction of new buildings, oil and gas activities, motorway traffic, air travel, etc.)
  • Increase in operating expenses resulting from the implementation of carbon pricing tools (carbon tax, carbon border adjustment mechanism, etc.)

Risk of market uncertainties related to the environmental transition

Possible consequences:

  • Loss of revenue in markets that contribute significantly to greenhouse gas emissions and could shrink as a result of more stringent regulations (construction of new buildings, oil and gas activities, motorway traffic, air travel, etc.)
  • Increase in operating expenses resulting from the implementation of carbon pricing tools (carbon tax, carbon border adjustment mechanism, etc.)

Risk management procedures
  • Environmental transition plan (see paragraph 2.2.2.1, “Climate change mitigation and energy”, of chapter E, pages 210 to 220)
  • Risk management procedures in the area of legal and regulatory compliance (see paragraph 1.2.2, page 175)
1.5.3 Increase in energy costs

Alterations in the planet’s climate balance are amplifying the risk of increased energy costs, whether for fossil fuels or renewables, due to the frequent destruction of infrastructure by extreme weather events and the investments required to adapt energy systems. In addition, the increasing scarcity of fossil resources and fluctuations in demand related to weather conditions are exacerbating economic pressures. See paragraph 2.2.1, “Identification of material impacts, risks and opportunities”, of chapter E, “Sustainability report”, pages 208 to 210.

Increase in energy costs
Risk identification Risk management procedures

Risk of increased energy costs

Possible consequences:

  • Financial impacts on profitability

Risk of increased energy costs

Possible consequences:

  • Financial impacts on profitability

Risk management procedures
  • Rollout of energy sufficiency measures aimed at optimising the energy performance of the Group’s buildings and infrastructure (see paragraph 2.2.2.1, “Climate change mitigation and energy”, of chapter E, beginning on page 210)
  • Decarbonation of the energy mix so as to reduce dependence on fossil fuels and diversify supply sources, including the promotion of self-consumption (see paragraph 2.2.2.1, “Climate change mitigation and energy”, of chapter E, beginning on page 210)
  • Financial risk management procedures (see paragraphs 1.7.1 and 1.7.2, page 180)
1.6 Business ethics risks

Group companies work according to a decentralised model in an international environment with a multitude of external stakeholders who participate in or are impacted by the Group’s operations: project managers and their representatives, concession-granting authorities, regulatory authorities, contractors, architects, design offices, joint contractors, subcontractors, suppliers (including local suppliers of construction materials, concrete, aggregates and water, etc.), service providers (inspectors, transporters, freight forwarders, charterers, insurers, bankers, etc.), local residents, communities, users, etc.

Given its operations in more than 120 countries and its large community of stakeholders, the Group is exposed to risks relating to business ethics, competition law infringement, and internal or external fraud.

Furthermore, the use of vast amounts of data, including personal data, as well as the growing use and rapid development of artificial intelligence systems, also expose the Group to the risk of failing to adhere to its ethical commitments.

If a breach of ethical principles were to occur, VINCI could be subject to fines, exclusion from public contracts or contract cancellation. In addition, such infringements could also tarnish the Group’s reputation, erode the trust of investors, customers, partners and other stakeholders, and reduce its ability to respond to calls for tender.

A detailed assessment of impacts, risks and opportunities (IROs) related to business conduct is presented in the sustainability report (see section 4, “Business conduct”, of chapter E, pages 283 to 288).