1.4 Strategy and business model
General information on the business model (Group strategy, value chain, resources, value creation and stakeholders) is presented in the institutional section of this Universal Registration Document, pages 1 to 104.
1.4.1 Interests and views of stakeholders
The Executive Committee and the Board of Directors are regularly informed of the interests and views of stakeholders that could have a direct impact on the Group. Board meetings frequently begin with news reports, especially on industries where the Group is active. The Board is presented with summaries of financial and non-financial roadshows to provide a better understanding of investors’ specific expectations regarding sustainability issues. The presentation of sustainability information was also added to the agenda for the meeting of VINCI SA’s Social and Economic Committee held on 13 January 2026, which approved the sustainability report as submitted. Lastly, VINCI’s Board of Directors includes two employee representatives to speak for employees and act on behalf of their interests.
Employees
Employees and employee representatives
Consulted through regular meetings, surveys on the workplace, in liaison with trade unions
Civil society
Non-prof it organisations, NGOs, research centres
Partnerships, joint projects and regular dialogue
Customers
Customers, primarily local authorities and businesses
Through regular meetings
Suppliers
Suppliers and subcontractors
Through regular meetings, assessments and audits
Investors
Shareholders and investors
Through regular dialogue, especially at the annual Shareholders’ General Meeting, meetings to present and discuss results, and f inancial and non-f inancial roadshows
Industry players
Professional associations
Partnerships, joint projects and regular dialogue
Users
Users, associations representing users of infrastructure and facilities, as well as people living or working nearby
Satisfaction surveys, applications, customer service numbers, open days, door-to-door visits
Government authorities
Key local and regional actors, elected officials, local authorities, government agencies
Through public information meetings, consultation with local elected officials, site visits, interviews with experts
In addition, the Group has joined collaborative initiatives relating to the environment, social innovation and human rights, that bring together governments, businesses, trade unions, non-profit organisations, universities and international institutions. VINCI is a member of the United Nations Global Compact as well as the French non-profits Entreprises pour l’Environnement (EpE), Équilibre des Énergies (EdEn) and Organisation pour le Renouveau de l’Économie par l’Environnement (Orée). It is also a partner to the Bird Protection League (LPO) and its building and biodiversity urban development (U2B) club programme, along with research organisations such as the Institute for Sustainable Development and International Relations (IDDRI) – a French think tank formed to facilitate the transition towards sustainable development – and the Bruno Latour Fund launched by Sciences Po. In 2025, VINCI also attended COP30 in Belém, Brazil, and participated in a range of industry-related talks and round table discussions. To better address human rights challenges and help build a more virtuous ecosystem, VINCI actively participates in various other collaborative initiatives, including Building Responsibly (a global business initiative co-founded by the Group that serves the engineering and construction industry), the Leadership Group for Responsible Recruitment, Entreprises pour les Droits de l’Homme (EDH, Business for Human Rights), and the World Business Council for Sustainable Development (WBCSD). For more details on the Group’s interactions and actions with these external initiatives addressing social and human rights issues, see “Active participation in collaborative initiatives to help evolve practices” in paragraph 3.3.1, “Cross-business initiatives and measures”, of chapter F, “Duty of vigilance plan”, page 308.
Sustainability issues are also a subject of ongoing interaction with all the Group’s stakeholders, including those upstream of its value chain. The social and environmental issues affecting employees in the value chain are taken into account as a result of regular dialogue between VINCI, along with buyers from the Group’s business lines, divisions and business units, and the suppliers, subcontractors, service providers and temporary employment agencies working with the Group. These discussions are held routinely over the course of the entire procurement process, starting with the selection of suppliers during the tender process and supplier presentations, and continuing throughout the contractual relationship. They take place several times a year, primarily in the form of sustainability updates.
1.4.2 Interaction of IROs with the Group’s business model and strategy
On a regular basis, VINCI takes steps to monitor and analyse major trends that could impact its businesses in the short, medium and long term – the environmental transition, social and workforce expectations, urbanisation, mobility and digital transformation – in collaboration with Leonard, the Group’s innovation and foresight platform. These issues directly influence how the Group’s strategy is defined, both to limit risks and meet opportunities resulting from growing environmental and social pressure.
As the impacts, risks and opportunities (IROs), presented in paragraph 1.1.2.6, “Results of the double materiality assessment”, page 189, closely tie in with current environmental and social transition issues, they have been included as key focuses of the Group’s strategy and business model. The current financial impacts of the identified material risks and opportunities are taken into account by VINCI during the preparation of its consolidated financial statements. The manner in which the Group takes climate risks into consideration as part of its accounts closing process is presented in Notes A.3.1, “Climate risks”, and A.3.2, “Consideration of environmental risks and commitments in the accounts closing process”, to the consolidated financial statements, pages 345 to 346. To date, the Group considers that no ongoing disputes or litigation relating to sustainability issues will have any material effect on its financial situation (see Note M, “Note on litigation”, to the consolidated financial statements, page 404).