Eligible activities
In 2025, the percentage of the Group’s Taxonomy-eligible revenue was 48%, versus 41% a year earlier. The increase in eligibility was mainly due to the improved assessment and reporting process at VINCI Energies and a wider scope of activities at VINCI Construction.
Aligned activities
The percentage of the Group’s Taxonomy-aligned revenue was 26% at 31 December 2025, versus 22% a year earlier. The ratio of Taxonomy-aligned to Taxonomy-eligible revenue rose from 53% at end-2024 to 54% at end-2025.
The main contributing activities are grouped by environmental objective below:
Climate change mitigation objective
- activity 4.9 (Transmission and distribution of electricity), which covers the construction and operation of electricity transmission and distribution lines and transformer stations (i) by VINCI Energies, mainly for RTE in France for electricity transmission activities, and in Europe and New Zealand for electricity distribution activities, and (ii) by Cobra IS, with projects in Brazil and Australia;
- activities 7.1 (Construction of new buildings) and 7.2 (Renovation of existing buildings) through the Building France and Networks France divisions of VINCI Construction and behind-the-meter installations and integrated services by VINCI Energies;
- activity 6.14 (Infrastructure for rail transport), which mainly includes (i) major projects led by VINCI Construction, such as High Speed 2 (HS2), the Grand Paris Express, the Lyon–Turin (TELT) rail tunnel and Ontario Line South, and the electrification of passenger rail networks by the Networks France Division, and (ii) railway electrification and signalling activities by VINCI Energies for SNCF and Synerail, among others;
- at the level primarily of VINCI Energies, activity 7.3 (Installation, maintenance and repair of energy efficiency equipment), relating to insulation work on gas and liquid networks in commercial and industrial projects as well as heating, ventilation and air conditioning (HVAC) work, including projects for the Grand Palais, Triangle tower and Arboretum, and activity 7.5 (Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings) through building management systems (BMS) and control and monitoring infrastructure;
- activity 4.1 (Electricity generation using solar photovoltaic technology) by Cobra IS, mainly involving its Cristino Castro solar farm project in Brazil, with a capacity of 780 MW, and its Barrett solar project in the United States, and VINCI Energies;
- activity 4.3 (Electricity generation from wind power) by Cobra IS, through its nine core projects;
- activity 5.9 (Material recovery from non-hazardous waste), mainly reflecting the reuse of reclaimed asphalt for VINCI Construction’s asphalt plants and the sale of recycled materials for its recycling facilities and quarries;
- activity 4.28 (Electricity generation from nuclear energy in existing installations), more specifically EDF projects in the European Union by VINCI Energies and the Specialty Networks Division of VINCI Construction;
- activity 5.1 (Construction, extension and operation of water collection, treatment and supply systems), mainly through VINCI Construction’s Major Projects Division, especially the Bakheng project, its Road France Division, and Cobra IS;
- activity 6.13 (Infrastructure for personal mobility, cycle logistics) through VINCI Construction, with the Ringway project in the United Kingdom and its Road France Division;
- activity 5.4 (Renewal of waste water collection and treatment) by VINCI Construction, due to a more refined analysis by the Networks France Division in 2025;
- activity 6.15 (Infrastructure enabling low-carbon road transport and public transport), in particular through VINCI Construction’s Road France Division, VINCI Energies and VINCI Autoroutes, with the revenue generated by electric vehicle charge points and charging infrastructure fees;Climate change adaptation objective
- activity 14.2 (Flood risk prevention and protection infrastructure), illustrated in particular through the large-scale Springbank Off-stream Reservoir project by VINCI Construction;Circular economy objective
- activity 3.4 (Maintenance of roads and motorways) through Cobra IS’s maintenance contracts in Spain.
These activities accounted for 96% of VINCI’s aligned revenue at 31 December 2025, highlighting the significant contribution made by VINCI Energies, Cobra IS, VINCI Construction and VINCI Immobilier to the ecological transition.
Eligible but non-aligned activities
The analysis of the Group’s alignment in 2025 did not highlight any activities contributing significantly to the water, circular economy or biodiversity objectives. Activities 3.3 (Demolition and wrecking of buildings and other structures), 3.4 (Maintenance of roads and motorways) and 3.5 (Use of concrete in civil engineering) corresponding to the circular economy objective contributed significantly to the Group’s Taxonomy-eligibility at 31 December 2025. However, their alignment remained low, due to the complexity of the technical screening and “do no significant harm” (DNSH) criteria, as well as obstacles to compiling the necessary documentation to show compliance.
Non-eligible activities
Revenue not eligible for the Taxonomy totalled €38.5 billion, or 52% of Group revenue in 2025.
VINCI Energies’ activities related to the digital transition, optimising flexible electricity generation assets and the curtailment of electricity consumption, and expertise applied to mechanical or fluid flow projects connected to nuclear generation or research are not eligible. Likewise, civil engineering and road maintenance activities are not eligible, with the exception of those using concrete by VINCI Construction. At 31 December 2025, non-eligible activities involving oil and gas generated less than 2% of the Group’s total revenue. The Group did not identify any activities involving coal.
The Group’s Taxonomy-aligned eligible revenue is broken down by activity in the regulatory format on pages 446 to 448 (EU Taxonomy reporting tables supplementing this Report of the Board of Directors).
