At 31 December 2025, 64% of VINCI’s CapEx was Taxonomy-eligible, compared with 43% on a like-for-like basis in 2024 (23% reported eligibility rate). The comparable figure for 2024 has been restated to include two acquisitions that year: Edinburgh airport in the United Kingdom and the Northwest Parkway section of the Denver ring road in the US state of Colorado.
At 31 December 2025, 33% of VINCI’s CapEx was Taxonomy-aligned, compared with 22% on a like-for-like basis, including the aforementioned acquisitions, in 2024 (12% reported alignment rate).
|
EU Taxonomy activities (in € millions) |
Objective (*) |
Eligible CapEx in 2025 |
Eligible CapEx in 2025 (%) |
Eligible CapEx in 2024 (%) |
Aligned CapEx in 2025 |
Aligned CapEx in 2025 (%) |
Aligned CapEx in 2024 (%) |
Aligned CapEx / Eligible CapEx in 2025 (%) |
Aligned CapEx / Eligible CapEx in 2024 (%) |
|---|---|---|---|---|---|---|---|---|---|
|
EU Taxonomy activities (in € millions) 4.1 Electricity generation using solar photovoltaic technology |
Objective (*) CCM |
Eligible CapEx in 2025 964 |
Eligible CapEx in 2025 (%) 16 % |
Eligible CapEx in 2024 (%) 6 % |
Aligned CapEx in 2025 964 |
Aligned CapEx in 2025 (%) 16 % |
Aligned CapEx in 2024 (%) 6 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 100 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 100 % |
|
EU Taxonomy activities (in € millions) 6.5 Transport by motorbikes, passenger cars and light commercial vehicles |
Objective (*) CCM |
Eligible CapEx in 2025 388 |
Eligible CapEx in 2025 (%) 6 % |
Eligible CapEx in 2024 (%) 4 % |
Aligned CapEx in 2025 55 |
Aligned CapEx in 2025 (%) 1 % |
Aligned CapEx in 2024 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 14 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 0 % |
|
EU Taxonomy activities (in € millions) 5.9 Material recovery from non-hazardous waste |
Objective (*) CCM |
Eligible CapEx in 2025 364 |
Eligible CapEx in 2025 (%) 6 % |
Eligible CapEx in 2024 (%) 1 % |
Aligned CapEx in 2025 96 |
Aligned CapEx in 2025 (%) 2 % |
Aligned CapEx in 2024 (%) 1 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 26 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 99 % |
|
EU Taxonomy activities (in € millions) 7.7 Acquisition and ownership of buildings |
Objective (*) CCM |
Eligible CapEx in 2025 331 |
Eligible CapEx in 2025 (%) 5 % |
Eligible CapEx in 2024 (%) 2 % |
Aligned CapEx in 2025 24 |
Aligned CapEx in 2025 (%) 0 % |
Aligned CapEx in 2024 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 7 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 10 % |
|
EU Taxonomy activities (in € millions) 7.1 Construction of new buildings |
Objective (*) CCM |
Eligible CapEx in 2025 295 |
Eligible CapEx in 2025 (%) 5 % |
Eligible CapEx in 2024 (%) 2 % |
Aligned CapEx in 2025 73 |
Aligned CapEx in 2025 (%) 1 % |
Aligned CapEx in 2024 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 25 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 11 % |
|
EU Taxonomy activities (in € millions) 6.14 Infrastructure for rail transport |
Objective (*) CCM |
Eligible CapEx in 2025 235 |
Eligible CapEx in 2025 (%) 4 % |
Eligible CapEx in 2024 (%) 2 % |
Aligned CapEx in 2025 205 |
Aligned CapEx in 2025 (%) 3 % |
Aligned CapEx in 2024 (%) 1 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 87 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 78 % |
|
EU Taxonomy activities (in € millions) 4.3 Electricity generation from wind power |
Objective (*) CCM |
Eligible CapEx in 2025 191 |
Eligible CapEx in 2025 (%) 3 % |
Eligible CapEx in 2024 (%) 2 % |
Aligned CapEx in 2025 189 |
Aligned CapEx in 2025 (%) 3 % |
Aligned CapEx in 2024 (%) 2 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 99 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 98 % |
|
EU Taxonomy activities (in € millions) 4.9 Transmission and distribution of electricity |
Objective (*) CCM |
Eligible CapEx in 2025 154 |
Eligible CapEx in 2025 (%) 3 % |
Eligible CapEx in 2024 (%) 1 % |
Aligned CapEx in 2025 121 |
Aligned CapEx in 2025 (%) 2 % |
Aligned CapEx in 2024 (%) 1 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 79 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 74 % |
|
EU Taxonomy activities (in € millions) 7.2 Renovation of existing buildings |
Objective (*) CCM |
Eligible CapEx in 2025 91 |
Eligible CapEx in 2025 (%) 1 % |
Eligible CapEx in 2024 (%) 0 % |
Aligned CapEx in 2025 34 |
Aligned CapEx in 2025 (%) 1 % |
Aligned CapEx in 2024 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 37 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 25 % |
|
EU Taxonomy activities (in € millions) 14.2 Flood risk prevention and protection infrastructure |
Objective (*) CCA |
Eligible CapEx in 2025 67 |
Eligible CapEx in 2025 (%) 1 % |
Eligible CapEx in 2024 (%) 0 % |
Aligned CapEx in 2025 65 |
Aligned CapEx in 2025 (%) 1 % |
Aligned CapEx in 2024 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 98 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 89 % |
|
EU Taxonomy activities (in € millions) 7.3 Installation, maintenance and repair of energy efficiency equipment |
Objective (*) CCM |
Eligible CapEx in 2025 52 |
Eligible CapEx in 2025 (%) 1 % |
Eligible CapEx in 2024 (%) 1 % |
Aligned CapEx in 2025 37 |
Aligned CapEx in 2025 (%) 1 % |
Aligned CapEx in 2024 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 71 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 72 % |
|
EU Taxonomy activities (in € millions) Other eligible activities |
Objective (*) CCM |
Eligible CapEx in 2025 359 |
Eligible CapEx in 2025 (%) 6 % |
Eligible CapEx in 2024 (%) 3 % |
Aligned CapEx in 2025 103 |
Aligned CapEx in 2025 (%) 2 % |
Aligned CapEx in 2024 (%) 1 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 29 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 32 % |
|
EU Taxonomy activities (in € millions) Taxonomy-eligible activities – Climate change objectives |
Objective (*)
|
Eligible CapEx in 2025 3,490 |
Eligible CapEx in 2025 (%) 58 % |
Eligible CapEx in 2024 (%) 22 % |
Aligned CapEx in 2025 1,966 |
Aligned CapEx in 2025 (%) 32 % |
Aligned CapEx in 2024 (%) 12 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 56 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 53 % |
|
EU Taxonomy activities (in € millions) 3.4 Maintenance of roads and motorways |
Objective (*) CE |
Eligible CapEx in 2025 363 |
Eligible CapEx in 2025 (%) 6 % |
Eligible CapEx in 2024 (%) 0 % |
Aligned CapEx in 2025 6 |
Aligned CapEx in 2025 (%) 0 % |
Aligned CapEx in 2024 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 2 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 10 % |
|
EU Taxonomy activities (in € millions) 3.5 Use of concrete in civil engineering |
Objective (*) CE |
Eligible CapEx in 2025 3 |
Eligible CapEx in 2025 (%) 0 % |
Eligible CapEx in 2024 (%) 0 % |
Aligned CapEx in 2025 0 |
Aligned CapEx in 2025 (%) 0 % |
Aligned CapEx in 2024 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 0 % |
|
EU Taxonomy activities (in € millions) 2.2 Urban wastewater treatment |
Objective (*) WTR |
Eligible CapEx in 2025 25 |
Eligible CapEx in 2025 (%) 0 % |
Eligible CapEx in 2024 (%) 0 % |
Aligned CapEx in 2025 2 |
Aligned CapEx in 2025 (%) 0 % |
Aligned CapEx in 2024 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 9 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 13 % |
|
EU Taxonomy activities (in € millions) 1.1 Conservation, including restoration, of habitats, ecosystems and species |
Objective (*) BIO |
Eligible CapEx in 2025 2 |
Eligible CapEx in 2025 (%) 0 % |
Eligible CapEx in 2024 (%) 0 % |
Aligned CapEx in 2025 1 |
Aligned CapEx in 2025 (%) 0 % |
Aligned CapEx in 2024 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 50 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 0 % |
|
EU Taxonomy activities (in € millions) 2.3 Remediation of legally non-conforming landfills and abandoned or illegal waste dumps |
Objective (*) PPC |
Eligible CapEx in 2025 2 |
Eligible CapEx in 2025 (%) 0 % |
Eligible CapEx in 2024 (%) 0 % |
Aligned CapEx in 2025 0 |
Aligned CapEx in 2025 (%) 0 % |
Aligned CapEx in 2024 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 0 % |
|
EU Taxonomy activities (in € millions) Other eligible activities |
Objective (*)
|
Eligible CapEx in 2025 0 |
Eligible CapEx in 2025 (%) 0 % |
Eligible CapEx in 2024 (%) 0 % |
Aligned CapEx in 2025 0 |
Aligned CapEx in 2025 (%) 0 % |
Aligned CapEx in 2024 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 0 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 0 % |
|
Taxonomy-eligible activities – Other objectives |
Taxonomy-eligible activities – Other objectives Objective (*)
|
Taxonomy-eligible activities – Other objectives Eligible CapEx in 2025 397 |
Taxonomy-eligible activities – Other objectives Eligible CapEx in 2025 (%) 7 % |
Taxonomy-eligible activities – Other objectives Eligible CapEx in 2024 (%) 1 % |
Taxonomy-eligible activities – Other objectives Aligned CapEx in 2025 10 |
Taxonomy-eligible activities – Other objectives Aligned CapEx in 2025 (%) 0 % |
Taxonomy-eligible activities – Other objectives Aligned CapEx in 2024 (%) 0 % |
Taxonomy-eligible activities – Other objectives Aligned CapEx / Eligible CapEx in 2025 (%) 2 % |
Taxonomy-eligible activities – Other objectives Aligned CapEx / Eligible CapEx in 2024 (%) 9 % |
|
EU Taxonomy activities (in € millions) Total eligible activities |
Objective (*)
|
Eligible CapEx in 2025 3,887 |
Eligible CapEx in 2025 (%) 64 % |
Eligible CapEx in 2024 (%) 23 % |
Aligned CapEx in 2025 1,976 |
Aligned CapEx in 2025 (%) 33% |
Aligned CapEx in 2024 (%) 12 % |
Aligned CapEx / Eligible CapEx in 2025 (%) 51 % |
Aligned CapEx / Eligible CapEx in 2024 (%) 51 % |
|
EU Taxonomy activities (in € millions) Non-eligible activities |
Objective (*)
|
Eligible CapEx in 2025 2,169 |
Eligible CapEx in 2025 (%) 36 % |
Eligible CapEx in 2024 (%) 77 % |
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|
EU Taxonomy activities (in € millions) Total VINCI consolidated CapEx |
Objective (*)
|
Eligible CapEx in 2025 6,056 |
Eligible CapEx in 2025 (%) 100 % |
Eligible CapEx in 2024 (%) 100 % |
At 31 December 2025, 64% of the Group’s CapEx was Taxonomy-eligible, a like-for-like increase from 43% in 2024 after adjustment for acquisitions made that year (23% on a reported basis at 31 December 2024).
In 2025, 33% of the Group’s CapEx was Taxonomy-aligned, versus 22% in 2024 on a like-for-like basis including acquisitions that year (reported figure of 12% at 31 December 2024). The ratio of aligned CapEx to eligible CapEx was 51%, unchanged from 2024, taking that year’s acquisitions into account. The main contributing activities are as follows:
Climate change mitigation objective
