Financial assessment of the transition plan
In 2019, an in-depth analysis involving all operational entities was carried out to identify the levers required to achieve the Group’s Scope 1 and 2 reduction targets and the related investments needed.
Each business line produced an action plan and a corresponding budget. For example, VINCI Autoroutes established an Environment Ambition Plan specifying the investments needed to accelerate the plan’s main actions. These include the replacement of 100% of outdoor lighting for motorways and some tunnels with LEDs, the installation of EV charge points for operating vehicles and company cars, the creation of a bio-CNG service station, and investments to improve energy consumption behavior at operating sites.
The Group has estimated the amount of CapEx required to achieve its climate transition plan for 2026 to 2030 at over €1.5 billion, to be allocated proportionally based on the decarbonisation efforts being made. The plan’s progress is monitored annually by the executive committees of the business lines and continually updated to include new investment commitments.
In 2025, more than €50 million of these investments were Taxonomy-aligned CapEx, mainly associated with activities 7.1 Acquisition and ownership of buildings and 7.3 Installation, maintenance and repair of energy efficiency equipment. Over €380 million in CapEx related to the purchase of electric vehicles (activity 6.5) is Taxonomy-eligible, while a portion limited to €55 million is Taxonomy-aligned. This CapEx is mainly funded by the own resources of the Group’s business lines. The reduction actions set out in the climate transition plan do not require significant commitments with respect to operating expenses at VINCI level.
The business lines monitor the operational and financial performance of the climate transition plan using tools specifically designed to assess the economic as well as the environmental effects of the actions taken.
VINCI Construction is continuing to roll out NExT to formulate specific action plans for each company. The tool tracks carbon emissions reductions and investment decisions. In 2025, it covered 85% of the GHG emissions of the business line’s companies (70% at the end of 2024). VINCI Airports uses Smart Data Hub, a business intelligence tool that centralises and analyses large sets of data to optimise environmental performance. Each airport can monitor its decarbonisation progress in real time. Targets are revised annually during the budget process and action plans are adjusted accordingly. Meanwhile, more and more airports are systematically incorporating environmental criteria into their long-term financial projections, considering factors such as climate change resilience, Scope 1, 2, and 3 emissions reduction, and sustainable investments. In addition, all airports use the same EPM (enterprise performance management) solution, which facilitates the allocation of CapEx for environmental purposes. In 2025, 28 airports had a long-term business plan including these environmental criteria. Quarterly performance reviews are conducted at VINCI Autoroutes, allowing for adjustments in levers for action where necessary, depending on their results.
VINCI Energies annually invites each company to present its shared three-to-five year strategic plan. At this time, the environmental strategy and decarbonisation plan, along with ongoing or planned initiatives, are closely examined. More and more frequently, environmental goals are also embedded into acquisition processes.
Locked-in emissions
VINCI has estimated its locked-in emissions, their impact on its transition plan, and the achievement of its reduction targets. Locked-in emissions are measured by estimating future GHG emissions resulting from the use of assets (such as infrastructure and production facilities) or long-life products over their life span. The Group has identified two types of material assets, namely, motorway and airport infrastructure, with a high net carrying amount in the Group’s financial statements (see the consolidated financial statements, beginning on page 338) that lock in emissions. These are key assets that are in use or firmly planned (those that the company is very likely to deploy in the next five years) and that lock in a significant amount of GHG emissions during their operational life. With its motorway decarbonisation plan and Net Zero 2050 pathway for airports (described under “Actions to reduce emissions in the value chain” in paragraph 2.2.2.1, “Climate change mitigation and energy,” page 215), VINCI is ensuring that these assets do not impede the achievement of its reduction targets. The achievement of the net zero target set by VINCI Airports is certified separately for each airport by Airport Carbon Accreditation (ACA), the global carbon management certification program for airports. VINCI has analysed the potential transition risks associated with its locked-in emissions and did not identify any material impacts at Group level.
The Group’s GHG emissions are monitored in paragraphs 2.2.3.2, “GHG emissions,” pages 224 to 226, and 2.2.3.3, “Progress against emissions reduction targets – Scopes 1 and 2”, pages 226 to 227.
Actions to reduce emissions from own operations
In 2025, the Group continued to implement action plans to reduce its direct emissions in four priority areas:
- VINCI employee mobility (A);
- site machinery and heavy vehicle performance, representing 30% of direct emissions (B);
- optimising energy for industrial activities and buildings, representing 20% of direct emissions (C);
- decarbonising the energy mix (D).
A. VINCI employee mobility
Proportion of the vehicle fleet for activities in France converted to low-emission vehicles
