2025 Universal Registration Document

General and financial elements

VINCI Construction’s Building France Division and VINCI Immobilier have contributed for many years to the decarbonisation of building and infrastructure construction and use. They are active in implementing the French RE2020 environmental regulation, which aims to reduce the environmental impact of buildings throughout their life cycle, from construction to demolition, spanning 50 years. In this context, VINCI Construction’s Functional Structures delegations systematically include life cycle assessment (LCA) in calls for tenders for projects covered by RE2020, as well as some rehabilitation projects (30% in 2025). VINCI Immobilier takes environmental criteria into account in the design of all its operations. It prioritises the following actions: choosing heating systems without gas, preferably using a heat pump, biomass or district heating; systematically providing a cost estimate for low-carbon concrete in design surveys.

VINCI Construction’s Road activities in France regularly apply the eco-comparison tool Seve-TP, which is widely used in the context of public works contracts.

VINCI Airports has also incorporated environmental and social clauses into its projects in the design or construction phase and requires that an environmental label be obtained (e.g. BREEAM®, LEED®, NF HQE™, etc.).

To inform its eco-design choices, the Group employs a range of life cycle assessment (LCA) tools. The e-CO2 NCERNED carbon assessment tool was developed for use across the Group, and several other tools are also available to operational staff and their customers. At VINCI Construction, the E+C− (positive-energy and low-carbon) calculator aims to assess a project’s compatibility against this label’s criteria. VINCI Energies has developed its own LCA tool, ECO2 VE. It has been applied to 1,500 of the business line’s projects by more than 3,000 users in all sectors, and its database is continuously updated. At VINCI Energies France Infrastructure & ICT, an environmental expertise unit was created in early 2025 to help companies build offers that stand out, such as by providing data on life cycle assessments and the reuse potential of materials.

Rollout of energy efficiency solutions

In line with RE2020, which encourages reducing both energy needs and consumption, VINCI Construction and VINCI Immobilier implement solutions promoting energy efficient buildings. In their role as integrators, VINCI Energies and Cobra IS are helping to drive the deployment of technologies to support their customers in moving forward with their energy transition. For example, VINCI Energies has developed P2C software to optimise building maintenance and improve energy efficiency. The Wave platform has been rolled out at all of VINCI Energies’ sites in France and many of its customers’ properties, enabling the centralised and simultaneous management of multiple sources of energy consumption.

In 2025, the VINCI Group’s revenue from the installation, maintenance and repair of equipment to increase energy efficiency was €2.3 billion (€1.6 billion in 2024) (see paragraph 2.1.1.1, “Eligibility and alignment of VINCI’s revenue”, page 203).

Regarding the use of electrical infrastructure and networks, energy savings are achieved by renovating public lighting and traffic lights. In France, business units under VINCI Energies’ Citeos brand managed over 180 comprehensive performance contracts for some 750,000 light points in France and Europe in 2025.

H. Reducing emissions from airport users

In 2025, VINCI Airports invested more than €50 million in CapEx (€30 million in 2024) to implement the emissions reduction plan at its airports.

VINCI Airports is leading several innovative projects to reduce emissions generated by the use of auxiliary power units (APUs) by installing equipment on the apron to supply electricity (400 Hz) and preconditioned air (PCA). APUs run on kerosene and release CO2 and other combustion gases. Supplying electrical power to parked aircraft allows pilots to limit their use of APUs and reduce the associated emissions. These initiatives, which involve the airports in Lyon and several airports in Portugal, among others, reduce the CO2 emissions of aircraft on the ground. In addition, they were co-funded with a European grant awarded through the Alternative Fuel Infrastructure Facility (AFIF) call for decarbonisation projects.

VINCI Airports encourages airlines to use sustainable aviation fuels (SAFs). In 2025, 14 airports offered SAFs (10 in 2024). VINCI Airports also contributes directly to the deployment of a SAF supply chain. In 2025, VINCI Airports signed a memorandum of understanding (MoU) with Hy2gen and H2V to research the creation of a supply chain for synthetic sustainable aviation fuels (e-SAFs) with e-methanol as the precursor. E-methanol is produced from green hydrogen, obtained through the electrolysis of water using renewable energy, and CO2 captured from biogas or industrial processes. This strategic partnership involves Lyon-Saint Exupéry airport as well as several airports in Italy. The goal is to develop a local, competitive SAF supply chain in the medium term and thereby help decarbonise aviation.

Other initiatives are also being taken to reduce aircraft emissions. VINCI Airports is working to develop methods and tools to reliably measure Scope 3 emissions. In 2024, thanks to a new partnership with the Estuaire start-up, a new tool was deployed in 60 airports in the network to precisely and reliably measure the landing and take-off (LTO) cycle each month. With reliable data, airports can identify means to reduce emissions from aviation activities, such as ground taxiing.

VINCI Airports is the leading contributor worldwide to the Airport Carbon Accreditation (ACA) program run by Airports Council International (ACI), with 49 accredited airports in 2025, including six at the topmost level, ACA Level 5 (four in 2024). Lyon-Saint Exupéry airport became the second French airport to obtain this top-level accreditation, following Toulon Hyères airport, also operated by VINCI Airports. Airports at Level 5 must reduce their Scope 1 and 2 carbon emissions by at least 90% compared with the 2018 baseline, invest in carbon sequestration projects to offset residual emissions, and implement an action plan with stakeholders to engage the entire value chain and actively encourage the airport’s partners to reduce their own emissions. ACA is the only global carbon management certification program for airports that has been endorsed by international institutions. In 2025, Salvador Bahia airport became the first airport in Latin America to achieve ACA Level 5, the highest level possible.