Upstream emissions account for 40% of emissions, totalling around 19 million tonnes of CO2. About 88% of upstream emissions come from purchases, primarily construction materials (concrete, steel, bitumen, etc.). Compared with 2019, upstream emissions fell by 8% as a result of the actions listed under “Actions to reduce emissions in the value chain”, in paragraph 2.2.2.1, “Climate change mitigation and energy”, page 215, such as the rollout of low-carbon concrete and purchases of recycled steel.
Downstream emissions account for 60% of total emissions, amounting to almost 29 million tonnes of CO2. More than 16 million tonnes of CO2 come from traffic on the VINCI Autoroutes and VINCI Highways networks, while 3 million tonnes of CO2 are associated with the landing and take-off (LTO) cycle and passenger access at VINCI Airports. The actions currently being implemented are listed under “Actions to reduce emissions in the value chain”, in paragraph 2.2.2.1 “Climate change mitigation and energy”, page 215. Downstream emissions remained broadly stable. Those related to motorway activities are dependent on external factors, such as the share of electric passenger vehicles and heavy vehicles in use.
Other downstream emissions, estimated at nearly 9 million tonnes of CO2, mainly include emissions associated with the use of equipment installed by VINCI Energies and Cobra IS as well as the use of buildings completed by VINCI Construction. These activities are seeing growth related to business development in the energy sector (renovation, energy efficiency, new energy service infrastructure), which has an impact on downstream Scope 3 emissions, but contributes to electrification among the Group’s customers.
VINCI’s carbon intensity in 2025 was 0.67 thousand tonnes of CO2 equivalent per million euros of revenue, down from 0.70 thousand tonnes of CO2 equivalent per million euros of revenue in 2024. The revenue used to calculate the carbon intensity ratio is presented in the consolidated financial statements on page 388. The methodology used to calculate the carbon intensity ratio is presented in paragraph 5.4.2, “Carbon intensity”, of the methodology note, page 289.
Two industrial sites, an asphalt plant and a lime plant, in the VINCI Group are subject to the EU-ETS emissions cap and bought 50 thousand tonnes of CO2 equivalent in 2025 (1,375 tonnes of CO2 equivalent in 2024). The emissions thus covered accounted for around 6% of the Group’s Scope 1 emissions in 2025, as they did in 2024.
Biogenic emissions are not included in total Scope 1, 2 and 3 emissions. They were estimated at around 83 thousand tonnes of biogenic CO2 for Scope 1 (90 thousand tonnes of biogenic CO2 in 2024) and 19 thousand tonnes of biogenic CO2 for Scope 2 in 2025 (20 thousand tonnes of biogenic CO2 for Scope 2 in 2024), i.e. roughly 5% of the Group’s Scope 1 and 2 emissions, remaining stable relative to 2024 (see paragraph 5.4.3.1, “Scope 1 and Scope 2 greenhouse gas emissions”, of the methodology note, page 290).
VINCI does not use internal carbon pricing, a tool that the Group considers to be too restrictive, since it deals only with carbon emissions while overlooking wider impacts on natural environments and neglecting circular economy principles. Instead, the Group favours an approach based on life cycle assessments (LCAs) and the carbon footprint of projects, which leads to a more accurate and comprehensive evaluation of environmental impacts, without a monetary value. This same approach is applied to review the environmental solutions competing in VINCI’s Environment Awards.
Given that biomass energy combustion in the value chain is not significant, the Group’s biogenic Scope 3 emissions are deemed not material.
In 2020, VINCI developed a methodology to monitor its progress towards meeting its commitment to reduce the Group’s direct emissions (Scope 1 and market-based Scope 2) by 40% from 2018 levels by 2030. This methodology enables the Group to track its progress each year against its projected emissions reductions. These projections are used to evaluate the Group’s performance between 2018 and 2030. They have been designed to take into consideration the Group’s commitments and the pace of actions toward reducing emissions put in place by each business line. VINCI’s low-carbon pathway takes into consideration any changes in scope within the business lines, as well as the organic growth of the Group’s main businesses. Each newly acquired company is integrated into the Group’s emissions reduction actions. The projected emissions reductions and the amount of gross emissions to be reduced are therefore adjusted for these acquisitions, while disposals are removed from the scope. This method is used to limit the adjustments and estimates needed to incorporate changes in scope, while objectively reporting on the Group’s actions and its alignment with its reduction goal (see paragraph 5.2, “Changes in scope”, of the methodology note, page 288).
In 2025, VINCI business lines acquired 126 entities, which emitted 89,000 tonnes of CO2 equivalent over the year, and disposed of eight entities, which emitted 8,000 tonnes of CO2 equivalent over the year. Total emissions in the baseline year of 2018, after adjusting for the total impact of acquisitions and disposals between 2018 and 2025, were thus 2.9 million tonnes of CO2. At end-2025, the Group had reduced its greenhouse gas emissions by 26% compared with 2018 levels through measures taken by business lines, particularly the use of renewable energy.
