2025 Universal Registration Document

Scope 3 baseline emissions are adjusted each year to reflect the cumulative impact of changes in scope between 2019 and year Y, using the same method as for direct greenhouse gas emissions.

5.4.3.4 High-risk assets exposed to weather events

These assets are identified using ResiLens, an internal tool that uses data from the IPCC’s SSP5-8.5 scenario and specific internal studies to map out infrastructure under concession that is most exposed to climate change over the time horizons to 2030, 2050 and 2070. The risk level is assigned a score between 1 and 9 based on the site’s location, exposure to weather events and risks relating to infrastructure. Assets with a score higher than 7 are considered “high-risk”.

5.4.4 EU Taxonomy KPIs

The eligibility and alignment of VINCI’s activities, as defined under the EU Taxonomy Regulation, was assessed within each business line, based on an analysis of its activities, taking into account existing processes, reporting systems and management assumptions.

5.4.4.1 KPI definitions

The EU Taxonomy requires the disclosure of three KPIs: revenue, CapEx and OpEx.

Revenue

In accordance with the definition provided in the Annex to the Disclosures Delegated Act, the Group’s consolidated revenue as reportedin its consolidated income statement (see the consolidated financial statements, page 338) is used as the denominator in Taxonomyeligibility and alignment analyses.

Revenue eligibility is determined with regard to the nomenclature of the processes and areas of expertise specific to each business line,which aligns coherently and operationally with EU Taxonomy requirements.

Taxonomy-aligned activities are eligible activities that meet substantial contribution and “do no significant harm” (DNSH) criteria and that also comply with minimum safeguards in the following areas: human rights (including labour and consumer rights), bribery and corruption, taxation and fair competition. Other than the minimum safeguards developed in more detail in paragraph 5.4.4.2 below, these criteria were assessed project by project or, in the case of VINCI Energies and Cobra IS, based on samples of projects representing their most significant operations. The results were then extrapolated to similar projects whenever relevant.

Elimination of intercompany revenue

Revenue eligibility and alignment are only determined on the basis of revenue generated from companies outside VINCI. Intercompanyrevenue within the Group, such as the sale of recycled materials from the Group’s recycling facilities, quarries or production plants, is nottaken into account.

CapEx

In accordance with the definition provided in the Annex to the Disclosures Delegated Act, the Taxonomy-eligible share of the Group’s capital expenditure (CapEx) is determined by calculating the ratio of the following financial aggregates:

As the denominator, the total of gross additions to property, plant and equipment and intangible assets and gross additions to right-of-use assets in respect of leases recognised under IFRS 16, including additions of property, plant and equipment and intangible assets resulting from business combinations (see Notes F.12 and H.17 to the consolidated financial statements, pages 364 and 371).

	Concession intangible assets^(*)	Intangible assets^(*)	Property, plant and equipment^(*)	Total for the period
Acquisitions during the period	Acquisitions during the period Concession intangible assets ^(*) 1,099	Acquisitions during the period Intangible assets ^(*) 136	Acquisitions during the period Property, plant and equipment ^(*) 4,717	Acquisitions during the period Total for the period 5,952
Acquisitions as part of business combinations	Acquisitions as part of business combinations Concession intangible assets ^(*)	Acquisitions as part of business combinations Intangible assets ^(*) 78	Acquisitions as part of business combinations Property, plant and equipment ^(*) 26	Acquisitions as part of business combinations Total for the period 104
Total in € millions	Total in € millions Concession intangible assets ^()1,099*	Total in € millions Intangible assets ^()214*	Total in € millions Property, plant and equipment ^()4,743*	Total in € millions Total for the period 6,056

(*) Total acquisitions as part of business combinations amounting to €78 million are included in the “Changes in scope and other” item of Note H.17.1 to the consolidated financial statements, page 372, totalling €78 million, and total acquisitions as part of business combinations amounting to €26 million are included in the “Scope effects, changes in leases and other” item of Note H.17.2 to the consolidated financial statements, page 373, totalling €612 million.

As the numerator, the sum of the capital expenditure identified in the denominator that is associated with Taxonomy-eligible orTaxonomy-aligned activities. First, individually eligible CapEx was identified. Then, the remaining CapEx (about 50% of total CapEx in 2025) was broken down by business line or division and the corresponding percentages of eligible and aligned revenue were applied. To date,no other basis for allocation has been found to be more relevant, given the diversity of the Group’s businesses and available informationsystems. The Group continues to perform sector analyses to identify potential non-financial bases for allocation.

Activities contributing to multiple objectives

The Group has identified eligible activities that contribute to several objectives, especially climate change mitigation, climate changeadaptation and the circular economy. After an assessment of these activities against substantial contribution and DNSH criteria, theseactivities were not found to be aligned with more than one objective.

OpEx

The denominator value for operational expenditure (OpEx) was calculated in accordance with the definition provided in the Annex to theDisclosures Delegated Act, which includes total non-capitalised costs relating to research and development, building renovation measures and the short-term lease, maintenance and repair of Group assets.

5.4.4.2 Methodological approaches

Fast-close data reporting The percentages of Taxonomy-eligible and Taxonomy-aligned activities were calculated at 30 September 2025 and applied to the Group’s revenue and CapEx at 31 December 2025, except for VINCI Immobilier, which analysed actual data at 31 December 2025, due to seasonal effects. The Group ensured that no significant event had occurred in the fourth quarter of 2025 that was likely to invalidate the estimate made based on data at 30 September 2025.
Adaptation DNSH criteria (Appendix A of Annex I to the Climate Delegated Act)In assessing the vulnerability of its activities to physical climate risks to demonstrate compliance with Adaptation DNSH criteria under Appendix A, the Group takes two approaches, based on the type of activities:
- Long-term concession activities (over 10 years) For activities where VINCI is the infrastructure concession holder for a period spanning more than 10 years, the vulnerability assessment covers the infrastructure’s entire lifespan. This assessment is performed individually for each asset.
- Construction activities For activities where VINCI is the builder, the assessment covers an expected lifespan of less than 10 years for the eligible activity. In accordance with the guidelines in the white paper published by EGF (Entreprises Générales de France BTP), the Adaptation DNSH criteria do not apply to construction companies that comply with the position adopted by project managers on the requirements set out in Appendix A.

Pollution DNSH criteria (Appendix C of Annex I to the Climate Delegated Act) These generic DNSH criteria mainly apply to the Group’s construction activities in France (CCM 7.1 and 7.2). To determine whether these activities meet the pollution DNSH criteria, the Group followed the interpretations provided in the white paper “Taxonomie : interprétation des critères applicables aux entreprises de la construction” (EU Taxonomy: interpretation of applicable criteria for construction companies), published by EGF BTP, and in “Taxinomie européenne : un guide pour son application dans l’immobilier” (EU Taxonomy: a guide for its application in the property sector), published by the Observatoire de l’Immobilier Durable (OID). For building projects using A or A+ labelled products, emissions of volatile organic compounds (VOCs) and formaldehyde were below the required levels. The other criteria were assessed as met, in accordance with regulations in force.
Minimum safeguards in the areas of human rights (including labour and consumer rights), bribery and corruption, taxation and fair competitionThe system implemented by VINCI throughout the Group to manage risks relating to human rights (including labour and consumer rights), bribery and corruption, taxation and fair competition was assessed against the four sets of standards referenced in the EU Taxonomy Regulation:
- the OECD Guidelines for Multinational Enterprises;
- the UN Guiding Principles on Business and Human Rights (UNGP);
- the 11 fundamental instruments of the International Labour Organisation (ILO);
- the International Bill of Human Rights.The assessment was mainly based on the following documents: VINCI’s 2024 Universal Registration Document, VINCI’s Guide on Human Rights, the VINCI Manifesto, the Code of Ethics and Conduct, the Anti-corruption Code of Conduct and the VINCI Integrity platform. The Group applies the procedures set out in these documents and takes measures in accordance with French legislation, specifically the duty of vigilance law and the Sapin 2 law, to manage these risks (see section 3, “Duty of vigilance with regard to human rights” of chapter F, “Duty of vigilance plan”, pages 303 to 315). It cooperates with the Business & Human Rights Resource Centre and responds to any concerns raised within three months.At 31 December 2025, VINCI had not been found guilty of any infringement relating to the above areas.