The main movements of funds between the VINCI holding company and its subsidiaries, other than the dividends that the holding company receives (the total amount of which is provided in Note C.7 to the parent company financial statements, page 424), are listed below.
VINCI receives compensation in exchange for providing assistance to its subsidiaries and allowing them to use its intangible assets. In 2025, this compensation amounted to €222 million.
The Group’s French subsidiaries place their available cash, if it is able to be centralised, with VINCI through a cash pooling system. In return, the holding company meets their financing needs. The holding company acts on the money and financial markets on its own behalf or on its subsidiaries’ behalf, investing cash surpluses and borrowing funds as necessary. As a general rule, this arrangement applies to all French subsidiaries directly or indirectly controlled by VINCI (subject to the terms of shareholders’ agreements in force, for subsidiaries not wholly owned by VINCI).
VINCI Finance International, a wholly owned subsidiary of VINCI, centralises all the cash flows of the Group’s subsidiaries working outside France and carries out the financial transactions enabling it to optimise returns and allocate the necessary resources.
VINCI and VINCI Finance International may make short- and medium-term loans to the Group’s subsidiaries to finance their investments or working capital requirements and may receive funds from subsidiaries for deposits. Loans to Group subsidiaries represented total outstandings of €14,492 million at 31 December 2025 (€16,636 million at 31 December 2024).
Regulated agreements between VINCI and its subsidiaries, excluding those agreements between VINCI and its wholly owned subsidiaries, are subject to prior authorisation by the Board of Directors. They are described in special reports by the Statutory Auditors, for approval by the shareholders at the Shareholders’ General Meeting.
Since the head companies of each business line and VINCI Immobilier are wholly owned by VINCI, they are not subject to any shareholder agreements. On the other hand, the formation of companies owned jointly with other parties, by VINCI or by its subsidiaries, may result in agreements with respect to these companies. Such agreements mainly aim to organise the respective rights of shareholders in the event of the disposal of shares and to set certain operating principles for the corporate governing bodies. This is the case in particular for certain companies created specifically for the needs of securing and managing infrastructure concessions.
All changes in share capital or in the rights attached to the shares are subject to general legal provisions. The Articles of Association do not provide for additional conditions (except as regards voting rights and statutory thresholds; see section 1 above, “Corporate identity”, page 325).
At 31 December 2025, VINCI’s share capital amounted to €1,454,542,075, represented by 581,816,830 shares, each with a nominal value of €2.50, fully paid-up and all of the same class. VINCI shares are registered or bearer shares, at the shareholder’s choice, and may be traded freely.
| Capital increase/ (reduction) (in €) | Share premium arising on contributions or mergers (in €) | Number of shares issued or cancelled | Number of shares outstanding | Share capital (in €) | |
|---|---|---|---|---|---|
| Position at 31/12/2020 | Position at 31/12/2020 Capital increase/ (reduction) (in €)
|
Position at 31/12/2020 Share premium arising on contributions or mergers (in €)
|
Position at 31/12/2020 Number of shares issued or cancelled
|
Position at 31/12/2020 Number of shares outstanding 588,519,218 |
Position at 31/12/2020 Share capital (in €)1,471,298,045 |
| Group savings plan | Group savings plan Capital increase/ (reduction) (in €)24,607,895 |
Group savings plan Share premium arising on contributions or mergers (in €)714,503,451 |
Group savings plan Number of shares issued or cancelled 9,843,158 |
Group savings plan Number of shares outstanding 598,362,376 |
Group savings plan Share capital (in €)1,495,905,940 |
| Cancellation of shares | Cancellation of shares Capital increase/ (reduction) (in €)(15,000,000) |
Cancellation of shares Share premium arising on contributions or mergers (in €)
|
Cancellation of shares Number of shares issued or cancelled (6,000,000) |
Cancellation of shares Number of shares outstanding 592,362,376 |
Cancellation of shares Share capital (in €)1,480,905,940 |
| Position at 31/12/2021 | Position at 31/12/2021 Capital increase/ (reduction) (in €)
|
Position at 31/12/2021 Share premium arising on contributions or mergers (in €)
|
Position at 31/12/2021 Number of shares issued or cancelled
|
Position at 31/12/2021 Number of shares outstanding 592,362,376 |
Position at 31/12/2021 Share capital (in €)1,480,905,940 |
| Group savings plan | Group savings plan Capital increase/ (reduction) (in €)14,062,385 |
Group savings plan Share premium arising on contributions or mergers (in €)476,715,186 |
Group savings plan Number of shares issued or cancelled 5,624,954 |
Group savings plan Number of shares outstanding 597,987,330 |
Group savings plan Share capital (in €)1,494,968,325 |
| Cancellation of shares | Cancellation of shares Capital increase/ (reduction) (in €)(21,500,000) |
Cancellation of shares Share premium arising on contributions or mergers (in €)
|
Cancellation of shares Number of shares issued or cancelled (8,600,000) |
Cancellation of shares Number of shares outstanding 589,387,330 |
Cancellation of shares Share capital (in €)1,473,468,325 |
| Position at 31/12/2022 | Position at 31/12/2022 Capital increase/ (reduction) (in €)
|
Position at 31/12/2022 Share premium arising on contributions or mergers (in €)
|
Position at 31/12/2022 Number of shares issued or cancelled
|
Position at 31/12/2022 Number of shares outstanding 589,387,330 |
Position at 31/12/2022 Share capital (in €)1,473,468,325 |
| Group savings plan | Group savings plan Capital increase/ (reduction) (in €)20,903,293 |
Group savings plan Share premium arising on contributions or mergers (in €)688,403,371 |
Group savings plan Number of shares issued or cancelled 8,361,317 |
Group savings plan Number of shares outstanding 597,748,647 |
Group savings plan Share capital (in €)1,494,371,618 |
| Cancellation of shares | Cancellation of shares Capital increase/ (reduction) (in €)(21,750,000) |
Cancellation of shares Share premium arising on contributions or mergers (in €)
|
Cancellation of shares Number of shares issued or cancelled (8,700,000) |
Cancellation of shares Number of shares outstanding 589,048,647 |
Cancellation of shares Share capital (in €)1,472,621,618 |
| Position at 31/12/2023 | Position at 31/12/2023 Capital increase/ (reduction) (in €)
|
Position at 31/12/2023 Share premium arising on contributions or mergers (in €)
|
Position at 31/12/2023 Number of shares issued or cancelled
|
Position at 31/12/2023 Number of shares outstanding 589,048,647 |
Position at 31/12/2023 Share capital (in €)1,472,621,618 |
| Group savings plan | Group savings plan Capital increase/ (reduction) (in €)16,428,413 |
Group savings plan Share premium arising on contributions or mergers (in €)651,916,705 |
Group savings plan Number of shares issued or cancelled 6,571,365 |
Group savings plan Number of shares outstanding 595,620,012 |
Group savings plan Share capital (in €)1,489,050,030 |
| Cancellation of shares | Cancellation of shares Capital increase/ (reduction) (in €)(34,507,955) |
Cancellation of shares Share premium arising on contributions or mergers (in €)
|
Cancellation of shares Number of shares issued or cancelled (13,803,182) |
Cancellation of shares Number of shares outstanding 581,816,830 |
Cancellation of shares Share capital (in €)1,454,542,075 |
| Position at 31/12/2024 | Position at 31/12/2024 Capital increase/ (reduction) (in €)
|
Position at 31/12/2024 Share premium arising on contributions or mergers (in €)
|
Position at 31/12/2024 Number of shares issued or cancelled
|
Position at 31/12/2024 Number of shares outstanding 581,816,830 |
Position at 31/12/2024 Share capital (in €)1,454,542,075 |
| Group savings plan | Group savings plan Capital increase/ (reduction) (in €)18,679,533 |
Group savings plan Share premium arising on contributions or mergers (in €)752,113,764 |
Group savings plan Number of shares issued or cancelled 7,471,813 |
Group savings plan Number of shares outstanding 589,288,643 |
Group savings plan Share capital (in €)1,473,221,608 |
| Cancellation of shares | Cancellation of shares Capital increase/ (reduction) (in €)(18,679,533) |
Cancellation of shares Share premium arising on contributions or mergers (in €)
|
Cancellation of shares Number of shares issued or cancelled (7,471,813) |
Cancellation of shares Number of shares outstanding 581,816,830 |
Cancellation of shares Share capital (in €)1,454,542,075 |
| Position at 31/12/2025 | Position at 31/12/2025 Capital increase/ (reduction) (in €)
|
Position at 31/12/2025 Share premium arising on contributions or mergers (in €)
|
Position at 31/12/2025 Number of shares issued or cancelled
|
Position at 31/12/2025 Number of shares outstanding 581,816,830 |
Position at 31/12/2025 Share capital (in €)1,454,542,075 |
