2025 Universal Registration Document

Notes to the consolidated financial statements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

A. Key events, accounting policies and specificarrangements
1.Key events
Assessment of financial performance

The 2025 financial statements show an increase in revenue and improved operating income from each of the Group’s three businesses:Concessions, Energy Solutions and Construction. Free cash flow hit a new record and net income was higher than in 2024 despite a greatertax burden in France.

  • Consolidated revenue rose by 4.2% to €74.6 billion in 2025 (organic growth of 2.6%, a 2.5% positive impact from changes in theconsolidation scope, and a 1.0% negative impact from exchange rate movements).
  • Ebitda amounted to €13.5 billion (18.1% of revenue), 6.4% higher than the 2024 figure of €12.7 billion (17.7% of revenue).
  • Operating income from ordinary activities (Ebit) rose to €9.6 billion from €9.0 billion in 2024. Ebit margin was 12.8% (12.6% in 2024).
  • Recurring operating income totalled almost €9.4 billion (€8.9 billion in 2024).
  • Consolidated net income attributable to owners of the parent was €4.9 billion. Excluding the impact of the exceptional contribution oncorporate income tax for large companies in France, it would have been 10% higher than in 2024, at €5.4 billion.
  • Net financial debt at 31 December 2025 was €19.1 billion (€20.4 billion at 31 December 2024).

The Report of the Board of Directors contains information on the operating performance of the Group’s various business lines.

Financing transactions and liquidity management

The main financing transactions during the year concerned VINCI SA, ASF, London Gatwick airport and Edinburgh airport. They are described in Note J, “Financing and financial risk management”.

At 31 December 2025, VINCI’s liquidity position stood at €22.0 billion, comprising:

  • €15.5 billion of net cash managed;
  • a €6.5 billion confirmed credit facility unused by VINCI SA, the expiry of which has been recently extended to January 2031.

Information on the Group’s liquidity is presented in Note J.26, “Net cash managed and available resources”.

2.Accounting policies
2.1 Basis for preparing the financial statements

Pursuant to Regulation (EC) 1606/2002 of 19 July 2002, VINCI’s consolidated financial statements for the year ended 31 December 2025 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union at 31 December 2025.(*)

The accounting policies used at 31 December 2025 are the same as those used in preparing the consolidated financial statements at 31 December 2024, except for the standards and/or amendments to standards described below, adopted by the European Union and mandatorily applicable as from 1 January 2025.

The Group’s consolidated financial statements are presented in millions of euros, rounded to the nearest million. This may in certain circumstances lead to non-material differences between the sum of the figures and the subtotals that appear in the tables.

The information relating to the 2023 financial year, presented in the universal registration document filed with the AMF under number D.25-0064 on 28 February 2025, is deemed to be included herein.

The consolidated financial statements were reviewed and approved by the Board of Directors on 5 February 2026 and will be presented to shareholders for their approval at the Shareholders’ General Meeting on 14 April 2026.

New standards and interpretations applied from 1 January 2025

Standards, interpretations and amendments mandatorily applicable from 1 January 2025 had no material impact on the VINCI Group’s consolidated financial statements at 31 December 2025. They mainly concern “Lack of Exchangeability” (Amendments to IAS 21): these amendments specify when a currency is exchangeable into another currency and how to determine the exchange rate when it is not.

Standards and interpretations adopted by the IASB but not yet applicable at 1 January 2025

The Group has not applied early any of the following amendments to standards that could concern the Group and were not mandatorily applicable at 1 January 2025:

  • “Amendments to the Classification and Measurement of Financial Instruments” (Amendments to IFRS 9 and IFRS 7): these amendments specify that financial assets and liabilities must be recognised or derecognised on the settlement date. However, it is possible to derecognise certain financial liabilities if they were settled by electronic transfer and if certain criteria, aimed at ensuring that the entity no longer has control over the cash, are met.
  • “Contracts Referencing Nature-dependent Electricity” (Amendments to IFRS 9 and IFRS 7): these amendments facilitate the application of the “own use” exception to physical power purchase agreements if certain conditions, aimed at ensuring that the entity remains a “net buyer” of electricity, are met. The amendments also facilitate the application of hedge accounting in the case of virtual power purchaseagreements.
  • “Translation to a Hyperinflationary Presentation Currency” (Amendments to IAS 21): these amendments clarify how companies shouldtranslate financial statements from a non-hyperinflationary currency into a hyperinflationary one.