Operating income from ordinary activities measures the operational performance of fully consolidated Group subsidiaries. It excludes share-based payment expense (IFRS 2) and certain recurring operating items (including the share of profit or loss of companies accounted for under the equity method), together with non-recurring operating items.
Recurring operating income is obtained by taking operating income from ordinary activities and adding the IFRS 2 expense associated with share-based payments (chiefly Group savings plans and performance share plans), the Group’s share of profit or loss of subsidiaries accounted for under the equity method, and other recurring operating income and expense. The latter category includes recurring income and expense relating to companies accounted for under the equity method and to unconsolidated companies (financial income from shareholder loans and advances granted by the Group to some subsidiaries, and dividends received from unconsolidated companies). Recurring operating income represents the Group’s operational performance excluding the impact of non-recurring transactions and events during the period.
Operating income is calculated by taking recurring operating income and adding non-recurring income and expense, which mainly includes goodwill impairment losses, restructuring charges, and income and expense relating to changes in scope (capital gains or losses on disposals of securities and the impact of changes in control).
| (in € millions) | 2025 | 2024 |
|---|---|---|
| Revenue(*) | Revenue(*) 2025 74,599 |
Revenue(*) 2024 71,623 |
| Concession subsidiaries’ revenue derived from works carried out by non-Group companies | Concession subsidiaries’ revenue derived from works carried out by non-Group companies 2025 772 |
Concession subsidiaries’ revenue derived from works carried out by non-Group companies 2024 837 |
| Total revenue | Total revenue 2025 75,372 |
Total revenue 2024 72,459 |
| Revenue from ancillary activities(**) | Revenue from ancillary activities (**)2025 331 |
Revenue from ancillary activities (**)2024 308 |
| Purchases consumed | Purchases consumed 2025 (15,008) |
Purchases consumed 2024 (15,658) |
| External services(***) | External services (***)2025 (8,810) |
External services (***)2024 (8,019) |
| Temporary staff | Temporary staff 2025 (1,769) |
Temporary staff 2024 (1,775) |
| Subcontracting (including concession companies’ construction costs) | Subcontracting (including concession companies’ construction costs) 2025 (15,269) |
Subcontracting (including concession companies’ construction costs) 2024 (14,767) |
| Taxes and levies | Taxes and levies 2025 (1,720) |
Taxes and levies 2024 (1,647) |
| Employment costs | Employment costs 2025 (18,739) |
Employment costs 2024 (17,544) |
| Other operating income and expense | Other operating income and expense 2025 66 |
Other operating income and expense 2024 41 |
| Depreciation and amortisation | Depreciation and amortisation 2025 (4,206) |
Depreciation and amortisation 2024 (3,998) |
| Net provision expense | Net provision expense 2025 (690) |
Net provision expense 2024 (403) |
| Operating expenses | Operating expenses 2025 (66,145) |
Operating expenses 2024 (63,770) |
| Operating income from ordinary activities | Operating income from ordinary activities 2025 9,558 |
Operating income from ordinary activities 2024 8,997 |
| % of revenue(*) | % of revenue (*)2025 12.8% |
% of revenue (*)2024 12.6% |
| Share-based payments (IFRS 2) | Share-based payments (IFRS 2) 2025 (567) |
Share-based payments (IFRS 2) 2024 (462) |
| Profit/(loss) of companies accounted for under the equity method | Profit/(loss) of companies accounted for under the equity method 2025 300 |
Profit/(loss) of companies accounted for under the equity method 2024 219 |
| Other recurring operating items | Other recurring operating items 2025 110 |
Other recurring operating items 2024 97 |
| Recurring operating income | Recurring operating income 2025 9,401 |
Recurring operating income 2024 8,850 |
| Goodwill impairment losses | Goodwill impairment losses 2025 (5) |
Goodwill impairment losses 2024 (8) |
| Scope effects, gains and losses on disposal of investments and other non-recurring operating items | Scope effects, gains and losses on disposal of investments and other non-recurringoperating items 2025 (32) |
Scope effects, gains and losses on disposal of investments and other non-recurringoperating items 2024 (59) |
| Total non-recurring operating items | Total non-recurring operating items 2025 (37) |
Total non-recurring operating items 2024 (68) |
| Operating income | Operating income 2025 9,364 |
Operating income 2024 8,783 |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Revenue from ancillary activities mainly comprises revenue from leases and sales of equipment, materials and merchandise, study work, and fees other than those generated by concession operators.
(***) Including lease payments of €2,171 million in 2025 and €2,163 million in 2024 not restated following the application of IFRS 16: low-value leases, short-term leases and variable lease payments.
The increase in the profit of companies accounted for under the equity method reflects strong performance across airport operations (in particular Kansai Airports in Japan and Budapest airport).
The rise in share-based payments resulted mainly from the larger number of shares subscribed in connection with the Group savings plan in France as well as the VINCI share’s higher value when the subscriptions were made.
Non-recurring operating items produced a net expense of €37 million in 2025, including the net impact of asset disposals by VINCI Concessions and Cobra IS, which were partly offset by impairment losses recognised on assets.
In 2024, they represented a net expense of €68 million and consisted mainly of a €50 million expense relating to the remeasurement of the earn-out payable to ACS as part of the Cobra IS acquisition and the impact of changes in scope at VINCI Concessions and VINCI Construction.
