The “Derivatives designated as hedges: assets and liabilities” item breaks down as follows:
| (in € millions) | 2025 | 2024 |
|---|---|---|
| Net interest on derivatives designated as fair value hedges | Net interest on derivatives designated as fair value hedges 2025 (240) |
Net interest on derivatives designated as fair value hedges 2024 (443) |
| Change in value of interest rate derivatives designated as fair value hedges | Change in value of interest rate derivatives designated as fair value hedges 2025 97 |
Change in value of interest rate derivatives designated as fair value hedges 2024 275 |
| Change in value of the adjustment to fair value hedged financial debt | Change in value of the adjustment to fair value hedged financial debt 2025 (86) |
Change in value of the adjustment to fair value hedged financial debt 2024 (264) |
| Reserve recycled through profit or loss in respect of cash flow and net investment hedges | Reserve recycled through profit or loss in respect of cash flow and net investment hedges 2025 (49) |
Reserve recycled through profit or loss in respect of cash flow and net investment hedges 2024 29 |
| Ineffective portion of cash flow and net investment hedges | Ineffective portion of cash flow and net investment hedges 2025 (8) |
Ineffective portion of cash flow and net investment hedges 2024 (9) |
| Gains and losses on derivative instruments allocated to net financial debt | Gains and losses on derivative instruments allocated to net financial debt 2025 (287) |
Gains and losses on derivative instruments allocated to net financial debt 2024 (412) |
Other financial income and expense comprises mainly discounting effects, the impact of capitalised borrowing costs, foreign exchange gains and losses relating to financial items and changes in the value of equity instruments and derivatives not allocated to hedging interest rate or exchange rate risk, along with financial expense relating to lease liabilities under IFRS 16.
Capitalised borrowing costs relate to infrastructure under concession and are included during the construction period in the value of those assets. They are determined as follows:
Other financial income and expense breaks down as follows:
| (en millions d’euros) | 2025 | 2024 |
|---|---|---|
| Net effects of discounting | Net effects of discounting 2025 (86) |
Net effects of discounting 2024 (109) |
| Capitalised borrowing costs | Capitalised borrowing costs 2025 125 |
Capitalised borrowing costs 2024 127 |
| Financial expenses on lease liabilities | Financial expenses on lease liabilities 2025 (110) |
Financial expenses on lease liabilities 2024 (91) |
| Foreign exchange gains and losses, other changes in fair value and miscellaneous items | Foreign exchange gains and losses, other changes in fair value and miscellaneous items 2025 (110) |
Foreign exchange gains and losses, other changes in fair value and miscellaneous items 2024 (144) |
| Total other financial income and expense | Total other financial income and expense 2025 (181) |
Total other financial income and expense 2024 (217) |
In 2025, the net effects of discounting produced an expense of €86 million, compared with an expense of €109 million in 2024. The net effect arising from the discounting of provisions for the obligation to maintain the condition of concession intangible assets represented an expense of €37 million (expense of €51 million in 2024), including a €18 million expense at VINCI Autoroutes (expense of €37 million in 2024) and a €19 million expense at VINCI Airports (expense of €15 million in 2024). The net expense arising from the discounting of provisions for retirement benefit obligations amounted to €36 million (€39 million in 2024), while other effects arising from the discounting of provisions represented an expense of €13 million (€18 million in 2024), including €7 million related to the discounting of provisions for fixed fees payable to the concession grantor for Belgrade airport in Serbia (€7 million in 2024).
Capitalised borrowing costs amounted to €125 million in 2025 and related to (i) investments in renewable energies at Cobra IS totalling €47 million (up €34 million compared with 2024) and (ii) VINCI Highways, with Vía Sumapaz in Colombia (impact of €39 million), VINCI Airports (impact of €25 million), including London Gatwick and Belgrade airports, and VINCI Autoroutes (impact of €9 million).
There was a foreign exchange loss of €25 million in 2025, versus a gain of €10 million in 2024. Other changes include the €2 million decrease in the fair value of VINCI’s stake in Groupe ADP (decrease of €44 million in 2024) and the €75 million interest expense relating to the advances received from the offtaker in respect of the Carmópolis project in Brazil at Cobra IS (expense of €94 million in 2024).
