The contribution of equity-accounted companies to the Group’s net income and consolidated comprehensive income is as follows:
| (in € millions) | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| Associates | Joint ventures | Total | Associates | Joint ventures | Total | |
| Net income | 98 | 202 | 300 | 74 | 145 | 219 |
| Concessions | 45 | 105 | 151 | 19 | 103 | 122 |
| Energy Solutions | 6 | 41 | 47 | 10 | 5 | 14 |
| Construction | 46 | 57 | 103 | 45 | 40 | 86 |
| Holding companies | - | - | - | - | (2) | (2) |
| Other comprehensive income | (1) | 55 | 54 | (20) | 11 | (9) |
| Concessions | 7 | 37 | 43 | (16) | 16 | (0) |
| Energy Solutions | (7) | 15 | 8 | 2 | (5) | (3) |
| Construction | (2) | 4 | 2 | (3) | (0) | (4) |
| Holding companies | 0 | 0 | 1 | (2) | (0) | (2) |
| Comprehensive income | 97 | 258 | 355 | 55 | 156 | 210 |
| Concessions | 52 | 142 | 194 | 3 | 119 | 121 |
| Energy Solutions | (1) | 56 | 55 | 11 | (0) | 11 |
| Construction | 44 | 61 | 105 | 42 | 40 | 82 |
| Holding companies | 0 | 0 | 1 | (2) | (2) | (5) |
The revenue of companies accounted for under the equity method breaks down as follows (data reflecting the Group’s share):
| (in € millions) | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| Associates | Joint ventures | Total | Associates | Joint ventures | Total | |
| Revenue(*) |
1,764 |
2,668 |
4,433 |
1,709 |
2,103 |
3,812 |
| Concessions | 821 | 1,199 | 2,020 | 753 | 1,113 | 1,867 |
| Energy Solutions | 171 | 560 | 731 | 135 | 137 | 271 |
| Construction | 754 | 909 | 1,663 | 786 | 853 | 1,639 |
| Holding companies | 18 | 0 | 19 | 35 | 0 | 35 |
In accordance with IAS 28, the Group’s recognition of its share of contingent losses at associates and joint ventures is limited to its liabilities. At 31 December 2025, losses exceeding this share amounted to €201 million (€188 million at 31 December 2024).
The main features of concession and PPP contracts are given in Note F, “Concessions: PPP contracts, concession contracts and other infrastructure”. The list of companies accounted for under the equity method can be found on the Group’s website at www.vinci.com/ vinci.nsf/en/investors-composition-group.htm.
The financial statements include transactions between controlled and fully consolidated subsidiaries and associates and joint ventures. These transactions are as follows:
| (in € millions) | 31/12/2025 | 31/12/2024 | ||||
|---|---|---|---|---|---|---|
| Associates | Joint ventures | Total | Associates | Joint ventures | Total | |
| Revenue | 423 | 372 | 795 | 380 | 431 | 811 |
| Trade receivables | 136 | 166 | 302 | 233 | 181 | 414 |
| Purchases | 4 | 10 | 15 | 4 | 17 | 21 |
| Trade payables | 1 | 3 | 3 | 0 | 9 | 9 |
