The main contracts for PPP projects operated by or under construction by Group subsidiaries are presented on the asset side of theconsolidated balance sheet for their part at more than one year under “Other non-current financial assets” and concern the following:
| (in € millions) | Au 31/12/2025 | Au 31/12/2024 |
|---|---|---|
| Beginning of period | Beginning of period Au 31/12/2025 181 |
Beginning of period Au 31/12/2024 132 |
| Acquisitions during the period | Acquisitions during the period Au 31/12/2025 391 |
Acquisitions during the period Au 31/12/2024 295 |
| Redemptions | Redemptions Au 31/12/2025 (83) |
Redemptions Au 31/12/2024 (14) |
| Other movements and currency translation differences | Other movements and currency translation differences Au 31/12/2025 (221) |
Other movements and currency translation differences Au 31/12/2024 (232) |
| End of period | End of period Au 31/12/2025 268 |
End of period Au 31/12/2024 181 |
| of which | of which Au 31/12/2025
|
of which Au 31/12/2024
|
| between 1 and 5 years | between 1 and 5 years Au 31/12/2025 71 |
between 1 and 5 years Au 31/12/2024 58 |
| over 5 years | over 5 years Au 31/12/2025 197 |
over 5 years Au 31/12/2024 123 |
| (in € millions) | 31/12/2025 | 31/12/2024 |
|---|---|---|
| ASF group (France) | ASF group (France) 31/12/2025 902 |
ASF group (France) 31/12/2024 810 |
| OMA (Grupo Aeroportuario del Centro Norte – Mexico) | OMA (Grupo Aeroportuario del Centro Norte – Mexico) 31/12/2025 870 |
OMA (Grupo Aeroportuario del Centro Norte – Mexico) 31/12/2024 246 |
| Via Cristais (Brazil) | Via Cristais (Brazil) 31/12/2025 689 |
Via Cristais (Brazil) 31/12/2024 - |
| Aerodom (Dominican Republic) | Aerodom (Dominican Republic) 31/12/2025 544 |
Aerodom (Dominican Republic) 31/12/2024 677 |
| ANA group (Portugal) | ANA group (Portugal) 31/12/2025 422 |
ANA group (Portugal) 31/12/2024 492 |
| Cobra IS | Cobra IS 31/12/2025 274 |
Cobra IS 31/12/2024 368 |
| Cofiroute (France) | Cofiroute (France) 31/12/2025 250 |
Cofiroute (France) 31/12/2024 265 |
| London Gatwick airport (United Kingdom) | London Gatwick airport (United Kingdom) 31/12/2025 168 |
London Gatwick airport (United Kingdom) 31/12/2024 179 |
| Cabo Verde Airports (Cabo Verde) | Cabo Verde Airports (Cabo Verde) 31/12/2025 110 |
Cabo Verde Airports (Cabo Verde) 31/12/2024 89 |
| Vía Sumapaz (Colombia) | Vía Sumapaz (Colombia) 31/12/2025 90 |
Vía Sumapaz (Colombia) 31/12/2024 126 |
| ADL – Aéroports de Lyon (France) | ADL – Aéroports de Lyon (France) 31/12/2025 77 |
ADL – Aéroports de Lyon (France) 31/12/2024 89 |
| Entrevias (Brazil) | Entrevias (Brazil) 31/12/2025 62 |
Entrevias (Brazil) 31/12/2024 - |
| Other | Other 31/12/2025 59 |
Other 31/12/2024 47 |
| Total | Total 31/12/2025 4,518 |
Total 31/12/2024 3,388 |
The increase in investment and renewal undertakings in 2025 mainly stems from work to be done by Via Cristais, the company holding the concession for the BR-040 federal highway in Brazil, which connects the cities of Belo Horizonte and Cristalina, and by Mexican airport operator OMA under its Master Development Program.
Contractual investment obligations of motorway concession companies in France consist mainly of undertakings made under concession contracts, multi-year master contracts as part of the motorway investment plan approved in 2018 and the supplementary agreement regarding the western Montpellier bypass at ASF. The increase in the ASF group’s obligations stems in particular from Escota’s maintenance and renewal plan approved by the French state as grantor in the first half of 2025, aimed at ensuring that the infrastructure remains in good condition until the concession contract ends in February 2032. Overall, VINCI Autoroutes’ investment undertakings amounted to €1,152 million at 31 December 2025 (€1,075 million at 31 December 2024).
In addition to those undertakings, parent company investment guarantees in the total amount of €158 million were given in relation to concession projects at 31 December 2025 (€143 million at 31 December 2024). Those amounts are not included in the table above.
The amounts shown in the table are also exclusive of obligations relating to maintenance expenditure on infrastructure under concession, in respect of which specific provisions based on maintenance plans are set aside (see Note G.19.3, “Breakdown of current provisions”).
