| (in € millions) | Changes | ||||
|---|---|---|---|---|---|
| 31/12/2025 | Business-related changes | Changes in consolidation scope | Other changes(*) | 31/12/2024 | |
| Energy Solutions |
5,578 |
(80) | 339 | (51) |
5,370 |
| VINCI Energies | 3,876 | (86) | 339 | (28) | 3,651 |
| Cobra IS | 1,703 | 6 | 0 | (23) | 1,720 |
| Construction | 5,250 | (135) | 59 | (151) | 5,478 |
| VINCI Construction | 4,858 | 110 | 62 | (151) | 4,837 |
| VINCI Immobilier | 392 | (245) | (3) | 0 | 641 |
| Contract assets |
10,828 |
(215) | 398 | (203) |
10,848 |
| of which advances paid | 787 | (232) | 29 | 55 | 935 |
Contract assets relate to the portion of performance obligations fulfilled by the Group for which the definitive right to be paid is subject to the completion of works specified in the relevant contracts. Contract assets turn into receivables as these works are accepted by the client, giving rise to the Group’s unconditional right to be paid.
| (in € millions) | Changes | ||||
|---|---|---|---|---|---|
| 31/12/2025 | Business-related changes | Changes in consolidation scope | Other changes(*) | 31/12/2024 | |
| Energy Solutions | 8,117 | 814 | 339 | (12) | 6,977 |
| VINCI Energies | 5,526 | 276 | 339 | 2 | 4,910 |
| Cobra IS | 2,591 | 538 | 0 | (15) | 2,067 |
| Construction | 5,047 | 171 | 35 | (94) | 4,935 |
| VINCI Construction | 4,954 | 247 | 35 | (95) | 4,767 |
| VINCI Immobilier | 93 | (76) | 0 | 1 | 168 |
| Contract liabilities |
13,164 |
985 | 374 | (107) |
11,912 |
| of which advances received | 4,895 | 423 | 297 | (44) | 4,219 |
Contract liabilities mainly correspond to advances and payments on account received on orders and other current liabilities, such as prepaid income. The fulfilment of the performance obligations extinguishes these liabilities and results in the recognition of the corresponding revenue.
| (in € billions) | 31/12/2025 | Book-to-bill ratio (number of months of average business activity represented by the order book) |
|---|---|---|
| Energy Solutions |
Energy Solutions 31/12/2025 35.6 |
Energy Solutions Book-to-bill ratio(number of months of average business activity represented by the order book) 14.4 |
| VINCI Energies |
VINCI Energies 31/12/2025 17.5 |
VINCI EnergiesBook-to-bill ratio (number of months of average business activity represented by the order book) 9.7 |
| Cobra IS |
Cobra IS 31/12/2025 18.1 |
Cobra IS Book-to-bill ratio(number of months of average business activity represented by the order book) 27.2 |
| VINCI Construction |
VINCI Construction 31/12/2025 34.2 |
VINCI ConstructionBook-to-bill ratio (number of months of average business activity represented by the order book) 12.8 |
The order books for the Energy Solutions business and for the VINCI Construction business line represent the volume of business yet to be carried out on projects where the contract is in force (generally after service orders have been obtained or after conditions precedent have been met) and financed.
Together they amounted to €69.8 billion at 31 December 2025, up 1% year on year (€69.1 billion at 31 December 2024), representing 13.6 months of average business activity for Energy Solutions and VINCI Construction.
VINCI Immobilier’s order book corresponds to the revenue, recognised on a progress towards completion basis, that is yet to be generated with respect to property sales confirmed by a notarised deed or with respect to property development contracts on which the works order has been given by the project owner. It amounted to €0.5 billion at 31 December 2025 (€0.8 billion at 31 December 2024).
