At the start of the lease period, the liability is measured on the basis of the present value of payments remaining payable to the lessor, i.e.:
The liability may be remeasured in the following situations: adjustment of the lease term; adjustment related to the assessment of whether the exercise of an option is reasonably certain or not; a new estimate of residual value guarantees; or revision of rates or indices on which lease payments are based at the time those payments are adjusted.
At 31 December 2025, lease liabilities amounted to €2,849 million, including €2,212 million for the part at more than one year and €737 million for the part at less than one year. They totalled €2,587 million at 31 December 2024. The net change in 2025 breaks down as follows:
| (in € millions) | Current and non-current lease liabilities | Within 1 year | Between 1 and 2 years | Between 2 and 5 years | After 5 years |
|---|---|---|---|---|---|
| Lease liabilities related to property assets | Lease liabilities related to property assets Current and non-current lease liabilities 1,744 |
Lease liabilities related to property assets Within 1 year 338 |
Lease liabilities related to property assets Between 1 and 2 years 473 |
Lease liabilities related to property assets Between 2 and 5 years 488 |
Lease liabilities related to property assets After 5 years 445 |
| Lease liabilities related to movable assets | Lease liabilities related to movable assets Current and non-current lease liabilities 1,105 |
Lease liabilities related to movable assets Within 1 year 399 |
Lease liabilities related to movable assets Between 1 and 2 years 323 |
Lease liabilities related to movable assets Between 2 and 5 years 212 |
Lease liabilities related to movable assets After 5 years 171 |
| 31/12/2025 | 31/12/2025 Current and non-current lease liabilities 2,849 |
31/12/2025 Within 1 year 737 |
31/12/2025 Between 1 and 2 years 795 |
31/12/2025 Between 2 and 5 years 700 |
31/12/2025 After 5 years 617 |
| (in € millions) | 31/12/2025 | 31/12/2024 |
|---|---|---|
| Purchase and capital expenditure obligations(*) | Purchase and capital expenditure obligations (*)31/12/2025 1,671 |
Purchase and capital expenditure obligations (*)31/12/2024 1,850 |
| Obligations related to quarrying rights | Obligations related to quarrying rights 31/12/2025 104 |
Obligations related to quarrying rights 31/12/2024 114 |
Purchase and capital expenditure obligations mainly relate to Cobra IS’s renewable energy projects for €1,221 million at 31 December 2025 (€838 million at 31 December 2024). The increase reflects contract wins for photovoltaic projects in the United States, Spain and Australia.
VINCI Energies, VINCI Concessions, VINCI Immobilier and VINCI Autoroutes contributed to those obligations to a lesser extent, in an amount of €450 million. At 31 December 2024, investment obligations also included VINCI Construction’s undertaking to acquire FM Conway in England: that acquisition was completed in early 2025.
Obligations related to quarry operations include VINCI Construction’s quarrying rights and quarry leases.
The Group’s off-balance sheet commitments are subject to specific reporting at each annual and interim closing. They are presented according to the activity to which they relate, in the corresponding notes.
| (in € millions) | 31/12/2025 | 31/12/2024 |
|---|---|---|
| Other commitments given | Other commitments given 31/12/2025 1,798 |
Other commitments given 31/12/2024 1,567 |
| Other commitments received | Other commitments received 31/12/2025 903 |
Other commitments received 31/12/2024 1,139 |
These amounts include various tax and social security-related guarantees as well as personal sureties provided as performance guarantees relating to work done by concession companies, described in Note F.15.1, “Contractual investment and renewal obligations”.
The full review carried out in 2025 of the agreements entered into with ACS in connection with the Cobra IS acquisition led to an adjustment of the guarantees received by the Group, which explains the change noted in the period.
