The commitments given and received by the Group in connection with concession contracts, construction and service contracts and items connected with unrecognised retirement benefit obligations are shown in the following notes:
VINCI has a share buy-back programme approved in its Shareholders’ General Meeting of 17 April 2025 for a period of 18 months, with a maximum purchase amount of €5 billion at a maximum price of €150 per share. During the year, VINCI acquired 16,599,428 shares on the market at an average price of €119.11 per share, for a total of €1,977 million.
Treasury shares (see Note H.23.2, “Treasury shares”) are allocated to financing external growth transactions and to covering performance share plans and the employer contributions to international employee share ownership plans. They may also be cancelled. Following the decisions taken by the Board of Directors on 18 June 2025 and 17 December 2025, VINCI SA cancelled a total of 7,741,813 shares for €511 million in 2025.
VINCI’s employee savings policy aims to make it easier for Group employees to become shareholders. At 31 December 2025, over 41% (or around 120,000) of the Group’s employees were VINCI shareholders through employee share ownership plans, including 76% (or around 82,000) of the Group’s employees in France. Since those funds own 11.26% of VINCI’s share capital, the Group’s current and former employees form its largest block of shareholders.
Neither the Group’s consolidated equity nor the equity of parent company VINCI SA is subject to any external constraints in the form of financial covenants.
At 31 December 2025, the parent company’s share capital was represented by 581,816,830 ordinary shares of €2.50 nominal value each.
| 2025 | 2024 | |
|---|---|---|
| Number of shares at beginning of period | Number of shares at beginning of period 2025 581,816,830 |
Number of shares at beginning of period 2024 589,048,647 |
| Increase in share capital | Increase in share capital 2025 7,471,813 |
Increase in share capital 2024 6,571,365 |
| Cancelled treasury shares | Cancelled treasury shares 2025 (7,471,813) |
Cancelled treasury shares 2024 (13,803,182) |
| Number of shares at end of period | Number of shares at end of period 2025 581,816,830 |
Number of shares at end of period 2024 581,816,830 |
| Number of shares issued and fully paid | Number of shares issued and fully paid 2025 581,816,830 |
Number of shares issued and fully paid 2024 581,816,830 |
| Nominal value of one share (in €) | Nominal value of one share (in €)2025 2.50 |
Nominal value of one share (in €)2024 2.50 |
| Treasury shares held directly by VINCI | Treasury shares held directly by VINCI 2025 25,849,736 |
Treasury shares held directly by VINCI 2024 19,399,436 |
| of which shares allocated to covering performance share plans and employee share ownership plans | of which shares allocated to covering performance share plans and employee share ownership plans 2025 25,849,736 |
of which shares allocated to covering performance share plans and employee share ownership plans 2024 14,721,560 |
The changes in capital during 2024 and 2025 break down as follows:
| Increase (decrease) in share capital (in €) | Share premiums arising on contributions or mergers (in €) | Number of shares representing the share capital | |
|---|---|---|---|
| 01/01/2024 | 01/01/2024 Increase (decrease) in share capital (in €)1,472,621,618 |
01/01/2024 Share premiums arising on contributions or mergers (in €)13,510,326,334 |
01/01/2024 Number of shares representing the share capital 589,048,647 |
| Group savings plans | Group savings plans Increase (decrease) in share capital (in €)16,428,413 |
Group savings plans Share premiums arising on contributions or mergers (in €)651,916,705 |
Group savings plans Number of shares representing the share capital 6,571,365 |
| Cancelled treasury shares | Cancelled treasury shares Increase (decrease) in share capital (in €)(34,507,955) |
Cancelled treasury shares Share premiums arising on contributions or mergers (in €)
|
Cancelled treasury shares Number of shares representing the share capital (13,803,182) |
| 31/12/2024 | 31/12/2024 Increase (decrease) in share capital (in €)1,454,542,075 |
31/12/2024 Share premiums arising on contributions or mergers (in €)14,162,243,040 |
31/12/2024 Number of shares representing the share capital 581,816,830 |
| Group savings plans | Group savings plans Increase (decrease) in share capital (in €)18,679,533 |
Group savings plans Share premiums arising on contributions or mergers (in €)752,113,764 |
Group savings plans Number of shares representing the share capital 7,741,813 |
| Cancelled treasury shares | Cancelled treasury shares Increase (decrease) in share capital (in €)(18,679,533) |
Cancelled treasury shares Share premiums arising on contributions or mergers (in €)
|
Cancelled treasury shares Number of shares representing the share capital (7,741,813) |
| 31/12/2025 | 31/12/2025 Increase (decrease) in share capital (in €)1,454,542,075 |
31/12/2025 Share premiums arising on contributions or mergers (in €)14,914,356,804 |
31/12/2025 Number of shares representing the share capital 581,816,830 |
Treasury shares held by the Group are booked as a deduction from equity at their cost of acquisition. Any gains or losses connected with the purchase, sale or cancellation of treasury shares are recognised directly in equity without affecting the income statement.
