Changes in treasury shares were as follows:
| 2025 | 2024 | |
|---|---|---|
| Number of shares at beginning of period |
Number of shares at beginning of period 2025 19,399,436 |
Number of shares at beginning of period 2024 18,238,732 |
| Shares repurchased during the period |
Shares repurchased during the period 2025 16,599,428 |
Shares repurchased during the period 2024 17,900,109 |
| Shares in awards granted to employees (2021 performance share plan) |
Shares in awards granted to employees (2021 performance share plan) 2025 874 |
Shares in awards granted to employees (2021 performance share plan) 2024 (2,216,483) |
| Shares in awards granted to employees (2022 performance share plan) |
Shares in awards granted to employees (2022 performance share plan) 2025 (1,920,055) |
Shares in awards granted to employees (2022 performance share plan) 2024 (1,150) |
| Shares in awards granted to employees (2023 performance share plan) |
Shares in awards granted to employees (2023 performance share plan) 2025 (4,050) |
Shares in awards granted to employees (2023 performance share plan) 2024 (950) |
| Shares in awards granted to employees (2024 performance share plan) |
Shares in awards granted to employees (2024 performance share plan) 2025 (2,900) |
Shares in awards granted to employees (2024 performance share plan) 2024
|
| Delivery of shares in connection with the Castor International plan |
Delivery of shares in connection with the Castor International plan 2025 (751,184) |
Delivery of shares in connection with the Castor International plan 2024 (717,640) |
| 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 25,849,736 |
Number of shares at end of period 2024 19,399,436 |
At 31 December 2025, the total number of treasury shares held was 25,849,736. These were recognised as a deduction from consolidated equity for €2,796 million and are fully allocated to covering both current and future long-term incentive plans and employee share ownership transactions.
At 31 December 2025, VINCI SA’s distributable reserves amounted to €30 billion (€30 billion at 31 December 2024) and its statutory reserve to €151 million (€151 million at 31 December 2024).
The main amounts recognised directly in equity are as follows:
| (in € millions) | 31/12/2025 | 31/12/2024 | |||||
|---|---|---|---|---|---|---|---|
| Attributable to owners of the parent | Attributable to non-controlling interests | Total | Attributable to owners of the parent | Attributable to non-controlling interests | Total | ||
| Hedging costs | |||||||
| Reserve at beginning of period | (1) | (2) | (3) | (4) | (0) | (4) | |
| Gross reserve before tax effect at end of period | I | 11 | 2 | 13 | (1) | (2) | (3) |
| Cash flow and net investment hedges | |||||||
| Reserve at beginning of period |
(369) |
12 |
(357) |
(197) |
(1) |
(197) |
|
| Changes in fair value of companies accounted for under the equity method | 94 | - | 94 | (26) | - | (26) | |
| Other changes in fair value in the period | 251 | (18) | 232 | (86) | 9 | (77) | |
| Fair value items recognised in profit or loss | 49 | - | 49 | (29) | - | (29) | |
| Changes in consolidation scope and miscellaneous | (6) | (0) | (6) | (31) | 4 | (28) | |
| Gross reserve before tax effect at end of period |
II |
19 |
(6) |
12 |
(369) |
12 |
(357) |
| of which gross reserve relating to companies accounted for under the equity method | (76) | - | (76) | (164) | - | (164) | |
| Total gross reserve before tax effects (items that may be recycled to income) |
I + II |
30 |
(4) |
26 |
(370) |
10 |
(360) |
| Associated tax effect | 0 | 1 | 1 | 54 | (3) | 52 | |
| Reserve net of tax (items that may be recycled to income) |
III |
30 |
(3) |
27 |
(316) |
8 |
(308) |
| Equity instruments | |||||||
| Reserve at beginning of period | (3) | (0) | (3) | (2) | (0) | (2) | |
| Gross reserve before tax effect at end of period | IV | (14) | (0) | (14) | (3) | (0) | (3) |
| Actuarial gains and losses on retirement benefit obligations | |||||||
| Reserve at beginning of period |
(236) |
23 |
(213) |
(226) |
18 |
(207) |
|
| Actuarial gains and losses recognised in the period | 76 | 3 | 79 | (5) | 6 | 2 | |
| Associated tax effect | (19) | (1) | (20) | (0) | (2) | (2) | |
| Changes in consolidation scope and miscellaneous | (4) | 0 | (4) | (6) | (0) | (6) | |
| Reserve net of tax at end of period |
V |
(184) |
25 |
(159) |
(236) |
23 |
(213) |
| Total reserve net of tax (items that may not be recycled to income) |
IV + V |
(198) |
25 |
(173) |
(239) |
23 |
(216) |
| Total amounts recognised directly in equity |
III + IV + V |
(168) |
22 |
(146) |
(555) |
31 |
(524) |
The amounts recorded directly in equity mainly concern actuarial gains and losses on retirement benefit obligations, which amounted to a loss of €159 million (compared with a loss of €213 million in 2024). This change was mainly due to the increase in discount rates used in 2025 for the main plans.
Hedging transactions (positive effect of €12 million) included:
The main changes in 2025 relate to the impact of the increase in the fair value of derivatives used as hedges of net foreign investments due to the rise in the euro against the principal hedged currencies during the period. The resulting deferred gains taken to equity were offset by currency translation differences arising from the change in value of the underlying net assets.
