These transactions are described in Note J.27.1.2, “Description of hedging transactions”.
Non-controlling interests amounted to €3,576 million at 31 December 2025 (€4,085 million at 31 December 2024). At 31 December 2025, the Group owned three subsidiaries in which there were material non-controlling interests. They were London Gatwick and Edinburgh airports (49.99% not owned by VINCI) and Mexican airport operator OMA (70.01% not owned by VINCI).
VINCI Airports and Global Infrastructure Partners, acting on behalf of non-controlling shareholders, have signed shareholders’ agreements determining the governance of London Gatwick and Edinburgh airports. Those agreements are structured in the same way and cover matters including the composition of the board of directors, the ability to appoint certain key executives, including the chief executive officer, and a mechanism for approving substantive decisions such as those regarding the business plan and annual budget. In addition, a procedure has been established for resolving any disputes that may arise in order to potentially allow non-controlling shareholders, under certain conditions and after acceptance by VINCI, to sell their shares to VINCI.
The share capital of OMA’s parent company consists of 87.1% ordinary shares and 12.9% “BB” preferred shares. VINCI Airports owns all of the preferred shares and 17.1% of the ordinary shares, giving it a 29.99% stake in OMA’s parent company. The remainder (70.01%) consists of shares listed on regulated markets, mostly on the Mexican Stock Exchange, with the rest listed on Nasdaq in the United States. VINCI Airports has appointed six of the 11 directors on OMA’s board of directors. The five directors not appointed by VINCI Airports are independent directors. In accordance with the company’s articles of association, ownership of “BB” preferred shares gives VINCI Airports (i) the ability to appoint certain key members of the company’s management including the chief executive officer and (ii) specific rights regarding the board of directors.
Condensed financial information for London Gatwick and Edinburgh airports and airport operator OMA is presented below. It was prepared in accordance with IFRSs, adjusted where appropriate for fair value remeasurements at the date of acquisition of control and adjustments to harmonise accounting policies with those of the Group. The amounts at 31 December 2025 are presented before eliminations of intercompany accounts and transactions.
| (in € millions) | London Gatwick airport | OMA (Mexico) | Edinburgh airport |
|---|---|---|---|
| Revenue | Revenue London Gatwick airport 1,321 |
Revenue OMA (Mexico) 633 |
Revenue Edinburgh airport 419 |
| Net income | Net income London Gatwick airport 288 |
Net income OMA (Mexico) 203 |
Net income Edinburgh airport 102 |
| of which attributable to non-controlling interests | of which attributable to non-controlling interests London Gatwick airport 144 |
of which attributable to non-controlling interests OMA (Mexico) 143 |
of which attributable to non-controlling interests Edinburgh airport 51 |
| (in € millions)
|
|||
| Non-current assets | Non-current assets London Gatwick airport 9,507 |
Non-current assets OMA (Mexico) 3,646 |
Non-current assets Edinburgh airport 3,984 |
| Current assets | Current assets London Gatwick airport 599 |
Current assets OMA (Mexico) 299 |
Current assets Edinburgh airport 70 |
| Non-current liabilities | Non-current liabilities London Gatwick airport (7,595) |
Non-current liabilities OMA (Mexico) (1,278) |
Non-current liabilities Edinburgh airport (2,678) |
| Current liabilities | Current liabilities London Gatwick airport (978) |
Current liabilities OMA (Mexico) (352) |
Current liabilities Edinburgh airport (191) |
| Net assets | Net assets London Gatwick airport 1,533 |
Net assets OMA (Mexico) 2,316 |
Net assets Edinburgh airport 1,185 |
| of which attributable to non-controlling interests | of which attributable to non-controlling interests London Gatwick airport 767 |
of which attributable to non-controlling interests OMA (Mexico) 1,624 |
of which attributable to non-controlling interests Edinburgh airport 593 |
| (in € millions)
|
|||
| Net cash flows (used in)/from operating activities | Net cash flows (used in)/from operating activities London Gatwick airport 348 |
Net cash flows (used in)/from operating activities OMA (Mexico) 282 |
Net cash flows (used in)/from operating activities Edinburgh airport 159 |
| Net cash flows (used in)/from investing activities | Net cash flows (used in)/from investing activities London Gatwick airport (245) |
Net cash flows (used in)/from investing activities OMA (Mexico) (108) |
Net cash flows (used in)/from investing activities Edinburgh airport (92) |
| Net cash flows (used in)/from financing activities | Net cash flows (used in)/from financing activities London Gatwick airport (291) |
Net cash flows (used in)/from financing activities OMA (Mexico) (104) |
Net cash flows (used in)/from financing activities Edinburgh airport (66) |
| Other changes | Other changes London Gatwick airport (23) |
Other changes OMA (Mexico) 0 |
Other changes Edinburgh airport (2) |
| Change in net cash | Change in net cash London Gatwick airport (211) |
Change in net cash OMA (Mexico) 70 |
Change in net cash Edinburgh airport 0 |
At the 17 April 2025 Shareholders’ General Meeting, shareholders approved a dividend payment of €4.75 per share with respect to 2024. An interim dividend of €1.05 per share was paid in October 2024 and the final dividend of €3.70 per share was paid in cash on 24 April 2025.
On 16 October 2025, VINCI proceeded with the payment of an interim dividend of €1.05 in respect of 2025. A total dividend of €5.00 will be submitted for approval at the Shareholders’ General Meeting to be held on 14 April 2026, with the final dividend of €3.95 to be paid on 23 April 2026 (see Note N.33, “Appropriation of 2025 net income”).
