2025 Universal Registration Document

25.1 Detail of long-term financial debt by business line

The breakdown of long-term financial debt (including the part at less than one year) at 31 December 2025 was as follows:

At 31 December 2025, long-term financial debt amounted to €33.7 billion, up €1.4 billion compared with the 31 December 2024 figure of €32.3 billion. This increase resulted from the following main transactions:

• As part of its Euro Medium Term Notes (EMTN) programme, VINCI SA carried out five financing transactions in the form of private placements, with a total amount of €1,175 million and an average maturity of 3.1 years:
  • in January, a private placement of €300 million of two-year floating rate notes;
  • in April, a private placement of €300 million of three-year bonds paying a coupon of 2.625%;
  • in May, a private placement of €300 million of 18-month floating rate notes;
  • in June, a €200 million tap on the €950 million issue in January 2019 of 10-year bonds, which had originally paid a coupon of 1.625%;
  • in November, a private placement of €75 million of four-year bonds paying a coupon of 2.75%.

VINCI SA also carried out an issue in February of €400 million of five-year, non-dilutive, cash-settled convertible bonds, with a coupon of 0.7%, followed by a €150 million tap issue in May. The risk relating to the conversion option for the bonds was fully hedged through the purchase of cash-settled call options on VINCI shares. The optional components of convertible bonds and hedging instruments are recorded under derivative financial instruments.

Furthermore, VINCI SA redeemed two bond issues, the first in February of €500 million of bonds issued in 2023 with a coupon of 3.375% and the second in September of €750 million of bonds issued in 2018 with a coupon of 1.00%.

• In March, ASF redeemed €100 million of bonds issued in 2013 with a coupon of 3.128%, which was followed by the repayment in the second quarter of a €55 million loan from the European Investment Bank.
• After redeeming €650 million of bonds issued in 2016 with a coupon of 0.375% in February, Cofiroute issued €650 million of eight-year bonds paying a coupon of 3.125% in March.
• In June, London Gatwick airport issued €750 million of 10-year bonds with a coupon of 3.875%, which were fully hedged in sterling, and issued £475 million of five-year bonds paying a coupon of 6% in November, to refinance £450 million of bonds at a rate of 4.375% which had been redeemed early (they were initially due to mature in April 2026).
• In December, Edinburgh airport carried out two bond issues linked to the Sterling Overnight Index Average (SONIA), the first of £225 million of seven-year bonds and the second of £400 million of five-year bonds, to refinance a £400 million bank loan taken out in 2023, which had been repaid early (it was initially due to be repaid in April 2028).
• In June, the Mexican airport operator OMA issued 820 million Mexican pesos of three-year floating rate bonds and 1,930 million Mexican pesos of seven-year bonds with a coupon of 9.34%.
• OMA’s holding company Concessoc 31 entirely refinanced a total of 8,750 million Mexican pesos of floating rate bonds, with initial maturities extending until the end of 2032, which are now due to mature in three, five and nine years.
• In January, Lima Expresa repaid a bridging loan obtained in 2019 in the amount of 1,195 million Peruvian soles.
• The Brazilian highway concession holder Entrevias, which has been fully consolidated in the Group’s financial statements since October 2025, has issued 3,469 million Brazilian reals of inflation-linked bonds, 1,640 million Brazilian reals of which were issued in May 2025 and are due to mature in December 2036.