Financial instruments (cash investments and derivatives) are set up with financial institutions that meet VINCI’s credit rating criteria. The Group has also set up a system of counterparty limits to manage its counterparty risk, along with maximum control ratios of a given instrument. Maximum risk amounts by counterparty are defined taking account of their credit ratings. The limits are regularly monitored and updated on the basis of a consolidated quarterly reporting system.
The Group Finance Department also distributes instructions to subsidiaries laying down the authorised limits by counterparty, the list of authorised UCITS (French subsidiaries) and the selection criteria for money market funds (foreign subsidiaries).
The measurement of the fair value of derivative financial instruments carried by the Group includes a “counterparty risk” component for derivatives carried as assets and a “credit risk” component for derivatives carried as liabilities. Credit risk is measured using standard mathematical models for market participants. At 31 December 2024, adjustments recognised with respect to counterparty risk and own credit risk were not material.
In accordance with IAS 32, the Group’s financial assets and liabilities (including derivative financial instruments) were not netted on the balance sheet, except where the Group had agreements in place providing for netting, in the event of default by the Group or the financial institutions with which it has contracted, between the fair values of assets and liabilities arising from derivative financial instruments presented in the consolidated balance sheet.
The table below sets out the Group’s net exposure arising from these netting agreements:
| 31/12/2025 | 31/12/2024 | |||||
|---|---|---|---|---|---|---|
| (in € millions) | Fair value of derivatives recognised on the balance sheet(*) | Impact of netting agreements | Total | Fair value of derivatives recognised on the balance sheet(*) | Impact of netting agreements | Total |
| Derivative financial instruments - assets | 409 | (135) | 274 | 335 | (147) | 188 |
| Derivative financial instruments - liabilities | (1,225) | 135 | (1,090) | (1,557) | 147 | (1,410) |
| Net derivative instruments | (815) | - | (815) | (1,222) | - | (1,222) |
(*) Gross amounts as stated on the Group’s consolidated balance sheet.
At 31 December 2025, the Group held 25,849,736 VINCI shares (representing 4.44% of the share capital) acquired at an average price of €108.18. Increases or decreases in the stock market price of these treasury shares have no impact on the Group’s consolidated profit or loss or equity.
In addition, VINCI has an 8% stake in Groupe ADP. At each balance sheet date, this investment is measured at fair value on the basis of the stock market price. A positive or negative change of 100 basis points in the latter would lead respectively to the recognition of an upward or downward adjustment of close to €9 million in the income statement.
Regarding assets to cover retirement benefit obligations, a breakdown by asset type is given in Note K.29.1, “Provisions for retirement benefit obligations”.
Certain Group entities are exposed to inflation risk, among them London Gatwick airport, as a portion of its revenue is linked to local inflation. To protect against a fall in inflation, inflation swaps (receiving fixed or floating rate and paying inflation) have been arranged locally. These swaps are not designated as hedges for accounting purposes.
To partially offset the volatility arising from those transactions, the Group has entered into back-to-back swaps with external counterparties in relation to its share.
Most of the Group’s revenue arises either from contracts that include price revision clauses or under short-term contracts. The risks associated with an increase in commodity prices are therefore generally limited. For major contracts with no price revision clauses, commodity price risk is analysed on a case-by-case basis and managed, depending on the case, by negotiating firm price agreements with suppliers, cash-and-carry deals or hedging derivatives based on commodity indices. VINCI Construction has set up a policy to manage bitumen price risks on part of its exposure through short-maturity hedging derivatives (swaps of less than three months on average). This policy applies to small contracts in France with an average length of less than three months and which do not include price revision clauses.
As part of its business, Cobra IS may enter into energy hedge contracts to mitigate its exposure to changes in electricity and gas prices. VINCI uses little unprocessed raw material, other than the aggregates produced and used by VINCI Construction.
As part of the Group’s business activities, its entities may sign contracts to buy renewable energy in the form of power purchase agreements (PPAs). The two main contracts entered into by the Group involve the physical delivery of electricity. Under the first contract, the Group has committed to purchase specific quantities of electricity, and the contract is recognised in accordance with IFRS 16. The second contract also falls under IFRS 16, but since the supplier has an asset substitution right, no right-of-use asset was recognised and the purchase commitments are recognised under off-balance sheet commitments.
