| (in € millions) | 31/12/2024 | ||||||
|---|---|---|---|---|---|---|---|
| France | Germany | United Kingdom | Switzerland | Other countries | Total | ||
| Actuarial liability from retirement benefit obligations | 869 | 322 | 963 | 663 | 253 | 3,071 | |
| Plan assets at fair value | 127 | 9 | 980 | 751 | 240 | 2,106 | |
| Deficit (or surplus) | 743 | 313 | (17) | (88) | 13 | 965 | |
| Provision recognised under liabilities on the balance sheet | I | 761 | 313 | 66 | 11 | 33 | |
| Overfunded plans recognised under assets on the balance sheet | II | 18 | 0 | 83 | 3 | 18 | 122 |
| Asset ceiling effect (IFRIC 14)(*) | III | 0 | - | - | 95 | 3 | 98 |
| Total |
I − II − III |
743 | 313 | (17) | (88) | 13 | 965 |
(*) Effect of asset ceiling rules and minimum funding requirements.
| (in € millions) | 2025 | 2024 | |
|---|---|---|---|
| Actuarial liability from retirement benefit obligations |
Actuarial liability from retirement benefit obligations
|
Actuarial liability from retirement benefit obligations 2025
|
Actuarial liability from retirement benefit obligations 2024
|
| At beginning of period |
At beginning of period
|
At beginning of period 2025 3,071 |
At beginning of period 2024 2,843 |
| of which obligations covered by plan assets |
of which obligations covered by plan assets
|
of which obligations covered by plan assets 2025 2,130 |
of which obligations covered by plan assets 2024 1,954 |
| Current service cost |
Current service cost
|
Current service cost 2025 80 |
Current service cost 2024 64 |
| Actuarial liability discount cost |
Actuarial liability discount cost
|
Actuarial liability discount cost 2025 102 |
Actuarial liability discount cost 2024 106 |
| Past service cost (plan changes and curtailments) |
Past service cost (plan changes and curtailments)
|
Past service cost (plan changes and curtailments) 2025 (3) |
Past service cost (plan changes and curtailments) 2024 (2) |
| Plan settlements |
Plan settlements
|
Plan settlements 2025 (1) |
Plan settlements 2024 (6) |
| Actuarial gains and losses recognised in other comprehensive income |
Actuarial gains and losses recognised in other comprehensive income
|
Actuarial gains and losses recognised in other comprehensive income 2025 (121) |
Actuarial gains and losses recognised in other comprehensive income 2024 42 |
| of which impact of changes in demographic assumptions |
of which impact of changes in demographic assumptions
|
of which impact of changes in demographic assumptions 2025 5 |
of which impact of changes in demographic assumptions 2024 2 |
| of which impact of changes in financial assumptions |
of which impact of changes in financial assumptions
|
of which impact of changes in financial assumptions 2025 (145) |
of which impact of changes in financial assumptions 2024 32 |
| of which experience gains and losses |
of which experience gains and losses
|
of which experience gains and losses 2025 19 |
of which experience gains and losses 2024 8 |
| Benefits paid to beneficiaries |
Benefits paid to beneficiaries
|
Benefits paid to beneficiaries 2025 (143) |
Benefits paid to beneficiaries 2024 (139) |
| Employee contributions |
Employee contributions
|
Employee contributions 2025 20 |
Employee contributions 2024 17 |
| Business combinations |
Business combinations
|
Business combinations 2025 3 |
Business combinations 2024 104 |
| Disposals of companies and other assets |
Disposals of companies and other assets
|
Disposals of companies and other assets 2025 (1) |
Disposals of companies and other assets 2024 7 |
| Currency translation differences |
Currency translation differences
|
Currency translation differences 2025 (46) |
Currency translation differences 2024 36 |
| At end of period |
At end of period I |
At end of period 2025 2,961 |
At end of period 2024 3,071 |
| of which obligations covered by plan assets |
of which obligations covered by plan assets
|
of which obligations covered by plan assets 2025 2,033 |
of which obligations covered by plan assets 2024 2,130 |
|
|
2025
|
||
| Plan assets |
Plan assets
|
Plan assets 2025
|
Plan assets 2024
|
| At beginning of period |
At beginning of period
|
At beginning of period 2025 2,106 |
At beginning of period 2024 1,887 |
| Interest income during the period |
Interest income during the period
|
Interest income during the period 2025 68 |
Interest income during the period 2024 68 |
| Actuarial gains and losses recognised in other comprehensive income(*) |
Actuarial gains and losses recognised in other comprehensive income (*)
|
Actuarial gains and losses recognised in other comprehensive income (*)2025 (38) |
Actuarial gains and losses recognised in other comprehensive income (*)2024 48 |
| Plan settlements |
Plan settlements
|
Plan settlements 2025 0 |
Plan settlements 2024 (3) |
| Benefits paid to beneficiaries |
Benefits paid to beneficiaries
|
Benefits paid to beneficiaries 2025 (76) |
Benefits paid to beneficiaries 2024 (80) |
| Contributions paid to funds by the employer |
Contributions paid to funds by the employer
|
Contributions paid to funds by the employer 2025 39 |
Contributions paid to funds by the employer 2024 35 |
| Contributions paid to funds by employees |
Contributions paid to funds by employees
|
Contributions paid to funds by employees 2025 19 |
Contributions paid to funds by employees 2024 16 |
| Business combinations |
Business combinations
|
Business combinations 2025 - |
Business combinations 2024 100 |
| Disposals of companies and other assets |
Disposals of companies and other assets
|
Disposals of companies and other assets 2025 (3) |
Disposals of companies and other assets 2024 1 |
| Currency translation differences |
Currency translation differences
|
Currency translation differences 2025 (46) |
Currency translation differences 2024 34 |
| At end of period |
At end of period II |
At end of period 2025 2,070 |
At end of period 2024 2,106 |
|
|
2025
|
||
| Deficit (or surplus) |
Deficit (or surplus)
I − II |
Deficit (or surplus) 2025 892 |
Deficit (or surplus) 2024 965 |
(*) Experience gains and losses corresponding to the observed difference between the actual return on plan assets and a nominal return based on the discount rate for the actuarial liability.
VINCI estimates the payments to be made in 2026 in respect of retirement benefit obligations at €97 million, comprising €62 million of benefits to be paid to retired employees or beneficiaries (benefits not covered by plan assets), and €35 million of contributions to be paid to fund managing bodies.
Pension funds are also likely to pay €144 million of benefits to retired employees or their beneficiaries, without any impact on the Group’s cash position.
