To VINCI’s Shareholders’ General Meeting,
In accordance with our appointment as Statutory Auditors by the shareholders at the Shareholders’ General Meeting, we have audited the accompanying consolidated financial statements of VINCI for the year ended 31 December 2025.
In our opinion, the consolidated financial statements give a true and fair view of the financial position, the assets and liabilities, and the results of the Group formed by the persons and entities included in the consolidation, in accordance with the International Financial Reporting Standards as endorsed by the European Union.
The opinion formulated above is consistent with the content of our report to the Audit Committee.
We conducted our audit in accordance with professional standards applicable in France. We believe that the information we collected provides a sufficient and appropriate basis for our opinion.
Our responsibilities under those standards are stated in this report, under “Responsibilities of the Statutory Auditors in relation to auditing the consolidated financial statements”.
We conducted our audit, in accordance with the independence rules laid out in the French Commercial Code (Code de commerce) and in the code of conduct of the statutory audit profession in France, between 1 January 2025 and the date on which we issued our report, and in particular we did not provide any services forbidden by Article 5, paragraph 1 of Regulation (EU) 537/2014.
As required by Articles L.821-53 and R.821-180 of the French Commercial Code relating to the justification of our assessments, we inform you of the key audit matters, relating to what were, in our professional judgement, the main risks of material misstatement in relation to our audit of the year’s consolidated financial statements, and our responses to those risks.
Those assessments were made in the context of our audit of the consolidated financial statements taken as a whole and in the formation of our opinion stated above. We express no opinion on items of the consolidated financial statements taken in isolation.
Notes A.2.3, E.9, E.10, F.13, H.17.1 and H.17.3 to the consolidated financial statements
Goodwill, concession intangible assets and other intangible assets had net carrying amounts at 31 December 2025 of €20,177 million, €29,007 million and €11,258 million respectively, together equal to 45% of total assets. These assets are grouped within cash-generating units.
Concession intangible assets include the right to receive toll payments or any other form of remuneration, net of any investment grants received. That right corresponds to the fair value of the asset under concession plus borrowing costs.
Other intangible assets include the rights to operate London Gatwick and Edinburgh airports.
Those assets may present a risk of impairment losses arising from internal or external factors, such as a deterioration in performance, adverse market conditions, changes in the economic environment, movements in traffic levels and changes in legislation or regulations.
