In addition, given the changes in the two groups’ investment priorities, VINCI and ACS decided to terminate their original agreement to create a joint venture intended to house new renewable energy projects developed by Cobra IS once they had entered the production phase. The company was liquidated in November 2025.
Under its share buy-back programme, VINCI purchased 16,599,428 shares in the stock market for a total of €1,977 million, i.e. an averageprice of €119.11 per share.
On 18 June 2025, VINCI cancelled 2.4 million treasury shares purchased for €131 million in total, at an average price of €55.57 per share,and on 17 December 2025 it cancelled 5.1 million treasury shares purchased for €380 million in total, thus at an average price of €74.21per share.
As a result of those transactions, the net carrying amount of treasury shares rose from €1,566 million at 31 December 2024 to €2,796 million at 31 December 2025.
At 31 December 2025, VINCI held 25,849,736 of its own shares (i.e. 4.44% of its capital) in treasury, with the net carrying amount thusequal to €108.18 per share on average. Those shares are allocated first and foremost to covering share awards under long-term incentive plans and international employee share ownership plans.
Article 48 of France’s 2025 Finance Bill introduced an exceptional contribution on corporate income tax for large companies. The surtaxis calculated on the average corporate income tax payable in France with respect to 2024 and 2025. In that respect, VINCI SA recognised a net expense relating to the group tax regime of €189 million.
As a general rule, software, recorded under “Concessions, patents and licences”, is amortised over two or three years on a straight-line basis.
Property, plant and equipment is recognised at acquisition cost, including all acquisition-related costs. The Company applies Opinion 2004-06, issued by the Conseil National de la Comptabilité (CNC, the French national accounting board), on the definition, recognition and measurement of assets.
Depreciation is calculated on a straight-line basis over an asset’s estimated useful life:
Investments in subsidiaries and affiliates are measured at their cost of acquisition. In accordance with Regulation 2004-06, issued by the Comité de la Réglementation Comptable (CRC, the French accounting regulations committee), on the definition and recognition of assets, VINCI SA includes all associated acquisition expenses in the cost of investments in subsidiaries and affiliates. If this cost is greater than the asset’s value in use, an impairment allowance is taken equal to the difference.
Value in use is determined on the basis of the portion of the equity represented by the investments. This portion is adjusted, if necessary, to take account of cash flow forecasts and/or market analysis for the companies in question.
Capital gains or losses on disposal of shareholdings are recorded under “Financial income/(expense)” in accordance with ANC Regulation 2022-06 on the modernisation of financial statements.
Loans and receivables are measured at nominal value. Impairment allowances are taken in respect of all these items if there is a risk of non-recovery.
