| (in € millions) | 31/12/2024 | Acquisitions / Increases | Disposals / Decreases | Transfers between line items | 31/12/2025 |
|---|---|---|---|---|---|
| Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items | Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items 31/12/2024 14 |
Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items Acquisitions / Increases 1 |
Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items Disposals / Decreases - |
Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items Transfers between line items - |
Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items 31/12/2025 15 |
| Total intangible assets | Total intangible assets 31/12/2024 14 |
Total intangible assets Acquisitions / Increases 1 |
Total intangible assets Disposals / Decreases - |
Total intangible assets Transfers between line items - |
Total intangible assets 31/12/2025 15 |
| Land | Land 31/12/2024 1 |
Land Acquisitions / Increases - |
Land Disposals / Decreases (0) |
Land Transfers between line items - |
Land 31/12/2025 1 |
| Constructions | Constructions 31/12/2024 13 |
Constructions Acquisitions / Increases - |
Constructions Disposals / Decreases - |
Constructions Transfers between line items - |
Constructions 31/12/2025 13 |
| Other property, plant and equipment and assets under construction | Other property, plant and equipment and assets under construction 31/12/2024 10 |
Other property, plant and equipment and assets under construction Acquisitions / Increases 1 |
Other property, plant and equipment and assets under construction Disposals / Decreases (0) |
Other property, plant and equipment and assets under construction Transfers between line items - |
Other property, plant and equipment and assets under construction 31/12/2025 10 |
| Total property, plant and equipment | Total property, plant and equipment 31/12/2024 24 |
Total property, plant and equipment Acquisitions / Increases 1 |
Total property, plant and equipment Disposals / Decreases (0) |
Total property, plant and equipment Transfers between line items - |
Total property, plant and equipment 31/12/2025 24 |
| Investments in subsidiaries and affiliates | Investments in subsidiaries and affiliates 31/12/2024 29,803 |
Investments in subsidiaries and affiliates Acquisitions / Increases 2 |
Investments in subsidiaries and affiliates Disposals / Decreases (20) |
Investments in subsidiaries and affiliates Transfers between line items - |
Investments in subsidiaries and affiliates 31/12/2025 29,785 |
| Receivables connected with investments in subsidiaries and affiliates | Receivables connected with investments in subsidiaries and affiliates 31/12/2024 8,862 |
Receivables connected with investments in subsidiaries and affiliates Acquisitions / Increases 258 |
Receivables connected with investments in subsidiaries and affiliates Disposals / Decreases (2,042) |
Receivables connected with investments in subsidiaries and affiliates Transfers between line items 977 |
Receivables connected with investments in subsidiaries and affiliates 31/12/2025 8,056 |
| Other long-term investment securities | Other long-term investment securities 31/12/2024 1,012 |
Other long-term investment securities Acquisitions / Increases 8 |
Other long-term investment securities Disposals / Decreases (3) |
Other long-term investment securities Transfers between line items (977) |
Other long-term investment securities 31/12/2025 39 |
| Treasury shares not intended to cover plans | Treasury shares not intended to cover plans 31/12/2024 206 |
Treasury shares not intended to cover plans Acquisitions / Increases - |
Treasury shares not intended to cover plans Disposals / Decreases (206) |
Treasury shares not intended to cover plans Transfers between line items - |
Treasury shares not intended to cover plans 31/12/2025 - |
| Other non-current financial assets | Other non-current financial assets 31/12/2024 3 |
Other non-current financial assets Acquisitions / Increases - |
Other non-current financial assets Disposals / Decreases - |
Other non-current financial assets Transfers between line items - |
Other non-current financial assets 31/12/2025 3 |
| Total financial assets | Total financial assets 31/12/2024 39,886 |
Total financial assets Acquisitions / Increases 268 |
Total financial assets Disposals / Decreases (2,271) |
Total financial assets Transfers between line items - |
Total financial assets 31/12/2025 37,883 |
|
Total |
Total 31/12/2024 39,924 |
Total Acquisitions / Increases 269 |
Total Disposals / Decreases (2,271) |
Total Transfers between line items - |
Total 31/12/2025 37,922 |
The change in investments in subsidiaries and affiliates mainly relates to the earn-out payment due with respect to the Cobra IS acquisition (see section A, “Key events in the period”, page 417).
Receivables connected with investments in subsidiaries and affiliates are mainly comprised of loans granted by VINCI SA to VINCI Airports, VINCI Autoroutes, VINCI Finance International and VINCI Energies, as well as to two property investment subsidiaries, Hébert-Les Groues and Césaire-Les Groues, as investors and programme managers for the Group’s head office in Nanterre. The decrease in these receivables was due in particular to the reduction in the outstanding balance of the loan granted to VINCI Autoroutes in an amount of €5.5 billion due to mature in January 2029 (€6.4 billion at 31 December 2024), and the repayment of loans granted to other subsidiaries.
| (in € millions) | Useful life | Depreciation/ amortisation method | 31/12/2024 | Expense | Reversals | 31/12/2025 |
|---|---|---|---|---|---|---|
| Reversals 31/12/2025 Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items | Reversals 31/12/2025 Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items Useful life 2-3 years |
Reversals 31/12/2025 Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items Depreciation/ amortisation method Straight-line |
Reversals 31/12/2025 Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items 31/12/2024 13 |
Reversals 31/12/2025 Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items Expense 1 |
Reversals 31/12/2025 Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items Reversals - |
Reversals 31/12/2025 Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items 31/12/2025 14 |
| Total intangible assets | Total intangible assets Useful life
|
Total intangible assets Depreciation/ amortisation method
|
Total intangible assets 31/12/2024 13 |
Total intangible assets Expense 1 |
Total intangible assets Reversals - |
Total intangible assets 31/12/2025 14 |
| Constructions | Constructions Useful life 10-40 years |
Constructions Depreciation/ amortisation method Straight-line |
Constructions 31/12/2024 10 |
Constructions Expense 2 |
Constructions Reversals - |
Constructions 31/12/2025 12 |
| Other property, plant and equipment | Other property, plant and equipment Useful life 3-10 years |
Other property, plant and equipment Depreciation/ amortisation method Straight-line |
Other property, plant and equipment 31/12/2024 7 |
Other property, plant and equipment Expense 2 |
Other property, plant and equipment Reversals (0) |
Other property, plant and equipment 31/12/2025 9 |
| Total immobilisations corporelles | Total immobilisations corporelles Useful life
|
Total immobilisations corporelles Depreciation/ amortisation method
|
Total immobilisations corporelles 31/12/2024 17 |
Total immobilisations corporelles Expense 4 |
Total immobilisations corporelles Reversals (0) |
Total immobilisations corporelles 31/12/2025 21 |
| (in € millions) | 31/12/2024 | Expense | Reversals | 31/12/2025 |
|---|---|---|---|---|
| Investments in subsidiaries and affiliates | Investments in subsidiaries and affiliates 31/12/2024 703 |
Investments in subsidiaries and affiliates Expense 1 |
Investments in subsidiaries and affiliates Reversals (3) |
Investments in subsidiaries and affiliates 31/12/2025 702 |
| Receivables connected with investments in subsidiaries and affiliates | Receivables connected with investments in subsidiaries and affiliates 31/12/2024 4 |
Receivables connected with investments in subsidiaries and affiliates Expense - |
Receivables connected with investments in subsidiaries and affiliates Reversals - |
Receivables connected with investments in subsidiaries and affiliates 31/12/2025 4 |
| Other long-term investment securities | Other long-term investment securities 31/12/2024 0 |
Other long-term investment securities Expense 0 |
Other long-term investment securities Reversals - |
Other long-term investment securities 31/12/2025 1 |
| Other non-current financial assets | Other non-current financial assets 31/12/2024 3 |
Other non-current financial assets Expense - |
Other non-current financial assets Reversals - |
Other non-current financial assets 31/12/2025 3 |
| Total financial assets | Total financial assets 31/12/2024 709 |
Total financial assets Expense 2 |
Total financial assets Reversals (3) |
Total financial assets 31/12/2025 709 |
| Total | Total 31/12/2024 709 |
Total Expense 2 |
Total Reversals (3) |
Total 31/12/2025 709 |
| Of which financial charges and reversals | Of which financial charges and reversals 31/12/2024
|
Of which financial charges and reversals Expense 2 |
Of which financial charges and reversals Reversals (3) |
Of which financial charges and reversals 31/12/2025
|
VINCI treasury shares allocated to performance share plans are recognised under “Marketable securities”. In accordance with CRC Regulation 2014-03, a provision is taken as a financial expense during the period in which the beneficiaries’ rights vest, whenever an expense becomes probable.
Treasury shares not allocated to plans are recorded under “Other non-current financial assets” at their acquisition cost. An impairment allowance is recognised as a financial expense if the average stock market price of these shares in December is lower than their unit cost. Shares intended for cancellation are not written down.
Whenever plans are hedged by call options, the premiums paid are recorded under “Marketable securities” when the options hedge performance share plans, or under “Other non-current financial assets” when they hedge share subscription option plans. In both cases, a provision is recognised whenever an expense becomes probable. Income and expense relating to treasury shares (provisions and gains or losses on disposal) are recognised under “Net financial income/(expense)”.
