Marketable securities are recognised at their acquisition cost and an impairment loss is recorded at the period end whenever the cost is higher than the latest net realisable value.
Loans (bonds, bank and intercompany borrowings) are recorded under liabilities at their nominal value. The associated issuance costs are recorded under “Deferred expenses”, redemption premiums under assets, and issuance premiums received under “Deferred income”. These three items are amortised using the straight-line method over the length of the loan.
Loans and advances are recognised at nominal value. In the event of a risk of non-recovery, an impairment allowance is recognised.
| (in € millions) | 2025 | 2024 |
|---|---|---|
| Other bonds | Other bonds 2025(9,482) |
Other bonds 2024 (9,181) |
| Borrowings from financial institutions | Borrowings from financial institutions 2025(22) |
Borrowings from financial institutions 2024 (61) |
| Debt issuance costs and redemption premiums | Debt issuance costs and redemption premiums 202568 |
Debt issuance costs and redemption premiums 2024 75 |
| Net long-term financial debt | Net long-term financial debt2025(9,436) | Net long-term financial debt 2024 (9,166) |
| Borrowings and other financial debt | Borrowings and other financial debt 2025(560) |
Borrowings and other financial debt 2024 (514) |
| Forward financial instruments and tokens held | Forward financial instruments and tokens held 2025(128) |
Forward financial instruments and tokens held 2024 (140) |
| Cash management current accounts of related companies | Cash management current accounts of related companies 2025(4,866) |
Cash management current accounts of related companies 2024 (3,553) |
| Short-term financial debt | Short-term financial debt2025(5,554) | Short-term financial debt 2024 (4,208) |
| Other accrued liabilities and deferred income | Other accrued liabilities and deferred income 2025(187) |
Other accrued liabilities and deferred income 2024 (271) |
| Total net financial debt | Total net financial debt2025(15,177) | Total net financial debt 2024 (13,645) |
| Receivables connected to investments in subsidiaries and affiliates and loans | Receivables connected to investments in subsidiaries and affiliates and loans20258,053 | Receivables connected to investments in subsidiaries and affiliates and loans 2024 9,836 |
| Cash management current accounts of related companies | Cash management current accounts of related companies 2025631 |
Cash management current accounts of related companies 2024 613 |
| Other securities(*) | Other securities (*)20252,736 |
Other securities (*)2024 640 |
| Forward financial instruments and tokens held | Forward financial instruments and tokens held 202594 |
Forward financial instruments and tokens held 2024 83 |
| Cash(*) | Cash (*)20252,598 |
Cash (*)2024 3,425 |
| Short-term cash | Short-term cash20256,060 | Short-term cash 2024 4,761 |
| Other accrued income and prepaid expenses | Other accrued income and prepaid expenses 2025195 |
Other accrued income and prepaid expenses 2024 310 |
| Net financial surplus (debt)(**) | Net financial surplus (debt)(**)2025(869) | Net financial surplus (debt)(**) 2024 1,262 |
VINCI’s net financial surplus decreased by €2,131 million in 2025, from a net surplus of €1,262 million at 31 December 2024 to net debt of €869 million at 31 December 2025.
The change in long-term financial debt resulted from financing arranged in 2025 (see section A, “Key events in the period”, page 417).
VINCI’s borrowings mainly consist of bond issues denominated in euros (€7,580 million), US dollars ($1,070 million) and sterling (£800 million). Those bonds pay coupons at rates of between 0% and 3.971%, and they are due to mature between January 2026 and March 2039.
Euro-denominated bond issues include €500 million of zero-coupon green bonds issued in 2020 and due to mature in 2028. That bond issue enabled the Group to diversify its funding sources by accessing a new set of bond investors focused on ESG criteria.
VINCI had €560 million of commercial paper outstanding at 31 December 2025, as opposed to €509 million at 31 December 2024.
Financial debt and receivables connected to investments in subsidiaries and affiliates include any related currency translation differences.
The cash management current accounts of related companies, shown under assets and liabilities, represent movements of cash between the holding company and subsidiaries that borrow or lend cash as part of the Group’s centralised cash management system.
Marketable securities mainly comprise certificates of deposit and money market UCITS with maturities of usually less than three months, whose carrying amount is close to their net asset value.
