2025 Universal Registration Document

Payables at 31 December 2025

Payables at 31 December 2025
(in € millions)	Gross	Of which
(in € millions)	Gross	Within 1 year	Between 1 and 5 years	After 5 years
Other bonds	9,482	1,474	5,779	2,228
Amounts owed to financial institutions	22	22
Borrowings and other financial debt	560	560
Trade payables and related accounts	57	57
Tax, employment and social benefit liabilities	106	106
Other payables	99	89	10
Cash management current accounts of related companies	4,866	4,866
Deferred income	56	56
Total	15,248	7,231	5,789	2,228

6.2 Accrued income and expense, by balance sheet item

Accrued expenses recorded under liabilities

Accrued expenses recorded under liabilities
(in € millions)	31/12/2025	31/12/2024
Debt	Debt 31/12/2025
Accrued interest on other bonds	Accrued interest on other bonds 31/12/2025 74	Accrued interest on other bonds 31/12/2024 81
Accrued interest on amounts owed to financial institutions	Accrued interest on amounts owed to financial institutions 31/12/2025 20	Accrued interest on amounts owed to financial institutions 31/12/2024 32
Trade payables and related accounts	Trade payables and related accounts 31/12/2025 54	Trade payables and related accounts 31/12/2024 45
Other tax, employment and social benefit liabilities	Other tax, employment and social benefit liabilities 31/12/2025 28	Other tax, employment and social benefit liabilities 31/12/2024 22
Other payables	Other payables 31/12/2025 3	Other payables 31/12/2024 15

Accrued income recorded under assets

Accrued income recorded under assets
(in € millions)	31/12/2025	31/12/2024
Non-current assets	Non-current assets 31/12/2025
Receivables connected with investments in subsidiaries and affiliates	Receivables connected with investments in subsidiaries and affiliates 31/12/2025 23	Receivables connected with investments in subsidiaries and affiliates 31/12/2024 16
Current assets	Current assets 31/12/2025
Trade receivables and related accounts	Trade receivables and related accounts 31/12/2025 557	Trade receivables and related accounts 31/12/2024 503
Other receivables	Other receivables 31/12/2025 12	Other receivables 31/12/2024 14
Cash	Cash 31/12/2025 37	Cash 31/12/2024 53

6.3 Deferred expenses

Deferred expenses
(in € millions)	31/12/2024	Increases	Amortisation	31/12/2025
Debt issuance costs	Debt issuance costs 31/12/2024 19	Debt issuance costs Increases 3	Debt issuance costs Amortisation (5)	Debt issuance costs 31/12/2025 17
Debt redemption premiums	Debt redemption premiums 31/12/2024 56	Debt redemption premiums Increases 7	Debt redemption premiums Amortisation (12)	Debt redemption premiums 31/12/2025 51
Deferred expenses	Deferred expenses 31/12/2024 75	Deferred expenses Increases 10	Deferred expenses Amortisation (17)	Deferred expenses31/12/2025 68

The €10 million increase in deferred expenses was due to debt issuance costs and redemption premiums in respect of new financing arranged during the year (see section A, “Key events in the period”, page 417).

C. Notes to the income statement

7. Net financial income/(expense)

*Net financial income/(expense)*
(in € millions)	2025	2024
Income from subsidiaries and affiliates	Income from subsidiaries and affiliates 2025 1,915	Income from subsidiaries and affiliates 2024 2,140
Net interest income/(expense)	Net interest income/(expense) 2025 (18)	Net interest income/(expense) 2024 106
Foreign exchange gains and losses	Foreign exchange gains and losses 2025 (4)	Foreign exchange gains and losses 2024 1
Provisions and other	Provisions and other 2025 21	Provisions and other 2024 (640)
Net financial income/(expense)	Net financial income/(expense)2025 1,914	Net financial income/(expense) 2024 1,606

Income from investments in subsidiaries and affiliates corresponds to the dividends received from subsidiaries.

In 2024, financial provisions mainly related to €650 million of impairment allowances for VINCI Autoroutes shares held by VINCI SA.