VINCI – Annual report – 31 December 2025
Industry: utilities, concessions, construction
12. Details of the main contracts in Concessions
Details of the main contracts in the Concessions business at 31 December 2025 are set out by business line in the table below.
(*) Remuneration is based on the pricing law as defined in the concession contract, and price increases must be validated by the grantor.
(**) Remuneration comes from both users and from airlines. Airport fees are generally regulated.
(***) The concession contract was terminated on 24 October 2019 on the grounds of public interest. The termination is due to take effect no later than the signing date of the new concession
contract.
FC: Full consolidation; EM: Equity method.
FC: Full consolidation; EM: Equity method.
Certain contracts may benefit from investment grants from the grantor. This relates mainly to contracts under the financial asset model, but also certain contracts with traffic level risk (Arcour – A19, LISEA and Consortium Stade de France).
As a general rule, when the contracts end, the concession infrastructure is returned to the grantor for no consideration. In the event that the contract is terminated or the asset under concession is bought out early by the grantor, compensation is payable to the concession holders. Its amount is determined in accordance with contractual or statutory provisions.
13. Concession intangible assets
(*) Including the concessions of Cobra IS.
(**) Including capitalised borrowing costs.
Changes in scope in 2025 mainly consisted of:
- the impact of VINCI Highways taking control of Entrevias for €809 million;
- the end of the concession for Stade de France;
- the sale by Cobra IS of its stake in the Morecambe offshore wind farm project in the United Kingdom.
In 2025, concession intangible assets added to the portfolio mainly consisted of the right the operate the Northwest Parkway section of the Denver ring road until 2106, at a cost of €1,266 million, and the balance of the upfront fee paid to the grantor for the 30-year extension of the airport concession contract in the Dominican Republic, at a cost of €423 million.
In 2025, acquisitions of concession intangible assets amounted to €1,099 million (€925 million net of grants received). They included investments by the ASF group for €451 million (€439 million in 2024), by VINCI Airports for €256 million (€379 million in 2024), by Cobra IS for €100 million (€92 million in 2024) and by Cofiroute for €72 million (€51 million in 2024).
Concession intangible assets include assets under construction for €1,680 million at 31 December 2025 (€1,912 million at 31 December 2024). These relate to VINCI Autoroutes subsidiaries for €668 million (including ASF for €487 million, Cofiroute for €104 million and Escota for €78 million) and VINCI Airports subsidiaries for €389 million (of which the company operating Belgrade airport for €141 million and ANA in Portugal for €126 million).
14. PPP financial receivables (controlled companies)
The main contracts for PPP projects operated by or under construction by Group subsidiaries are presented on the asset side of the consolidated balance sheet for their part at more than one year under “Other non-current financial assets” and concern the following:
- Caraibus (reserved lane public transport system in Martinique) and Pompicart (the Centre Pompidou’s satellite museum in the Paris suburb of Massy): these contracts are recognised under the financial asset model;
- Stade Marie-Marvingt (Le Mans stadium in France) and Park Azur (business complex for car rental firms at Nice-Côte d’Azur airport in France). Both contracts are recognised under the bifurcated model (intangible asset and financial asset).
15. Off-balance sheet commitments in Concessions
15.1 Companies controlled by the Group
Contractual investment and renewal obligations
The increase in investment and renewal undertakings in 2025 mainly stems from work to be done by Via Cristais, the company holding the concession for the BR-040 federal highway in Brazil, which connects the cities of Belo Horizonte and Cristalina, and by Mexican airport operator OMA under its Master Development Program.
Contractual investment obligations of motorway concession companies in France consist mainly of undertakings made under concession contracts, multi-year master contracts as part of the motorway investment plan approved in 2018 and the supplementary agreement regarding the western Montpellier bypass at ASF. The increase in the ASF group’s obligations stems in particular from Escota’s maintenance and renewal plan approved by the French state as grantor in the first half of 2025, aimed at ensuring that the infrastructure remains in good condition until the concession contract ends in February 2032. Overall, VINCI Autoroutes’ investment undertakings amounted to €1,152 million at 31 December 2025 (€1,075 million at 31 December 2024).
In addition to those undertakings, parent company investment guarantees in the total amount of €158 million were given in relation to concession projects at 31 December 2025 (€143 million at 31 December 2024). Those amounts are not included in the table above.
The amounts shown in the table are also exclusive of obligations relating to maintenance expenditure on infrastructure under concession, in respect of which specific provisions based on maintenance plans are set aside (see Note G.19.3, “Breakdown of current provisions”).
Security interests connected with financing
Collateral security (in the form of pledges of shares and mortgages on land and buildings) is generally provided to secure financing granted to concession-holding subsidiaries, and breaks down as follows:
Other security interests related to the funding of concession projects have been granted in an amount of €633 million, mainly involving Northwest Parkway in relation to its operation of the section of the Denver ring road in the US state of Colorado (€305 million).
15.2 Companies accounted for under the equity method
Contractual investment obligations
At 31 December 2025, the Group’s share of the investment undertakings made by these companies amounted to €283 million as opposed to €445 million at 31 December 2024, an amount that included undertakings made by Entrevias, which holds the concession for two toll highway sections in Brazil and which has been fully consolidated in the Group’s financial statements since October 2025. The decrease in other undertakings reflects progress on works, including those being carried out by Kansai Airports in Japan and on the B247 federal road project in Germany.
Collateral security connected with financing
Collateral security has been granted in the form of pledges of shares in companies accounted for under the equity method.
The net carrying amount of the shares pledged at 31 December 2025 was €98 million (€125 million at 31 December 2024) and included shares in Olympia Odos (the company operating the toll motorway currently connecting Elefsina, Corinth and Patras in Greece) for €65 million and in WVB East End Partners (the company holding the concession for the Ohio River Bridges – East End Crossing project in the United States) for €13 million.
€58 million of corporate guarantees have also been granted by VINCI Concessions.
Funding commitments
The Group has made commitments to provide funding (capital and/or subordinated loans) to companies accounted for under the equity method. At 31 December 2025, those commitments amounted to €21 million (€47 million at 31 December 2024). They relate in equal proportions to the B247 federal road project in Germany and to Colombian company Constructora Conconcreto.
Accounts examples 