Integrated Annual Report 2025

Financial statements

FINANCIALSTATEMENTS

CONSOLIDATED INCOME STATEMENTFor the year ended December 31

CONSOLIDATED INCOME STATEMENT For the year ended December 31.
(in millions of euros) 2024 2025
Revenue Revenue

2024

Revenue

2024

227,057.8
Revenue

2025

Revenue

2025

26,940.2
Other income

Other income

2024

Other income

2024

234.0

Other income

2025

Other income

2025

347.3

Purchases

Purchases

2024

Purchases

2024

-10,008.2

Purchases

2025

Purchases

2025

-9,651.2

Personnel expenses

Personnel expenses

2024

Personnel expenses

2024

-5,165.7

Personnel expenses

2025

Personnel expenses

2025

-5,088.4

Other expenses

Other expenses

2024

Other expenses

2024

-4,221.4

Other expenses

2025

Other expenses

2025

-4,402.8

Operating income recurring before depreciation and amortization Operating income recurring before depreciation and amortization

2024

Operating income recurring before depreciation and amortization

2024

7,896.5
Operating income recurring before depreciation and amortization

2025

Operating income recurring before depreciation and amortization

2025

8,145.1
Depreciation and amortization expenses

Depreciation and amortization expenses

2024

Depreciation and amortization expenses

2024

-2,505.1

Depreciation and amortization expenses

2025

Depreciation and amortization expenses

2025

-2,563.5

Operating income recurring Operating income recurring

2024

Operating income recurring

2024

5,391.4
Operating income recurring

2025

Operating income recurring

2025

5,581.6
Other non-recurring operating income

Other non-recurring operating income

2024

Other non-recurring operating income

2024

64.8

Other non-recurring operating income

2025

Other non-recurring operating income

2025

50.8

Other non-recurring operating expenses

Other non-recurring operating expenses

2024

Other non-recurring operating expenses

2024

-510.6

Other non-recurring operating expenses

2025

Other non-recurring operating expenses

2025

-353.7

Operating income Operating income

2024

Operating income

2024

4,945.6
Operating income

2025

Operating income

2025

5,278.7
Net finance costs

Net finance costs

2024

Net finance costs

2024

-258.4

Net finance costs

2025

Net finance costs

2025

-242.5

Other financial income

Other financial income

2024

Other financial income

2024

8.5

Other financial income

2025

Other financial income

2025

7.8

Other financial expenses

Other financial expenses

2024

Other financial expenses

2024

-168.5

Other financial expenses

2025

Other financial expenses

2025

-161.5

Income taxes

Income taxes

2024

Income taxes

2024

-1,086.5

Income taxes

2025

Income taxes

2025

-1,230.5

Share of profit of equity affiliates

Share of profit of equity affiliates

2024

Share of profit of equity affiliates

2024

-0.7

Share of profit of equity affiliates

2025

Share of profit of equity affiliates

2025

-7.6

Profit for the period Profit for the period

2024

Profit for the period

2024

3,440.0
Profit for the period

2025

Profit for the period

2025

3,644.4
Minority interests

Minority interests

2024

Minority interests

2024

133.9

Minority interests

2025

Minority interests

2025

126.5

Net profit (Group share) Net profit (Group share)

2024

Net profit (Group share)

2024

3,306.1
Net profit (Group share)

2025

Net profit (Group share)

2025

3,517.9
Basic earnings per share (in €)

Basic earnings per share (in €)

2024

Basic earnings per share (in €)

2024

5.74

Basic earnings per share (in €)

2025

Basic earnings per share (in €)

2025

6.10

STATEMENT OF CHANGES IN NET DEBT As of December 31, 2025

STATEMENT OF CHANGES IN NET DEBT As of December 31, 2025
(in millions of euros) 2024 2025
Net debt at the beginning of the period Net debt at the beginning of the period

2024

Net debt at the beginning of the period

2024

-9,220.9
Net debt at the beginning of the period

2025

Net debt at the beginning of the period

2025

-9,159.2
Net cash flows from operating activities

Net cash flows from operating activities

2024

Net cash flows from operating activities

2024

6,322.2

Net cash flows from operating activities

2025

Net cash flows from operating activities

2025

6,518.4

Net cash flows used in investing activities

Net cash flows used in investing activities

2024

Net cash flows used in investing activities

2024

-3,583.4

Net cash flows used in investing activities

2025

Net cash flows used in investing activities

2025

-3,751.0
Net cash flows from (used in) financing activities excluding changes in borrowings

Net cash flows from (used in) financing activities excluding changes in borrowings

2024

Net cash flows from (used in) financing activities excluding changes in borrowings

2024

-2,322.6

Net cash flows from (used in) financing activities excluding changes in borrowings

2025

Net cash flows from (used in) financing activities excluding changes in borrowings

2025

-2,227.4
Total net cash flows Total net cash flows

2024

Total net cash flows

2024

416.2
Total net cash flows

2025

Total net cash flows

2025

540.0
Effect of exchange rate changes, opening net debt of newly acquired companies and others

Effect of exchange rate changes, opening net debt of newly acquired companies and others

2024

Effect of exchange rate changes, opening net debt of newly acquired companies and others

2024

-134.2

Effect of exchange rate changes, opening net debt of newly acquired companies and others

2025

Effect of exchange rate changes, opening net debt of newly acquired companies and others

2025

386.6

Adjustment of net finance costs

Adjustment of net finance costs

2024

Adjustment of net finance costs

2024

-220.3

Adjustment of net finance costs

2025

Adjustment of net finance costs

2025

-182.9

Change in net debt Change in net debt

2024

Change in net debt

2024

61.7
Change in net debt

2025

Change in net debt

2025

743.7
Net debt at the end of the period Net debt at the end of the period

2024

Net debt at the end of the period

2024

-9,159.2
Net debt at the end of the period

2025

Net debt at the end of the period

2025

-8,415.5