Integrated Annual Report 2025

When tech makes an impact

CONSOLIDATED BALANCE SHEET For the year ended December 31

CONSOLIDATED BALANCE SHEET For the year ended December 31.
ASSETS (in millions of euros) Dec. 31, 2024 Dec. 31, 2025
Goodwill

Goodwill

Dec. 31, 2024

Goodwill

Dec. 31, 2024

14,977.4

Goodwill

Dec. 31, 2025

Goodwill

Dec. 31, 2025

13,823.2
Other intangible assets

Other intangible assets

Dec. 31, 2024

Other intangible assets

Dec. 31, 2024

1 691,5

Other intangible assets

Dec. 31, 2025

Other intangible assets

Dec. 31, 2025

1 562,3
Immobilisations corporelles

Immobilisations corporelles

Dec. 31, 2024

Immobilisations corporelles

Dec. 31, 2024

25,538.7

Immobilisations corporelles

Dec. 31, 2025

Immobilisations corporelles

Dec. 31, 2025

24,909.7
Non-current assets Non-current assets

Dec. 31, 2024

Non-current assets

Dec. 31, 2024

42,207.6
Non-current assets

Dec. 31, 2025

Non-current assets

Dec. 31, 2025

40,295.2
Non-current financial assets

Non-current financial assets

Dec. 31, 2024

Non-current financial assets

Dec. 31, 2024

746.3

Non-current financial assets

Dec. 31, 2025

Non-current financial assets

Dec. 31, 2025

708.9

Investments in equity affiliates

Investments in equity affiliates

Dec. 31, 2024

Investments in equity affiliates

Dec. 31, 2024

198.3

Investments in equity affiliates

Dec. 31, 2025

Investments in equity affiliates

Dec. 31, 2025

174.6

Deferred tax assets

Deferred tax assets

Dec. 31, 2024

Deferred tax assets

Dec. 31, 2024

335.0

Deferred tax assets

Dec. 31, 2025

Deferred tax assets

Dec. 31, 2025

303.4

Fair value of non-current derivatives (assets)

Fair value of non-current derivatives (assets)

Dec. 31, 2024

Fair value of non-current derivatives (assets)

Dec. 31, 2024

32.9

Fair value of non-current derivatives (assets)

Dec. 31, 2025

Fair value of non-current derivatives (assets)

Dec. 31, 2025

61.7

Other non-current assets

Other non-current assets

Dec. 31, 2024

Other non-current assets

Dec. 31, 2024

1,312.5

Other non-current assets

Dec. 31, 2025

Other non-current assets

Dec. 31, 2025

1,248.6
TOTAL NON-CURRENT ASSETS TOTAL NON-CURRENT ASSETS

Dec. 31, 2024

TOTAL NON-CURRENT ASSETS

Dec. 31, 2024

43,5201
TOTAL NON-CURRENT ASSETS

Dec. 31, 2025

TOTAL NON-CURRENT ASSETS

Dec. 31, 2025

41,543.8
Inventories and work-in progress

Inventories and work-in progress

Dec. 31, 2024

Inventories and work-in progress

Dec. 31, 2024

2 189,6

Inventories and work-in progress

Dec. 31, 2025

Inventories and work-in progress

Dec. 31, 2025

2 128,3
Trade receivables

Trade receivables

Dec. 31, 2024

Trade receivables

Dec. 31, 2024

2,996.7

Trade receivables

Dec. 31, 2025

Trade receivables

Dec. 31, 2025

2,866.5
Other current assets

Other current assets

Dec. 31, 2024

Other current assets

Dec. 31, 2024

1,068.2

Other current assets

Dec. 31, 2025

Other current assets

Dec. 31, 2025

907.4

Current tax assets

Current tax assets

Dec. 31, 2024

Current tax assets

Dec. 31, 2024

96.7

Current tax assets

Dec. 31, 2025

Current tax assets

Dec. 31, 2025

32.8

Fair value of current derivatives (assets)

Fair value of current derivatives (assets)

Dec. 31, 2024

Fair value of current derivatives (assets)

Dec. 31, 2024

77.3

Fair value of current derivatives (assets)

Dec. 31, 2025

Fair value of current derivatives (assets)

Dec. 31, 2025

92.4

Cash and cash equivalents

Cash and cash equivalents

Dec. 31, 2024

Cash and cash equivalents

Dec. 31, 2024

1,915.3

Cash and cash equivalents

Dec. 31, 2025

Cash and cash equivalents

Dec. 31, 2025

3,962.0
TOTAL CURRENT ASSETS TOTAL CURRENT ASSETS

Dec. 31, 2024

TOTAL CURRENT ASSETS

Dec. 31, 2024

8,343.8
TOTAL CURRENT ASSETS

Dec. 31, 2025

TOTAL CURRENT ASSETS

Dec. 31, 2025

9,989.4
ASSETS HELD FOR SALE ASSETS HELD FOR SALE

Dec. 31, 2024

ASSETS HELD FOR SALE

Dec. 31, 2024

3.6
ASSETS HELD FOR SALE

Dec. 31, 2025

ASSETS HELD FOR SALE

Dec. 31, 2025

380.2
TOTAL ASSETS TOTAL ASSETS

Dec. 31, 2024

TOTAL ASSETS

Dec. 31, 2024

51,867.5
TOTAL ASSETS

Dec. 31, 2025

TOTAL ASSETS

Dec. 31, 2025

51,913.4
CONSOLIDATED BALANCE SHEET For the year ended December 31
ASSETS (in millions of euros) Dec. 31, 2024 Dec. 31, 2025
Share capital

Share capital

Dec. 31, 2024

Share capital

Dec. 31, 2024

3,180.4

Share capital

Dec. 31, 2025

Share capital

Dec. 31, 2025

3,186.6
Additional paid-in capital

Additional paid-in capital

Dec. 31, 2024

Additional paid-in capital

Dec. 31, 2024

2,064.1

Additional paid-in capital

Dec. 31, 2025

Additional paid-in capital

Dec. 31, 2025

2,192.5
Retained earnings

Retained earnings

Dec. 31, 2024

Retained earnings

Dec. 31, 2024

18,534.2

Retained earnings

Dec. 31, 2025

Retained earnings

Dec. 31, 2025

17,496.5
Treasury shares

Treasury shares

Dec. 31, 2024

Treasury shares

Dec. 31, 2024

-224.8

Treasury shares

Dec. 31, 2025

Treasury shares

Dec. 31, 2025

-179.6

Net profit (Group share)

Net profit (Group share)

Dec. 31, 2024

Net profit (Group share)

Dec. 31, 2024

3,306.1

Net profit (Group share)

Dec. 31, 2025

Net profit (Group share)

Dec. 31, 2025

3,517.9
Shareholders’ equity Shareholders’ equity

Dec. 31, 2024

Shareholders’ equity

Dec. 31, 2024

26,860.0
Shareholders’ equity

Dec. 31, 2025

Shareholders’ equity

Dec. 31, 2025

26,213.9
Minority interests Minority interests

Dec. 31, 2024

Minority interests

Dec. 31, 2024

761.3
Minority interests

Dec. 31, 2025

Minority interests

Dec. 31, 2025

733.3
TOTAL EQUITY TOTAL EQUITY

Dec. 31, 2024

TOTAL EQUITY

Dec. 31, 2024

27,621.3
TOTAL EQUITY

Dec. 31, 2025

TOTAL EQUITY

Dec. 31, 2025

26,947.2
Provisions, pensions and other employee benefits

Provisions, pensions and other employee benefits

Dec. 31, 2024

Provisions, pensions and other employee benefits

Dec. 31, 2024

2,025.6

Provisions, pensions and other employee benefits

Dec. 31, 2025

Provisions, pensions and other employee benefits

Dec. 31, 2025

2,028.6
Deferred tax liabilities

Deferred tax liabilities

Dec. 31, 2024

Deferred tax liabilities

Dec. 31, 2024

2,527.1

Deferred tax liabilities

Dec. 31, 2025

Deferred tax liabilities

Dec. 31, 2025

2,372.9
Non-current borrowings

Non-current borrowings

Dec. 31, 2024

Non-current borrowings

Dec. 31, 2024

8,403.1

Non-current borrowings

Dec. 31, 2025

Non-current borrowings

Dec. 31, 2025

10,030.0
Non-current lease liabilities

Non-current lease liabilities

Dec. 31, 2024

Non-current lease liabilities

Dec. 31, 2024

1,133.8

Non-current lease liabilities

Dec. 31, 2025

Non-current lease liabilities

Dec. 31, 2025

1,034.3
Other non-current liabilities

Other non-current liabilities

Dec. 31, 2024

Other non-current liabilities

Dec. 31, 2024

642.8

Other non-current liabilities

Dec. 31, 2025

Other non-current liabilities

Dec. 31, 2025

630.7

Fair value of non-current derivatives (liabilities)

Fair value of non-current derivatives (liabilities)

Dec. 31, 2024

Fair value of non-current derivatives (liabilities)

Dec. 31, 2024

29.7

Fair value of non-current derivatives (liabilities)

Dec. 31, 2025

Fair value of non-current derivatives (liabilities)

Dec. 31, 2025

32.9

TOTAL NON-CURRENT LIABILITIES TOTAL NON-CURRENT LIABILITIES

Dec. 31, 2024

TOTAL NON-CURRENT LIABILITIES

Dec. 31, 2024

14,762.1
TOTAL NON-CURRENT LIABILITIES

Dec. 31, 2025

TOTAL NON-CURRENT LIABILITIES

Dec. 31, 2025

16,129.4
Provisions, pensions and other employee benefits

Provisions, pensions and other employee benefits

Dec. 31, 2024

Provisions, pensions and other employee benefits

Dec. 31, 2024

418.9

Provisions, pensions and other employee benefits

Dec. 31, 2025

Provisions, pensions and other employee benefits

Dec. 31, 2025

393.3

Trade payables

Trade payables

Dec. 31, 2024

Trade payables

Dec. 31, 2024

3,319.0

Trade payables

Dec. 31, 2025

Trade payables

Dec. 31, 2025

3,004.1
Other current liabilities

Other current liabilities

Dec. 31, 2024

Other current liabilities

Dec. 31, 2024

2,483.7

Other current liabilities

Dec. 31, 2025

Other current liabilities

Dec. 31, 2025

2,382.4
Current tax payables

Current tax payables

Dec. 31, 2024

Current tax payables

Dec. 31, 2024

273.1

Current tax payables

Dec. 31, 2025

Current tax payables

Dec. 31, 2025

212.5

Current borrowings

Current borrowings

Dec. 31, 2024

Current borrowings

Dec. 31, 2024

2,671.4

Current borrowings

Dec. 31, 2025

Current borrowings

Dec. 31, 2025

2,347.5
Current lease liabilities

Current lease liabilities

Dec. 31, 2024

Current lease liabilities

Dec. 31, 2024

239.8

Current lease liabilities

Dec. 31, 2025

Current lease liabilities

Dec. 31, 2025

225.1

Fair value of current derivatives (liabilities)

Fair value of current derivatives (liabilities)

Dec. 31, 2024

Fair value of current derivatives (liabilities)

Dec. 31, 2024

76.9

Fair value of current derivatives (liabilities)

Dec. 31, 2025

Fair value of current derivatives (liabilities)

Dec. 31, 2025

192.8
TOTAL CURRENT LIABILITIES TOTAL CURRENT LIABILITIES

Dec. 31, 2024

TOTAL CURRENT LIABILITIES

Dec. 31, 2024

9,482.8
TOTAL CURRENT LIABILITIES

Dec. 31, 2025

TOTAL CURRENT LIABILITIES

Dec. 31, 2025

8,757.7
LIABILITIES HELD FOR SALE LIABILITIES HELD FOR SALE

Dec. 31, 2024

LIABILITIES HELD FOR SALE

Dec. 31, 2024

1.3
LIABILITIES HELD FOR SALE

Dec. 31, 2025

LIABILITIES HELD FOR SALE

Dec. 31, 2025

79.1
TOTAL EQUITY AND LIABILITIES TOTAL EQUITY AND LIABILITIES

Dec. 31, 2024

TOTAL EQUITY AND LIABILITIES

Dec. 31, 2024

51,867.5
TOTAL EQUITY AND LIABILITIES

Dec. 31, 2025

TOTAL EQUITY AND LIABILITIES

Dec. 31, 2025

51,913.4