| (in € millions) | Note(s) | 2025 | 2024 |
|---|---|---|---|
| Revenue (*) | Revenue (*) Note(s) 1-2 |
Revenue (*) 2025 74,599 |
Revenue (*) 2024 71,623 |
| Concession subsidiaries’ revenue derived from works carried out by non-Group companies | Concession subsidiaries’ revenue derived from works carried out by non-Group companies Note(s)
|
Concession subsidiaries’ revenue derived from works carried out by non-Group companies 2025 772 |
Concession subsidiaries’ revenue derived from works carried out by non-Group companies 2024 837 |
| Total revenue | Total revenue Note(s)
|
Total revenue 2025 75,372 |
Total revenue 2024 72,459 |
| Revenue from ancillary activities | Revenue from ancillary activities Note(s) 4 |
Revenue from ancillary activities 2025 331 |
Revenue from ancillary activities 2024 308 |
| Operating expenses | Operating expenses Note(s) 4 |
Operating expenses 2025 (66,145) |
Operating expenses 2024 (63,770) |
| Operating income from ordinary activities | Operating income from ordinary activities Note(s) 1-4 |
Operating income from ordinary activities 2025 9,558 |
Operating income from ordinary activities 2024 8,997 |
| Share-based payments (IFRS 2) | Share-based payments (IFRS 2) Note(s) 30 |
Share-based payments (IFRS 2) 2025 (567) |
Share-based payments (IFRS 2) 2024 (462) |
| Profit/(loss) of companies accounted for under the equity method | Profit/(loss) of companies accounted for under the equity method Note(s) 4-10 |
Profit/(loss) of companies accounted for under the equity method 2025 300 |
Profit/(loss) of companies accounted for under the equity method 2024 219 |
| Other recurring operating items | Other recurring operating items Note(s) 4 |
Other recurring operating items 2025 110 |
Other recurring operating items 2024 97 |
| Recurring operating income | Recurring operating income Note(s) 4 |
Recurring operating income 2025 9,401 |
Recurring operating income 2024 8,850 |
| Non-recurring operating items | Non-recurring operating items Note(s) 4 |
Non-recurring operating items 2025 (37) |
Non-recurring operating items 2024 (68) |
| Operating income | Operating income Note(s) 4 |
Operating income 2025 9,364 |
Operating income 2024 8,783 |
| Cost of gross financial debt | Cost of gross financial debt Note(s)
|
Cost of gross financial debt 2025 (1,760) |
Cost of gross financial debt 2024 (1,785) |
| Financial income from cash investments | Financial income from cash investments Note(s)
|
Financial income from cash investments 2025 513 |
Financial income from cash investments 2024 595 |
| Cost of net financial debt | Cost of net financial debt Note(s) 5 |
Cost of net financial debt 2025 (1,247) |
Cost of net financial debt 2024 (1,191) |
| Other financial income and expense | Other financial income and expense Note(s) 6 |
Other financial income and expense 2025 (181) |
Other financial income and expense 2024 (217) |
| Income tax expense | Income tax expense Note(s) 7 |
Income tax expense 2025 (2,661) |
Income tax expense 2024 (2,102) |
| Net income | Net income Note(s)
|
Net income 2025 5,275 |
Net income 2024 5,274 |
| Net income attributable to non-controlling interests | Net income attributable to non-controlling interests Note(s) 23.5 |
Net income attributable to non-controlling interests 2025 372 |
Net income attributable to non-controlling interests 2024 410 |
| Net income attributable to owners of the parent | Net income attributable to owners of the parent Note(s)
|
Net income attributable to owners of the parent 2025 4,903 |
Net income attributable to owners of the parent 2024 4,863 |
| Basic earnings per share (in €) | Basic earnings per share (in €)Note(s) 8 |
Basic earnings per share (in €)2025 8.76 |
Basic earnings per share (in €)2024 8.53 |
| Diluted earnings per share (in €) | Diluted earnings per share (in €)Note(s) 8 |
Diluted earnings per share (in €)2025 8.65 |
Diluted earnings per share (in €)2024 8.43 |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
| (in € millions) | 2025 | 2024 |
|---|---|---|
| Net income | Net income20255,275 | Net income 2024 5,274 |
| Changes in fair value of cash flow and net investment hedging instruments (*) | Changes in fair value of cash flow and net investment hedging instruments (*)2025282 |
Changes in fair value of cash flow and net investment hedging instruments (*)2024 (106) |
| Hedging costs | Hedging costs 202513 |
Hedging costs 2024 5 |
| Tax (**) | Tax (**)2025(20) |
Tax (**)2024 (7) |
| Currency translation differences | Currency translation differences 2025(928) |
Currency translation differences 2024 (134) |
| Comprehensive income arising from companies accounted for under the equity method | Comprehensive income arising from companies accounted for under the equity method 202554 |
Comprehensive income arising from companies accounted for under the equity method 2024 (8) |
| Other comprehensive income that may be recycled subsequently to net income | Other comprehensive income that may be recycled subsequently to net income2025(599) | Other comprehensive income that may be recycled subsequently to net income 2024 (250) |
| Equity instruments | Equity instruments 2025(12) |
Equity instruments 2024 (0) |
| Actuarial gains and losses on retirement benefit obligations | Actuarial gains and losses on retirement benefit obligations 202579 |
Actuarial gains and losses on retirement benefit obligations 2024 3 |
| Tax | Tax 2025(20) |
Tax 2024 (2) |
| Comprehensive income arising from companies accounted for under the equity method | Comprehensive income arising from companies accounted for under the equity method 2025(0) |
Comprehensive income arising from companies accounted for under the equity method 2024 (1) |
| Other comprehensive income that may not be recycled subsequently to net income | Other comprehensive income that may not be recycled subsequently to net income202547 | Other comprehensive income that may not be recycled subsequently to net income 2024 (0) |
| Total other comprehensive income recognised directly in equity | Total other comprehensive income recognised directly in equity2025(552) | Total other comprehensive income recognised directly in equity 2024 (250) |
| Comprehensive income | Comprehensive income20254,723 | Comprehensive income 2024 5,024 |
| of which attributable to owners of the parent | of which attributable to owners of the parent20254,435 | of which attributable to owners of the parent 2024 4,767 |
| of which attributable to non-controlling interests | of which attributable to non-controlling interests2025288 | of which attributable to non-controlling interests 2024 256 |
(*) Changes in the fair value of cash flow hedges are recognised in equity for the effective portion. Cumulative gains and losses in equity are taken to profit or loss at the time when the cash flow affects profit or loss. In 2025, those changes consisted of a positive €198 million impact related to net investment hedges and a positive €84 million impact related to cash flow hedges.
(**) Tax effects relating to changes in the fair value of cash flow hedging financial instruments (effective portion) and hedging costs.
