| (in € millions) | Note(s) | 31/12/2025 | 31/12/2024 |
|---|---|---|---|
| Non-current assets | Non-current assets Note(s)
|
Non-current assets 31/12/2025
|
Non-current assets 31/12/2024
|
| Concession intangible assets | Concession intangible assets Note(s) 13 |
Concession intangible assets 31/12/2025 29,007 |
Concession intangible assets 31/12/2024 29,672 |
| Goodwill | Goodwill Note(s) 9 |
Goodwill 31/12/2025 20,177 |
Goodwill 31/12/2024 19,519 |
| Other intangible assets | Other intangible assets Note(s) 17 |
Other intangible assets 31/12/2025 11,258 |
Other intangible assets 31/12/2024 11,786 |
| Property, plant and equipment | Property, plant and equipment Note(s) 17 |
Property, plant and equipment 31/12/2025 16,681 |
Property, plant and equipment 31/12/2024 15,300 |
| Investments in companies accounted for under the equity method | Investments in companies accounted for under the equity method Note(s) 10 |
Investments in companies accounted for under the equity method 31/12/2025 1,995 |
Investments in companies accounted for under the equity method 31/12/2024 2,105 |
| Other non-current financial assets | Other non-current financial assets Note(s) 11-14-18 |
Other non-current financial assets 31/12/2025 2,909 |
Other non-current financial assets 31/12/2024 2,743 |
| Derivative financial instruments - non-current assets | Derivative financial instruments - non-current assets Note(s) 27 |
Derivative financial instruments - non-current assets 31/12/2025 151 |
Derivative financial instruments - non-current assets 31/12/2024 167 |
| Deferred tax assets | Deferred tax assets Note(s) 7 |
Deferred tax assets 31/12/2025 1,333 |
Deferred tax assets 31/12/2024 1,268 |
| Total non-current assets | Total non-current assets Note(s)
|
Total non-current assets 31/12/2025 83,510 |
Total non-current assets 31/12/2024 82,560 |
| Current assets | Current assets Note(s)
|
Current assets 31/12/2025
|
Current assets 31/12/2024
|
| Inventories and work in progress | Inventories and work in progress Note(s) 19 |
Inventories and work in progress 31/12/2025 1,700 |
Inventories and work in progress 31/12/2024 1,772 |
| Trade and other receivables | Trade and other receivables Note(s) 19 |
Trade and other receivables 31/12/2025 19,504 |
Trade and other receivables 31/12/2024 19,365 |
| Other current assets | Other current assets Note(s) 19 |
Other current assets 31/12/2025 8,265 |
Other current assets 31/12/2024 8,333 |
| Current tax assets | Current tax assets Note(s)
|
Current tax assets 31/12/2025 419 |
Current tax assets 31/12/2024 415 |
| Other current financial assets | Other current financial assets Note(s)
|
Other current financial assets 31/12/2025 119 |
Other current financial assets 31/12/2024 76 |
| Derivative financial instruments - current assets | Derivative financial instruments - current assets Note(s) 27 |
Derivative financial instruments - current assets 31/12/2025 188 |
Derivative financial instruments - current assets 31/12/2024 137 |
| Cash management financial assets | Cash management financial assets Note(s) 26 |
Cash management financial assets 31/12/2025 1,244 |
Cash management financial assets 31/12/2024 895 |
| Cash and cash equivalents | Cash and cash equivalents Note(s) 26 |
Cash and cash equivalents 31/12/2025 17,254 |
Cash and cash equivalents 31/12/2024 15,199 |
| Total current assets | Total current assets Note(s)
|
Total current assets 31/12/2025 48,695 |
Total current assets 31/12/2024 46,192 |
| Assets held for sale | Assets held for sale Note(s)
|
Assets held for sale 31/12/2025 860 |
Assets held for sale 31/12/2024 739 |
| Total assets | Total assets Note(s)
|
Total assets 31/12/2025 133,065 |
Total assets 31/12/2024 129,491 |
| (in € millions) | Note | 31/12/2025 | 31/12/2024 |
|---|---|---|---|
| Equity | Equity Note
|
Equity 31/12/2025
|
Equity 31/12/2024
|
| Share capital | Share capital Note 23.1 |
Share capital 31/12/2025 1,455 |
Share capital 31/12/2024 1,455 |
| Share premium | Share premium Note 23.1 |
Share premium 31/12/2025 14,811 |
Share premium 31/12/2024 14,059 |
| Treasury shares | Treasury shares Note 23.2 |
Treasury shares 31/12/2025 (2,796) |
Treasury shares 31/12/2024 (1,566) |
| Consolidated reserves | Consolidated reserves Note
|
Consolidated reserves 31/12/2025 13,454 |
Consolidated reserves 31/12/2024 11,724 |
| Currency translation reserves | Currency translation reserves Note
|
Currency translation reserves 31/12/2025 (906) |
Currency translation reserves 31/12/2024 (32) |
| Net income attributable to owners of the parent | Net income attributable to owners of the parent Note
|
Net income attributable to owners of the parent 31/12/2025 4,903 |
Net income attributable to owners of the parent 31/12/2024 4,863 |
| Amounts recognised directly in equity | Amounts recognised directly in equity Note 23.4 |
Amounts recognised directly in equity 31/12/2025 (168) |
Amounts recognised directly in equity 31/12/2024 (555) |
| Equity attributable to owners of the parent | Equity attributable to owners of the parent Note
|
Equity attributable to owners of the parent 31/12/2025 30,752 |
Equity attributable to owners of the parent 31/12/2024 29,947 |
| Equity attributable to non-controlling interests | Equity attributable to non-controlling interests Note 23.5 |
Equity attributable to non-controlling interests 31/12/2025 3,576 |
Equity attributable to non-controlling interests 31/12/2024 4,085 |
| Total equity | Total equity Note
|
Total equity 31/12/2025 34,328 |
Total equity 31/12/2024 34,032 |
| Non-current liabilities | Non-current liabilities Note
|
Non-current liabilities 31/12/2025
|
Non-current liabilities 31/12/2024
|
| Non-current provisions | Non-current provisions Note 20 |
Non-current provisions 31/12/2025 1,068 |
Non-current provisions 31/12/2024 1,011 |
| Provisions for employee benefits | Provisions for employee benefits Note 29 |
Provisions for employee benefits 31/12/2025 1,169 |
Provisions for employee benefits 31/12/2024 1,224 |
| Bonds | Bonds Note 25 |
Bonds 31/12/2025 24,787 |
Bonds 31/12/2024 24,454 |
| Other loans and borrowings | Other loans and borrowings Note 25 |
Other loans and borrowings 31/12/2025 5,185 |
Other loans and borrowings 31/12/2024 4,664 |
| Derivative financial instruments - non-current liabilities | Derivative financial instruments - non-current liabilities Note 27 |
Derivative financial instruments - non-current liabilities 31/12/2025 809 |
Derivative financial instruments - non-current liabilities 31/12/2024 1,014 |
| Non-current lease liabilities | Non-current lease liabilities Note 21 |
Non-current lease liabilities 31/12/2025 2,112 |
Non-current lease liabilities 31/12/2024 1,949 |
| Other non-current liabilities | Other non-current liabilities Note
|
Other non-current liabilities 31/12/2025 747 |
Other non-current liabilities 31/12/2024 1,117 |
| Deferred tax liabilities | Deferred tax liabilities Note 7 |
Deferred tax liabilities 31/12/2025 4,764 |
Deferred tax liabilities 31/12/2024 4,991 |
| Total non-current liabilities | Total non-current liabilities Note
|
Total non-current liabilities 31/12/2025 40,641 |
Total non-current liabilities 31/12/2024 40,424 |
| Current liabilities | Current liabilities Note
|
Current liabilities 31/12/2025
|
Current liabilities 31/12/2024
|
| Current provisions | Current provisions Note 19 |
Current provisions 31/12/2025 8,353 |
Current provisions 31/12/2024 7,828 |
| Trade payables | Trade payables Note 19 |
Trade payables 31/12/2025 14,868 |
Trade payables 31/12/2024 14,463 |
| Other current liabilities | Other current liabilities Note 19 |
Other current liabilities 31/12/2025 25,612 |
Other current liabilities 31/12/2024 24,144 |
| Current tax liabilities | Current tax liabilities Note
|
Current tax liabilities 31/12/2025 709 |
Current tax liabilities 31/12/2024 746 |
| Current lease liabilities | Current lease liabilities Note 21 |
Current lease liabilities 31/12/2025 737 |
Current lease liabilities 31/12/2024 639 |
| Derivative financial instruments - current liabilities | Derivative financial instruments - current liabilities Note 27 |
Derivative financial instruments - current liabilities 31/12/2025 399 |
Derivative financial instruments - current liabilities 31/12/2024 535 |
| Current borrowings | Current borrowings Note 25 |
Current borrowings 31/12/2025 6,740 |
Current borrowings 31/12/2024 6,152 |
| Total current liabilities | Total current liabilities Note
|
Total current liabilities 31/12/2025 57,418 |
Total current liabilities 31/12/2024 54,508 |
| Liabilities directly associated with assets held for sale | Liabilities directly associated with assets held for sale Note
|
Liabilities directly associated with assets held for sale 31/12/2025 678 |
Liabilities directly associated with assets held for sale 31/12/2024 527 |
| Total equity and liabilities | Total equity and liabilities Note
|
Total equity and liabilities 31/12/2025 133,065 |
Total equity and liabilities 31/12/2024 129,491 |
