| (in € millions) | 2025 | 2024 |
|---|---|---|
| Net cash flows (used in)/from operating activities | Net cash flows (used in)/from operating activities 2025 11,886 |
Net cash flows (used in)/from operating activities 2024 11,714 |
| Operating investments (net of disposals) | Operating investments (net of disposals) 2025 (2,832) |
Operating investments (net of disposals) 2024 (2,708) |
| Repayments of lease liabilities and financial expense on lease liabilities | Repayments of lease liabilities and financial expense on lease liabilities 2025 (871) |
Repayments of lease liabilities and financial expense on lease liabilities 2024 (745) |
| Operating cash flow | Operating cash flow 2025 8,183 |
Operating cash flow 2024 8,261 |
| Growth investments (concessions and PPPs) | Growth investments (concessions and PPPs) 2025 (1,173) |
Growth investments (concessions and PPPs) 2024 (1,453) |
| Free cash flow | Free cash flow 2025 7,010 |
Free cash flow 2024 6,808 |
| Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) | Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) 2025 (1,449) |
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) 2024 (5,006)(*) |
| Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) | Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 2025 290 |
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 2024 122 |
| Net impact of changes in scope including net debt assumed | Net impact of changes in scope including net debt assumed 2025 (360) |
Net impact of changes in scope including net debt assumed 2024 (1,806) (*) |
| Other cash flows (used in)/from investing activities | Other cash flows (used in)/from investing activities 2025 (345) |
Other cash flows (used in)/from investing activities 2024 (335) |
| Net financial investments | Net financial investments 2025 (1,865) |
Net financial investments 2024 (7,025) |
| Dividends received from unconsolidated companies | Dividends received from unconsolidated companies 2025 40 |
Dividends received from unconsolidated companies 2024 41 |
| Total net financial investments | Total net financial investments 2025 (1,825) |
Total net financial investments 2024 (6,984) |
(*) Including the purchase price for shares and capital increases of companies operating the Northwest Parkway section of the Denver ring road (€1,156 million), Edinburgh airport (€1,431 million) and Budapest airport (€618 million) and their net financial debt on the date of acquisition of control (€276 million for the Northwest Parkway and €1,364 million for Edinburgh airport). See Note B.2, “Changes in consolidation scope in previous periods”.
| (in € millions) | Note(s) | 31/12/2025 | 31/12/2024 |
|---|---|---|---|
| Capital employed - assets | Capital employed - assets Note(s)
|
Capital employed - assets 31/12/2025 107,698 |
Capital employed - assets 31/12/2024 106,583 |
| 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 |
| – Deferred tax on business combination fair value adjustments | – Deferred tax on business combination fair value adjustments Note(s)
|
– Deferred tax on business combination fair value adjustments 31/12/2025 (4,500) |
– Deferred tax on business combination fair value adjustments 31/12/2024 (4,722) |
| Goodwill, gross | Goodwill, gross Note(s) 9 |
Goodwill, gross 31/12/2025 20,467 |
Goodwill, gross 31/12/2024 19,820 |
| Other intangible assets | Other intangible assets Note(s) 17.1 |
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) 17.2 |
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 |
| – Collateralised loans and receivables (at more than one year) | – Collateralised loans and receivables (at more than one year) Note(s) 25-27 |
– Collateralised loans and receivables (at more than one year) 31/12/2025 (8) |
– Collateralised loans and receivables (at more than one year) 31/12/2024 (7) |
| 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 |
| Capital employed - liabilities | Capital employed - liabilities Note(s)
|
Capital employed - liabilities 31/12/2025 (49,542) |
Capital employed - liabilities 31/12/2024 (47,182) |
| Current provisions | Current provisions Note(s) 19 |
Current provisions 31/12/2025 (8,353) |
Current provisions 31/12/2024 (7,828) |
| Trade payables | Trade payables Note(s) 19 |
Trade payables 31/12/2025 (14,868) |
Trade payables 31/12/2024 (14,463) |
| Other current liabilities | Other current liabilities Note(s) 19 |
Other current liabilities 31/12/2025 (25,612) |
Other current liabilities 31/12/2024 (24,144) |
| Current tax liabilities | Current tax liabilities Note(s)
|
Current tax liabilities 31/12/2025 (709) |
Current tax liabilities 31/12/2024 (746) |
| Total capital employed | Total capital employed Note(s)
|
Total capital employed 31/12/2025 58,156 |
Total capital employed 31/12/2024 59,401 |
| (in € millions) | 31/12/2025 | 31/12/2024 |
|---|---|---|
| France | France 31/12/2025 20,894 |
France 31/12/2024 22,545 |
| United Kingdom | United Kingdom 31/12/2025 13,133 |
United Kingdom 31/12/2024 13,217 |
| Spain | Spain 31/12/2025 4,769 |
Spain 31/12/2024 4,621 |
| Portugal | Portugal 31/12/2025 2,490 |
Portugal 31/12/2024 2,412 |
| Rest of Europe | Rest of Europe 31/12/2025 3,154 |
Rest of Europe 31/12/2024 3,131 |
| Total Europe excluding France | Total Europe excluding France 31/12/2025 23,547 |
Total Europe excluding France 31/12/2024 23,381 |
| Total Europe | Total Europe 31/12/2025 44,440 |
Total Europe 31/12/2024 45,926 |
| North America | North America 31/12/2025 3,656 |
North America 31/12/2024 4,111 |
| of which United States | of which United States 31/12/2025 3,292 |
of which United States 31/12/2024 3,545 |
| Central and South America | Central and South America 31/12/2025 10,120 |
Central and South America 31/12/2024 9,179 |
| Africa | Africa 31/12/2025 (201) |
Africa 31/12/2024 (287) |
| Asia-Pacific and Middle East | Asia-Pacific and Middle East 31/12/2025 141 |
Asia-Pacific and Middle East 31/12/2024 473 |
| Total capital employed | Total capital employed 31/12/2025 58,156 |
Total capital employed 31/12/2024 59,401 |
At 31 December 2025, capital employed in the eurozone was €28.3 billion (of which €20.9 billion in France) and made up 49% of the total (€29.8 billion and 50% of the total in 2024).
