| (in € millions) | Note | 2025 | 2024 | |
|---|---|---|---|---|
| Wages and other employment-related expense | I | (18 377) | (17 190) | |
| of which wages and salaries | (14 088) | (13 218) | ||
| of which employer social contributions | (3 447) | (3 159) | ||
| of which contributions to defined contribution plans | 29.1 | (842) | (814) | |
| Profit-sharing and incentive plans | II | (362) | (354) | |
| Total | (I+II) | (18 739) | (17 544) | |
| 2025 | 2024 | |
|---|---|---|
| Average number of employees (in full-time equivalent) |
Average number of employees (in full-time equivalent) 2025 292,101 |
Average number of employees (in full-time equivalent) 2024 282,481 |
| of which managers |
of which managers 2025 59,830 |
of which managers 2024 56,562 |
| (in € millions) |
2025 |
2024 |
|---|---|---|
| Net gains or losses on disposal of intangible assets and property, plant and equipment |
Net gains or losses on disposal of intangible assets and property, plant and equipment 2025 96 |
Net gains or losses on disposal of intangible assets and property, plant and equipment 2024 47 |
| Share in operating income or loss of joint operations |
Share in operating income or loss of joint operations 2025 0 |
Share in operating income or loss of joint operations 2024 8 |
| Other operating income and expense |
Other operating income and expense 2025 (30) |
Other operating income and expense 2024 (14) |
| Total |
Total
2025 66 |
Total
2024 41 |
| (in € millions) | 2025 | 2024 |
|---|---|---|
| Concession intangible assets |
Concession intangible assets 2025 (1,682) |
Concession intangible assets 2024 (1,627) |
| Other intangible assets |
Other intangible assets 2025 (171) |
Other intangible assets 2024 (225) |
| Property, plant and equipment |
Property, plant and equipment 2025 (2,354) |
Property, plant and equipment 2024 (2,146) |
| Depreciation and amortisation |
Depreciation and amortisation 2025 (4,206) |
Depreciation and amortisation 2024 (3,998) |
Amortisation of other intangible assets included a charge of €38 million in 2025 (€108 million in 2024) relating to intangible assets identified when allocating the Cobra IS purchase price.
Depreciation of property, plant and equipment included €817 million in 2025 relating to the amortisation of right-of-use assets under leases (€714 million in 2024).
The cost of net financial debt comprises:
The cost of net financial debt amounted to €1,247 million in 2025, up €56 million compared with 2024 (€1,191 million).
The limited extent of the increase mainly reflects the impact of lower interest rates on cash investments, despite their larger average amount. Lower interest rates also helped reduce the impact in 2025 of the higher average amount of long-term debt outstanding, resulting from the full-year effect of acquisitions made in 2024 (Edinburgh airport, the Northwest Parkway section of the Denver ring road and the 30-year extension of Aerodom’s concession contract), the full consolidation of Entrevias, and investments in renewable energies at Cobra IS.
In 2025, the average interest rate on long-term gross financial debt was 4.4% (4.9% in 2024).
The cost of net financial debt breaks down as follows:
| (in € millions) | 2025 | 2024 |
|---|---|---|
| Financial liabilities at amortised cost |
Financial liabilities at amortised cost 2025 (1,439) |
Financial liabilities at amortised cost 2024 (1,337) |
| Financial assets and liabilities at fair value through profit or loss |
Financial assets and liabilities at fair value through profit or loss 2025 497 |
Financial assets and liabilities at fair value through profit or loss 2024 579 |
| Derivatives designated as hedges: assets and liabilities |
Derivatives designated as hedges: assets and liabilities 2025 (287) |
Derivatives designated as hedges: assets and liabilities 2024 (412) |
| Derivatives at fair value through profit or loss: assets and liabilities |
Derivatives at fair value through profit or loss: assets and liabilities 2025 (17) |
Derivatives at fair value through profit or loss: assets and liabilities 2024 (21) |
| Total cost of net financial debt |
Total cost of net financial debt 2025 (1,247) |
Total cost of net financial debt 2024 (1,191) |
