At 31 December 2025, net financial debt, as defined by the Group, stood at €19.1 billion, down €1.3 billion compared with 31 December 2024. It breaks down as follows by accounting category:
| Accounting category | (in € millions) | 31/12/2025 | 31/12/2024 | |||||
|---|---|---|---|---|---|---|---|---|
| Note | Non-current | Current(*) | Total | Non-current | Current(*) | Total | ||
| Financial liabilities at amortised cost | Bonds | 25.1 |
(24,787) |
(3,381) |
(28,168) |
(24,454) |
(2,339) |
(26,794) |
| Other bank loans and other financial debt | 25.1 | (5,185) | (336) | (5,521) | (4,664) | (800) | (5,464) | |
| Long-term financial debt(**) | 25.1 |
(29,972) |
(3,717) |
(33,689) |
(29,118) |
(3,140) |
(32,258) |
|
| Commercial paper | 26.2 | - | (560) | (560) | - | (514) | (514) | |
| Other current financial liabilities | 26.1 | - | (1,759) | (1,759) | - | (1,473) | (1,473) | |
| Bank overdrafts | 26.1 | - | (594) | (594) | - | (902) | (902) | |
| Financial current accounts - liabilities | 26.1 | - | (111) | (111) | - | (123) | (123) | |
| I – Gross financial debt |
|
(29,972) |
(6,740) |
(36,712) |
(29,118) |
(6,152) |
(35,271) |
|
| of which impact of fair value hedges | 692 | 6 | 698 | 775 | 10 | 785 | ||
| of which effect of recognising debt transferred during business combinations at fair value | (220) | (6) | (226) | (245) | (0) | (245) | ||
| Financial assets at amortised cost | Collateralised loans and financial receivables | 8 | - | 8 | 7 | - | 7 | |
| Financial current accounts - assets | 26.1 | - | 318 | 318 | - | 299 | 299 | |
| Financial assets measured at fair value through profit or loss | Cash management financial assets | 26.1 | - | 927 | 927 | - | 595 | 595 |
| Cash equivalents | 26.1 | - | 6,157 | 6,157 | - | 6,307 | 6,307 | |
| Cash | 26.1 | - | 11,097 | 11,097 | - | 8,892 | 8,892 | |
| II – Financial assets |
8 |
18,499 |
18,506 |
7 |
16,094 |
16,101 |
||
| Derivatives | Derivative financial instruments - liabilities | 27 | (809) | (399) | (1,209) | (1,014) | (535) | (1,549) |
| Derivative financial instruments - assets | 27 | 151 | 188 | 339 | 167 | 137 | 304 | |
| III – Derivative financial instruments |
(658) |
(211) |
(869) |
(847) |
(398) |
(1,245) |
||
| Net financial debt (I + II + III) |
(30,623) |
11,547 |
(19,075) |
(29,958) |
9,543 |
(20,415) |
||
| of which: | ||||||||
| Concessions |
(32,390) |
3,265 |
(29,124) |
(33,877) |
2,138 |
(31,739) |
||
| Energy Solutions | (3,045) | 4,763 | 1,718 | (2,866) | 4,173 | 1,308 | ||
| Construction | (1,358) | 5,158 | 3,801 | (1,529) | 4,947 | 3,418 | ||
| Holding companies | 6,170 | (1,640) | 4,530 | 8,314 | (1,715) | 6,599 | ||
| (in € millions) | 31/12/2024 | Cash flows | Ref. | "Non-cash" changes | Ref. | 31/12/2025 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Changes in consolidation scope | Exchange rate effect | Changes in fair value | Other changes | "Non-cash" total | ||||||
| Bonds (non-current) | (24,454) | (1,345) | (3) | (515) | 535 | (26) | 1,018 | 1,012 | (4) | (24,787) |
| Other loans and borrowings (non-current) | (4,664) | (897) | (3) | (13) | 57 | - | 332 | 376 | (4) | (5,185) |
| Current borrowings | (6,152) | 796 | (210) | 82 | (4) | (1,252) | (1,384) | (6,740) | ||
| of which part at less than one year of long-term debts | (2,784) | 820 | (3) | (124) | 39 | (4) | (1,229) | (1,318) | (4) | (3,281) |
| of which current financial debts at inception | (2,104) | (331) | (2) | 9 | 21 | - | (9) | 21 | (4) | (2,415) |
| of which accrued interest on bank debts | (363) | - | (4) | (87) | 13 | - | (14) | (88) | (4) | (450) |
| of which bank overdrafts | (902) | 307 | (1) | (9) | 9 | - | 0 | 1 | (1) | (594) |
| Collateralised loans and receivables | 7 | 32 | (4) | 6 | (0) | - | (37) | (32) | (4) | 8 |
| Cash management financial assets | 895 | 357 | 5 | (42) | 0 | 29 | (8) | 1,244 | ||
| of which cash management financial assets (excluding accrued interest) | 894 | 357 | (2) | 5 | (42) | 0 | 25 | (11) | (4) | 1,240 |
| of which accrued interest on cash management assets | 1 | - | (4) | 0 | (0) | - | 4 | 4 | (4) | 5 |
| Cash and cash equivalents | 15,199 | 1,896 | (1) | 367 | (214) | 4 | 2 | 160 | (1) | 17,254 |
| Derivative financial instruments | (1,245) | 86 | - | 154 | 116 | 20 | 290 | (869) | ||
| of which fair value of derivatives | (1,258) | 86 | (3) | - | 155 | 116 | - | 271 | (4) | (901) |
| of which accrued interest on derivatives | 13 | - | (4) | - | (1) | - | 20 | 19 | (4) | 32 |
| Net financial debt | (20,415) | 926 | (5) | (360) | 571 | 91 | 111 | 414 | (5) | (19,075) |
Cash flows for the period (positive impact of €0.9 billion) include free cash flow generation of €7.0 billion, acquisitions net of disposals for a total amount of €1.4 billion, dividend distributions of €3.5 billion and capital increases net of share buy-backs during the period (outflow of €1.2 billion).
Changes in scope (negative impact of €0.4 billion) relate to the impact of the change in consolidation method (from equity method to full consolidation) for the Brazilian highway concession holder Entrevias, partly offset by the upward transfer of cash surpluses by the acquired companies. The negative exchange rate effect of €0.6 billion arises for the most part from the revaluation of long-term foreign currency debts. Other changes mainly relate to the impact at Cobra IS of the reclassifications under IFRS 5 of cash flows for the period of companies held for sale.
