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 | ||
| (en millions d’euros) | Variations « non cash » | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 31/12/2024 | Flux de trésorerie | Réf. | Variations de périmètre | Effets de change | Variations de juste valeur | Autres variations | Total « non cash » | Réf. | 31/12/2025 | |
| Emprunts obligataires non courants |
(24 454) |
(1 345) |
(3) | (515) | 535 | (26) | 1 018 | 1 012 | (4) |
(24 787) |
| Autres emprunts et dettes financières non courantes |
(4 664) |
(897) | (3) | (13) | 57 | - | 332 | 376 | (4) |
(5 185) |
| Dettes financières courantes dont : |
(6 152) |
796 | (210) | 82 | (4) |
(1 252) |
(1 384) |
(6 740) |
||
| dont part à moins d’un an des dettes long terme |
(2 784) |
820 | (3) | (124) | 39 | (4) |
(1 229) |
(1 318) |
(4) |
(3 281) |
| dont dettes financières courantes à l’origine |
(2 104) |
(331) | (2) | 9 | 21 | - | (9) | 21 | (4) |
(2 415) |
| dont ICNE sur dettes bancaires | (363) | - | (4) | (87) | 13 | - | (14) | (88) | (4) | (450) |
| dont découverts bancaires | (902) | 307 | (1) | (9) | 9 | - | 0 | 1 | (1) | (594) |
| Prêts et créances collatéralisés | 7 | 32 | (4) | 6 | (0) | - | (37) | (32) | (4) | 8 |
| Actifs financiers de gestion de trésorerie | 895 | 357 | 5 | (42) | 0 | 29 | (8) |
1 244 |
||
| dont actifs financiers de gestion de trésorerie (hors ICNE) | 894 | 357 | (2) | 5 | (42) | 0 | 25 | (11) | (4) |
1 240 |
| dont ICNE sur actifs financiers de gestion | 1 | - | (4) | 0 | (0) | - | 4 | 4 | (4) | 5 |
| Disponibilités et équivalents de trésorerie |
15 199 |
1 896 |
(1) | 367 | (214) | 4 | 2 | 160 | (1) |
17 254 |
| Instruments dérivés |
(1 245) |
86 | - | 154 | 116 | 20 | 290 | (869) | ||
| dont juste valeur des instruments dérivés |
(1 258) |
86 | (3) | - | 155 | 116 | - | 271 | (4) | (901) |
| dont ICNE sur instruments dérivés | 13 | - | (4) | - | (1) | - | 20 | 19 | (4) | 32 |
| Endettement financier net |
(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.
