The method of measuring the fair value of financial assets and liabilities has not changed since the 31 December 2024 accounts closing date. The following table shows the carrying amount and fair value of financial assets and liabilities at 31 December 2025 by accounting category, as defined by IFRS 9:
| 31/12/2025 | Accounting categories | Fair value | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
(in € millions) Balance sheet headings and classes of instrument |
Derivatives at fair value through profit or loss | Derivatives designated as hedges | Financial assets measured at fair value through profit or loss | Financial assets measured at fair value through other comprehensive income | Financial assets at amortised cost | Financial liabilities at amortised cost | Total | Level 1: quoted prices and cash | Level 2: internal model using observable factors | Level 3: internal model using non-observable factors | Total |
| Equity instruments | - | - |
1,136 |
11 | - | - |
1,146 |
883(*)
|
- | 264 |
1,146 |
| Financial assets at amortised cost and PPP financial receivables | - | - | - | - |
1,762 |
- |
1,762 |
- |
1,762 |
- |
1,762 |
| I – Non-current financial assets(**) | - | - |
1,136 |
11 |
1,762 |
- |
2,909 |
883 |
1,762 |
264 |
2,909 |
| II – Derivative financial instruments - assets |
128 |
281 |
- |
- |
- |
- |
409 |
- |
409 |
- |
409 |
| Cash management financial assets | - | - | 927 | - | - | - | 927 | 2 | 924 | - | 927 |
| Financial current accounts - assets | - | - | - | - | 318 | - | 318 | 318 | - | - | 318 |
| Cash equivalents | - | - |
6,157 |
- | - | - |
6,157 |
1,248 |
4,909(***) |
- |
6,157 |
| Cash | - | - |
11,097 |
- | - | - |
11,097 |
11,097 |
- | - |
11,097 |
| III – Current financial assets | - | - |
18,181 |
- |
318 |
- |
18,499 |
12,666 |
5,833 |
- |
18,499 |
| Total assets |
128 |
281 |
19,316 |
11 |
2,080 |
- |
21,816 |
13,548 |
8,004 |
264 |
21,816 |
| Bonds |
(28,168) |
(28,168) |
(25,062) |
(2,810) |
- |
(27,872) |
|||||
| Other bank loans and other financial debt | (5,521) | (5,521) | - | (5,605) | - | (5,605) | |||||
| IV – Long-term financial debt | - | - | - | - | - |
(33,689) |
(33,689) |
(25,062) |
(8,414) |
- |
(33,476) |
| V – Derivative financial instruments - liabilities | (363) | (861) | - | - | - | - |
(1,225) |
- |
(1,225) |
- |
(1,225) |
| Other current financial liabilities | (2,319) | (2,319) | - | (2,319) | - | (2,319) | |||||
| Financial current accounts - liabilities | (111) | (111) | (111) | - | - | (111) | |||||
| Bank overdrafts | (594) | (594) | (594) | - | - | (594) | |||||
| VI – Current financial liabilities | - | - | - | - | - |
(3,023) |
(3,023) |
(704) |
(2,319) |
- |
(3,023) |
| Total liabilities | (363) | (861) | - | - | - |
(36,712) |
(37,937) |
(25,766) |
(11,958) |
- |
(37,724) |
