| (in € millions) | 2025 | 2024 |
|---|---|---|
| Provisions for retirement benefit obligations recognised under liabilities on the balance sheet |
Provisions for retirement benefit obligations recognised under liabilities on the balance sheet 2025
|
Provisions for retirement benefit obligations recognised under liabilities on the balance sheet 2024
|
| At beginning of period |
At beginning of period 2025 1,184 |
At beginning of period 2024 1,148 |
| Total charge recognised with respect to retirement benefit obligations |
Total charge recognised with respect to retirement benefit obligations 2025 114 |
Total charge recognised with respect to retirement benefit obligations 2024 103 |
| Actuarial gains and losses recognised in other comprehensive income |
Actuarial gains and losses recognised in other comprehensive income 2025 (83) |
Actuarial gains and losses recognised in other comprehensive income 2024 (6) |
| Benefits paid to beneficiaries by the employer |
Benefits paid to beneficiaries by the employer 2025 (67) |
Benefits paid to beneficiaries by the employer 2024 (59) |
| Contributions paid to funds by the employer |
Contributions paid to funds by the employer 2025 (39) |
Contributions paid to funds by the employer 2024 (35) |
| Business combinations and disposals of companies |
Business combinations and disposals of companies 2025 0 |
Business combinations and disposals of companies 2024 4 |
| Asset ceiling effect (IFRIC 14) and overfunded plans |
Asset ceiling effect (IFRIC 14) and overfunded plans 2025 22 |
Asset ceiling effect (IFRIC 14) and overfunded plans 2024 29 |
| Currency translation differences |
Currency translation differences 2025 1 |
Currency translation differences 2024 1 |
| At end of period |
At end of period 2025 1,134 |
At end of period 2024 1,184 |
| (in € millions) | 2025 | 2024 |
|---|---|---|
| Current service cost |
Current service cost 2025 (80) |
Current service cost 2024 (64) |
| Actuarial liability discount cost |
Actuarial liability discount cost 2025 (102) |
Actuarial liability discount cost 2024 (106) |
| Interest income on plan assets |
Interest income on plan assets 2025 67 |
Interest income on plan assets 2024 66 |
| Past service cost (plan changes and curtailments) |
Past service cost (plan changes and curtailments) 2025 3 |
Past service cost (plan changes and curtailments) 2024 2 |
| Impact of plan settlements and other |
Impact of plan settlements and other 2025 (3) |
Impact of plan settlements and other 2024 (1) |
| Total |
Total 2025 (114) |
Total 2024 (103) |
The breakdown of plan assets by type of investment is as follows:
| 31/12/2025 | |||||
|---|---|---|---|---|---|
| United Kingdom | Switzerland | France | Other countries | Weighted average | |
| Breakdown of plan assets | |||||
| Equities | 3% | 31% | 6% | 25% | 16% |
| Bonds | 51% | 40% | 32% | 20% | 43% |
| Property | 5% | 21% | 1% | 9% | 11% |
| Money market securities | 2% | 6% | 1% | 3% | 3% |
| Other investments | 39% | 3% | 59% | 43% | 26% |
| Total | 100% | 100% | 100% | 100% | 100% |
| Plan assets (in € millions) | 985 | 830 | 119 | 136 | 2,070 |
| Plan assets by country (% of total) | 48% | 40% | 6% | 7% | 100% |
| 31/12/2024 | |||||
|---|---|---|---|---|---|
| United Kingdom | Switzerland | France | Other countries | Weighted average | |
| Breakdown of plan assets | |||||
| Equities | 3% | 35% | 8% | 26% | 16% |
| Bonds | 52% | 37% | 34% | 19% | 44% |
| Property | 5% | 23% | 2% | 8% | 11% |
| Money market securities | 4% | 5% | 1% | 1% | 4% |
| Other investments | 36% | 0% | 56% | 46% | 25% |
| Total | 100% | 100% | 100% | 100% | 100% |
| Plan assets (in € millions) | 1,097 | 751 | 127 | 131 | 2,106 |
| Plan assets by country (% of total) | 52% | 36% | 6% | 6% | 100% |
At 31 December 2025, the amount of plan assets listed on active markets (Level 1 fair value measurement as defined by IFRS 13) was €1,590 million (€1,643 million at 31 December 2024). In 2025, the average rate of return on plan assets was −1.0% in the UK, and +3.4% in France and Switzerland.
For all post-employment benefit plans for Group employees (lump sums paid on retirement, pensions and supplementary pensions), a 0.5 point rise in the discount rate would decrease the actuarial liability by around 6%.
For all pension and supplementary pension plans in force within the Group, a 0.5 point increase in long-term inflation rates would increase the value of obligations by some 3%.
For pension and supplementary pension plans in Switzerland and the UK, sensitivity to mortality rates is calculated based on a one-year reduction in the age of each beneficiary. Applying this assumption has a negligible effect on the corresponding obligation.
