2025 Universal Registration Document

Balance sheet

Assets

Assets
(in € millions)	Note			31/12/2025	31/12/2024
		Gross	Depreciation, amortisation and impairement	Net	Net
Intangible assets	Intangible assets Note 1	Intangible assets	Intangible assets	Intangible assets31/12/2025	Intangible assets 31/12/2024
Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items	Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items Note	Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items 15	Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items (14)	Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items 31/12/2025 1	Concessions, patents, licences, trademarks, processes, IT solutions, rights and similar items 31/12/2024 1
Property, plant and equipment	Property, plant and equipment Note 1	Property, plant and equipment	Property, plant and equipment	Property, plant and equipment31/12/2025	Property, plant and equipment 31/12/2024
Land	Land Note	Land 1	Land -	Land 31/12/2025 1	Land 31/12/2024 1
Constructions	Constructions Note	Constructions 13	Constructions (12)	Constructions 31/12/2025 1	Constructions 31/12/2024 3
Other property, plant and equipment	Other property, plant and equipment Note	Other property, plant and equipment 10	Other property, plant and equipment (9)	Other property, plant and equipment 31/12/2025 1	Other property, plant and equipment 31/12/2024 2
Financial assets⁽¹⁾	Financial assets⁽¹⁾ Note 1	Financial assets⁽¹⁾	Financial assets⁽¹⁾	Financial assets⁽¹⁾31/12/2025	Financial assets⁽¹⁾ 31/12/2024
Investments in subsidiaries and affiliates	Investments in subsidiaries and affiliates Note	Investments in subsidiaries and affiliates 29,785	Investments in subsidiaries and affiliates (702)	Investments in subsidiaries and affiliates 31/12/2025 29,084	Investments in subsidiaries and affiliates 31/12/2024 29,100
Receivables connected with investments in subsidiaries and affiliates	Receivables connected with investments in subsidiaries and affiliates Note 5	Receivables connected with investments in subsidiaries and affiliates 8,056	Receivables connected with investments in subsidiaries and affiliates (4)	Receivables connected with investments in subsidiaries and affiliates 31/12/2025 8,052	Receivables connected with investments in subsidiaries and affiliates 31/12/2024 8,858
Other long-term investment securities	Other long-term investment securities Note 5	Other long-term investment securities 39	Other long-term investment securities (1)	Other long-term investment securities 31/12/2025 39	Other long-term investment securities 31/12/2024 1,012
Treasury shares not intended to cover plans	Treasury shares not intended to cover plans Note 2	Treasury shares not intended to cover plans -	Treasury shares not intended to cover plans -	Treasury shares not intended to cover plans 31/12/2025-	Treasury shares not intended to cover plans 31/12/2024 206
Loans	Loans Note	Loans 0	Loans (0)	Loans 31/12/2025 0	Loans 31/12/2024 0
Other non-current financial assets	Other non-current financial assets Note	Other non-current financial assets 3	Other non-current financial assets (3)	Other non-current financial assets 31/12/2025 0	Other non-current financial assets 31/12/2024 0
Total non-current assets (I)	Total non-current assets (I) Note	Total non-current assets (I) 37,922	Total non-current assets (I) (743)	Total non-current assets (I)31/12/202537,179	Total non-current assets (I) 31/12/2024 39,184
Advances and downpayments made on orders	Advances and downpayments made on orders Note	Advances and downpayments made on orders 0	Advances and downpayments made on orders -	Advances and downpayments made on orders31/12/20250	Advances and downpayments made on orders 31/12/2024 0
Receivables⁽²⁾	Receivables⁽²⁾ Note	Receivables⁽²⁾	Receivables⁽²⁾	Receivables⁽²⁾31/12/2025	Receivables⁽²⁾ 31/12/2024
Trade receivables and related accounts	Trade receivables and related accounts Note	Trade receivables and related accounts 592	Trade receivables and related accounts (1)	Trade receivables and related accounts 31/12/2025 591	Trade receivables and related accounts 31/12/2024 526
Other receivables	Other receivables Note	Other receivables 171	Other receivables (46)	Other receivables 31/12/2025 125	Other receivables 31/12/2024 144
Cash management current accounts of related companies	Cash management current accounts of related companies Note 5	Cash management current accounts of related companies 640	Cash management current accounts of related companies (8)	Cash management current accounts of related companies 31/12/2025 631	Cash management current accounts of related companies 31/12/2024 613
Prepaid expenses	Prepaid expenses Note 6.1	Prepaid expenses 49	Prepaid expenses -	Prepaid expenses 31/12/2025 49	Prepaid expenses 31/12/2024 64
Marketable securities	Marketable securities Note	Marketable securities	Marketable securities	Marketable securities31/12/2025	Marketable securities 31/12/2024
Treasury shares intended to cover plans	Treasury shares intended to cover plans Note 2	Treasury shares intended to cover plans 2,796	Treasury shares intended to cover plans -	Treasury shares intended to cover plans 31/12/2025 2,796	Treasury shares intended to cover plans 31/12/2024 1,360
Other securities	Other securities Note 5	Other securities 2,737	Other securities (1)	Other securities 31/12/2025 2,736	Other securities 31/12/2024 640
Forward financial instruments and tokens held	Forward financial instruments and tokens held Note 5	Forward financial instruments and tokens held 103	Forward financial instruments and tokens held (9)	Forward financial instruments and tokens held31/12/202594	Forward financial instruments and tokens held 31/12/2024 83
Cash	Cash Note 5	Cash 2,598	Cash -	Cash31/12/20252,598	Cash 31/12/2024 3,425
Total current assets (II)	Total current assets (II) Note	Total current assets (II) 9,686	Total current assets (II) (64)	Total current assets (II)31/12/20259,622	Total current assets (II) 31/12/2024 6,855
Debt issuance costs (III)	Debt issuance costs (III) Note 6.3	Debt issuance costs (III) 17	Debt issuance costs (III) -	Debt issuance costs (III) 31/12/2025 17	Debt issuance costs (III) 31/12/2024 19
Debt redemption premiums (IV)	Debt redemption premiums (IV) Note 6.3	Debt redemption premiums (IV) 51	Debt redemption premiums (IV) -	Debt redemption premiums (IV) 31/12/2025 51	Debt redemption premiums (IV) 31/12/2024 56
Currency translation and valuation differences - assets (V)	Currency translation and valuation differences - assets (V) Note	Currency translation and valuation differences - assets (V) 150	Currency translation and valuation differences - assets (V) -	Currency translation and valuation differences - assets (V) 31/12/2025 150	Currency translation and valuation differences - assets (V) 31/12/2024 251
Grand total - assets (I + II + III + IV + V)	Grand total - assets (I + II + III + IV + V) Note	Grand total - assets (I + II + III + IV + V) 47,827	Grand total - assets (I + II + III + IV + V) (807)	Grand total - assets (I + II + III + IV + V)31/12/202547,019	Grand total - assets (I + II + III + IV + V) 31/12/2024 46,365
(1) Of which part at less than one year:	(1) Of which part at less than one year: Note	(1) Of which part at less than one year:	(1) Of which part at less than one year:	(1) Of which part at less than one year:31/12/2025224	(1) Of which part at less than one year: 31/12/2024 7,042
(2) Of which part at less than one year:	(2) Of which part at less than one year: Note	(2) Of which part at less than one year:	(2) Of which part at less than one year:	(2) Of which part at less than one year:31/12/20251,451	(2) Of which part at less than one year: 31/12/2024 1,394