2025 Universal Registration Document

Equity and liabilities

Equity and liabilities
(in € millions)	Note	31/12/2025	31/12/2024
Share capital (of which paid: €1,455 million)	Share capital (of which paid: €1,455 million) Note 3	Share capital (of which paid: €1,455 million) 31/12/2025 1,455	Share capital (of which paid: €1,455 million) 31/12/2024 1,455
Premiums on share issues, mergers, asset contributions	Premiums on share issues, mergers, asset contributions Note 3	Premiums on share issues, mergers, asset contributions 31/12/2025 14,914	Premiums on share issues, mergers, asset contributions 31/12/2024 14,162
Reserves	Reserves Note	Reserves31/12/2025
Statutory reserve	Statutory reserve Note	Statutory reserve 31/12/2025 151	Statutory reserve 31/12/2024 151
Other reserves	Other reserves Note	Other reserves 31/12/2025 46	Other reserves 31/12/2024 46
Retained earnings	Retained earnings Note	Retained earnings 31/12/2025 12,468	Retained earnings 31/12/2024 13,841
Of which interim dividends	Of which interim dividends Note	Of which interim dividends31/12/2025(587)	Of which interim dividends 31/12/2024 (597)
Net income/(loss) for the period	Net income/(loss) for the period Note	Net income/(loss) for the period 31/12/2025 1,845	Net income/(loss) for the period 31/12/2024 1,784
Regulated provisions	Regulated provisions Note	Regulated provisions 31/12/2025 16	Regulated provisions 31/12/2024 12
Total equity (I)	Total equity (I) Note 3	Total equity (I)31/12/202530,896	Total equity (I) 31/12/2024 31,451
Provisions for contingencies	Provisions for contingencies Note	Provisions for contingencies 31/12/2025 556	Provisions for contingencies 31/12/2024 542
Provisions for losses	Provisions for losses Note	Provisions for losses 31/12/2025 61	Provisions for losses 31/12/2024 62
Total provisions (II)	Total provisions (II) Note 4	Total provisions (II)31/12/2025617	Total provisions (II) 31/12/2024 605
Other bonds	Other bonds Note 5	Other bonds 31/12/2025 9,482	Other bonds 31/12/2024 9,181
Amounts owed to financial institutions	Amounts owed to financial institutions Note 5	Amounts owed to financial institutions 31/12/2025 22	Amounts owed to financial institutions 31/12/2024 61
Borrowings and other financial debt ⁽²⁾	Borrowings and other financial debt ⁽²⁾ Note 5	Borrowings and other financial debt ⁽²⁾31/12/2025 560	Borrowings and other financial debt ⁽²⁾ 31/12/2024 514
Forward financial instruments	Forward financial instruments Note 5	Forward financial instruments 31/12/2025 128	Forward financial instruments 31/12/2024 140
Trade payables and related accounts	Trade payables and related accounts Note	Trade payables and related accounts 31/12/2025 57	Trade payables and related accounts 31/12/2024 53
Tax, employment and social benefit liabilities	Tax, employment and social benefit liabilities Note	Tax, employment and social benefit liabilities 31/12/2025 106	Tax, employment and social benefit liabilities 31/12/2024 64
Liabilities related to non-current assets and related accounts	Liabilities related to non-current assets and related accounts Note	Liabilities related to non-current assets and related accounts 31/12/2025 0	Liabilities related to non-current assets and related accounts 31/12/2024 2
Other payables	Other payables Note	Other payables 31/12/2025 99	Other payables 31/12/2024 470
Cash management current accounts of related companies	Cash management current accounts of related companies Note 5	Cash management current accounts of related companies 31/12/2025 4,866	Cash management current accounts of related companies 31/12/2024 3,553
Deferred income	Deferred income Note 6.1	Deferred income 31/12/2025 56	Deferred income 31/12/2024 106
Total liabilities ⁽¹⁾ (III)	Total liabilities ⁽¹⁾ (III) Note	Total liabilities ⁽¹⁾ (III)31/12/202515,376	Total liabilities ⁽¹⁾ (III) 31/12/2024 14,145
Currency translation and valuation differences - liabilities (IV)	Currency translation and valuation differences - liabilities (IV) Note	Currency translation and valuation differences - liabilities (IV) 31/12/2025 130	Currency translation and valuation differences - liabilities (IV) 31/12/2024 165
Grand total - equity and liabilities (I + II + III + IV)	Grand total - equity and liabilities (I + II + III + IV) Note	Grand total - equity and liabilities (I + II + III + IV)31/12/202547,019	Grand total - equity and liabilities (I + II + III + IV) 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:31/12/20257,320	(1) Of which part at less than one year: 31/12/2024 5,884
(2) Of which profit-sharing loans:	(2) Of which profit-sharing loans: Note	(2) Of which profit-sharing loans:31/12/2025-	(2) Of which profit-sharing loans: 31/12/2024 -