NET PROFIT EXCLUDING NON‑RECURRING ITEMS(1) ATTRIBUTABLE TO THE OWNERS OF THE COMPANY(€ millions)
This chart shows the net profit from non-recurring items attributable to the owners of the company in millions of euros.
- 2023: 6,487
- 2024: 6,786
- 2025: 6,806
EARNINGS PER SHARE(2) (€)
This chart shows the earnings per share.
- 2023: 12.08
- 2024: 12.66
- 2025: 12.71
SOLID BALANCE SHEET (€ millions)
ASSETS
This chart shows the solid balance sheet in millions of euros.
Assets
Total assets
- 2023: €51,855.1 million
- 2024: €56,353.4 million
- 2025: €61,821.2 million
Non-current assets
- 2023: €35,529.7 million
- 2024: €39,879.9 million
- 2025: €39,622.7 million
Current assets
- 2023: €16,325.4 million
- 2024: €16,473.5 million
- 2025: €22,198.5 million
Including cash
- 2023: €4,288.1 million
- 2024: €4,052.3 million
- 2025: €9,865.0 million
LIABILITIES
Liabilities
Total assets
- 2023: €51,855.1 million
- 2024: €56,353.4 million
- 2025: €61,821.2 million
Shareholders’ equity
- 2023: €29,081.6 million
- 2024: €33,137.8 million
- 2025: €35,003.8 million
Non-current liabilities
- 2023: €1,733.0 million
- 2024: €1,934.4 million
- 2025: €2,018.3 million
Current and non-current debt
- 2023: €8,692.2 million
- 2024: €8,495.0 million
- 2025: €11,916.0 million
Current liabilities
- 2023: €12,348.4 million
- 2024: €12,786.1 million
- 2025: €12,883.1 million
NET DEBT
| 31.12.2023 | 31.12.2024 | 31.12.2025 | |
|---|---|---|---|
| Net cash position = Net cash or net debt (€ millions)(1) | Net cash position = Net cash or net debt (€ millions)(1)31.12.2023 (4,404.0)(2) |
Net cash position = Net cash or net debt (€ millions)(1)31.12.2024 (4,442.7)(2) |
Net cash position = Net cash or net debt (€ millions)(1)31.12.2025 (2,051.0)(2) |
| Net debt ratio (Net financial position/Equity) | Net debt ratio (Net financial position/Equity) 31.12.2023 15.1% |
Net debt ratio (Net financial position/Equity) 31.12.2024 13.4% |
Net debt ratio (Net financial position/Equity) 31.12.2025 5.9% |
| Net debt/EBITDA ratio | Net debt/EBITDA ratio 31.12.2023 46% |
Net debt/EBITDA ratio 31.12.2024 43% |
Net debt/EBITDA ratio 31.12.2025 19% |
SHORT-TERM AND LONG-TERM RATINGS
| Short-term rating | Long-term rating | |
|---|---|---|
 |
Short-term rating A1+ SEPTEMBER 2025 |
Long-term rating AA SEPTEMBER 2025 |
 |
Short-term rating PRIME - 1 FEBRUARY 2025 |
Long-term rating AA1 FEBRUARY 2025 |