| € millions | Notes | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | CASH FLOWS FROM OPERATING ACTIVITIES Notes
|
CASH FLOWS FROM OPERATING ACTIVITIES 2025
|
CASH FLOWS FROM OPERATING ACTIVITIES 2024
|
CASH FLOWS FROM OPERATING ACTIVITIES 2023
|
| Net profit attributable to owners of the Company | Net profit attributable to owners of the Company Notes
|
Net profit attributable to owners of the Company 2025 6,127.2 |
Net profit attributable to owners of the Company 2024 6,408.7 |
Net profit attributable to owners of the Company 2023 6,184.0 |
| Non-controlling interests | Non-controlling interests Notes
|
Non-controlling interests 2025 6.5 |
Non-controlling interests 2024 7.8 |
Non-controlling interests 2023 6.5 |
| Elimination of expenses and income with no impact on cash flows: | Elimination of expenses and income with no impact on cash flows: Notes
|
Elimination of expenses and income with no impact on cash flows: 2025
|
Elimination of expenses and income with no impact on cash flows: 2024
|
Elimination of expenses and income with no impact on cash flows: 2023
|
| depreciation, provisions and non-current tax liabilities(1) | depreciation, provisions and non-current tax liabilities(1) Notes
|
depreciation, provisions and non-current tax liabilities(1) 2025 1,817.4 |
depreciation, provisions and non-current tax liabilities(1) 2024 1,855.3 |
depreciation, provisions and non-current tax liabilities(1) 2023 1,715.0 |
| changes in deferred taxes | changes in deferred taxes Notes 6.1 |
changes in deferred taxes 2025 68.2 |
changes in deferred taxes 2024 (37.4) |
changes in deferred taxes 2023 (95.3) |
| share-based payment (including free shares) | share-based payment (including free shares) Notes 5.5 |
share-based payment (including free shares) 2025 248.3 |
share-based payment (including free shares) 2024 239.1 |
share-based payment (including free shares) 2023 168.5 |
| capital gains and losses on disposals of assets | capital gains and losses on disposals of assets Notes
|
capital gains and losses on disposals of assets 2025 37.8 |
capital gains and losses on disposals of assets 2024 15.2 |
capital gains and losses on disposals of assets 2023 6.9 |
| Other non-cash transactions | Other non-cash transactions Notes
|
Other non-cash transactions 2025 17.4 |
Other non-cash transactions 2024 21.1 |
Other non-cash transactions 2023 14.1 |
| Share of profit in associates net of dividends received | Share of profit in associates net of dividends received Notes
|
Share of profit in associates net of dividends received 2025 6.7 |
Share of profit in associates net of dividends received 2024 2.9 |
Share of profit in associates net of dividends received 2023 (0.2) |
| Gross cash flow | Gross cash flow Notes
|
Gross cash flow 2025 8,329.5 |
Gross cash flow 2024 8,512.6 |
Gross cash flow 2023 7,999.5 |
| Changes in working capital(1) | Changes in working capital (1)Notes 3.5 |
Changes in working capital (1)2025 327.4 |
Changes in working capital (1)2024 (226.6) |
Changes in working capital (1)2023 (394.9) |
| Net cash provided by operating activities (A) | Net cash provided by operating activities (A) Notes
|
Net cash provided by operating activities (A) 2025 8,656.9 |
Net cash provided by operating activities (A) 2024 8,286.0 |
Net cash provided by operating activities (A) 2023 7,604.6 |
| CASH FLOWS FROM INVESTING ACTIVITIES | CASH FLOWS FROM INVESTING ACTIVITIES Notes
|
CASH FLOWS FROM INVESTING ACTIVITIES 2025
|
CASH FLOWS FROM INVESTING ACTIVITIES 2024
|
CASH FLOWS FROM INVESTING ACTIVITIES 2023
|
| Purchases of property, plant and equipment and intangible assets | Purchases of property, plant and equipment and intangible assets Notes
|
Purchases of property, plant and equipment and intangible assets 2025 (1,495.3) |
Purchases of property, plant and equipment and intangible assets 2024 (1,641.7) |
Purchases of property, plant and equipment and intangible assets 2023 (1,488.7) |
| Disposals of property, plant and equipment and intangible assets | Disposals of property, plant and equipment and intangible assets Notes
|
Disposals of property, plant and equipment and intangible assets 2025 5.7 |
Disposals of property, plant and equipment and intangible assets 2024 13.6 |
Disposals of property, plant and equipment and intangible assets 2023 12.8 |
| Changes in other financial assets (including investments in non‑consolidated companies) | Changes in other financial assets (including investments in non‑consolidated companies) Notes 2.3.1 |
Changes in other financial assets (including investments in non‑consolidated companies) 2025 2,509.0 |
Changes in other financial assets (including investments in non‑consolidated companies) 2024 (1,927.0) |
Changes in other financial assets (including investments in non‑consolidated companies) 2023 (170.7) |
| Effect of changes in the scope of consolidation | Effect of changes in the scope of consolidation Notes 2.2 |
Effect of changes in the scope of consolidation 2025 (2,426.6) |
Effect of changes in the scope of consolidation 2024 (148.9) |
Effect of changes in the scope of consolidation 2023 (2,497.2) |
| Net cash from investing activities (B) | Net cash from investing activities (B) Notes
|
Net cash from investing activities (B) 2025 (1,407.1) |
Net cash from investing activities (B) 2024 (3,703.9) |
Net cash from investing activities (B) 2023 (4,143.7) |
| CASH FLOWS FROM FINANCING ACTIVITIES | CASH FLOWS FROM FINANCING ACTIVITIES Notes
|
CASH FLOWS FROM FINANCING ACTIVITIES 2025
|
CASH FLOWS FROM FINANCING ACTIVITIES 2024
|
CASH FLOWS FROM FINANCING ACTIVITIES 2023
|
| Dividends paid | Dividends paid Notes
|
Dividends paid 2025 (3,917.0) |
Dividends paid 2024 (3,614.9) |
Dividends paid 2023 (3,425.6) |
| Capital increase of the parent company | Capital increase of the parent company Notes
|
Capital increase of the parent company 2025 65.6 |
Capital increase of the parent company 2024 69.9 |
Capital increase of the parent company 2023 1.5 |
| Disposal/(acquisition) of Treasury shares | Disposal/(acquisition) of Treasury shares Notes
|
Disposal/(acquisition) of Treasury shares 2025 (501.5) |
Disposal/(acquisition) of Treasury shares 2024 (497.5) |
Disposal/(acquisition) of Treasury shares 2023 (503.3) |
| Purchase of non-controlling interests | Purchase of non-controlling interests Notes
|
Purchase of non-controlling interests 2025 (16.3) |
Purchase of non-controlling interests 2024 (13.9) |
Purchase of non-controlling interests 2023 — |
| Issuance (repayment) of short-term loans | Issuance (repayment) of short-term loans Notes
|
Issuance (repayment) of short-term loans 2025 (609.7) |
Issuance (repayment) of short-term loans 2024 (1,775.9) |
Issuance (repayment) of short-term loans 2023 (823.7) |
| Issuance of long-term borrowings | Issuance of long-term borrowings Notes
|
Issuance of long-term borrowings 2025 4,057.3 |
Issuance of long-term borrowings 2024 1,529.4 |
Issuance of long-term borrowings 2023 3,567.1 |
| Repayment of long-term borrowings | Repayment of long-term borrowings Notes
|
Repayment of long-term borrowings 2025 (22.6) |
Repayment of long-term borrowings 2024 (7.9) |
Repayment of long-term borrowings 2023 — |
| Repayment of lease debt | Repayment of lease debt Notes
|
Repayment of lease debt 2025 (453.6) |
Repayment of lease debt 2024 (474.3) |
Repayment of lease debt 2023 (430.6) |
| Net cash from financing activities (C) | Net cash from financing activities (C) Notes
|
Net cash from financing activities (C) 2025 (1,397.8) |
Net cash from financing activities (C) 2024 (4,785.1) |
Net cash from financing activities (C) 2023 (1,614.6) |
| Net effect of changes in exchange rates (D) | Net effect of changes in exchange rates (D) Notes
|
Net effect of changes in exchange rates (D) 2025 (39.2) |
Net effect of changes in exchange rates (D) 2024 (32.8) |
Net effect of changes in exchange rates (D) 2023 (175.9) |
| Change in cash and cash equivalents (A+B+C+D) | Change in cash and cash equivalents (A+B+C+D) Notes
|
Change in cash and cash equivalents (A+B+C+D) 2025 5,812.8 |
Change in cash and cash equivalents (A+B+C+D) 2024 (235.8) |
Change in cash and cash equivalents (A+B+C+D) 2023 1,670.4 |
| Cash and cash equivalents at beginning of the year (E) | Cash and cash equivalents at beginning of the year (E) Notes
|
Cash and cash equivalents at beginning of the year (E) 2025 4,052.3 |
Cash and cash equivalents at beginning of the year (E) 2024 4,288.1 |
Cash and cash equivalents at beginning of the year (E) 2023 2,617.7 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E)(2) | CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E)(2) Notes 9.2 |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E)(2) 2025 9,865.0 |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E)(2) 2024 4,052.3 |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E)(2) 2023 4,288.1 |
| En millions d'euros | 2025 | 2024 | 2023 |
|---|---|---|---|
| Income tax paid | Income tax paid 2025 (2,390.0) |
Income tax paid 2024 (2,024.4) |
Income tax paid 2023 (1,995.7) |
| Interest paid (excluding interest on lease debts) | Interest paid (excluding interest on lease debts) 2025 (299.9) |
Interest paid (excluding interest on lease debts) 2024 (323.1) |
Interest paid (excluding interest on lease debts) 2023 (184.9) |
| Dividends received from non consolidated companies | Dividends received from non consolidated companies 2025 351.9 |
Dividends received from non consolidated companies 2024 447.6 |
Dividends received from non consolidated companies 2023 423.6 |
| Cash outflow relating to leases | Cash outflow relating to leases 2025 (581.2) |
Cash outflow relating to leases 2024 (611.7) |
Cash outflow relating to leases 2023 (539.2) |
| of which paid interests on lease debts | of which paid interests on lease debts 2025 (58.4) |
of which paid interests on lease debts 2024 (58.9) |
of which paid interests on lease debts 2023 (43.8) |
