Right-of-use assets break down by type of underlying asset, as follows:
| € millions | 31.12.2025 Net(1) | Depreciation and impairment losses(2) 2025 | 31.12.2024 Net | 31.12.2023 Net |
|---|---|---|---|---|
| Buildings | Buildings 31.12.2025 Net (1)1,130.7 |
Buildings Depreciation and impairment losses (2)2025 302.9 |
Buildings 31.12.2024 Net 1,134.1 |
Buildings 31.12.2023 Net 1,095.9 |
| Stores | Stores 31.12.2025 Net (1)399.2 |
Stores Depreciation and impairment losses (2)2025 166.1 |
Stores 31.12.2024 Net 490.6 |
Stores 31.12.2023 Net 481.0 |
| Others | Others 31.12.2025 Net (1)133.2 |
Others Depreciation and impairment losses (2)2025 11.9 |
Others 31.12.2024 Net 138.5 |
Others 31.12.2023 Net 115.5 |
| RIGHT-OF-USE ASSETS | RIGHT-OF-USE ASSETS 31.12.2025 Net (1)1,663.2 |
RIGHT-OF-USE ASSETS Depreciation and impairment losses (2)2025 480.9 |
RIGHT-OF-USE ASSETS 31.12.2024 Net 1,763.2 |
RIGHT-OF-USE ASSETS 31.12.2023 Net 1,692.4 |
Lease debt break down as follows:
| € millions | 31.12.2025 | 31.12.2024 | 31.12.2023 |
|---|---|---|---|
| Lease debt due in more than 5 years | Lease debt due in more than 5 years 31.12.2025 327.2 |
Lease debt due in more than 5 years 31.12.2024 393.9 |
Lease debt due in more than 5 years 31.12.2023 406.3 |
| Lease debt due in between 1 and 5 years | Lease debt due in between 1 and 5 years 31.12.2025 1,035.6 |
Lease debt due in between 1 and 5 years 31.12.2024 1,064.1 |
Lease debt due in between 1 and 5 years 31.12.2023 987.9 |
| Lease debt due in less than 1 year | Lease debt due in less than 1 year 31.12.2025 434.5 |
Lease debt due in less than 1 year 31.12.2024 468.6 |
Lease debt due in less than 1 year 31.12.2023 459.8 |
| LEASE DEBT | LEASE DEBT 31.12.2025 1,797.4 |
LEASE DEBT 31.12.2024 1,926.6 |
LEASE DEBT 31.12.2023 1,854.0 |
| € millions | 31.12.2025 | 31.12.2024 | 31.12.2023 |
|---|---|---|---|
| Finished products and consumables | Finished products and consumables 31.12.2025 3,916.9 |
Finished products and consumables 31.12.2024 4,019.2 |
Finished products and consumables 31.12.2023 3,826.9 |
| Raw materials, packaging and semi-finished products | Raw materials, packaging and semi-finished products 31.12.2025 1,123.1 |
Raw materials, packaging and semi-finished products 31.12.2024 1,095.2 |
Raw materials, packaging and semi-finished products 31.12.2023 1,156.1 |
| Gross value | Gross value 31.12.2025 5,040.0 |
Gross value 31.12.2024 5,114.4 |
Gross value 31.12.2023 4,983.0 |
| Valuation allowance | Valuation allowance 31.12.2025 496.7 |
Valuation allowance 31.12.2024 484.3 |
Valuation allowance 31.12.2023 500.6 |
| INVENTORIES – NET | INVENTORIES – NET 31.12.2025 4,543.3 |
INVENTORIES – NET 31.12.2024 4,630.1 |
INVENTORIES – NET 31.12.2023 4,482.4 |
| € millions | 31.12.2025 | 31.12.2024 | 31.12.2023 |
|---|---|---|---|
| Gross value | Gross value 31.12.2025 5,527.3 |
Gross value 31.12.2024 5,631.0 |
Gross value 31.12.2023 5,125.5 |
| Valuation allowance | Valuation allowance 31.12.2025 27.0 |
Valuation allowance 31.12.2024 29.2 |
Valuation allowance 31.12.2023 32.8 |
| NET VALUE | NET VALUE 31.12.2025 5,500.3 |
NET VALUE 31.12.2024 5,601.8 |
NET VALUE 31.12.2023 5,092.7 |
Trade accounts receivable are due within one year. The impairment of trade accounts receivable reflects the level of expected losses on the customer portfolio from the outset of the receivable. Moreover, except when local conditions do not allow it, the Group has insurance cover for the subsidiaries.
The non-collection risk on trade accounts receivables is therefore minimised, and this is reflected in the level of the allowance, which remains less than 1% of gross receivables at the end of 2025.
