Fluctuations during 2025, 2024 and 2023 are set out below:
| € millions | Present value of defined benefit obligation | Plan assets | Net commitment |
|---|---|---|---|
| Balance at 31 December 2022 | Balance at 31 December 2022 Present value of defined benefit obligation 3,736.5 |
Balance at 31 December 2022 Plan assets (3,678.7) |
Balance at 31 December 2022 Net commitment 57.9 |
| Service cost during the period | Service cost during the period Present value of defined benefit obligation 190.5 |
Service cost during the period Plan assets — |
Service cost during the period Net commitment 190.5 |
| Interest cost | Interest cost Present value of defined benefit obligation 149.3 |
Interest cost Plan assets — |
Interest cost Net commitment 149.3 |
| Expected return on assets | Expected return on assets Present value of defined benefit obligation — |
Expected return on assets Plan assets (147.0) |
Expected return on assets Net commitment (147.0) |
| Past service cost: new plans/plan amendments | Past service cost: new plans/plan amendments Present value of defined benefit obligation 0.2 |
Past service cost: new plans/plan amendments Plan assets — |
Past service cost: new plans/plan amendments Net commitment 0.2 |
| Curtailments | Curtailments Present value of defined benefit obligation (12.3) |
Curtailments Plan assets — |
Curtailments Net commitment (12.3) |
| Settlements | Settlements Present value of defined benefit obligation (1.6) |
Settlements Plan assets 0.2 |
Settlements Net commitment (1.4) |
| Benefits paid | Benefits paid Present value of defined benefit obligation (216.7) |
Benefits paid Plan assets 158.0 |
Benefits paid Net commitment (58.7) |
| Contributions paid | Contributions paid Present value of defined benefit obligation 5.7 |
Contributions paid Plan assets (60.4) |
Contributions paid Net commitment (54.7) |
| Actuarial gains and losses | Actuarial gains and losses Present value of defined benefit obligation 239.8 |
Actuarial gains and losses Plan assets (120.4) |
Actuarial gains and losses Net commitment 119.3 |
| Translation differences | Translation differences Present value of defined benefit obligation (33.0) |
Translation differences Plan assets 21.5 |
Translation differences Net commitment (11.4) |
| Other movements | Other movements Present value of defined benefit obligation (0.3) |
Other movements Plan assets 1.2 |
Other movements Net commitment 0.9 |
| Balance at 31 December 2023 | Balance at 31 December 2023 Present value of defined benefit obligation 4,058.1 |
Balance at 31 December 2023 Plan assets (3,825.6) |
Balance at 31 December 2023 Net commitment 232.6 |
| Service cost during the period | Service cost during the period Present value of defined benefit obligation 226.3 |
Service cost during the period Plan assets — |
Service cost during the period Net commitment 226.3 |
| Interest cost | Interest cost Present value of defined benefit obligation 152.2 |
Interest cost Plan assets — |
Interest cost Net commitment 152.2 |
| Expected return on assets | Expected return on assets Present value of defined benefit obligation — |
Expected return on assets Plan assets (141.3) |
Expected return on assets Net commitment (141.3) |
| Past service cost: new plans/plan amendments | Past service cost: new plans/plan amendments Present value of defined benefit obligation (0.1) |
Past service cost: new plans/plan amendments Plan assets — |
Past service cost: new plans/plan amendments Net commitment (0.1) |
| Curtailments | Curtailments Present value of defined benefit obligation (8.7) |
Curtailments Plan assets — |
Curtailments Net commitment (8.7) |
| Settlements | Settlements Present value of defined benefit obligation — |
Settlements Plan assets — |
Settlements Net commitment — |
| Benefits paid | Benefits paid Present value of defined benefit obligation (240.3) |
Benefits paid Plan assets 171.6 |
Benefits paid Net commitment (68.7) |
| Contributions paid | Contributions paid Present value of defined benefit obligation 5.5 |
Contributions paid Plan assets (56.1) |
Contributions paid Net commitment (50.5) |
| Actuarial gains and losses | Actuarial gains and losses Present value of defined benefit obligation (149.3) |
Actuarial gains and losses Plan assets (4.1) |
Actuarial gains and losses Net commitment (153.3) |
| Translation differences | Translation differences Present value of defined benefit obligation 79.3 |
Translation differences Plan assets (69.7) |
Translation differences Net commitment 9.7 |
| Other movements | Other movements Present value of defined benefit obligation (1.5) |
Other movements Plan assets 1.2 |
Other movements Net commitment (0.4) |
| Balance at 31 December 2024 | Balance at 31 December 2024 Present value of defined benefit obligation 4,121.5 |
Balance at 31 December 2024 Plan assets (3,923.9) |
Balance at 31 December 2024 Net commitment 197.6 |
| Service cost during the period | Service cost during the period Present value of defined benefit obligation 237.3 |
Service cost during the period Plan assets — |
Service cost during the period Net commitment 237.3 |
| Interest cost | Interest cost Present value of defined benefit obligation 159.5 |
Interest cost Plan assets — |
Interest cost Net commitment 159.5 |
| Expected return on assets | Expected return on assets Present value of defined benefit obligation — |
Expected return on assets Plan assets (150.5) |
Expected return on assets Net commitment (150.5) |
| Past service cost: new plans/plan amendments | Past service cost: new plans/plan amendments Present value of defined benefit obligation 4.9 |
Past service cost: new plans/plan amendments Plan assets — |
Past service cost: new plans/plan amendments Net commitment 4.9 |
| Curtailments | Curtailments Present value of defined benefit obligation (10.0) |
Curtailments Plan assets — |
Curtailments Net commitment (10.0) |
| Settlements | Settlements Present value of defined benefit obligation (113.5) |
Settlements Plan assets 112.8 |
Settlements Net commitment (0.7) |
| Benefits paid | Benefits paid Present value of defined benefit obligation (293.5) |
Benefits paid Plan assets 206.3 |
Benefits paid Net commitment (87.2) |
| Contributions paid | Contributions paid Present value of defined benefit obligation 5.6 |
Contributions paid Plan assets (73.0) |
Contributions paid Net commitment (67.4) |
| Actuarial gains and losses(1) | Actuarial gains and losses (1)Present value of defined benefit obligation (63.7) |
Actuarial gains and losses (1)Plan assets (40.7) |
Actuarial gains and losses (1)Net commitment (104.4) |
| Translation differences | Translation differences Present value of defined benefit obligation (172.3) |
Translation differences Plan assets 136.2 |
Translation differences Net commitment (36.1) |
| Other movements | Other movements Present value of defined benefit obligation (1.4) |
Other movements Plan assets 1.4 |
Other movements Net commitment 0.1 |
| BALANCE AT 31 DECEMBER 2025 | BALANCE AT 31 DECEMBER 2025 Present value of defined benefit obligation 3,874.5 |
BALANCE AT 31 DECEMBER 2025 Plan assets (3,731.4) |
BALANCE AT 31 DECEMBER 2025 Net commitment 143.1 |
The net commitment breaks down as follows:
| € millions | 2025 | 2024 | 2023 |
|---|---|---|---|
| Net commitment | Net commitment 2025 143.1 |
Net commitment 2024 197.6 |
Net commitment 2023 232.6 |
| Surplus funds for pension scheme commitments held in assets | Surplus funds for pension scheme commitments held in assets 2025 (540.8) |
Surplus funds for pension scheme commitments held in assets 2024 (471.3) |
Surplus funds for pension scheme commitments held in assets 2023 (329.4) |
| Provision in the balance sheet | Provision in the balance sheet 2025 684.0 |
Provision in the balance sheet 2024 668.9 |
Provision in the balance sheet 2023 562.0 |
