The total present value of defined benefit obligations breaks down as follows between wholly or partly funded plans and wholly unfunded plans:
| € millions | 31.12.2025 | 31.12.2024 | 31.12.2023 |
|---|---|---|---|
| Present value of defined benefit obligations wholly or partly funded | Present value of defined benefit obligations wholly or partly funded 31.12.2025 3,396.4 |
Present value of defined benefit obligations wholly or partly funded 31.12.2024 3,627.7 |
Present value of defined benefit obligations wholly or partly funded 31.12.2023 3,612.3 |
| Fair value of plan assets | Fair value of plan assets 31.12.2025 3,731.4 |
Fair value of plan assets 31.12.2024 3,923.9 |
Fair value of plan assets 31.12.2023 3,825.6 |
| Net position of defined benefit obligations wholly or partly funded | Net position of defined benefit obligations wholly or partly funded 31.12.2025 (335.0) |
Net position of defined benefit obligations wholly or partly funded 31.12.2024 (296.1) |
Net position of defined benefit obligations wholly or partly funded 31.12.2023 (213.3) |
| Present value of defined benefit obligations wholly unfunded | Present value of defined benefit obligations wholly unfunded 31.12.2025 478.1 |
Present value of defined benefit obligations wholly unfunded 31.12.2024 493.7 |
Present value of defined benefit obligations wholly unfunded 31.12.2023 445.8 |
The retirement expense charged to the income statement is recorded within personnel expenses for the operating part and within financial costs for the financial part and can be analysed as follows:
| € millions | 2025 | 2024 | 2023 |
|---|---|---|---|
| Service cost during the financial year | Service cost during the financial year 2025 237.3 |
Service cost during the financial year 2024 226.3 |
Service cost during the financial year 2023 190.5 |
| Interest costs | Interest costs 2025 159.5 |
Interest costs 2024 152.2 |
Interest costs 2023 149.3 |
| Expected return on assets | Expected return on assets 2025 (150.5) |
Expected return on assets 2024 (141.3) |
Expected return on assets 2023 (147.0) |
| New plans/plan amendments | New plans/plan amendments 2025 4.9 |
New plans/plan amendments 2024 (0.1) |
New plans/plan amendments 2023 0.2 |
| Curtailments | Curtailments 2025 (10.0) |
Curtailments 2024 (8.7) |
Curtailments 2023 (12.3) |
| Settlements | Settlements 2025 (0.7) |
Settlements 2024 — |
Settlements 2023 (1.4) |
| TOTAL | TOTAL 2025 240.6 |
TOTAL 2024 228.4 |
TOTAL 2023 179.2 |
Contributions to defined contribution schemes recognised as an expense for 2025, 2024 and 2023 amounted to €759.5 million, €781.8 million and €680.7 million, respectively.
A change of 1% point in medical cost inflation would have the following impact:
| € millions | Increase of 1% | Decrease of 1% |
|---|---|---|
| Impact on projected benefit obligation | Impact on projected benefit obligation Increase of 1% 3.26 |
Impact on projected benefit obligation Decrease of 1% -2.85 |
| Impact on current service cost and interest costs | Impact on current service cost and interest costs Increase of 1% 0.92 |
Impact on current service cost and interest costs Decrease of 1% -0.80 |
Actuarial gains and losses for the periods presented are as follows:
|
€ millions 2025 |
Present value of defined benefit obligation | Plan assets | Net provisions |
|---|---|---|---|
| Actuarial gains and losses: experience adjustments | Actuarial gains and losses: experience adjustments Present value of defined benefit obligation 157.9 |
Actuarial gains and losses: experience adjustments Plan assets (40.7) |
Actuarial gains and losses: experience adjustments Net provisions 117.2 |
| Actuarial gains and losses: demographic assumptions | Actuarial gains and losses: demographic assumptions Present value of defined benefit obligation 1.8 |
Actuarial gains and losses: demographic assumptions Plan assets — |
Actuarial gains and losses: demographic assumptions Net provisions 1.8 |
| Actuarial gains and losses: financial assumptions | Actuarial gains and losses: financial assumptions Present value of defined benefit obligation (223.3) |
Actuarial gains and losses: financial assumptions Plan assets — |
Actuarial gains and losses: financial assumptions Net provisions (223.3) |
| TOTAL | TOTAL Present value of defined benefit obligation (63.7) |
TOTAL Plan assets (40.7) |
TOTAL Net provisions (104.4) |
|
€ millions 2024 |
Present value of defined benefit obligation | Plan assets | Net provisions |
|---|---|---|---|
| Actuarial gains and losses: experience adjustments | Actuarial gains and losses: experience adjustments Present value of defined benefit obligation 9.9 |
Actuarial gains and losses: experience adjustments Plan assets (4.1) |
Actuarial gains and losses: experience adjustments Net provisions 5.8 |
| Actuarial gains and losses: demographic assumptions | Actuarial gains and losses: demographic assumptions Present value of defined benefit obligation (3.6) |
Actuarial gains and losses: demographic assumptions Plan assets — |
Actuarial gains and losses: demographic assumptions Net provisions (3.6) |
| Actuarial gains and losses: financial assumptions | Actuarial gains and losses: financial assumptions Present value of defined benefit obligation (155.6) |
Actuarial gains and losses: financial assumptions Plan assets — |
Actuarial gains and losses: financial assumptions Net provisions (155.6) |
| TOTAL | TOTAL Present value of defined benefit obligation (149.3) |
TOTAL Plan assets (4.1) |
TOTAL Net provisions (153.3) |
|
€ millions 2023 |
Present value of defined | Plan assets | Net provisions |
|---|---|---|---|
| Actuarial gains and losses: experience adjustments | Actuarial gains and losses: experience adjustments Present value of defined 44.1 |
Actuarial gains and losses: experience adjustments Plan assets (120.4) |
Actuarial gains and losses: experience adjustments Net provisions (76.3) |
| Actuarial gains and losses: demographic assumptions | Actuarial gains and losses: demographic assumptions Present value of defined (12.9) |
Actuarial gains and losses: demographic assumptions Plan assets — |
Actuarial gains and losses: demographic assumptions Net provisions (12.9) |
| Actuarial gains and losses: financial assumptions | Actuarial gains and losses: financial assumptions Present value of defined 208.6 |
Actuarial gains and losses: financial assumptions Plan assets — |
Actuarial gains and losses: financial assumptions Net provisions 208.6 |
| TOTAL | TOTAL Present value of defined 239.8 |
TOTAL Plan assets (120.4) |
TOTAL Net provisions 119.3 |
