2025 Universal Registration Document

6.2 Analysis of tax charge

The income tax charge may be analysed as follows:

The income tax charge may be analysed as follows
€ millions	2025	2024	2023
Profit before tax and associates	Profit before tax and associates 2025 8,502.2	Profit before tax and associates 2024 8,432.9	Profit before tax and associates 2023 8,001.0
Theoretical tax rate	Theoretical tax rate 2025 25.11%	Theoretical tax rate 2024 25.09%	Theoretical tax rate 2023 24.50%
Expected tax charge	Expected tax charge 2025 2,134.7	Expected tax charge 2024 2,116.1	Expected tax charge 2023 1,960.4
Impact of permanent differences	Impact of permanent differences 2025 87.7	Impact of permanent differences 2024 47.1	Impact of permanent differences 2023 62.0
Impact of tax rate differences	Impact of tax rate differences 2025 (165.0)	Impact of tax rate differences 2024 (170.7)	Impact of tax rate differences 2023 (160.3)
Change in unrecognised deferred taxes	Change in unrecognised deferred taxes 2025 3.1	Change in unrecognised deferred taxes 2024 2.2	Change in unrecognised deferred taxes 2023 4.2
Effect of non-current tax liabilities	Effect of non-current tax liabilities 2025 39.6	Effect of non-current tax liabilities 2024 7.9	Effect of non-current tax liabilities 2023 11.7
Pillar 2⁽¹⁾	Pillar 2 ⁽¹⁾ 2025 17.5	Pillar 2 ⁽¹⁾ 2024 31.0	Pillar 2 ⁽¹⁾ 2023 —
Exceptional tax contribution in France	Exceptional tax contribution in France 2025 252.7	Exceptional tax contribution in France 2024 —	Exceptional tax contribution in France 2023 —
Other⁽²⁾	Other ⁽²⁾ 2025 (7.3)	Other ⁽²⁾ 2024 (18.5)	Other ⁽²⁾ 2023 (67.4)
GROUP TAX CHARGE	GROUP TAX CHARGE 2025 2,363.1	GROUP TAX CHARGE 2024 2,015.1	GROUP TAX CHARGE 2023 1,810.6

The expected tax charge reflects the sum of pre-tax profit for each country, multiplied by the normal taxation rate. The theoretical tax rate reflects the total expected tax charge as a percentage of pre-tax profit.

The impact of any reduced tax rates existing in certain countries in addition to the normal tax rates is included on the line Impact of tax rate differences.

6.3 Deferred taxes in the balance sheet

The net change in deferred taxes (assets and liabilities) can be analysed as follows:

The net change in deferred taxes (assets and liabilities) can be analysed as follows
€ millions
Balance of deferred tax assets at 31 December 2022	801.1
Balance of deferred tax liabilities at 31 December 2022	Balance of deferred tax liabilities at 31 December 2022 (905.6)
Income statement impact	Income statement impact 95.3
Translation differences	Translation differences (20.3)
Other effects⁽¹⁾	Other effects ⁽¹⁾ 104.2
Balance of deferred tax assets at 31 December 2023	Balance of deferred tax assets at 31 December 2023 921.3
Balance of deferred tax liabilities at 31 December 2023	Balance of deferred tax liabilities at 31 December 2023 (846.6)
Income statement impact	Income statement impact 37.4
Translation differences	Translation differences (16.0)
Other effects⁽¹⁾	Other effects ⁽¹⁾ (87.3)
Balance of deferred tax assets at 31 December 2024	Balance of deferred tax assets at 31 December 2024 973.3
Balance of deferred tax liabilities at 31 December 2024	Balance of deferred tax liabilities at 31 December 2024 (964.6)
Income statement impact	Income statement impact (68.2)
Translation differences	Translation differences 20.7
Other effects⁽¹⁾	Other effects ⁽¹⁾ (11.8)
BALANCE OF DEFERRED TAX ASSETS AT 31 DECEMBER 2025	BALANCE OF DEFERRED TAX ASSETS AT 31 DECEMBER 2025 962.7
BALANCE OF DEFERRED TAX LIABILITIES AT 31 DECEMBER 2025	BALANCE OF DEFERRED TAX LIABILITIES AT 31 DECEMBER 2025 (1,013.2)