The Group conducts bond issues to cover its medium-term financing needs and issues short-term marketable instruments in France and commercial paper in the US to cover its financing needs in the short term. None of the Group’s borrowings or debt contains an early repayment clause linked to financial ratios (covenants).
| 31.12.2025 | 31.12.2024 | 31.12.2023 | ||||
|---|---|---|---|---|---|---|
| € millions | Non-current | Current | Non-current | Current | Non-current | Current |
| Short-term marketable instruments | — | — | — | — | — | — |
| MLT bank loans | — | — | — | — | — | — |
| Lease debt | 1,362.9 | 434.5 | 1,458.0 | 468.6 | 1,394.2 | 459.8 |
| Overdrafts | — | 54.1 | — | 36.3 | — | 67.0 |
| Other borrowings and debt | 504.1 | 667.2 | 209.5 | 263.4 | 18.3 | 219.3 |
| Bonds | 7,565.7 | 1,327.6 | 4,977.6 | 1,081.6 | 4,728.3 | 1,805.1 |
| TOTAL | 9,432.6 | 2,483.4 | 6,645.1 | 1,849.9 | 6,140.8 | 2,551.3 |
|
Tranches In millions |
Issuance type | Issuance date | Rate type | EIR(1) | Maturity date | 31.12.2025(2) | 31.12.2024(2) | 31.12.2023(2) | |
|---|---|---|---|---|---|---|---|---|---|
|
EUR |
EUR
750 |
EUR Issuance type — |
EUR Issuance date March 2022 |
EUR Rate type Floating |
EUR EIR (1)2.40% |
EUR Maturity date March 2024 |
EUR 31.12.2025 (2)— |
EUR 31.12.2024 (2)— |
EUR 31.12.2023 (2)754.5 |
|
EUR |
EUR
1,000 |
EUR Issuance type — |
EUR Issuance date March 2022 |
EUR Rate type Fixed |
EUR EIR (1)0.58% |
EUR Maturity date March 2024 |
EUR 31.12.2025 (2)— |
EUR 31.12.2024 (2)— |
EUR 31.12.2023 (2)1,002.3 |
|
EUR |
EUR
1,250 |
EUR Issuance type SLB(3) |
EUR Issuance date March 2022 |
EUR Rate type Fixed |
EUR EIR (1)1.05% |
EUR Maturity date June 2026 |
EUR 31.12.2025 (2)1,259.0 |
EUR 31.12.2024 (2)1,253.9 |
EUR 31.12.2023 (2)1,252.9 |
|
EUR |
EUR
1,000 |
EUR Issuance type EMTN(4) |
EUR Issuance date May 2023 |
EUR Rate type Fixed |
EUR EIR (1)3.39% |
EUR Maturity date May 2025 |
EUR 31.12.2025 (2)— |
EUR 31.12.2024 (2)1,018.4 |
EUR 31.12.2023 (2)1,015.8 |
|
EUR |
EUR
1,000 |
EUR Issuance type EMTN(4) |
EUR Issuance date May 2023 |
EUR Rate type Fixed |
EUR EIR (1)3.08% |
EUR Maturity date May 2028 |
EUR 31.12.2025 (2)1,013.2 |
EUR 31.12.2024 (2)1,011.3 |
EUR 31.12.2023 (2)1,009.5 |
|
EUR |
EUR
800 |
EUR Issuance type EMTN(4) |
EUR Issuance date November 2023 |
EUR Rate type Fixed |
EUR EIR (1)3.52% |
EUR Maturity date January 2027 |
EUR 31.12.2025 (2)824.1 |
EUR 31.12.2024 (2)827.5 |
EUR 31.12.2023 (2)799.4 |
|
EUR |
EUR
700 |
EUR Issuance type EMTN(4) |
EUR Issuance date November 2023 |
EUR Rate type Fixed |
EUR EIR (1)3.47% |
EUR Maturity date November 2029 |
EUR 31.12.2025 (2)700.1 |
EUR 31.12.2024 (2)699.5 |
EUR 31.12.2023 (2)699.0 |
|
EUR |
EUR
750 |
EUR Issuance type EMTN(4) |
EUR Issuance date November 2024 |
EUR Rate type Fixed |
EUR EIR (1)2.71% |
EUR Maturity date November 2027 |
EUR 31.12.2025 (2)750.0 |
EUR 31.12.2024 (2)748.5 |
EUR 31.12.2023 (2)— |
|
EUR |
EUR
500 |
EUR Issuance type EMTN(4) |
EUR Issuance date November 2024 |
EUR Rate type Fixed |
EUR EIR (1)2.94% |
EUR Maturity date November 2031 |
EUR 31.12.2025 (2)500.4 |
EUR 31.12.2024 (2)500.2 |
EUR 31.12.2023 (2)— |
|
USD |
USD
1,000 |
USD Issuance type Bond(5) |
USD Issuance date May 2025 |
USD Rate type Fixed |
USD EIR (1)5.25% |
USD Maturity date May 2035 |
USD 31.12.2025 (2)845.8 |
USD 31.12.2024 (2)— |
USD 31.12.2023 (2)— |
|
EUR |
EUR
850 |
EUR Issuance type EMTN(4) |
EUR Issuance date November 2025 |
EUR Rate type Floating |
EUR EIR (1)2.41% |
EUR Maturity date November 2027 |
EUR 31.12.2025 (2)850.3 |
EUR 31.12.2024 (2)— |
EUR 31.12.2023 (2)— |
|
EUR |
EUR
1,000 |
EUR Issuance type EMTN(4) |
EUR Issuance date November 2025 |
EUR Rate type Fixed |
EUR EIR (1)2.83% |
EUR Maturity date November 2030 |
EUR 31.12.2025 (2)999.7 |
EUR 31.12.2024 (2)— |
EUR 31.12.2023 (2)— |
|
EUR |
EUR
1,150 |
EUR Issuance type EMTN(4) |
EUR Issuance date November 2025 |
EUR Rate type Fixed |
EUR EIR (1)3.42% |
EUR Maturity date January 2036 |
EUR 31.12.2025 (2)1,150.6 |
EUR 31.12.2024 (2)— |
EUR 31.12.2023 (2)— |
|
TOTAL |
TOTAL
|
TOTAL Issuance type
|
TOTAL Issuance date
|
TOTAL Rate type
|
TOTAL EIR (1)
|
TOTAL Maturity date
|
TOTAL 31.12.2025 (2)8,893.2 |
TOTAL 31.12.2024 (2)6,059.2 |
TOTAL 31.12.2023 (2)6,533.4 |
Bond issues are mainly carried out as part of a “Euro Medium-Term Notes” program with a ceiling of €15 billion at 31 December 2025.
On 22 March 2022, the Group issued its first Sustainability-linked bond. This fixed-rate issue with a maturity of 4 years and 3 months and an amount of €1,250 million, has a coupon of 0.875% per year.
The financial characteristics of the Sustainability-linked bond are linked to three sustainability performance targets:
The targets relating to renewable energy and greenhouse gas intensity were not met by the end of 2025, resulting in a premium of 0.25% on this tranche.
