The market values by type of hedging are as follows:
| € millions | 2025 | 2024 | 2023 |
|---|---|---|---|
| Fair value hedges(1) | Fair value hedges (1)2025 39.7 |
Fair value hedges (1)2024 0.1 |
Fair value hedges (1)2023 47.9 |
| Cash flow hedges | Cash flow hedges 2025 3.8 |
Cash flow hedges 2024 (82.2) |
Cash flow hedges 2023 2.7 |
| Net foreign investment hedges | Net foreign investment hedges 2025 (1.6) |
Net foreign investment hedges 2024 — |
Net foreign investment hedges 2023 — |
| TOTAL | TOTAL 2025 41.9 |
TOTAL 2024 (82.1) |
TOTAL 2023 50.6 |
The fair value of the derivatives is their market value.
Foreign exchange gains and losses resulting from the difference between the value of foreign currency operating income and expenses translated at the spot rate effective on the transaction date and at the exchange rate effective on the settlement date are recognised directly on the appropriate income and expense lines, after allowing for hedging derivatives.
Foreign exchange gains and losses break down as follows:
| € millions | 2025 | 2024 | 2023 |
|---|---|---|---|
| Time value | Time value 2025 (0.3) |
Time value 2024 (9.6) |
Time value 2023 (121.7) |
| Other foreign exchange gains and losses | Other foreign exchange gains and losses 2025 12.1 |
Other foreign exchange gains and losses 2024 9.0 |
Other foreign exchange gains and losses 2023 41.1 |
| TOTAL | TOTAL 2025 11.8 |
TOTAL 2024 (0.6) |
TOTAL 2023 (80.6) |
Foreign currency transactions are translated at the spot rate at the transaction date.
Assets and liabilities denominated in foreign currencies have been translated using the exchange rates effective at the closing date. Foreign exchange gains and losses also include the following items relating to derivative instruments:
These amounts are allocated to the appropriate operating expense items. They are broken down as follows:
| € millions | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cost of sales | Cost of sales 2025 16.4 |
Cost of sales 2024 (0.4) |
Cost of sales 2023 (49.2) |
| Research and innovation expenses | Research and innovation expenses 2025 (11.0) |
Research and innovation expenses 2024 (0.1) |
Research and innovation expenses 2023 (12.0) |
| Advertising and promotion expenses | Advertising and promotion expenses 2025 2.7 |
Advertising and promotion expenses 2024 (0.1) |
Advertising and promotion expenses 2023 (8.7) |
| Selling, general and administrative expenses | Selling, general and administrative expenses 2025 3.8 |
Selling, general and administrative expenses 2024 (0.1) |
Selling, general and administrative expenses 2023 (10.7) |
| FOREIGN EXCHANGE GAINS AND LOSSES | FOREIGN EXCHANGE GAINS AND LOSSES 2025 11.8 |
FOREIGN EXCHANGE GAINS AND LOSSES 2024 (0.6) |
FOREIGN EXCHANGE GAINS AND LOSSES 2023 (80.6) |
The Group did not have any interest rate hedging instruments at 31 December 2025, 2024 and 2023.
