2025 Universal Registration Document

The change in treasury shares in 2023 was as follows:

The change in treasury shares in 2023 was as follows:
In shares	Buyback programme	Allocated to free-share-plans	Total	€ millions
At 01.01.2023	At 01.01.2023 Buyback programme —	At 01.01.2023 Allocated to free-share-plans—	At 01.01.2023 Total —	At 01.01.2023 € millions —
Shares cancelled	Shares cancelled Buyback programme (1,271,632)	Shares cancelled Allocated to free-share-plans—	Shares cancelled Total (1,271,632)	Shares cancelled € millions (503.3)
Options and free shares exercised	Options and free shares exercised Buyback programme —	Options and free shares exercised Allocated to free-share-plans	Options and free shares exercised Total —	Options and free shares exercised € millions —
Treasury shares purchased	Treasury shares purchased Buyback programme 1,271,632	Treasury shares purchased Allocated to free-share-plans	Treasury shares purchased Total 1,271,632	Treasury shares purchased € millions 503.3
AT 31.12.2023	AT 31.12.2023 Buyback programme —	AT 31.12.2023 Allocated to free-share-plans—	AT 31.12.2023 Total —	AT 31.12.2023 € millions —

11.3 Other comprehensive income

The following tables indicate movements in this item:

Other comprehensive income
€ millions	31.12.2025	31.12.2024	31.12.2023
SECURITIES AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME	SECURITIES AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 31.12.2025	SECURITIES AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 31.12.2024	SECURITIES AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 31.12.2023
Reserve at beginning of period	Reserve at beginning of period 31.12.2025 7,706.1	Reserve at beginning of period 31.12.2024 6,561.2	Reserve at beginning of period 31.12.2023 6,637.5
Changes in fair value over period	Changes in fair value over period 31.12.2025 848.2	Changes in fair value over period 31.12.2024 1,144.9	Changes in fair value over period 31.12.2023 (76.3)
RESERVE AT END OF PERIOD	RESERVE AT END OF PERIOD 31.12.2025 8,554.3	RESERVE AT END OF PERIOD 31.12.2024 7,706.1	RESERVE AT END OF PERIOD 31.12.2023 6,561.2

Other comprehensive income
€ millions	31.12.2025	31.12.2024	31.12.2023
CASH FLOW HEDGES – FOREIGN EXCHANGE	CASH FLOW HEDGES – FOREIGN EXCHANGE 31.12.2025	CASH FLOW HEDGES – FOREIGN EXCHANGE 31.12.2024	CASH FLOW HEDGES – FOREIGN EXCHANGE 31.12.2023
Reserve at beginning of period	Reserve at beginning of period 31.12.2025 32.5	Reserve at beginning of period 31.12.2024 128.5	Reserve at beginning of period 31.12.2023 257.3
Changes in fair value over period	Changes in fair value over period 31.12.2025 7.0	Changes in fair value over period 31.12.2024 1.9	Changes in fair value over period 31.12.2023 (184.6)
Changes in fair value recorded through other comprehensive income	Changes in fair value recorded through other comprehensive income 31.12.2025 88.1	Changes in fair value recorded through other comprehensive income 31.12.2024 (97.5)	Changes in fair value recorded through other comprehensive income 31.12.2023 55.8
Deconsolidation and other	Deconsolidation and other 31.12.2025 —	Deconsolidation and other 31.12.2024 (0.4)	Deconsolidation and other 31.12.2023 (0.1)
RESERVE AT END OF PERIOD	RESERVE AT END OF PERIOD 31.12.2025 127.6	RESERVE AT END OF PERIOD 31.12.2024 32.5	RESERVE AT END OF PERIOD 31.12.2023 128.5

The table below shows the impact of an increase or decrease of over 10% in the euro and US dollar against other currencies on the foreign exchange cash flow hedging reserve and the market value of the hedging instruments:

Other comprehensive income
€ millions	31.12.2025	31.12.2024	31.12.2023
Impact of a 10% increase in the EUR against all other Group currencies	Impact of a 10% increase in the EUR against all other Group currencies 31.12.2025 391.6	Impact of a 10% increase in the EUR against all other Group currencies 31.12.2024 551.8	Impact of a 10% increase in the EUR against all other Group currencies 31.12.2023 471.5
Impact of a 10% decrease in the EUR against all other Group currencies	Impact of a 10% decrease in the EUR against all other Group currencies 31.12.2025 (352.3)	Impact of a 10% decrease in the EUR against all other Group currencies 31.12.2024 (520.2)	Impact of a 10% decrease in the EUR against all other Group currencies 31.12.2023 (457.2)
Impact of a 10% increase in the USD against key Group currencies	Impact of a 10% increase in the USD against key Group currencies 31.12.2025 (40.2)	Impact of a 10% increase in the USD against key Group currencies 31.12.2024 (94.9)	Impact of a 10% increase in the USD against key Group currencies 31.12.2023 (143.7)
Impact of a 10% decrease in the USD against key Group currencies	Impact of a 10% decrease in the USD against key Group currencies 31.12.2025 66.2	Impact of a 10% decrease in the USD against key Group currencies 31.12.2024 126.0	Impact of a 10% decrease in the USD against key Group currencies 31.12.2023 157.9

Other comprehensive income
€ millions	31.12.2025	31.12.2024	31.12.2023
CASH FLOW HEDGES – INTEREST RATES	CASH FLOW HEDGES – INTEREST RATES 31.12.2025	CASH FLOW HEDGES – INTEREST RATES 31.12.2024	CASH FLOW HEDGES – INTEREST RATES 31.12.2023
Reserve at beginning of period	Reserve at beginning of period 31.12.2025 +11.8	Reserve at beginning of period 31.12.2024 (7.1)	Reserve at beginning of period 31.12.2023 +1.4
Changes in fair value over period	Changes in fair value over period 31.12.2025 +21.8	Changes in fair value over period 31.12.2024 +18.9	Changes in fair value over period 31.12.2023 (8.5)
Changes in fair value recorded through other comprehensive income	Changes in fair value recorded through other comprehensive income 31.12.2025 —	Changes in fair value recorded through other comprehensive income 31.12.2024 —	Changes in fair value recorded through other comprehensive income 31.12.2023 —
RESERVE AT END OF PERIOD	RESERVE AT END OF PERIOD 31.12.2025 +33.6	RESERVE AT END OF PERIOD 31.12.2024 +11.8	RESERVE AT END OF PERIOD 31.12.2023 (7.1)

Other comprehensive income
€ millions	31.12.2025	31.12.2024	31.12.2023
ACTUARIAL GAINS/(LOSSES) AND IMPACT OF ASSET CEILING	ACTUARIAL GAINS/(LOSSES) AND IMPACT OF ASSET CEILING 31.12.2025	ACTUARIAL GAINS/(LOSSES) AND IMPACT OF ASSET CEILING 31.12.2024	ACTUARIAL GAINS/(LOSSES) AND IMPACT OF ASSET CEILING 31.12.2023
Reserve at beginning of period	Reserve at beginning of period 31.12.2025 (268.0)	Reserve at beginning of period 31.12.2024 (422.2)	Reserve at beginning of period 31.12.2023 (302.8)
Actuarial gains/(losses) over the period	Actuarial gains/(losses) over the period 31.12.2025 111.0	Actuarial gains/(losses) over the period 31.12.2024 153.2	Actuarial gains/(losses) over the period 31.12.2023 (116.7)
Impact of asset ceiling	Impact of asset ceiling 31.12.2025 (6.5)	Impact of asset ceiling 31.12.2024 0.2	Impact of asset ceiling 31.12.2023 (2.5)
Deconsolidation and other	Deconsolidation and other 31.12.2025 —	Deconsolidation and other 31.12.2024 0.8	Deconsolidation and other 31.12.2023 (0.2)
RESERVE AT END OF PERIOD	RESERVE AT END OF PERIOD 31.12.2025 (163.5)	RESERVE AT END OF PERIOD 31.12.2024 (268.0)	RESERVE AT END OF PERIOD 31.12.2023 (422.2)