| € millions | Notes | 31.12.2025 | 31.12.2024 |
|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | CASH FLOWS FROM OPERATING ACTIVITIES Notes
|
CASH FLOWS FROM OPERATING ACTIVITIES 31.12.2025
|
CASH FLOWS FROM OPERATING ACTIVITIES 31.12.2024
|
| Net profit | Net profit Notes
|
Net profit 31.12.2025 8,724.8 |
Net profit 31.12.2024 5,678.0 |
| Depreciation and amortisation | Depreciation and amortisation Notes 12-13 |
Depreciation and amortisation 31.12.2025 149.5 |
Depreciation and amortisation 31.12.2024 113.5 |
| Charges to provisions (net of reversals) | Charges to provisions (net of reversals) Notes
|
Charges to provisions (net of reversals) 31.12.2025 531.4 |
Charges to provisions (net of reversals) 31.12.2024 (74.4) |
| Gains and losses on disposals of non-current assets | Gains and losses on disposals of non-current assets Notes
|
Gains and losses on disposals of non-current assets 31.12.2025 (2,877.7) |
Gains and losses on disposals of non-current assets 31.12.2024 72.3 |
| Other non-cash transactions | Other non-cash transactions Notes
|
Other non-cash transactions 31.12.2025 3.4 |
Other non-cash transactions 31.12.2024 (8.9) |
| Gross cash flow | Gross cash flow Notes
|
Gross cash flow 31.12.2025 6,531.4 |
Gross cash flow 31.12.2024 5,780.5 |
| Changes in working capital | Changes in working capital Notes 25 |
Changes in working capital 31.12.2025 283.9 |
Changes in working capital 31.12.2024 203.7 |
| Net cash provided by operating activities | Net cash provided by operating activities Notes
|
Net cash provided by operating activities 31.12.2025 6,815.3 |
Net cash provided by operating activities 31.12.2024 5,984.3 |
| INVESTING ACTIVITIES | INVESTING ACTIVITIES Notes
|
INVESTING ACTIVITIES 31.12.2025
|
INVESTING ACTIVITIES 31.12.2024
|
| Investments in non-current assets | Investments in non-current assets Notes 12-13-14 |
Investments in non-current assets 31.12.2025 (2,026.7) |
Investments in non-current assets 31.12.2024 (2,795.4) |
| Changes in other financial assets | Changes in other financial assets Notes 26 |
Changes in other financial assets 31.12.2025 (3,057.8) |
Changes in other financial assets 31.12.2024 (1,209.2) |
| Disposals of non-current assets | Disposals of non-current assets Notes
|
Disposals of non-current assets 31.12.2025 3,036.9 |
Disposals of non-current assets 31.12.2024 206.4 |
| Net cash used in investing activities | Net cash used in investing activities Notes
|
Net cash used in investing activities 31.12.2025 (2,047.6) |
Net cash used in investing activities 31.12.2024 (3,798.3) |
| FINANCING ACTIVITIES | FINANCING ACTIVITIES Notes
|
FINANCING ACTIVITIES 31.12.2025
|
FINANCING ACTIVITIES 31.12.2024
|
| Capital increase | Capital increase Notes
|
Capital increase 31.12.2025 65.9 |
Capital increase 31.12.2024 69.9 |
| Dividends paid | Dividends paid Notes
|
Dividends paid 31.12.2025 (3,774.6) |
Dividends paid 31.12.2024 (3,565.1) |
| Changes in financial debt | Changes in financial debt Notes 19 |
Changes in financial debt 31.12.2025 1,067.8 |
Changes in financial debt 31.12.2024 1,234.1 |
| Net cash used in financing activities | Net cash used in financing activities Notes
|
Net cash used in financing activities 31.12.2025 (2,641.0) |
Net cash used in financing activities 31.12.2024 (2,261.1) |
| Cash acquired or sold in the period (complete transfer of assets and liabilities) | Cash acquired or sold in the period (complete transfer of assets and liabilities) Notes
|
Cash acquired or sold in the period (complete transfer of assets and liabilities) 31.12.2025 — |
Cash acquired or sold in the period (complete transfer of assets and liabilities) 31.12.2024 18.8 |
| Change in cash and cash equivalents | Change in cash and cash equivalents Notes
|
Change in cash and cash equivalents 31.12.2025 2,126.8 |
Change in cash and cash equivalents 31.12.2024 (56.3) |
| Net cash and cash equivalents at the beginning of the year | Net cash and cash equivalents at the beginning of the year Notes 27 |
Net cash and cash equivalents at the beginning of the year 31.12.2025 290.7 |
Net cash and cash equivalents at the beginning of the year 31.12.2024 347.1 |
| NET CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | NET CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR Notes 26 |
NET CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 31.12.2025 2,417.5 |
NET CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 31.12.2024 290.7 |
