Net financial income breaks down as follows:
| € millions | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Dividends received(1) | Dividends received (1)31.12.2025 5,859.2 |
Dividends received (1)31.12.2024 5,052.4 |
| Revenues on other receivables and marketable securities | Revenues on other receivables and marketable securities 31.12.2025 182.7 |
Revenues on other receivables and marketable securities 31.12.2024 143.7 |
| Financial income from subsidiaries and equity investments | Financial income from subsidiaries and equity investments 31.12.2025 6,041.9 |
Financial income from subsidiaries and equity investments 31.12.2024 5,196.0 |
| Interest expense on bonds | Interest expense on bonds 31.12.2025 (173.1) |
Interest expense on bonds 31.12.2024 (168.7) |
| Other interest expense | Other interest expense 31.12.2025 (17.3) |
Other interest expense 31.12.2024 (46.1) |
| Interest expense | Interest expense 31.12.2025 (190.4) |
Interest expense 31.12.2024 (214.8) |
| Foreign exchange gains | Foreign exchange gains 31.12.2025 203.9 |
Foreign exchange gains 31.12.2024 198.8 |
| Foreign exchange losses | Foreign exchange losses 31.12.2025 (150.7) |
Foreign exchange losses 31.12.2024 (174.1) |
| Net foreign exchange gains | Net foreign exchange gains 31.12.2025 53.2 |
Net foreign exchange gains 31.12.2024 24.7 |
| Reversals of provisions for impairment of securities(2) | Reversals of provisions for impairment of securities (2)31.12.2025 12.7 |
Reversals of provisions for impairment of securities (2)31.12.2024 106.4 |
| Charges to provisions for impairment of securities(3) | Charges to provisions for impairment of securities (3)31.12.2025 (552.2) |
Charges to provisions for impairment of securities (3)31.12.2024 (43.5) |
| Reversals of provisions for liabilities and charges(4) | Reversals of provisions for liabilities and charges (4)31.12.2025 57.8 |
Reversals of provisions for liabilities and charges (4)31.12.2024 17.9 |
| Depreciation, amortisation and charges to provisions(5) | Depreciation, amortisation and charges to provisions (5)31.12.2025 (50.0) |
Depreciation, amortisation and charges to provisions (5)31.12.2024 (58.7) |
| Change in depreciation, amortisation and provisions | Change in depreciation, amortisation and provisions 31.12.2025 (531.7) |
Change in depreciation, amortisation and provisions 31.12.2024 22.1 |
| Other financial income(6) | Other financial income (6)31.12.2025 51.4 |
Other financial income (6)31.12.2024 9.2 |
| Other financial expenses(7) | Other financial expenses (7)31.12.2025 (47.4) |
Other financial expenses (7)31.12.2024 — |
| Other financial income and expenses | Other financial income and expenses 31.12.2025 4.0 |
Other financial income and expenses 31.12.2024 9.2 |
| NET FINANCIAL INCOME | NET FINANCIAL INCOME 31.12.2025 5,377.0 |
NET FINANCIAL INCOME 31.12.2024 5,037.2 |
| Total financial income | Total financial income 31.12.2025 6,367.7 |
Total financial income 31.12.2024 5,528.3 |
| Total financial expenses | Total financial expenses 31.12.2025 (990.7) |
Total financial expenses 31.12.2024 (491.1) |
In 2025, non-recurring items primarily include the net capital gain on the disposal of Sanofi shares, representing 2.14% of the capital held, at a price of €101.5 per share, or €2,992.8 million.
The income tax breaks down as follows:
| € millions | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Tax on profit before tax and non-recurring items | Tax on profit before tax and non-recurring items 31.12.2025 (81.0) |
Tax on profit before tax and non-recurring items 31.12.2024 (94.8) |
| Tax on non-recurring items and employee profit sharing | Tax on non-recurring items and employee profit sharing 31.12.2025 (78.4) |
Tax on non-recurring items and employee profit sharing 31.12.2024 10.1 |
| Pillar Two tax charge | Pillar Two tax charge 31.12.2025 (6.2) |
Pillar Two tax charge 31.12.2024 (30.4) |
| Exceptional levy | Exceptional levy 31.12.2025 (142.4) |
Exceptional levy 31.12.2024 — |
| INCOME TAX | INCOME TAX 31.12.2025 (308.0) |
INCOME TAX 31.12.2024 (115.2) |
