All borrowings and debt are denominated in euros and can be broken down as follows:
| € millions | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Bonds |
Bonds 31.12.2025 8,928.5 |
Bonds 31.12.2024 6,080.1 |
| Bank overdrafts and financing with the Group’s cash pool |
Bank overdrafts and financing with the Group’s cash pool 31.12.2025 0.1 |
Bank overdrafts and financing with the Group’s cash pool 31.12.2024 1,807.3 |
| Other borrowings and debt |
Other borrowings and debt 31.12.2025 1.0 |
Other borrowings and debt 31.12.2024 3.1 |
| TOTAL |
TOTAL 31.12.2025 8,929.6 |
TOTAL 31.12.2024 7,890.4 |
|
Tranche amount (In millions) |
Type of issue |
Issue date |
Type of rate |
Coupon |
Issue price* |
Maturity |
Interest accrued |
31.12.2025 |
31.12.2024 |
|
|---|---|---|---|---|---|---|---|---|---|---|
|
EUR |
1,250 |
SLB(1) |
March 2022 |
Fixed |
0.875% |
99.741% |
June 2026 |
5.5 |
1,260.3 |
1,255.5 |
|
EUR |
1,000 |
EMTN |
May 2023 |
Fixed |
3.125% |
99.646% |
May 2025 |
1,019.4 |
||
|
EUR |
1,000 |
EMTN |
May 2023 |
Fixed |
2.875% |
99.323% |
May 2028 |
17.9 |
1,017.9 |
1,017.9 |
|
EUR |
800 |
EMTN |
November 2023 |
Fixed |
3.375% |
99.739% |
January 2027 |
25.3 |
825.3 |
829.8 |
|
EUR |
700 |
EMTN |
November 2023 |
Fixed |
3.375% |
99.754% |
November 2029 |
2.5 |
702.5 |
702.5 |
|
EUR |
750 |
EMTN |
November 2024 |
Fixed |
2.500% |
99.551% |
November 2027 |
2.8 |
752.8 |
752.8 |
|
EUR |
500 |
EMTN |
November 2024 |
Fixed |
2.875% |
99.812% |
November 2031 |
2.2 |
502.2 |
502.2 |
|
USD |
1,000 |
Bond(2) |
May 2025 |
Fixed |
5.000% |
99.132% |
May 2035 |
5.0 |
857.5 |
— |
|
EUR |
850 |
EMTN |
November 2025 |
Variable |
— |
99.850% |
November 2027 |
2.3 |
852.3 |
— |
|
EUR |
1,000 |
EMTN |
November 2025 |
Fixed |
2.750% |
99.776% |
November 2030 |
3.2 |
1,003.2 |
— |
|
EUR |
1,150 |
EMTN |
November 2025 |
Fixed |
3.375% |
99.805% |
January 2036 |
4.6 |
1,154.6 |
— |
| 71.2 | 8,928.5 | 6,080.1 | ||||||||
Bonds have notably been issued under a “Euro Medium-Term Notes” programme with a cap of €15,000 million at 31 December 2025.
| € millions | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Less than 1 year |
Less than 1 year 31.12.2025 1,327.0 |
Less than 1 year 31.12.2024 2,889.5 |
| 1 to 5 years |
1 to 5 years 31.12.2025 5,100.0 |
1 to 5 years 31.12.2024 4,500.9 |
| More than 5 years |
More than 5 years 31.12.2025 2,502.6 |
More than 5 years 31.12.2024 500.0 |
| TOTAL |
TOTAL 31.12.2025 8,929.6 |
TOTAL 31.12.2024 7,890.4 |
For 2025, the average rate of the debt in euros was 2.75% including the bond issue, compared to 2.66% in 2024, while the average rate of the debt in dollars in the United States stands at 3.59% versus 2.38% in 2024.
| € millions | 1 year or less | More than 1 year | Total |
|---|---|---|---|
| Trade accounts payable |
Trade accounts payable 1 year or less 676.1 |
Trade accounts payable More than 1 year — |
Trade accounts payable Total 676.1 |
| Other current liabilities, of which |
Other current liabilities, of which 1 year or less 626.9 |
Other current liabilities, of which More than 1 year — |
Other current liabilities, of which Total 626.9 |
| Payables related to non-current assets |
Payables related to non-current assets 1 year or less 52.8 |
Payables related to non-current assets More than 1 year — |
Payables related to non-current assets Total 52.8 |
| Tax and employee-related payables |
Tax and employee-related payables 1 year or less 527.6 |
Tax and employee-related payables More than 1 year — |
Tax and employee-related payables Total 527.6 |
| Other liabilities |
Other liabilities 1 year or less 46.4 |
Other liabilities More than 1 year — |
Other liabilities Total 46.4 |
