5.1 Balance sheet
Assets
(before profit appropriation)
| In millions of euros | 31-Dec-25 | 31-Dec-24 | 1-Jan-24 | |
|---|---|---|---|---|
| [1] | Intangible assets | 61,3 | 58,5 | 49,7 |
| [2] | Property, plant, and equipment | 2.449,0 | 2.231,7 | 2.072,8 |
| [3] | Assets with right of use | 22,1 | 19,7 | 20,2 |
| [4] | Associates and joint ventures | 6,5 | 6,5 | 6,4 |
| [5] | Financial assets | 10,4 | 13,3 | 16,2 |
| Subtotal: fixed assets | 2.549,3 | 2.329,7 | 2.165,3 | |
| [5] | Financial assets | 2,9 | 2,9 | 2,9 |
| [6] | Trade and other receivables | 82,8 | 65,8 | 69,2 |
| Cash and cash equivalents | 20,3 | 0,0 | 0,0 | |
| Current assets | 106,0 | 68,7 | 72,1 | |
| Total assets | 2.655,2 | 2.398,4 | 2.237,4 |
Liabilities
| In millions of euros | 31-Dec-25 | 31-Dec-24 | 1-Jan-24 | |
|---|---|---|---|---|
| Share capital | 5,8 | 5,8 | 5,8 | |
| Share premium reserve | 147,2 | 147,2 | 147,2 | |
| Hedging reserve | -12,2 | -17,1 | -18,5 | |
| IFRS transition revaluation reserve | 4,8 | 7,3 | 10,0 | |
| Legal reserve participations | 4,5 | 4,7 | 4,6 | |
| Other reserves | 568,4 | 531,2 | 501,4 | |
| Profit for the year | 90,6 | 34,5 | 27,2 | |
| [7] | Equity | 809,1 | 713,6 | 677,7 |
| [8] | Interest-bearing loans | 1.309,5 | 1.202,3 | 1.107,2 |
| [9] | Equalisation account third-party contributions | 197,0 | 172,7 | 155,5 |
| [3] | Lease liabilities | 16,0 | 12,7 | 12,6 |
| [10] | Derivatives | 1,5 | 6,2 | 7,4 |
| [11] | Provisions | 2,4 | 1,8 | 1,5 |
| Non-current liabilities | 1.526,3 | 1.395,7 | 1.284,2 | |
| [8] | Interest-bearing loans | 102,4 | 60,0 | 52,4 |
| [9] | Equalisation account third-party contributions | 7,5 | 6,6 | 5,8 |
| [3] | Lease liabilities | 6,2 | 5,7 | 4,9 |
| [10] | Derivatives | 1,0 | 0,6 | 0,2 |
| [11] | Provisions | 4,2 | 4,3 | 4,0 |
| [12] | Trade and other payables | 198,5 | 212,1 | 208,1 |
| Current liabilities | 319,7 | 289,2 | 275,5 | |
| Total liabilities | 2.655,2 | 2.398,4 | 2.237,4 |