35. Financial expenses
Financial expenses can be broken down as follows:
| In millions of euros | 2025 | 2024 |
|---|---|---|
| Interest on loans measured at amortised cost | 83.9 | 69.2 |
| Interest on leases | 1.9 | 1.7 |
| Interest on contract liabilities | 4.0 | 3.5 |
| Foreign exchange results | 0.9 | 0.3 |
| Accrued interest on provisions | 0.7 | 2.4 |
| Other financial expenses on instruments measured at amortised cost | 12.3 | 8.6 |
| Fair value movement for instruments measured at fair value | 1.5 | - |
| Other financial expenses | 0.7 | 3.0 |
| Total interest and financial expenses | 105.9 | 88.7 |
| Capitalised as part of tangible fixed assets | -9.9 | -9.4 |
| Total financial expenses | 96.0 | 79.3 |
Of the interest expenses, a total of € 9.9 million was capitalised in 2025 (2024: € 9.4 million). This capitalisation was based on the weighted average interest rate of our non-current loan portfolio. This interest rate averaged 2.0% in 2025 (2024: 1.7%). The other finance expenses for instruments stated at amortised cost mainly comprise amortised transaction costs and discount on non-current loans, as well as interest we pay on security deposits received from customers, as well as the transaction costs incurred in 2025 for the new committed credit facility. The other financial expenses relate to the result on the realised part of our gas price swap transactions, as further explained in note 27 ’Financial risk management’ under ‘Price risk’.