16
Company financial statements
Company statement of financial position as at 31 December 2025
(before profit appropriation)
| In millions of euros |
Notes |
31 Dec. 2025 |
31 Dec. 2024 |
| |
|
|
|
| Assets |
|
|
|
| |
|
|
|
| Fixed assets |
|
|
|
| - property, plant and equipment |
40 |
84.3 |
84.3 |
| - financial fixed assets |
41 |
10,415.0 |
10,026.6 |
| - deferred tax assets |
48 |
4.0 |
- |
| - derivative financial instruments |
|
2.3 |
2.5 |
| |
|
|
|
| Total fixed assets |
|
10,505.6 |
10,113.4 |
| |
|
|
|
| Current assets |
|
|
|
| - inventories |
|
91.7 |
74.1 |
| - derivative financial instruments |
|
5.0 |
4.5 |
| - trade and other payables |
|
76.5 |
44.7 |
| - receivables from group companies |
42 |
677.2 |
468.5 |
| - receivables from joint ventures |
|
32.0 |
120.4 |
| - cash and cash equivalents |
|
14.7 |
45.5 |
| |
|
|
|
| Total current assets |
|
897.1 |
757.7 |
| |
|
|
|
| Total assets |
|
11,402.7 |
10,871.1 |
| In millions of euros |
Notes |
31 Dec. 2025 |
31 Dec. 2024 |
| |
|
|
|
| Liabilities |
|
|
|
| |
|
|
|
| Equity |
|
|
|
| - issued share capital |
43 |
0.2 |
0.2 |
| - remeasurement reserve |
44 |
1,409.1 |
1,453.3 |
| - legal reserve for participating interests |
45 |
188.8 |
143.1 |
| - other reserves |
46 |
4,795.9 |
4,718.5 |
| - unappropriated result |
47 |
83.6 |
67.8 |
| |
|
|
|
| Total equity |
|
6,477.6 |
6,382.9 |
| |
|
|
|
| Provisions |
48 |
18.2 |
56.4 |
| |
|
|
|
| Non-current liabilities |
|
|
|
| - Interest bearing loans |
|
3,371.0 |
3,274.8 |
| - lease liabilities |
|
80.3 |
80.4 |
| - derivative financial instruments |
|
7.6 |
10.9 |
| - other non-current liabilities |
|
10.3 |
10.5 |
| |
|
|
|
| Total non-current liabilities |
|
3,487.4 |
3,433.0 |
| |
|
|
|
| Current liabilities |
|
|
|
| - current financing liabilities |
|
800.0 |
280.0 |
| - lease liabilities |
|
9.9 |
8.2 |
| - derivative financial instruments |
|
9.8 |
11.6 |
| - trade and other payables |
49 |
196.5 |
212.2 |
| - liabilities to group companies |
50 |
421.5 |
543.2 |
| |
|
|
|
| Total current liabilities |
|
1,437.7 |
1,055.2 |
| |
|
|
|
| Total liabilities |
|
11,402.7 |
10,871.1 |
Company statement of profit or loss for 2025
| In millions of euros |
Notes |
|
2025 |
|
2024 |
| |
|
|
|
|
|
| Net revenue |
51 |
718.7 |
|
757.5 |
|
| Other revenue |
52 |
11.7 |
|
23.5 |
|
| |
|
|
|
|
|
| Total revenue |
|
|
730.4 |
|
781.0 |
| |
|
|
|
|
|
| Costs of subcontracted work and other external costs |
53 |
-406.8 |
|
-508.4 |
|
| Personnel expenses |
54 |
-339.2 |
|
-288.4 |
|
| Depreciation costs |
40 |
-9.9 |
|
-8.5 |
|
| Impairment of current assets |
55 |
-2.1 |
|
-3.5 |
|
| Other costs |
56 |
-93.8 |
|
-70.6 |
|
| |
|
|
|
|
|
| Total expenses |
|
|
-851.8 |
|
-879.4 |
| |
|
|
|
|
|
| Operating result |
|
|
-121.4 |
|
-98.4 |
| |
|
|
|
|
|
| Share in result of participating interests |
41 |
|
172.9 |
|
157.9 |
| Financial income and expenses |
57 |
|
-21.4 |
|
1.2 |
| |
|
|
|
|
|
| Result before taxation |
|
|
30.1 |
|
60.7 |
| |
|
|
|
|
|
| Income taxes |
58 |
|
53.5 |
|
7.1 |
| |
|
|
|
|
|
| Result after taxation |
|
|
83.6 |
|
67.8 |
