Finance expense and income (Tables)

12 Months Ended

Dec. 31, 2025



For the year ended 31 December Million US dollar	2025		2024 1		2023¹



Interest expense		(3 194)		(3 437)		(3 696)

Interest income		511		591		565

Interest income on Brazilian tax credits		117		142		168
Net interest income/(expense)		(2 566)		(2 704)		(2 963)

Accretion expense		(747)		(722)		(808)

Interest on pensions		(74)		(89)		(90)
Accretion expense and interest on pensions		(821)		(811)		(898)

Net foreign exchange gains/(losses)		(386)		(147)		(353)

Net gains/(losses) on hedging instruments		(310)		(312)		(613)

Bank fees, taxes and other financial expense		(221)		(392)		(231)

Other financial income		25		8		25
Other financial results		(893)		(843)		(1 172)

Net finance income/(expense) excluding exceptional items		(4 280)		(4 358)		(5 033)


Exceptional finance income/(expense)		(185)		(995)		(69)


Net finance income/(expense)		(4 465)		(5 353)		(5 102)

1

Amended to conform to the 2025 presentation.

Interest income arises from the following financial assets:



Million US dollar	2025		2024		2023

Cash and cash equivalents		463		559		537
Investments in debt securities held for trading		38		23		10
Other loans and receivables		10		9		19
Total		511		591		565