v3.25.4
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Text Block1 [Abstract]  
Summary of Income Taxes
Income taxes recognized in the income statement can be detailed as follows:
 
Million US dollar
   
2025
    
   2024
    
   2023
  
                          
Current year
   
 
(3 349
) 
  
 
(3 252
) 
  
 
(2 828
) 
(Underprovided)/overprovided in prior years
   
 
78
  
 
(211
) 
  
 
(95
) 
Current tax expense
   
 
(3 271
) 
  
 
(3 463
) 
  
 
(2 923
) 
                          
Origination and reversal of temporary differences
   
 
614
 
  
 
482
 
  
 
855
 
Recognition/(de-recognition) of deferred tax assets on tax losses (carried forward)
   
 
(193
) 
  
 
(171
) 
  
 
(166
) 
Deferred tax (expense)/income
   
 
420
 
  
 
311
 
  
 
689
 
                          
Total income tax expense in the income statement
   
 
(2 850
) 
  
 
(3 152
) 
  
 
(2 234
) 
Summary of Reconciliation of Effective Tax Rate with Aggregated Weighted Nominal Tax Rate
The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows:
 
Million US dollar
   
2025
     
   2024¹
     
   2023
1
  
                            
Profit/(loss) before tax
   
 
11 328
 
   
 
10 568
 
   
 
9 124
 
Deduct share of results of associates
   
 
378
 
   
 
329
 
   
 
295
 
Deduct exceptional share of results of associates
   
 
9
 
   
 
104
 
   
 
(35)
 
Profit before tax and before share of results of associates
   
 
10 941
 
   
 
10 134
 
   
 
8 864
 
                            
Adjustments to the tax basis
   
 
 
 
   
 
 
 
   
 
 
 
Government incentives
   
 
(149)
 
   
 
(376)
 
   
 
(756)
 
Non-deductible/(non-taxable) mark-to-market on derivatives
   
 
213
 
   
 
1 211
 
   
 
325
 
Other expenses not deductible for tax purposes
   
 
1 263
 
   
 
1 666
 
   
 
1 521
 
Other non-taxable income
   
 
(733)
 
   
 
(560)
 
   
 
(647)
 
                            
Adjusted tax basis
   
 
11 534
 
   
 
12 074
 
   
 
9 306
 
                            
Aggregate weighted nominal tax rate
   
 
26.9%
 
   
 
26.4%
 
   
 
27.5%
                            
Tax at aggregated nominal tax rate
   
 
(3 098)
 
   
 
(3 183)
 
   
 
(2 558)
                            
Adjustments on tax expense
   
 
 
 
   
 
 
 
   
 
 
 
Recognition/(de-recognition) of deferred tax assets on tax losses (carried forward)
   
 
(193)
 
   
 
(171)
 
   
 
(166)
 
(Underprovided)/overprovided in prior years
   
 
78
 
   
 
(211)
 
   
 
(95)
 
Deductions from interest on equity
   
 
252
 
   
 
240
 
   
 
781
 
Deductions from goodwill and other tax deductions
   
 
642
 
   
 
723
 
   
 
466
 
Change in tax rate
   
 
28
 
   
 
10
 
   
 
2
 
Withholding taxes
   
 
(509)
 
   
 
(497)
 
   
 
(559)
 
Other tax adjustments
   
 
(49)
 
   
 
(62)
 
   
 
(105)
 
                            
Total tax expense
   
 
(2 850)
 
   
 
(3 152)
 
   
 
(2 234)
 
                            
Effective tax rate
   
 
26.1%
     
 
31.1%
     
 
25.2%
  
 
1
Amended to conform to the 2025 presentation.
 
Summary of Detail Information of Income Tax Recognized in Other Comprehensive Income
Income taxes were directly recognized in other comprehensive income as follows:
 
Million US dollar
   
2025
     
   2024
     
   2023
  
                            
Re-measurements of post-employment benefits
   
 
(22)
 
   
 
(48)
 
   
 
(13)
 
Exchange differences, cash flow and net investment hedges
   
 
(16)
 
   
 
10
 
   
 
(41)
 
Income tax (losses)/gains
   
 
(38)
 
   
 
(38)
 
   
 
(54)