Deferred tax assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2025

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Summary of Deferred Tax Assets and Liabilities by Type of Temporary Difference

The amount of deferred tax assets and liabilities by type of temporary difference can be detailed as follows:


						2025																2024

Million US dollar		Assets				Liabilities				Net								Assets				Liabilities				Net

Property, plant and equipment			315				(1 844)				(1 529)								261				(2 026)				(1 766)
Intangible assets			186				(9 772)				(9 585)								139				(9 296)				(9 157)
Inventories			98				(75)				23								79				(88)				(9)
Trade and other receivables			9				-				9								24				-				24
Interest-bearing loans and borrowings			942				(346)				596								868				(406)				462
Employee benefits			351				(56)				296								365				(20)				345
Provisions			687				(29)				659								608				(39)				569
Derivatives			49				(99)				(50)								10				(101)				(90)
Other items			537				(1 303)				(767)								539				(1 352)				(813)
Loss carry forwards			1 658				-				1 658								1 606				-				1 606
Gross deferred tax assets/(liabilities)			4 832				(13 524)				(8 692)								4 500				(13 327)				(8 828)

Netting by taxable entity			(2 124)				2 124				-								(2 007)				2 007				-

Net deferred tax assets/(liabilities)			2 708				(11 400)				(8 692)								2 493				(11 321)				(8 828)

Summary of Change in Net Deferred Tax Assets and Liabilities

The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows:



Million US dollar		2025				2024				2023

Balance as of 1 January			(8 828)				(8 939)				(9 518)
Recognized in profit or loss			420				311				689
Recognized in other comprehensive income			(37)				(38)				(54)
Other movements and effect of changes in foreign exchange rates			(247)				(161)				(56)
Balance as of 31 December			(8 692)				(8 828)				(8 939)