v3.25.4
Inventories
 12 Months Ended
Dec. 31, 2025
Classes of current inventories [abstract]  
Inventories 12. Inventories
Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises direct costs and, where appropriate, a proportion of
attributable production overheads. Net realisable value is the estimated selling price less the estimated costs necessary to make the sale.
Inventories
€ million
2025
€ million
2024
Raw materials and consumables
1,567
1,912
Finished goods and goods for resale
2,688
3,569
Total inventories
4,255
5,481
Provision for inventories
(212)
(304)
4,043
5,177
12. INVENTORIES continued
Provision for inventories
€ million
2025
€ million
2024
1 January
304
358
Charge to income statement
4
9
Reduction/releases
(31)
(56)
Currency translations
(29)
(1)
Disposal & Distribution(a)
(42)
(11)
Others(b)
6
5
31 December
212
304
(a)Disposal and Distribution includes €41 million relating to Ice Cream which has been derecognised on demerger.
(b)Others include the amount relating to the acquisition of businesses and transfers.
Inventories with a value of €129 million (2024: €188 million) are carried at net realisable value, this being lower than cost. During 2025, a total expense of €290 million
(2024: €259 million) was recognised in the income statement for inventory write-downs and losses.