v3.26.1
Information on net borrowing (Details) - EUR (€)
€ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Borrowings      
A. Cash € 2,796 € 3,367  
B. Cash equivalents 5,304 4,816  
C. Other current financial assets 10,700 7,881  
D Liquidity (A+B+C) 18,800 16,064  
E. Current financial debt 7,258 6,942  
F. Current portion of non-current financial debt 2,368 3,157  
G. Current financial indebtedness (E+F) 9,626 10,099  
H. Net current financial indebtedness (G-D) (9,174) (5,965)  
I. Non-current financial debt 5,782 6,175  
J. Debt instruments 18,756 20,527  
K. Non‐current trade and other payables      
L. Non-current financial indebtedness (I+J+K) 24,538 26,702  
M. Total financial indebtedness (H+L) 15,364 20,737  
Non-current financing receivables 136 2,109  
Restricted cash 1 54  
Lease liabilities 5,700 6,453 € 5,336
Fair value hedge derivative contracts of hedge fixed rate bonds debt 38 42  
Current portion of long-term lease liabilities      
K. Non‐current trade and other payables      
Lease liabilities 1,263 1,279 1,128
Long-term lease liabilities      
K. Non‐current trade and other payables      
Lease liabilities € 4,437 € 5,174 € 4,208