v3.26.1
Finance income (expense)
12 Months Ended
Dec. 31, 2025
Finance income (expense)  
Finance income (expense)

31 Finance income (expense)

 

(€ million)

2025

2024

2023

Finance income

7,196

7,715

7,417

Finance expense

(8,170)

(8,980)

(8,113)

Net finance income (expense) from financial assets at fair value through profit or loss

235

388

284

Income (expense) from derivative financial instruments

(80)

278

(61)

Finance income (expense)

(819)

(599)

(473)

 

The analysis of finance income (expense) was as follows:

 

(€ million)

2025

2024

2023

Finance income (expense) related to net borrowings

 

 

 

Interest and other finance expense on ordinary bonds

(774)

(827)

(667)

Net finance income (expense) on financial assets held for trading

243

367

250

Net expenses on other financial assets valued at fair value with effects on profit and loss

(8)

21

34

Interest and other expense due to banks and other financial institutions

(252)

(358)

(207)

Interest on lease liabilities

(348)

(314)

(267)

Interest from banks

191

294

356

Interest and other income on financial receivables and securities held for non-operating purposes

205

161

14

 

(743)

(656)

(487)

Exchange differences

133

(38)

255

Income (expense) from derivative financial instruments

(80)

278

(61)

Other finance income (expense)

 

 

 

Interest and other income on financing receivables and securities held for operating purposes

39

44

153

Capitalized finance expense

122

222

94

Finance expense due to the passage of time (accretion discount) (a)

(250)

(261)

(341)

Other finance income (expense)

(40)

(188)

(86)

 

(129)

(183)

(180)

 

(819)

(599)

(473)

(a) The item relates to the increase in provisions for contingencies that are shown at present value in non-current liabilities.

 

Information about leases is disclosed in note 13 – Right-of-use assets and lease liabilities.

 

The analysis of derivative financial instruments is disclosed in note 24 – Derivative financial instruments and hedge accounting.

 

Finance income (expense) with related parties is disclosed in note 36 – Transactions with related parties.