v3.26.1
Consolidated statements of financial position - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Non-current assets      
Intangible assets $ 1,068 $ 491 $ 367
Property, plant and equipment 19,085 18,736 17,712
Right-of-use assets 537 743 631
Investments in associates and joint ventures 1,610 1,960 1,676
Deferred income tax assets, net 9 330 18
Other receivables 648 337 158
Trade receivables 5 1 31
Investments in financial assets 0 0 8
Total non-current assets 22,962 22,598 20,601
Current assets      
Assets held for sale 1,019 1,537 0
Inventories [1] 1,447 1,546 1,683
Contract assets 3 30 10
Other receivables 1,159 552 381
Trade receivables 1,654 1,620 973
Investments in financial assets 262 390 264
Cash and cash equivalents 933 1,118 1,123
Total current assets 6,477 6,793 4,434
TOTAL ASSETS 29,439 29,391 25,035
SHAREHOLDERS' EQUITY      
Capital 3,921 3,922 3,919
Treasury shares 12 11 14
Share-based benefit plans 7 3 1
Acquisition cost of treasury shares (35) (28) (30)
Share trading premiums (44) (42) (40)
Issuance premiums 640 640 640
Legal reserve 787 787 787
Reserve for future dividends 0 0 226
Reserve for investments 6,587 4,236 5,325
Reserve for purchase of treasury shares 33 36 35
Other comprehensive income (338) (331) (684)
Unappropriated retained earnings and losses (756) 2,418 (1,244)
Shareholders' equity attributable to shareholders of the parent company 10,814 11,652 8,949
Non-controlling interest 230 218 102
TOTAL SHAREHOLDERS' EQUITY 11,044 11,870 9,051
Non-current liabilities      
Provisions 610 1,084 2,660
Contract liabilities 180 114 34
Deferred income tax liabilities, net 373 90 1,242
Income tax liability 830 [2] 2 4
Taxes payable 18 0 0
Salaries and social security 63 34 0
Lease liabilities 273 406 325
Loans 8,226 7,035 6,682
Other liabilities 373 74 112
Accounts payable 6 6 5
Total non-current liabilities 10,952 8,845 11,064
Current liabilities      
Liabilities directly associated with assets held for sale 1,181 2,136 0
Provisions 229 116 181
Contract liabilities 117 73 69
Income tax liability 73 126 31
Taxes payable 217 247 139
Salaries and social security 336 412 210
Lease liabilities 298 370 341
Loans 2,355 1,907 1,508
Other liabilities 399 410 122
Accounts payable 2,238 2,879 2,319
Total current liabilities 7,443 8,676 4,920
TOTAL LIABILITIES 18,395 17,521 15,984
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 29,439 $ 29,391 $ 25,035
[1] As of December 31, 2025, 2024 and 2023, the carrying amount of inventories does not exceed their net realizable value.
[2] Includes 828 corresponding to the remaining payments of the regularization plan associated with the calculation of tax loss carryforwards for the 2024 fiscal period as of December 31, 2025.