​

​

Millions of Euros

​

  ​ ​ ​

Reference

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Finance income

​

​

34

44

62

Finance costs from Senior Unsecured Notes

​

​

(320)

(230)

(177)

Finance costs from senior debt

Note 19(b)

​

(157)

(280)

(257)

Finance costs from other financial liabilities

​

​

​

(64)

​

(69)

​

(74)

Capitalized interest

Note 9

​

22

28

37

Finance lease expenses

Note 8

​

(57)

(51)

(45)

Other finance costs

​

​

​

(49)

​

(112)

​

(81)

Finance costs

​

​

(625)

(714)

(597)

Dividends

​

​

2

2

—

Financial cost of sale of trade receivables

Note 13

​

(14)

(31)

(25)

Change in fair value of financial instruments

​

​

​

33

​

20

​

1

Impairment of financial assets

​

​

(3)

(9)

—

Exchange differences

​

​

(55)

(60)

(16)

Finance result

​

​

(628)

(748)

(575)