{"id":64699,"date":"2025-02-14T12:01:42","date_gmt":"2025-02-14T12:01:42","guid":{"rendered":"https:\/\/english.saigonbiz.com.vn\/2025\/02\/14\/hermes-international-2024-full-year-results\/"},"modified":"2025-02-14T12:01:42","modified_gmt":"2025-02-14T12:01:42","slug":"hermes-international-2024-full-year-results","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/hermes-international-2024-full-year-results\/","title":{"rendered":"Herm\u00e8s International: 2024 Full-Year Results"},"content":{"rendered":"<div>\n<p align=\"center\"><strong>Outstanding results in 2024<\/strong><\/p>\n<p align=\"center\">Revenue amounted to \u20ac15.2 billion<br \/>(+15% at constant exchange rates and +13% at current exchange rates)<br \/>Recurring operating income reached \u20ac6.2 billion, representing 40.5% of sales<br \/>Adjusted free cash flow amounted to \u20ac3.8 billion, up by 18%<\/p>\n<p align=\"right\">Paris, 14 February 2025<\/p>\n<p align=\"justify\">The Group\u2019s consolidated revenue amounted to \u20ac15.2 billion in 2024, up by 15% at constant exchange rates and by 13% at current exchange rates compared to 2023. Recurring operating income reached \u20ac6.2 billion (40.5% of sales) and net profit (group share) reached \u20ac4.6 billion (30.3% of sales).<\/p>\n<p align=\"justify\">In the fourth quarter, sales reached \u20ac4.0 billion, increasing by 18% at constant exchange rates and current exchange rates. All the geographical areas confirmed solid growth, with a strong performance of the Americas in particular.<\/p>\n<p align=\"justify\">Axel Dumas, Executive Chairman of Herm\u00e8s, said: <em>\u201cIn 2024, in a more uncertain economic and geopolitical context, the solid performance of the results attests to the strength of the Herm\u00e8s model and the agility of the house\u2019s teams, whom I thank warmly. While preserving the group\u2019s major balances and its responsibility as an employer, the house is staying the course, attached more than ever to its fundamental values of quality, creativity and savoir-faire.\u201d<\/em><\/p>\n<p align=\"justify\"><strong>Sales by geographical area at the end of December<\/strong><br \/><em>(at constant exchange rates, unless otherwise indicated)<\/em><\/p>\n<p align=\"justify\">At the end of December 2024, all the geographical areas posted growth. Herm\u00e8s continued the qualitative development of its exclusive distribution network.<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify;\">Asia excluding Japan (+7%) recorded a remarkable increase, thanks to solid sales in all the countries in the area. Growth reached 9% in the fourth quarter, despite the downturn in traffic in Greater China since the end of the first quarter. In China, the store in Shenyang\u2019s MixC mall reopened in December after expansion work, following the Shenzhen Luohu store in October and the Beijing SKP store in May. In Singapore, the newly renovated and extended Takashimaya store also reopened in October.\n<\/li>\n<li style=\"text-align:justify;\">Japan (+23%) achieved a regular and sustained growth, driven by the loyalty of local clients. A new store was opened in the Ginza district of Tokyo in June, following the Azabudai Hills store which opened in February.\n<\/li>\n<li style=\"text-align:justify;\">The Americas (+15%) confirmed excellent growth in 2024. In the United States, the Atlanta store reopened in October after being renovated and expanded, following the April inauguration of the store in Princeton, New Jersey. An event showcasing the petit h creations was staged in New York\u2019s Madison store in October.\n<\/li>\n<li style=\"text-align:justify;\">Europe excluding France (+19%) and France (+13%) both performed well, supported by robust demand and the loyalty of local clients, as well as dynamic tourist flows. In November, a new store was inaugurated in Lille, after the June reopening of the renovated and expanded store in Nantes. The newly renovated and extended store in Naples reopened in December.\n<\/li>\n<\/ul>\n<p align=\"justify\"><strong>Sales by sector at the end of December<\/strong><br \/><em>(at constant exchange rates, unless otherwise indicated)<\/em><\/p>\n<p align=\"justify\">At the end of December 2024, all m\u00e9tiers except Watches posted solid growth, supported by the house\u2019s value strategy.<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify;\">Leather Goods and Saddlery (+18%) achieved a remarkable performance, thanks to the increase in production capacities and particularly strong demand. The collections were enhanced in particular with the <em>Ar\u00e7on<\/em> and <em>Herm\u00e8s Della Cavalleria<\/em> <em>\u00c9lan<\/em> models. The travel universe unfolded around an <em>R.M.S. Cargo<\/em> suitcase and weekend bags. The increase in production capacities continued with the September opening of the twenty-third leather goods workshop in Riom (Puy-de-D\u00f4me). Three new workshops will open in the coming three years: L\u2019Isle-d&#8217;Espagnac (Charente) in 2025, Loupes (Gironde) in 2026 and Charleville-M\u00e9zi\u00e8res (Ardennes) in 2027. Herm\u00e8s continues to develop both employment and training in its nine regional centres of expertise located across the national territory.\n<\/li>\n<li style=\"text-align:justify;\">The Ready-to-wear and Accessories sector (+15%) continued its solid momentum thanks to the success of the ready-to-wear and shoe collections, blending the house\u2019s abundant know-how with its boundless creativity. The men\u2019s and women\u2019s spring-summer 2025 collections, unveiled at the Palais d\u2019I\u00e9na in June and at the Garde R\u00e9publicaine in September respectively, were very well received.\n<\/li>\n<li style=\"text-align:justify;\">The Silk and Textiles sector (+4%) benefited from the diversity of creations, materials and formats in both the women\u2019s and men\u2019s collections.\n<\/li>\n<li style=\"text-align:justify;\">Perfume and Beauty (+9%) achieved steady growth. The Perfume collections were enhanced in September with the new women\u2019s perfume, <em>Bar\u00e9nia<\/em>, named after a natural heritage leather of the house. It is meeting with great success worldwide, alongside classics such as <em>Terre d\u2019Herm\u00e8s<\/em> and new creations including <em>Hermessence<\/em> <em>Oud Alezan<\/em> and <em>H24 Herbes Vives<\/em>. The Beauty division continued to expand with the launch of the collection <em>Trait Herm\u00e8s<\/em> eye and lip liners.\n<\/li>\n<li style=\"text-align:justify;\">The Watches business line (-4%), penalised by a more challenging context and a high comparison basis, continues its development, displaying singular creativity and remarkable watchmaking know-how. The new complication model <em>Arceau Duc Attel\u00e9<\/em>, the launch of <em>Herm\u00e8s Cut <\/em>and the iconic <em>Herm\u00e8s H08<\/em> and <em>Kelly<\/em> lines have met with great success.\n<\/li>\n<li style=\"text-align:justify;\">The Other Herm\u00e8s sector (+17%) which include Jewellery and the Home universe, recorded strong growth. The eighth Haute Bijouterie collection, <em>Les formes de la couleur<\/em>, was presented in Paris, Beijing and Taipei.\n<\/li>\n<\/ul>\n<p align=\"justify\"><strong>Solid Results<\/strong><\/p>\n<p align=\"justify\">Recurring operating income amounted to \u20ac6.2 billion, up by 9% from \u20ac5.7 billion in 2023. Despite the negative impact of currency hedging, recurring operating profitability reached 40.5% compared to 42.1% in 2023, an exceptionally high level.<\/p>\n<p align=\"justify\">Consolidated net profit group share grew by 7% to \u20ac4.6 billion, representing a net profitability of 30.3% compared to 32.1% last year.<\/p>\n<p align=\"justify\">The cash flow from operating activities amounted to \u20ac5.1 billion and increased by 19%, thanks to a smaller increase in working capital requirements. After operational investments (\u20ac1.1 billion) and repayment of lease liabilities, the adjusted free cash flow reached \u20ac3.8 billion compared to \u20ac3.2 billion last year.<\/p>\n<p align=\"justify\">After distribution of the ordinary and extraordinary dividend of \u20ac2.6 billion, the restated net cash position amounted to \u20ac12.0 billion at the end of December 2024 compared to \u20ac11.2 billion at the<br \/>end of 2023.<\/p>\n<p align=\"justify\"><strong>A responsible and sustainable model<\/strong><\/p>\n<p align=\"justify\">The Herm\u00e8s group continued to recruit, increasing its workforce by around 2,300 people, including around 1,300 in France. At the end of 2024, the group passed the 25,000 employees milestone, including 15,556 in France. Over the past three years, Herm\u00e8s has created around 7,000 jobs, including 60% in France. In line with its ambitions to promote diversity, Herm\u00e8s reaffirms its commitment to the inclusion of people with disabilities. As a result, the direct employment rate has reached 7.12% in France, doubling in 5 years.<\/p>\n<p align=\"justify\">True to its commitment as a responsible employer and its willingness to share the fruits of growth with all those who contribute to it daily, Herm\u00e8s will be giving out a bonus of \u20ac4,500 to all its employees worldwide at the beginning of the year in respect of 2024. Herm\u00e8s also strengthens its commitments to education and the transmission know-how, particularly with the deployment of the \u00c9cole Herm\u00e8s des savoir-faire, which has extended its training programs to all 10 training schools in France. The company confirms its commitment to local anchoring by promoting local know-how and employment.<\/p>\n<p align=\"justify\">In line with its commitments to fight climate change, the Herm\u00e8s group has continued its actions in accordance with its 2030 targets, validated by the Science Based Target initiative (SBTi). Since 2018, the reduction in emissions for scopes 1 and 2 has been 63.7% in absolute terms, and 50.5% in intensity for scope 3.<\/p>\n<p align=\"justify\">The sustainable and responsible dimension of the house\u2019s craftsmanship model was rewarded in July with the Grand Prix in all categories at the Transparency Awards, an 11-point increase in the S&amp;P ESG rating agency\u2019s evaluation, and by the inclusion in the CDP\u2019s \u201cA-list\u201d for the third year in a row. These results reflect the house\u2019s commitments and values.<\/p>\n<p align=\"justify\"><strong>Proposed dividend <\/strong><\/p>\n<p align=\"justify\">At the General Meeting to be held on 30 April 2025, a dividend of \u20ac16.00 per share will be proposed. The \u20ac3.50 interim dividend, to be paid on 19 February 2025, will be deducted from the dividend approved by the General Meeting. In addition, an exceptional dividend of \u20ac10.00 per share will be proposed at the General Meeting.<\/p>\n<p><strong>Other highlights <\/strong><\/p>\n<p align=\"justify\">At the end of December 2024, currency fluctuations represented a negative impact of \u20ac235 million on revenue. <\/p>\n<p align=\"justify\">During the year, Herm\u00e8s International redeemed 21,316 shares for \u20ac40 million, excluding transactions completed within the framework of the liquidity contract.<\/p>\n<p align=\"justify\">Herm\u00e8s became a majority shareholder in January 2024 alongside its partner in the Middle East in the retail activities located in the United Arab Emirates. As a reminder, the impact resulting from this acquisition of a majority stake was not significant on the 2024 consolidated financial statements.<\/p>\n<p><strong>Outlook<\/strong><\/p>\n<p align=\"justify\">In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates. <\/p>\n<p align=\"justify\">In a more complex economic and geopolitical context, the group has moved into 2025 with confidence, thanks to the highly integrated artisanal model, the balanced distribution network, the creativity of collections and the loyalty of clients.<\/p>\n<p align=\"justify\">Thanks to its unique business model, Herm\u00e8s is pursuing its long-term development strategy based on creativity, maintaining control over know-how and singular communication.<\/p>\n<p align=\"justify\"><em>Drawn to craft<\/em> is the theme of the year. From the saddle stitch to the pencil stroke, everything at Herm\u00e8s begins with drawing. It\u2019s the link that binds us, the language of a material being shaped. It will carry us \u2013 walking, trotting and galloping \u2013 along the paths of creation.<\/p>\n<p align=\"center\"><em>The press release and the presentation of the 2024 results are available on the group\u2019s website: <\/em><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=LHs0y0c7XIh4PBwgUj3gEBxgQPl5UOsPMtByxTlNJWJaadbxq8VsH0aV64xEXCOlfO8dAyNTOqz4ztFbHne5S58gS2GqPe7__tdkgS4iT8Q=\" rel=\"nofollow\" target=\"_blank\" title=\"\"><em>https:\/\/finance.hermes.com<\/em><\/a><\/p>\n<p align=\"center\"><em>At the Supervisory Board meeting on 13 February 2025, Executive Management presented the audited financial statements for 2024. The audit procedures have been completed and the audit report is under preparation. The procedures for the verification of sustainability information are underway. <\/em><br \/><em>The complete consolidated financial statements will be available by 31 March 2025 at the following address https:\/\/finance.hermes.com and on the AMF website: <\/em><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=lWBDYpE9KG76J9KfGHLO2Bg5IA-NOBhhdTI2Y1zh-fxK4y2DXaIdvr3z6oaUULvVCMxKGTMr3se811JIs5u7f1_WsyCnht-rxhYufSVTY4E=\" rel=\"nofollow\" target=\"_blank\" title=\"\"><em>www.amf-france.org<\/em><\/a><\/p>\n<p align=\"justify\"><strong>Upcoming events:<\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify;\">17 April 2025: Q1 2025 revenue publication<\/li>\n<li style=\"text-align:justify;\">30 April 2025: General Meeting of shareholders<\/li>\n<li style=\"text-align:justify;\">30 July 2025: Publication of H1 2025 results\n<\/li>\n<\/ul>\n<p align=\"center\"><strong><em>2024 KEY FIGURES<\/em><\/strong><\/p>\n<table align=\"center\" style=\"border-collapse: collapse; width:326.05pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:274.07px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><em>In millions of euros<\/em><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>2024<\/strong><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Revenue<\/strong><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>15,170<\/strong><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>13,427<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>Growth at current exchange rates vs. n-1<\/em><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>13.0%<\/em><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>15.7%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>Growth at constant exchange rates vs. n-1 <\/em><sup>(1)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>14.7%<\/em><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>20.6%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Recurring operating income <\/strong><sup>(2)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>6,150<\/strong><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>5,650<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>As a % of revenue<\/em><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>40.5%<\/em><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>42.1%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Operating income<\/strong><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>6,150<\/strong><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>5,650<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>As a % of revenue<\/em><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>40.5%<\/em><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>42.1%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Net profit \u2013 Group share<\/strong><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>4,603<\/strong><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>4,311<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>As a % of revenue<\/em><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>30.3%<\/em><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>32.1%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Operating cash flows<\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">5,378<\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">5,123<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Investments (excluding financial investments)<\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">1,067<\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">859<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Adjusted free cash flow <sup>(3)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">3,767<\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">3,192<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Equity \u2013 Group share<\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">17,327<\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">15,201<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net cash position <sup>(4)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">11,642<\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">10,625<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Restated net cash position <sup>(5)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">12,039<\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">11,164<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Workforce (number of employees)<sup> (6)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">25,185<\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">22,879<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><sup>(1)\u00a0\u00a0\u00a0<\/sup><em>Growth at constant exchange rates is calculated by applying, for each currency, the average exchange rates of the previous period to the revenue for the period. <\/em><\/p>\n<p align=\"justify\"><sup>(2)\u00a0\u00a0\u00a0<\/sup><em>Recurring operating income is one of the main performance indicators monitored by Group Management. It corresponds to operating income excluding non\u2011recurring items having a significant impact that may affect understanding of the <\/em><em>g<\/em><em>roup\u2019s<\/em><em> economic performance. <\/em><\/p>\n<p align=\"justify\"><sup>(3)\u00a0\u00a0\u00a0<\/sup><em>Adjusted free cash flows are the sum of cash flows related to operating activities, less operating investments and the repayment of lease liabilities <\/em><em>recognised<\/em><em> in accordance with IFRS 16 (aggregates in the consolidated statement of cash flows).<\/em><\/p>\n<p align=\"justify\"><sup>(4)\u00a0\u00a0\u00a0<\/sup>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<em>Net cash position includes cash and cash equivalents presented under balance sheet assets, less bank overdrafts which appear under short\u2011term borrowings and financial liabilities on the liabilities side. Net cash position does not include lease liabilities <\/em><em>recognised<\/em><em> in accordance with IFRS 16.<\/em><\/p>\n<p align=\"justify\"><sup>(5)\u00a0\u00a0\u00a0<\/sup>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<em>The restated net cash position corresponds to net cash plus cash investments that do not meet the IFRS criteria for cash equivalents due <\/em><em>in particular to<\/em><em> their original maturity of more than three months, less borrowings and financial liabilities.<\/em><\/p>\n<p align=\"justify\"><sup>(6)\u00a0\u00a0\u00a0<\/sup><em>The headcount relates to employees on permanent contracts and those on fixed-term contracts <\/em><em>with no seniority requirement <\/em><em>(22,037 published at the end of December 2023, excluding fixed-term contracts of less than 9 months prior to the change in CSRD methodology).<\/em><\/p>\n<p align=\"justify\"><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><strong>REVENUE BY GEOGRAPHICAL AREA<\/strong> <sup><strong><em>(<\/em><\/strong><\/sup><sup><strong><em>a<\/em><\/strong><\/sup><sup><strong><em>)<\/em><\/strong><\/sup><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:467.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: top ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:197.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><strong>As of Dec. 31<\/strong><sup><strong>st,<\/strong><\/sup><\/td>\n<td colspan=\"2\" style=\"width:236.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><strong>Evolution \/2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: bottom ; \"><em>In millions of Euros<\/em><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>2024<\/strong><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>2023<\/strong><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>Published<\/strong><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>At constant exchange rates<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">France<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,447<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,274<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">13.5%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">13.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Europe (excl. France)<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">2,147<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,818<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">18.1%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">18.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \"><strong><em>Total Europe<\/em><\/strong><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>3,594<\/em><\/strong><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>3,093<\/em><\/strong><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>16.2%<\/em><\/strong><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>16.7%<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Japan<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,437<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,260<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">14.0%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">22.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Asia-Pacific (excl. Japan)<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">6,648<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">6,273<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">6.0%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">7.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \"><strong><em>Total Asia<\/em><\/strong><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>8,085<\/em><\/strong><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>7,533<\/em><\/strong><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>7.3%<\/em><\/strong><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>9.9%<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Americas<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">2,865<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">2,502<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">14.5%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">15.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Other (Middle East)<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">627<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">299<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">109.7%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">109.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \"><strong>TOTAL<\/strong><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>15,170<\/strong><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>13,427<\/strong><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>13.0%<\/strong><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>14.7%<\/strong><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table align=\"center\" style=\"border-collapse: collapse; width:467.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: top ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:197.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><strong>4<\/strong><sup><strong>th<\/strong><\/sup><strong> quarter<\/strong><\/td>\n<td colspan=\"2\" style=\"width:236.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><strong>Evolution \/2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: bottom ; \"><em>In millions of Euros<\/em><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>2024<\/strong><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>2023<\/strong><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>Published<\/strong><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>At constant exchange rates<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">France<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">401<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">359<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">11.8%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">11.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Europe (excl. France)<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">593<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">491<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">20.6%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">20.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \"><strong><em>Total Europe<\/em><\/strong><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>994<\/em><\/strong><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>850<\/em><\/strong><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>16.9%<\/em><\/strong><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>17.0%<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Japan<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">384<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">321<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">19.7%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">22.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Asia-Pacific (excl. Japan)<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,543<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,401<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">10.1%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">8.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \"><strong><em>Total Asia<\/em><\/strong><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>1,927<\/em><\/strong><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>1,722<\/em><\/strong><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>11.9%<\/em><\/strong><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong><em>11.5%<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Americas<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">870<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">717<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">21.4%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">22.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Other (Middle East)<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">171<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">76<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">125.2%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">123.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \"><strong>TOTAL<\/strong><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>3,962<\/strong><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>3,364<\/strong><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>17.7%<\/strong><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>17.6%<\/strong><\/td>\n<\/tr>\n<\/table>\n<p><sup>(a)<\/sup> Sales by destination.<\/p>\n<p align=\"center\"><strong>revenue by sector<\/strong><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:481.85pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: top ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:197.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><strong>As of Dec. 31<\/strong><sup><strong>st<\/strong><\/sup><\/td>\n<td colspan=\"2\" style=\"width:236.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><strong>Evolution \/2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: bottom ; \"><em>In millions of Euros<\/em><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>2024<\/strong><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>2023<\/strong><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>Published<\/strong><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>At constant exchange rates<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Leather Goods and Saddlery <sup>(1)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">6,457<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">5,547<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">16.4%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">18.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Ready-to-wear and Accessories <sup>(2)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">4,405<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">3,879<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">13.6%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">15.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Silk and Textiles<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">950<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">932<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1.9%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">3.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Other Herm\u00e8s sectors <sup>(3)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,909<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,653<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">15.5%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">17.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Perfume and Beauty<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">535<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">492<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">8.7%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">9.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Watches<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">577<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">611<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">(5.6%)<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">(4.2%)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Other products <sup>(4)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">337<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">313<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">7.7%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">8.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \"><strong>TOTAL<\/strong><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>15,170<\/strong><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>13,427<\/strong><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>13.0%<\/strong><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>14.7%<\/strong><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:481.85pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: top ; \"><strong>\u00a0<\/strong><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:197.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><strong>4<\/strong><sup><strong>th<\/strong><\/sup><strong> quarter<\/strong><\/td>\n<td colspan=\"2\" style=\"width:236.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><strong>Evolution \/2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: bottom ; \"><em>In millions of Euros<\/em><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>2024<\/strong><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>2023<\/strong><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>Published<\/strong><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><strong>At constant exchange rates<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Leather Goods and Saddlery <sup>(1)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,669<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,371<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">21.7%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">21.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Ready-to-wear and Accessories <sup>(2)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,108<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">945<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">17.3%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">17.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Silk and Textiles<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">304<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">285<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">6.7%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">7.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Other Herm\u00e8s sectors <sup>(3)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">488<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">413<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">18.0%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">17.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Perfume and Beauty<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">147<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">126<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">16.7%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">16.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Watches<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">143<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">138<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">3.2%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">2.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Other products <sup>(4)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">104<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">87<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">19.1%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">19.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \"><strong>TOTAL<\/strong><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>3,962<\/strong><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>3,364<\/strong><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>17.7%<\/strong><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><strong>17.6%<\/strong><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><sup>(1)<\/sup> The \u201cLeather Goods and Saddlery\u201d business line includes women\u2019s and men\u2019s bags, travel items, small leather goods and accessories, saddles, bridles and all equestrian objects and clothing.<br \/><sup>(2)<\/sup> The \u201cReady-to-wear and Accessories\u201d business line includes Herm\u00e8s Ready-to-wear for men and women, belts, costume jewellery, gloves, hats and shoes.<br \/><sup>(3)<\/sup> The \u201cOther Herm\u00e8s business lines\u201d include Jewellery and Herm\u00e8s home products (Art of Living and Herm\u00e8s Tableware).<br \/><sup>(4)<\/sup> The \u201cOther products\u201d include the production activities carried out on behalf of non-group brands (textile printing, tanning\u2026), as well as John Lobb, Saint-Louis and Puiforcat.<\/p>\n<p align=\"center\"><strong>2024 quarterly revenue<\/strong><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:554.4pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:190.2px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><strong>Q1<\/strong><\/td>\n<td style=\"width:104px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><strong>Q2<\/strong><\/td>\n<td style=\"width:113.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><strong>Q3<\/strong><\/td>\n<td style=\"width:122.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><strong>Q4<\/strong><\/td>\n<td style=\"width:104.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><strong>2024<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:190.2px;;vertical-align: middle ; \">Revenue (in \u20acm)<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">3,805<\/td>\n<td style=\"width:104px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">3,699<\/td>\n<td style=\"width:113.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">3,704<\/td>\n<td style=\"width:122.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">3,962<\/td>\n<td style=\"width:104.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: top ; \"><strong>15,170<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:190.2px;;vertical-align: bottom ; \"><em>Growth at current exchange rates<\/em><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><em>12.6%<\/em><\/td>\n<td style=\"width:104px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><em>11.5%<\/em><\/td>\n<td style=\"width:113.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><em>10.1%<\/em><\/td>\n<td style=\"width:122.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><em>17.7%<\/em><\/td>\n<td style=\"width:104.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: top ; \"><strong><em>13.0%<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:190.2px;;vertical-align: bottom ; \"><em>Growth at constant exchange rates<\/em><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><em>17.0%<\/em><\/td>\n<td style=\"width:104px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><em>13.3%<\/em><\/td>\n<td style=\"width:113.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><em>11.3%<\/em><\/td>\n<td style=\"width:122.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><em>17.6%<\/em><\/td>\n<td style=\"width:104.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: top ; \"><strong><em>14.7%<\/em><\/strong><\/td>\n<\/tr>\n<\/table>\n<p align=\"center\"><strong>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/strong><\/p>\n<p align=\"center\"><strong>Extra-financial performances<\/strong><\/p>\n<table align=\"center\" style=\"border-collapse: collapse; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:186.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; text-align: center ;  vertical-align: middle; \"><strong>RESPONSIBLE EMPLOYER<\/strong><br \/><strong>+2,300 <\/strong><br \/>jobs created<br \/>including +1,300 in France<\/p>\n<p><\/td>\n<td style=\"width:186.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; text-align: center ;  vertical-align: middle; \"><strong>DIVERSITY AND INCLUSION<\/strong><br \/><strong>7.12%<\/strong><br \/>direct disability employment rate in France<\/p>\n<p><\/td>\n<td style=\"width:184.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; text-align: center ;  vertical-align: middle; \"><strong>GENDER EQUALITY<\/strong><br \/><strong>48%<\/strong><br \/>of women <br \/>in the top 100<\/p>\n<p><\/td>\n<\/tr>\n<tr>\n<td style=\"width:186.2px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">\n<p><strong>VERTICAL <\/strong><br \/><strong>INTEGRATION<\/strong><br \/><strong>55%<\/strong><br \/>manufactured in its in-house and exclusive workshops <\/p>\n<p><\/td>\n<td style=\"width:186.14px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">\n<p><strong>LONG-TERM RELATIONSHIPS<\/strong><br \/><strong>\u20ac351M<\/strong><br \/>of which \u20ac235M in incentive schemes and profit-sharing in France and \u20ac116M of worldwide bonus<\/td>\n<td style=\"width:184.47px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">\n<p><strong>LOCAL <\/strong><br \/><strong>ANCHORING<\/strong><br \/><strong>74%<\/strong><br \/>objects <br \/>made in France <\/p>\n<p><\/td>\n<\/tr>\n<tr>\n<td style=\"width:186.2px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">\n<p><strong>CLIMATE <\/strong><br \/><strong>Scopes 1 &amp; 2 <\/strong><strong>(SBTi)<\/strong><br \/><strong>-63.7%<\/strong><br \/>emissions reduction in absolute value vs 2018<\/p>\n<p><strong>SCOPE 3 <\/strong><strong>(SBTi)<\/strong><br \/><strong>-50.5%<\/strong><br \/>emissions reduction in intensity since 2018<\/p>\n<p><\/td>\n<td style=\"width:186.14px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \">\n<p><strong>BIODIVERSITY<\/strong><br \/><strong>SBTN<\/strong><br \/>Scientific approach for <br \/>nature<br \/>completion of the first two stages<\/p>\n<p><\/td>\n<td style=\"width:184.47px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \">\n<p><strong>WATER <\/strong><br \/><strong>WITHDRAWAL<\/strong><br \/><strong>-65.4%<\/strong><br \/>Industrial water intensity <br \/>over 10 years<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\">APPENDIX \u2013 EXTRACT FROM CONSOLIDATED ACCOUNTS<\/p>\n<p align=\"justify\">Financial statements of the year, including notes to the consolidated accounts, will be available at the end of March 2025 on the website https:\/\/finance.hermes.com, together with the other chapters of the Annual Financial Report.<\/p>\n<p><strong>CONSOLIDATED INCOME STATEMENT<\/strong><\/p>\n<table style=\"border-collapse: collapse; width:411.1pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><em>In millions of euros<\/em><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>2024<\/strong><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Revenue<\/strong><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>15,170<\/strong><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>13,427<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Cost of sales<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(4,511)<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(3,720)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Gross margin<\/strong><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>10,660<\/strong><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>9,708<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Sales and administrative expenses<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(3,569)<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(3,169)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other income and expenses<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(942)<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(889)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Recurring operating income<\/strong><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>6,150<\/strong><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>5,650<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other non-recurring income and expenses<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">&#8211;<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Operating income<\/strong><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>6,150<\/strong><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>5,650<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net financial income<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">283<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">190<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Net income before tax<\/strong><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>6,432<\/strong><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>5,840<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Income tax<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(1,845)<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(1,623)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income from associates<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">44<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">105<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>CONSOLIDATED NET INCOME<\/strong><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>4,631<\/strong><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>4,322<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Non-controlling interests<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(28)<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(12)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT<\/strong><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>4,603<\/strong><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>4,311<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Basic earnings per share <em>(in euros)<\/em><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">43.93<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">41.19<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Diluted earnings per share<em> (in euros)<\/em><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">43.87<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">41.12<\/td>\n<\/tr>\n<\/table>\n<p><strong>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME<\/strong><\/p>\n<table style=\"border-collapse: collapse; width:481.9pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><em>In millions of euros<\/em><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>2024<\/strong><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>2023<\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Consolidated net income<\/strong><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>4<\/strong>,<strong>631<\/strong><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>4,322<\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Changes in foreign currency adjustments<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">168<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(114)<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Hedges of future cash flows in foreign currencies <sup><em>1<\/em><\/sup><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(111)<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">7<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Items that may be transferable to profit or loss<\/strong><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>57<\/strong><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>(107)<\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Assets at fair value <sup><em>1<\/em><\/sup><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">30<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Actuarial gains and losses <sup><em>1<\/em><\/sup><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(18)<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">10<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Items that may not be transferable to profit or loss<\/strong><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>12<\/strong><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>10<\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Other comprehensive income<\/strong><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>69<\/strong><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>(97)<\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>NET COMPREHENSIVE INCOME<\/strong><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>4,700<\/strong><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>4,225<\/strong><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\n<ul type=\"square\">\n<li style=\"text-align:left;\"><em>attributable to owners of the parent<\/em><\/li>\n<\/ul>\n<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>4<\/em>,<em>670<\/em><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>4<\/em>,<em>213<\/em><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\n<ul type=\"square\">\n<li style=\"text-align:left;\"><em>attributable to non-controlling interests<\/em><\/li>\n<\/ul>\n<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>29<\/em><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>13<\/em><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><em>(1) Net of tax.<\/em><\/td>\n<td style=\"width:94.4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:94.27px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"width:642.54px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><strong>CONSOLIDATED BALANCE SHEET<\/strong><\/p>\n<p><strong>ASSETS<\/strong><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:474.6pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><em>In millions of euros<\/em><\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>31\/12\/2024<\/strong><\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>31\/12\/2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Goodwill<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">228<\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">72<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Intangible assets<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">237<\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">225<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Right-of-use assets<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">1,786<\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">1,716<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Property, plant and equipment<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">2,980<\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">2,347<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Financial assets<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">1,050<\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">1,141<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Investments in associates<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">238<\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">200<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Deferred tax assets<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">929<\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">631<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other non-current assets<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">159<\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">107<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Non-current assets<\/strong><\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>7,608<\/strong><\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>6,438<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Inventories and work-in-progress<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">2,797<\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">2,414<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Trade and other receivables<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">478<\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">431<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Current tax receivables<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">28<\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">51<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other current assets<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">398<\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">300<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Financial derivatives<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">132<\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">188<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Cash and cash equivalents<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">11,642<\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">10,625<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Current assets<\/strong><\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>15,476<\/strong><\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>14,008<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>TOTAL ASSETS<\/strong><\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>23,084<\/strong><\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>20,447<\/strong><\/td>\n<\/tr>\n<\/table>\n<p><strong>LIABILITIES<\/strong><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:475.65pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><em>In millions of euros<\/em><\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>31\/12\/2024<\/strong><\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>31\/12\/2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Share capital<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">54<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">54<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Share premium<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">50<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">50<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Treasury shares<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(670)<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(698)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Reserves<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">12,464<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">10,744<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Foreign currency adjustments<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">355<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">189<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Revaluation adjustments<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">471<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">553<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income attributable to owners of the parent<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,603<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">4,311<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Equity attributable to owners of the parent<\/strong><\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>17,327<\/strong><\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>15,201<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Non-controlling interests<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">7<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">2<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Equity<\/strong><\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>17,334<\/strong><\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>15,203<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Borrowings and financial liabilities due in more than one year<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">61<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">50<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Lease liabilities due in more than one year<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">1,781<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">1,720<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Non-current provisions<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">33<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">31<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Post-employment and other employee benefit obligations due in more than one year<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">173<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">151<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Deferred tax liabilities<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">5<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">2<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other non-current liabilities<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">69<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">106<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Non-current liabilities<\/strong><\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>2,120<\/strong><\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>2,060<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Borrowings and financial liabilities due in less than one year<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">0<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">1<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Lease liabilities due in less than one year<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">332<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">289<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Current provisions<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">96<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">134<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Post-employment and other employee benefit obligations due in less than one year<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">16<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">16<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Trade and other payables<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">832<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">880<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Financial derivatives<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">161<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">45<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Current tax liabilities<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">773<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">586<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other current liabilities<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">1,419<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">1,233<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Current liabilities<\/strong><\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>3,629<\/strong><\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>3,183<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>TOTAL EQUITY AND LIABILITIES<\/strong><\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>23,084<\/strong><\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>20,447<\/strong><\/td>\n<\/tr>\n<\/table>\n<p><strong>CONSOLIDATED STATEMENT OF CHANGES IN EQUITY<\/strong><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:531.95pt; border-collapse:collapse ;\">\n<tr>\n<td rowspan=\"2\" style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: left ;  vertical-align: middle; \"><em>In millions of euros<\/em><\/p>\n<p><\/td>\n<td rowspan=\"2\" style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><strong>Number of shares<\/strong><\/p>\n<p><\/td>\n<td rowspan=\"2\" style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><strong>Share capital<\/strong><\/p>\n<p><\/td>\n<td rowspan=\"2\" style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><strong>Share premium<\/strong><\/p>\n<p><\/td>\n<td rowspan=\"2\" style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><strong>Treasury shares<\/strong><\/p>\n<p><\/td>\n<td rowspan=\"2\" style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><strong>Consolidated reserves and net income attributable to owners of the parent<\/strong><\/p>\n<p><\/td>\n<td rowspan=\"2\" style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><strong>Actuarial gains and losses<\/strong><\/p>\n<p><\/td>\n<td rowspan=\"2\" style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><strong>Foreign currency adjustments<\/strong><\/p>\n<p><\/td>\n<td colspan=\"2\" style=\"width:104.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>Revaluation adjustments<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>Financial investments<\/strong><\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>Hedges of future cash flows in foreign currencies<\/strong><\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>Equity attributable to owners of the parent<\/strong><\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>Non-controlling interests<\/strong><\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>Equity<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>As at 1 January 2023<\/strong><\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>105<\/strong>,<strong>569<\/strong>,<strong>412<\/strong><\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>54<\/strong><\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>50<\/strong><\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>(674)<\/strong><\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>12<\/strong>,<strong>247<\/strong><\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>(85)<\/strong><\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>303<\/strong><\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>521<\/strong><\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>25<\/strong><\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>12<\/strong>,<strong>440<\/strong><\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>16<\/strong><\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>12<\/strong>,<strong>457<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income<\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,311<\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,311<\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">12<\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,322<\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other comprehensive income<\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">10<\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(115)<\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">7<\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(98)<\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">1<\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(97)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>Comprehensive income<\/em><\/strong><\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>&#8211;<\/em><\/strong><\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>&#8211;<\/em><\/strong><\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>&#8211;<\/em><\/strong><\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>&#8211;<\/em><\/strong><\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>4<\/em><\/strong>,<strong><em>311<\/em><\/strong><\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>10<\/em><\/strong><\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>(115)<\/em><\/strong><\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>0<\/em><\/strong><\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>7<\/em><\/strong><\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>4<\/em><\/strong>,<strong><em>213<\/em><\/strong><\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>13<\/em><\/strong><\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>4<\/em><\/strong>,<strong><em>225<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Change in share capital and share premiums<\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Purchase or sale of treasury shares<\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(24)<\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(105)<\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(129)<\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(129)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Share-based payments<\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">104<\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">104<\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">104<\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Dividends paid<\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(1,376)<\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(1,376)<\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(10)<\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(1,386)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other<\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(51)<\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(51)<\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(17)<\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(68)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>As at 31 December 2023<\/strong><\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>105<\/strong>,<strong>569<\/strong>,<strong>412<\/strong><\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>54<\/strong><\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>50<\/strong><\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>(698)<\/strong><\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>15<\/strong>,<strong>130<\/strong><\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>(75)<\/strong><\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>189<\/strong><\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>521<\/strong><\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>32<\/strong><\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>15<\/strong>,<strong>201<\/strong><\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>2<\/strong><\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>15<\/strong>,<strong>203<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income <\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,603<\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,603<\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">28<\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,631<\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other comprehensive income<\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(18)<\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">166<\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">30<\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(111)<\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">67<\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">2<\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">69<\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>Comprehensive income<\/em><\/strong><\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>&#8211;<\/em><\/strong><\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>&#8211;<\/em><\/strong><\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>&#8211;<\/em><\/strong><\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>&#8211;<\/em><\/strong><\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>4<\/em><\/strong>,<strong><em>603<\/em><\/strong><\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>(18)<\/em><\/strong><\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>166<\/em><\/strong><\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>30<\/em><\/strong><\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>(111)<\/em><\/strong><\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>4<\/em><\/strong>,<strong><em>670<\/em><\/strong><\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>29<\/em><\/strong><\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong><em>4<\/em><\/strong>,<strong><em>700<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Change in share capital and share premiums<\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Purchase or sale of treasury shares<\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">28<\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(64)<\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(36)<\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(36)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Share-based payments<\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">142<\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">142<\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">142<\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Dividends paid<\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2,642)<\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2,642)<\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(63)<\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2,705)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other<\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(7)<\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2)<\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(9)<\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">39<\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">30<\/td>\n<\/tr>\n<tr>\n<td style=\"width:113.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; text-align: left ;  vertical-align: middle; \"><strong>AS AT <\/strong><br \/><strong>31 DECEMBER 2024<\/strong><\/td>\n<td style=\"width:55.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>105,569,412<\/strong><\/td>\n<td style=\"width:38.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>54<\/strong><\/td>\n<td style=\"width:46.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>50<\/strong><\/td>\n<td style=\"width:46.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>(670)<\/strong><\/td>\n<td style=\"width:58.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>17,163<\/strong><\/td>\n<td style=\"width:47.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>(95)<\/strong><\/td>\n<td style=\"width:54.47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>355<\/strong><\/td>\n<td style=\"width:54.07px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>551<\/strong><\/td>\n<td style=\"width:50.34px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>(80)<\/strong><\/td>\n<td style=\"width:50.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>17,327<\/strong><\/td>\n<td style=\"width:49.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>7<\/strong><\/td>\n<td style=\"width:44.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>17,334<\/strong><\/td>\n<\/tr>\n<\/table>\n<p><strong>CONSOLIDATED STATEMENT OF CASH FLOWS<\/strong><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:481.85pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><em>In millions of euros<\/em><\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>2024<\/strong><\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income attributable to owners of the parent<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">4,603<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">4,311<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Depreciation and amortisation of fixed assets, rights of use and impairment losses<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">844<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">772<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Foreign exchange gains\/(losses) on fair value adjustments<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(56)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">56<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Change in provisions<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(29)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">15<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income from associates<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(44)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(105)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income attributable to non-controlling interests<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">28<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">12<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Capital gains or losses on disposals and impact of changes in scope of consolidation<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(2)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(14)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Deferred tax variation<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(93)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(14)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Accrued expenses and income related to share-based payments<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">142<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">104<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Dividend income<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(16)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(12)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(0)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">1<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Operating cash flows<\/strong><\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>5,378<\/strong><\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>5,123<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Change in working capital requirements<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(239)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(794)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>CASH FLOWS RELATED TO OPERATING ACTIVITIES (A)<\/strong><\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>5,139<\/strong><\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>4,328<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Operating investments<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(1,067)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(859)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Acquisitions of consolidated shares<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(229)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(288)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Acquisitions of other financial assets<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(27)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(52)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Disposals of operating assets<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">1<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Disposals of consolidated shares and impact of losses of control<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">&#8211;<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Disposals of other financial assets<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">145<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Change in payables and receivables related to investing activities<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(49)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">93<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Dividends received<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">30<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">112<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>CASH FLOWS RELATED TO INVESTING ACTIVITIES (B)<\/strong><\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>(1,195)<\/strong><\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>(995)<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Dividends paid<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(2,705)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(1,386)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Repayment of lease liabilities<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(305)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(277)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Treasury share buybacks net of disposals<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(37)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(130)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Borrowing subscriptions<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">&#8211;<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Repayment of borrowings<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(1)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(1)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other changes in equity<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">2<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(0)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>CASH FLOWS RELATED TO FINANCING ACTIVITIES (C)<\/strong><\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>(3,046)<\/strong><\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>(1,794)<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Foreign currency translation adjustment (D)<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">119<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">(138)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>CHANGE IN NET CASH POSITION (A) + (B) + (C) + (D)<\/strong><\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>1,017<\/strong><\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><strong>1,402<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net cash position at the beginning of the period<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">10,625<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">9,223<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net cash position at the end of the period<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">11,642<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">10,625<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\"><strong><em>REMINDER<\/em><\/strong><\/p>\n<p align=\"center\"><strong><em>2024 HALF YEAR KEY FIGURES<\/em><\/strong><\/p>\n<table align=\"center\" style=\"border-collapse: collapse; width:332pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:274.07px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><em>In millions of euros<\/em><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>H1 2024<\/strong><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>H1 2023<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Revenue<\/strong><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>7,504<\/strong><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><strong>6,698<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>Growth at current exchange rates vs. n-1<\/em><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>12.0%<\/em><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>22.3%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>Growth at constant exchange rates vs. n-1 <\/em><sup>(1)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>15.1%<\/em><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>25.2%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Recurring operating income <\/strong><sup>(2)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>3,148<\/strong><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>2,947<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>As a % of revenue<\/em><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>42.0%<\/em><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>44.0%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Operating income<\/strong><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>3,148<\/strong><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>2,947<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>As a % of revenue<\/em><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>42.0%<\/em><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>44.0%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>Net profit \u2013 Group share<\/strong><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>2,368<\/strong><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><strong>2,226<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>As a % of revenue<\/em><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>31.6%<\/em><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><em>33.2%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Operating cash flows<\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">2,829<\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">2,615<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Operating investments<\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">319<\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">249<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Adjusted free cash flows <sup>(3)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">1,776<\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">1,720<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Equity \u2013 Group share<\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">15,052<\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">13,249<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net cash position <sup>(4)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">9,477<\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">9,326<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Restated net cash position <sup>(5)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">10,033<\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">9,848<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:274.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Workforce (number of employees) <sup>(<\/sup><sup>6<\/sup><sup>)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">23,242<\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">20,607<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><sup>(1)\u00a0\u00a0\u00a0<\/sup><em>Growth at constant exchange rates is calculated by applying, for each currency, the average<\/em> <em>exchange rates of the previous period to the revenue for the period. <\/em><\/p>\n<p align=\"justify\"><sup>(2)\u00a0\u00a0\u00a0<\/sup><em>Recurring operating income is one of the main performance indicators monitored by Group Management. It corresponds to operating income excluding non\u2011recurring items having a significant impact that may affect understanding of the <\/em><em>g<\/em><em>roup\u2019s <\/em><em>economic performance. <\/em><\/p>\n<p align=\"justify\"><sup>(3)\u00a0\u00a0\u00a0<\/sup><em>Adjusted free cash flows are the sum of cash flows related to operating activities, less operating investments and the repayment of lease liabilities <\/em><em>recognised<\/em><em> in accordance with IFRS 16 (aggregates in the consolidated statement of cash flows).<\/em><\/p>\n<p align=\"justify\"><sup>(4)\u00a0\u00a0\u00a0<\/sup>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<em>Net cash position includes cash and cash equivalents presented under balance sheet assets, less bank overdrafts which appear under short\u2011term borrowings and financial liabilities on the liabilities side. Net cash position does not include lease liabilities <\/em><em>recognised<\/em><em> in accordance with IFRS 16.<\/em><\/p>\n<p align=\"justify\"><sup>(5)\u00a0\u00a0\u00a0<\/sup>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<em>The restated net cash position corresponds to net cash plus cash investments that do not meet the IFRS criteria for cash equivalents due <\/em><em>in particular to<\/em><em> their original maturity of more than three months, less borrowings and financial liabilities.<\/em><\/p>\n<p align=\"justify\"><sup>(6)\u00a0\u00a0\u00a0<\/sup><em>The headcount relates to employees on permanent contracts and those on fixed-term contracts lasting more than 9 months<\/em><em>, <\/em><em>prior to the change in CSRD methodology<\/em><em>.<\/em><\/p>\n<p id=\"gnw_attachments_section-header\">\n    <strong>Attachment<\/strong>\n<\/p>\n<ul id=\"gnw_attachments_section-items\">\n<li>\n        <a target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/Tracker?data=_Vc0JOg_eavfS1GKc5CuRLU96bEUcVRd2gIrLrYtLAlwdnFudW09a_VTG0eyxHeCfki32ArQKpU_4Fj5nULX0HELqarB3yJ0QJLo2w9eKSKh2gELmCMozaMuXzVfBb8Cn4qd2QpNJn6axqP_0hRZGeUiRI2JK4hyK27GPMXyO1ETPEqiCt8163_AEpDhTNjCt442Zj5OsrnnVjddcoyfRA==\" title=\"hermes_20250214_pr_2024fullyearresults_va\" rel=\"nofollow\">hermes_20250214_pr_2024fullyearresults_va<\/a>\n      <\/li>\n<\/ul>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/ml-eu.globenewswire.com\/media\/M2VjNGU4ZGUtMjA3YS00ZTI2LTlkNDctYTFiZGY1NWZlMDEwLTEwMTExMzE=\/tiny\/Herm-s-International.png\" referrerpolicy=\"no-referrer-when-downgrade\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Outstanding results in 2024 Revenue amounted to \u20ac15.2 billion(+15% at constant exchange rates and +13% at current exchange rates)Recurring operating income reached \u20ac6.2 billion, representing 40.5% of salesAdjusted free cash flow amounted to \u20ac3.8 billion, up by 18% Paris, 14 February 2025 The Group\u2019s consolidated revenue amounted to \u20ac15.2 billion in 2024, up by 15% [&#8230;]\n","protected":false},"author":1,"featured_media":64700,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-64699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-people"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.6 (Yoast SEO v21.6) - 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