{"id":70438,"date":"2025-07-30T00:01:53","date_gmt":"2025-07-30T00:01:53","guid":{"rendered":"https:\/\/english.saigonbiz.com.vn\/2025\/07\/30\/2025-half-year-results\/"},"modified":"2025-07-30T00:01:53","modified_gmt":"2025-07-30T00:01:53","slug":"2025-half-year-results","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/2025-half-year-results\/","title":{"rendered":"2025 Half-Year Results"},"content":{"rendered":"<div>\n<p>\u00a0<\/p>\n<p align=\"center\"><strong>Sequential Acceleration in Like-for-like Growth<sup>1<\/sup><\/strong><\/p>\n<p align=\"center\"><strong>Further Operating Margin Expansion<\/strong><\/p>\n<ul>\n<li><strong>Sales: 22.47 billion euros,\u00a0<\/strong>+3.0% like-for-like<sup>2<\/sup> (+3.2% adjusted<sup>1<\/sup>), +1.6% reported.<\/li>\n<li>Adjusted for the phasing related to the 2024 and 2025 IT transformation,<strong>like-for-like growthaccelerated\u00a0<\/strong>from +2.6% in the first quarter to +3.7% in the second.<\/li>\n<li>By region,<strong> emerging markets advanced in double digits; mainland China returned to growth<sup>1<\/sup><\/strong>.<\/li>\n<li><strong>All Divisions grew,<\/strong> led by Professional Products. Consumer Products started to see early signs of recovery in North America, including makeup.<\/li>\n<li><strong>Fragrances and haircare<\/strong> continued to be the fastest-growing categories.<\/li>\n<li>Growth was <strong>well-balanced betweenvolume and value<\/strong>.<\/li>\n<li>At 21.1%, the <strong>operating margin increased by 30 basis points<\/strong>. All Divisions reported margins above 22%.<\/li>\n<li>Net profit excluding non-recurring items amounted to 3,783.0 million euros, up +1.0%.<\/li>\n<li>The Group further bolstered its portfolio of 37 global brands with the acquisitions of <em><strong>Medik8<\/strong><\/em> (L\u2019Or\u00e9al Luxe) and <em><strong>Color Wow<\/strong><\/em> (Professional Products).<\/li>\n<li>L\u2019Or\u00e9al was named <strong>most innovative company in Europe<\/strong> in <em>Fortune<\/em>\u2019s first-ever ranking of the continent\u2019s 300 most forward-thinking businesses.<\/li>\n<\/ul>\n<p>Commenting on these figures, Nicolas Hieronimus, CEO of L&#8217;Or\u00e9al, said:<\/p>\n<p><em>\u201cAs anticipated, L\u2019Or\u00e9al\u2019s like-for-like growth accelerated between first and second quarter<sup>1<\/sup>. The ongoing strength in emerging markets, the slight rebound in mainland China and the gradual recovery in North America more than offset the expected slowdown in Europe, once again validating our multi-polar model.<\/em><\/p>\n<p><em>The acceleration was supported by a gradual improvement in global beauty market growth, which we expect to continue in the next two quarters. And it was boosted by the early success of our Beauty Stimulus Plan \u2013 which will become ever more impactful as we continue to roll-out our most recent blockbusters and as we have many exciting launches in the second half of the year.<\/em><\/p>\n<p><em>Our operating margin increased by 30 basis points in the first half, particularly thanks to rigorous management of our operating expenses; our numerous initiatives in the second half will benefit from strong brand support, notably our major upcoming launches, including the new Prada men&#8217;s fragrance and the first Miu Miu fragrance.<\/em><\/p>\n<p><em>I am confident that we will continue to outperform the global beauty market \u2013 which we expect to grow, even amidst the current economic and geopolitical tensions \u2013 and to achieve another year of growth in sales and an increase in our profitability.\u201d<\/em><\/p>\n<p><strong><br \/><\/strong>\u00a0<\/p>\n<p><sup><em>1 Adjusted for the phasing related to the 2024 and 2025 IT transformation.<\/em><\/sup><\/p>\n<p><sup><em>2\u00a0Like-for-like: based on a comparable structure and identical exchange rates.<\/em><\/sup><\/p>\n<p><strong><br \/><\/strong>\u00a0<\/p>\n<p><strong>2025 HALF-YEAR SALES<\/strong><\/p>\n<p>In the first six months, <strong>sales amounted to\u00a022.47 billion euros<\/strong>, up +1.6% reported.<\/p>\n<p><strong>Like-for-like<\/strong>, i.e., based on a comparable structure and identical exchange rates, sales grew by\u00a0+3.0%.<\/p>\n<p><strong>The net impact of changes in the scope of consolidation\u00a0<\/strong>was +0.5%.<\/p>\n<p><strong>Growth at constant exchange rates <\/strong>came out at<strong> +<\/strong>3.5%.<\/p>\n<p><strong>Currency fluctuations<\/strong> had a negative impact of -1.9% at the end of June 2025. If the exchange rates on 30 June 2025, i.e., \u20ac1 = $1.1718, were extrapolated until 31 December, the impact of currency fluctuations on sales would be around -3.7% for the whole of 2025.<\/p>\n<p align=\"center\"><strong>Sales by Division and Region<\/strong><\/p>\n<table align=\"center\" style=\"border-collapse: collapse; width:502.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:169.47px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; \">\u00a0   <\/td>\n<td colspan=\"3\" style=\"width:245.67px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: top ; \">   <strong>2<sup>nd<\/sup> quarter 2025<\/strong>   <\/td>\n<td colspan=\"3\" style=\"width:255.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">   <strong>1<sup>st<\/sup> half 2025<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:2cm;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0   <\/td>\n<td colspan=\"2\" style=\"width:170.07px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>Growth<\/strong>   <\/td>\n<td style=\"width:85.07px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0   <\/td>\n<td colspan=\"2\" style=\"width:170.14px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>Growth<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:2cm;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">   <strong>\u20acm<\/strong>   <\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; \">   <strong>Like-for-like<\/strong>   <\/td>\n<td style=\"width:85px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>Reported<\/strong>   <\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">   <strong>\u20acm<\/strong>   <\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-bottom: solid black 1pt ; \">   <strong>Like-for-like<\/strong>   <\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>Reported<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <strong><u>By Division <\/u><\/strong>   <\/td>\n<td style=\"width:2cm;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:85.07px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:85px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:85.07px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:85.07px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:85.07px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   Professional Products   <\/td>\n<td style=\"width:2cm;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   1,269.4   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +11.5%   <\/td>\n<td style=\"width:85px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +7.3%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   2,546.6   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +6.5%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +4.9%   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   Consumer Products   <\/td>\n<td style=\"width:2cm;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   4,134.4   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +3.3%   <\/td>\n<td style=\"width:85px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   -0.4%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   8,413.0   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +2.8%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +1.1%   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   Luxe   <\/td>\n<td style=\"width:2cm;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   3,565.0   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   -1.9%   <\/td>\n<td style=\"width:85px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   -5.3%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   7,657.9   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +2.0%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +1.0%   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   Dermatological Beauty   <\/td>\n<td style=\"width:2cm;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   1,769.8   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +3.5%   <\/td>\n<td style=\"width:85px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   -0.4%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   3,855.9   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +3.1%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +1.7%   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>Group Total<\/strong>   <\/td>\n<td style=\"width:2cm;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>\u00a010,738.6 <\/strong>   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>+2.4%<\/strong>   <\/td>\n<td style=\"width:85px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>-1.3%<\/strong>   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>22,473.3<\/strong>   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>+3.0%<\/strong>   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>+1.6%<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <strong><u>By Region<\/u><\/strong>   <\/td>\n<td style=\"width:2cm;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:85.07px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:85px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:85.07px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:85.07px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:85.07px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   Europe    <\/td>\n<td style=\"width:2cm;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   3,619.6   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +2.4%   <\/td>\n<td style=\"width:85px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +2.0%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   7,534.4   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +3.4%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +3.4%   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   North America   <\/td>\n<td style=\"width:2cm;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   2,851.5   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +8.3%   <\/td>\n<td style=\"width:85px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +2.4%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   5,824.2   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +2.0%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +0.4%   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   North Asia   <\/td>\n<td style=\"width:2cm;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   2,440.2   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   -8.8%   <\/td>\n<td style=\"width:85px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   -11.3%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   5,392.7   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   -1.1%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   -1.5%   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   SAPMENA\u2013SSA<sup>3<\/sup>   <\/td>\n<td style=\"width:2cm;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   979.2   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +10.5%   <\/td>\n<td style=\"width:85px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +6.1%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   2,058.2   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +10.4%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +9.2%   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   Latin America   <\/td>\n<td style=\"width:2cm;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   847.9   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +12.4%   <\/td>\n<td style=\"width:85px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   -2.3%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   1,663.8   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   +10.3%   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   -1.0%   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:169.47px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>Group Total<\/strong>   <\/td>\n<td style=\"width:2cm;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>\u00a010,738.6<\/strong>   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>+2.4%<\/strong>   <\/td>\n<td style=\"width:85px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>-1.3%<\/strong>   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>22,473.3<\/strong>   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>+3.0%<\/strong>   <\/td>\n<td style=\"width:85.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>+1.6%<\/strong>   <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><strong>Summary by Division<\/strong><\/p>\n<p><strong>PROFESSIONAL PRODUCTS<\/strong><\/p>\n<p><strong>The Professional Products Division posted growth of +6.5% like-for-like and +4.9% reported.<\/strong><\/p>\n<p>Sales grew across all regions with a particularly strong contribution from Europe as well as emerging markets where growth was in the mid-teens.<\/p>\n<p>Professional Products continued to gain market share.\u00a0This was fueled by both its successful omnichannel strategy with accelerating performances in e-commerce and selective distribution, and its focus on reanimating the salon market through tailored salon services.<\/p>\n<p>The Division continued to outperform a premium haircare market that remains dynamic. Momentum was strong across all major brands with another stand-out performance from <em>K\u00e9rastase<\/em>. It was driven by blockbuster franchises like <em>Genesis<\/em> by <em>K\u00e9rastase<\/em>, <em>Metal Detox<\/em> by <em>L\u2019Or\u00e9al Professionnel<\/em>, <em>Acidic Bonding Concentrate<\/em> by <em>Redken<\/em>, and <em>Food for Soft<\/em> by <em>Matrix<\/em>, as well as the successful launch of <em>Gloss Absolu<\/em> by <em>K\u00e9rastase<\/em>.<\/p>\n<p>In hair colour, where market growth was negative, Professional Products continued to innovate with the launch of <em>Matrix SuperSync<\/em> and the successful relaunch of <em>Majirel<\/em>.<\/p>\n<p>In June, L\u2019Or\u00e9al signed an agreement to acquire <em>Color Wow<\/em>, one of the world&#8217;s fastest growing and most innovative professional haircare brands, to further strengthen its foothold in the premium haircare and styling categories.<\/p>\n<p><strong>CONSUMER PRODUCTS<\/strong><\/p>\n<p><strong>The Consumer Products Division\u00a0posted growth of +2.8% like-for-like and\u00a0+1.1% reported.<\/strong><\/p>\n<p>Growth was perfectly balanced between volume and price\/mix, reflecting the Division\u2019s strategy to \u201cdemocratise and premiumise the best of beauty\u201d.<\/p>\n<p>Emerging markets remained key growth drivers with double-digit increases in Brazil and Mexico as well as India and the GCC<sup>4<\/sup><em><sup>.<\/sup><\/em> The Division reported solid progress in Europe, where the market remains dynamic and showed very encouraging signs of a sequential acceleration in North America.<\/p>\n<p>Consumer Products continued to deliver double-digit growth in haircare, fueled by successful launches such as <em>Growth Booster<\/em> from <em>L\u2019Or\u00e9al Paris<\/em> and <em>Keratin Sleek<\/em> from <em>GarnierFructis<\/em>. Momentum remained dynamic in hair colour thanks to <em>Garnier Color Sensation<\/em>,\u00a0an\u00a0innovation at an accessible price point. Skincare was boosted by the early success of <em>Garnier Pimple Patch<\/em> with both men and women, as well as <em>Revitalift Laser serum<\/em>, <em>L&#8217;Or\u00e9al Paris<\/em>\u2019 latest anti-aging innovation. In a temporarily less dynamic makeup market, the Consumer Products Division reinforced its position thanks to a step-up in\u00a0innovation, including <em>L&#8217;Or\u00e9al Paris\u2019 Paradise Big Deal<\/em>, <em>Plump Ambition<\/em> and <em>Infallible spray<\/em> or <em>NYX Professional Makeup\u2019s Lip I.V<\/em>.<\/p>\n<p>Each of the Division\u2019s international brands grew. Pursuing its European rollout, <em>Mixa<\/em> continued to deliver exceptional growth.<\/p>\n<p><strong>LUXE<\/strong><\/p>\n<p><strong>L\u2019Or\u00e9al Luxe posted growth of\u00a0+2.0%\u00a0like-for-like and\u00a0+1.0% reported.<\/strong><\/p>\n<p>Growth was robust in mature markets with particularly strong performances in the Germany-Austria-Switzerland and Spain-Portugal clusters and very dynamic in emerging markets, up in double digits. The Division outperformed the selective market &#8211; which remains difficult &#8211; in all categories. It continued to outpace the market in all regions, reaffirming its consistent outperformance in Europe, North America and North Asia.<\/p>\n<p>L\u2019Or\u00e9al Luxe further cemented its global fragrance leadership, fueled by feminine and masculine Couture blockbusters such as <em>Libre<\/em> and <em>MYSLF<\/em> by <em>Yves Saint Laurent<\/em>, <em>Born in Roma Donna\u00a0<\/em>and <em>Uomo<\/em> by <em>Valentino<\/em>, <em>Paradoxe<\/em> by <em>Prada<\/em>, and <em>EmporioArmani<\/em>. Growth in the category was further supported by strong momentum from the likes of <em>Wanted<\/em> by <em>Azzaro<\/em> or the <em>Maison Margiela Fragrance Collection<\/em>.<\/p>\n<p>In makeup, momentum continued to be driven by the Couture brands. <em>Yves Saint Laurent\u00a0<\/em>confirmed its global appeal with successful launches like <em>Make Me Blush\u00a0<\/em>and <em>The Inks<\/em>, alongside key pillars like <em>Touche Eclat\u00a0<\/em>and <em>YSL Loveshine<\/em>. <em>Prada<\/em> and <em>Valentino<\/em> pursued their rollout, both growing in double digits.<\/p>\n<p><em>Aesop\u00a0<\/em>maintained its dynamic double-digit growth.<\/p>\n<p>In June, L\u2019Or\u00e9al signed an agreement to acquire\u00a0a majority stake in British premium skincare brand <em>Medik8<\/em>, adding a science-backed premium brand with strong potential for global growth to the Division\u2019s portfolio.<\/p>\n<p><strong>DERMATOLOGICAL BEAUTY<\/strong><\/p>\n<p><strong>Dermatological Beauty posted growth of +3.1% like-for-like and +1.7% reported.<\/strong><\/p>\n<p>In sell-out, the Division continued to outperform the global dermo-cosmetics market that remained robust despite the slowdown in the US. This was driven by a step-up in innovation and boosted by particularly strong momentum online.<\/p>\n<p>As anticipated, sell-in was impacted by a particularly challenging\u00a0comparison base due to last year\u2019s sun care phasing.\u00a0<\/p>\n<p><em>La Roche-Posay<\/em> was, once again, the Division\u2019s biggest growth contributor, powered by the ongoing success of key pillars such as <em>Cicaplast<\/em> and the <em>Mela B3<\/em> anti-pigmentation range.<\/p>\n<p><em>SkinCeuticals<\/em> maintained its double-digit growth, propelled by the expansion of <em>P-Tiox<\/em> and its most recent <em>HA Intensifier<\/em> innovation.<\/p>\n<p><em>CeraVe<\/em> continued to gain share in emerging markets as well as mainland China\u00a0\u2013 and is regaining traction in the US, its number one market. The brand\u2019s reacceleration plan is starting to pay off, building on the recent moisturiser innovation and haircare entry.<\/p>\n<p><em>Vichy<\/em> was driven by the exceptional growth of <em>Dercos<\/em>, which is becoming a key pillar for the brand.<\/p>\n<p>Sales in mainland China and emerging markets increased in double digits. In North America, where the market continued to decelerate, the Division outperformed in sell-out. Europe was adversely impacted by last year\u2019s sun care phasing.<\/p>\n<p><strong>Summary by Region<\/strong><\/p>\n<p><strong>EUROPE\u00a0<\/strong><\/p>\n<p><strong>Sales in Europe grew\u00a0+3.4%\u00a0like-for-like and\u00a0+3.4%\u00a0reported.<\/strong><\/p>\n<p>L\u2019Or\u00e9al maintained particularly strong momentum in the Spain-Portugal and Germany-Austria-Switzerland clusters, as well as across most of Central Europe. The market in Europe slowed as expected, all the while remaining above pre-Covid levels.<\/p>\n<p>The Group outpaced the market in the online channel, which helped drive recruitment of new consumers.<\/p>\n<p>Led by <em>K\u00e9rastase<\/em>, sales in the Professional Products Division advanced significantly, fuelled by the continued dynamism in the premium haircare segment.<\/p>\n<p>The Consumer Products Division maintained its strong momentum in hair, driven by <em>L\u2019Or\u00e9al Paris Els\u00e8ve\u00a0<\/em>as well as the launch of <em>Garnier Fructis Curl Method<\/em>. In a makeup market that slowed after several years of strong growth, the Division outperformed, notably thanks to the <em>NYX Professional Makeup brand<\/em>. In body care, <em>Mixa<\/em> maintained its spectacular trajectory as it pursued its roll-out across the region.<\/p>\n<p>L&#8217;Or\u00e9al Luxe grew well ahead of the market, driven by the ongoing success of the Couture brands and fuelled by men&#8217;s fragrances, especially <em>Armani Stronger with You<\/em> and <em>Valentino Born in Roma Uomo<\/em>, and makeup, including <em>Make Me Blush<\/em> from <em>Yves Saint Laurent<\/em> and <em>Lash Idole Flutter<\/em> mascara from <em>Lanc\u00f4me<\/em>.<\/p>\n<p>In Dermatological Beauty, sell-in was \u2013 as anticipated \u2013 significantly penalised by last year\u2019s sun care phasing, notably for <em>La Roche-Posay<\/em>; the brand achieved solid growth across the rest of its portfolio. Boosted by new launches, including the highly successful <em>P-Tiox<\/em>, <em>SkinCeuticals<\/em> grew strongly.<\/p>\n<p><strong>NORTH AMERICA<\/strong><\/p>\n<p><strong>Sales in North America\u00a0grew +2.0% like-for-like and +0.4% reported.<\/strong><\/p>\n<p>Market conditions showed clear signs of improvement in the second quarter.<\/p>\n<p>Growth in Professional Products was fueled by the ongoing strength of the premium haircare segment, where <em>K\u00e9rastase<\/em> advanced in double digits thanks to its omnichannel strategy, key pillars and <em>Gloss Absolu<\/em> launch. Momentum started to build behind <em>Matrix<\/em> with promising first results of its <em>Super Sync<\/em> launch.<\/p>\n<p>In Consumer Products, haircare remained the most dynamic category with <em>L\u2019Or\u00e9al Paris<\/em> advancing in double digits. In a challenging context for makeup, the Division outpaced the market across multiple sub-categories with strong innovation-driven growth, led by <em>Maybelline New York<\/em> and <em>L\u2019Or\u00e9al Paris<\/em>.<\/p>\n<p>L&#8217;Or\u00e9al Luxe maintained dynamic growth in fragrances, outpacing the market, thanks to new launches like <em>Born in Roma Extradose<\/em> from <em>Valentino<\/em>, <em>MYSLF L\u2019Absolu<\/em> from <em>Yves Saint Laurent\u00a0<\/em>and <em>Stronger with You from Armani<\/em>. Momentum in makeup was led by <em>Yves Saint Laurent<\/em>.<\/p>\n<p>In Dermatological Beauty, <em>CeraVe<\/em> has been gradually improving thanks to its hair and skincare launches; <em>SkinCeuticals<\/em> continued to benefit from the highly successful <em>P-Tiox<\/em> roll-out.<\/p>\n<p><strong>NORTH ASIA\u00a0<\/strong><\/p>\n<p><strong>Sales in North Asia contracted, -1.1% like-for-like and -1.5% reported.<\/strong><\/p>\n<p>Excluding Travel Retail, growth in North Asia was slightly positive.\u00a0<\/p>\n<p>Growth in mainland China &#8211; adjusted for the phasing related to the IT transformation &#8211; reversed from a slight decline in the first quarter to around +3% in the second with all Divisions positive. L\u2019Or\u00e9al outperformed a broadly stable market with particularly impressive performances in Dermatological Beauty and Professional Products. During the 6.18 shopping festival, L\u2019Or\u00e9al outpaced a more dynamic market. In Japan, the Group benefited from a recovery of inbound tourism and steady consumption from locals.\u00a0<\/p>\n<p>In North Asia, Professional Products outpaced the market,\u00a0boosted by the continued success of <em>K\u00e9rastase<\/em>. Consumer Products under-performed a broadly stable market; recently acquired Korean skincare brand <em>Dr. G<\/em> has been consolidated for the first time. Luxe was on par with the market; the strength of its Couture brands \u2013 <em>Yves Saint Laurent<\/em>, <em>Prada<\/em>, <em>Valentino<\/em> and <em>Maison Margiela<\/em> \u2013 as well as <em>Aesop<\/em> offset softness in skincare. Dermatological Beauty continued to grow in double digits with each of the key brands \u2013 <em>SkinCeuticals<\/em>, <em>La Roche-Posay<\/em> and <em>CeraVe<\/em> \u2013 contributing.<\/p>\n<p><strong>SAPMENA\u2013SSA<sup>3\u00a0<\/sup><\/strong><\/p>\n<p><strong>Sales in SAPMENA-SSA grew +10.4% like-for-like and +9.2% reported.<\/strong><\/p>\n<p>In SAPMENA, growth was broad-based with all Divisions and categories contributing. It was driven by a positive impact from mix and volume \u2013 aligned with the region\u2019s strategy of conquering new consumers.<\/p>\n<p>By Division, Dermatological Beauty delivered particularly strong growth, driven by <em>La Roche-Posay<\/em> and <em>CeraVe<\/em>. The Luxe Division\u2019s performance was powered by <em>Yves Saint Laurent<\/em> and <em>Armani<\/em>.\u00a0<\/p>\n<p>By category, haircare, fragrance and makeup sales increased in double digits. In haircare, momentum was balanced across the professional and mass channel, the latter powered by successful <em>Els\u00e8ve<\/em> launches. Fragrances grew strongly in all countries, fueled by the couture brands. The rebound of makeup continued, boosted by new launches.<\/p>\n<p>By country, progress was strongest in India, Thailand, the Australia-New Zealand cluster, the GCC<sup>4<\/sup> as well as Vietnam.<\/p>\n<p>Across the region, online remained the key growth driver, notably in India and South-East Asia.<\/p>\n<p>Sub-Saharan Africa (SSA) delivered another quarter of dynamic and broad-based growth, which was driven by both volume and mix. It was broad-based across all Divisions with Consumer Products and Dermatological Beauty the key contributors. Skincare and haircare achieved remarkable growth driven by <em>CeraVe<\/em> and <em>L\u2019Or\u00e9al Paris<\/em>.<\/p>\n<p><strong>LATIN AMERICA\u00a0<\/strong><\/p>\n<p><strong>Sales in Latin America grew +10.3%\u00a0like-for-like and\u00a0-1.0%\u00a0reported.<\/strong><\/p>\n<p>Growth was driven by both volume and value, consistent with the region\u2019s focus on consumer recruitment and consumers\u2019 growing desire for more sophisticated products.<\/p>\n<p>All Divisions advanced. Professional Products and Luxe continued to deliver exceptional growth, fueled by ongoing market dynamism, notably in premium haircare and fragrances, as well as the strong innovation pipeline. Consumer Products continued to grow strongly with Mexico and Brazil particularly dynamic and all key brands contributing.<\/p>\n<p>The most dynamic categories were fragrances and haircare, followed by makeup.<\/p>\n<p>Progress was broad-based across all countries, with Mexico, Brazil and Chile the three leading contributors \u2013 all advancing in double digits. Argentina returned to positive territory.<\/p>\n<p>Online continued to be a key growth driver for the region, allowing L\u2019Or\u00e9al to reach new consumers.<\/p>\n<p>\u00a0<\/p>\n<p><strong>2025 HALF-YEAR RESULTS<\/strong><\/p>\n<p>The limited review procedures of the half-year consolidated accounts have been completed. The limited review report is being prepared by the Statutory Auditors.<\/p>\n<p><strong>Operating profitability at 21.1% of sales<\/strong><\/p>\n<p align=\"left\">Consolidated profit and loss account: from sales to operating profit.<\/p>\n<table align=\"center\" style=\"border-collapse: collapse; width:643px; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:179.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>\u20acm<\/strong>   <\/td>\n<td style=\"width:71.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>30\/6\/24<\/strong>   <\/td>\n<td style=\"width:71.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>% of sales<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>31\/12\/24<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>% of sales<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>30\/6\/25<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>% of sales<\/strong>   <\/td>\n<td style=\"width:85.94px;;text-align: center ;  vertical-align: middle; text-align: center ;  vertical-align: middle; text-align: center ;  vertical-align: middle; text-align: center ;  vertical-align: middle; text-align: center ;  vertical-align: middle; text-align: center ;  vertical-align: middle; text-align: center ;  vertical-align: middle; text-align: center ;  vertical-align: middle; text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; text-align: center ;  vertical-align: middle; \">   <strong>Change<\/strong><br \/><strong>H1-2025 vs. H1-2024<\/strong>         <\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.87px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>Sales<\/strong>   <\/td>\n<td style=\"width:71.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>22,120.8<\/strong>   <\/td>\n<td style=\"width:71.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>100.0%<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>43,486.8<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>100.0%<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>22,473.3<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>100.0%<\/strong>   <\/td>\n<td style=\"width:85.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; \">   <strong>+1.6%<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <em>Cost of sales<\/em>   <\/td>\n<td style=\"width:71.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-5,568.7<\/em>   <\/td>\n<td style=\"width:71.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>25.2%<\/em>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-11,227.0<\/em>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>25.8%<\/em>   <\/td>\n<td style=\"width:71px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   <em>-5,692.6<\/em>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>25.3%<\/em>   <\/td>\n<td style=\"width:85.94px;;border-right: solid black 1pt ; \">   <em>\u00a0<\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>Gross profit<\/strong>   <\/td>\n<td style=\"width:71.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>16,552.1<\/strong>   <\/td>\n<td style=\"width:71.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>74.8%<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>32,259.8<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>74.2%<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>16,<\/strong><strong>780.7<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>74.7%<\/strong>   <\/td>\n<td style=\"width:85.94px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>+1.4%<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <em>R&amp;I expenses<\/em>   <\/td>\n<td style=\"width:71.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-667.3<\/em>   <\/td>\n<td style=\"width:71.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>3.0%<\/em>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-1,354.7<\/em>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>3.1%<\/em>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-671.7<\/em>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>3.0%<\/em>   <\/td>\n<td style=\"width:85.94px;;border-right: solid black 1pt ; \">   <em>\u00a0<\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <em>Advertising and promotion expenses<\/em>   <\/td>\n<td style=\"width:71.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-7,109.1<\/em>   <\/td>\n<td style=\"width:71.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>32.1%<\/em>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-14,008.9<\/em>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>32.2%<\/em>   <\/td>\n<td style=\"width:71px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   <em>-7,177.0<\/em>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>31.9%<\/em>   <\/td>\n<td style=\"width:85.94px;;border-right: solid black 1pt ; \">   <em>\u00a0<\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <em>Selling, general and administrative expenses<\/em>   <\/td>\n<td style=\"width:71.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-4,176.6<\/em>   <\/td>\n<td style=\"width:71.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>18.9%<\/em>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-8,208.7<\/em>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>18.9%<\/em>   <\/td>\n<td style=\"width:71px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   <em>-4,191.9<\/em>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>18.7%<\/em>   <\/td>\n<td style=\"width:85.94px;;border-right: solid black 1pt ; \">   <em>\u00a0<\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.87px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>Operating profit<\/strong>   <\/td>\n<td style=\"width:71.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>4,599.1<\/strong>   <\/td>\n<td style=\"width:71.07px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>20.8%<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>8,687.5<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>20.0%<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>4,740.1<\/strong>   <\/td>\n<td style=\"width:71px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>21.1%<\/strong>   <\/td>\n<td style=\"width:85.94px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>+3.1%<\/strong>   <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p align=\"left\"><strong>Gross profit<\/strong>, at 16,780.7 million euros, stood at 74.7% of sales compared with 74.8% in the first half of 2024, a decrease of 10 basis points.<\/p>\n<p><strong>Research &amp; Innovation expenses<\/strong>,at 671.7 million euros, came out at 3.0% of sales, in line with the long-term average.<\/p>\n<p><strong>Advertising and promotion expenses<\/strong>, at 7,177.0 million euros,\u00a0amounted to 31.9% of sales, a decrease of 20 basis points.<\/p>\n<p><strong>Selling, general and administrative expenses<\/strong>, at 4,191.9 million euros, stood at 18.7% of sales, a decrease of 20 basis points.\u00a0<\/p>\n<p>Overall, <strong>operating profit<\/strong> increased by +3.1% to 4,740.1 million euros, equivalent to 21.1% of sales, an increase of 30 basis points compared to the first half of 2024.<\/p>\n<p>\u00a0<\/p>\n<p align=\"left\"><strong>Operating profit by Division<\/strong><\/p>\n<table style=\"border-collapse: collapse; margin-left:auto; margin-right:auto; width:674px; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:231.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-left: solid black 1pt ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:150.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>30\/6\/24<\/strong>   <\/td>\n<td colspan=\"2\" style=\"width:146.47px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">   <strong>31\/12\/24<\/strong>   <\/td>\n<td colspan=\"2\" style=\"width:145.4px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-right: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">   <strong>30\/6\/25<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:231.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:70.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>\u20acm<\/strong>   <\/td>\n<td style=\"width:79.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>% of sales<\/strong>   <\/td>\n<td style=\"width:71.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>\u20acm<\/strong>   <\/td>\n<td style=\"width:75.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>% of sales<\/strong>   <\/td>\n<td style=\"width:72.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">   <strong>\u00a0\u20acm<\/strong>   <\/td>\n<td style=\"width:72.6px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>% of sales<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:231.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   <strong><u>By Division<\/u><\/strong>   <\/td>\n<td style=\"width:70.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:79.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:71.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:75.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:72.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; vertical-align: top ; \">\u00a0   <\/td>\n<td style=\"width:72.6px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; vertical-align: top ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:231.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   Professional Products   <\/td>\n<td style=\"width:70.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   536.7   <\/td>\n<td style=\"width:79.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   22.1%   <\/td>\n<td style=\"width:71.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   1,086.2   <\/td>\n<td style=\"width:75.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   22.2%   <\/td>\n<td style=\"width:72.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   571.5   <\/td>\n<td style=\"width:72.6px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   22.4%   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:231.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   Consumer Products   <\/td>\n<td style=\"width:70.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   1,833.2   <\/td>\n<td style=\"width:79.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   22.0%   <\/td>\n<td style=\"width:71.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   3,376.4   <\/td>\n<td style=\"width:75.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   21.1%   <\/td>\n<td style=\"width:72.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   1,893.5   <\/td>\n<td style=\"width:72.6px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   22.5%   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:231.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   Luxe   <\/td>\n<td style=\"width:70.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   1,661.2   <\/td>\n<td style=\"width:79.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   21.9%   <\/td>\n<td style=\"width:71.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   3,469.7   <\/td>\n<td style=\"width:75.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   22.3%   <\/td>\n<td style=\"width:72.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   1,708.9   <\/td>\n<td style=\"width:72.6px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   22.3%   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:231.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   Dermatological Beauty   <\/td>\n<td style=\"width:70.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   1,097.4   <\/td>\n<td style=\"width:79.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   28.9%   <\/td>\n<td style=\"width:71.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   1,832.7   <\/td>\n<td style=\"width:75.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   26.1%   <\/td>\n<td style=\"width:72.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   1,087.1   <\/td>\n<td style=\"width:72.6px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   28.2%   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:231.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   <strong>Total Divisions<\/strong><br \/><strong>before non-allocated<\/strong>         <\/td>\n<td style=\"width:70.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   <strong>5,128.5<\/strong>   <\/td>\n<td style=\"width:79.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   <strong>23.2%<\/strong>   <\/td>\n<td style=\"width:71.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   <strong>9,765.0<\/strong>   <\/td>\n<td style=\"width:75.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>22.5%<\/strong>   <\/td>\n<td style=\"width:72.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   <strong>5,261.1<\/strong>   <\/td>\n<td style=\"width:72.6px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   <strong>23.4%<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:231.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   <em>Non-allocated<sup>5<\/sup><\/em>   <\/td>\n<td style=\"width:70.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   <em>-529.4<\/em>   <\/td>\n<td style=\"width:79.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   <em>-2.4%<\/em>   <\/td>\n<td style=\"width:71.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; \">   <em>-1,077.5<\/em>   <\/td>\n<td style=\"width:75.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <em>-2.5%<\/em>   <\/td>\n<td style=\"width:72.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   <em>-520.9<\/em>   <\/td>\n<td style=\"width:72.6px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; \">   <em>-2.3%<\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:231.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>Group<\/strong>   <\/td>\n<td style=\"width:70.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>4,599.1<\/strong>   <\/td>\n<td style=\"width:79.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>20.8%<\/strong>   <\/td>\n<td style=\"width:71.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>8,687.5<\/strong>   <\/td>\n<td style=\"width:75.14px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>20.0%<\/strong>   <\/td>\n<td style=\"width:72.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>4,740.1<\/strong>   <\/td>\n<td style=\"width:72.6px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>21.1%<\/strong>   <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p>The L\u2019Or\u00e9al group is managed on an annual basis. This means that half-year operating profits cannot be extrapolated for the whole year.<\/p>\n<p>The profitability of the <strong>Professional Products Division<\/strong> came out at 22.4% of sales, up 30 basis points.<\/p>\n<p>The profitability of the <strong>Consumer Products Division<\/strong> came out at 22.5% of sales, up 50 basis points.<\/p>\n<p>The profitability of the <strong>Luxe Division\u00a0<\/strong>came out at 22.3% of sales, up 40 basis points.<\/p>\n<p>The profitability of the<strong>Dermatological BeautyDivision<\/strong> came out at 28.2% compared to 28.9% in the first half of 2024.<\/p>\n<p>\u00a0<\/p>\n<p><strong>Net profit excluding non-recurring items<\/strong><\/p>\n<p>Consolidated profit and loss account: from operating profit to net profit excluding non-recurring items.<\/p>\n<table align=\"center\" style=\"border-collapse: collapse; width:17cm; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:311.87px;;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 ; \">   <strong><em>\u20acm<\/em><\/strong>   <\/td>\n<td style=\"width:90.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>30\/6\/24<\/strong>   <\/td>\n<td style=\"width:90.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>31\/12\/24<\/strong>   <\/td>\n<td style=\"width:90.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>30\/6\/25<\/strong>   <\/td>\n<td style=\"width:90.6px;;text-align: center ;  vertical-align: middle; text-align: center ;  vertical-align: middle; text-align: center ;  vertical-align: middle; text-align: center ;  vertical-align: middle; text-align: center ;  vertical-align: middle; text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; \">   <strong>Change<\/strong><br \/><strong>H1-2025 vs. <br \/>H1-2024<\/strong>         <\/td>\n<\/tr>\n<tr>\n<td style=\"width:311.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>Operating profit<\/strong>   <\/td>\n<td style=\"width:90.54px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>4,599.1<\/strong>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>8,687.52<\/strong>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>4,740.1<\/strong>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>+3.1%<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:311.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <em>Financial revenues and expenses, excluding Sanofi dividends <\/em>   <\/td>\n<td style=\"width:90.54px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-131.0<\/em>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-261.4<\/em>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-102.2<\/em>   <\/td>\n<td style=\"width:90.6px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:311.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <em>Sanofi dividends<\/em>   <\/td>\n<td style=\"width:90.54px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>444.5<\/em>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>444.5<\/em>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>347.6<\/em>   <\/td>\n<td style=\"width:90.6px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:311.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   Profit before tax and associates<br \/>excluding non-recurring items   <\/td>\n<td style=\"width:90.54px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   4,912.6   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   8,870.6   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   4,985.5   <\/td>\n<td style=\"width:90.6px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:311.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <em>Income tax excluding non-recurring items<\/em>   <\/td>\n<td style=\"width:90.54px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-1,163.9<\/em>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-2,075.4<\/em>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-1,196.3<\/em>   <\/td>\n<td style=\"width:90.6px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:311.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <em>Net profit excluding non-recurring items <br \/>of equity consolidated companies<\/em>   <\/td>\n<td style=\"width:90.54px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-0.8<\/em>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-1.3<\/em>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-2.0<\/em>   <\/td>\n<td style=\"width:90.6px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:311.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <em>Non-controlling interests<\/em>   <\/td>\n<td style=\"width:90.54px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-3.3<\/em>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-7.6<\/em>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-4.2<\/em>   <\/td>\n<td style=\"width:90.6px;;border-right: solid black 1pt ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:311.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>Net profit excluding non-recurring items, <br \/>after non-controlling interests<sup>6<\/sup><\/strong>   <\/td>\n<td style=\"width:90.54px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>3,744.6<\/strong>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>6,786.3<\/strong>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>3,783.0<\/strong>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>+1.0%<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:311.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>EPS<sup>7<\/sup> (\u20ac)<\/strong>   <\/td>\n<td style=\"width:90.54px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>6.98<\/strong>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>12.66<\/strong>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>7.07<\/strong>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>+1.2%<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:311.87px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>Diluted average number of shares<\/strong>   <\/td>\n<td style=\"width:90.54px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>536,387,970<\/strong>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>536,078,431<\/strong>   <\/td>\n<td style=\"width:90.6px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>535,438,599<\/strong>   <\/td>\n<td style=\"width:90.6px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p align=\"left\"><strong>Overall financial expenses\u00a0<\/strong>came out at102.2 million euros.<\/p>\n<p><strong>Sanofi dividends<\/strong> amounted to 347.6 million euros.<\/p>\n<p><strong>Income tax excluding non-recurring items\u00a0<\/strong>came out at 1,196.3 million euros, i.e. a tax rate of 24.0%.<\/p>\n<p><strong>Net profit excluding non-recurring items after non-controlling interests\u00a0<\/strong>came out at 3,783 million euros.<\/p>\n<p><strong>Earnings per share<\/strong>, at 7.07 euros, increased by +1.2% compared with the first half of 2024.<\/p>\n<p>\u00a0<\/p>\n<p><strong>Net profit\u00a0<\/strong><\/p>\n<p align=\"left\">Consolidated profit and loss account: from net profit excluding non-recurring items to net profit.<\/p>\n<table align=\"center\" style=\"border-collapse: collapse; width:15cm; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:346.87px;;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 ; \">   <strong><em>\u20acm<\/em><\/strong>   <\/td>\n<td style=\"width:100.74px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>30\/6\/24<\/strong>   <\/td>\n<td style=\"width:100.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>31\/12\/24<\/strong>   <\/td>\n<td style=\"width:122.27px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>30\/6\/25<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:346.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>Net profit excluding non-recurring items, <\/strong><br \/><strong>after non-controlling interests<sup>6<\/sup><\/strong>         <\/td>\n<td style=\"width:100.74px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>3,744.6<\/strong>   <\/td>\n<td style=\"width:100.8px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>6,786.3<\/strong>   <\/td>\n<td style=\"width:122.27px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>3,783.0<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:346.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>Non-recurring items<\/strong>   <\/td>\n<td style=\"width:100.74px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>-89.0<\/strong>   <\/td>\n<td style=\"width:100.8px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>-377.6<\/strong>   <\/td>\n<td style=\"width:122.27px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <strong>-415.0<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:346.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">   of which:   <\/td>\n<td style=\"width:100.74px;;border-right: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:100.8px;;border-right: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:122.27px;;border-right: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:346.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">\n<ul>\n<li style=\"margin-top:0cm; margin-bottom:0cm;\"><em>other income and expenses<\/em><\/li>\n<\/ul>\n<\/td>\n<td style=\"width:100.74px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-103.4<\/em>   <\/td>\n<td style=\"width:100.8px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-437.7<\/em>   <\/td>\n<td style=\"width:122.27px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-268.9<\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:346.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">\n<ul>\n<li style=\"margin-top:0cm; margin-bottom:0cm;\"><em>tax effect<\/em><\/li>\n<\/ul>\n<\/td>\n<td style=\"width:100.74px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>14.4<\/em>   <\/td>\n<td style=\"width:100.8px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>60.1<\/em>   <\/td>\n<td style=\"width:122.27px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; \">   <em>-146.1<\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:346.87px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:100.74px;;border-right: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:100.8px;;border-right: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:122.27px;;border-right: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:346.87px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">   <strong>Net profit after non-controlling interests<\/strong>   <\/td>\n<td style=\"width:100.74px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>3,655.6<\/strong>   <\/td>\n<td style=\"width:100.8px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>6,408.7<\/strong>   <\/td>\n<td style=\"width:122.27px;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">   <strong>3,368.0<\/strong>   <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p>Non-recurring items amounted to 415 million euros net of tax.<\/p>\n<p><strong>Operating cash flow and balance sheet<\/strong><\/p>\n<p><strong>Gross cash flow<\/strong> amounted to 4,368 million euros, a decrease of -3.2%.<\/p>\n<p>The <strong>change in working capital\u00a0<\/strong>amounted to -861 million euros.\u00a0<\/p>\n<p><strong>Investments,<\/strong> at 766 million euros, represented 3.4% of sales.<\/p>\n<p><strong>Operating cash flow<\/strong><sup>8<\/sup> amounted to 2,741 million euros, compared to 1,987 million euros at the end of June 2024.<\/p>\n<p>As of 30 June 2025, after taking into account finance lease liabilities for 1,881 million euros, <strong>net debt<\/strong> amounted to 4,006 million euros.\u00a0<\/p>\n<p><strong>IMPORTANT EVENTS SINCE THE LAST PUBLICATION<\/strong><\/p>\n<p><strong>STRATEGY<\/strong><\/p>\n<ul>\n<li>In June, L\u2019Or\u00e9al signed an agreement to <strong>acquire US prestige haircare brand Color Wow<\/strong>. Still true to its professional origins, the brand \u2013 one of the fastest-growing and most innovative in its industry \u2013 is now omnichannel. The acquisition will further strengthen L\u2019Or\u00e9al\u2019s Professional Products portfolio.<\/li>\n<li>In June, L\u2019Or\u00e9al signed an agreement to <strong>acquire a majority stake in British premium skincare brand <\/strong><em><strong>Medik8<\/strong><\/em>. The acquisition will add a science-backed premium brand with strong potential for global growth to L\u2019Or\u00e9al\u2019s Luxe portfolio.<\/li>\n<\/ul>\n<p><strong>MANAGEMENT<\/strong><\/p>\n<ul>\n<li>Delphine Viguier-Hovasse has been appointed<strong> L\u2019Or\u00e9al\u2019s first ever Chief Innovation &amp; Prospective Officer<\/strong>. She assumed her new responsibilities on 1<sup>st<\/sup> July 2025 and has joined the Group\u2019s Executive Committee.<\/li>\n<\/ul>\n<p><strong>RESEARCH, BEAUTY TECH AND DIGITAL<\/strong><\/p>\n<ul>\n<li>L\u2019Or\u00e9al was named <strong>most innovative company in Europe<\/strong> by Fortune\u2019s first-ever ranking of the continent\u2019s 300 most forward-thinking businesses.<\/li>\n<li>At its inaugural <strong>Longevity<\/strong> event, L\u2019Or\u00e9al unveiled <em>L\u2019Or\u00e9al Longevity Integrative Science\u2122<\/em> to empower consumers to shift from corrective to preventive care \u2013 backed by cutting-edge science.<\/li>\n<li>L\u2019Or\u00e9al and <strong>NVIDIA<\/strong> announced a collaboration to unlock the potential of AI across multiple aspects of beauty, leveraging the NVIDIA AI Enterprise platform for rapid development and deployment of AI.<\/li>\n<li>At<strong> Viva Technology in Paris,\u00a0<\/strong>L\u2019Or\u00e9al showcased its latest innovations, including vertical farming technology for AI-enabled cultivation of plant-based ingredients; <em>Yves Saint Laurent Beauty Hyper Look Studio<\/em>; and <em>L\u2019Or\u00e9al Paris Beauty Genius<\/em> with Agentic AI and WhatsApp integration.<\/li>\n<li>L&#8217;Or\u00e9al broke a group record winning 11 awards at the acclaimed <strong>Cannes Lions International Festival of Creativity 2025<\/strong>. The 6 winning brands were <em>L&#8217;Or\u00e9al Paris, Garnier, Prada, Kiehl\u2019s, Yves Saint Laurent<\/em> and <em>CeraVe<\/em>. <em>L&#8217;Or\u00e9al Paris<\/em> won the coveted Grand Prix Film award, in addition to 4 other Cannes Lions for its &#8216;The Final Copy of Ilon Specht&#8217; short docufilm by Oscar winning Ben Proudfoot, in partnership with Amazon Prime.<\/li>\n<\/ul>\n<p><strong>ENVIRONMENTAL, SOCIAL AND GOVERNANCE PERFORMANCE<\/strong><\/p>\n<ul>\n<li>On World Refill Day (16 June), several of L\u2019Or\u00e9al\u2019s brands championed <strong>refillable beauty<\/strong> in a campaign encouraging consumers to embrace refills and contribute to a more sustainable future.<\/li>\n<li>L\u2019Or\u00e9al opened the first call for applications for its newly launched <strong>Sustainable Innovation Accelerator<\/strong>. Endowed with \u20ac100 million over 5 years, it is designed to address the critical solution gaps within the industry and accelerate the delivery of L\u2019Or\u00e9al\u2019s sustainability ambitions.<\/li>\n<li>In July, L\u2019Or\u00e9al was recognised as a <strong>Supplier Engagement Leader by global environmental non-profit CDP\u00a0<\/strong>for the 7<sup>th<\/sup> consecutive year, paying tribute to its commitment to address climate change within its supply chain.<\/li>\n<li>L\u2019Or\u00e9al completed its fifth <strong>employee share ownership plan<\/strong>, allowing employees to purchase L\u2019Or\u00e9al shares and more closely participate in the company\u2019s development.<\/li>\n<li>At the <strong>27<sup>th<\/sup> L\u2019Or\u00e9al-UNESCO For Women in Science International Awards<\/strong>, Fondation L\u2019Or\u00e9al and UNESCO awarded five scientists for their contributions to physical sciences, mathematics and computer science.<\/li>\n<\/ul>\n<p><strong>OTHERS<\/strong><\/p>\n<ul>\n<li>L\u2019Or\u00e9al has been recognized as a <strong>TIME 100 Most Influential Company<\/strong> under the \u201cTitans\u201d category.<\/li>\n<li>L\u2019Or\u00e9al successfully completed its inaugural <strong>issuance on the American bond market<\/strong> for a total principal amount of 1 billion dollars, due 20 May 2035, with a coupon of 5.00%. This issue is rated AA (Stable) by S&amp;P and Aa1 (Stable) by Moody\u2019s. L\u2019Or\u00e9al will use the net proceeds for general corporate purposes.<\/li>\n<li>Under the chairmanship of Mr. Jean-Paul Agon, Chairman of the Board of Directors, L\u2019Or\u00e9al\u2019s Annual General Meeting took place on 29 April. <strong>All proposed resolutions were adopted.<\/strong><\/li>\n<\/ul>\n<p><em><br \/><\/em>\u00a0<\/p>\n<p><em>\u201cThis news release does not constitute an offer to sell, or a solicitation of an offer to buy L\u2019Or\u00e9al shares. If you wish to obtain more comprehensive information about L\u2019Or\u00e9al, please refer to the public documents registered in France with the Autorit\u00e9 des March\u00e9s Financiers, also available in English on our website <\/em><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=0LgwgbT5rasaJEsxGgVc5Xj6AganTTiDWmyLazS5XYLPJiSoxwducnjQZKQ7WHXTd-Fdh_eZGnn7sRF6wcpidnS6xopjgNUPsLi_BRek3HyTqf3VLjKwWwPnCkfubFKQ\" rel=\"nofollow\" target=\"_blank\" title=\"www.loreal-finance.com\">www.loreal-finance.com<\/a>.\u00a0<\/p>\n<p><em>This news release may contain some forward-looking statements. While the Company believes that these statements are based on reasonable assumptions as of the date of publication of this press release, they are by nature subject to risks and uncertainties which may lead to a discrepancy between the actual figures and those indicated or suggested in these statements.\u201d<\/em>\u00a0<\/p>\n<p><em><strong><br \/><\/strong><\/em><em><strong>About L\u2019Or\u00e9al<\/strong><\/em><\/p>\n<p><em>For 115 years, L\u2019Or\u00e9al, the world\u2019s leading beauty player, has devoted itself to one thing only: fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as essential, inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 37 international brands and ambitious sustainability commitments in our L\u2019Or\u00e9al for the Future programme, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality.\u00a0<\/em><\/p>\n<p><em>With more than 90,000 committed employees, a balanced geographical footprint and sales across all distribution networks (ecommerce, mass market, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), in 2024 the Group generated sales amounting to 43.48 billion euros. With 21 research centers across 13 countries around the world and a dedicated Research and Innovation team of over 4,000 scientists and 8,000 Digital talents, L\u2019Or\u00e9al is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse. In 2025, L\u2019Or\u00e9al Groupe has been named the most innovative company in Europe by Fortune magazine, out of 300 companies, in a ranking spanning 21 countries and 16 industries in Europe. More information on <\/em><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=NMA4DrzugHdKXLCSYV0Xu7o6gqtRB51BAXzdQf8EwAuXwFpC2dRZAh2CAwxDi7YEBWw2vObqhNYwJu2FyZeN5FE_puygNgCABCxxP6W7q86SiIDcRcjSgwhdFh4nZClC3mne9bwHtA3HHpuGIEWS-Q==\" rel=\"nofollow\" target=\"_blank\" title=\"\"><em>https:\/\/www.loreal.com\/en\/mediaroom<\/em><\/a><\/p>\n<p>\u00a0<\/p>\n<p><strong>L\u2019OR\u00c9AL CONTACTS<\/strong><\/p>\n<p align=\"start\">Switchboard\u00a0<br \/>+33 (0)1 47 56 70 00<\/p>\n<p align=\"start\">Individual shareholders\u00a0\u00a0<br \/>Pascale GUERIN\u00a0<br \/>+33 (0)1 49 64 18 89\u00a0<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=em43pcGP31mZ-82M_qaiHzdsTrhOc36VhIYm9E0G6gGQwcS5pURnM6XV1QmFczmoftqhPnNIGCEdaOF0gJPrikUno2cl6BTX0QCh6gGPopJqBGAAPqvh7uJn0cRCgO0e\" rel=\"nofollow\" target=\"_blank\" title=\"Pascale.guerin@loreal.com\">Pascale.guerin@loreal.com<\/a><\/p>\n<p align=\"start\">Financial analysts and institutional investors\u00a0<br \/>Eva QUIROGA\u00a0<br \/>+33 (0)7 88 14 22 65\u00a0<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=9rdK7UgoLI1pxP8VH9raWfv2ynh_eJjoipMLxfw3yyAVc0wBkdbsLf-N6rrvNaDNqx5WeYuMmDZZVUJOKkhV8fT5jLCZl4EUfnbCBrOX7dHAi720IByb1PHLnhlTtLhw\" rel=\"nofollow\" target=\"_blank\" title=\"Eva.quiroga@loreal.com\">Eva.quiroga@loreal.com<\/a><\/p>\n<p align=\"start\">Media\u00a0<br \/>Brune DIRICQ\u00a0<br \/>+33 (0)6 63 85 29 87\u00a0<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=QptvQdlee6a9fIPVcS-dk-cjhJIT-mYG_PvB4Xb5cBG1l1aWC1iW9GCJ63XDJSAGRp_Wz4tn05caoAFGz0nGMIviUFY537ZlqLBWHoNf21KRVvjvs3Dj53S7jXIpzusG\" rel=\"nofollow\" target=\"_blank\" title=\"Brune.diricq@loreal.com\">Brune.diricq@loreal.com<\/a><\/p>\n<p align=\"start\">Christine BURKE\u00a0<br \/>+33 (0)6 75 54 38 15\u00a0<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Aa6tIg3ngJRTcOe_N3QZR-UfAiYcwT65bLr_JjXOn7spoMwwK3lh0av8kVwxa4P8ndsiFnHB3zsb4JVyQYsZ2V5N81Ye8esmQmuPiffEe-vnpnGX7A_hQkiMHpERC8ra\" rel=\"nofollow\" target=\"_blank\" title=\"Christine.burke@loreal.com\">Christine.burke@loreal.com<\/a><\/p>\n<p><em>For more information, please contact your bank, broker or financial institution (I.S.I.N. code: FR0000120321), and consult your usual newspapers, the website for shareholders and investors, www.loreal-finance.com or the L\u2019Or\u00e9al Finance app; alternatively, call +33 (0)1 40 14 80 50.<\/em><\/p>\n<p><em>This press release has been secured and authenticated with the blockchain technology.\u00a0<\/em><\/p>\n<p><em>You can verify its authenticity on the website\u00a0<\/em><em><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=0LgwgbT5rasaJEsxGgVc5XlU0sLfZd8nOHy5jurfWqAsAMySKg-tXKsCadQJT6dIRkmGKB6kqyf0vfXBQouL-cs_uHkOPP1AsbbdmhhBa1w=\" rel=\"nofollow\" target=\"_blank\" title=\"www.wiztrust.com\">www.wiztrust.com<\/a><\/em><\/p>\n<p><strong><br \/><\/strong>\u00a0<\/p>\n<p><strong>Appendices<\/strong><\/p>\n<p><strong>Appendix 1: L\u2019Or\u00e9al group sales 2024\/2025 (\u20ac million)<\/strong><\/p>\n<table align=\"center\" style=\"border-collapse: collapse; width:13cm; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:38.64%;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">\u00a0   <\/td>\n<td style=\"width:31.12%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">   <strong>2024<\/strong>   <\/td>\n<td style=\"width:30.24%;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">   <strong>2025<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:38.64%;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">    <strong>First quarter<\/strong>    <\/td>\n<td style=\"width:31.12%;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">    11,245.0    <\/td>\n<td style=\"width:30.24%;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">    11,734.7    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:38.64%;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">    <strong>Second quarter<\/strong>    <\/td>\n<td style=\"width:31.12%;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">    10,875.8    <\/td>\n<td style=\"width:30.24%;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">    10,738.6    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:38.64%;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">    <strong>First half total<\/strong>    <\/td>\n<td style=\"width:31.12%;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">    22,120.8    <\/td>\n<td style=\"width:30.24%;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">    22,473.3    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:38.64%;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">    <strong>Third quarter<\/strong>    <\/td>\n<td style=\"width:31.12%;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">    10,284.9    <\/td>\n<td style=\"width:30.24%;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:38.64%;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">    <strong>Nine months total<\/strong>    <\/td>\n<td style=\"width:31.12%;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">    32,405.7    <\/td>\n<td style=\"width:30.24%;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:38.64%;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">    <strong>Fourth quarter<\/strong>    <\/td>\n<td style=\"width:31.12%;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">    11,081.1    <\/td>\n<td style=\"width:30.24%;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:38.64%;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">    <strong>Full year total<\/strong>    <\/td>\n<td style=\"width:31.12%;;text-align: right ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">    43,486.8    <\/td>\n<td style=\"width:30.24%;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><strong>Appendix 2: Compared consolidated income statements<\/strong><\/p>\n<table style=\"border-collapse: collapse; width:677; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u20ac millions<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>1<sup>st\u00a0<\/sup>half 2025\u00a0 \u00a0<\/strong>   <\/td>\n<td style=\"width:83px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>1<sup>st<\/sup> half 2024<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>2024<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Net sales<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,473.3<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,120.8<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 43,486.8\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Cost of sales   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (5,692.6)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (5,568.7)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (11,227.0)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Gross profit<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,780.7<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,552.1<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 32,259.8\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Research &amp; Innovation expenses   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (671.7)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (667.3)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,354.7)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Advertising and promotion expenses   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (7,177.0)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (7,109.1)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (14,008.9)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Selling, general and administrative expenses   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (4,191.9)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (4,176.6)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (8,208.7)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Operating profit<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,740.1<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,599.1<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,687.5\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Other income and expenses   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (268.9)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (103.4)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (437.7)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Operational profit<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,471.2<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,495.7<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,249.8\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Finance costs on gross debt   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (181.0)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (185.7)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (373.4)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Finance income on cash and cash equivalents   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 83.7   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 83.9   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 148.7\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Finance costs on net debt<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (97.4)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (101.8)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (224.7)<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Other financial income and expenses   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (4.8)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (29.3)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (36.7)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Sanofi dividends   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 347.6   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 444.5   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 444.5\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Profit before tax and associates<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,716.6<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,809.2<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,432.9\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Income tax   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,342.4)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,149.5)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2,015.1)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Share of profit in associates   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2.0)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.8)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1.3)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Net profit<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,372.2<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,658.9<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,416.5\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Attributable to:   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\n<ul>\n<li> owners of the company <\/li>\n<\/ul>\n<\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,368.0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,655.6   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,408.7\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\n<ul>\n<li> non-controlling interests <\/li>\n<\/ul>\n<\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.2   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.3   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.8\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Earnings per share attributable to owners of the company (euros)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.31   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.84   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11.99\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Diluted earnings per share attributable to owners of the company (euros)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.29   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.82   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11.95\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Earnings per share attributable to owners of the company, excluding non-recurring items (euros)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.08   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.00   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.70\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:428px;;border-bottom: solid black 1pt ; \">Diluted earnings per share attributable to owners of the company, excluding non-recurring items (euros)<\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.07   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.98   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.66\u00a0    <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><strong>Appendix 3: Consolidated statement of comprehensive income<\/strong><\/p>\n<table style=\"border-collapse: collapse; width:642; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u20ac millions   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>1<sup>st\u00a0<\/sup>half 2025<\/strong>   <\/td>\n<td style=\"width:83px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 30.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>1<sup>st<\/sup> half 2024<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>2024<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <strong>Consolidated net profit for the period<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,372.2<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,658.9<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,416.5\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <em>Cash flow hedges<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 266.3<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (39.1)<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (77.1) <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <em>Cumulative translation adjustments<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,045.9)<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 206.9<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 260.6\u00a0 <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <em>Income tax on items that may be reclassified to profit or loss<sup> (1)<\/sup><\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (46.0)<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.6<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.1\u00a0 <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <strong>Items that may be reclassified to profit or loss<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (825.6)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 170.5<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 187.7\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <em>Financial assets at fair value through other comprehensive income<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (418.8)<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2.1)<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,144.9\u00a0 <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <em>Actuarial gains and losses<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 89.3<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 210.1<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 154.2\u00a0 <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <em>Income tax on items that may not be reclassified to profit or loss <sup>(1)<\/sup><\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (9.4)<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (54.3)<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (72.5) <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <strong>Items that may not be reclassified to profit or loss<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (338.9)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 153.7<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,226.6\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <strong>Other comprehensive income<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,164.4)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 324.1<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,414.3\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <strong>CONSOLIDATED COMPREHENSIVE INCOME<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,207.7<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,983.0<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,830.8\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Attributable to:   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-bottom: solid black 1pt ; \">\n<ul>\n<li> owners of the company <\/li>\n<\/ul>\n<\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,204.4   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,979.7   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,823.2\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-bottom: solid black 1pt ; \">\n<ul>\n<li> non-controlling interests <\/li>\n<\/ul>\n<\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.3   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.3   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.5\u00a0    <\/td>\n<\/tr>\n<\/table>\n<p><em>(1) The tax effect is as follows:<\/em><\/p>\n<table style=\"border-collapse: collapse; width:642; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u20ac millions<\/em>   <\/td>\n<td style=\"width:83px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>1<sup>st\u00a0<\/sup>half 2025<\/strong>   <\/td>\n<td style=\"width:83px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>1<sup>st<\/sup> half 2024<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>2024<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <em>Cash flow hedges<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (46.0)<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.6<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.1\u00a0 <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <strong>Items that may be reclassified to profit or loss<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (46.0)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.6<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.1\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <em>Financial assets at fair value through other comprehensive income<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13.5<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1.1)<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (33.3) <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <em>Actuarial gains and losses<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (23.0)<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (53.2)<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (39.2) <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <strong>Items that may not be reclassified to profit or loss<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (9.4)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (54.3)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (72.5)<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;\"><strong>TOTAL<\/strong><\/td>\n<td style=\"width:83px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (55.4)<\/strong>   <\/td>\n<td style=\"width:83px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (51.6)<\/strong>   <\/td>\n<td style=\"width:83px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (68.3)<\/strong>   <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p><strong>Appendix 4: Compared consolidated balance sheets<\/strong><\/p>\n<p><strong>Assets<\/strong><\/p>\n<table style=\"border-collapse: collapse; width:636; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u20ac millions<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>30.06.2025<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>30.06.2024<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>31.12.2024<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; \">   <strong>Non-current assets<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 36,320.7<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 36,430.2<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 39,879.9\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; \">   Goodwill   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,983.0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,235.1   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,382.0\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; \">   Other intangible assets   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,529.7   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,441.2   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,594.8\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; \">   Right-of-use assets   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,734.2   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,746.5   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,763.2\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; \">   Property, plant and equipment   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,120.6   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,065.9   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,202.0\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; \">   Non-current financial assets   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,567.5   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,817.2   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,838.1\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; \">   Investments accounted for under the equity method   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 380.2   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 121.5   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 126.4\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; \">   Deferred tax assets   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,005.6   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,002.9   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 973.3\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; \">   <strong>Current assets<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18,276.5<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,553.8<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,473.5\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; \">   Inventories   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,426.9   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,676.6   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,630.1\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; \">   Trade accounts receivable   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,575.8   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,424.4   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,601.8\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; \">   Other current assets   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,330.8   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,540.7   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,955.3\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; \">   Current tax assets   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 121.1   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 183.8   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 234.1\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;;border-bottom: solid black 1pt ; \">   Cash and cash equivalents   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,821.9   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,728.3   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,052.3\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:387px;\"><strong>TOTAL<\/strong><\/td>\n<td style=\"width:83px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 54,597.2<\/strong>   <\/td>\n<td style=\"width:83px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 52,984.0<\/strong>   <\/td>\n<td style=\"width:83px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 56,353.4\u00a0 <\/strong>   <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p><strong>Equity &amp; Liabilities<\/strong><\/p>\n<table style=\"border-collapse: collapse; width:642; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u20ac millions<\/em>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>30.06.2025<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>30.06.2024<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>31.12.2024<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <strong>Equity<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31,179.4<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,630.6<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 33,137.8\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Share capital   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 106.9   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 106.9   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 106.9\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Additional paid-in capital   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,445.4   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,370.1   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,444.3\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Other reserves   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18,892.0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,556.4   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,144.8\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;\">   Other comprehensive income   <\/td>\n<td style=\"width:83px;\">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,865.0   <\/td>\n<td style=\"width:83px;\">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,938.2   <\/td>\n<td style=\"width:83px;\">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,028.6\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   Treasury shares   <\/td>\n<td style=\"width:83px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (500.0)   <\/td>\n<td style=\"width:83px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:83px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Net profit attributable to owners of the company   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,368.0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,655.6   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,408.7\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <strong>Equity attributable to owners of the company<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31,177.2<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,627.3<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 33,133.3\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Non-controlling interests   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.1   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.4   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.5\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <strong>Non-current liabilities<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,017.4<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,027.0<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,579.6\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Provisions for employee retirement obligations and related benefits   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 622.4   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 556.7   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 668.9\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Provisions for liabilities and charges   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 76.3   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 74.6   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 76.8\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Non-current tax liabilities   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 250.5   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 270.8   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 224.3\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Deferred tax liabilities   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 884.8   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 903.7   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 964.5\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Non-current borrowings and debt   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,758.0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,804.0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,187.1\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Non-current lease debt   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,425.3   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,417.2   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,458.0\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   <strong>Current liabilities<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15,400.3<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,326.4<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,636.0\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Trade accounts payable   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,663.9   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,778.1   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,468.5\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Provisions for liabilities and charges   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,059.4   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 920.0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,093.1\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Other current liabilities   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,398.9   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,348.3   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,949.6\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Income tax   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 633.4   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 313.0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 275.1\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Current borrowings and debt   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,189.0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,489.1   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,381.3\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; \">   Current lease debt   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 455.8   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 477.8   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 468.6\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;\"><strong>TOTAL<\/strong><\/td>\n<td style=\"width:83px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 54,597.2<\/strong>   <\/td>\n<td style=\"width:83px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 52,984.0<\/strong>   <\/td>\n<td style=\"width:83px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 56,353.4\u00a0 <\/strong>   <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><strong>Appendix 5: Consolidated statements of changes in equity<\/strong><\/p>\n<table style=\"border-collapse: collapse; width:646; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u20ac millions<\/em>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Common shares outstanding<\/strong>   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Capital<\/strong>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Additional paid-in capital<\/strong>   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Retained earnings\u00a0<\/strong><\/p>\n<p>      <strong>and net profit<\/strong>   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0Other\u00a0<\/strong><\/p>\n<p>      <strong>comprehensive\u00a0<\/strong><\/p>\n<p>      <strong>income<\/strong>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Treasury shares<\/strong>   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Equity attributable to owners <\/strong><\/p>\n<p>      <strong>of the company<\/strong>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Non-controlling interests<\/strong>   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Total equity<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;\">   <strong>As of 31.12.2023<\/strong>   <\/td>\n<td style=\"width:56.94px;\">   <strong>\u00a0534,725,475<\/strong>   <\/td>\n<td style=\"width:34px;\">   <strong>\u00a0 106.9<\/strong>   <\/td>\n<td style=\"width:47px;\">   <strong>\u00a0\u00a0 3,370.2<\/strong>   <\/td>\n<td style=\"width:63px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,983.1<\/strong>   <\/td>\n<td style=\"width:67px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,614.2<\/strong>   <\/td>\n<td style=\"width:41px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/strong>   <\/td>\n<td style=\"width:77px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,074.3<\/strong>   <\/td>\n<td style=\"width:47px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.3<\/strong>   <\/td>\n<td style=\"width:49px;\">   <strong>\u00a0\u00a0\u00a0 29,081.6 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   Consolidated net profit for the period   <\/td>\n<td style=\"width:56.94px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,408.7   <\/td>\n<td style=\"width:67px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,408.7   <\/td>\n<td style=\"width:47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.8   <\/td>\n<td style=\"width:49px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0 6,416.5    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   <em>Cash flow hedges<\/em>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (72.5)<\/em>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (72.5)<\/em>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0 (0.4)<\/em>   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (72.9) <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   <em>Cumulative translation adjustments<\/em>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 260.4<\/em>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 260.4<\/em>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.2<\/em>   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 260.6 <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   <strong>Other comprehensive income that may <\/strong><\/p>\n<p>      <strong>be reclassified to profit and loss<\/strong>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 187.9<\/strong>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 187.9<\/strong>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0 (0.2)<\/strong>   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 187.7 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   <em>Financial assets at fair value <\/em><\/p>\n<p>      <em>through other comprehensive income<\/em>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,111.6<\/em>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,111.6<\/em>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0 1,111.6 <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   <em>Actuarial gains and losses<\/em>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 115.0<\/em>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 115.0<\/em>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/em>   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 115.0 <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   <strong>Other comprehensive income that may <\/strong><\/p>\n<p>      <strong>not be reclassified to profit and loss<\/strong>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,226.6<\/strong>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,226.6<\/strong>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/strong>   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0 1,226.6 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   <strong>Consolidated comprehensive income<\/strong>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,408.7<\/strong>   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,414.5<\/strong>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,823.2<\/strong>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.5<\/strong>   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0 7,830.8 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   Capital increase   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0 895,103   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 69.8   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0    <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 69.9   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 69.9    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   Cancellation of Treasury shares   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">   \u00a0 (0.1)   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (497.4)   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0 497.5   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   Dividends paid <\/p>\n<p>      (not paid on Treasury shares)   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,565.1)   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,565.1)   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0 (7.1)   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0 (3,572.1)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   Share-based payment   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 239.1   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 239.1   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 239.1    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   Net changes in Treasury shares   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0(1,308,557)   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0(497.5)   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (497.5)   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (497.5)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   Changes in scope of consolidation   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   Other movements   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.3   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (14.9)   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (10.6)   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0 (3.2)   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (13.8)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;\">   <strong>As of 31.12.2024<\/strong>   <\/td>\n<td style=\"width:56.94px;\">   <strong>\u00a0534,312,021<\/strong>   <\/td>\n<td style=\"width:34px;\">   <strong>\u00a0 106.9<\/strong>   <\/td>\n<td style=\"width:47px;\">   <strong>\u00a0\u00a0 3,444.3<\/strong>   <\/td>\n<td style=\"width:63px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,553.5<\/strong>   <\/td>\n<td style=\"width:67px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,028.6<\/strong>   <\/td>\n<td style=\"width:41px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong>   <\/td>\n<td style=\"width:77px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 33,133.3<\/strong>   <\/td>\n<td style=\"width:47px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.5<\/strong>   <\/td>\n<td style=\"width:49px;\">   <strong>\u00a0\u00a0\u00a0 33,137.8 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   Consolidated net profit for the period   <\/td>\n<td style=\"width:56.94px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,368.0   <\/td>\n<td style=\"width:67px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,368.0   <\/td>\n<td style=\"width:47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.2   <\/td>\n<td style=\"width:49px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0 3,372.2    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   <em>Cash flow hedges<\/em>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 220.0<\/em>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 220.0<\/em>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.3<\/em>   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 220.3 <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   <em>Cumulative translation adjustments<\/em>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,044.7)<\/em>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,044.7)<\/em>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0 (1.2)<\/em>   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0 (1,045.9) <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   <strong>Other comprehensive income that may be reclassified to profit and loss<\/strong>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (824.7)<\/strong>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (824.7)<\/strong>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0 (0.8)<\/strong>   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0 (825.6)<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   <em>Financial assets at fair value through <\/em><\/p>\n<p>      <em>other comprehensive income<\/em>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (405.2)<\/em>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (405.2)<\/em>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (405.2) <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   <em>Actuarial gains and losses<\/em>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 66.3<\/em>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 66.3<\/em>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 66.3 <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   <strong>Other comprehensive income that may not be reclassified to profit and loss<\/strong>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (338.9)<\/strong>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (338.9)<\/strong>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/strong>   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0 (338.9)<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   <strong>Consolidated comprehensive income<\/strong>   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,368.0<\/strong>   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,163.6)<\/strong>   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,204.4<\/strong>   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.3<\/strong>   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0 2,207.7 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   Capital increase   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,413   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0    <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.2   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.2   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.2    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   Cancellation of Treasury shares   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1.6)   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.6   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   Dividends paid <\/p>\n<p>      (not paid on Treasury shares)   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,774.6)   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,774.6)   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0 (7.0)   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0 (3,781.6)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   Share-based payment   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 138.2   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 138.2   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 138.2    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   Net changes in Treasury shares   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0(1,356,636)   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0(501.6)   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (501.6)   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (501.6)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;;border-bottom: solid black 1pt ; \">   Changes in scope of consolidation   <\/td>\n<td style=\"width:56.94px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:34px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:67px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:77px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:47px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;\">   Other movements   <\/td>\n<td style=\"width:56.94px;\">\u00a0   <\/td>\n<td style=\"width:34px;\">\u00a0   <\/td>\n<td style=\"width:47px;\">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:63px;\">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (23.6)   <\/td>\n<td style=\"width:67px;\">\u00a0   <\/td>\n<td style=\"width:41px;\">\u00a0   <\/td>\n<td style=\"width:77px;\">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (23.6)   <\/td>\n<td style=\"width:47px;\">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3   <\/td>\n<td style=\"width:49px;\">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (22.3)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:164px;\"><strong>AS OF 30.06.2025<\/strong><\/td>\n<td style=\"width:56.94px;\">   <strong>\u00a0532,958,798<\/strong>   <\/td>\n<td style=\"width:34px;\">   <strong>\u00a0 106.9<\/strong>   <\/td>\n<td style=\"width:47px;\">   <strong>\u00a0\u00a0 3,445.5<\/strong>   <\/td>\n<td style=\"width:63px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,259.9<\/strong>   <\/td>\n<td style=\"width:67px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,865.0<\/strong>   <\/td>\n<td style=\"width:41px;\">   <strong>(500.0)<\/strong>   <\/td>\n<td style=\"width:77px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31,177.2<\/strong>   <\/td>\n<td style=\"width:47px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.1<\/strong>   <\/td>\n<td style=\"width:49px;\">   <strong>\u00a0\u00a0\u00a0 31,179.4 <\/strong>   <\/td>\n<\/tr>\n<\/table>\n<p><strong>Changes in first-half 2024<\/strong><\/p>\n<table style=\"border-collapse: collapse; width:627; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:161px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u00a0\u20ac millions<\/em>   <\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Common shares outstanding<\/strong>   <\/td>\n<td style=\"width:35px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Capital<\/strong>   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Additional paid-in capital<\/strong>   <\/td>\n<td style=\"width:63.14px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Retained<\/strong><br \/><strong>\u00a0earnings\u00a0<\/strong><br \/><strong>and net profit\u00a0<\/strong>   <\/td>\n<td style=\"width:64.27px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Other comprehensive income<\/strong>   <\/td>\n<td style=\"width:39px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Treasury shares<\/strong>   <\/td>\n<td style=\"width:68px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Equity attributable to owners\u00a0<\/strong><\/p>\n<p>      <strong>of the company<\/strong>   <\/td>\n<td style=\"width:45px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Non-controlling interests<\/strong>   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Total\u00a0<\/strong><\/p>\n<p>      <strong>equity<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;\">   <strong>As of 31.12.2023<\/strong>   <\/td>\n<td style=\"width:56px;\">   <strong>534,725,475<\/strong>   <\/td>\n<td style=\"width:35px;\">   <strong>\u00a0106.9<\/strong>   <\/td>\n<td style=\"width:48px;\">   <strong>\u00a0\u00a0 3,370.2<\/strong>   <\/td>\n<td style=\"width:63.14px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0 19,983.1<\/strong>   <\/td>\n<td style=\"width:64.27px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,614.2<\/strong>   <\/td>\n<td style=\"width:39px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/strong>   <\/td>\n<td style=\"width:68px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,074.3<\/strong>   <\/td>\n<td style=\"width:45px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.3<\/strong>   <\/td>\n<td style=\"width:48px;\">   <strong>\u00a0\u00a0\u00a0 29,081.6 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   Consolidated net profit for the period   <\/td>\n<td style=\"width:56px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:35px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:48px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63.14px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0 3,655.6   <\/td>\n<td style=\"width:64.27px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:39px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:68px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,655.6   <\/td>\n<td style=\"width:45px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.3   <\/td>\n<td style=\"width:48px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0 3,658.9    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;border-bottom: solid black 1pt ; \">   <em>Cash flow hedges<\/em>   <\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:35px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:48px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63.14px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:64.27px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (36.4)<\/em>   <\/td>\n<td style=\"width:39px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:68px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (36.4)<\/em>   <\/td>\n<td style=\"width:45px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0 (0.1)<\/em>   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (36.5) <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;border-bottom: solid black 1pt ; \">   <em>Cumulative translation adjustments<\/em>   <\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:35px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:48px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63.14px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:64.27px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 206.8<\/em>   <\/td>\n<td style=\"width:39px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:68px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 206.8<\/em>   <\/td>\n<td style=\"width:45px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.1<\/em>   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 206.9 <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;border-bottom: solid black 1pt ; \">   <strong>Other comprehensive income that may <\/strong><\/p>\n<p>      <strong>be reclassified to profit and loss<\/strong>   <\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:35px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:48px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:63.14px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:64.27px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 170.4<\/strong>   <\/td>\n<td style=\"width:39px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:68px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 170.4<\/strong>   <\/td>\n<td style=\"width:45px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/strong>   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 170.5 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;border-bottom: solid black 1pt ; \">   <em>Financial assets at fair value <\/em><\/p>\n<p>      <em>through other comprehensive income<\/em>   <\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:35px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:48px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:63.14px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:64.27px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3.2)<\/em>   <\/td>\n<td style=\"width:39px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:68px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3.2)<\/em>   <\/td>\n<td style=\"width:45px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3.2) <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;border-bottom: solid black 1pt ; \">   <em>Actuarial gains and losses<\/em>   <\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:35px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:48px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63.14px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:64.27px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 156.9<\/em>   <\/td>\n<td style=\"width:39px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:68px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 156.9<\/em>   <\/td>\n<td style=\"width:45px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; \">   <em>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 156.9 <\/em>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;border-bottom: solid black 1pt ; \">   <strong>Other comprehensive income that may <\/strong><\/p>\n<p>      <strong>not be reclassified to profit and loss<\/strong>   <\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:35px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:48px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:63.14px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:64.27px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 153.7<\/strong>   <\/td>\n<td style=\"width:39px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:68px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 153.7<\/strong>   <\/td>\n<td style=\"width:45px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/strong>   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 153.7 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;border-bottom: solid black 1pt ; \">   <strong>Consolidated comprehensive income<\/strong>   <\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:35px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63.14px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0 3,655.6<\/strong>   <\/td>\n<td style=\"width:64.27px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 324.1<\/strong>   <\/td>\n<td style=\"width:39px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/strong>   <\/td>\n<td style=\"width:68px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,979.7<\/strong>   <\/td>\n<td style=\"width:45px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.3<\/strong>   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; \">   <strong>\u00a0\u00a0\u00a0\u00a0 3,983.0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;border-bottom: solid black 1pt ; \">   Capital increase   <\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0    <\/td>\n<td style=\"width:35px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0    <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0    <\/td>\n<td style=\"width:63.14px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0    <\/td>\n<td style=\"width:64.27px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:39px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:68px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:45px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;border-bottom: solid black 1pt ; \">   Cancellation of Treasury shares   <\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:35px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63.14px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:64.27px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:39px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:68px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:45px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;border-bottom: solid black 1pt ; \">   Dividends paid <\/p>\n<p>      (not paid on Treasury shares)   <\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:35px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:63.14px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0 (3,565.1)   <\/td>\n<td style=\"width:64.27px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:39px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:68px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,565.1)   <\/td>\n<td style=\"width:45px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0 (7.1)   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0 (3,572.1)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;border-bottom: solid black 1pt ; \">   Share-based payment   <\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:35px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63.14px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0 135.4   <\/td>\n<td style=\"width:64.27px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:39px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:68px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 135.4   <\/td>\n<td style=\"width:45px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 135.4    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;border-bottom: solid black 1pt ; \">   Net changes in Treasury shares   <\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:35px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:63.14px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:64.27px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:39px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:68px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:45px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;border-bottom: solid black 1pt ; \">   Changes in scope of consolidation   <\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:35px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:63.14px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:64.27px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:39px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:68px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:45px;;border-bottom: solid black 1pt ; \">\u00a0   <\/td>\n<td style=\"width:48px;;border-bottom: solid black 1pt ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;\">   Other movements   <\/td>\n<td style=\"width:56px;\">\u00a0   <\/td>\n<td style=\"width:35px;\">\u00a0   <\/td>\n<td style=\"width:48px;\">   \u00a0\u00a0\u00a0\u00a0\u00a0 (0.1)   <\/td>\n<td style=\"width:63.14px;\">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.0   <\/td>\n<td style=\"width:64.27px;\">\u00a0   <\/td>\n<td style=\"width:39px;\">\u00a0   <\/td>\n<td style=\"width:68px;\">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.9   <\/td>\n<td style=\"width:45px;\">   \u00a0\u00a0\u00a0\u00a0 (0.1)   <\/td>\n<td style=\"width:48px;\">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.7    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;\">   <strong>AS OF 30.06.2024<\/strong>   <\/td>\n<td style=\"width:56px;\">   <strong>534,725,475<\/strong>   <\/td>\n<td style=\"width:35px;\">   <strong>106.9<\/strong>   <\/td>\n<td style=\"width:48px;\">   <strong>\u00a0\u00a0 3,370.1<\/strong>   <\/td>\n<td style=\"width:63.14px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0 20,212.0<\/strong>   <\/td>\n<td style=\"width:64.27px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,938.2<\/strong>   <\/td>\n<td style=\"width:39px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/strong>   <\/td>\n<td style=\"width:68px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,627.3<\/strong>   <\/td>\n<td style=\"width:45px;\">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.4<\/strong>   <\/td>\n<td style=\"width:48px;\">   <strong>\u00a0\u00a0\u00a0 29,630.6 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:161px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:56px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:35px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:48px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:63.14px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:64.27px;;vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:39px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:68px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:45px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:48px;;vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p><strong>Appendix 6: Compared consolidated statements of cash flows<\/strong><\/p>\n<table style=\"border-collapse: collapse; width:642; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <em>\u20ac millions<\/em>   <\/td>\n<td style=\"width:83px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>1<sup>st\u00a0<\/sup>half 2025<\/strong>   <\/td>\n<td style=\"width:83px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>1<sup>st<\/sup> half 2024<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>2024<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Cash flows from operating activities<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Net profit attributable to owners of the company   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,368.0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,655.6   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,408.7\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Non-controlling interests   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.2   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.3   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.8\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Elimination of expenses and income with no impact on cash flows:   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\n<ul>\n<li> depreciation, amortisation, provisions and non-current tax liabilities <\/li>\n<\/ul>\n<\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 859.1   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 769.7   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,855.3\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\n<ul>\n<li> changes in deferred taxes <\/li>\n<\/ul>\n<\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (51.6)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (53.7)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (37.4)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\n<ul>\n<li> share-based payment (including free shares) <\/li>\n<\/ul>\n<\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 138.2   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 135.4   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 239.1\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; \">\n<ul>\n<li> capital gains and losses on disposals of assets <\/li>\n<\/ul>\n<\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 41.2   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3.7)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15.2\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Other non-cash transactions   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.5   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.3   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21.1\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Share of profit in associates net of dividends received   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.5   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.2   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.9\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Gross cash flow<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,368.0<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,514.0<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,512.6\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Changes in working capital   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (860.9)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,745.8)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (226.6)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Net cash provided by operating activities (A)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,507.1<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,768.2<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,286.0\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Cash flows from investing activities<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Purchases of property, plant and equipment and intangible assets   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (765.8)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (781.1)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,641.7)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Disposals of property, plant and equipment and intangible assets   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.7   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.3   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13.6\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Changes in other financial assets (including investments in non-consolidated companies)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,877.0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (32.1)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,927.0)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Effect of changes in the scope of consolidation   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (738.6)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (138.0)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (148.9)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Net cash from investing activities (B)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,373.2<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (950.9)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,703.9)<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Cash flows from financing activities<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u00a0   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Dividends paid   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,840.7)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,605.9)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,614.9)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;vertical-align: bottom ; \">   Capital increase of the parent company   <\/td>\n<td style=\"width:83px;;vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.2   <\/td>\n<td style=\"width:83px;;vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:83px;;vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 69.9\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Disposal (acquisition) of Treasury shares   <\/td>\n<td style=\"width:83px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (501.6)   <\/td>\n<td style=\"width:83px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:83px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (497.5)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Purchase of non-controlling interests   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (13.9)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Issuance (repayment) of short-term loans   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (458.8)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 313.6   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,775.9)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Issuance of long-term borrowings   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 964.9   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 151.6   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,529.4\u00a0    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Repayment of long-term borrowings   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (4.2)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (7.9)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Repayment of lease debt   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (229.1)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (235.4)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (474.3)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Net cash from financing activities (C)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (4,068.3)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,376.1)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (4,785.1)<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   Net effect of changes in exchange rates (D)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (42.4)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1.1)   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (32.8)    <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Change in cash and cash equivalents (A+B+C+D)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 769.6<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,559.8)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (235.8)<\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>Cash and cash equivalents at beginning of the year (E)<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,052.3<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,288.1<\/strong>   <\/td>\n<td style=\"width:83px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,288.1\u00a0 <\/strong>   <\/td>\n<\/tr>\n<tr>\n<td style=\"width:393px;;vertical-align: bottom ; \">   <strong>CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E)<\/strong>   <\/td>\n<td style=\"width:83px;;vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,821.9<\/strong>   <\/td>\n<td style=\"width:83px;;vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,728.3<\/strong>   <\/td>\n<td style=\"width:83px;;vertical-align: bottom ; \">   <strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,052.3\u00a0 <\/strong>   <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<hr>\n<p>\u00a0<\/p>\n<p><sup>1<\/sup><em> Adjusted for the phasing related to the 2024 and 2025 IT transformation.<\/em><\/p>\n<p><sup>2<\/sup><em>Like-for-like: based on a comparable structure and identical exchange rates.<\/em><\/p>\n<p><sup>3<\/sup><em>SAPMENA\u2013SSA: South Asia Pacific, Middle East, North Africa, Sub-Saharan Africa.<\/em><\/p>\n<p><sup>4<\/sup><em>GCC: Gulf Cooperation Council<\/em><\/p>\n<p><sup>5<\/sup><em>Non-allocated expenses = Central Group expenses, fundamental research expenses, free grant of shares expenses and miscellaneous items.<\/em><\/p>\n<p><sup>6<\/sup><em>Net profit excluding non-recurring items, after non-controlling interests, excludes mostly capital gains and losses on disposals of long-term assets, impairment of assets, restructuring costs, tax effects and non-controlling interests.<\/em><\/p>\n<p><sup>7<\/sup><em>Diluted net profit per share, excluding non-recurring items, after non-controlling interests.<\/em><\/p>\n<p><sup>8<\/sup><em>Operating cash flow = Gross cash flow + changes in working capital &#8211; capital expenditure.<\/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=H2MzPTTbkki7cbUEk7WpjHUkXmImyBokI3ZKmzs8HUj5jBW-asJAseuR7QnBQiJ0YhipwfO-knW7THyyYiICkXx6Z6ncwR2crI9U17-7HlNlK59TdRaaqWlK43LhseUoIQU-3Ct0eTjYtsB84uGGMOSX06aPXlRCUALJOQE7QpI=\" title=\"CP_1H25_EN\" rel=\"nofollow\">CP_1H25_EN<\/a>\n      <\/li>\n<\/ul>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/ml-eu.globenewswire.com\/media\/MGYxZWYzYTYtMDc2OC00ZTk3LThiMTQtNjcwYTViY2UzYjFiLTEwMTExODktMjAyNS0wNy0yOS1lbg==\/tiny\/L-OR-AL.png\" referrerpolicy=\"no-referrer-when-downgrade\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Sequential Acceleration in Like-for-like Growth1 Further Operating Margin Expansion Sales: 22.47 billion euros,\u00a0+3.0% like-for-like2 (+3.2% adjusted1), +1.6% reported. Adjusted for the phasing related to the 2024 and 2025 IT transformation,like-for-like growthaccelerated\u00a0from +2.6% in the first quarter to +3.7% in the second. By region, emerging markets advanced in double digits; mainland China returned to growth1. [&#8230;]\n","protected":false},"author":1,"featured_media":79226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-70438","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) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2025 Half-Year Results - Biz and Live in Saigon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.saigonbiz.com\/vn\/2025-half-year-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2025 Half-Year Results\" \/>\n<meta property=\"og:description\" content=\"\u00a0 Sequential Acceleration in Like-for-like Growth1 Further Operating Margin Expansion Sales: 22.47 billion euros,\u00a0+3.0% like-for-like2 (+3.2% adjust\" \/>\n<meta property=\"og:url\" content=\"https:\/\/english.saigonbiz.com\/vn\/2025-half-year-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Biz and Live in Saigon\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/SaigonbizGroup\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-30T00:01:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/english.saigonbiz.com\/vn\/wp-content\/uploads\/2025\/07\/L-OR-AL.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1\" \/>\n\t<meta property=\"og:image:height\" content=\"1\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"25 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/2025-half-year-results\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/2025-half-year-results\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/#\/schema\/person\/267b348e6cf32a66aab33637c2d399a6\"},\"headline\":\"2025 Half-Year Results\",\"datePublished\":\"2025-07-30T00:01:53+00:00\",\"dateModified\":\"2025-07-30T00:01:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/2025-half-year-results\/\"},\"wordCount\":5011,\"publisher\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/#organization\"},\"articleSection\":[\"People\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/2025-half-year-results\/\",\"url\":\"https:\/\/english.saigonbiz.com\/vn\/2025-half-year-results\/\",\"name\":\"2025 Half-Year Results - 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