{"id":77383,"date":"2026-02-12T12:04:47","date_gmt":"2026-02-12T12:04:47","guid":{"rendered":"https:\/\/english.saigonbiz.com\/vn\/hermes-international-2025-full-year-results\/"},"modified":"2026-02-12T12:04:47","modified_gmt":"2026-02-12T12:04:47","slug":"hermes-international-2025-full-year-results","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/hermes-international-2025-full-year-results\/","title":{"rendered":"Herm\u00e8s International: 2025 Full-Year Results"},"content":{"rendered":"<div>\n<p align=\"center\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p align=\"center\"><b>Revenue exceeded the \u20ac16 billion threshold <\/b><br \/><b>and operating income up 7% <\/b><\/p>\n<p align=\"right\">Paris, 12 February 2026<\/p>\n<p align=\"justify\">The group\u2019s consolidated revenue amounted to \u20ac16 billion in 2025, up 9% at constant exchange rates and 5.5% at current exchange rates compared to 2024. Recurring operating income amounted to \u20ac6.6 billion (41% of sales), up 7%. Net profit (group share) reached \u20ac4.5 billion, up 5.5%, excluding the exceptional contribution on the profits of large companies in France, at the same pace as sales. <\/p>\n<p align=\"justify\">In the fourth quarter, sales reached \u20ac4.1 billion, increasing by 10% at constant exchange rates, as in the previous quarter. Sales growth was solid across all the geographical areas against a particularly high comparison basis. Europe, Japan, the Americas and the Middle East recorded double-digit growth.<\/p>\n<p align=\"justify\">Axel Dumas, Executive Chairman of Herm\u00e8s, said: <i>\u201cThe Herm\u00e8s model based on an exclusive and qualitative network, as well as strong vertical integration, has once again proven successful. This distinctive strategy has enabled the house to achieve robust revenue growth and strong performance. I warmly thank the Herm\u00e8s teams who share our commitment to uncompromising quality as well as our customers for their loyalty. In an uncertain environment, Herm\u00e8s is moving into 2026 with confidence, underpinned by its creativity and exceptional savoir-faire.\u201d<\/i><\/p>\n<p align=\"justify\"><b>Sales by geographical area at the end of December<\/b><br \/><i>(at constant exchange rates unless otherwise indicated)<\/i><\/p>\n<p align=\"justify\">At the end of December 2025, all the geographical areas posted strong growth. The distribution network continued its qualitative expansion, with store openings and extensions.<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify;\">Asia excluding Japan (+5%) delivered a solid performance across all countries in the region, all of which experienced growth. The fourth quarter grew by 8%. In June, the Four Seasons Macao store reopened after renovation and extension work. In Korea, two reopenings took place in Seoul with the Galleria store in August and the Shinsegae store in October. In Thailand, the IconSiam store in Bangkok reopened at the end of November after renovation and expansion. Finally, in China, the expanded Changsha IFS store reopened in December.\n<\/li>\n<li style=\"text-align:justify;\">Japan (+14%) continued its strong momentum, driven by the loyalty of local clients and its exclusive distribution network. The traveling event <i>Mystery at the Grooms\u2019<\/i>, an immersive experience around Herm\u00e8s objects, was staged in Tokyo in November.\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify;\">The Americas (+12%) completed an excellent year. The new stores in Scottsdale, Arizona, and Nashville, Tennessee, were inaugurated in September and October respectively. In Mexico City, the Moli\u00e8re store reopened in early October after being renovated. In Canada, an event showcasing the creations of petit h was staged at the Vancouver store in November.\n<\/li>\n<li style=\"text-align:justify;\">Europe excluding France (+11%) and France (+9%) posted solid growth, supported by the loyalty of local customers and dynamic tourist flows. The Florence store in Italy, renovated and expanded, reopened in February, followed by the reopening of the Knokke store in Belgium in November.\n<\/li>\n<li style=\"text-align:justify;\">The Other area (+15%), which mainly includes the Middle East, recorded strong growth, particularly in the United Arab Emirates.\n<\/li>\n<\/ul>\n<p align=\"justify\"><b>Sales by sector at the end of December<\/b><br \/><i>(at constant exchange rates unless otherwise indicated)<\/i><\/p>\n<p align=\"justify\">At the end of December 2025, all the m\u00e9tiers posted growth, with the exception of the Perfume &amp; Beauty and Watches m\u00e9tiers.<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify;\">Leather Goods and Saddlery (+13%) continued to post sustained growth, in line with its annual objective, driven by the strong desirability of the collections and the increase in production capacities. The collections have been enriched with new models, including the <i>So M\u00e9dor<\/i>, <i>Seau Mousqueton<\/i> and <i>Haut \u00e0 Courroies \u00e0 relier<\/i>. The house\u2019s twenty-fourth leather goods workshop was inaugurated in September in L\u2019Isle-d\u2019Espagnac in Charente. Production capacities continue to expand, with the planned workshop openings of Loupes (Gironde) in 2026, Charleville-M\u00e9zi\u00e8res (Ardennes) in 2027, and Colombelles (Calvados) in 2028. The house also announced at the end of January the opening of a new site in<br \/>Les Andelys (Eure) by 2030. Herm\u00e8s thus continues to reinforce its presence in France.\n<\/li>\n<li style=\"text-align:justify;\">The Ready-to-wear and Accessories sector (+6%) confirmed its strong momentum. The men\u2019s and women\u2019s spring-summer 2026 ready-to-wear collections, presented at the Palais d\u2019I\u00e9na in June and at the Garde R\u00e9publicaine in early October respectively, were very well received. The latest fall-winter 2026 men\u2019s collection by V\u00e9ronique Nichanian, Artistic Director of Herm\u00e8s Men\u2019s Universe for<br \/>37 years, was met with emotion in late January 2026 at the Palais Brongniart.\n<\/li>\n<li style=\"text-align:justify;\">The Silk and Textiles sector (+5%) recorded growth with a solid fourth quarter, supported by exceptional materials and the strong momentum of formats and colors.\n<\/li>\n<li style=\"text-align:justify;\">Perfume and Beauty (-8%) is to be compared against a demanding 2024 base, marked by the launch of the new women\u2019s perfume <i>Bar\u00e9nia<\/i>. The Perfume collections have been enhanced with two new Eaux de parfum intenses: <i>Terre d\u2019Herm\u00e8s<\/i> early in the year and then<i> Bar\u00e9nia<\/i> in the second half. The Herm\u00e8s Beauty line welcomed the new lipstick, <i>Rouge Brillant Silky<\/i>.\n<\/li>\n<li style=\"text-align:justify;\">After a challenging first half, the Watches m\u00e9tier (-2%) returned to growth in the second half. The m\u00e9tier continued its development, driven in particular by the success of the new versions of the <i>H08<\/i> line and the reinterpretation of its emblematic complication, <i>Le temps suspendu<\/i>. In July, Herm\u00e8s also announced the strengthening of its production capacities with the planned expansion of its Noirmont watchmaking site in Switzerland, by 2028.\n<\/li>\n<li style=\"text-align:justify;\">The other Herm\u00e8s sectors (+11%), which include Jewellery and the Home universe, continued to deliver solid growth. The <i>Adage <\/i>jewellery line has been enriched with exceptional new pieces, while the eighth Haute Bijouterie collection, <i>Les formes de la couleur, <\/i>was presented in Tokyo in July, after Singapore in April. At the end of May, Herm\u00e8s also announced the laying of the first stone for the new Couzeix (Haute-Vienne) workshop, its second site dedicated to Tableware.\n<\/li>\n<\/ul>\n<p align=\"justify\"><b>Solid results and strong cash generation<\/b><\/p>\n<p align=\"justify\">Recurring operating income amounted to \u20ac6.6 billion, up by 7% from \u20ac6.2 billion in 2024. Despite the negative impact of currency effects, recurring operating profitability improved and reached 41%, compared to 40.5% in 2024. <\/p>\n<p align=\"justify\">Consolidated net profit (group share), which includes the exceptional contribution on the profits of large companies in France, amounted to \u20ac4.5 billion, compared to \u20ac4.6 billion in 2024. Adjusted for this exceptional contribution, consolidated net profit (group share) amounted to \u20ac4.86 billion, up by 5.5%, at the same pace as sales growth. <\/p>\n<p align=\"justify\">Cash flow from operating activities reached \u20ac5.4 billion, up 5%. Excluding the exceptional contribution on profits, it increased by 11%. After operational investments (\u20ac1.2 billion) and repayment of lease liabilities (\u20ac0.3 billion), the adjusted free cash flow reached \u20ac3.9 billion. <\/p>\n<p align=\"justify\">After distribution of dividends of \u20ac2.8 billion, the restated net cash position amounted to \u20ac12.8 billion at the end of December 2025, compared to \u20ac12.0 billion at the end of December 2024.<\/p>\n<p align=\"justify\"><b>A responsible, sustainable model<\/b><\/p>\n<p align=\"justify\">Herm\u00e8s continues to create employment and increased its workforce by more than 1,300 people, including 800 in France. At the end of 2025, the group employed 26,494 people, including 16,349 in France. Over the past three years, Herm\u00e8s has created nearly 6,200 jobs, including more than 3,500 in France. <\/p>\n<p align=\"justify\">True to its willingness to share the fruits of growth, Herm\u00e8s announced a \u20ac120 gross monthly increase for all employees in France, in addition to individual raises. In addition, the house will be giving out a bonus of \u20ac3,000 in March to all its employees worldwide in respect of 2025. Committed to excellence in craftsmanship and its transmission, the group has opened two new Herm\u00e8s \u00c9cole des savoir-faire schools in France, bringing the total number of training facilities to twelve. <\/p>\n<p align=\"justify\">Herm\u00e8s has continued its action for the climate in line with the goals defined for 2030 and validated by the Science Based Target initiative (SBTi). Since 2018, scopes 1 and 2 have seen a 69% reduction in absolute value, while scope 3 has decreased by 58% in intensity<sup>1<\/sup>. <\/p>\n<p align=\"justify\">The house\u2019s environmental approach is reflected in the implementation of Herm\u00e8s\u2019 particularly demanding responsible real-estate standard, which brings together best practices from across the market: a distinctive and demanding methodology designed to reconcile environmental, social and local anchoring performance.<\/p>\n<p align=\"justify\">The sustainable and responsible dimension of the Herm\u00e8s artisanal model was recognised in its Sustainalytics rating, rewarded in July with the CAC 60 Large-Cap Grand Prix at the <i>Transparency Awards<\/i>, and through the house\u2019s inclusion, for the fourth consecutive year, in the CDP \u201cA List\u201d. These results bear witness to Herm\u00e8s\u2019 strong commitments and values. <\/p>\n<p align=\"justify\"><b>Proposed dividend <\/b><\/p>\n<p align=\"justify\">At the General Meeting to be held on 17 April 2026, a dividend of \u20ac18.00 per share will be proposed. The \u20ac5.00 interim dividend, to be paid on 18 February 2026, will be deducted from the dividend approved by the General Meeting.<\/p>\n<p align=\"justify\"><b>Other highlights <\/b><\/p>\n<p align=\"justify\">At the end of December 2025, currency fluctuations represented a significant negative impact of \u20ac515 million on revenue. <\/p>\n<p align=\"justify\">Herm\u00e8s International did not redeem any shares, except for transactions completed within the framework of the liquidity contract.<\/p>\n<p align=\"justify\"><b>Outlook<\/b><\/p>\n<p align=\"justify\">In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates. <\/p>\n<p align=\"justify\">In a still uncertain economic and geopolitical context, the group has moved into 2026 with confidence, thanks to the highly integrated artisanal model, the balanced distribution network, the creativity of collections and the loyalty of clients. <\/p>\n<p align=\"justify\">Thanks to its unique business model, Herm\u00e8s is pursuing its long-term development strategy based on creativity, maintaining control over know-how and singular communication.<\/p>\n<p align=\"justify\">The theme of the year for 2026, <i>Venture beyond<\/i>, is an invitation to discover new horizons and renew our curiosity, constantly.<\/p>\n<p align=\"center\"><i>The press release and the presentation of the 2025 results are available on the group\u2019s website: <\/i><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=TS3sIDHgyMtvoZaL1KVrB4WRPsA5fp8eU-VeTcKbzM6RxJ19STaiJ7YMlqzCIYD4a2u9rLL4bACoOpFgVJktM9tHpAsNCoUMCbHi7OYsMljTSeh-LmweV9s8KHFPRFkB\" rel=\"nofollow\" target=\"_blank\" title=\"\"><i>https:\/\/finance.hermes.com<\/i><\/a><\/p>\n<p align=\"center\"><i>At the Supervisory Board meeting on 11 February 2026, Executive Management presented the audited financial statements for 2025. The audit procedures have been completed and the audit report is under preparation. <\/i><br \/><i>The procedures for the verification of sustainability information are underway.<\/i><br \/><i>The complete consolidated financial statements will be available by 31 March 2026 at the following address https:\/\/finance.hermes.com and on the AMF website: <\/i><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Xbdz1PMlyQh8zXax9TmSuj67HchvgPBLcBee_1Yk4ygScnVMFw0OnqlsNhq4keq1yEeE7myvE9wbNCMAWOJXkQIe3MMgc18w1k1-4_FQbj4=\" rel=\"nofollow\" target=\"_blank\" title=\"\"><i>www.amf-france.org<\/i><\/a><\/p>\n<p align=\"justify\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p align=\"justify\"><b>Upcoming events:<\/b><\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify;\">15 April 2026: Q1 2026 revenue publication<\/li>\n<li style=\"text-align:justify;\">17 April 2026: General Meeting of shareholders<\/li>\n<li style=\"text-align:justify;\">29 July 2026: Publication of H1 2026 results\n<\/li>\n<\/ul>\n<p align=\"center\"><b><i>2025 KEY FIGURES<\/i><\/b><\/p>\n<table style=\"border-collapse: collapse; width:395.45pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:366.6px;;border-bottom: solid black 1pt ; vertical-align: top ; \"><i>In millions of euros<\/i><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>2025<\/b><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>2024<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Revenue<\/b><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>16,002<\/b><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>15,170<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>Growth at current exchange rates vs. n-1<\/i><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>5.5%<\/i><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>13.0%<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>Growth at constant exchange rates vs. n-1 <\/i><sup>(1)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>8.9%<\/i><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>14.7%<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Recurring operating income <\/b><sup>(2)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>6,569<\/b><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>6,150<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>As a % of revenue<\/i><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>41.0%<\/i><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>40.5%<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Operating income<\/b><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>6,569<\/b><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>6,150<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>As a % of revenue<\/i><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>41.0%<\/i><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>40.5%<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Net profit \u2013 Group share<\/b><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>4,524<\/b><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>4,603<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>As a % of revenue *<\/i><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>28.3%<\/i><\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>30.3%<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Operating cash flows<\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">5,607<\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">5,378<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Operating Investments<\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">1,161<\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">1,067<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Adjusted free cash flows <sup>(3)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">3,880<\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">3,767<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Equity \u2013 Group share<\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">18,840<\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">17,327<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net cash position <sup>(4)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">12,239<\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">11,642<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Restated net cash position <sup>(5)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">12,773<\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">12,039<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:75.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:366.6px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Workforce (number of employees)<sup> (6)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">26,494<\/td>\n<td style=\"width:75.6px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">25,185<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><sup>(1)\u00a0\u00a0\u00a0<\/sup><i>Growth at constant exchange rates is calculated by applying, for each currency, the average exchange rates of the previous period to the revenue for the period. <\/i><\/p>\n<p align=\"justify\"><sup>(2)\u00a0\u00a0\u00a0<\/sup><i>Recurring operating income is one of the main performance indicators monitored by Group Management. It corresponds to operating income excluding non\u2011recurring items having a significant impact that may affect understanding of the group\u2019s economic performance. <\/i><\/p>\n<p align=\"justify\"><sup>(3)\u00a0\u00a0\u00a0<\/sup><i>Adjusted free cash flows are the sum of cash flows related to operating activities, less operating investments and the repayment of lease liabilities <\/i><i>recognised<\/i><i> in accordance with IFRS 16 (aggregates in the consolidated statement of cash flows).<\/i><\/p>\n<p align=\"justify\"><sup>(4)\u00a0\u00a0\u00a0<\/sup>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>Net cash position includes cash and cash equivalents presented under balance sheet assets, less bank overdrafts which appear under short\u2011term borrowings and financial liabilities on the liabilities side. Net cash position does not include lease liabilities <\/i><i>recognised<\/i><i> in accordance with IFRS 16.<\/i><\/p>\n<p align=\"justify\"><sup>(5)\u00a0\u00a0\u00a0<\/sup>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>The restated net cash position corresponds to net cash plus cash investments that do not meet the IFRS criteria for cash equivalents due <\/i><i>in particular to<\/i><i> their original maturity of more than three months, less borrowings and financial liabilities.<\/i><\/p>\n<p align=\"justify\"><sup>(6)\u00a0\u00a0\u00a0<\/sup><i>Permanent + fixed-term employment <\/i><i>contracts<\/i><i> with no length of service condition<\/i><i>.<\/i><\/p>\n<p align=\"justify\"><i>* 30.3% in 2025 after restatement of the exceptional contribution on the profits of large companies in France.<\/i><\/p>\n<p align=\"center\"><b>REVENUE BY GEOGRAPHICAL AREA<\/b> <sup><b><i>(<\/i><\/b><\/sup><sup><b><i>1<\/i><\/b><\/sup><sup><b><i>)<\/i><\/b><\/sup><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:467.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: top ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:197.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>As of Dec. 31<\/b><sup><b>st,<\/b><\/sup><\/td>\n<td colspan=\"2\" style=\"width:236.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>Evolution \/2024<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: bottom ; \"><i>In millions of Euros<\/i><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>2025<\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>2024<\/b><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>Published<\/b><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>At constant exchange rates<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">France<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,575<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,447<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">8.9%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">8.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Europe (excl. France)<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">2,362<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">2,147<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">10.0%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">11.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \"><b><i>Total Europe<\/i><\/b><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>3,937<\/i><\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>3,594<\/i><\/b><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>9.6%<\/i><\/b><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>10.4%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Japan<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,591<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,437<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">10.7%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">14.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Asia-Pacific (excl. Japan)<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">6,702<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">6,648<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">0.8%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">4.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \"><b><i>Total Asia<\/i><\/b><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>8,293<\/i><\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>8,085<\/i><\/b><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>2.6%<\/i><\/b><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>6.5%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Americas<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">3,075<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">2,865<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">7.3%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">12.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Other (Middle East)<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">697<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">627<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">11.2%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">14.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \"><b>TOTAL<\/b><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>16,002<\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>15,170<\/b><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>5.5%<\/b><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>8.9%<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:467.75pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: top ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:197.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>4<\/b><sup><b>th<\/b><\/sup><b> quarter<\/b><\/td>\n<td colspan=\"2\" style=\"width:236.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>Evolution \/2024<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: bottom ; \"><i>In millions of Euros<\/i><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>2025<\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>2024<\/b><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>Published<\/b><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>At constant exchange rates<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">France<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">432<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">401<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">7.8%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">7.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Europe (excl. France)<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">641<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">593<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">8.1%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">10.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \"><b><i>Total Europe<\/i><\/b><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>1,073<\/i><\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>994<\/i><\/b><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>8.0%<\/i><\/b><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>9.5%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Japan<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">387<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">384<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">0.8%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">11.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Asia-Pacific (excl. Japan)<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,539<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,543<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">(0.3%)<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">8.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \"><b><i>Total Asia<\/i><\/b><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>1,926<\/i><\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>1,927<\/i><\/b><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>(0.1%)<\/i><\/b><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b><i>8.6%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Americas<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">906<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">870<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">4.1%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">12.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \">Other (Middle East)<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">182<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">171<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">6.4%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">13.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:179.54px;;vertical-align: middle ; \"><b>TOTAL<\/b><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>4,087<\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>3,962<\/b><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>3.1%<\/b><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>9.8%<\/b><\/td>\n<\/tr>\n<\/table>\n<p><sup><i>(<\/i><\/sup><sup><i>1<\/i><\/sup><sup><i>)<\/i><\/sup><i> Sales by destination.<\/i><\/p>\n<p align=\"center\"><b>revenue by sector<\/b><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:481.85pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: top ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:197.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>As of Dec. 31<\/b><sup><b>st<\/b><\/sup><\/td>\n<td colspan=\"2\" style=\"width:236.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>Evolution \/2024<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: bottom ; \"><i>In millions of Euros<\/i><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>2025<\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>2024<\/b><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>Published<\/b><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>At constant exchange rates<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Leather Goods and Saddlery <sup>(1)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">7,070<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">6,457<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">9.5%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">13.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Ready-to-wear and Accessories <sup>(2)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">4,525<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">4,405<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">2.7%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">6.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Silk and Textiles<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">964<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">950<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1.5%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">4.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Other Herm\u00e8s sectors <sup>(3)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">2,055<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,909<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">7.7%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">11.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Perfume and Beauty<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">489<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">535<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">(8.6%)<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">(7.6%)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Watches<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">549<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">577<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">(4.7%)<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">(1.5%)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Other products <sup>(4)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">349<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">337<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">3.4%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">5.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \"><b>TOTAL<\/b><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>16,002<\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>15,170<\/b><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>5.5%<\/b><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>8.9%<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:481.85pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: top ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:197.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>4<\/b><sup><b>th<\/b><\/sup><b> quarter<\/b><\/td>\n<td colspan=\"2\" style=\"width:236.2px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>Evolution \/2024<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: bottom ; \"><i>In millions of Euros<\/i><\/td>\n<td style=\"width:10.67px;;vertical-align: bottom ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>2025<\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>2024<\/b><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>Published<\/b><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; \"><b>At constant exchange rates<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Leather Goods and Saddlery <sup>(1)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,792<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,669<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">7.4%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">14.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Ready-to-wear and Accessories <sup>(2)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,113<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1,108<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">0.4%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">7.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Silk and Textiles<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">308<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">304<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">1.3%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">7.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Other Herm\u00e8s sectors <sup>(3)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">516<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">488<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">5.7%<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">12.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Perfume and Beauty<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">122<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">147<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">(16.6%)<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">(14.6%)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Watches<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">138<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">143<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">(3.5%)<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">3.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \">Other products <sup>(4)<\/sup><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">98<\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">104<\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">(5.6%)<\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \">(1.7%)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:198.34px;;vertical-align: middle ; \"><b>TOTAL<\/b><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>4,087<\/b><\/td>\n<td style=\"width:104px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>3,962<\/b><\/td>\n<td style=\"width:113.4px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>3.1%<\/b><\/td>\n<td style=\"width:122.8px;;text-align: right ;  vertical-align: middle; vertical-align: middle ; \"><b>9.8%<\/b><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><sup><b><i>(1)<\/i><\/b><\/sup><i> The \u201cLeather Goods and Saddlery\u201d business line includes women\u2019s and men\u2019s bags, travel items, small leather goods and<\/i> <i>accessories, saddles, bridles and all equestrian objects and clothing.<\/i><\/p>\n<p align=\"justify\"><sup><b><i>(2)<\/i><\/b><\/sup><i> The \u201cReady-to-wear and Accessories\u201d business line includes Herm\u00e8s Ready-to-wear for men and women, belts, costume <\/i><i>jewellery<\/i><i>, gloves, hats and shoes.<\/i><\/p>\n<p align=\"justify\"><sup><b><i>(3)<\/i><\/b><\/sup><i> The \u201cOther Herm\u00e8s <\/i><i>sectors<\/i><i>\u201d include <\/i><i>Jewellery<\/i><i> and Herm\u00e8s home products (Art of Living and Herm\u00e8s Tableware).<\/i><\/p>\n<p align=\"justify\"><sup><b><i>(4)<\/i><\/b><\/sup><i> The \u201cOther products\u201d include the production activities carried out on behalf of non-group brands (textile printing, tanning\u2026), as well as John Lobb, Saint-Louis and <\/i><i>Puiforcat<\/i><i>.<\/i><\/p>\n<p align=\"center\"><b>2025 quarterly revenue<\/b><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:554.4pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:190.2px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>Q1<\/b><\/td>\n<td style=\"width:104px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>Q2<\/b><\/td>\n<td style=\"width:113.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><b>Q3<\/b><\/td>\n<td style=\"width:122.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><b>Q4<\/b><\/td>\n<td style=\"width:104.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: middle ; \"><b>2025<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:190.2px;;vertical-align: middle ; \">Revenue (in \u20acm)<\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">4,129<\/td>\n<td style=\"width:104px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">3,905<\/td>\n<td style=\"width:113.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \">3,881<\/td>\n<td style=\"width:122.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \">4,087<\/td>\n<td style=\"width:104.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: top ; \"><b>16,002<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:190.2px;;vertical-align: bottom ; \"><i>Growth at current exchange rates<\/i><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><i>8.5%<\/i><\/td>\n<td style=\"width:104px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><i>5.6%<\/i><\/td>\n<td style=\"width:113.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><i>4.8%<\/i><\/td>\n<td style=\"width:122.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><i>3.1%<\/i><\/td>\n<td style=\"width:104.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: top ; \"><b><i>5.5%<\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:190.2px;;vertical-align: bottom ; \"><i>Growth at constant exchange rates<\/i><\/td>\n<td style=\"width:10.67px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:93.27px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><i>7.2%<\/i><\/td>\n<td style=\"width:104px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><i>9.0%<\/i><\/td>\n<td style=\"width:113.4px;;text-align: center ;  vertical-align: middle; vertical-align: middle ; \"><i>9.6%<\/i><\/td>\n<td style=\"width:122.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; vertical-align: middle ; \"><i>9.8%<\/i><\/td>\n<td style=\"width:104.87px;;text-align: center ;  vertical-align: middle; border-left: solid black 1pt ; vertical-align: top ; \"><b><i>8.9%<\/i><\/b><\/td>\n<\/tr>\n<\/table>\n<p align=\"center\"><b>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/b><\/p>\n<p align=\"center\"><b>Extra-financial performances<\/b><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:186.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; text-align: center ;  vertical-align: middle; \"><b>RESPONSIBLE EMPLOYER<\/b><br \/><b>+1,300 <\/b><br \/>jobs created<br \/>including +800 in France<\/p>\n<p>\u00a0<\/td>\n<td style=\"width:186.14px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; text-align: center ;  vertical-align: middle; \"><b>DIVERSITY AND INCLUSION<\/b><br \/><b>7.90%<\/b><br \/>direct disability employment rate in France<\/p>\n<p>\u00a0<\/td>\n<td style=\"width:184.47px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; text-align: center ;  vertical-align: middle; \"><b>GENDER <\/b><br \/><b>EQUALITY<\/b><br \/><b>49%<\/b><br \/>of women <br \/>in the top 100<\/p>\n<p>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:186.2px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/p>\n<p><b>VERTICAL <\/b><br \/><b>INTEGRATION<\/b><br \/><b>55%<\/b><br \/>manufactured in its in-house and exclusive workshops<\/p>\n<p>\u00a0<\/td>\n<td style=\"width:186.14px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/p>\n<p><b>VALUE <\/b><br \/><b>SHARING<\/b><br \/><b>\u20ac328M<\/b><br \/>of which \u20ac243M in incentive schemes and profit-sharing in France and \u20ac85M of worldwide bonus<\/td>\n<td style=\"width:184.47px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/p>\n<p><b>LOCAL <\/b><br \/><b>PRODUCTION<\/b><br \/><b>75%<\/b><br \/>objects <br \/>made in France<\/p>\n<p>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:186.2px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: top ; \">\u00a0<\/p>\n<p><b>CLIMATE <\/b><br \/><b>Scopes 1 &amp; 2 <\/b><b>(SBTi)<\/b><br \/><b>-69%<\/b><br \/>emissions reduction in absolute value vs 2018<\/p>\n<p>\u00a0<\/p>\n<p><b>SCOPE 3 <\/b><b>(SBTi)<\/b><br \/><b>-58%<\/b><br \/>emissions reduction in intensity vs 2018<\/p>\n<p>\u00a0<\/td>\n<td style=\"width:186.14px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/p>\n<p><b>RESOURCE PRESERVATION<\/b><br \/><b>20<\/b><br \/>Sites certified under the internal real estate standard <br \/>\u201cHarmonie\u201d<\/p>\n<p>\u00a0<\/td>\n<td style=\"width:184.47px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/p>\n<p><b>WATER <\/b><br \/><b>WITHDRAWAL<\/b><br \/><b>-64%<\/b><br \/>Industrial water intensity <br \/>over 10 years<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\"><b>APPENDIX \u2013 EXTRACT FROM CONSOLIDATED ACCOUNTS<\/b><\/p>\n<p align=\"justify\">Financial statements of the year, including notes to the consolidated accounts, will be available at the end of March 2026 on the website https:\/\/finance.hermes.com, together with the other chapters of the Annual Financial Report.<\/p>\n<p><b>CONSOLIDATED INCOME STATEMENT<\/b><\/p>\n<table style=\"border-collapse: collapse; width:411.1pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>In millions of euros<\/i><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2025<\/b><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2024<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Revenue<\/b><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>16,002 <\/b><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>15,170<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Cost of sales<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(4,623)<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(4,511)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Gross margin<\/b><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>11,379 <\/b><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>10,660<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Sales and administrative expenses<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(3,704)<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(3,569)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other income and expenses<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(1,106)<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(942)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Recurring operating income<\/b><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>6,569 <\/b><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>6,150<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other non-recurring income and expenses<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">&#8211;<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Operating income<\/b><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>6,569 <\/b><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>6,150<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net financial income<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">207 <\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">283<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Net income before tax<\/b><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>6,775 <\/b><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>6,432<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Income tax<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(2,263)<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(1,845)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income from associates<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">47 <\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">44<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>CONSOLIDATED NET INCOME<\/b><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>4,560 <\/b><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>4,631<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Non-controlling interests<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(36)<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(28)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT<\/b><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>4,524 <\/b><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>4,603<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Basic earnings per share <i>(in euros)<\/i><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">43.15 <\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">43.93<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Diluted earnings per share<i> (in euros)<\/i><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">43.07 <\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">43.87<\/td>\n<\/tr>\n<\/table>\n<p><b>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME<\/b><\/p>\n<table style=\"border-collapse: collapse; width:481.9pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>In millions of euros<\/i><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2025<\/b><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2024<\/b><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Consolidated net income<\/b><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>4,560 <\/b><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>4,631<\/b><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Changes in foreign currency adjustments<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(523)<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">168<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Hedges of future cash flows in foreign currencies <sup><i>1<\/i><\/sup><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">174 <\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(111)<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Items recyclable through profit or loss<\/b><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>(348)<\/b><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>57<\/b><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Assets at fair value <sup><i>1<\/i><\/sup><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(25)<\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">30<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Actuarial gains and losses <sup><i>1<\/i><\/sup><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">9 <\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(18)<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Items not recyclable through profit or loss<\/b><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>(16)<\/b><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>12<\/b><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Other comprehensive income<\/b><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>(365)<\/b><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>69<\/b><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>NET COMPREHENSIVE INCOME<\/b><\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>4,195 <\/b><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>4,700<\/b><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\n<ul type=\"square\">\n<li style=\"text-align:left;\"><i>attributable to owners of the parent<\/i><\/li>\n<\/ul>\n<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>4,157 <\/i><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>4,670<\/i><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\n<ul type=\"square\">\n<li style=\"text-align:left;\"><i>attributable to non-controlling interests<\/i><\/li>\n<\/ul>\n<\/td>\n<td style=\"width:94.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>38 <\/i><\/td>\n<td style=\"width:94.27px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><i>29<\/i><\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:359.47px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; vertical-align: bottom ; \"><i>(1) Net of tax.<\/i><\/td>\n<td style=\"width:94.4px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:94.27px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"width:642.54px;;border-top: solid black 1pt ; vertical-align: bottom ; \">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><b>CONSOLIDATED BALANCE SHEET<\/b><\/p>\n<p><b>ASSETS<\/b><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:474.6pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>In millions of euros<\/i><\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>31\/12\/2025<\/b><\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>31\/12\/2024<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Goodwill<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">180 <\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">228<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Intangible assets<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">231 <\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">237<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Right-of-use assets<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">2,002 <\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">1,786<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Property, plant and equipment<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">3,486 <\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">2,980<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Financial assets<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">1,196 <\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">1,050<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Investments in associates<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">227 <\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">238<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Deferred tax assets<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">914 <\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">929<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other non-current assets<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">176 <\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">159<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Non-current assets<\/b><\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>8,412 <\/b><\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>7,608<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Inventories and work-in-progress<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">2,575 <\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">2,797<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Trade and other receivables<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">418 <\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">478<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Current tax receivables<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">45 <\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">28<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other current assets<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">370 <\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">398<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Financial derivatives<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">262 <\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">132<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Cash and cash equivalents<\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">12,239 <\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">11,642<\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Current assets<\/b><\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>15,911 <\/b><\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>15,476<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:415.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>TOTAL ASSETS<\/b><\/td>\n<td style=\"width:108.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>24,322 <\/b><\/td>\n<td style=\"width:108.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>23,084<\/b><\/td>\n<\/tr>\n<\/table>\n<p><b>LIABILITIES<\/b><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:475.65pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>In millions of euros<\/i><\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>31\/12\/2025<\/b><\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>31\/12\/2024<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Share capital<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">54 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">54<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Share premium<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">50 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">50<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Treasury shares<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(677)<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(670)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Reserves<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">14,443 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">12,464<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Foreign currency adjustments<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">(173)<\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">355<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Revaluation adjustments<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">621 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">471<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income attributable to owners of the parent<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">4,524 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">4,603<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Equity attributable to owners of the parent<\/b><\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>18,840 <\/b><\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>17,327<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Non-controlling interests<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">6 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">7<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Equity<\/b><\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>18,846 <\/b><\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>17,334<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Borrowings and financial liabilities due in more than one year<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">34 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">61<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Lease liabilities due in more than one year<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">1,987 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">1,781<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Non-current provisions<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">38 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">33<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Post-employment and other employee benefit obligations due in more than one year<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">146 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">173<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Deferred tax liabilities<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">14 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">5<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other non-current liabilities<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">72 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">69<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Non-current liabilities<\/b><\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>2,291 <\/b><\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>2,120<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Borrowings and financial liabilities due in less than one year<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">0 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Lease liabilities due in less than one year<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">325 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">332<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Current provisions<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">122 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">96<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Post-employment and other employee benefit obligations due in less than one year<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">19 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">16<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Trade and other payables<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">792 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">832<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Financial derivatives<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">61 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">161<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Current tax liabilities<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">452 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">773<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other current liabilities<\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">1,414 <\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">1,419<\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Current liabilities<\/b><\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>3,186 <\/b><\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>3,629<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:416.07px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>TOTAL EQUITY AND LIABILITIES<\/b><\/td>\n<td style=\"width:109.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>24,322 <\/b><\/td>\n<td style=\"width:109px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \"><b>23,084<\/b><\/td>\n<\/tr>\n<\/table>\n<p><b>CONSOLIDATED STATEMENT OF CHANGES IN EQUITY<\/b><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:540.65pt; border-collapse:collapse ;\">\n<tr>\n<td rowspan=\"2\" style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: left ;  vertical-align: middle; \"><i>In millions of euros<\/i><\/p>\n<p>\u00a0<\/td>\n<td rowspan=\"2\" style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><b>Number of shares<\/b><\/p>\n<p>\u00a0<\/td>\n<td rowspan=\"2\" style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><b>Share capital<\/b><\/p>\n<p>\u00a0<\/td>\n<td rowspan=\"2\" style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><b>Share premium<\/b><\/p>\n<p>\u00a0<\/td>\n<td rowspan=\"2\" style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><b>Treasury shares<\/b><\/p>\n<p>\u00a0<\/td>\n<td rowspan=\"2\" style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><b>Consolidated reserves and net income attributable to owners of the parent<\/b><\/p>\n<p>\u00a0<\/td>\n<td rowspan=\"2\" style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><b>Actuarial gains and losses<\/b><\/p>\n<p>\u00a0<\/td>\n<td rowspan=\"2\" style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><b>Foreign currency adjustments<\/b><\/p>\n<p>\u00a0<\/td>\n<td colspan=\"2\" style=\"width:104.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Revaluation adjustments<\/b><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Financial investments<\/b><\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Hedges of future cash flows in foreign currencies<\/b><\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Equity attributable to owners of the parent<\/b><\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Non-controlling interests<\/b><\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Equity<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>As at 1 January 2024<\/b><\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>105,569,412 <\/b><\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>54 <\/b><\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>50 <\/b><\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>(698)<\/b><\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>15,130 <\/b><\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>(75)<\/b><\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>189 <\/b><\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>521 <\/b><\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>32 <\/b><\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>15,201 <\/b><\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>2 <\/b><\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>15,203 <\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income<\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,603<\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,603<\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">28<\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,631<\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other comprehensive income<\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(18)<\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">166<\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">30<\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(111)<\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">67<\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">2<\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">69<\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>Comprehensive income<\/i><\/b><\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>&#8211;<\/i><\/b><\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>&#8211;<\/i><\/b><\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>&#8211;<\/i><\/b><\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>&#8211;<\/i><\/b><\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>4,603 <\/i><\/b><\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>(18)<\/i><\/b><\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>166 <\/i><\/b><\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>30 <\/i><\/b><\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>(111)<\/i><\/b><\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>4,670 <\/i><\/b><\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>29 <\/i><\/b><\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>4,700 <\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Change in share capital and share premiums<\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Purchase or sale of treasury shares<\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">28<\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(64)<\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(36)<\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(36)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Share-based payments<\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">142<\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">142<\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">142<\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Dividends paid<\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2,642)<\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2,642)<\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(63)<\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2,705)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other<\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(7)<\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2)<\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(9)<\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">39<\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">30<\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>As at 31 December 2024<\/b><\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>105,569,412 <\/b><\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>54 <\/b><\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>50 <\/b><\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>(670)<\/b><\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>17,163 <\/b><\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>(95)<\/b><\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>355 <\/b><\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>551 <\/b><\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>(80)<\/b><\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>17,327 <\/b><\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>7 <\/b><\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>17,334 <\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income <\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,524<\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,524<\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">36<\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,560<\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other comprehensive income<\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">9<\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(525)<\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(25)<\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">174<\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(367)<\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">2<\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(365)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>Comprehensive income<\/i><\/b><\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>&#8211;<\/i><\/b><\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>&#8211;<\/i><\/b><\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>&#8211;<\/i><\/b><\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>&#8211;<\/i><\/b><\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>4,524 <\/i><\/b><\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>9 <\/i><\/b><\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>(525)<\/i><\/b><\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>(25)<\/i><\/b><\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>174 <\/i><\/b><\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>4,157<\/i><\/b><\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>38<\/i><\/b><\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b><i>4,195 <\/i><\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Change in share capital and share premiums<\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Purchase or sale of treasury shares<\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(7)<\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2)<\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(9)<\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(9)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Share-based payments<\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">132<\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">132 <\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">132<\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Dividends paid<\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2,753)<\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2,753)<\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(43)<\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2,796)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other<\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(12)<\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(3)<\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(15)<\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4<\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(11)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:121.87px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; text-align: left ;  vertical-align: middle; \"><b>AS AT <\/b><br \/><b>31 DECEMBER 2025<\/b><\/td>\n<td style=\"width:52.94px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>105,569,412 <\/b><\/td>\n<td style=\"width:40.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>54 <\/b><\/td>\n<td style=\"width:48.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>50 <\/b><\/td>\n<td style=\"width:48.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>(677)<\/b><\/td>\n<td style=\"width:55.74px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>19,054 <\/b><\/td>\n<td style=\"width:48.8px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>(87)<\/b><\/td>\n<td style=\"width:52.14px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>(173)<\/b><\/td>\n<td style=\"width:52.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>526 <\/b><\/td>\n<td style=\"width:51.54px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>95 <\/b><\/td>\n<td style=\"width:50.6px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>18,840 <\/b><\/td>\n<td style=\"width:50.2px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>6 <\/b><\/td>\n<td style=\"width:47px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>18,846 <\/b><\/td>\n<\/tr>\n<\/table>\n<p><b>CONSOLIDATED STATEMENT OF CASH FLOWS<\/b><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:481.85pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>In millions of euros<\/i><\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2025<\/b><\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2024<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income attributable to owners of the parent<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,524<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">4,603<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Depreciation and amortisation of fixed assets, right-of-use assets and impairment losses<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">926<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">844<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Foreign exchange gains\/(losses) on fair value adjustments<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">79<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(56)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Change in provisions<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">27<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(29)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income from associates<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(47)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(44)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net income attributable to non-controlling interests<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">36<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">28<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Capital gains or losses on disposals and impact of changes in scope of consolidation<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">3<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Change in deferred tax<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(45)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(93)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Accrued expenses and income related to share-based payments<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">132<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">142<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Dividend income<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(27)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(16)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(1)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Operating cash flows<\/b><\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>5,607<\/b><\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>5,378<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Change in working capital requirements<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(233)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(239)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>CASH FLOWS RELATED TO OPERATING ACTIVITIES (A)<\/b><\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>5,374<\/b><\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>5,139<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Operating investments<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(1,161)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(1,067)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Acquisitions of consolidated shares<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(60)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(229)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Acquisitions of other financial assets<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(180)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(27)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Disposals of operating assets<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">1<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">1<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Disposals of consolidated shares and impact of losses of control<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Disposals of other financial assets<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">9<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">145<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Change in payables and receivables related to investing activities<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">39<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(49)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Dividends received<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">75<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">30<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>CASH FLOWS RELATED TO INVESTING ACTIVITIES (B)<\/b><\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>(1,276)<\/b><\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>(1,195)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Dividends paid<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2,796)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(2,705)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Repayment of lease liabilities<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(332)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(305)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Treasury share buybacks net of disposals<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(8)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(37)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Borrowing subscriptions<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">8<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Repayment of borrowings<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(9)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(1)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Other<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">1<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">2<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>CASH FLOWS RELATED TO FINANCING ACTIVITIES (C)<\/b><\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>(3,136)<\/b><\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>(3,046)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Foreign currency translation adjustment (D)<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">(364)<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">119<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>CHANGE IN NET CASH POSITION (A) + (B) + (C) + (D)<\/b><\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>597<\/b><\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>1,017<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net cash position at the beginning of the period<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">11,642<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">10,625<\/td>\n<\/tr>\n<tr>\n<td style=\"width:421.4px;;text-align: left ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net cash position at the end of the period<\/td>\n<td style=\"width:110.67px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">12,239<\/td>\n<td style=\"width:110.4px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">11,642<\/td>\n<\/tr>\n<\/table>\n<p align=\"center\"><b><i>REMINDER<\/i><\/b><b><i> \u2013 <\/i><\/b><b><i>FIRST HALF 2025 KEY FIGURES<\/i><\/b><\/p>\n<table style=\"border-collapse: collapse; margin-left:0; width:407.1pt; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:374.2px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>In millions of euros<\/i><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>H1 2025<\/b><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>H1 2024<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Revenue<\/b><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>8,034<\/b><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>7,504<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>Growth at current exchange rates vs. n-1<\/i><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>7.1%<\/i><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>12.0%<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>Growth at constant exchange rates vs. n-1 <\/i><sup>(1)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>8.1%<\/i><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>15.1%<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Recurring operating income <\/b><sup>(2)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>3,327<\/b><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>3,148<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>As a % of revenue<\/i><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>41.4%<\/i><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>42.0%<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Operating income<\/b><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>3,327<\/b><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>3,148<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>As a % of revenue<\/i><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>41.4%<\/i><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>42.0%<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>Net profit \u2013 Group share<\/b><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>2,246<\/b><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><b>2,368<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>As a % of revenue *<\/i><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>28.0%<\/i><\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \"><i>31.6%<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Operating cash flows<\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">2,733<\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">2,829<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Operating investments<\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">316<\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">319<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Adjusted free cash flows <sup>(3)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">1,847<\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">1,776<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Equity \u2013 Group share<\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">16,602<\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">15,052<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Net cash position <sup>(4)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">10,319<\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">9,477<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Restated net cash position <sup>(5)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">10,723<\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">10,033<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:85.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<td style=\"width:83.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:374.2px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">Workforce (number of employees) <sup>(<\/sup><sup>6<\/sup><sup>)<\/sup><\/td>\n<td style=\"width:85.07px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">25,697<\/td>\n<td style=\"width:83.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: middle ; \">23,874<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><sup>(1)\u00a0\u00a0<\/sup><i>Growth at constant exchange rates is calculated by applying, for each currency, the average exchange<\/i> <i>rates of<\/i> <i>the previous period to the revenue for the period. <\/i><\/p>\n<p align=\"justify\"><sup>(2)\u00a0\u00a0<\/sup><i>Recurring operating income is one of the main performance indicators monitored by <\/i><i>G<\/i><i>roup <\/i><i>M<\/i><i>anagement. It corresponds to operating income excluding non\u2011recurring items having a significant impact that may affect understanding of the group\u2019s economic performance. <\/i><\/p>\n<p align=\"justify\"><sup>(3)\u00a0\u00a0<\/sup><i>Adjusted free cash flows are the sum of cash flows related to operating activities, less operating investments and the repayment of lease liabilities <\/i><i>recognised<\/i><i> in accordance with IFRS 16 (aggregates in the consolidated statement of cash flows).<\/i><\/p>\n<p align=\"justify\"><sup>(4)\u00a0\u00a0<\/sup>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>Net cash position includes cash and cash equivalents presented under balance sheet assets, less bank overdrafts which appear under short\u2011term borrowings and financial liabilities on the liabilities side. Net cash position does not include lease liabilities <\/i><i>recognised<\/i><i> in accordance with IFRS 16.<\/i><\/p>\n<p align=\"justify\"><sup>(5)\u00a0\u00a0<\/sup>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<i>The restated net cash position corresponds to net cash plus cash investments that do not meet the IFRS criteria for cash equivalents due <\/i><i>in particular to<\/i><i> their original maturity of more than three months, less borrowings and financial liabilities. <\/i><\/p>\n<p align=\"justify\"><sup>(6)\u00a0\u00a0<\/sup><i>Permanent + fixed\u2011term employment contracts with no length of service condition (23,242 published at the end of June 2024, excluding fixed-term contracts of less than 9 months, before the CSRD methodology change).<\/i><\/p>\n<p align=\"justify\"><i>* 31.2% in the first half of 2025 after restatement of the exceptional contribution on the profits of large companies in France.<\/i><\/p>\n<hr>\n<p>1 In economic intensity, as a percentage of gross margin<\/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=7trYJNLwCwOB6EITkYMmbQXFxN5uZGlzbfVcS8wNBGv1L6nmsr3z9c61btiPKUoy1E3a8XwLLFL8909ONDHxn-nMegjd506Y9oWFtwblB4OTs-XKETUxDixxzoTwnNVYH899y7zc7l8aOb7ieqhU57E5QBIJPwsvA61SWuZLx4vRwPDLTxbNYvLmqfO_iitTeaAtF_skldsvsqCFvvcuGg==\" title=\"hermes_20260212_pr_2025fullyearresults_va\" rel=\"nofollow\">hermes_20260212_pr_2025fullyearresults_va<\/a>\n      <\/li>\n<\/ul>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/ml-eu.globenewswire.com\/media\/MWEzNDI5OTAtMmMzNC00NzNiLWI4OGMtNDY5ZDNjNGY5NTVlLTEwMTExMzEtMjAyNi0wMi0xMi1lbg==\/tiny\/Herm-s-International.png\" referrerpolicy=\"no-referrer-when-downgrade\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Revenue exceeded the \u20ac16 billion threshold and operating income up 7% Paris, 12 February 2026 The group\u2019s consolidated revenue amounted to \u20ac16 billion in 2025, up 9% at constant exchange rates and 5.5% at current exchange rates compared to 2024. Recurring operating income amounted to \u20ac6.6 billion (41% of sales), up 7%. Net profit [&#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-77383","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>Herm\u00e8s International: 2025 Full-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\/hermes-international-2025-full-year-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Herm\u00e8s International: 2025 Full-Year Results\" \/>\n<meta property=\"og:description\" content=\"\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Revenue exceeded the \u20ac16 billion threshold and operating income up 7% Paris, 12 February 2026 The g\" \/>\n<meta property=\"og:url\" content=\"https:\/\/english.saigonbiz.com\/vn\/hermes-international-2025-full-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=\"2026-02-12T12:04:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/english.saigonbiz.com\/vn\/wp-content\/uploads\/2026\/02\/Herm-s-International.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=\"16 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/hermes-international-2025-full-year-results\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/hermes-international-2025-full-year-results\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/#\/schema\/person\/267b348e6cf32a66aab33637c2d399a6\"},\"headline\":\"Herm\u00e8s International: 2025 Full-Year Results\",\"datePublished\":\"2026-02-12T12:04:47+00:00\",\"dateModified\":\"2026-02-12T12:04:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/hermes-international-2025-full-year-results\/\"},\"wordCount\":3354,\"publisher\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/#organization\"},\"articleSection\":[\"People\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/hermes-international-2025-full-year-results\/\",\"url\":\"https:\/\/english.saigonbiz.com\/vn\/hermes-international-2025-full-year-results\/\",\"name\":\"Herm\u00e8s International: 2025 Full-Year Results - 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