{"id":77408,"date":"2026-02-13T00:19:28","date_gmt":"2026-02-13T00:19:28","guid":{"rendered":"https:\/\/english.saigonbiz.com\/vn\/2025-annual-results\/"},"modified":"2026-02-13T00:19:28","modified_gmt":"2026-02-13T00:19:28","slug":"2025-annual-results","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/2025-annual-results\/","title":{"rendered":"2025 Annual Results"},"content":{"rendered":"<div>\n<p>\u00a0<\/p>\n<p align=\"center\"><b>Solid growth, Improved margins<\/b><\/p>\n<p align=\"center\"><b>Acceleration Confirmed<\/b><\/p>\n<ul>\n<li><strong>Sales: 44.05 billion euros,\u00a0<\/strong>+4.0% like-for-like<sup>1<\/sup> and +1.3% reported.<\/li>\n<li><strong>Another year of outperformance<\/strong> in an improving beauty market.<\/li>\n<li><strong>Growth<sup>1<\/sup> in all Divisions<\/strong>, led by Professional Products.<\/li>\n<li><strong>Growth<sup>1<\/sup> in all regions<\/strong> witha broad-based acceleration in the second half.<\/li>\n<li><strong>E-commerce<\/strong><sup>2<\/sup><strong> growing double digits passing the 30% mark<\/strong>.<\/li>\n<li><strong>Gross margin\u00a0<\/strong>up\u00a0<strong>+10 basis points<\/strong> at 74.3%.<\/li>\n<li><strong>Operating margin\u00a0<\/strong>up\u00a0<strong>+20 basis points<\/strong> at 20.2%.<\/li>\n<li><strong>Earnings per share<\/strong><sup>3<\/sup> <strong>12.71 euros<\/strong>, up +0.4%.<\/li>\n<li><strong>Dividend per share<\/strong><sup>4 <\/sup><strong>7.20 euros<\/strong>, up +2.9%.<\/li>\n<li><strong>Net cash flow: 7.2 billion euros<\/strong>, up +7.8%.<\/li>\n<li><strong>Sustainability leader:\u00a0<\/strong>The only company in the world to be awarded a triple \u2018A\u2019 rating by\u00a0<strong>CDP<\/strong> for ten years in a row. Ranked in the global top 1% for environmental and social performance by\u00a0<strong>EcoVadis<\/strong>.<\/li>\n<\/ul>\n<p>Commenting on the figures, Nicolas Hieronimus, CEO of L&#8217;Or\u00e9al, said:<\/p>\n<p><em>\u201c2025 was a defining year for L\u2019Or\u00e9al: we delivered strong results regardless of the context, while profoundly transforming the Group.<\/em><\/p>\n<p><em>As we had promised, organic top-line growth<\/em><sup>5<\/sup><em> accelerated quarter after quarter, boosted by the step-up in our launch plan and supported by a gradually improving beauty market. At +4%<sup>1<\/sup>, L\u2019Or\u00e9al grew once again ahead of the market; a key highlight was the strong second-half recovery in our two largest countries, the US and China, while we continued our Emerging conquest. We delivered another year of record gross and operating margins as our focus on efficiency gains allowed us to offset adverse currency and tariff trends.<\/em><\/p>\n<p><em>At the same time, we made L\u2019Or\u00e9al stronger than ever through our transformation. We continued to advance on AI, strengthen our R&amp;I capabilities and implement our IT transformation. And we embarked on our most strategic and transformational M&amp;A offensive to date: Kering Beaut\u00e9 will further bolster our leadership in luxury beauty, adding highly desirable brands with significant growth potential. The increase in our stake in Galderma will allow L\u2019Or\u00e9al to take part in the fast-growing market of aesthetics, a key adjacency to our beauty business.<\/em><\/p>\n<p><em>This transformation opens new growth opportunities, and we are set up for further acceleration. In 2026, despite the macro uncertainties, we are optimistic about the outlook for the global beauty market, and confident in our ability to keep outperforming it thanks to L\u2019Or\u00e9al\u2019s multi-division category strategy and to achieve another year of growth in sales and profit.\u201d<\/em>\u00a0<\/p>\n<p><strong>Board appointments and renewals\u00a0<\/strong><\/p>\n<p>Meeting on 12 February 2026, the Board of Directors, decided to submit to the Annual General Meeting on 24 April 2026 the renewal of the mandates of Mr Jean-Paul Agon and Mr Patrice Caine as Directors for a four-year term.<\/p>\n<p>Furthermore, the Board decided to maintain the separation of the roles of Chairman of the Board and Chief Executive Officer. Subject to the approval of the renewal of his mandate as Director by the Annual General Meeting, Mr Jean-Paul Agon will be reappointed as Chairman of the Board of Directors following the Annual General Meeting on 24 April 2026.<\/p>\n<p>The Board of Directors took note of the decisions of Mr Paul Bulcke and Ms B\u00e9atrice Guillaume-Grabisch to terminate their mandates as Directors at the end of the Annual General Meeting on 24 April 2026.<\/p>\n<p>Mr Paul Bulcke, Director from 2012 to 2014 and since 2017, is Vice-Chairman of the Board of Directors and a member of the Strategy and Sustainability Committee, the Nominations and Governance Committee and the Human Resources and Remuneration Committee.<\/p>\n<p>Mr Jean-Paul Agon, on behalf of the Board of Directors, warmly thanked Mr Paul Bulcke for his total commitment and his significant contribution to the work of L\u2019Or\u00e9al\u2019s Board and its Committees for more than a decade. His strategic vision, his enlightened multicultural approach and his constant interest in innovation have been particularly valuable in addressing the major challenges of recent years.<\/p>\n<p>Ms B\u00e9atrice Guillaume-Grabisch has been a Director and member of the Audit Committee since 2016. The Board acknowledged the commitment and active contribution of Ms B\u00e9atrice Guillaume-Grabisch to the work of the Board and the Audit Committee during her 10-year mandate. Her experience in general management in the consumer goods sector, her marketing expertise and her recognised skills in steering IT transformation have enriched the work of the Board and the Audit Committee.<\/p>\n<p>On the proposal of Nestl\u00e9 and on the recommendation of the Nominations and Governance Committee, the Board of Directors is submitting to the Annual General Meeting the appointments of Mr Pablo Isla and Ms Anna Lenz as Directors for a four-year term.<\/p>\n<p>Mr Pablo Isla is Chairman of the Board of Directors of Nestl\u00e9 SA. A lawyer by training, he led Inditex (an international fashion group with several brands including Zara) for 17 years, first as Deputy Chairman and CEO from 2005, then as Executive Chairman from 2011 to 2022. Mr Pablo Isla will bring to the Board his recognised ability to develop and implement a strategic vision combining transformation and growth at an international level, his solid understanding of regulatory and risk management issues, and his in-depth knowledge of corporate governance.<\/p>\n<p>Subject to his appointment as a Director, the Board of Directors has decided to appoint Mr Pablo Isla as Vice-Chairman of the Board of Directors, alongside Mr Jean-Victor Meyers, who is also Vice-Chairman of the Board, following the Annual General Meeting of 24 April 2026.<\/p>\n<p>Ms Anna Lenz is Executive Vice President and Global Head of Human Resources of Nestl\u00e9 and a member of the Executive Board, after a career of more than 20 years within the Group. Ms Anna Lenz will bring to the Board a holistic understanding of an international group. Her expertise in human resources management, as well as her proven experience in steering financial performance and in operations management in complex environments, will be major assets for the work of the Board.<\/p>\n<p>The Board of Directors, on the recommendation of the Nominations and Governance Committee, also submits to the Annual General Meeting the appointment of Ms Christel Bories as a Director for a period of 4 years.<\/p>\n<p>Ms Christel Bories is Chairwoman of the Board of Directors of Eramet, a global mining and metallurgical group, for which she has also been acting as interim Chief Executive Officer since February 2026. Previously, she held the positions of Deputy Chief Executive Officer of Ipsen Pharma, Chief Executive Officer of Constellium and senior executive at Pechiney and Alcan. Ms Christel Bories will bring to the Board her experience as a director of international companies in various sectors such as industry, packaging and healthcare. Her in-depth knowledge of raw materials, industrial value chains, ESG and her significant experience of the issues on all continents, particularly in Africa, will be a valuable addition to the work of the Board.<\/p>\n<p>If the Annual General Meeting approves the proposed appointments and renewals, the Board of Directors will be composed of 18 Directors, i.e. 16 Directors appointed by the Annual General Meeting and 2 Directors representing the employees. The balance in terms of independence and diversity will be as follows:<\/p>\n<ul>\n<li>9 independent Directors out of 16 appointed by the Annual General Meeting, i.e. 56%,<\/li>\n<li>7 women and 9 men out of 16 Directors appointed by the Annual General Meeting, i.e. 44% women.<\/li>\n<\/ul>\n<p><strong>PROJECTED COMPOSITION OF THE BOARD AND COMMITTEES FOLLOWING THE GENERAL MEETING OF APRIL 24, 2026*<\/strong><\/p>\n<p>\u00a0<\/p>\n<table style=\"border-collapse: collapse; width:700pt; border-collapse:collapse ;\">\n<tr>\n<td colspan=\"2\" rowspan=\"2\" style=\"width:201px;;text-align: center ;  vertical-align: middle; \"><b>COMPOSITION OF THE BOARD OF DIRECTORS<\/b><\/td>\n<td rowspan=\"2\" style=\"width:54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>Age<\/b><\/td>\n<td rowspan=\"2\" style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>W \/ M<\/b><\/td>\n<td rowspan=\"2\" style=\"width:60.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>Nationality<\/b><\/td>\n<td rowspan=\"2\" style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>Expiry of term of office<\/b><\/td>\n<td colspan=\"4\" style=\"width:216.87px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>BOARD COMMITTEES<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>S&amp;S<\/b><\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>Audit<\/b><\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>Gov.<\/b><\/td>\n<td style=\"width:54.34px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>HR &amp; Rem<\/b><\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" style=\"width:75.47px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><b>Corporate officers <\/b><\/td>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>Mr. Jean-Paul Agon<br \/><\/b>Chairman of the Board<\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">69<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">M<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">French<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2030<\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">C<\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>M. Nicolas Hieronimus <br \/><\/b>Chief Executive Officer <\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">62<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">M<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">French<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2029<\/td>\n<td style=\"width:54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\" style=\"width:75.47px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><b>Bettencourt Meyers family<\/b><\/td>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; \"><b>M. Jean-Victor Meyers <br \/><\/b>Vice-Chairman <\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; \">39<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; \">M<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; \">French<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; \">2028<\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.34px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; \">\u25cf <\/td>\n<\/tr>\n<tr>\n<td style=\"width:125.54px;;border-top: solid black 1pt ; border-right: solid black 1pt ; \"><b>M. Nicolas Meyers<\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; \">37<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; \">M<\/td>\n<td style=\"width:60.2px;;border-top: solid black 1pt ; border-right: solid black 1pt ; \">French<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; \">2028<\/td>\n<td style=\"width:54px;;border-top: solid black 1pt ; border-right: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;border-top: solid black 1pt ; border-right: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.34px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; \">\u25cf <\/td>\n<\/tr>\n<tr>\n<td style=\"width:125.54px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>T\u00e9thys, <\/b>represented by <b>M. Alexandre Benais <\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">50<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">M<\/td>\n<td style=\"width:60.2px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">French<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2029<\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.2px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.34px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" style=\"width:75.47px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><b>Directors linked to Nestl\u00e9 <\/b><\/td>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>M. Pablo Isla<br \/><\/b>Vice-Chairman<\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">62<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">M<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">Spanish<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2030<\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.34px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<\/tr>\n<tr>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>Mme Anna Lenz<\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">46<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">W<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">Swiss-German<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2030<\/td>\n<td style=\"width:54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"9\" style=\"width:75.47px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><b>Independent Directors <\/b><b>&#x25fc;<\/b><\/td>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>Mme Sophie Bellon <\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">64<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">W<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">French<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2027<\/td>\n<td style=\"width:54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.34px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">C<\/td>\n<\/tr>\n<tr>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>Mme Christel Bories<\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">61<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">W<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">French<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2030<\/td>\n<td style=\"width:54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>M. Patrice Caine <\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">56<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">M<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">French<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2030<\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">C<\/td>\n<td style=\"width:54.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>Mme Fabienne Dulac <\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">58<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">W<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">French<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2027<\/td>\n<td style=\"width:54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.34px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<\/tr>\n<tr>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>Mme Aur\u00e9lie Jean <\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">43<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">W<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">French<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2029<\/td>\n<td style=\"width:54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>Mme Ilham Kadri <\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">57<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">W<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">French-Moroccan <\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2028<\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>M. Alexandre Ricard <\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">53<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">M<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">French<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2029<\/td>\n<td style=\"width:54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.34px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<\/tr>\n<tr>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>M. Jacques Ripoll <\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">60<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">M<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">French<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2028<\/td>\n<td style=\"width:54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">C<\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.34px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<\/tr>\n<tr>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>Mme Isabelle Seillier <\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">66<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">W<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">French<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2029<\/td>\n<td style=\"width:54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" style=\"width:75.47px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><b>Directors representing employees ***<\/b><\/td>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>M. Benny de Vlieger <\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">61<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">M<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">Belgian<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2030<\/td>\n<td style=\"width:54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf <\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:125.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>Mme Catherine Olivry <\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">60<\/td>\n<td style=\"width:53.8px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">W<\/td>\n<td style=\"width:60.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">French<\/td>\n<td style=\"width:55.54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">2030<\/td>\n<td style=\"width:54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:54.34px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u25cf<\/td>\n<\/tr>\n<tr>\n<td style=\"width:75.47px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><b>Independence <\/b><\/td>\n<td colspan=\"5\" style=\"width:349.2px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><b>\u00a0<\/b><\/td>\n<td style=\"width:54px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">N\/A<\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">67%**<\/td>\n<td style=\"width:54.2px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">50%<\/td>\n<td style=\"width:54.34px;;text-align: center ;  vertical-align: middle; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">57%**<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" style=\"width:641.54px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">&#x25fc; Independence within the meaning of the criteria of the AFEP-MEDEF Code as assessed by the Board of Directors.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" style=\"width:641.54px;;border-right: solid black 1pt ; border-left: solid black 1pt ; \">C Chair of the Committee. <\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" style=\"width:641.54px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">\u25cf Committee member. <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p><strong>*<\/strong><em>Assuming the General Meeting of April 24, 2026 approves the proposed appointments and renewals.<\/em><\/p>\n<p><em>**Excluding Directors representing the employees, in accordance with the French Commercial Code (Code de commerce) and the AFEP-MEDEF Code.<\/em><\/p>\n<p><em>*** In accordance with L\u2019Or\u00e9al\u2019s Articles of Association, the Directors representing employees are appointed as follows: one by the most representative trade union organization in France, and the other by the European Works Council. Their terms of office were set to expire at the close of the 2026 Annual General Meeting. Mr. Benny de Vlieger\u2019s mandate was renewed by the European Works Council. As Mr. Thierry Hamel has decided to retire, his term will end at the close of the 2026 Annual General Meeting. The CFE-CGC has appointed Ms. Catherine Olivry as a Director representing employees, effective from the date of the General Meeting. Until now, Ms. Catherine Olivry served as a representative of the Central Social and Economic Committee (CSEC) to the Board of Directors.<\/em><\/p>\n<p><b>2025 SALES<\/b><\/p>\n<p><strong>Salesamounted to 44.05 billion euros<\/strong> at 31 December 2025, up +1.3% reported.<\/p>\n<p><strong>Like-for-like,<\/strong> i.e. based on a comparable structure and identical exchange rates, sales grew by<strong>\u00a0<\/strong>+4.0%.<\/p>\n<p><strong>The net impact of changes in the scope of consolidation\u00a0<\/strong>was +0.9%.<\/p>\n<p><strong>Growth at constant exchange rates<\/strong> came out at +4.9%.\u00a0<\/p>\n<p><strong>Currency fluctuations<\/strong> had a negative impact of -3.6% at the end of 2025.<\/p>\n<p><b>Sales by Division and Region<\/b><\/p>\n<table style=\"border-collapse: collapse; margin-left:4.8pt; margin-right:4.8pt; width:80%; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:174.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:233.6px;;vertical-align: top ; \"><strong>4<sup>th<\/sup> quarter 2025<\/strong><\/td>\n<td colspan=\"3\" style=\"width:233.67px;;vertical-align: top ; \"><strong>At 31 December 2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;\">\u00a0<\/td>\n<td style=\"width:77.87px;;text-align: center ;  vertical-align: middle; vertical-align: top ; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:155.74px;;text-align: center ;  vertical-align: middle; vertical-align: top ; \"><strong>Growth<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: center ;  vertical-align: middle; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:155.8px;;text-align: center ;  vertical-align: middle; \"><strong>Growth<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;\">\u00a0<\/td>\n<td style=\"width:77.87px;;text-align: center ;  vertical-align: middle; vertical-align: top ; \"><strong>\u20acm<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: center ;  vertical-align: middle; \"><strong>Like-for-like<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: center ;  vertical-align: middle; \"><strong>Reported<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: center ;  vertical-align: middle; vertical-align: top ; \"><strong>\u20acm<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: center ;  vertical-align: middle; \"><strong>Like-for-like<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: center ;  vertical-align: middle; \"><strong>Reported<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong><u>By Division <\/u><\/strong><\/td>\n<td style=\"width:77.87px;\">\u00a0<\/td>\n<td style=\"width:77.87px;\"><strong>\u00a0<\/strong><\/td>\n<td style=\"width:77.87px;\"><strong>\u00a0<\/strong><\/td>\n<td style=\"width:77.87px;\">\u00a0<\/td>\n<td style=\"width:77.87px;\"><strong>\u00a0<\/strong><\/td>\n<td style=\"width:77.87px;\"><strong>\u00a0<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;;vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; \">Professional Products<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">1,383.5<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+7.6%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+6.7%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">5,163.0<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+7.5%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+5.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;;vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; \">Consumer Products<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">3,913.3<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+4.8%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+0.0%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">16,089.7<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+3.5%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+0.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;;vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; \">L\u2019Or\u00e9al Luxe<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">4,217.5<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+4.5%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">-0.5%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">15,595.1<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+2.8%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+0.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;;vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; \">Dermatological Beauty<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">1,730.7<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+11.5%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+5.9%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">7,204.1<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+5.5%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+2.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>Group total<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \"><strong>11,245.0<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \"><strong>+6.0%<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \"><strong>+1.5%<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \"><strong>44,052.0<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \"><strong>+4.0%<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \"><strong>+1.3%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong><u>By Region<\/u><\/strong><\/td>\n<td style=\"width:77.87px;\">\u00a0<\/td>\n<td style=\"width:77.87px;\">\u00a0<\/td>\n<td style=\"width:77.87px;\">\u00a0<\/td>\n<td style=\"width:77.87px;\">\u00a0<\/td>\n<td style=\"width:77.87px;\">\u00a0<\/td>\n<td style=\"width:77.87px;\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;;vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; \">Europe <\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">3,757.2<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+6.6%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+7.0%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">14,864.5<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+4.4%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+4.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;;vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; \">North America<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">2,921.6<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+8.6%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+0.7%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">11,718.1<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+3.4%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">-0.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;;vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; \">North Asia<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">2,729.2<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+0.6%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">-5.0%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">10,075.2<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+0.5%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">-2.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;;vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; \">SAPMENA \u2013 SSA<sup>6<\/sup><\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">1,045.9<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+10.7%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+2.2%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">4,114.3<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+10.9%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+6.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;;vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: middle;   text-align: left;   padding-left: 20.0px; \">Latin America<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">791.1<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+8.2%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+2.3%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">3,279.9<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">+8.3%<\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \">-0.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:174.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>Group total<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \"><strong>11,245.0<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \"><strong>+6.0%<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \"><strong>+1.5%<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \"><strong>44,052.0<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \"><strong>+4.0%<\/strong><\/td>\n<td style=\"width:77.87px;;text-align: right ;  vertical-align: middle; \"><strong>+1.3%<\/strong><\/td>\n<\/tr>\n<\/table>\n<p><b><strong>Summary by <\/strong>Division<\/b><\/p>\n<p><b>PROFESSIONAL PRODUCTS<\/b><\/p>\n<p><strong>The Professional Products Division posted growth of +7.5% like-for-like and +5.7% reported.<\/strong><\/p>\n<p>It significantly outperformed\u00a0the professional beauty market, growing in volume and value. Sales passed the \u20ac5bn threshold for the first time. It was boosted by the sustained momentum in premium haircare and the successful rollout of the omnichannel strategy\u00a0\u2013 with an acceleration in both e-commerce and selective distribution \u2013 while focusing on reigniting the salon market through tailored salon services.<\/p>\n<p>The Division\u00a0grew across all regions, fuelled by its strong performance in Europe and China as well as its continued expansion in emerging markets, notably Brazil, Mexico, GCC<sup>7<\/sup>\u00a0and India.<\/p>\n<p>In a very dynamic premium haircare market,\u00a0<em>K\u00e9rastase<\/em>\u00a0recorded another year of remarkable double-digit growth propelled by\u00a0<em>Gloss Absolu,\u00a0<\/em>the Division\u2019s biggest-ever launch. In hair colour, Professional Products continued to bring strong innovations, including\u00a0<em>Matrix Super Sync<\/em>\u00a0and the successful relaunch of\u00a0<em>Majirel\u00a0<\/em>by<em>\u00a0L&#8217;Or\u00e9al Professionnel.<\/em><\/p>\n<p>The integration of\u00a0<em>Color Wow<\/em>\u00a0is well underway: this\u00a0strategic acquisition brings increased firepower in the fast-accelerating styling segment and will open significant opportunities for international expansion.<\/p>\n<p><b>CONSUMER PRODUCTS<\/b><\/p>\n<p><strong>The Consumer Products Division posted growth of +3.5% like-for-like and +0.7% reported.<\/strong><\/p>\n<p>Growth accelerated between first and second half reflecting the successful step-up in innovation, particularly haircare and makeup.<\/p>\n<p>All four global brands grew: <em>L\u2019Or\u00e9al Paris,\u00a0<\/em>the number one beauty brand in the world<em>,<\/em> and <em>NYX Professional Makeup<\/em> had another strong year. Among the regional brands, stand-out performances came from <em>Mixa\u00a0<\/em>with its successful European roll out, and <em>3CE<\/em> with its expansion throughout Southeast Asia. The recently acquired <em>Dr.G<\/em> brand has been successfully integrated.<\/p>\n<p>In North America, growth saw a remarkable acceleration: the Division significantly outpaced the market, notably in makeup and haircare, driven by innovation and its new go-to-market organisation. In emerging markets, momentum was strong, led by Brazil, Mexico, GCC<sup>7<\/sup>, and Vietnam. In Europe, growth remained solid with particularly noteworthy performances in Southern Europe.<\/p>\n<p>Haircare advanced in double digits and was the Division\u2019s single biggest growth contributor, propelled by the continued success of <em>L\u2019Or\u00e9al Paris Glycolic Gloss<\/em> and the launch of <em>Garnier Fructis Curl Method<\/em>. In a soft makeup market, growth was boosted by blockbusters like <em>Maybelline New York Colossal Bubble Mascara<\/em>, <em>L\u2019Or\u00e9al Paris Infallible Setting Spray<\/em>, and <em>NYX Lip IV.<\/em>\u00a0Skincare was supported by innovations from <em>L&#8217;Or\u00e9al Paris\u2019 Revitalift<\/em> franchise, including the<em> Eye Bag Instant Eraser,<\/em> as well as <em>Garnier Dry Touch Cream<\/em>.<\/p>\n<p><b>LUXE<\/b><\/p>\n<p><strong>L&#8217;Or\u00e9al Luxe posted growth of +2.8% like-for-like, +0.0% reported.<\/strong><\/p>\n<p>Momentum accelerated in the second half of the year with growth reaching\u00a0+3.6% \u2013 and close to +5% outside Travel Retail in Asia, where the situation remained challenging. The Division strongly outperformed a selective market at around +1%, with a gradual improvement in the second half.<\/p>\n<p>L\u2019Or\u00e9al Luxe thus reinforced its global leadership position, anchored by a balanced regional footprint. 2025 marked a new milestone as the Division became the\u00a0number one player in North Asia \u2013 securing market leadership across all regions.<\/p>\n<p>The Division achieved double-digit growth in emerging markets, strongly outpaced the market in Europe \u2013 notably in the DACH and Spain\/ Portugal clusters. In North America, the Division demonstrated firm resilience. In North Asia, momentum accelerated in the second half as the selective market in China returned to growth.<\/p>\n<p>Fragrances remained a powerful growth engine driven by the highly dynamic Couture brands, thanks to global blockbusters like <em>Libre<\/em>\u00a0and <em>MYSLF<\/em>\u00a0by <em>Yves Saint Laurent<\/em>,\u00a0<em>Born in Roma<\/em>\u00a0by <em>Valentino<\/em> and <em>Paradoxe<\/em> by <em>Prada<\/em> \u2013 further energised by the stellar debut of\u00a0<em>Prada<\/em>\u2019s <em>Paradigme<\/em>\u00a0and the solid start of\u00a0<em>Miu Miu<\/em>\u2019s <em>Miutine<\/em>. A highlight was the double-digit growth of the\u00a0Fragrance Collections \u2013 led by exceptional results from <em>Aesop<\/em> and <em>Maison Margiela<\/em>. This strong momentum in Fragrances confirms the Division&#8217;s successful strategy in the ultra-premium and Couture segments.<\/p>\n<p>Makeup benefited from a step-up in innovation with particular successes from <em>Yves Saint Laurent<\/em> with <em>Make Me Blush<\/em>\u00a0and\u00a0<em>The Inks<\/em>, <em>Prada<\/em> \u2013 which delivered another year of double-digit growth, and <em>Lanc\u00f4me<\/em>\u2019s <em>Id\u00f4le<\/em> franchise with <em>Juicy Treats<\/em>.<\/p>\n<p>In skincare, the recently acquired <em>Medik8<\/em> brand is off to a strong start \u2013 reinforcing the position of L\u2019Or\u00e9al Luxe in the important segment of medicalised beauty.<\/p>\n<p><b>DERMATOLOGICAL BEAUTY<\/b><\/p>\n<p><strong>The Dermatological Beauty Division posted growth of +5.5% like-for-like and +2.5% reported.\u00a0<\/strong><\/p>\n<p>Momentum improved quarter after quarter and significantly accelerated into double digits in the fourth quarter, supported by the gradual alignment of sell-in and sell-out and the progressive turnaround of <em>CeraVe<\/em>. In sell-out, the Division continued to outperform a global dermo-cosmetics market, which decelerated but remained robust and ahead of the overall beauty category.<\/p>\n<p>Dermatological Beauty advanced in all regions. Momentum was particularly strong in emerging markets and resilient in mature markets, where the Division significantly outpaced the market in sell-out.<\/p>\n<p><em>La Roche-Posay<\/em> remained the number one growth contributor. It significantly outpaced the market, driven by the <em>Cicaplast<\/em>\u00a0franchise and the continued success of <em>Melasyl<\/em>, the breakthrough anti-pigmentation technology.<\/p>\n<p><em>CeraVe<\/em>\u00a0achieved a gradual turnaround, boosted by the successful launch of <em>Intensive Moisturising\u00a0Lotion<\/em>. In the US, the brand progressively reaccelerated in skincare and benefitted from the entry into haircare, which had a good start \u2013 allowing it to outpace the market in the second half. In emerging markets and mainland China, CeraVe pursued its very strong momentum, growing well ahead of the market.<\/p>\n<p><em>SkinCeuticals<\/em>\u00a0crossed the billion-euro mark, delivering very dynamic growth everywhere, propelled by outstanding innovations like <em>P-Tiox<\/em> and <em>AGE interrupter<\/em>.<\/p>\n<p>Vichy\u2019s growth was boosted by the ongoing strength of <em>Dercos<\/em> and the successful launch of <em>Collagen Specialist 16<\/em>.<\/p>\n<p><b>\u00a0<\/b><\/p>\n<p><b>Summary by Region<\/b><\/p>\n<p><b>EUROPE\u00a0<\/b><\/p>\n<p><strong>Sales in Europe grew +4.4 % like-for-like and +4.6% reported<\/strong>.<\/p>\n<p>L\u2019Or\u00e9al continued to outpace a robust beauty market, with a particularly strong finish, thanks to the continued success of e-commerce.<\/p>\n<p>Momentum was especially strong in the Spain-Portugal and Germany-Austria-Switzerland clusters, Italy and in most medium-sized countries; the UK-Ireland cluster significantly accelerated in the second half.<\/p>\n<p>Consumer Products outpaced the market in makeup thanks to strong innovations, notably from <em>L\u2019Or\u00e9al Paris<\/em> and <em>NYX Professional Make-Up<\/em>. Haircare was boosted by successful launches such as <em>L\u2019Or\u00e9al Paris Els\u00e8ve Glycolic Gloss<\/em> and <em>Garnier Fructis Keratin Sleek<\/em>.<\/p>\n<p>L&#8217;Or\u00e9al Luxe significantly outperformed its market, thanks primarily to the outstanding performance of its fragrance portfolio. L\u2019Or\u00e9al holds the top 3 positions in female fragrances with <em>Libre<\/em>, <em>La Vie est Belle<\/em> and <em>Paradoxe<\/em>. In male fragrances, <em>Prada<\/em>\u2019s <em>Paradigme<\/em> was off to a very strong start.<\/p>\n<p>Professional Products grew strongly, propelled by the continued dynamism in premium haircare \u2013 with a particularly impressive performance from <em>K\u00e9rastase<\/em>.<\/p>\n<p>Dermatological Beauty progressively accelerated in the second half, helped by the gradual alignment of sell-in and sell-out. <em>La Roche-Posay<\/em> cemented its leadership across its strategic channels. <em>SkinCeuticals <\/em>was particularly dynamic, fuelled by successful launches.<\/p>\n<p><b>NORTH AMERICA<\/b><\/p>\n<p><strong>Sales in North America grew +3.4% like-for-like and -0.7% reported.<\/strong><\/p>\n<p>Growth accelerated from +2% in the first to almost +5% in the second half as market conditions improved and key innovations were successfully rolled out. It was broad-based with all Divisions contributing.<\/p>\n<p>In Consumer Products, momentum improved quarter after quarter, resulting in significant outperformance in the back half of the year. Haircare remained the most dynamic growth engine, led <em>by L&#8217;Or\u00e9al ParisElvive<\/em> and <em>Ever<\/em>. Makeup improved strongly, driven by innovations like <em>L&#8217;Or\u00e9al Paris<\/em>\u2019 <em>Plump Ambition<\/em> and <em>Faux Brow<\/em>, as well as <em>NYX Professional Makeup<\/em>\u2019s <em>Lip IV\u00a0<\/em>and<em> Brow Glue Crazy Lift<\/em>.<\/p>\n<p>Professional Products outpaced the market thanks to the continued strength of <em>K\u00e9rastase<\/em> in premium haircare, boosted further by the successful launch of <em>Gloss Absolu<\/em>.The recently acquired <em>Color Wow<\/em> is off to a good start.<\/p>\n<p>In Luxe, fragrances remained dynamic, significantly outpacing the market. The category was powered by the ongoing success of Couture brands as well as the rollout of new launches including <em>Prada<\/em>&#8216;s <em>Paradigme<\/em>, <em>Miu Miu<\/em>\u2019s <em>Miutine<\/em> and <em>YSL<\/em>\u2019s <em>MYSLF Absolu<\/em>.<\/p>\n<p>In Dermatological Beauty, momentum significantly improved in the second half of the year with all key brands contributing. Growth was led by <em>SkinCeuticals<\/em>, boosted by the continued success of <em>P-Tiox<\/em> and strong momentum in D2C. <em>CeraVe<\/em> maintained its upward trajectory, driven by continued strength in haircare and a gradual improvement in skincare.<\/p>\n<p>E-commerce remained the primary growth engine, delivering robust performance across all four Divisions.<\/p>\n<p><b>NORTH ASIA<\/b><\/p>\n<p><strong>Sales in North Asia grew +0.5% like-for-like and -2.2% reported<\/strong>.<\/p>\n<p>Excluding Travel Retail, where the overall ecosystem remained challenging, L\u2019Or\u00e9al\u2019s growth improved from flat in the first to +4% in the second half. The Group outperformed in all markets, including Travel Retail, thanks to its unrivalled brand portfolio and step-up in innovation.<\/p>\n<p>The improvement was driven by mainland China, where growth accelerated from low to mid-single digits over the period, supported by gradually stabilising market conditions. L\u2019Or\u00e9al outperformed the market both online and offline. In a selective market that saw a clear recovery in the second half, Luxe continued to outperform, boosted by its strong innovation pipeline. Growth remained dynamic in Professional Products and, even more so, Dermatological Beauty, where <em>SkinCeuticals<\/em> strengthened its leadership position. <em>L\u2019Or\u00e9al Paris<\/em> once again confirmed its position as the number one beauty brand in the Chinese market.<\/p>\n<p>In North Asia, Dermatological Beauty posted double-digit growth with all brands contributing \u2013 gaining share across all markets. Professional Products outperformed the market, boosted by the ongoing strength of\u00a0<em>K\u00e9rastase<\/em>\u00a0and e-commerce.\u00a0In Luxe, growth saw a sharp recovery in the second half and continued to outpace the market, propelled by strong innovations and outstanding consumer experiences with <em>Yves Saint Laurent<\/em>, <em>Prada<\/em>, <em>Maison Margiela<\/em> and <em>Aesop<\/em> particularly dynamic.<\/p>\n<p><b>SAPMENA\u2013SSA<sup>6<\/sup><\/b><\/p>\n<p><strong>Sales in SAPMENA-SSA grew +10.9% like-for-like and +6.5% reported.<\/strong><\/p>\n<p>In SAPMENA, growth was broad-based with all Divisions contributing. Dermatological Beauty was the most dynamic Division, led by <em>La Roche-Posay<\/em> and <em>CeraVe<\/em>. Professional Products advanced strongly, boosted by <em>K\u00e9rastase<\/em>. The performance of Luxe was powered by <em>Yves Saint Laurent<\/em>, <em>Armani<\/em>, and <em>Prada<\/em>. Consumer Products, the region\u2019s single largest growth contributor, was driven by <em>L\u2019Or\u00e9al Paris<\/em>.<\/p>\n<p>By category, haircare, makeup and fragrances all posted double-digit growth. Haircare led the way with strong performances in both, the professional and mass channels \u2013 the latter fuelled by successful <em>Els\u00e8ve<\/em> launches. The rebound of makeup continued, boosted by innovations and the successful expansion of <em>3CE<\/em> in the region. Fragrances grew strongly, powered by the Couture brands.<\/p>\n<p>By country, key contributors were GCC<sup>7<\/sup>, followed by the Australia-New Zealand cluster, Vietnam, India, and Thailand.\u00a0<\/p>\n<p>Across the region, online remained the main growth driver, notably in India, South-East Asia and GCC<sup>7<\/sup>.<\/p>\n<p>Sub-Saharan Africa (SSA) demonstrated robust growth, driven by both, volume and mix. Momentum was broad-based across all Divisions: main contributors were Consumer Products and Dermatological Beauty. Skincare, haircare and makeup achieved remarkable momentum, driven by <em>La Roche-Posay<\/em>, <em>L\u2019Or\u00e9al Paris<\/em> and <em>CeraVe<\/em>. South Africa remained the key growth contributor and continued to outpace its market.<\/p>\n<p><b>LATIN AMERICA<\/b><\/p>\n<p><strong>Sales in Latin America grew +8.3% like-for-like and -0.7% reported<\/strong>.<\/p>\n<p>This strong growth was achieved despite softening market conditions, demonstrating L\u2019Or\u00e9al\u2019s resilience.\u00a0<\/p>\n<p>All Divisions advanced. Professional Products and Luxe continued to deliver outstanding growth, driven by strong innovation in premium haircare and fragrances and makeup, respectively. Consumer Products was the leading growth contributor, fuelled by haircare, makeup and hair colour, led by <em>L\u2019Or\u00e9al Paris<\/em>, where the <em>Els\u00e8ve Dream Sleek<\/em>\u00a0blockbuster innovation fortified the brand\u2019s market share throughout the region.\u00a0<\/p>\n<p>All key categories advanced. Fragrances maintained exceptional momentum, powered by the Couture brands. The all-important haircare category was the number one growth contributor, advancing in double digits across all relevant Divisions and brands \u2013 boosted by a strong innovation pipeline.<\/p>\n<p>Progress was broad-based across all countries, with particularly strong performances in Mexico and Brazil.<\/p>\n<p>Both brick-and-mortar and online grew. E-commerce maintained its strong momentum across the region, allowing L\u2019Or\u00e9al to reach new consumers.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><b>IMPORTANT EVENTS SINCE THE LAST PUBLICATION<\/b><\/p>\n<p><strong>STRATEGY<\/strong><\/p>\n<ul>\n<li>L\u2019Or\u00e9al announced the acquisition of an <strong>additional 10% stake in Galderma<\/strong>, bringing its ownership to 20%. This increased investment reaffirms L\u2019Or\u00e9al\u2019s ambition to participate in the fast-growing aesthetics market. Galderma\u2019s Board of Directors will consider nominating<strong> two non-independent board candidates<\/strong> from L\u2019Or\u00e9al as from the 2026 Annual General Meeting. Customary regulatory approvals have been obtained, and closing was completed on February 10, 2026.<\/li>\n<\/ul>\n<p><strong>RESEARCH, BEAUTY TECH AND DIGITAL<\/strong><\/p>\n<ul>\n<li>L\u2019Or\u00e9al introduced <strong>two breakthrough technologies at the CES 2026<\/strong> in Las Vegas, bringing the power of infrared light to hair with the <strong>Light Straight + Multi-styler<\/strong> and to skin with the <strong>LED Face Mask<\/strong>. Both were honoured with a <em>CES\u00ae 2026 Innovation Award<\/em>.<\/li>\n<li>L\u2019Or\u00e9al announced <strong>the creation of a Beauty Tech hub in India.<\/strong> One of its objectives will be to develop AI-powered beauty solutions, leveraging Generative and Agentic AI.<\/li>\n<\/ul>\n<p><strong>ENVIRONMENTAL, SOCIAL AND GOVERNANCE PERFORMANCE<\/strong><\/p>\n<ul>\n<li>L\u2019Or\u00e9al achieved a tenth consecutive<strong> CDP triple \u2018A\u2019 score<\/strong>, demonstrating its commitment to leadership and transparency in climate, forests and water security.<\/li>\n<li>L&#8217;Or\u00e9al was awarded the <strong>EcoVadis Platinum medal<\/strong> rating with a score of 89 over 100. This recognition puts it in the top 1% of the highest-rated companies in the world among 150,000 companies assessed.<\/li>\n<\/ul>\n<p><strong>OTHER<\/strong><\/p>\n<ul>\n<li>L\u2019Or\u00e9al is <strong>ranked as the 41<sup>st<\/sup> most admired company in the world<\/strong> (only French company in the Top 50) by The <em>Fortune Most Admired Companies<\/em> List.\u00a0<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><b>2025 RESULTS<\/b><\/p>\n<p>Financial statements are audited and the certification report on the consolidated financial statements will be issued once the management report has been approved by the Board of Directors and verified by the Statutory Auditors.<\/p>\n<p><strong>Operating profitability at 20.2% of sales<\/strong><\/p>\n<p>Consolidated profit and loss accounts: from sales to operating profit.<\/p>\n<table style=\"border-collapse: collapse; width:80%; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:299.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:179.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>2024<\/strong><\/td>\n<td colspan=\"2\" style=\"width:181.47px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:299.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><strong>\u20acm<\/strong><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><strong>% sales<\/strong><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><strong>\u20acm<\/strong><\/td>\n<td style=\"width:91.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>% sales<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:299.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>Sales<\/strong><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>43,486.8<\/strong><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>100.0%<\/strong><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; \"><strong>44,052.0<\/strong><\/td>\n<td style=\"width:91.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>100.0%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:299.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>Cost of sales<\/em><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-11,227.0<\/em><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>25.8%<\/em><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; \"><em>-11,313.4<\/em><\/td>\n<td style=\"width:91.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>25.7%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:299.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>Gross profit<\/strong><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>32,259.8<\/strong><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>74.2%<\/strong><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; \"><strong>32,738.6<\/strong><\/td>\n<td style=\"width:91.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>74.3%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:299.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>R&amp;I expenses<\/em><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; \"><em>-1,354.7<\/em><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>3.1%<\/em><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; \"><em>-1,380.6<\/em><\/td>\n<td style=\"width:91.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>3.1%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:299.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>Advertising and promotion<\/em><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-14,008.9<\/em><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>32.2%<\/em><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; \"><em>-14,177.8<\/em><\/td>\n<td style=\"width:91.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>32.2%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:299.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>Selling, general and administrative expenses<\/em><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-8,208.7<\/em><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>18.9%<\/em><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-8,288.4<\/em><\/td>\n<td style=\"width:91.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>18.8%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:299.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><strong>Operating profit<\/strong><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><strong>8,687.5<\/strong><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><strong>20.0%<\/strong><\/td>\n<td style=\"width:89.94px;;vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: middle;   text-align: left;   padding-left: 15.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><strong>8,891.9<\/strong><\/td>\n<td style=\"width:91.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>20.2%<\/strong><\/td>\n<\/tr>\n<\/table>\n<p><strong>Gross profit<\/strong>, at 74.3% of sales, improved by 10 basis points.<\/p>\n<p><strong>Research &amp; Innovation expenses\u00a0<\/strong>remained stable at 3.1% of sales.<\/p>\n<p><strong>Advertising and promotional expenses\u00a0<\/strong>remained stable at 32.2% of sales.<\/p>\n<p><strong>Selling, general and administrative expenses<\/strong> decreased by 10 basis points to 18.8% of sales.<\/p>\n<p>Overall, <strong>operating profit\u00a0<\/strong>increased by +2.4% to 8,891.9 million euros, and amounted to 20.2% of sales, an improvement of 20 basis points.<\/p>\n<p>\u00a0<\/p>\n<p><strong>Operating profit by Division<\/strong><\/p>\n<table style=\"border-collapse: collapse; width:80%; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:302.07px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:171.47px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>2024<\/strong><\/td>\n<td colspan=\"2\" style=\"width:164.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:302.07px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:88.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><strong>\u20acm<\/strong><\/td>\n<td style=\"width:82.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><strong>% sales<\/strong><\/td>\n<td style=\"width:82px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><strong>\u20acm<\/strong><\/td>\n<td style=\"width:82.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>% sales<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:302.07px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong><u>By Division <\/u><\/strong><\/td>\n<td style=\"width:88.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<td style=\"width:82.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<td style=\"width:82px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<td style=\"width:82.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:302.07px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">Professional Products<\/td>\n<td style=\"width:88.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">1,086.2<\/td>\n<td style=\"width:82.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">22.2%<\/td>\n<td style=\"width:82px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">1,180.3<\/td>\n<td style=\"width:82.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">22.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:302.07px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">Consumer Products<\/td>\n<td style=\"width:88.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">3,376.4<\/td>\n<td style=\"width:82.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">21.1%<\/td>\n<td style=\"width:82px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">3,443.3<\/td>\n<td style=\"width:82.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">21.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:302.07px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">L\u2019Or\u00e9al Luxe<\/td>\n<td style=\"width:88.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">3,469.7<\/td>\n<td style=\"width:82.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">22.3%<\/td>\n<td style=\"width:82px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">3,488.1<\/td>\n<td style=\"width:82.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">22.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:302.07px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">Dermatological Beauty<\/td>\n<td style=\"width:88.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">1,832.7<\/td>\n<td style=\"width:82.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">26.1%<\/td>\n<td style=\"width:82px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">1,882.1<\/td>\n<td style=\"width:82.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">26.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:302.07px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>Divisions total<\/strong><\/td>\n<td style=\"width:88.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>9,765.0<\/strong><\/td>\n<td style=\"width:82.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>22.5%<\/strong><\/td>\n<td style=\"width:82px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>9,993.8<\/strong><\/td>\n<td style=\"width:82.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>22.7%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:302.07px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>Non-allocated<\/em><sup>8<\/sup><\/td>\n<td style=\"width:88.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-1,077.5<\/em><\/td>\n<td style=\"width:82.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-2.5%<\/em><\/td>\n<td style=\"width:82px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-1,101.8<\/em><\/td>\n<td style=\"width:82.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-2.5%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width:302.07px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><strong>Group<\/strong><\/td>\n<td style=\"width:88.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><strong>8,687.5<\/strong><\/td>\n<td style=\"width:82.94px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><strong>20.0%<\/strong><\/td>\n<td style=\"width:82px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; \"><strong>8,891.9<\/strong><\/td>\n<td style=\"width:82.54px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>20.2%<\/strong><\/td>\n<\/tr>\n<\/table>\n<p>The profitability of the <strong>Professional Products Division<\/strong> came out at 22.9% of sales, up 70 basis points.<\/p>\n<p>The profitability of the <strong>Consumer Products Division<\/strong> came out at 21.4% of sales, up 30 basis points.<\/p>\n<p>The profitability of the <strong>Luxe Division\u00a0<\/strong>came out at 22.4% of sales, up 10 basis points.<\/p>\n<p>The profitability of the<strong>Dermatological BeautyDivision<\/strong> came out at 26.1%, stable compared to 2024.<\/p>\n<p><strong>Non-allocated expenses\u00a0<\/strong>amounted to 1,101.8 million euros.<\/p>\n<p>\u00a0<\/p>\n<p><strong>Net profit<\/strong><\/p>\n<p>Consolidated profit and loss accounts: from operating profit to net profit excluding non-recurring items.<\/p>\n<table style=\"border-collapse: collapse; width:80%; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:318.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em><strong>\u20acm<\/strong><\/em><\/td>\n<td style=\"width:105.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>2024<\/strong><\/td>\n<td style=\"width:106.27px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>2025<\/strong><\/td>\n<td style=\"width:111.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>Growth<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:318.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>Operating profit<\/strong><\/td>\n<td style=\"width:105.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>8,687.5<\/strong><\/td>\n<td style=\"width:106.27px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>8,891.9<\/strong><\/td>\n<td style=\"width:111.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>+2.4%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:318.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>Financial revenues and expenses excluding dividends received<\/em><\/td>\n<td style=\"width:105.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-264.5<\/em><\/td>\n<td style=\"width:106.27px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-236.1<\/em><\/td>\n<td style=\"width:111.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:318.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>Dividends received<\/em><\/td>\n<td style=\"width:105.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>447.6<\/em><\/td>\n<td style=\"width:106.27px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>351.9<\/em><\/td>\n<td style=\"width:111.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:318.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">Profit before tax excluding non-recurring items<\/td>\n<td style=\"width:105.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">8,870.6<\/td>\n<td style=\"width:106.27px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">9,007.7<\/td>\n<td style=\"width:111.87px;;vertical-align: middle;   text-align: left;   padding-left: 30.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: middle;   text-align: left;   padding-left: 30.0px; \">+1.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:318.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>Income tax excluding non-recurring items<\/em><\/td>\n<td style=\"width:105.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-2,075.4<\/em><\/td>\n<td style=\"width:106.27px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-2,187.4<\/em><\/td>\n<td style=\"width:111.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:318.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>Net profit excluding non-recurring items of equity consolidated companies<\/em><\/td>\n<td style=\"width:105.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-1.3<\/em><\/td>\n<td style=\"width:106.27px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-5.5<\/em><\/td>\n<td style=\"width:111.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:318.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>Non-controlling interests<\/em><\/td>\n<td style=\"width:105.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-7.6<\/em><\/td>\n<td style=\"width:106.27px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><em>-8.3<\/em><\/td>\n<td style=\"width:111.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:318.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>Net profit after non-controlling interests\u00a0<\/strong><br \/><strong>excluding non-recurring items<\/strong><\/td>\n<td style=\"width:105.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>6,786.3<\/strong><\/td>\n<td style=\"width:106.27px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>6,806.4<\/strong><\/td>\n<td style=\"width:111.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>+0.3%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:318.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>EPS<sup>3<\/sup> (\u20ac)<\/strong><\/td>\n<td style=\"width:105.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>12.66<\/strong><\/td>\n<td style=\"width:106.27px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>12.71<\/strong><\/td>\n<td style=\"width:111.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>+0.4%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:318.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<td style=\"width:105.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<td style=\"width:106.27px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<td style=\"width:111.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:318.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>Net profit after non-controlling interests<\/strong><\/td>\n<td style=\"width:105.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>6,408.7<\/strong><\/td>\n<td style=\"width:106.27px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>6,127.2<\/strong><\/td>\n<td style=\"width:111.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>-4.4%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:318.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">Diluted EPS after non-controlling interests (\u20ac)<\/td>\n<td style=\"width:105.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">11.95<\/td>\n<td style=\"width:106.27px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">11.44<\/td>\n<td style=\"width:111.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:318.8px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>Diluted average number of shares<\/strong><\/td>\n<td style=\"width:105.34px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; \"><strong>536,078,431<\/strong><\/td>\n<td style=\"width:106.27px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; \"><strong>535,366,634<\/strong><\/td>\n<td style=\"width:111.87px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; text-align: right ;  vertical-align: middle; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><strong>Net finance costs\u00a0<\/strong>amounted to 236.1 million euros.<\/p>\n<p><strong>Dividendsreceived<\/strong> totalled 351.9 million euros.<\/p>\n<p><strong>Income tax excluding non-recurrent items\u00a0<\/strong>amounted to 2,187.4 million euros, representing a tax rate of 24.3%.<\/p>\n<p><strong>Net profit excluding non-recurring items after non-controlling interests\u00a0<\/strong>stood at 6,806.4 million euros.<\/p>\n<p><strong>Earnings per share<sup>3<\/sup><\/strong>,\u00a0at 12.71 euros, increased by +0.4%.<\/p>\n<p><strong>Non-recurring items after non-controlling interests<\/strong><sup>9<\/sup>amounted to 681.1 million euros net of tax.<\/p>\n<p><strong>Net profit after non-controlling interests\u00a0<\/strong>came out at 6,127.2 million euros, decreasing by -4.4%.<\/p>\n<p>\u00a0<\/p>\n<p><strong>Cash flow statement, Balance sheet and Cash position<\/strong><\/p>\n<p><strong>Gross cash flow<\/strong>\u00a0amounted to 8,329.5 million euros, a decrease of -2.2%.<\/p>\n<p>The <strong>working capital requirement<\/strong> decreased by 327 million euros.<\/p>\n<p>At 1,495.3 million euros, <strong>investments <\/strong>represented 3.4% of sales.<\/p>\n<p><strong>Net cash flow<\/strong><sup>10<\/sup>, at\u00a07,161.6\u00a0million euros, increased by 7.8%.<\/p>\n<p>The <strong>balance sheet<\/strong> remains strong, with shareholders\u2019 equity amounting to 35.0 billion euros.<\/p>\n<p>\u00a0<\/p>\n<p><strong>Proposed dividend at the Annual General Meeting of 24 April 2026<\/strong><\/p>\n<p>The Board of Directors has decided to propose a dividend of 7.20 euros per share at the shareholders\u2019 Annual General Meeting of 24 April 2026, an increase of +2.9% compared with the dividend paid in 2025. The dividend will be paid on 4 May 2026 (ex-dividend date 29 April 2026).<\/p>\n<p>\u00a0<\/p>\n<p><strong>Share capital<\/strong><\/p>\n<p>At 31 December 2025, the capital of the company is formed by 533,783,028 shares.<\/p>\n<p><em>The L\u2019Or\u00e9al Board of Directors met on 12 February 2026, under the chairmanship of Jean-Paul Agon and in the presence of the Statutory Auditors. The Board approved the consolidated financial statements and the financial statements for 2025.<\/em><\/p>\n<p>\u00a0<\/p>\n<p><em>\u201cThis news release does not constitute an offer to sell, or a solicitation of an offer to buy L\u2019Or\u00e9al shares. If\u00a0you wish to obtain more comprehensive information about L\u2019Or\u00e9al, please refer to the public documents registered in France with the Autorit\u00e9 des March\u00e9s Financiers, also available in English on our website\u00a0<\/em><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=1WOvGDXeXmfwqNDIsHt2wXc4wyyjewB2bq_dNjnDW35qz3tp4Mh-RI-4mDcWL0Au1K18UtQ0qCQ_zYfkOJ3aAkdt7YbJp_BY6MRqY3lq1Iq0Sqc7E41b1W8wtYpZA2Qr\" rel=\"nofollow\" target=\"_blank\" title=\"www.loreal-finance.com\">www.loreal-finance.com<\/a>.<\/p>\n<p><em>This news release may contain some forward-looking statements. While the Company believes that these statements are based on reasonable assumptions as of the date of publication of this press release, they are by nature subject to risks and uncertainties which may lead to a discrepancy between the actual figures and those indicated or suggested in these statements.\u201d<\/em><\/p>\n<p>\u00a0<\/p>\n<p><em><strong>About L\u2019Or\u00e9al<\/strong><\/em><\/p>\n<p><em>For over 115 years, L\u2019Or\u00e9al, the world\u2019s leading beauty player, has devoted itself to one thing only: fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as essential, inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 40 international brands and ambitious sustainability commitments in our L\u2019Or\u00e9al for the Future programme, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality.\u00a0<\/em><\/p>\n<p><em>With more than 95,000 committed employees, a balanced geographical footprint and sales across all distribution networks (ecommerce, mass market, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), in 2025 the Group generated sales amounting to 44.05 billion euros. With <strong>22 research centers across 9 regional hubs\u00a0<\/strong>around the world and a dedicated Research and Innovation team of over 4,000 scientists and more than 8,000 Digital<strong>, Tech and Data\u00a0<\/strong>talents, L\u2019Or\u00e9al is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse.\u00a0<\/em><\/p>\n<p><em>In 2025, L\u2019Or\u00e9al has been named the most innovative company in Europe by Fortune magazine, out of 300 companies, in a ranking spanning 21 countries and 16 industries in Europe.<\/em><\/p>\n<p><em>More information on\u00a0<\/em><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=XQs5FAbLth7J7EldfbyZEQapHbnInGu0ZLDliAC8ikV82d0XM7wpxdwmaWdMR0MKbA5921_qTbdg82-IsGTxwlpm0zEH7Q8V_STYGw-NZ6Vp1EjagILPSLoCxMTYtRcFpJN-LZ_uUWY80-imobUDag==\" rel=\"nofollow\" target=\"_blank\" title=\"\"><em>https:\/\/www.loreal.com\/en\/mediaroom<\/em><\/a><\/p>\n<p>\u00a0<\/p>\n<p><strong>L\u2019OR\u00c9AL CONTACTS<\/strong><\/p>\n<p>Switchboard<br \/>+33 (0) 1 47 56 70 00<\/p>\n<p><strong>Individual shareholders<\/strong><\/p>\n<p>Pascale Guerin<\/p>\n<p>+33 (0)1 49 64 18 89<\/p>\n<p><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=UWgm3qSJJ0mdZ3Ork7qL6W43gZncd3Bzdutg483WR14iR2-nmNh57KDAUQN5v8q1VdCZsP8MoCX9ySYW3QNCr20bdrHmzPZoUbnoRoxbw3BClcuDOJK0DJChmXTKDfsq\" rel=\"nofollow\" target=\"_blank\" title=\"pascale.guerin@loreal.com\">pascale.guerin@loreal.com<\/a><\/p>\n<p><strong>Investor relations<\/strong><\/p>\n<p>Eva Quiroga<\/p>\n<p>+33 (0)7 88 14 22 65<\/p>\n<p><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=5pHyaKtNIRzepu4ZmbEQucorFjgmgygxgEQ71mDVOjQuMk8KJJsuQ8rwfhMv09_9AU50AxROJip4PwW-U6kHQKTYSGpeOcO8UmfnBTKnwNv4_QUURiWDLcEyklD0XmmJ\" rel=\"nofollow\" target=\"_blank\" title=\"eva.quiroga@loreal.com\">eva.quiroga@loreal.com<\/a><\/p>\n<p><strong>Journalists<\/strong><\/p>\n<p>Brune Diricq<\/p>\n<p>+33 (0)6 63 85 29 87<\/p>\n<p>brune.diricq@loreal.com<\/p>\n<p>Christine Burke<\/p>\n<p>+33 (0)6 75 54 38 15<\/p>\n<p>christine.burke@loreal.com<\/p>\n<p>\u00a0<\/p>\n<p>For more information, please contact your bank, broker or financial institution (I.S.I.N. code: FR0000120321), and consult your usual newspapers, the website for shareholders and investors, www.loreal-finance.com or the L\u2019Or\u00e9al Finance app; alternatively, call +33 (0)1 40 14 80 50.<\/p>\n<p>This press release has been secured and authenticated with blockchain technology.\u00a0<br \/>You can verify its authenticity on the website\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=1WOvGDXeXmfwqNDIsHt2wQf-q2WF7_O2Wjvz80zYd3E_GJvCn7cPjPvMX9lD0q02i4ldkntP3JsdVPfbdZKSzKX9UEklCoD5u4Qv73yRm7A=\" rel=\"nofollow\" target=\"_blank\" title=\"www.wiztrust.com\">www.wiztrust.com<\/a><\/p>\n<p>\u00a0<\/p>\n<p><sup>1<\/sup><em>Like-for-like growth: based on a comparable structure and identical exchange rates.<\/em><\/p>\n<p><sup>2<\/sup><em>Includes sales on L&#8217;Or\u00e9al\u2019s brand websites, sales to online pure players, and the e-commerce portion of sales to traditional retailers (based on non-audited declarative data); like-for-like.<\/em><\/p>\n<p><sup>3<\/sup><em>Diluted earnings per share (EPS), based on net profit, excluding non-recurring items, after non-controlling interests.<\/em><\/p>\n<p><sup>4<\/sup><em>To be proposed at the Annual General Meeting of 24 April 2026.<\/em><\/p>\n<p><sup>5<\/sup><em>Adjusted for the phasing related to the 2024 and 2025 IT transformation.<\/em><\/p>\n<p><sup>6<\/sup><em> SAPMENA \u2013 SSA: South Asia Pacific, Middle East, North Africa, Sub-Saharan Africa.<\/em><\/p>\n<p><sup>7<\/sup><em>GCC: Gulf Cooperation Council.<\/em><\/p>\n<p><sup>8<\/sup><em> Non-allocated = Central Group expenses, fundamental research expenses, free grant of shares expenses and miscellaneous items.<\/em><\/p>\n<p><sup>9<\/sup><em> Non-recurring items include impairment of assets, capital gains and losses on disposals of long-term assets, restructuring costs and tax effects of non-recurring items.<\/em><\/p>\n<p><sup>10<\/sup><em> Net cash flow = Gross cash flow + changes in working capital &#8211; capital expenditure.<\/em><br \/>\u00a0<\/p>\n<p><b>Appendices<\/b><\/p>\n<p><b>Appendix 1: L\u2019Or\u00e9al group sales 2024\/2025 (\u20ac million)<\/b><\/p>\n<table align=\"center\" style=\"border-collapse: collapse; width:80%; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:132px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:94.34px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><strong>2024<\/strong><\/td>\n<td colspan=\"3\" style=\"width:310.47px;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; \"><strong>2025<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:132px;;vertical-align: top ; \">\u00a0<\/td>\n<td style=\"width:94.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u20acm<\/td>\n<td style=\"width:106.14px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">\u20acm<\/td>\n<td style=\"width:100.47px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">Like-for-like evolution<\/td>\n<td style=\"width:103.87px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">Reported evolution<\/td>\n<\/tr>\n<tr>\n<td style=\"width:132px;\"><strong>First quarter<\/strong><\/td>\n<td style=\"width:94.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">11,245.0<\/td>\n<td style=\"width:106.14px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">11,734.7<\/td>\n<td style=\"width:100.47px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">+3.5%<\/td>\n<td style=\"width:103.87px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">+4.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:132px;\"><strong>Second quarter<\/strong><\/td>\n<td style=\"width:94.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">10,875.8<\/td>\n<td style=\"width:106.14px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">10,738.6<\/td>\n<td style=\"width:100.47px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">+2.4%<\/td>\n<td style=\"width:103.87px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">-1.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:132px;\"><strong>First half total<\/strong><\/td>\n<td style=\"width:94.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">22,120.8<\/td>\n<td style=\"width:106.14px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">22,473.3<\/td>\n<td style=\"width:100.47px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">+3.0%<\/td>\n<td style=\"width:103.87px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">+1.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:132px;\"><strong>Third quarter<\/strong><\/td>\n<td style=\"width:94.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">10,284.9<\/td>\n<td style=\"width:106.14px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">10,333.7<\/td>\n<td style=\"width:100.47px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">+4.2%<\/td>\n<td style=\"width:103.87px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">+0.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:132px;\"><strong>Nine months total<\/strong><\/td>\n<td style=\"width:94.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">32,405.7<\/td>\n<td style=\"width:106.14px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">32,807.0<\/td>\n<td style=\"width:100.47px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">+3.4%<\/td>\n<td style=\"width:103.87px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">+1.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:132px;\"><strong>Fourth quarter<\/strong><\/td>\n<td style=\"width:94.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">11,081.1<\/td>\n<td style=\"width:106.14px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">11,245.0<\/td>\n<td style=\"width:100.47px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">+6.0%<\/td>\n<td style=\"width:103.87px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">+1.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:132px;\"><strong>Full year total<\/strong><\/td>\n<td style=\"width:94.34px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">43,486.8<\/td>\n<td style=\"width:106.14px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; \">44,052.0<\/td>\n<td style=\"width:100.47px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">+4.0%<\/td>\n<td style=\"width:103.87px;;border-right: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: top ; \">+1.3%<\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p><b>Appendix 2: Compared consolidated income statements<\/b><\/p>\n<table style=\"border-collapse: collapse; width:679px; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><i>\u20ac millions<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2025<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2024<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2023\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Net sales<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0 44,052.0<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0 43,486.8<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0 41,182.5<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Cost of sales<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0 (11,313.4)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0 (11,227.0)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0 (10,767.0)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Gross profit<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0 32,738.6<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0 32,259.8<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0 30,415.5<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Research &amp; Innovation expenses<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (1,380.6)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (1,354.7)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (1,288.9)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Advertising and promotion expenses<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0 (14,177.8)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0 (14,008.9)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0 (13,356.6)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Selling, general and administrative expenses<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (8,288.3)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (8,208.7)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (7,626.7)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Operating profit<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,891.9<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,687.5<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,143.3<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Other income and expenses<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (505.4)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (437.7)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (449.9)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Operational profit<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,386.5<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,249.8<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,693.4<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Finance costs on gross debt<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (365.8)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (373.4)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (226.7)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Finance income on cash and cash equivalents<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 167.7<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 148.7<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 162.1<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Finance costs on net debt<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (198.1)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (224.7)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (64.6)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Other financial income and expenses<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (38.0)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (39.8)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (51.5)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Dividends received<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 351.9<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 447.6<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 423.6<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Profit before tax and associates<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,502.2<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,432.9<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,001.0<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Income tax<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (2,363.1)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (2,015.1)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (1,810.6)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Share of profit in associates<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (5.5)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1.3)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.2<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Net profit<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,133.7<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,416.5<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,190.5<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Attributable to:<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">\n<ul>\n<li style=\"margin-top:0cm; margin-bottom:0cm;\">owners of the company<\/li>\n<\/ul>\n<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,127.2<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,408.7<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,184.0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">\n<ul>\n<li style=\"margin-top:0cm; margin-bottom:0cm;\">non-controlling interests<\/li>\n<\/ul>\n<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.5<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.8<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.5<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Earnings per share attributable to owners of the company (euros)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11.48<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11.99<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11.55<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Diluted earnings per share attributable to owners of the company (euros)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11.44<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11.95<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11.52<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Earnings per share attributable to owners of the company, excluding non-recurring items (euros)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.75<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.70<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.11<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Diluted earnings per share attributable to owners of the company, excluding non-recurring items (euros)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.71<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.66<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.08<\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p><b>Appendix 3: Consolidated statement of comprehensive income<\/b><\/p>\n<table style=\"border-collapse: collapse; width:619px; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \">\u20ac millions<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2025<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2024<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2023<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><b>Consolidated net profit for the period<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,133.7<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,416.5<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,190.5<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><i>Cash flow hedges<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 116.9<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (77.1)<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (137.3)<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><i>Cumulative translation adjustments<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (985.3)<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 260.6<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (425.8)<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><i>Income tax on items that may be reclassified to profit or loss<sup> (1)<\/sup><\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (12.4)<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.1<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22.7<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><b>Items that may be reclassified to profit or loss<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (880.9)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 187.7<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (540.3)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><i>Financial assets at fair value through other comprehensive income<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 848.4<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,144.9<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (76.3)<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><i>Actuarial gains and losses<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 104.4<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 154.2<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (119.3)<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><i>Income tax on items that may not be reclassified to profit or loss <sup>(1)<\/sup><\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (58.6)<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (72.5)<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 28.9<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><b>Items that may not be reclassified to profit or loss<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 894.2<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,226.6<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (166.7)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><b>Other comprehensive income<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13.3<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,414.3<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (707.0)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><b>CONSOLIDATED COMPREHENSIVE INCOME<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,147.0<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,830.8<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,483.6<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Attributable to:<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; \">owners of the company<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,141.5<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,823.2<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,477.7<\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; \">non-controlling interests<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.4<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.5<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.9<\/td>\n<\/tr>\n<\/table>\n<ol>\n<li style=\"margin-top:0cm; margin-bottom:0cm;\"><i>The tax effect is as follows:<\/i><\/li>\n<\/ol>\n<table style=\"border-collapse: collapse; margin-left:14.15pt; width:600px; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:408.2px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>\u20ac millions<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2025<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2024<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2023<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:408.2px;;border-bottom: solid black 1pt ; \"><i>Cash flow hedges<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (12.4)<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.1<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22.7<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:408.2px;;border-bottom: solid black 1pt ; \"><b>Items that may be reclassified to profit or loss<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (12.4)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.1<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22.7<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:408.2px;;border-bottom: solid black 1pt ; \"><i>Financial assets at fair value through other comprehensive income<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (29.3)<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (33.3)<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1.3)<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:408.2px;;border-bottom: solid black 1pt ; \"><i>Actuarial gains and losses<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (29.3)<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (39.2)<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30.2<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:408.2px;;border-bottom: solid black 1pt ; \"><b>Items that may not be reclassified to profit or loss<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (58.6)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (72.5)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 28.9<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:408.2px;\"><b>TOTAL<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (71.1)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (68.3)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 51.6<\/b><\/td>\n<\/tr>\n<\/table>\n<p><b>Appendix 4: Compared consolidated balance sheets<\/b><\/p>\n<p><b>Assets<\/b><\/p>\n<table style=\"border-collapse: collapse; width:619px; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>\u20ac millions<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>31.12.2025<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>31.12.2024<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>31.12.2023<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><b>Non-current assets<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 39,622.7 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 39,879.9 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 35,529.7 <\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Goodwill<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,469.7 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,382.0 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,102.6 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Other intangible assets<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,072.0 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,594.8 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,287.1 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Right-of-use assets<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,663.2 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,763.2 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,692.4 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Property, plant and equipment<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,211.9 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,202.0 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,867.7 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Non-current financial assets<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,867.3 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,838.1 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,631.6 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Investments accounted for under the equity method<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 376.0 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 126.4 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 27.0 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Deferred tax assets<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 962.7 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 973.3 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 921.2 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><b>Current assets<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,198.5 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,473.5 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,325.4 <\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Inventories<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,543.3 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,630.1 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,482.4 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Trade accounts receivable<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,500.3 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,601.8 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,092.7 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Other current assets<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,063.8 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,955.3 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,270.6 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Current tax assets<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 226.0 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 234.1 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 191.6 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Cash and cash equivalents<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,865.0 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,052.3 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,288.1 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;\"><b>TOTAL<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 61,821.2 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 56,353.4 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 51,855.1 <\/b><\/td>\n<\/tr>\n<\/table>\n<p><b>Equity &amp; Liabilities<\/b><\/p>\n<table style=\"border-collapse: collapse; width:619px; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>\u20ac millions<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>31.12.2025<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>31.12.2024<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>31.12.2023<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><b>Equity<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 35,003.8 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 33,137.8 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,081.6 <\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Share capital<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 106.8 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 106.9 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 106.9 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Additional paid-in capital<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,509.8 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,444.3 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,370.2 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Other reserves<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18,166.5 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,144.8 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,799.1 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;\">Other comprehensive income<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,043.0 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,028.6 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,614.2 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">Net profit attributable to owners of the company<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,127.2 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,408.7 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,184.0 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><b>Equity attributable to owners of the company<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 34,953.2 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 33,133.3 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,074.3 <\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Non-controlling interests<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 50.6 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.5 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.3 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><b>Non-current liabilities<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,450.9 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,579.6<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,873.8 <\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Provisions for employee retirement obligations and related benefits<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 684.0 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 668.9 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 562.0 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Provisions for liabilities and charges<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 84.5 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 76.8 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 68.8 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Non-current tax liabilities<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 236.6 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 224.3 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 255.7 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Deferred tax liabilities<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,013.2 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 964.5 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 846.6 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Non-current borrowings and debt<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,069.7 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,187.1 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,746.7 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Non-current lease debt<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,362.9 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,458.0 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,394.2 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \"><b>Current liabilities<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15,366.5 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,636.0 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,899.7 <\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Trade accounts payable<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,727.7 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,468.5 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,347.0 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Provisions for liabilities and charges<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,117.7 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,093.1 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 977.2 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Other current liabilities<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,782.9 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,949.6 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,816.1 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Income tax<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 254.8 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 275.1 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 208.1 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Current borrowings and debt<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,048.9 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,381.3 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,091.5 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;;border-bottom: solid black 1pt ; \">Current lease debt<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 434.5 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 468.6 <\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 459.8 <\/td>\n<\/tr>\n<tr>\n<td style=\"width:427.07px;\"><b>TOTAL<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 61,821.2 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 56,353.4 <\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 51,855.1 <\/b><\/td>\n<\/tr>\n<\/table>\n<p><b>Appendix 5: Consolidated statements of changes in equity<\/b><\/p>\n<table style=\"border-collapse: collapse; width:655px; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>\u20ac millions<\/i><\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Common shares outstanding<\/b><\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Capital<\/b><\/td>\n<td style=\"width:49px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Additional paid-in capital<\/b><\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Retained earnings and net profit <\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Other comprehensive income<\/b><\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Treasury shares<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Equity attributable to owners of the company<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Non-controlling interests<\/b><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: right ;  vertical-align: middle; \"><b>Total <\/b><br \/><b>equity<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;\"><b>As of 31.12.2022\u00a0<\/b><\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; \"><b>535,186,562<\/b><\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; \"><b>107.0<\/b><\/td>\n<td style=\"width:49px;;text-align: right ;  vertical-align: middle; \"><b>3,368.7<\/b><\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; \"><b>17,382.2<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; \"><b>6,320.6<\/b><\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; \"><b>\u2014<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; \"><b>27,178.5<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; \"><b>8.0<\/b><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; \"><b>27,186.5<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">Consolidated net profit for the period<\/td>\n<td style=\"width:57px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">6,184.0<\/td>\n<td style=\"width:72px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">6,184.0<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">6.5<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">6,190.5<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><i>Cash flow hedges<\/i><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(113.9)<\/i><\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(113.9)<\/i><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(0.6)<\/i><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(114.5)<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><i>Cumulative translation adjustments<\/i><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(425.9)<\/i><\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(425.9)<\/i><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>0.1<\/i><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(425.8)<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><b>Other comprehensive income that may <\/b><br \/><b>be reclassified to profit and loss<\/b><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>(539.7)<\/b><\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>(539.8)<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>(0.6)<\/b><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>(540.3)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><i>Financial assets at fair value <\/i><br \/><i>through other comprehensive income<\/i><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(77.5)<\/i><\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(77.5)<\/i><\/td>\n<td style=\"width:53px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(77.5)<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><i>Actuarial gains and losses<\/i><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(89.2)<\/i><\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(89.2)<\/i><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>\u2014<\/i><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(89.2)<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><b>Other comprehensive income that may <\/b><br \/><b>not be reclassified to profit and loss<\/b><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>(166.7)<\/b><\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>(166.7)<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u2014<\/b><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>(166.7)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><b>Consolidated comprehensive income<\/b><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>6,184.0<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>(706.5)<\/b><\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>5,477.6<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>5.9<\/b><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>5,483.6<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Capital increase<\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">810,545<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">0.2<\/td>\n<td style=\"width:49px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">1.5<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">1.7<\/td>\n<td style=\"width:53px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">1.7<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Cancellation of Treasury shares<\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(0.3)<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(503.2)<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">503.3<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(0.2)<\/td>\n<td style=\"width:53px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(0.2)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Dividends paid <br \/>(not paid on Treasury shares)<\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(3,248.4)<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(3,248.4)<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(6.2)<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(3,254.6)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Share-based payment<\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">168.5<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">168.5<\/td>\n<td style=\"width:53px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">168.5<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Net changes in Treasury shares<\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(1,271,632)<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(503.3)<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(503.3)<\/td>\n<td style=\"width:53px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(503.3)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Changes in the scope of consolidation<\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Other movements <sup>(1)<\/sup><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(0.1)<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(0.1)<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(0.4)<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(0.6)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;\"><b>As of 31.12.2023<\/b><\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; \"><b>534,725,475<\/b><\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; \"><b>106.9<\/b><\/td>\n<td style=\"width:49px;;text-align: right ;  vertical-align: middle; \"><b>3,370.2<\/b><\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; \"><b>19,983.1<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; \"><b>5,614.2<\/b><\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; \"><b>\u2014<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; \"><b>29,074.3<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; \"><b>7.3<\/b><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; \"><b>29,081.6<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">Consolidated net profit for the period<\/td>\n<td style=\"width:57px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">6,408.7<\/td>\n<td style=\"width:72px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">6,408.7<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">7.8<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">6,416.5<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><i>Cash flow hedges<\/i><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(72.5)<\/i><\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(72.5)<\/i><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(0.4)<\/i><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(72.9)<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><i>Cumulative translation adjustments<\/i><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>260.4<\/i><\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>260.4<\/i><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>0.2<\/i><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>260.6<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><b>Other comprehensive income that may be reclassified to profit and loss<\/b><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>187.9<\/b><\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>187.9<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>(0.2)<\/b><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>187.7<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><i>Financial assets at fair value through other comprehensive income<\/i><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>1,111.6<\/i><\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>1,111.6<\/i><\/td>\n<td style=\"width:53px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>1,111.6<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><i>Actuarial gains and losses<\/i><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>115.0<\/i><\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>115.0<\/i><\/td>\n<td style=\"width:53px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>115.0<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><b>Other comprehensive income that may not be reclassified to profit and loss<\/b><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>1,226.6<\/b><\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>1,226.6<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u2014<\/b><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>1,226.6<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><b>Consolidated comprehensive income<\/b><\/td>\n<td style=\"width:57px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>6,408.7<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>1,414.5<\/b><\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>7,823.2<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>7.5<\/b><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>7,830.8<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Capital increase<\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">895,103<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">0.0<\/td>\n<td style=\"width:49px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">69.8<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">69.9<\/td>\n<td style=\"width:53px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">69.9<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Cancellation of Treasury shares<\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(0.1)<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(497.4)<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">497.5<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:53px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Dividends paid <br \/>(not paid on Treasury shares)<\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(3,565.1)<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(3,565.1)<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(7.1)<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(3,572.1)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Share-based payment<\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">239.1<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">239.1<\/td>\n<td style=\"width:53px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">239.1<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Net changes in Treasury shares<\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(1,308,557)<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(497.5)<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(497.5)<\/td>\n<td style=\"width:53px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(497.5)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Changes in the scope of consolidation<\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:59px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:53px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Other movements<\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:49px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">4.3<\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(14.9)<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(10.6)<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(3.2)<\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(13.8)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><b>As of 31.12.2024<\/b><\/td>\n<td style=\"width:57px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>534,312,021<\/b><\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>106.9<\/b><\/td>\n<td style=\"width:49px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>3,444.3<\/b><\/td>\n<td style=\"width:59px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>22,553.5<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>7,028.6<\/b><\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u2014<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>33,133.3<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>4.5<\/b><\/td>\n<td style=\"width:52px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>33,137.8<\/b><\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse; width:657px; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>\u20ac millions<\/i><\/td>\n<td style=\"width:56px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Common shares outstanding<\/b><\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Capital<\/b><\/td>\n<td style=\"width:49px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Additional paid-in capital<\/b><\/td>\n<td style=\"width:63px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Retained earnings and net profit <\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Other comprehensive income<\/b><\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Treasury shares<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Equity attributable to owners of the company<\/b><\/td>\n<td style=\"width:51px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Non-controlling interests<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>Total equity<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;\"><b>As of 31.12.2024<\/b><\/td>\n<td style=\"width:56px;;text-align: right ;  vertical-align: middle; \"><b>534,312,021<\/b><\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; \"><b>106.9<\/b><\/td>\n<td style=\"width:49px;;text-align: right ;  vertical-align: middle; \"><b>3,444.3<\/b><\/td>\n<td style=\"width:63px;;text-align: right ;  vertical-align: middle; \"><b>22,553.5<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; \"><b>7,028.6<\/b><\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; \"><b>\u2014<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; \"><b>33,133.3<\/b><\/td>\n<td style=\"width:51px;;text-align: right ;  vertical-align: middle; \"><b>4.5<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; \"><b>33,137.8<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">Consolidated net profit for the period<\/td>\n<td style=\"width:56px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:63px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">6,127.2<\/td>\n<td style=\"width:72px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">6,127.2<\/td>\n<td style=\"width:51px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">6.5<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-top: solid black 1pt ; border-bottom: solid black 1pt ; \">6,133.7<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><i>Cash flow hedges<\/i><\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">104.0<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>104.0<\/i><\/td>\n<td style=\"width:51px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>0.4<\/i><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>104.4<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><i>Cumulative translation adjustments<\/i><\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(983.9)<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(983.9)<\/i><\/td>\n<td style=\"width:51px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(1.4)<\/i><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>(985.3)<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><b>Other comprehensive income that may be reclassified to profit and loss<\/b><\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(879.9)<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>(879.9)<\/b><\/td>\n<td style=\"width:51px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>(1.0)<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>(880.9)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><i>Financial assets at fair value through other comprehensive income<\/i><\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">819.1<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>819.1<\/i><\/td>\n<td style=\"width:51px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>819.1<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><i>Actuarial gains and losses<\/i><\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">75.1<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>75.1<\/i><\/td>\n<td style=\"width:51px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><i>75.1<\/i><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><b>Other comprehensive income that may not be reclassified to profit and loss<\/b><\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">894.2<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>894.2<\/b><\/td>\n<td style=\"width:51px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u2014<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>894.2<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \"><b>Consolidated comprehensive income<\/b><\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:63px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>6,127.2<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">14.3<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>6,141.5<\/b><\/td>\n<td style=\"width:51px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>5.4<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>6,147.0<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Capital increase<\/td>\n<td style=\"width:56px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">827,643<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">0.2<\/td>\n<td style=\"width:49px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">65.5<\/td>\n<td style=\"width:63px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(0.1)<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">65.5<\/td>\n<td style=\"width:51px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">65.5<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Cancellation of Treasury shares<\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(0.3)<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:63px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(501.2)<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">501.5<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:51px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Dividends paid <br \/>(not paid on Treasury shares)<\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:63px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(3,774.6)<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(3,774.6)<\/td>\n<td style=\"width:51px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(7.0)<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(3,781.6)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Share-based payment<\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:63px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">248.3<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">248.3<\/td>\n<td style=\"width:51px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">248.3<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Net changes in Treasury shares<\/td>\n<td style=\"width:56px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(1,356,636)<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(501.5)<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(501.5)<\/td>\n<td style=\"width:51px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(501.5)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Changes in the scope of consolidation<\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:63px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:51px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">46.1<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">46.1<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;;border-bottom: solid black 1pt ; \">Other movements <sup>(1)<\/sup><\/td>\n<td style=\"width:56px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:37px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:49px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u2014<\/td>\n<td style=\"width:63px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(359.3)<\/td>\n<td style=\"width:72px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:41px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(359.3)<\/td>\n<td style=\"width:51px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">1.5<\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">(357.8)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:162.54px;\"><b>AS OF 31.12.2025<\/b><\/td>\n<td style=\"width:56px;;text-align: right ;  vertical-align: middle; \"><b>533,783,028<\/b><\/td>\n<td style=\"width:37px;;text-align: right ;  vertical-align: middle; \"><b>106.8<\/b><\/td>\n<td style=\"width:49px;;text-align: right ;  vertical-align: middle; \"><b>3,509.8<\/b><\/td>\n<td style=\"width:63px;;text-align: right ;  vertical-align: middle; \"><b>24,293.7<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; \"><b>7,043.0<\/b><\/td>\n<td style=\"width:41px;;text-align: right ;  vertical-align: middle; \"><b>\u2014<\/b><\/td>\n<td style=\"width:72px;;text-align: right ;  vertical-align: middle; \"><b>34,953.2<\/b><\/td>\n<td style=\"width:51px;;text-align: right ;  vertical-align: middle; \"><b>50.6<\/b><\/td>\n<td style=\"width:53px;;text-align: right ;  vertical-align: middle; \"><b>35,003.8<\/b><\/td>\n<\/tr>\n<\/table>\n<p><i><sup>(1) <\/sup><\/i><i>Corresponds essentially to the commitment to buy back the minority shareholders of Medik8 for \u20ac325 million.<\/i><\/p>\n<p><b>Appendix 6: Compared consolidated statements of cash flows<\/b><\/p>\n<table style=\"border-collapse: collapse; width:679px; border-collapse:collapse ;\">\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; vertical-align: bottom ; \"><i>\u20ac millions<\/i><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2025<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2024<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; vertical-align: bottom ; \"><b>2023<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Cash flows from operating activities<\/b><\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Net profit attributable to owners of the company<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,127.2<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,408.7<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,184.0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Non-controlling interests<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.5<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.8<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.5<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Elimination of expenses and income with no impact on cash flows:<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">\n<ul>\n<li style=\"margin-top:0cm; margin-bottom:0cm;\">depreciation, provisions and non-current tax liabilities<\/li>\n<\/ul>\n<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,817.4<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,855.3<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,715.0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">\n<ul>\n<li style=\"margin-top:0cm; margin-bottom:0cm;\">changes in deferred taxes<\/li>\n<\/ul>\n<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 68.2<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (37.4)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (95.3)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">\n<ul>\n<li style=\"margin-top:0cm; margin-bottom:0cm;\">share-based payment (including free shares)<\/li>\n<\/ul>\n<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 248.3<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 239.1<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 168.5<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">\n<ul>\n<li style=\"margin-top:0cm; margin-bottom:0cm;\">capital gains and losses on disposals of assets<\/li>\n<\/ul>\n<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 37.8<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15.2<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.9<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Other non-cash transactions<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 17.4<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21.1<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14.1<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Share of profit in associates net of dividends received<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.7<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.9<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.2)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Gross cash flow<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,329.5<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,512.6<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,999.5<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Changes in working capital<sup> (1)<\/sup><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 327.4<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (226.6)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (394.9)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Net cash provided by operating activities (A)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b><b>8,656.9<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,286.0<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,604.6<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Cash flows from investing activities<\/b><\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Purchases of property, plant and equipment and intangible assets<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (1,495.3)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (1,641.7)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (1,488.7)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Disposals of property, plant and equipment and intangible assets<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.7<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13.6<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12.8<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Changes in other financial assets (including investments in non-consolidated companies)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,509.0<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (1,927.0)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (170.7)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Effect of changes in the scope of consolidation<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (2,426.6)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (148.9)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (2,497.2)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Net cash from investing activities (B)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0 <\/b><b>(1,407.1)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0 (3,703.9)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0 (4,143.7)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Cash flows from financing activities<\/b><\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<td style=\"width:64px;;border-bottom: solid black 1pt ; \">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Dividends paid<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (3,917.0)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (3,614.9)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (3,425.6)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Capital increase of the parent company<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 65.6<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 69.9<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.5<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Disposal (acquisition) of Treasury shares<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (501.5)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (497.5)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (503.3)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Purchase of non-controlling interests<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (16.3)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (13.9)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Issuance (repayment) of short-term loans<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (609.7)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0 (1,775.9)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (823.7)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Issuance of long-term borrowings<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,057.3<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,529.4<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,567.1<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Repayment of long-term borrowings<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (22.6)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (7.9)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Repayment of lease debt<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (453.6)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (474.3)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (430.6)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Net cash from financing activities (C)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0 <\/b><b>(1,397.8)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0 (4,785.1)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0 (1,614.6)<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \">Net effect of changes in exchange rates and fair value (D)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (39.2)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (32.8)<\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (175.9)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Change in cash and cash equivalents (A+B+C+D)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b><b>5,812.8<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (235.8)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,670.4<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;;border-bottom: solid black 1pt ; \"><b>Cash and cash equivalents at beginning of the year (E)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b><b>4,052.3<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,288.1<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; border-bottom: solid black 1pt ; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,617.7<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"width:487px;\"><b>CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E)<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b><b>9,865.0<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,052.3<\/b><\/td>\n<td style=\"width:64px;;text-align: right ;  vertical-align: middle; \"><b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,288.1<\/b><\/td>\n<\/tr>\n<\/table>\n<ol>\n<li style=\"margin-top:1.5pt; margin-bottom:0.0001pt; text-align:justify;\"><i>Following the outcome in 2023 of the dispute with the French Competition Authority, the reversal of the provision and the reversal of the debt for the same amount of \u20ac189.5\u00a0million were presented in operations without impact on cash flow. <\/i><\/li>\n<\/ol>\n<p>\u00a0<\/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=MK8scqtomOE4rb-bHqZfEmogQL0gVFC_5xOag0R1eqqoFRSzzQc2IvPmtJgTewd4MD2eOLfeGiKr5hd6aV_ZWTUX8pDm0SZdBF5DMhUR5f4KF5ddfX-7HLUJiNhi45LrIZcVmSMa017tXXZ1mMN33W40_KERx5T8bNIAit2ezVufI4mTe_taTWfTIjJm0SrZ\" title=\"CP_FY25_EN_v12.02 17.00\" rel=\"nofollow\">CP_FY25_EN_v12.02 17.00<\/a>\n      <\/li>\n<\/ul>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/ml-eu.globenewswire.com\/media\/NjNjZmJjOTktOGUwYi00MTdjLTkyYjktZWVmYmNmZTk1YjllLTEwMTExODktMjAyNi0wMi0xMi1lbg==\/tiny\/L-OR-AL.png\" referrerpolicy=\"no-referrer-when-downgrade\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Solid growth, Improved margins Acceleration Confirmed Sales: 44.05 billion euros,\u00a0+4.0% like-for-like1 and +1.3% reported. Another year of outperformance in an improving beauty market. Growth1 in all Divisions, led by Professional Products. Growth1 in all regions witha broad-based acceleration in the second half. E-commerce2 growing double digits passing the 30% mark. Gross margin\u00a0up\u00a0+10 basis points [&#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-77408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-people"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.6 (Yoast SEO v21.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2025 Annual Results - Biz and Live in Saigon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.saigonbiz.com\/vn\/2025-annual-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2025 Annual Results\" \/>\n<meta property=\"og:description\" content=\"\u00a0 Solid growth, Improved margins Acceleration Confirmed Sales: 44.05 billion euros,\u00a0+4.0% like-for-like1 and +1.3% reported. 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