Universal Registration Document 2024

Note 24 Borrowings

(in millions of euros)	Currency	Nominal interest rate	Year of maturity	Nominal value	December 31, 2024	December 31, 2023
Bonds (excl. accrued interest)	Bonds (excl. accrued interest)Currency	Bonds (excl. accrued interest) Nominal interest rate	Bonds (excl. accrued interest) Year of maturity	Bonds (excl. accrued interest) Nominal value 2,850	Bonds (excl. accrued interest)December 31, 20242,243	Bonds (excl. accrued interest)December 31, 20232,841
Eurobond 2024	Eurobond 2024 Currency EUR	Eurobond 2024 Nominal interest rate 1.625%	Eurobond 2024 Year of maturity 2024	Eurobond 2024 Nominal value 600	Eurobond 2024 December 31, 2024 0	Eurobond 2024 December 31, 2023 600
Eurobond 2025 ⁽¹⁾	Eurobond 2025 ⁽¹⁾Currency EUR	Eurobond 2025 ⁽¹⁾ Nominal interest rate 0.625%	Eurobond 2025 ⁽¹⁾ Year of maturity 2025	Eurobond 2025 ⁽¹⁾ Nominal value 750	Eurobond 2025 ⁽¹⁾December 31, 2024 750	Eurobond 2025 ⁽¹⁾December 31, 2023 748
Eurobond 2028 ⁽¹⁾	Eurobond 2028 ⁽¹⁾Currency EUR	Eurobond 2028 ⁽¹⁾ Nominal interest rate 1.25%	Eurobond 2028 ⁽¹⁾ Year of maturity 2028	Eurobond 2028 ⁽¹⁾ Nominal value 750	Eurobond 2028 ⁽¹⁾December 31, 2024 748	Eurobond 2028 ⁽¹⁾December 31, 2023 748
Eurobond 2031 ⁽¹⁾	Eurobond 2031 ⁽¹⁾Currency EUR	Eurobond 2031 ⁽¹⁾ Nominal interest rate 1.75%	Eurobond 2031 ⁽¹⁾ Year of maturity 2031	Eurobond 2031 ⁽¹⁾ Nominal value 750	Eurobond 2031 ⁽¹⁾December 31, 2024 745	Eurobond 2031 ⁽¹⁾December 31, 2023 745
Other financial liabilities	Other financial liabilitiesCurrency	Other financial liabilities Nominal interest rate	Other financial liabilities Year of maturity	Other financial liabilities Nominal value	Other financial liabilitiesDecember 31, 2024472	Other financial liabilitiesDecember 31, 2023347
Earn-out commitments	Earn-out commitments Currency ⁽³⁾	Earn-out commitments Nominal interest rate	Earn-out commitments Year of maturity	Earn-out commitments Nominal value	Earn-out commitments December 31, 2024 328	Earn-out commitments December 31, 2023 253
Commitments to buy-out non-controlling interests	Commitments to buy-out non-controlling interests Currency ⁽³⁾	Commitments to buy-out non-controlling interests Nominal interest rate	Commitments to buy-out non-controlling interests Year of maturity	Commitments to buy-out non-controlling interests Nominal value	Commitments to buy-out non-controlling interests December 31, 2024 74	Commitments to buy-out non-controlling interests December 31, 2023 23
Accrued interests	Accrued interests Currency ⁽³⁾	Accrued interests Nominal interest rate	Accrued interests Year of maturity	Accrued interests Nominal value	Accrued interests December 31, 2024 48	Accrued interests December 31, 2023 46
Other borrowings and credit lines	Other borrowings and credit lines Currency ⁽³⁾	Other borrowings and credit lines Nominal interest rate	Other borrowings and credit lines Year of maturity	Other borrowings and credit lines Nominal value	Other borrowings and credit lines December 31, 2024 20	Other borrowings and credit lines December 31, 2023 24
Bank overdrafts	Bank overdrafts Currency ⁽³⁾	Bank overdrafts Nominal interest rate	Bank overdrafts Year of maturity	Bank overdrafts Nominal value	Bank overdrafts December 31, 2024 2	Bank overdrafts December 31, 2023 1
Total financial liabilities	Total financial liabilitiesCurrency	Total financial liabilities Nominal interest rate	Total financial liabilities Year of maturity	Total financial liabilities Nominal value	Total financial liabilitiesDecember 31, 20242,715	Total financial liabilitiesDecember 31, 20233,188
of which short term	of which short termCurrency	of which short term Nominal interest rate	of which short term Year of maturity	of which short term Nominal value	of which short termDecember 31, 2024872	of which short termDecember 31, 2023726
of which long term	of which long termCurrency	of which long term Nominal interest rate	of which long term Year of maturity	of which long term Nominal value	of which long termDecember 31, 20241,843	of which long termDecember 31, 20232,462
Derivatives hedging on the 2025, 2028 and 2031 Eurobonds ⁽¹⁾⁽²⁾	Derivatives hedging on the 2025, 2028 and 2031 Eurobonds ⁽¹⁾⁽²⁾Currency	Derivatives hedging on the 2025, 2028 and 2031 Eurobonds ⁽¹⁾⁽²⁾ Nominal interest rate	Derivatives hedging on the 2025, 2028 and 2031 Eurobonds ⁽¹⁾⁽²⁾ Year of maturity	Derivatives hedging on the 2025, 2028 and 2031 Eurobonds ⁽¹⁾⁽²⁾ Nominal value	Derivatives hedging on the 2025, 2028 and 2031 Eurobonds ⁽¹⁾⁽²⁾December 31, 2024 209	Derivatives hedging on the 2025, 2028 and 2031 Eurobonds ⁽¹⁾⁽²⁾December 31, 2023 117
Derivatives hedging on intra-group loans and borrowings ⁽²⁾	Derivatives hedging on intra-group loans and borrowings ⁽²⁾Currency	Derivatives hedging on intra-group loans and borrowings ⁽²⁾ Nominal interest rate	Derivatives hedging on intra-group loans and borrowings ⁽²⁾ Year of maturity	Derivatives hedging on intra-group loans and borrowings ⁽²⁾ Nominal value	Derivatives hedging on intra-group loans and borrowings ⁽²⁾December 31, 2024 (55)	Derivatives hedging on intra-group loans and borrowings ⁽²⁾December 31, 2023 36
Total liabilities related to financing activities	Total liabilities related to financing activitiesCurrency	Total liabilities related to financing activities Nominal interest rate	Total liabilities related to financing activities Year of maturity	Total liabilities related to financing activities Nominal value	Total liabilities related to financing activitiesDecember 31, 20242,869	Total liabilities related to financing activitiesDecember 31, 20233,341

The weighted average fixed rates of the swaps on the 2025, 2028 and 2031 Eurobonds are 3.1386%, 3.5963% and 4.1079% respectively. A euro 2.25 billion bond was issued on June 5, 2019 to finance the acquisition of Epsilon. It was issued in three tranches of euro 750 million each, at a fixed rate and in euros, each swapped into US dollars at a fixed rate. The swaps were qualified as cash flow hedges of the bond issue in euros. The fair value of these swaps was booked in the balance sheet under “Other financial receivables and current assets” and/or “Other current financial liabilities.” The change in the fair value of these instruments is booked in “Other comprehensive income” and transferred to the income statement as interests on bond are recognized and the variation in the liabilities in US dollars. As of December 31, 2024, the fair value of these derivatives was recorded in other current financial liabilities for euro 210 million (compared to euro 117 million as of December 31, 2023).
Derivatives are presented in “Other current financial assets” and/or “Other current financial liabilities.”
The currencies of other borrowings and liabilities are mainly denominated in dollars, euros and other currencies for respectively euro 392 million, 49 million and 31 million as of December 31, 2024 and euro 272 million, euro 39 million and euro 36 million as of December 31, 2023.

The 2024 tranche of Publicis Groupe SA bond of euro 600 million was repaid at maturity in December 2024

/ Analysis of financial liabilities

(in millions of euros)	December 31, 2024	December 31, 2023
Euros	Euros December 31, 2024 2,292	Euros December 31, 2023 2,880
US dollars	US dollars December 31, 2024 392	US dollars December 31, 2023 272
Other currencies	Other currencies December 31, 2024 31	Other currencies December 31, 2023 36
Total financial liabilities	Total financial liabilities December 31, 2024 2,715	Total financial liabilities December 31, 2023 3,188

Universal Registration Document 2024

Glossary

Note 24 Borrowings

/ Analysis of financial liabilities