The effective tax rate is obtained as follows:
| (in millions of euros) | 2025 | 2024 | |
|---|---|---|---|
| Pre-tax income |
Pre-tax income
|
Pre-tax income 2025 2,238 |
Pre-tax income 2024 2,218 |
| Loss of value |
Loss of value
|
Loss of value 2025 — |
Loss of value 2024 4 |
| Revaluation of earn-out payments |
Revaluation of earn-out payments
|
Revaluation of earn-out payments 2025 59 |
Revaluation of earn-out payments 2024 (35) |
| (Gains)/Losses on disposals(1) |
(Gains)/Losses on disposals (1)
|
(Gains)/Losses on disposals (1)2025 5 |
(Gains)/Losses on disposals (1)2024 — |
| Gain on contributions to Unlimitail |
Gain on contributions to Unlimitail
|
Gain on contributions to Unlimitail 2025 — |
Gain on contributions to Unlimitail 2024 (14) |
| Share of profit of equity-accounted investees, net of tax |
Share of profit of equity-accounted investees, net of tax
|
Share of profit of equity-accounted investees, net of tax 2025 (3) |
Share of profit of equity-accounted investees, net of tax 2024 2 |
| Restated pre-tax income |
Restated pre-tax income A |
Restated pre-tax income 2025 2,299 |
Restated pre-tax income 2024 2,175 |
| French tax rate applicable to the Company |
French tax rate applicable to the Company
|
French tax rate applicable to the Company 2025 25.8% |
French tax rate applicable to the Company 2024 25.8% |
| Expected tax expense on pre-tax income of consolidated companies |
Expected tax expense on pre-tax income of consolidated companies
|
Expected tax expense on pre-tax income of consolidated companies 2025 (594) |
Expected tax expense on pre-tax income of consolidated companies 2024 (562) |
| Impact of: |
Impact of:
|
Impact of: 2025
|
Impact of: 2024
|
|
Difference between the French tax rate and foreign tax rates |
Difference between the French tax rate and foreign tax rates
|
Difference between the French tax rate and foreign tax rates 2025 96 |
Difference between the French tax rate and foreign tax rates 2024 91 |
|
Income tax at reduced or increased rates |
Income tax at reduced or increased rates
|
Income tax at reduced or increased rates 2025 (91) |
Income tax at reduced or increased rates 2024 (100) |
|
Changes in unrecognized deferred tax assets |
Changes in unrecognized deferred tax assets
|
Changes in unrecognized deferred tax assets 2025 (2) |
Changes in unrecognized deferred tax assets 2024 6 |
|
Other impacts (2) |
Other impacts (2)
|
Other impacts (2) 2025 14 |
Other impacts (2) 2024 16 |
| Income tax in the income statement |
Income tax in the income statement
|
Income tax in the income statement 2025 (577) |
Income tax in the income statement 2024 (549) |
| Tax effect on gain generated by contributions to Unlimitail |
Tax effect on gain generated by contributions to Unlimitail
|
Tax effect on gain generated by contributions to Unlimitail 2025 — |
Tax effect on gain generated by contributions to Unlimitail 2024 8 |
| Restated income tax in the income statement |
Restated income tax in the income statement B |
Restated income tax in the income statement 2025 (577) |
Restated income tax in the income statement 2024 (541) |
| Effective tax rate |
Effective tax rate
B/A |
Effective tax rate 2025 25.1% |
Effective tax rate 2024 24.9% |
| December 31, 2025 | December 31, 2024 | |||||
|---|---|---|---|---|---|---|
| (in millions of euros) | Gross | Tax | Net | Gross | Tax | Net |
| Actuarial gains (and losses) on defined benefit plans | 9 | (2) | 7 | 2 | (1) | 1 |
| Effect of translation adjustments | (1,242) | – | (1,242) | 519 | – | 519 |
| Remeasurement of hedging instruments | (83) | 21 | (62) | 63 | (17) | 46 |
| Total | (1,316) | 19 | (1,297) | 584 | (18) | 566 |
