Universal Registration Document 2025

Note 24 Borrowings

6.6 Notes to the consolidated financial statements

Note 24 Borrowings
Sensitivity analysis

Pension plans

(in millions of euros)

 0.5% increase 0.5% decrease
United States United Kingdom Total United States United Kingdom Total

Change in discount rate

Effect on actuarial benefit obligation at year-end

 - - - - - -

Change in the increase rate of salaries

Effect on actuarial benefit obligation at year-end

 - - - - - -

Note 24 Borrowings

In the first half year of 2025, the Group undertook key financial structure initiatives:

  • Bond repayment: in June 2025, a euro 750 million bond issued in 2019 to finance the Epsilon acquisition was repaid at maturity.
  • Euro Medium Term Note (EMTN) program and bond issuance: A euro 1,500 million Euro Medium Term Note program was launched on May 16. Under this program, a euro 1,250 million bond was issued on June 4 in two tranches:
    • euro 600 million maturing in June 2029 at 2.875% annual interest;
    • euro 650 million maturing in June 2032 at 3.375% annual interest.

    Related issuance costs totaled €6 million.

  • Syndicated credit facility extension: The euro 2,000 million facility, initially maturing in July 2029 and featuring two one-year extension options, was extended by one year in May 2025, pushing maturity to July 2030. It remained undrawn as of December 31, 2025 (see note 30).