Universal Registration Document 2025

Note 24 Borrowings
(in millions of euros)	Currency	Nominal interest rate	Year of maturity	Nominal value as of December 31, 2025	December 31, 2025	December 31, 2024
Eurobond 2025 ^{(1) (4)}	Eurobond 2025 ^{(1) (4)} Currency EUR	Eurobond 2025 ^{(1) (4)} Nominal interest rate 0.625%	Eurobond 2025 ^{(1) (4)} Year of maturity 2025	Eurobond 2025 ^{(1) (4)} Nominal value as of December 31, 2025 0	Eurobond 2025 ^{(1) (4)}December 31, 2025 0	Eurobond 2025 ^{(1) (4)}December 31, 2024 750
Eurobond 2028 ⁽¹⁾	Eurobond 2028 ⁽¹⁾ Currency EUR	Eurobond 2028 ⁽¹⁾ Nominal interest rate 1.250%	Eurobond 2028 ⁽¹⁾ Year of maturity 2028	Eurobond 2028 ⁽¹⁾ Nominal value as of December 31, 2025 750	Eurobond 2028 ⁽¹⁾December 31, 2025 749	Eurobond 2028 ⁽¹⁾December 31, 2024 748
Eurobond 2031 ⁽¹⁾	Eurobond 2031 ⁽¹⁾ Currency EUR	Eurobond 2031 ⁽¹⁾ Nominal interest rate 1.750%	Eurobond 2031 ⁽¹⁾ Year of maturity 2031	Eurobond 2031 ⁽¹⁾ Nominal value as of December 31, 2025 750	Eurobond 2031 ⁽¹⁾December 31, 2025 746	Eurobond 2031 ⁽¹⁾December 31, 2024 745
Eurobond 2029 ⁽²⁾	Eurobond 2029 ⁽²⁾ Currency EUR	Eurobond 2029 ⁽²⁾ Nominal interest rate 2.875%	Eurobond 2029 ⁽²⁾ Year of maturity 2029	Eurobond 2029 ⁽²⁾ Nominal value as of December 31, 2025 600	Eurobond 2029 ⁽²⁾December 31, 2025 597	Eurobond 2029 ⁽²⁾December 31, 2024 0
Eurobond 2032 ⁽²⁾	Eurobond 2032 ⁽²⁾ Currency EUR	Eurobond 2032 ⁽²⁾ Nominal interest rate 3.375%	Eurobond 2032 ⁽²⁾ Year of maturity 2032	Eurobond 2032 ⁽²⁾ Nominal value as of December 31, 2025 650	Eurobond 2032 ⁽²⁾December 31, 2025 646	Eurobond 2032 ⁽²⁾December 31, 2024 0
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 as of December 31, 20252,750	Bonds (excl. accrued interest)December 31, 20252,738	Bonds (excl. accrued interest)December 31, 20242,243
Earn-out commitments	Earn-out commitments Currency ⁽⁵⁾	Earn-out commitments Nominal interest rate	Earn-out commitments Year of maturity	Earn-out commitments Nominal value as of December 31, 2025	Earn-out commitments December 31, 2025 614	Earn-out commitments December 31, 2024 328
Commitments to buy-out non-controlling interests	Commitments to buy-out non-controlling interests Currency ⁽⁵⁾	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 as of December 31, 2025	Commitments to buy-out non-controlling interests December 31, 2025 63	Commitments to buy-out non-controlling interests December 31, 2024 74
Accrued interests	Accrued interests Currency ⁽⁵⁾	Accrued interests Nominal interest rate	Accrued interests Year of maturity	Accrued interests Nominal value as of December 31, 2025	Accrued interests December 31, 2025 52	Accrued interests December 31, 2024 48
Other borrowings and credit lines	Other borrowings and credit lines Currency ⁽⁵⁾	Other borrowings and credit lines Nominal interest rate	Other borrowings and credit lines Year of maturity	Other borrowings and credit lines Nominal value as of December 31, 2025	Other borrowings and credit lines December 31, 2025 11	Other borrowings and credit lines December 31, 2024 20
Bank overdrafts	Bank overdrafts Currency ⁽⁵⁾	Bank overdrafts Nominal interest rate	Bank overdrafts Year of maturity	Bank overdrafts Nominal value as of December 31, 2025	Bank overdrafts December 31, 2025 1	Bank overdrafts December 31, 2024 2
Other financial liabilities	Other financial liabilities Currency ⁽⁵⁾	Other financial liabilities Nominal interest rate	Other financial liabilities Year of maturity	Other financial liabilities Nominal value as of December 31, 2025	Other financial liabilitiesDecember 31, 2025741	Other financial liabilitiesDecember 31, 2024472
Total financial liabilities	Total financial liabilities Currency	Total financial liabilities Nominal interest rate	Total financial liabilities Year of maturity	Total financial liabilities Nominal value as of December 31, 2025	Total financial liabilities December 31, 2025 3,479	Total financial liabilities December 31, 2024 2,715
of which short term	of which short term Currency	of which short term Nominal interest rate	of which short term Year of maturity	of which short term Nominal value as of December 31, 2025	of which short termDecember 31, 2025397	of which short termDecember 31, 2024872
of which long term	of which long term Currency	of which long term Nominal interest rate	of which long term Year of maturity	of which long term Nominal value as of December 31, 2025	of which long termDecember 31, 20253,082	of which long termDecember 31, 20241,843
Derivatives hedging on the 2025, 2028 and 2031 Eurobonds ⁽¹⁾⁽³⁾	Derivatives hedging on the 2025, 2028 and 2031 Eurobonds ⁽¹⁾⁽³⁾ Currency	Derivatives hedging on the 2025, 2028 and 2031 Eurobonds ⁽¹⁾⁽³⁾ Nominal interest rate	Derivatives hedging on the 2025, 2028 and 2031 Eurobonds ⁽¹⁾⁽³⁾ Year of maturity	Derivatives hedging on the 2025, 2028 and 2031 Eurobonds ⁽¹⁾⁽³⁾ Nominal value as of December 31, 2025	Derivatives hedging on the 2025, 2028 and 2031 Eurobonds ⁽¹⁾⁽³⁾December 31, 2025 (5)	Derivatives hedging on the 2025, 2028 and 2031 Eurobonds ⁽¹⁾⁽³⁾December 31, 2024 209
Derivatives hedging on intra-group loans and borrowings ⁽³⁾	Derivatives hedging on intra-group loans and borrowings ⁽³⁾ Currency	Derivatives hedging on intra-group loans and borrowings ⁽³⁾ Nominal interest rate	Derivatives hedging on intra-group loans and borrowings ⁽³⁾ Year of maturity	Derivatives hedging on intra-group loans and borrowings ⁽³⁾ Nominal value as of December 31, 2025	Derivatives hedging on intra-group loans and borrowings ⁽³⁾December 31, 2025 9	Derivatives hedging on intra-group loans and borrowings ⁽³⁾December 31, 2024 (55)
Total liabilities related to financing activities	Total liabilities related to financing activities Currency	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 as of December 31, 2025	Total liabilities related to financing activities December 31, 2025 3,483	Total liabilities related to financing activities December 31, 2024 2,869

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.
Under the Euro Medium Term Notes (EMTN) program, a euro 1.25 billion bond was issued on June 4, 2025 in two tranches of 600 and 650 million euros respectively, at fixed rates and in euros.
The swaps were qualified as cash flow hedges of the bonds with maturity 2025, 2028 and 2031. 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, 2025, the fair value of these derivatives was recorded in ‘other current financial liabilities’ for euro 7 million (compared to euro 209 million as of December 31, 2024) and in ‘other current financial assets’ for euro 12 million (compared to nil at December 31, 2024).
In June 2025, the Group repaid the first €750 million tranche of the 2019 bond issue, which had been raised to finance the acquisition of Epsilon.
The currencies of other borrowings and liabilities are mainly denominated in dollars, euros and other currencies for respectively euro 537 million, 82 million and 122 million as of December 31, 2025 and euro 392 million, euro 49 million and euro 31 million as of December 31, 2024.

/ Analysis of financial liabilities

Analysis of financial liabilities
(in millions of euros)	December 31, 2025	December 31, 2024
Euros	Euros December 31, 2025 2,820	Euros December 31, 2024 2,292
US dollars	US dollars December 31, 2025 537	US dollars December 31, 2024 392
Other currencies	Other currencies December 31, 2025 122	Other currencies December 31, 2024 31
Total financial liabilities	Total financial liabilities December 31, 2025 3,479	Total financial liabilities December 31, 2024 2,715

Universal Registration Document 2025

Board of directors

/ Analysis of financial liabilities