Universal Registration Document 2025

/ Change in financial liabilities December 31, 2025

Change in financial liabilities December 31, 2025
(in millions of euros)	Bonds (excl. accrued interest)	Earn-out commitments	Commitments to buy-out non-controlling interests	Accrued interests	Other	Total financial liabilities	Derivatives hedging on the 2025, 2028 and 2031 Eurobonds	Derivatives hedging on intra-group loans and borrowings	Total liabilities related to financing activities
December 31, 2024	December 31, 2024 Bonds (excl. accrued interest) 2,243	December 31, 2024 Earn-out commitments 328	December 31, 2024 Commitments to buy-out non-controlling interests 74	December 31, 2024 Accrued interests 48	December 31, 2024 Other 22	December 31, 2024Total financial liabilities2,715	December 31, 2024 Derivatives hedging on the 2025, 2028 and 2031 Eurobonds 209	December 31, 2024 Derivatives hedging on intra-group loans and borrowings (55)	December 31, 2024Total liabilities related to financing activities2,869
Cash flows	Cash flows Bonds (excl. accrued interest)	Cash flows Earn-out commitments	Cash flows Commitments to buy-out non-controlling interests	Cash flows Accrued interests	Cash flows Other	Cash flowsTotal financial liabilities	Cash flows Derivatives hedging on the 2025, 2028 and 2031 Eurobonds	Cash flows Derivatives hedging on intra-group loans and borrowings	Cash flowsTotal liabilities related to financing activities
Proceeds from borrowings	Proceeds from borrowings Bonds (excl. accrued interest) 1,249	Proceeds from borrowings Earn-out commitments -	Proceeds from borrowings Commitments to buy-out non-controlling interests -	Proceeds from borrowings Accrued interests -	Proceeds from borrowings Other -	Proceeds from borrowings Total financial liabilities1,249	Proceeds from borrowings Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Proceeds from borrowings Derivatives hedging on intra-group loans and borrowings -	Proceeds from borrowings Total liabilities related to financing activities1,249
Repayment of borrowings	Repayment of borrowings Bonds (excl. accrued interest) (750)	Repayment of borrowings Earn-out commitments -	Repayment of borrowings Commitments to buy-out non-controlling interests -	Repayment of borrowings Accrued interests -	Repayment of borrowings Other (7)	Repayment of borrowings Total financial liabilities(757)	Repayment of borrowings Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Repayment of borrowings Derivatives hedging on intra-group loans and borrowings -	Repayment of borrowings Total liabilities related to financing activities(757)
Interest received	Interest received Bonds (excl. accrued interest) -	Interest received Earn-out commitments -	Interest received Commitments to buy-out non-controlling interests -	Interest received Accrued interests -	Interest received Other -	Interest received Total financial liabilities-	Interest received Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Interest received Derivatives hedging on intra-group loans and borrowings 38	Interest received Total liabilities related to financing activities38
Acquisitions of subsidiaries, net of cash acquired	Acquisitions of subsidiaries, net of cash acquired Bonds (excl. accrued interest) -	Acquisitions of subsidiaries, net of cash acquired Earn-out commitments (44)	Acquisitions of subsidiaries, net of cash acquired Commitments to buy-out non-controlling interests -	Acquisitions of subsidiaries, net of cash acquired Accrued interests -	Acquisitions of subsidiaries, net of cash acquired Other (3)	Acquisitions of subsidiaries, net of cash acquired Total financial liabilities(47)	Acquisitions of subsidiaries, net of cash acquired Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Acquisitions of subsidiaries, net of cash acquired Derivatives hedging on intra-group loans and borrowings -	Acquisitions of subsidiaries, net of cash acquired Total liabilities related to financing activities(47)
Buy-outs of non-controlling interests	Buy-outs of non-controlling interests Bonds (excl. accrued interest) -	Buy-outs of non-controlling interests Earn-out commitments -	Buy-outs of non-controlling interests Commitments to buy-out non-controlling interests (18)	Buy-outs of non-controlling interests Accrued interests -	Buy-outs of non-controlling interests Other -	Buy-outs of non-controlling interests Total financial liabilities(18)	Buy-outs of non-controlling interests Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Buy-outs of non-controlling interests Derivatives hedging on intra-group loans and borrowings -	Buy-outs of non-controlling interests Total liabilities related to financing activities(18)
Interest paid	Interest paid Bonds (excl. accrued interest) -	Interest paid Earn-out commitments -	Interest paid Commitments to buy-out non-controlling interests -	Interest paid Accrued interests (84)	Interest paid Other (13)	Interest paid Total financial liabilities(97)	Interest paid Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Interest paid Derivatives hedging on intra-group loans and borrowings -	Interest paid Total liabilities related to financing activities(97)
Non-cash variations	Non-cash variations Bonds (excl. accrued interest)	Non-cash variations Earn-out commitments	Non-cash variations Commitments to buy-out non-controlling interests	Non-cash variations Accrued interests	Non-cash variations Other	Non-cash variationsTotal financial liabilities	Non-cash variations Derivatives hedging on the 2025, 2028 and 2031 Eurobonds	Non-cash variations Derivatives hedging on intra-group loans and borrowings	Non-cash variationsTotal liabilities related to financing activities
Acquisitions	Acquisitions Bonds (excl. accrued interest) -	Acquisitions Earn-out commitments 304	Acquisitions Commitments to buy-out non-controlling interests 8	Acquisitions Accrued interests -	Acquisitions Other -	Acquisitions Total financial liabilities312	Acquisitions Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Acquisitions Derivatives hedging on intra-group loans and borrowings -	Acquisitions Total liabilities related to financing activities312
Changes in exchange rates	Changes in exchange rates Bonds (excl. accrued interest) -	Changes in exchange rates Earn-out commitments (25)	Changes in exchange rates Commitments to buy-out non-controlling interests (4)	Changes in exchange rates Accrued interests (5)	Changes in exchange rates Other -	Changes in exchange rates Total financial liabilities(34)	Changes in exchange rates Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Changes in exchange rates Derivatives hedging on intra-group loans and borrowings -	Changes in exchange rates Total liabilities related to financing activities(34)
Interest expenses	Interest expenses Bonds (excl. accrued interest) -	Interest expenses Earn-out commitments 8	Interest expenses Commitments to buy-out non-controlling interests 2	Interest expenses Accrued interests 93	Interest expenses Other 13	Interest expenses Total financial liabilities116	Interest expenses Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Interest expenses Derivatives hedging on intra-group loans and borrowings -	Interest expenses Total liabilities related to financing activities116
Capitalized borrowing costs	Capitalized borrowing costs Bonds (excl. accrued interest) (4)	Capitalized borrowing costs Earn-out commitments -	Capitalized borrowing costs Commitments to buy-out non-controlling interests -	Capitalized borrowing costs Accrued interests -	Capitalized borrowing costs Other -	Capitalized borrowing costs Total financial liabilities(4)	Capitalized borrowing costs Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Capitalized borrowing costs Derivatives hedging on intra-group loans and borrowings -	Capitalized borrowing costs Total liabilities related to financing activities(4)
Changes in fair value	Changes in fair value Bonds (excl. accrued interest) -	Changes in fair value Earn-out commitments 43	Changes in fair value Commitments to buy-out non-controlling interests 1	Changes in fair value Accrued interests -	Changes in fair value Other -	Changes in fair value Total financial liabilities44	Changes in fair value Derivatives hedging on the 2025, 2028 and 2031 Eurobonds (214)	Changes in fair value Derivatives hedging on intra-group loans and borrowings 26	Changes in fair value Total liabilities related to financing activities(144)
December 31, 2025	December 31, 2025 Bonds (excl. accrued interest) 2,738	December 31, 2025 Earn-out commitments 614	December 31, 2025 Commitments to buy-out non-controlling interests 63	December 31, 2025 Accrued interests 52	December 31, 2025 Other 12	December 31, 2025 Total financial liabilities 3,479	December 31, 2025 Derivatives hedging on the 2025, 2028 and 2031 Eurobonds (5)	December 31, 2025 Derivatives hedging on intra-group loans and borrowings 9	December 31, 2025 Total liabilities related to financing activities 3,483

/ December 31, 2024

December 31, 2024
(in millions of euros)	Bonds (excl. accrued interest)	Earn-out commitments	Commitments to buy-out non-controlling interests	Accrued interests	Other	Total financial liabilities	Derivatives hedging on the 2025, 2028 and 2031 Eurobonds	Derivatives hedging on intra-group loans and borrowings	Total liabilities related to financing activities
December 31, 2023	December 31, 2023 Bonds (excl. accrued interest) 2,841	December 31, 2023 Earn-out commitments 253	December 31, 2023 Commitments to buy-out non-controlling interests 23	December 31, 2023 Accrued interests 46	December 31, 2023 Other 25	December 31, 2023 Total financial liabilities 3,188	December 31, 2023 Derivatives hedging on the 2025, 2028 and 2031 Eurobonds 117	December 31, 2023 Derivatives hedging on intra-group loans and borrowings 36	December 31, 2023 Total liabilities related to financing activities 3,341
Cash flows
Proceeds from borrowings	Proceeds from borrowings Bonds (excl. accrued interest) -	Proceeds from borrowings Earn-out commitments -	Proceeds from borrowings Commitments to buy-out non-controlling interests -	Proceeds from borrowings Accrued interests -	Proceeds from borrowings Other 1	Proceeds from borrowings Total financial liabilities 1	Proceeds from borrowings Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Proceeds from borrowings Derivatives hedging on intra-group loans and borrowings -	Proceeds from borrowings Total liabilities related to financing activities 1
Repayment of borrowings	Repayment of borrowings Bonds (excl. accrued interest) (600)	Repayment of borrowings Earn-out commitments -	Repayment of borrowings Commitments to buy-out non-controlling interests -	Repayment of borrowings Accrued interests -	Repayment of borrowings Other (3)	Repayment of borrowings Total financial liabilities (603)	Repayment of borrowings Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Repayment of borrowings Derivatives hedging on intra-group loans and borrowings -	Repayment of borrowings Total liabilities related to financing activities (603)
Interest received	Interest received Bonds (excl. accrued interest) -	Interest received Earn-out commitments -	Interest received Commitments to buy-out non-controlling interests -	Interest received Accrued interests -	Interest received Other -	Interest received Total financial liabilities -	Interest received Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Interest received Derivatives hedging on intra-group loans and borrowings 34	Interest received Total liabilities related to financing activities 34
Acquisitions of subsidiaries, net of cash acquired	Acquisitions of subsidiaries, net of cash acquired Bonds (excl. accrued interest) -	Acquisitions of subsidiaries, net of cash acquired Earn-out commitments (67)	Acquisitions of subsidiaries, net of cash acquired Commitments to buy-out non-controlling interests -	Acquisitions of subsidiaries, net of cash acquired Accrued interests -	Acquisitions of subsidiaries, net of cash acquired Other -	Acquisitions of subsidiaries, net of cash acquired Total financial liabilities (67)	Acquisitions of subsidiaries, net of cash acquired Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Acquisitions of subsidiaries, net of cash acquired Derivatives hedging on intra-group loans and borrowings -	Acquisitions of subsidiaries, net of cash acquired Total liabilities related to financing activities (67)
Buy-outs of non-controlling interests	Buy-outs of non-controlling interests Bonds (excl. accrued interest) -	Buy-outs of non-controlling interests Earn-out commitments -	Buy-outs of non-controlling interests Commitments to buy-out non-controlling interests (8)	Buy-outs of non-controlling interests Accrued interests -	Buy-outs of non-controlling interests Other -	Buy-outs of non-controlling interests Total financial liabilities (8)	Buy-outs of non-controlling interests Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Buy-outs of non-controlling interests Derivatives hedging on intra-group loans and borrowings -	Buy-outs of non-controlling interests Total liabilities related to financing activities (8)
Interest paid	Interest paid Bonds (excl. accrued interest) (95)	Interest paid Earn-out commitments -	Interest paid Commitments to buy-out non-controlling interests -	Interest paid Accrued interests -	Interest paid Other (10)	Interest paid Total financial liabilities (105)	Interest paid Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Interest paid Derivatives hedging on intra-group loans and borrowings -	Interest paid Total liabilities related to financing activities (105)
Non-cash variations
Acquisitions	Acquisitions Bonds (excl. accrued interest) -	Acquisitions Earn-out commitments 239	Acquisitions Commitments to buy-out non-controlling interests 52	Acquisitions Accrued interests -	Acquisitions Other -	Acquisitions Total financial liabilities 291	Acquisitions Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Acquisitions Derivatives hedging on intra-group loans and borrowings -	Acquisitions Total liabilities related to financing activities 291
Changes in exchange rates	Changes in exchange rates Bonds (excl. accrued interest) -	Changes in exchange rates Earn-out commitments 11	Changes in exchange rates Commitments to buy-out non-controlling interests 1	Changes in exchange rates Accrued interests 2	Changes in exchange rates Other (2)	Changes in exchange rates Total financial liabilities 12	Changes in exchange rates Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Changes in exchange rates Derivatives hedging on intra-group loans and borrowings -	Changes in exchange rates Total liabilities related to financing activities 12
Interest expenses	Interest expenses Bonds (excl. accrued interest) 95	Interest expenses Earn-out commitments 14	Interest expenses Commitments to buy-out non-controlling interests -	Interest expenses Accrued interests -	Interest expenses Other 12	Interest expenses Total financial liabilities 121	Interest expenses Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Interest expenses Derivatives hedging on intra-group loans and borrowings -	Interest expenses Total liabilities related to financing activities 121
Capitalized borrowing costs	Capitalized borrowing costs Bonds (excl. accrued interest) 1	Capitalized borrowing costs Earn-out commitments -	Capitalized borrowing costs Commitments to buy-out non-controlling interests -	Capitalized borrowing costs Accrued interests -	Capitalized borrowing costs Other -	Capitalized borrowing costs Total financial liabilities 1	Capitalized borrowing costs Derivatives hedging on the 2025, 2028 and 2031 Eurobonds -	Capitalized borrowing costs Derivatives hedging on intra-group loans and borrowings -	Capitalized borrowing costs Total liabilities related to financing activities 1
Changes in fair value	Changes in fair value Bonds (excl. accrued interest) -	Changes in fair value Earn-out commitments (122)	Changes in fair value Commitments to buy-out non-controlling interests 6	Changes in fair value Accrued interests -	Changes in fair value Other -	Changes in fair value Total financial liabilities (116)	Changes in fair value Derivatives hedging on the 2025, 2028 and 2031 Eurobonds 92	Changes in fair value Derivatives hedging on intra-group loans and borrowings (125)	Changes in fair value Total liabilities related to financing activities (149)
December 31, 2024	December 31, 2024 Bonds (excl. accrued interest) 2,243	December 31, 2024 Earn-out commitments 328	December 31, 2024 Commitments to buy-out non-controlling interests 74	December 31, 2024 Accrued interests 48	December 31, 2024 Other 22	December 31, 2024 Total financial liabilities 2,715	December 31, 2024 Derivatives hedging on the 2025, 2028 and 2031 Eurobonds 209	December 31, 2024 Derivatives hedging on intra-group loans and borrowings (55)	December 31, 2024 Total liabilities related to financing activities 2,869