Universal Registration Document 2025

/ Analysis of lease liabilities

Analysis of lease liabilities
		Cash outflows		Changes excl. cash outflows
(in millions of euros)	December 31, 2024	Repayment of lease liabilities⁽¹⁾	Interests paid on lease liabilities	New lease	Interest expenses on lease liabilities	Short-term - long-term reclassification	Effect of translation and others	December 31, 2025
Lease liabilities – short-term	361	(377)	(86)	2	86	388	(11)	363
Lease liabilities – long-term	2,099	-	-	244	-	(388)	(136)	1,819
Total lease liabilities	2,460	(377)	(86)	246	86	-	(147)	2,182

Analysis of lease liabilities
		Cash outflows		Changes excl. cash outflows
(in millions of euros)	December 31, 2023	Repayment of lease liabilities⁽¹⁾	Interests paid on lease liabilities	New lease	Interest expenses on lease liabilities	Short-term - long-term reclassification	Effect of translation and others	December 31, 2024
Lease liabilities – short-term	360	(374)	(84)	3	84	359	13	361
Lease liabilities – long-term	1,992	-	-	420	-	(359)	46	2,099
Total lease liabilities	2,352	(374)	(84)	423	84	-	59	2,460

Expenses relating to variable lease payments not taken into account in the measurement of the lease obligation

The advertising network contracts include fixed fees (guaranteed minimums) and variable fees above a certain level of activity carried out. Fixed fees are taken into account in the lease liability, while variable fees are expensed directly.

In 2025, the variable lease expenses amount to euro 37 million. In 2024, the variable lease expenses were euro 47 million.

Interest expense on lease liabilities

For financial year 2025, the interest expense on lease liabilities is euro (86) million (see Note 9). For financial year 2024, the interest expense for lease liabilities was euro (84) million.