The Groupe is exposed to interest rate risk, foreign exchange risk, liquidity risk and client and bank counterparty risk.
The allocation of debt between fixed-rate and variable-rate instruments results from the financing arrangements undertaken by the Group. The exposure is reviewed periodically in light of expected movements in interest rates.
At the end of 2025, the Groupe’s gross borrowings, excluding earn-out commitments and commitments to buy out non-controlling interests, are fixed-rate bonds.
The table below shows the Groupe’s net assets as of December 31, 2025 broken down by principal currencies:
| (in millions of euros) | Total at December 31, 2025 | Euro (1) | US dollar | Pound sterling | Brazilian real | Yuan | Other |
|---|---|---|---|---|---|---|---|
| Assets | Assets Total at December 31, 202540,010 |
Assets Euro (1)4,900 |
Assets US dollar 22,795 |
Assets Pound sterling 2,589 |
Assets Brazilian real 526 |
Assets Yuan 1,759 |
Assets Other 7,441 |
| Liabilities | Liabilities Total at December 31, 202529,586 |
Liabilities Euro (1)4,997 |
Liabilities US dollar 17,368 |
Liabilities Pound sterling 1,596 |
Liabilities Brazilian real 226 |
Liabilities Yuan 1,252 |
Liabilities Other 4,147 |
| Net assets | Net assetsTotal at December 31, 202510,424 | Net assetsEuro (1)(97) | Net assets US dollar 5,427 |
Net assets Pound sterling 993 |
Net assets Brazilian real 300 |
Net assets Yuan 507 |
Net assets Other 3,294 |
| Effect of foreign exchange hedges(2) | Effect of foreign exchange hedges (2)Total at December 31, 2025- |
Effect of foreign exchange hedges (2)Euro (1)1,529 |
Effect of foreign exchange hedges (2)US dollar (1,529) |
Effect of foreign exchange hedges (2)Pound sterling - |
Effect of foreign exchange hedges (2)Brazilian real - |
Effect of foreign exchange hedges (2)Yuan - |
Effect of foreign exchange hedges (2)Other - |
| Net assets after hedging | Net assets after hedging Total at December 31, 202510,424 |
Net assets after hedging Euro (1)1,432 |
Net assets after hedging US dollar 3,898 |
Net assets after hedging Pound sterling 993 |
Net assets after hedging Brazilian real 300 |
Net assets after hedging Yuan 507 |
Net assets after hedging Other 3,294 |
In addition, changes in exchange rates against the euro, the reporting currency used in the Groupe’s financial statements, can have an impact on the Groupe’s consolidated balance sheet and consolidated income statement.
The breakdown of Groupe revenue by the currency in which it is earned is as follows:
| 2025 | 2024 | |
|---|---|---|
| Euro | Euro 202513 % |
Euro 2024 13 % |
| US dollar | US dollar 202557 % |
US dollar 2024 57 % |
| Pound sterling | Pound sterling 20258 % |
Pound sterling 2024 9 % |
| Other | Other 202522 % |
Other 2024 21 % |
| Total revenue | Total revenue 2025100 % |
Total revenue 2024 100 % |
The impact of a decrease of 1% of the euro rate against the US dollar and the pound sterling would be (favorable impact):
Commercial transactions are mainly carried out in the local currencies of the countries in which they occur. Consequently, the resulting exchange rate risks are not significant and are occasionally hedged.
In the case of intercompany lending/borrowing operations, they are subject to appropriate hedging if they present a significant net exposure to foreign exchange risk.
The derivatives used are generally forward foreign exchange contracts or currency swaps.
