10. Groupe’s liquidity and financial rating
Description of the risk
The Groupe’s liquidity is based on its ability to have available at all times sufficient resources to finance its operations, honor its commitments and support its strategy.
The Groupe would be exposed to a liquidity risk if its incoming payments, which represent several times its revenue, no longer covered its outgoing payments, and at the same time its ability to raise new financial resources had been exhausted or was insufficient. Tensions on payment terms may also affect the Groupe’s available cash position.
The rating agencies Moody’s and Standard & Poor’s confirmed Groupe’s credit ratings in 2025 (respectively Baa1 and BBB+). Any ratings downgrade could restrict the ability to raise funds and lead to higher interest rates, impacting profitability and future investments.
Risk management
The Groupe is exposed to the risk of default by financial institutions that hold or manage its cash and other financial instruments, which may result in losses for the Groupe. The Groupe limits the exposure to default risk of its counterparties by using only leading financial institutions and regularly monitoring their ratings. When the Groupe makes financial investments (whether in the form of short-term bank deposits, purchases of UCITS or equivalents), it systematically prefers money market instruments in order to limit the risk of illiquidity or high volatility in these investments.
The Groupe manages the liquidity risk related to the Groupe’s overall net debt. Subsidiaries obtain their short- or long-term financing primarily from financial companies based in Dublin.
As of December 31, 2025, the Groupe had liquid assets, calculated as the sum of cash and undrawn confirmed credit lines, at the highest level in its industry.