| (in millions of euros) | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Financial debt (long and short-term) | Financial debt (long and short-term)June 30, 20253,190 |
Financial debt (long and short-term)December 31, 20242,715 |
| Fair value of hedging derivatives on the 2025, 2028 and 2031 Eurobonds (1) | Fair value of hedging derivatives on the 2025, 2028 and 2031 Eurobonds (1)June 30, 2025(8) |
Fair value of hedging derivatives on the 2025, 2028 and 2031 Eurobonds (1)December 31, 2024209 |
| Fair value of derivatives hedging intra-group loans and borrowings (1) | Fair value of derivatives hedging intra-group loans and borrowings (1)June 30, 202557 |
Fair value of derivatives hedging intra-group loans and borrowings (1)December 31, 2024(55) |
| Total financial debt including market value of the associated derivatives | Total financial debt including market value of the associated derivativesJune 30, 20253,239 | Total financial debt including market value of the associated derivativesDecember 31, 20242,869 |
| Cash and cash equivalents | Cash and cash equivalents June 30, 2025(2,206) |
Cash and cash equivalents December 31, 2024(3,644) |
| Net financial debt | Net financial debtJune 30, 20251,033 | Net financial debtDecember 31, 2024(775) |
| Debt/equity (including non-controlling interests) | Debt/equity (including non-controlling interests)June 30, 20250.11 | Debt/equity (including non-controlling interests)December 31, 2024n/a |
Net financial debt amounted to euro 1,033 million as of June 30, 2025 (i.e. a ratio Net Debt / Equity of 0.11) compared to a net cash position of euro 775 million as of December 31, 2024. The Groupe reported a net debt of euro 99 million as of June 30, 2024.
During the first half of 2025, in addition to the acquisitions of subsidiaries, two significant transactions impacted the Group's debt (see section 1.4 Key events of the financial year):
The Groupe's average net debt over the last 12 months amounted to euro 836 million as of June 30, 2025, compared to euro 375 million as of June 30, 2024.
Net cash flow from operating activities generated an outflow of euro 548 million in the first six months of 2025, compared to an outflow of euro 556 million in the same period of the previous year. The change in working capital is negative at euro 1,745 million, compared with a negative change as well of euro 1,629 million in H1 2024. Taxes paid amounted to euro 350 million in H1 2025 compared to euro 376 million in H1 2024.
Net cash flow from investing activities includes acquisitions and disposals of tangible and intangible fixed assets, net acquisitions of financial assets and acquisitions and disposals of subsidiaries (net of cash acquired). Net cash used in investing activities amounted to euro 559 million in H1 2025, after euro 335 million for the same period in 2024. Net investment (of disposals) in the acquisition of subsidiaries amounted to euro 433 million, notably including the acquisitions of Captiv8, BR Media, Lotame, Atomic 212 and Adopt, and euro 40 million of earn-out and buy-out payments, compared to euro 229 million in H1 2024 (which included, in particular, the acquisition of Spinnaker, along with euro 69 million of earn-out and buy-out payments). Net investments in property, plant and equipment and intangible assets amounted to euro 115 million in H1 2025, overall in line with the euro 118 million in the first half of 2024.
Net cash flow from financing activities resulted in a surplus of euro 70 million in H1 2025, compared with an utilization of euro 351 million in the same period of the previous year. This surplus originates from the net proceeds generated by the euro 1,250 million bond issue, net of the repayment of the bond tranche of euro 750 million. The (net) repurchase of treasury shares generated a cash utilization of euro 149 million over the H1 2025 (compared with a cash utilization of euro 119 million in 2024), mainly linked to the share buy back program related to 1,610,899 treasury shares, for a total amount of euro 150 million. Last year, a share buy back program took place during the first quarter, leading to the acquisition of 1,031,711 shares for an amount of euro 101 million, in addition to the acquisition of a block of 150,000 of treasury shares from a shareholder for an amount of euro 15 million, Repayments of lease liabilities and related interest amounted to euro 232 million in H1 2025, vs euro 224 million for the same period in 2024. Net interest paid amounted to euro 22 million in the first half year, after euro 13 million received in 2024.
Overall, the Groupe’s cash position, net of bank credit balances, decreased by euro 1,436 million in the first half-year 2025, compared with a decrease of euro 1,168 million in the same period of the previous year.
Including the short-term credit lines available, the Groupe’s available liquidity amounted to euro 4,206 million as of June 30, 2025, compared with 5,644 million as of December 31, 2024 and euro 4 661 million as of June 30, 2024. As a reminder, the Groupe has a euro 2 billion facility, initially maturing in July 2029 and which was extended by one year, pushing maturity to July 2030 (see note 1.4 Significant events of the period). It remained undrawn as of June 30, 2025.
