Half-year financial report 2025

2.1 Consolidated income statement

2. Condensed half-year consolidated financial statements ended june 30, 2025

2.1 Consolidated income statement

2.1 CONSOLIDATED INCOME STATEMENT

(in millions of euros) Notes June 30, 2025 (6 months) June 30, 2024 (6 months) December 31, 2024 (12 months)
Net revenue(1) Net revenue(1)Notes4 Net revenue(1)June 30, 2025 (6 months)7,152 Net revenue(1)June 30, 2024 (6 months)6,688 Net revenue(1)December 31, 2024

(12 months)

13,965
Pass-through revenue

Pass-through revenue

Notes

 

Pass-through revenue

June 30, 2025 (6 months)

1,331

Pass-through revenue

June 30, 2024 (6 months)

962

Pass-through revenue

December 31, 2024

(12 months)

2,065

Revenue RevenueNotes4 RevenueJune 30, 2025 (6 months)8,483 RevenueJune 30, 2024 (6 months)7,650 RevenueDecember 31, 2024

(12 months)

16,030
Personnel costs and freelancers costs

Personnel costs and freelancers costs

Notes5

Personnel costs and freelancers costs

June 30, 2025 (6 months)

(4,835)

Personnel costs and freelancers costs

June 30, 2024 (6 months)

(4,498)

Personnel costs and freelancers costs

December 31, 2024

(12 months)

(9,224)

Other operating costs

Other operating costs

Notes6

Other operating costs

June 30, 2025 (6 months)

(2,147)

Other operating costs

June 30, 2024 (6 months)

(1,751)

Other operating costs

December 31, 2024

(12 months)

(3,792)

Operating margin before depreciation & amortization Operating margin before depreciation & amortizationNotes

 

Operating margin before depreciation & amortizationJune 30, 2025 (6 months)1,501 Operating margin before depreciation & amortizationJune 30, 2024 (6 months)1,401 Operating margin before depreciation & amortizationDecember 31, 2024

(12 months)

3,014
Depreciation and amortization expense (excluding  intangibles from acquisitions)

Depreciation and amortization expense (excluding  intangibles from acquisitions)

Notes7

Depreciation and amortization expense (excluding  intangibles from acquisitions)

June 30, 2025 (6 months)

(259)

Depreciation and amortization expense (excluding  intangibles from acquisitions)

June 30, 2024 (6 months)

(241)

Depreciation and amortization expense (excluding  intangibles from acquisitions)

December 31, 2024

(12 months)

(495)

Operating margin Operating marginNotes

 

Operating marginJune 30, 2025 (6 months)1,242 Operating marginJune 30, 2024 (6 months)1,160 Operating marginDecember 31, 2024

(12 months)

2,519
Amortization of intangibles from acquisitions

Amortization of intangibles from acquisitions

Notes7

Amortization of intangibles from acquisitions

June 30, 2025 (6 months)

(106)

Amortization of intangibles from acquisitions

June 30, 2024 (6 months)

(123)

Amortization of intangibles from acquisitions

December 31, 2024

(12 months)

(234)

Impairment loss

Impairment loss

Notes7

Impairment loss

June 30, 2025 (6 months)

(35)

Impairment loss

June 30, 2024 (6 months)

(45)

Impairment loss

December 31, 2024

(12 months)

(86)

Non-current income and expenses

Non-current income and expenses

Notes8

Non-current income and expenses

June 30, 2025 (6 months)

1

Non-current income and expenses

June 30, 2024 (6 months)

16

Non-current income and expenses

December 31, 2024

(12 months)

15

Operating income Operating incomeNotes

 

Operating incomeJune 30, 2025 (6 months)1,102 Operating incomeJune 30, 2024 (6 months)1,008 Operating incomeDecember 31, 2024

(12 months)

2,214
Financial debt expenses

Financial debt expenses

Notes9

Financial debt expenses

June 30, 2025 (6 months)

(58)

Financial debt expenses

June 30, 2024 (6 months)

(61)

Financial debt expenses

December 31, 2024

(12 months)

(122)

Financial debt income

Financial debt income

Notes9

Financial debt income

June 30, 2025 (6 months)

73

Financial debt income

June 30, 2024 (6 months)

100

Financial debt income

December 31, 2024

(12 months)

174

Revaluation of earn-out commitments

Revaluation of earn-out commitments

Notes9

Revaluation of earn-out commitments

June 30, 2025 (6 months)

38

Revaluation of earn-out commitments

June 30, 2024 (6 months)

28

Revaluation of earn-out commitments

December 31, 2024

(12 months)

35

Other financial income and expenses

Other financial income and expenses

Notes9

Other financial income and expenses

June 30, 2025 (6 months)

(58)

Other financial income and expenses

June 30, 2024 (6 months)

(39)

Other financial income and expenses

December 31, 2024

(12 months)

(81)

Financial result Financial resultNotes

 

Financial resultJune 30, 2025 (6 months)(5) Financial resultJune 30, 2024 (6 months)28 Financial resultDecember 31, 2024

(12 months)

6
Share of profit of equity-accounted investees, net of tax

Share of profit of equity-accounted investees, net of tax

Notes

 

Share of profit of equity-accounted investees, net of tax

June 30, 2025 (6 months)

1

Share of profit of equity-accounted investees, net of tax

June 30, 2024 (6 months)

(3)

Share of profit of equity-accounted investees, net of tax

December 31, 2024

(12 months)

(2)

Pre-tax income Pre-tax incomeNotes

 

Pre-tax incomeJune 30, 2025 (6 months)1,098 Pre-tax incomeJune 30, 2024 (6 months)1,033 Pre-tax incomeDecember 31, 2024

(12 months)

2,218
Income taxes

Income taxes

Notes10

Income taxes

June 30, 2025 (6 months)

(266)

Income taxes

June 30, 2024 (6 months)

(256)

Income taxes

December 31, 2024

(12 months)

(549)

Net income Net incomeNotes

 

Net incomeJune 30, 2025 (6 months)832 Net incomeJune 30, 2024 (6 months)777 Net incomeDecember 31, 2024

(12 months)

1,669
Total net income attributable to: Total net income attributable to:Notes

 

Total net income attributable to:June 30, 2025 (6 months)

 

Total net income attributable to:June 30, 2024 (6 months)

 

Total net income attributable to:December 31, 2024

(12 months)

 

Non-controlling interests

Non-controlling interests

Notes

 

Non-controlling interests

June 30, 2025 (6 months)

8

Non-controlling interests

June 30, 2024 (6 months)

4

Non-controlling interests

December 31, 2024

(12 months)

9

Owners of the Company

Owners of the Company

Notes

 

Owners of the Company

June 30, 2025 (6 months)

824

Owners of the Company

June 30, 2024 (6 months)

773

Owners of the Company

December 31, 2024

(12 months)

1,660

 

 

Notes

 

 

June 30, 2025 (6 months)

 

 

June 30, 2024 (6 months)

 

 

December 31, 2024

(12 months)

 

Per-share data (in euros) – Net income attributable to owners of the Company Per-share data (in euros) – Net income attributable to owners of the CompanyNotes11 Per-share data (in euros) – Net income attributable to owners of the CompanyJune 30, 2025 (6 months)

 

Per-share data (in euros) – Net income attributable to owners of the CompanyJune 30, 2024 (6 months)

 

Per-share data (in euros) – Net income attributable to owners of the CompanyDecember 31, 2024

(12 months)

 

Number of shares Number of sharesNotes

 

Number of sharesJune 30, 2025 (6 months)251,389,723 Number of sharesJune 30, 2024 (6 months)250,711,640 Number of sharesDecember 31, 2024

(12 months)

250,677,462
Earnings per share

Earnings per share

Notes

 

Earnings per share

June 30, 2025 (6 months)

3.28

Earnings per share

June 30, 2024 (6 months)

3.08

Earnings per share

December 31, 2024

(12 months)

6.62

Number of diluted shares Number of diluted sharesNotes

 

Number of diluted sharesJune 30, 2025 (6 months)253,471,482 Number of diluted sharesJune 30, 2024 (6 months)253,302,880 Number of diluted sharesDecember 31, 2024

(12 months)

253,565,798
Diluted earnings per share

Diluted earnings per share

Notes

 

Diluted earnings per share

June 30, 2025 (6 months)

3.25

Diluted earnings per share

June 30, 2024 (6 months)

3.05

Diluted earnings per share

December 31, 2024

(12 months)

6.55