Half-year financial report 2025

Note 11 Earnings per share

2.6 Notes to the consolidated financial statements

Note 11 Earnings per share

Note 11Earnings per share

/ Earnings per share (basic and diluted)
(in millions of euros, except for share data)   June 30, 2025 (6 months) June 30, 2024 (6 months)
Net income used for the calculation of earnings per share Net income used for the calculation of earnings per share

 

 

Net income used for the calculation of earnings per shareJune 30, 2025

(6 months)

 

Net income used for the calculation of earnings per shareJune 30, 2024

(6 months)

 

Net income attributable to holders of the Company Net income attributable to holders of the Company

 

A
Net income attributable to holders of the CompanyJune 30, 2025

(6 months)

824
Net income attributable to holders of the CompanyJune 30, 2024

(6 months)

773
Impact of dilutive instruments: Impact of dilutive instruments:

 

 

Impact of dilutive instruments:June 30, 2025

(6 months)

 

Impact of dilutive instruments:June 30, 2024

(6 months)

 

Savings in financial expenses related to the conversion of debt instruments, net of tax

Savings in financial expenses related to the conversion of debt instruments, net of tax

 

 

Savings in financial expenses related to the conversion of debt instruments, net of tax

June 30, 2025

(6 months)

Savings in financial expenses related to the conversion of debt instruments, net of tax

June 30, 2024

(6 months)

Net income attributable to holders of the Company – diluted Net income attributable to holders of the Company – diluted

 

B
Net income attributable to holders of the Company – dilutedJune 30, 2025

(6 months)

824
Net income attributable to holders of the Company – dilutedJune 30, 2024

(6 months)

773
Number of shares used to calculate earnings per share Number of shares used to calculate earnings per share

 

 

Number of shares used to calculate earnings per shareJune 30, 2025

(6 months)

 

Number of shares used to calculate earnings per shareJune 30, 2024

(6 months)

 

Number of shares at January 1

Number of shares at January 1

 

 

Number of shares at January 1

June 30, 2025

(6 months)

254,311,860

Number of shares at January 1

June 30, 2024

(6 months)

254,311,860

Treasury shares to be deducted (average for the year)

Treasury shares to be deducted (average for the year)

 

 

Treasury shares to be deducted (average for the year)

June 30, 2025

(6 months)

(2,922,137)

Treasury shares to be deducted (average for the year)

June 30, 2024

(6 months)

(3,600,220)

Average number of shares used for the calculation C Average number of shares used for the calculation C

 

C
Average number of shares used for the calculation CJune 30, 2025

(6 months)

251,389,723
Average number of shares used for the calculation CJune 30, 2024

(6 months)

250,711,640
Impact of dilutive instruments: Impact of dilutive instruments:

 

 

Impact of dilutive instruments:June 30, 2025

(6 months)

 

Impact of dilutive instruments:June 30, 2024

(6 months)

 

Dilutive free shares

Dilutive free shares

 

 

Dilutive free shares

June 30, 2025

(6 months)

2,081,759

Dilutive free shares

June 30, 2024

(6 months)

2,591,240

Number of diluted shares (in euros) Number of diluted shares (in euros)

 

D
Number of diluted shares (in euros)June 30, 2025

(6 months)

253,471,482
Number of diluted shares (in euros)June 30, 2024

(6 months)

253,302,880
Earnings per share Earnings per share

 

A/C
Earnings per shareJune 30, 2025

(6 months)

3.28
Earnings per shareJune 30, 2024

(6 months)

3.08
Diluted earnings per share

Diluted earnings per share

 

B/D

Diluted earnings per share

June 30, 2025

(6 months)

3.25

Diluted earnings per share

June 30, 2024

(6 months)

3.05

/ Headline earnings per share (basic and diluted)
(in millions of euros, except for share data)   June 30, 2025 (6 months) June 30, 2024 (6 months)
Net income used to calculate headline earnings per share(1) Net income used to calculate headline earnings per share(1)

 

 

Net income used to calculate headline earnings per share(1)June 30, 2025

(6 months)

 

Net income used to calculate headline earnings per share(1)June 30, 2024

(6 months)

 

Net income attributable to holders of the Company Net income attributable to holders of the Company

 

 

Net income attributable to holders of the CompanyJune 30, 2025

(6 months)

824
Net income attributable to holders of the CompanyJune 30, 2024

(6 months)

773
Items excluded: Items excluded:

 

 

Items excluded:June 30, 2025

(6 months)

 

Items excluded:June 30, 2024

(6 months)

 

Amortization of intangibles from acquisitions, net of tax

Amortization of intangibles from acquisitions, net of tax

 

 

Amortization of intangibles from acquisitions, net of tax

June 30, 2025

(6 months)

79

Amortization of intangibles from acquisitions, net of tax

June 30, 2024

(6 months)

92

Impairment loss, net of tax

Impairment loss, net of tax

 

 

Impairment loss, net of tax

June 30, 2025

(6 months)

26

Impairment loss, net of tax

June 30, 2024

(6 months)

34

Main capital gains and losses on disposal of assets and fair value adjustment of financial assets(2), net of tax

Main capital gains and losses on disposal of assets and fair value adjustment of financial assets(2), net of tax

 

 

Main capital gains and losses on disposal of assets and fair value adjustment of financial assets(2), net of tax

June 30, 2025

(6 months)

(1)

Main capital gains and losses on disposal of assets and fair value adjustment of financial assets(2), net of tax

June 30, 2024

(6 months)

(14)

Revaluation of earn-out payments

Revaluation of earn-out payments

 

 

Revaluation of earn-out payments

June 30, 2025

(6 months)

(38)

Revaluation of earn-out payments

June 30, 2024

(6 months)

(28)

Headline net income attributable to holders of the Company Headline net income attributable to holders of the Company

 

E
Headline net income attributable to holders of the CompanyJune 30, 2025

(6 months)

890
Headline net income attributable to holders of the CompanyJune 30, 2024

(6 months)

857
Impact of dilutive instruments: Impact of dilutive instruments:

 

 

Impact of dilutive instruments:June 30, 2025

(6 months)

 

Impact of dilutive instruments:June 30, 2024

(6 months)

 

Savings in financial expenses related to the conversion of debt instruments, net of tax

Savings in financial expenses related to the conversion of debt instruments, net of tax

 

 

Savings in financial expenses related to the conversion of debt instruments, net of tax

June 30, 2025

(6 months)

Savings in financial expenses related to the conversion of debt instruments, net of tax

June 30, 2024

(6 months)

Headline net income attributable to holders of the Company - diluted Headline net income attributable to holders of the Company - diluted

 

F
Headline net income attributable to holders of the Company - dilutedJune 30, 2025

(6 months)

890
Headline net income attributable to holders of the Company - dilutedJune 30, 2024

(6 months)

857
Number of shares used to calculate earnings per share Number of shares used to calculate earnings per share

 

 

Number of shares used to calculate earnings per shareJune 30, 2025

(6 months)

 

Number of shares used to calculate earnings per shareJune 30, 2024

(6 months)

 

Number of shares at January 1

Number of shares at January 1

 

 

Number of shares at January 1

June 30, 2025

(6 months)

254,311,860

Number of shares at January 1

June 30, 2024

(6 months)

254,311,860

Shares created over the year

Shares created over the year

 

 

Shares created over the year

June 30, 2025

(6 months)

Shares created over the year

June 30, 2024

(6 months)

Treasury shares to be deducted (average for the year)

Treasury shares to be deducted (average for the year)

 

 

Treasury shares to be deducted (average for the year)

June 30, 2025

(6 months)

(2,922,137)

Treasury shares to be deducted (average for the year)

June 30, 2024

(6 months)

(3,600,220)

Average number of shares used for the calculation Average number of shares used for the calculation

 

C
Average number of shares used for the calculationJune 30, 2025

(6 months)

251,389,723
Average number of shares used for the calculationJune 30, 2024

(6 months)

250,711,640
Impact of dilutive instruments: Impact of dilutive instruments:

 

 

Impact of dilutive instruments:June 30, 2025

(6 months)

 

Impact of dilutive instruments:June 30, 2024

(6 months)

 

DIlutive free shares

DIlutive free shares

 

 

DIlutive free shares

June 30, 2025

(6 months)

2,081,759

DIlutive free shares

June 30, 2024

(6 months)

2,591,240

Number of diluted shares (in euros) Number of diluted shares (in euros)

 

D
Number of diluted shares (in euros)June 30, 2025

(6 months)

253,471,482
Number of diluted shares (in euros)June 30, 2024

(6 months)

253,302,880
Headline earnings per share(1) Headline earnings per share(1)

 

E/C
Headline earnings per share(1)June 30, 2025

(6 months)

3.54
Headline earnings per share(1)June 30, 2024

(6 months)

3.42
Headline earnings per share – diluted(1)

Headline earnings per share – diluted

(1)

 

F/D

Headline earnings per share – diluted

(1)
June 30, 2025

(6 months)

3.51

Headline earnings per share – diluted

(1)
June 30, 2024

(6 months)

3.38