Half-year financial report 2025

2.6 Notes to the consolidated financial statements

Note 15 Pension commitments and other employee benefits

Note 15Pension commitments and other employee benefits

(in millions of euros)	June 30, 2025	December 31, 2024
Pension commitments and other long-term benefits	Pension commitments and other long-term benefits June 30, 2025 (272)	Pension commitments and other long-term benefits December 31, 2024 (271)
Pension commitments and other short-term benefits	Pension commitments and other short-term benefits June 30, 2025 (16)	Pension commitments and other short-term benefits December 31, 2024 (21)
Pension plan surpluses	Pension plan surpluses June 30, 2025 30	Pension plan surpluses December 31, 2024 31
other post-employment and long-term benefits	other post-employment and long-term benefits June 30, 2025 (258)	other post-employment and long-term benefits December 31, 2024 (261)

Actuarial assumptions (weighted average rates)

The provision for pensions was discounted as of June 30, 2025 on the basis of discount rates calculated using yields of long-term investment grade corporate bonds (minimum AA rating) with maturities equivalent to the length of the plans assessed. They were determined on the basis of external indices commonly used as a reference.

June 30, 2025	United States	United Kingdom	Euro zone	Other Country	United States	United Kingdom
	Pension plans			Post-employment medical cover
Discount rate	5.30%	5.70% - 5.80%	3.60%	1.15% - 9.45%	5.30%	5.70% - 5.80%

December 31, 2024	United States	United Kingdom	Euro zone	Other Country	United States	United Kingdom
	Pension plans			Post-employment medical cover
Discount rate	5.30%	5.45% - 5.50%	3.30%	1.15% - 12.50%	5.30%	5.45% - 5.50%

Note 16 Borrowings

In the first half year of 2025, the Group undertook key financial structure initiatives:

Bond repayment: in June 2025, a euro 750 million bond issued in 2019 to finance the Epsilon acquisition was repaid at maturity.
Euro Medium Term Note (EMTN) program and bond issuance: A euro 1,500 million Euro Medium Term Note program was launched on May 16. Under this program, a euro 1,250 million bond was issued on June 4 in two tranches:
- euro 600 million maturing in June 2029 at 2.875% annual interest;
- euro 650 million maturing in June 2032 at 3.375% annual interest.
Related issuance costs totaled €6 million.
Syndicated credit facility extension: The euro 2,000 million facility, initially maturing in July 2029 and featuring two one-year extension options, was extended by one year in May 2025, pushing maturity to July 2030. It remained undrawn as of June 30 (see note 19).