Half-year financial report 2025

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

/ Change in borrowings - First half year 2025
(in millions of euros) Bonds (excl. accrued interest) Earn-out commitments Commitments to buy-out non-controlling interests Accrued interests Other Total financial liabilities Derivatives hedging on the 2025, 2028 and 2031 Eurobonds(1)(2) Derivatives hedging on intra-group loans and borrowings(2) Total liabilities related to financing activities
December 31, 2024 December 31, 2024

Bonds (excl. accrued interest)

2,243
December 31, 2024

Earn-out commitments

328
December 31, 2024

Commitments to buy-out

non-controlling

interests

74
December 31, 2024

Accrued interests

48
December 31, 2024

Other

22
December 31, 2024

Total financial liabilities

2,715
December 31, 2024

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)
209
December 31, 2024

Derivatives hedging on intra-group loans and borrowings

(2)
(55)
December 31, 2024

Total liabilities related to financing activities

2,869
Cash flows Cash flows

Bonds (excl. accrued interest)

 

Cash flows

Earn-out commitments

 

Cash flows

Commitments to buy-out

non-controlling

interests

 

Cash flows

Accrued interests

 

Cash flows

Other

 

Cash flows

Total financial liabilities

 

Cash flows

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

 

Cash flows

Derivatives hedging on intra-group loans and borrowings

(2)

 

Cash flows

Total liabilities related to financing activities

 

Proceeds from borrowings

Proceeds from borrowings

Bonds (excl. accrued interest)

1,249

Proceeds from borrowings

Earn-out commitments

Proceeds from borrowings

Commitments to buy-out

non-controlling

interests

Proceeds from borrowings

Accrued interests

Proceeds from borrowings

Other

Proceeds from borrowings

Total financial liabilities

1,249

Proceeds from borrowings

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Proceeds from borrowings

Derivatives hedging on intra-group loans and borrowings

(2)

Proceeds from borrowings

Total liabilities related to financing activities

1,249
Repayment of borrowings

Repayment of borrowings

Bonds (excl. accrued interest)

(750)

Repayment of borrowings

Earn-out commitments

Repayment of borrowings

Commitments to buy-out

non-controlling

interests

Repayment of borrowings

Accrued interests

Repayment of borrowings

Other

(3)

Repayment of borrowings

Total financial liabilities

(753)

Repayment of borrowings

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Repayment of borrowings

Derivatives hedging on intra-group loans and borrowings

(2)

Repayment of borrowings

Total liabilities related to financing activities

(753)
Interest received

Interest received

Bonds (excl. accrued interest)

Interest received

Earn-out commitments

Interest received

Commitments to buy-out

non-controlling

interests

Interest received

Accrued interests

Interest received

Other

Interest received

Total financial liabilities

Interest received

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Interest received

Derivatives hedging on intra-group loans and borrowings

(2)

22

Interest received

Total liabilities related to financing activities

22
Acquisitions of subsidiaries, net of cash acquired

Acquisitions of subsidiaries, net of cash acquired

Bonds (excl. accrued interest)

Acquisitions of subsidiaries, net of cash acquired

Earn-out commitments

(22)

Acquisitions of subsidiaries, net of cash acquired

Commitments to buy-out

non-controlling

interests

Acquisitions of subsidiaries, net of cash acquired

Accrued interests

Acquisitions of subsidiaries, net of cash acquired

Other

Acquisitions of subsidiaries, net of cash acquired

Total financial liabilities

(22)

Acquisitions of subsidiaries, net of cash acquired

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Acquisitions of subsidiaries, net of cash acquired

Derivatives hedging on intra-group loans and borrowings

(2)

Acquisitions of subsidiaries, net of cash acquired

Total liabilities related to financing activities

(22)
Buy-outs of non-controlling interests Buy-outs of non-controlling

interests

Bonds (excl. accrued interest)

Buy-outs of non-controlling

interests

Earn-out commitments

Buy-outs of non-controlling

interests

Commitments to buy-out

non-controlling

interests

(18)

Buy-outs of non-controlling

interests

Accrued interests

Buy-outs of non-controlling

interests

Other

Buy-outs of non-controlling

interests

Total financial liabilities

(18)
Buy-outs of non-controlling

interests

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)
Buy-outs of non-controlling

interests

Derivatives hedging on intra-group loans and borrowings

(2)
Buy-outs of non-controlling

interests

Total liabilities related to financing activities

(18)
Interest paid

Interest paid

Bonds (excl. accrued interest)

(84)

Interest paid

Earn-out commitments

Interest paid

Commitments to buy-out

non-controlling

interests

Interest paid

Accrued interests

Interest paid

Other

(13)

Interest paid

Total financial liabilities

(97)

Interest paid

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Interest paid

Derivatives hedging on intra-group loans and borrowings

(2)

Interest paid

Total liabilities related to financing activities

(97)
Non-cash variations Non-cash variations

Bonds (excl. accrued interest)

 

Non-cash variations

Earn-out commitments

 

Non-cash variations

Commitments to buy-out

non-controlling

interests

 

Non-cash variations

Accrued interests

 

Non-cash variations

Other

 

Non-cash variations

Total financial liabilities

 

Non-cash variations

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

 

Non-cash variations

Derivatives hedging on intra-group loans and borrowings

(2)

 

Non-cash variations

Total liabilities related to financing activities

 

Acquisitions

Acquisitions

Bonds (excl. accrued interest)

Acquisitions

Earn-out commitments

123

Acquisitions

Commitments to buy-out

non-controlling

interests

4

Acquisitions

Accrued interests

Acquisitions

Other

Acquisitions

Total financial liabilities

127

Acquisitions

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Acquisitions

Derivatives hedging on intra-group loans and borrowings

(2)

Acquisitions

Total liabilities related to financing activities

127
Changes in exchange rates

Changes in exchange rates

Bonds (excl. accrued interest)

Changes in exchange rates

Earn-out commitments

(23)

Changes in exchange rates

Commitments to buy-out

non-controlling

interests

(5)

Changes in exchange rates

Accrued interests

Changes in exchange rates

Other

(6)

Changes in exchange rates

Total financial liabilities

(34)

Changes in exchange rates

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Changes in exchange rates

Derivatives hedging on intra-group loans and borrowings

(2)

Changes in exchange rates

Total liabilities related to financing activities

(34)
Interest expenses

Interest expenses

Bonds (excl. accrued interest)

84

Interest expenses

Earn-out commitments

Interest expenses

Commitments to buy-out

non-controlling

interests

1

Interest expenses

Accrued interests

(43)

Interest expenses

Other

16

Interest expenses

Total financial liabilities

58

Interest expenses

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Interest expenses

Derivatives hedging on intra-group loans and borrowings

(2)

Interest expenses

Total liabilities related to financing activities

58
Capitalized borrowing costs

Capitalized borrowing costs

Bonds (excl. accrued interest)

(6)

Capitalized borrowing costs

Earn-out commitments

Capitalized borrowing costs

Commitments to buy-out

non-controlling

interests

Capitalized borrowing costs

Accrued interests

Capitalized borrowing costs

Other

Capitalized borrowing costs

Total financial liabilities

(6)

Capitalized borrowing costs

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Capitalized borrowing costs

Derivatives hedging on intra-group loans and borrowings

(2)

Capitalized borrowing costs

Total liabilities related to financing activities

(6)
Changes in fair value

Changes in fair value

Bonds (excl. accrued interest)

Changes in fair value

Earn-out commitments

(30)

Changes in fair value

Commitments to buy-out

non-controlling

interests

1

Changes in fair value

Accrued interests

Changes in fair value

Other

Changes in fair value

Total financial liabilities

(29)

Changes in fair value

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

(217)

Changes in fair value

Derivatives hedging on intra-group loans and borrowings

(2)

90

Changes in fair value

Total liabilities related to financing activities

(156)
June 30, 2025

June 30, 2025

Bonds (excl. accrued interest)

2,736

June 30, 2025

Earn-out commitments

376

June 30, 2025

Commitments to buy-out

non-controlling

interests

57

June 30, 2025

Accrued interests

5

June 30, 2025

Other

16

June 30, 2025

Total financial liabilities

3,190

June 30, 2025

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

(8)

June 30, 2025

Derivatives hedging on intra-group loans and borrowings

(2)

57

June 30, 2025

Total liabilities related to financing activities

3,239

/ Change in borrowings - First half year 2024
(in millions of euros) Bonds (excl. accrued interest) Earn-out commitments Commitments to buy-out non-controlling interests Accrued interests Other Total financial liabilities Derivatives hedging on the 2025, 2028 and 2031 Eurobonds(1)(2) Derivatives hedging on intra-group loans and borrowings(2) Total liabilities related to financing activities
December 31, 2023 December 31, 2023

Bonds (excl. accrued interest)

2,841
December 31, 2023

Earn-out commitments

253
December 31, 2023

Commitments to buy-out

non-controlling

interests

23
December 31, 2023

Accrued interests

46
December 31, 2023

Other

25
December 31, 2023

Total financial liabilities

3,188
December 31, 2023

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)
117
December 31, 2023

Derivatives hedging on intra-group loans and borrowings

(2)
36
December 31, 2023

Total liabilities related to financing activities

3,341
Cash flows Cash flows

Bonds (excl. accrued interest)

 

Cash flows

Earn-out commitments

 

Cash flows

Commitments to buy-out

non-controlling

interests

 

Cash flows

Accrued interests

 

Cash flows

Other

 

Cash flows

Total financial liabilities

 

Cash flows

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

 

Cash flows

Derivatives hedging on intra-group loans and borrowings

(2)

 

Cash flows

Total liabilities related to financing activities

 

Proceeds from borrowings

Proceeds from borrowings

Bonds (excl. accrued interest)

Proceeds from borrowings

Earn-out commitments

Proceeds from borrowings

Commitments to buy-out

non-controlling

interests

Proceeds from borrowings

Accrued interests

Proceeds from borrowings

Other

Proceeds from borrowings

Total financial liabilities

Proceeds from borrowings

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Proceeds from borrowings

Derivatives hedging on intra-group loans and borrowings

(2)

Proceeds from borrowings

Total liabilities related to financing activities

Repayment of borrowings

Repayment of borrowings

Bonds (excl. accrued interest)

Repayment of borrowings

Earn-out commitments

Repayment of borrowings

Commitments to buy-out

non-controlling

interests

Repayment of borrowings

Accrued interests

Repayment of borrowings

Other

(5)

Repayment of borrowings

Total financial liabilities

(5)

Repayment of borrowings

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Repayment of borrowings

Derivatives hedging on intra-group loans and borrowings

(2)

Repayment of borrowings

Total liabilities related to financing activities

(5)
Interest received

Interest received

Bonds (excl. accrued interest)

Interest received

Earn-out commitments

Interest received

Commitments to buy-out

non-controlling

interests

Interest received

Accrued interests

Interest received

Other

Interest received

Total financial liabilities

Interest received

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Interest received

Derivatives hedging on intra-group loans and borrowings

(2)

17

Interest received

Total liabilities related to financing activities

17
Acquisitions of subsidiaries, net of cash acquired

Acquisitions of subsidiaries, net of cash acquired

Bonds (excl. accrued interest)

Acquisitions of subsidiaries, net of cash acquired

Earn-out commitments

(63)

Acquisitions of subsidiaries, net of cash acquired

Commitments to buy-out

non-controlling

interests

Acquisitions of subsidiaries, net of cash acquired

Accrued interests

Acquisitions of subsidiaries, net of cash acquired

Other

Acquisitions of subsidiaries, net of cash acquired

Total financial liabilities

(63)

Acquisitions of subsidiaries, net of cash acquired

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Acquisitions of subsidiaries, net of cash acquired

Derivatives hedging on intra-group loans and borrowings

(2)

Acquisitions of subsidiaries, net of cash acquired

Total liabilities related to financing activities

(63)
Buy-outs of non-controlling interests

Buy-outs of

non-controlling

interests

Bonds (excl. accrued interest)

Buy-outs of

non-controlling

interests

Earn-out commitments

Buy-outs of

non-controlling

interests

Commitments to buy-out

non-controlling

interests

(7)

Buy-outs of

non-controlling

interests

Accrued interests

Buy-outs of

non-controlling

interests

Other

Buy-outs of

non-controlling

interests

Total financial liabilities

(7)

Buy-outs of

non-controlling

interests

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Buy-outs of

non-controlling

interests

Derivatives hedging on intra-group loans and borrowings

(2)

Buy-outs of

non-controlling

interests

Total liabilities related to financing activities

(7)
Interest paid

Interest paid

Bonds (excl. accrued interest)

(85)

Interest paid

Earn-out commitments

Interest paid

Commitments to buy-out

non-controlling

interests

Interest paid

Accrued interests

Interest paid

Other

Interest paid

Total financial liabilities

(85)

Interest paid

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Interest paid

Derivatives hedging on intra-group loans and borrowings

(2)

Interest paid

Total liabilities related to financing activities

(85)
Non-cash variations Non-cash variations

Bonds (excl. accrued interest)

 

Non-cash variations

Earn-out commitments

 

Non-cash variations

Commitments to buy-out

non-controlling

interests

 

Non-cash variations

Accrued interests

 

Non-cash variations

Other

 

Non-cash variations

Total financial liabilities

 

Non-cash variations

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

 

Non-cash variations

Derivatives hedging on intra-group loans and borrowings

(2)

 

Non-cash variations

Total liabilities related to financing activities

 

Acquisitions

Acquisitions

Bonds (excl. accrued interest)

Acquisitions

Earn-out commitments

29

Acquisitions

Commitments to buy-out

non-controlling

interests

Acquisitions

Accrued interests

Acquisitions

Other

Acquisitions

Total financial liabilities

29

Acquisitions

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Acquisitions

Derivatives hedging on intra-group loans and borrowings

(2)

Acquisitions

Total liabilities related to financing activities

29
Changes in exchange rates

Changes in exchange rates

Bonds (excl. accrued interest)

Changes in exchange rates

Earn-out commitments

11

Changes in exchange rates

Commitments to buy-out

non-controlling

interests

2

Changes in exchange rates

Accrued interests

1

Changes in exchange rates

Other

Changes in exchange rates

Total financial liabilities

14

Changes in exchange rates

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Changes in exchange rates

Derivatives hedging on intra-group loans and borrowings

(2)

Changes in exchange rates

Total liabilities related to financing activities

14
Interest expenses

Interest expenses

Bonds (excl. accrued interest)

85

Interest expenses

Earn-out commitments

Interest expenses

Commitments to buy-out

non-controlling

interests

Interest expenses

Accrued interests

Interest expenses

Other

Interest expenses

Total financial liabilities

85

Interest expenses

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Interest expenses

Derivatives hedging on intra-group loans and borrowings

(2)

Interest expenses

Total liabilities related to financing activities

85
Capitalized borrowing costs

Capitalized borrowing costs

Bonds (excl. accrued interest)

Capitalized borrowing costs

Earn-out commitments

Capitalized borrowing costs

Commitments to buy-out

non-controlling

interests

Capitalized borrowing costs

Accrued interests

Capitalized borrowing costs

Other

Capitalized borrowing costs

Total financial liabilities

Capitalized borrowing costs

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

Capitalized borrowing costs

Derivatives hedging on intra-group loans and borrowings

(2)

Capitalized borrowing costs

Total liabilities related to financing activities

Changes in fair value

Changes in fair value

Bonds (excl. accrued interest)

1

Changes in fair value

Earn-out commitments

(87)

Changes in fair value

Commitments to buy-out

non-controlling

interests

Changes in fair value

Accrued interests

(38)

Changes in fair value

Other

Changes in fair value

Total financial liabilities

(124)

Changes in fair value

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

59

Changes in fair value

Derivatives hedging on intra-group loans and borrowings

(2)

(80)

Changes in fair value

Total liabilities related to financing activities

(145)
June 30, 2024

June 30, 2024

Bonds (excl. accrued interest)

2,842

June 30, 2024

Earn-out commitments

143

June 30, 2024

Commitments to buy-out

non-controlling

interests

18

June 30, 2024

Accrued interests

9

June 30, 2024

Other

20

June 30, 2024

Total financial liabilities

3,032

June 30, 2024

Derivatives hedging on the 2025,

2028 and 2031 Eurobonds(1)(2)

176

June 30, 2024

Derivatives hedging on intra-group loans and borrowings

(2)

(27)

June 30, 2024

Total liabilities related to financing activities

3,181