Half-year financial report 2025

/ First half year 2024

(in millions of euros)	Europe	Noth America	Asia-Pacific	Latin America	Middle East & Africa	Total
Income statement items	Income statement items Europe	Income statement items Noth America	Income statement itemsAsia-Pacific	Income statement items Latin America	Income statement items Middle East & Africa	Income statement items Total
Net revenue⁽¹⁾	Net revenue⁽¹⁾ Europe 1,649	Net revenue⁽¹⁾ Noth America 4,112	Net revenue⁽¹⁾Asia-Pacific572	Net revenue⁽¹⁾ Latin America 165	Net revenue⁽¹⁾ Middle East & Africa 190	Net revenue⁽¹⁾ Total 6,688
Revenue⁽¹⁾⁽²⁾	Revenue ⁽¹⁾⁽²⁾ Europe 1,993	Revenue ⁽¹⁾⁽²⁾ Noth America 4,501	Revenue ⁽¹⁾⁽²⁾Asia-Pacific 698	Revenue ⁽¹⁾⁽²⁾ Latin America 185	Revenue ⁽¹⁾⁽²⁾ Middle East & Africa 273	Revenue ⁽¹⁾⁽²⁾ Total 7,650
Depreciation and amortization expense (excluding acquired intangibles)	Depreciation and amortization expense (excluding acquired intangibles) Europe (105)	Depreciation and amortization expense (excluding acquired intangibles) Noth America (97)	Depreciation and amortization expense (excluding acquired intangibles) Asia-Pacific (29)	Depreciation and amortization expense (excluding acquired intangibles) Latin America (5)	Depreciation and amortization expense (excluding acquired intangibles) Middle East & Africa (5)	Depreciation and amortization expense (excluding acquired intangibles) Total (241)
Operating margin	Operating margin Europe 265	Operating margin Noth America 770	Operating marginAsia-Pacific112	Operating margin Latin America 6	Operating margin Middle East & Africa 7	Operating margin Total 1,160
Amortization of intangibles from acquisitions	Amortization of intangibles from acquisitions Europe (15)	Amortization of intangibles from acquisitions Noth America (100)	Amortization of intangibles from acquisitions Asia-Pacific (6)	Amortization of intangibles from acquisitions Latin America –	Amortization of intangibles from acquisitions Middle East & Africa (2)	Amortization of intangibles from acquisitions Total (123)
Impairment loss	Impairment loss Europe (1)	Impairment loss Noth America (43)	Impairment loss Asia-Pacific–	Impairment loss Latin America (1)	Impairment loss Middle East & Africa –	Impairment loss Total (45)
Non-current income and expenses	Non-current income and expenses Europe –	Non-current income and expenses Noth America 3	Non-current income and expenses Asia-Pacific 11	Non-current income and expenses Latin America 2	Non-current income and expenses Middle East & Africa –	Non-current income and expenses Total 16
Operating income after impairment	Operating income after impairment Europe 249	Operating income after impairment Noth America 630	Operating income after impairmentAsia-Pacific117	Operating income after impairment Latin America 7	Operating income after impairment Middle East & Africa 5	Operating income after impairment Total 1,008
Balance sheet items	Balance sheet items Europe	Balance sheet items Noth America	Balance sheet itemsAsia-Pacific	Balance sheet items Latin America	Balance sheet items Middle East & Africa	Balance sheet items Total
Intangible assets⁽³⁾	Intangible assets ⁽³⁾ Europe 2,108	Intangible assets ⁽³⁾ Noth America 9,866	Intangible assets ⁽³⁾Asia-Pacific 1,199	Intangible assets ⁽³⁾ Latin America 149	Intangible assets ⁽³⁾ Middle East & Africa 391	Intangible assets ⁽³⁾ Total 13,713
Property, plant and equipment (including right-of-use assets on leases)⁽³⁾	Property, plant and equipment (including right-of-use assets on leases) ⁽³⁾ Europe 1,077	Property, plant and equipment (including right-of-use assets on leases) ⁽³⁾ Noth America 966	Property, plant and equipment (including right-of-use assets on leases) ⁽³⁾Asia-Pacific 135	Property, plant and equipment (including right-of-use assets on leases) ⁽³⁾ Latin America 28	Property, plant and equipment (including right-of-use assets on leases) ⁽³⁾ Middle East & Africa 25	Property, plant and equipment (including right-of-use assets on leases) ⁽³⁾ Total 2,231
Other financial assets⁽³⁾	Other financial assets ⁽³⁾ Europe 219	Other financial assets ⁽³⁾ Noth America 59	Other financial assets ⁽³⁾Asia-Pacific 28	Other financial assets ⁽³⁾ Latin America 8	Other financial assets ⁽³⁾ Middle East & Africa 2	Other financial assets ⁽³⁾ Total 316
Disclosures in respect of the statement of cash flows	Disclosures in respect of the statement of cash flows Europe	Disclosures in respect of the statement of cash flows Noth America	Disclosures in respect of the statement of cash flowsAsia-Pacific	Disclosures in respect of the statement of cash flows Latin America	Disclosures in respect of the statement of cash flows Middle East & Africa	Disclosures in respect of the statement of cash flows Total
Purchases of property, plant and equipment and intangible assets	Purchases of property, plant and equipment and intangible assets Europe (42)	Purchases of property, plant and equipment and intangible assets Noth America (61)	Purchases of property, plant and equipment and intangible assets Asia-Pacific (11)	Purchases of property, plant and equipment and intangible assets Latin America (5)	Purchases of property, plant and equipment and intangible assets Middle East & Africa (1)	Purchases of property, plant and equipment and intangible assets Total (120)
Purchases of investments and other financial assets, net	Purchases of investments and other financial assets, net Europe 11	Purchases of investments and other financial assets, net Noth America –	Purchases of investments and other financial assets, net Asia-Pacific 2	Purchases of investments and other financial assets, net Latin America (1)	Purchases of investments and other financial assets, net Middle East & Africa –	Purchases of investments and other financial assets, net Total 12
Acquisitions of subsidiaries	Acquisitions of subsidiaries Europe (59)	Acquisitions of subsidiaries Noth America (153)	Acquisitions of subsidiaries Asia-Pacific (14)	Acquisitions of subsidiaries Latin America (1)	Acquisitions of subsidiaries Middle East & Africa (2)	Acquisitions of subsidiaries Total (229)

Because of the way this indicator is calculated (difference between billings and cost of billings), there are no eliminations between the different zones.
In Europe, revenue for first-half 2024 was euro 1,993 million, of which euro 554 million in France. In North America, revenue for first-half 2024 was euro 4,501 million, of which euro 4,336 million in the United States.
At June 30, 2024, net intangible assets amounted to euro 13,713 million, of which euro 429 million in France and euro 9,440 million in the United States. Net property, plant and equipment amounted to euro 2,231 million, of which euro 710 million in France and euro 935 million in the United States. Other financial assets amounted to euro 316 million, of which euro 147 million in France and euro 59 million in the United States.

Half-year financial report 2025

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

/ First half year 2024