Half-year financial report 2025

/ Exercise 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 3,384	Net revenue⁽¹⁾ Noth America 8,583	Net revenue⁽¹⁾Asia-Pacific1,218	Net revenue⁽¹⁾ Latin America 374	Net revenue⁽¹⁾ Middle East & Africa 406	Net revenue⁽¹⁾ Total 13,965
Revenue⁽¹⁾⁽²⁾	Revenue ⁽¹⁾⁽²⁾ Europe 4,097	Revenue ⁽¹⁾⁽²⁾ Noth America 9,416	Revenue ⁽¹⁾⁽²⁾Asia-Pacific 1,513	Revenue ⁽¹⁾⁽²⁾ Latin America 418	Revenue ⁽¹⁾⁽²⁾ Middle East & Africa 586	Revenue ⁽¹⁾⁽²⁾ Total 16,030
Depreciation and amortization expense (excluding acquired intangibles)	Depreciation and amortization expense (excluding acquired intangibles) Europe (222)	Depreciation and amortization expense (excluding acquired intangibles) Noth America (195)	Depreciation and amortization expense (excluding acquired intangibles) Asia-Pacific (59)	Depreciation and amortization expense (excluding acquired intangibles) Latin America (9)	Depreciation and amortization expense (excluding acquired intangibles) Middle East & Africa (10)	Depreciation and amortization expense (excluding acquired intangibles) Total (495)
Operating margin	Operating margin Europe 588	Operating margin Noth America 1,640	Operating marginAsia-Pacific242	Operating margin Latin America 29	Operating margin Middle East & Africa 20	Operating margin Total 2,519
Amortization of intangibles from acquisitions	Amortization of intangibles from acquisitions Europe (30)	Amortization of intangibles from acquisitions Noth America (191)	Amortization of intangibles from acquisitions Asia-Pacific (9)	Amortization of intangibles from acquisitions Latin America (2)	Amortization of intangibles from acquisitions Middle East & Africa (2)	Amortization of intangibles from acquisitions Total (234)
Impairment loss	Impairment loss Europe (10)	Impairment loss Noth America (62)	Impairment loss Asia-Pacific (12)	Impairment loss Latin America (2)	Impairment loss Middle East & Africa –	Impairment loss Total (86)
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 (1)	Non-current income and expenses Total 15
Operating income after impairment	Operating income after impairment Europe 548	Operating income after impairment Noth America 1,390	Operating income after impairmentAsia-Pacific232	Operating income after impairment Latin America 27	Operating income after impairment Middle East & Africa 17	Operating income after impairment Total 2,214
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 2,117	Intangible assets ⁽³⁾ Noth America 11,040	Intangible assets ⁽³⁾Asia-Pacific 1,212	Intangible assets ⁽³⁾ Latin America 141	Intangible assets ⁽³⁾ Middle East & Africa 402	Intangible assets ⁽³⁾ Total 14,912
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 1,181	Property, plant and equipment (including right-of-use assets on leases) ⁽³⁾ Noth America 959	Property, plant and equipment (including right-of-use assets on leases) ⁽³⁾Asia-Pacific 146	Property, plant and equipment (including right-of-use assets on leases) ⁽³⁾ Latin America 36	Property, plant and equipment (including right-of-use assets on leases) ⁽³⁾ Middle East & Africa 21	Property, plant and equipment (including right-of-use assets on leases) ⁽³⁾ Total 2,343
Other financial assets⁽³⁾	Other financial assets ⁽³⁾ Europe 187	Other financial assets ⁽³⁾ Noth America 56	Other financial assets ⁽³⁾Asia-Pacific 33	Other financial assets ⁽³⁾ Latin America 8	Other financial assets ⁽³⁾ Middle East & Africa 3	Other financial assets ⁽³⁾ Total 287
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 (64)	Purchases of property, plant and equipment and intangible assets Noth America (130)	Purchases of property, plant and equipment and intangible assets Asia-Pacific (30)	Purchases of property, plant and equipment and intangible assets Latin America (11)	Purchases of property, plant and equipment and intangible assets Middle East & Africa (3)	Purchases of property, plant and equipment and intangible assets Total (238)
Purchases of investments and other financial assets, net	Purchases of investments and other financial assets, net Europe 41	Purchases of investments and other financial assets, net Noth America (4)	Purchases of investments and other financial assets, net Asia-Pacific (1)	Purchases of investments and other financial assets, net Latin America (2)	Purchases of investments and other financial assets, net Middle East & Africa –	Purchases of investments and other financial assets, net Total 34
Acquisitions of subsidiaries	Acquisitions of subsidiaries Europe (76)	Acquisitions of subsidiaries Noth America (821)	Acquisitions of subsidiaries Asia-Pacific (18)	Acquisitions of subsidiaries Latin America –	Acquisitions of subsidiaries Middle East & Africa –	Acquisitions of subsidiaries Total (915)

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 2024 was euro 4,097 million, of which euro 1,147 million in France. In North America, revenue for 2024 was euro 9,416 million, of which euro 9,036 million in the United States.
As of December 31, 2024, net intangible assets amounted to euro 14,912 million, of which euro 415 million in France and euro 10,556 million in the United States. Net property, plant and equipment amounted to euro 2,343 million, of which euro 833 million in France and euro 930 million in the United States. Other financial assets amounted to euro 287 million, of which euro 122 million in France and euro 56 million in the United States.

Half-year financial report 2025

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

/ Exercise 2024