Financial Debt

Net Financial Debt *	Dec. 31, 2019 (€ million)	Dec. 31, 2020 (€ million)	Dec. 31, 2021 (€ million)	Dec. 31, 2022 (€ million)	Dec. 31, 2023 (€ million)	Dec. 31, 2024 (€ million)	Dec. 31, 2025 (€ million)
Bonds	997	1,990	1,492	1,988	1,990	1,492	1,494
Liabilities to banks	10	227	275	922	657	870	967
Lease liabilities	735	672	761	746	743	736	674
Liabilities from forward exchange contracts	10	9	11	32	15	17	5
Other financial debt	–	1	2	1	2	41	1
Receivables from forward exchange contracts	-15	-13	-34	-42	-19	-6	-29
Gross financial debt	1,737	2,886	2,507	3,647	3,388	3,150	3,112
Cash and cash equivalents	-748	-1,404	-649	-1,198	-625	-509	-648
Current financial assets	-	-1,126	-453	-15	-276	-23	-668
Net financial debt	989	356	1,405	2,434	2,487	2,618	1,796

* Net financial debt is not defined in the International Financial Reporting Standards and is calculated as shown

Bond maturity profile

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