Current net Income – Group share totaled €1,643 million as of December 31, 2025, compared with €1,530 million at the end of 2024, an increase of 9.1% at constant exchange rate.
Consolidated statement of cash flows
| (€ million) | Notes | As of December 31, 2024 | As of December 31, 2025 |
| Net income (loss) for the period | 1,445 | 1,619 | |
| Net income (loss) from continuing operations | 1,547 | 1,737 | |
| Net income (loss) from discontinued operations | -103 | -118 | |
| Operating depreciation, amortization, provisions and impairment losses | 3,071 | 3,022 | |
| Financial amortization and impairment losses | -75 | 3 | |
| Gains (losses) on disposal of operating assets | -36 | -38 | |
| Gains (losses) on disposal of financial assets | -64 | -6 | |
| Share of net income (loss) of joint ventures | Note 5.2.4 | -71 | -32 |
| Share of net income (loss) of associates | Note 5.2.4 | -61 | -58 |
| Dividends received | Note 8.4.2 | -3 | -4 |
| Cost of net financial debt | Note 8.4.1 | 590 | 654 |
| Income tax expense | Note 11 | 566 | 587 |
| Other items | 353 | 279 | |
| Operating cash flow before changes in working capital | 5,818 | 6,144 | |
| Change in operating working capital requirements | 75 | -120 | |
| Change in working capital requirements of concessions | -270 | -278 | |
| Income taxes paid | -579 | -596 | |
| Net cash from operating activities of continuing operations | 5,044 | 5,150 | |
| Net cash from operating activities of discontinued operations | -6 | 3 | |
| Net cash from operating activities | 5,038 | 5,153 | |
| Industrial investments, net of grants | -2,965 | -3,056 | |
| Proceeds on disposal of industrial assets | 212 | 199 | |
| Purchases of investments | Note 3.2 | -482 | -702 |
| Proceeds on disposal of financial assets | Note 3.2 | 949 | 59 |
| Operating financial assets | |||
| New operating financial assets | Note 5.4 | -225 | -156 |
| Principal payments on operating financial assets | Note 5.4 | 227 | 268 |
| Dividends received (including dividends received from joint ventures and associates) | 123 | 105 | |
| New non-current loans granted | -132 | -74 | |
| Principal payments on non-current loans | 133 | 59 | |
| Net decrease/increase in current loans | 47 | 2 | |
| Net cash used in investing activities of continuing operations | -2,115 | -3,296 | |
| Net cash used in investing activities of discontinued operations | - | - | |
| Net cash used in investing activities | -2,115 | -3,296 | |
| Net increase (decrease) in current financial liabilities | Note 8.1.1 | -5 | -2,170 |
| Repayment of current IFRS 16 lease debt | Note 8.1.1 | -541 | -506 |
| Other changes in non-current IFRS 16 lease debt | Note 8.1.1 | -73 | -50 |
| New non-current borrowings and other debt | Note 8.1.1 | 1,462 | 2,766 |
| Principal payments on non-current borrowings and other debt | Note 8.1.1 | -619 | -186 |
| Change in liquid assets and financing financial assets | Note 8.1.2 | -125 | 64 |
| Proceeds on issue of shares | 341 | 318 | |
| Share capital reduction | - | -402 | |
| Transactions with non-controlling interests: partial purchases (1) | -32 | -1,563 | |
| Transactions with non-controlling interests: partial sales | 1 | 37 | |
| Issue / repayment of deeply subordinated securities | Note 9.4 | -221 | 492 |
| Coupons on deeply subordinated securities | Note 9.4 | -81 | -121 |
| Purchases of/proceeds from treasury shares | -8 | 7 | |
| Dividends paid | -1,218 | -1,280 | |
| Interest paid | -585 | -619 | |
| Interest on IFRIC 12 operating assets | -86 | -78 | |
| Interest on IFRS 16 lease debt (2) | Note 8.4.2 | -66 | -67 |
| Net cash from (used in) financing activities of continuing operations | -1,857 | -3,358 | |
| Net cash from (used in) financing activities of discontinued operations | - | - | |
| Net cash from (used in) financing activities | -1,857 | -3,358 | |
| Effect of foreign exchange rate changes and other | 20 | -98 | |
| NET CASH AT THE BEGINNING OF THE YEAR | 8,317 | 9,404 | |
| NET CASH AT THE END OF THE YEAR | 9,404 | 7,806 | |
| Cash and cash equivalents | Note 8.1.3 | 9,601 | 8,021 |
| Bank overdrafts and other cash position items | Note 8.1.3 | 197 | 215 |
| NET CASH AT THE END OF THE YEAR | 9,404 | 7,806 |
(1) Mainly concerning the acquisition of the 30% minority interests in Water Technologies and Solutions (see Note 3.2).
(2) Interest on IFRS 16 lease debt is not included in the Cost of net financial debt, but in Other financial income and expenses (see Note 8.4.2).
The accompanying notes are an integral part of these consolidated financial statements.
Amounts are in millions of euros rounded to the nearest whole number, unless stated otherwise in the notes. Accordingly, the sum of rounded amounts may present non-material differences with total figures.