Consolidated results
| In millions of € | 2025 | 2024 | Change in % |
|---|---|---|---|
| Revenue | 34,257 | 35,955 | (4.7%) |
| Net revenue | 28,753 | 29,821 | (3.6%) |
| Net revenue (beia) | 28,890 | 29,964 | (3.6%) |
| Operating profit | 3,406 | 3,517 | (3.2%) |
| Operating profit (beia) | 4,385 | 4,512 | (2.8%) |
| Net profit | 1,885 | 978 | 92.7% |
| Net profit (beia) | 2,662 | 2,739 | (2.8%) |
| EBITDA (beia) | 6,560 | 6,685 | (1.9%) |
| Dividend (proposed) | 1,046 | 1,042 | 0.4% |
| Free operating cash flow | 2,602 | 3,058 | (14.9%) |
Balance sheet
| In millions of € | 2025 | 2024 | Change in % |
|---|---|---|---|
| Total assets | 53,753 | 53,773 | —% |
| Shareholders' equity | 17,978 | 19,581 | (8.2%) |
| Net debt position | 14,479 | 14,651 | (1.2%) |
| Market capitalisation | 39,093 | 38,825 | 0.7% |
Per share
| 2025 | 2024 | Change in % | |
|---|---|---|---|
| Weighted average number of shares - basic | 556,774,934 | 560,188,961 | (0.6%) |
| Net profit | 3.39 | 1.75 | 93.7% |
| Net profit (beia) | 4.78 | 4.89 | (2.2%) |
| Dividend (proposed) | 1.90 | 1.86 | 2.2% |
| Free operating cash flow | 4.67 | 5.46 | (14.5%) |
| Shareholders' equity | 32.29 | 34.95 | (7.6%) |
| Share price | 69.74 | 68.70 | 1.5% |
| Weighted average number of shares - diluted | 557,024,742 | 560,639,030 | (0.6%) |
| Net profit (beia) - diluted | 4.78 | 4.89 | (2.2%) |
Employees
| 2025 | 2024 | Change in % | |
|---|---|---|---|
| Average number of employees (FTE) | 87,870 | 88,497 | (0.7%) |
Ratios
| 2025 | 2024 | Change | |
|---|---|---|---|
| Operating profit (beia) as a % of net revenue (beia) | 15.2% | 15.1% | 12 bps |
| Net profit as % of average equity attributable to equity holders of the Company | 10.0% | 4.9% | 5.1 |
| Net debt/EBITDA (beia) | 2.2 | 2.2 | — |
| Dividend % payout | 39.3% | 38.0% | 1.3 |
| Cash conversion ratio | 87.3% | 102.6% | (15.3) |
1(beia) is before exceptional items and amortisation of acquisition-related intangible assets. Please refer to the Glossary section for an explanation of non-GAAP measures and other terms used throughout this report.