Our Structure

Gross financial debt amounts to €3,900 million as of 31 December 2025 (€3,350 million in bond issues and €550 million in term loans) and:

• has a remaining average weighted term to maturity of three years and six months;
• is 85.9% fixed rate. In addition, approximately 60% is represented by sustainability-linked debt.

As of 31 December 2025, the Company has cash reserves of €2,814 million consisting of:

• €814 million in cash and/or investments maturing in the short term;
• €2,000 million in revolving committed credit facilities, expiring in July 2030, extended from July 2027 in May 2026.