v3.25.2
Financial instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Disclosure of detailed information about financial instruments [abstract]  
Summary of Accounting Classification and Fair Values
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Carrying amountFair value
NoteFVTPLFVOCIAmortized costTotalLevel 1Level 2Level 3Total
 $$$$$$$$
(in $ millions)
June 30, 2025
Financial assets
Debt investments4684 108 1,247 2,039 174 502 116 792 
Equity investments4213 — — 213 106 — 107 213 
Time deposits4— — 1,714 1,714 
Trade and other receivables— — 262 262 
Loan receivables in the financial services segment— — 708 708 
Other assets1 — 209 210 — 1 — 1 
Cash and cash equivalents5— — 3,880 3,880 
Total898 108 8,020 9,026 280 503 223 1,006 
Financial liabilities        
Convertible notes7(479)— (1,000)(1,479)— — (479)(479)
Bank loans7— — (253)(253)
Lease liabilities— — (181)(181)
Warrant liabilities(10)— — (10)(10)— — (10)
Trade payables and other liabilities— (162)(868)(1,030)— — (162)(162)
Deposits from customers in the banking business— — (1,543)(1,543)
Total(489)(162)(3,845)(4,496)(10)— (641)(651)
Carrying amountFair value
NoteFVTPLFVOCIAmortized costTotalLevel 1Level 2Level 3Total
$$$$$$$$
(in $ millions)
December 31, 2024
Financial assets
Debt investments4434 267 824 1,525 268 321 112 701 
Equity investments4207 — — 207 86 — 121 207 
Time deposits4— — 1,698 1,698     
Trade and other receivables— — 206 206     
Loan receivables in the financial services segment— — 536 536     
Other assets21 — 224 245 — 21 — 21 
Cash and cash equivalents5— — 2,964 2,964     
Total662 267 6,452 7,381 354 342 233 929 
Financial liabilities        
Bank loans7— — (206)(206)    
Lease liabilities7— — (158)(158)    
Warrant liabilities(11)— — (11)(11)— — (11)
Trade payables and other liabilities(5)(141)(908)(1,054)— — (146)(146)
Deposits from customers in the banking business0 — (1,225)(1,225)    
Total(16)(141)(2,497)(2,654)(11)— (146)(157)
Disclosure of Significant Unobservable Inputs Used in Fair Value Measurement of Assets The movement in fair value arising from reasonably possible changes to the significant unobservable inputs was assessed as not significant.
Valuation techniqueSignificant unobservable inputsInter-relationship between significant unobservable inputs
Assets
Debt investmentsBroker prices/ Income approachRisk-adjusted discount rate using Income approachThe estimated fair value would decrease (increase) if the discount rates were higher (lower).
Equity InvestmentsMarket comparison technique Adjusted market multipleThe estimated fair value would increase (decrease) if the adjusted market multiple were higher (lower).
Volatility ratesThe estimated fair value would either increase or decrease if the volatility rate increases.
Liabilities
Put options issued to non-controlling interestsIncome approachProbability attributed to achieving certain milestonesThe estimated fair value of the put liability would increase (decrease) if the probability attributed to achieving certain milestones were higher (lower).
Embedded derivative within the convertible notes
Income approach


Volatility rates
The estimated fair value would increase (decrease) if the expected volatility were higher (lower).
b)Level 3 fair values
The following table shows a reconciliation from the opening balances to the ending balances for Level 3 fair values:
 Equity and debt investmentsPut options issued to non-controlling interests
Embedded derivative of the Convertible Notes
Total
 $$$$
(in $ millions)
 At January 1, 2024221 (123)— 98 
 Net change in fair value (unrealized)
- Gain/(loss) included in profit or loss(13)— — (13)
- Gain/(loss) included in OCI— 1 — 1 
 Net purchases/ (issuances)*— — *
 At June 30, 2024208 (122)— 86 
 At January 1, 2025233 (146)— 87 
 Net change in fair value (unrealized)
- Gain/(loss) included in profit or loss2 — 3 5 
- Gain/(loss) included in OCI— (6)— (6)
 Net purchases/ (issuances)10 (10)(482)(482)
Transfer between Level 3 and Level 1(22)— — (22)
 At June 30, 2025223 (162)(479)(418)
*Amount less than $1 million
Disclosure of Significant Unobservable Inputs Used in Fair Value Measurement of Liabilities The movement in fair value arising from reasonably possible changes to the significant unobservable inputs was assessed as not significant.
Valuation techniqueSignificant unobservable inputsInter-relationship between significant unobservable inputs
Assets
Debt investmentsBroker prices/ Income approachRisk-adjusted discount rate using Income approachThe estimated fair value would decrease (increase) if the discount rates were higher (lower).
Equity InvestmentsMarket comparison technique Adjusted market multipleThe estimated fair value would increase (decrease) if the adjusted market multiple were higher (lower).
Volatility ratesThe estimated fair value would either increase or decrease if the volatility rate increases.
Liabilities
Put options issued to non-controlling interestsIncome approachProbability attributed to achieving certain milestonesThe estimated fair value of the put liability would increase (decrease) if the probability attributed to achieving certain milestones were higher (lower).
Embedded derivative within the convertible notes
Income approach


Volatility rates
The estimated fair value would increase (decrease) if the expected volatility were higher (lower).
b)Level 3 fair values
The following table shows a reconciliation from the opening balances to the ending balances for Level 3 fair values:
 Equity and debt investmentsPut options issued to non-controlling interests
Embedded derivative of the Convertible Notes
Total
 $$$$
(in $ millions)
 At January 1, 2024221 (123)— 98 
 Net change in fair value (unrealized)
- Gain/(loss) included in profit or loss(13)— — (13)
- Gain/(loss) included in OCI— 1 — 1 
 Net purchases/ (issuances)*— — *
 At June 30, 2024208 (122)— 86 
 At January 1, 2025233 (146)— 87 
 Net change in fair value (unrealized)
- Gain/(loss) included in profit or loss2 — 3 5 
- Gain/(loss) included in OCI— (6)— (6)
 Net purchases/ (issuances)10 (10)(482)(482)
Transfer between Level 3 and Level 1(22)— — (22)
 At June 30, 2025223 (162)(479)(418)
*Amount less than $1 million