As of December 31, 2025

​

​

​

​

​

Other

​

​

​

​

​

​

(M$)

​

​

Fair value through

comprehensive

Fair value of bonds

​

​

​

​

Assets / (Liabilities)

  ​ ​ ​

Amortized cost

  ​ ​ ​

P&L

  ​ ​ ​

income

  ​ ​ ​

hedging instruments

  ​ ​ ​

Total

  ​ ​ ​

Fair value

Equity affiliates: loans

6,255

1,170

–

–

7,425

7,425

Other investments

–

1,320

594

–

1,914

1,914

Non-current financial assets

1,279

1,008

171

812

3,270

3,270

Other non-current assets

2,627

–

–

–

2,627

2,627

Accounts receivable, net^(b)

18,559

–

–

–

18,559

18,559

Other operating receivables

8,222

5,638

72

–

13,932

13,932

Current financial assets

2,375

876

–

81

3,332

3,332

Cash and cash equivalents

26,202

–

–

–

26,202

26,202

Total financial assets

65,519

10,012

837

893

77,261

77,261

Total non-financial assets

​

​

​

​

​

​

​

213,794

​

TOTAL ASSETS

​

​

​

​

​

​

​

291,055

​

Non-current financial debt^(a)

(47,775)

(258)

–

(962)

(48,995)

(49,447)

Accounts payable^(b)

(38,065)

–

–

–

(38,065)

(38,065)

Other operating liabilities

(17,379)

(4,357)

(38)

–

(21,774)

(21,774)

Current borrowings^(a)

(12,038)

–

–

–

(12,038)

(12,032)

Other current financial liabilities

–

(170)

–

(218)

(388)

(388)

Total financial liabilities

(115,257)

(4,785)

(38)

(1,180)

(121,260)

(121,706)

Total non-financial liabilities

​

​

​

​

​

​

​

(169,795)

​

TOTAL LIABILITIES

​

​

​

​

​

​

​

(291,055)

​

(a)

The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (refer to Note 15 to the Consolidated Financial Statements).

(b)

Receivables and payables are offset by an amount of $6,930 million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis.

As of December 31, 2024

​

​

​

​

​

Other

​

​

​

​

​

​

(M$)

​

​

Fair value through

comprehensive

Fair value of bonds

​

​

​

​

Assets / (Liabilities)

  ​ ​ ​

Amortized cost

  ​ ​ ​

P&L

  ​ ​ ​

income

  ​ ​ ​

hedging instruments

  ​ ​ ​

Total

  ​ ​ ​

Fair value

Equity affiliates: loans

6,240

293

–

–

6,533

6,533

Other investments

–

1,154

511

–

1,665

1,665

Non-current financial assets

1,278

348

133

546

2,305

2,305

Other non-current assets

3,852

–

–

–

3,852

3,852

Accounts receivable, net^(b)

19,281

–

–

–

19,281

19,281

Other operating receivables

7,774

9,033

39

–

16,846

16,846

Current financial assets

5,206

1,679

–

29

6,914

6,914

Cash and cash equivalents

25,844

–

–

–

25,844

25,844

Total financial assets

69,475

12,507

683

575

83,240

83,240

Total non-financial assets

​

​

​

​

​

​

​

202,247

​

TOTAL ASSETS

​

​

​

​

​

​

​

285,487

​

Non-current financial debt^(a)

(40,939)

(281)

–

(2,313)

(43,533)

(43,905)

Accounts payable^(b)

(39,932)

–

–

–

(39,932)

(39,932)

Other operating liabilities

(12,562)

(7,665)

(15)

–

(20,242)

(20,242)

Current borrowings^(a)

(10,024)

–

–

–

(10,024)

(10,012)

Other current financial liabilities

–

(239)

–

(425)

(664)

(664)

Total financial liabilities

(103,457)

(8,185)

(15)

(2,738)

(114,395)

(114,755)

Total non-financial liabilities

​

​

​

​

​

​

​

(171,092)

​

TOTAL LIABILITIES

​

​

​

​

​

​

​

(285,487)

​

(a)

The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (refer to Note 15 to the Consolidated Financial Statements).

(b)

Receivables and payables are offset by an amount of $5,718 million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis.

As of December 31, 2023

​

​

​

​

​

Other

​

​

​

​

​

(M$)

​

​

Fair value through

comprehensive

Fair value of bonds

​

​

​

Assets / (Liabilities)

  ​ ​

Amortized cost

  ​ ​ ​

P&L

  ​ ​ ​

income

  ​ ​ ​

hedging instruments

  ​ ​ ​

Total

  ​ ​ ​

Fair value

Equity affiliates: loans

4,260

302

–

–

4,562

4,562

Other investments

–

1,188

355

–

1,543

1,543

Non-current financial assets

1,166

414

142

673

2,395

2,395

Other non-current assets

3,983

–

–

–

3,983

3,983

Accounts receivable, net^(b)

23,442

–

–

–

23,442

23,442

Other operating receivables

7,940

6,775

237

–

14,952

14,952

Current financial assets

5,046

1,448

–

91

6,585

6,585

Cash and cash equivalents

27,263

–

–

–

27,263

27,263

Total financial assets

73,100

10,127

734

764

84,725

84,725

Total non-financial assets

​

​

​

​

​

​

​

198,929

​

TOTAL ASSETS

​

​

​

​

​

​

​

283,654

​

Non-current financial debt^(a)

(38,040)

(240)

–

(2,198)

(40,478)

(41,329)

Accounts payable^(b)

(41,335)

–

–

–

(41,335)

(41,335)

Other operating liabilities

(12,287)

(7,573)

(77)

–

(19,937)

(19,937)

Current borrowings ^(a)

(9,590)

–

–

–

(9,590)

(9,601)

Other current financial liabilities

–

(178)

–

(268)

(446)

(446)

Total financial liabilities

(101,252)

(7,991)

(77)

(2,466)

(111,786)

(112,648)

Total non-financial liabilities

​

​

​

​

​

​

​

(171,868)

​

TOTAL LIABILITIES

​

​

​

​

​

​

​

(283,654)

​

(a)

The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (refer to Note 15 to the Consolidated Financial Statements).

(b)

Receivables and payables are offset by an amount of $5,897 million, corresponding to the netting, mainly in trading activities, between receivables and payables with the same counterparty that can legally be settled on a net basis.