Income taxes (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Income taxes |
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| Schedule of detailed income taxes |
| | | | | | | For the year ended December 31, | | | | | | | (M$) | | 2025 | | 2024 | | 2023 | Current income taxes | | (8,785) | | (10,212) | | (12,745) | Deferred income taxes | | (307) | | (563) | | (556) | TOTAL INCOME TAXES | | (9,092) | | (10,775) | | (13,301) |
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| Schedule of deferred tax balances, including balance sheet presentation and analysis of variation |
| | | | | | | As of December 31, | | | | | | | (M$) | | 2025 | | 2024 | | 2023 | Net operating losses and tax carry forwards | | 3,349 | | 3,324 | | 3,098 | Employee benefits | | 500 | | 436 | | 415 | Other temporary non-deductible provisions | | 6,693 | | 6,886 | | 7,569 | Differences in depreciations | | (15,687) | | (15,003) | | (15,443) | Other temporary tax deductions | | (4,131) | | (4,555) | | (3,909) | NET DEFERRED TAX LIABILITY | | (9,276) | | (8,912) | | (8,270) |
| | | | | | | As of December 31, | | | | | | | (M$) | | 2025 | | 2024 | | 2023 | Deferred tax assets | | 3,358 | | 3,202 | | 3,418 | Deferred tax liabilities | | (12,634) | | (12,114) | | (11,688) | NET AMOUNT | | (9,276) | | (8,912) | | (8,270) |
| | | | | | | As of December 31, | | | | | | | (M$) | | 2025 | | 2024 | | 2023 | Opening balance | | (8,912) | | (8,270) | | (5,972) | Deferred tax on income | | (307) | | (563) | | (556) | Deferred tax on shareholders’ equity (a) | | 306 | | (768) | | (741) | Changes in scope of consolidation and others | | (75) | | 388 | | (1,102) | Currency translation adjustment | | (288) | | 301 | | 101 | CLOSING BALANCE | | (9,276) | | (8,912) | | (8,270) |
(a) | This amount includes mainly deferred taxes on actuarial gains and losses, current income taxes and deferred taxes for changes in fair value of investments in equity instruments, as well as deferred taxes related to the cash flow hedge (refer to Note 9 to the Consolidated Financial Statements). |
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| Reconciliation between provision for income taxes and pre-tax income |
| | | | | | | | For the year ended December 31, | | | | | | | | (M$) | | 2025 | | 2024 | | 2023 | | Consolidated net income | | 13,357 | | 16,031 | | 21,510 | | Income taxes | | 9,092 | | 10,775 | | 13,301 | | Pre-tax income | | 22,449 | | 26,806 | | 34,811 | | French statutory tax rate | | 25.83 | % | 25.83 | % | 25.83 | % | Theoretical tax charge | | (5,799) | | (6,924) | | (8,992) | | Difference between French and foreign income tax rates | | (5,143) | | (5,554) | | (5,925) | | Tax effect of equity affiliates’ income (loss) | | 660 | | 408 | | 477 | | Permanent differences | | 1,271 | | 890 | | 800 | | Adjustments on prior years income taxes | | 221 | | 109 | | 54 | | Adjustments on deferred tax related to changes in tax rates | | (91) | | (35) | | 216 | | Variation of deferred tax assets not recognized | | (211) | | 331 | | 69 | | INCOME TAXES IN THE STATEMENT OF INCOME | | (9,092) | | (10,775) | | (13,301) | |
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| Schedule of net operating losses and carried forward tax credits by expiration and main countries |
| | | | | | | As of December 31, | | | | | | | (M$) | | 2025 | | 2024 | | 2023 | 2024 | | | | | | 2 | 2025 | | | | 2 | | 2 | 2026 | | 5 | | 5 | | 8 | 2027 | | 6 | | 4 | | 3 | 2028(a) | | 6 | | 5 | | 1,201 | 2029(b) | | 4 | | 216 | | | 2030 and after | | 560 | | | | | Unlimited | | 2,768 | | 3,092 | | 1,882 | TOTAL | | 3,349 | | 3,324 | | 3,098 |
(a) | 2028 and after for 2023. |
(b) | 2029 and after for 2024. |
As of December 31, 2025 the schedule of deferred tax assets related to carried forward tax credits on net operating losses for the main countries is as follows: | | | | | | | | | Tax | As of December 31, 2025 | | United | | | | | (M$) | | States | | France | | Australia | 2026 | | | | | | | 2027 | | | | | | | 2028 | | | | | | | 2029 | | | | | | | 2030 and after | | 455 | | 6 | | | Unlimited | | 575 | | 993 | | 571 | TOTAL | | 1,030 | | 999 | | 571 |
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