| Note 36—Leases Lessor During 2025 the Group recognized EUR 51 million of leasing income on operating leases (2024: EUR 49 For finance leases, during the year the finance lease receivables increased by EUR 15 million, of which EUR 12 million non-current and 3 million current, as a result of the Intelsat acquisition. Additionally, as part of the Intelsat acquisition, the Group acquired a contract for a lessor finance lease meeting the manufacturer criterio n, whi ch commenced in October 2025 with a selling loss upon commencement of EUR 1 million. The Group enters into finance leases relating to teleports, satellites/transponders, and equipment. Amounts receivable under finance leases:
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2024 |
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2023 |
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Amounts receivable under finance leases: |
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| Year 1 |
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4 |
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1 |
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| Year 2 |
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4 |
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1 |
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| Year 3 |
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4 |
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1 |
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| Year 4 |
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4 |
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1 |
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| Year 5 |
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2 |
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1 |
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| Onwards |
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3 |
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— |
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| Undiscounted lease payments |
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| Unguaranteed residual value |
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2 |
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— |
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| Less: unearned finance income |
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(4 |
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— |
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| Present value of lease payments receivable |
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| Impairment loss allowance |
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— |
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— |
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| Net investment in finance leases |
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| Net investment in finance leases analysed as: |
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| Recoverable after 12 months |
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16 |
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4 |
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| Recoverable within 12 months |
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3 |
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1 |
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| Amounts recognized in the consolidated income statement (finance leases)
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| Selling gain/(loss) for finance leases |
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(1 |
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5 |
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— |
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| Finance income on the net investment in finance leases (see Note 8) |
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1 |
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— |
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— |
| Lessee The Group’s assets and associated liabilities are measured at the present value of the remaining lease payments. In 2025, the present value measurement was discounted based on a range from 3.14% to 6.29%, as applicable to the maturities of the individual leases. In 2024, a single discount rate of 2.97% was used. Amounts recognized in the consolidated statement of financial position The Group leases office buildings, third-party transponders, ground segment assets and other fixtures and fittings, tools and equipment as set out below.
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| €million |
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Buildings |
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Transponders
(included
within Space
Segment) |
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Ground
segment |
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Other fixtures
and fittings,
tools and
equipment |
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31 December
2025 |
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| Cost |
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110 |
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455 |
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153 |
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2 |
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720 |
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| Accumulated depreciation |
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(16 |
) |
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(32 |
) |
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(25 |
) |
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(1 |
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(74 |
) |
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| Total |
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| |
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Buildings |
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Transponders
(included
within Space
Segment) |
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Ground
segment |
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Other fixtures
and fittings,
tools and
equipment |
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31 December
2024 |
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| Cost |
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32 |
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27 |
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25 |
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2 |
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86 |
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| Accumulated depreciation |
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(15 |
) |
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(10 |
) |
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(10 |
) |
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(1 |
) |
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(36 |
) |
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| Total |
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| There were EUR 682 million (2024: EUR 39 million) additions to the right-of-use assets during 2025 out of which EUR 643 million were additions from business combination, partially offset by EUR 32 million (2024: EUR 35 million) disposals of expired assets. The depreciation charge for the year on such assets was EUR 62 million (2024: EUR 25 million). Lease liabilities are presented below as at 31 December:
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| Maturity analysis—contractual undiscounted cash flows |
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| Within one year |
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110 |
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19 |
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| After one year but not more than five years |
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412 |
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28 |
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| More than five years |
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270 |
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8 |
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| Total |
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| Lease liabilities included in the statement of financial position at 31 December |
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| Current |
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76 |
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19 |
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| |
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559 |
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32 |
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| Total |
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| The leases of office buildings typically run for a period of 2-10 years and leases of ground segment assets for a period of 2-15 years Some leases include an option to renew the lease for an additional period after the end of the contract term. The Group assesses at lease commencement whether it is reasonably certain to exercise the extension option. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances within its control. Lease liabilities amounting to EUR 621 million (EUR 560 million non-current and EUR 61 million current) were added as part of Intelsat acquisition (see Note 4). Amounts recognized in the consolidated income statement Depreciation charge of assets:
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| €million |
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| Buildings |
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12 |
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|
5 |
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|
6 |
|
| Space segment) |
|
|
33 |
|
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|
15 |
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9 |
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| |
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16 |
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|
4 |
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|
3 |
|
Other fixtures and fittings, tools and equipment |
|
|
1 |
|
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1 |
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1 |
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The total cash outflow for leases in 2025 was EUR 60 million (2024: EUR 26 million). |