Interest income: Reversal of withholding tax interest provision
45
—
—
Interest income: Swap transactions
24
—
—
Finance lease income
—
5
—
Net foreign exchange gains
2
—
4
13
Total
160
136
64
€ million
2025
2024
2023
Finance costs
Interest expense on borrowings (excluding amounts capitalised)
(178
)
(104
)
(86
)
Interest expense: Swap transactions
(33
)
—
—
Interest expense on lease liabilities
(19
)
(2
)
(2
)
Interest expense on revenue recognition
(16
)
(8
)
(7
)
Other finance costs
(16
)
(15
)
(8
)
Amortisation of loan origination costs
(12
)
(10
)
(3
)
Net foreign exchange losses
2
(58
)
—
—
Total
(332
)
(139
)
(106
)
1
Mainly interest income on term deposits and money market funds
2
Net foreign exchange gains / losses are mostly related to revaluation of bank accounts, deposits, intercompany balances and other monetary items denominated in US dollars. 2025 net foreign exchange losses include an amount of EUR 36 million related to cumulative translation impact reclassified to the consolidated income statement on the liquidation of foreign subsidiaries.