Deferred tax balances (Tables)

12 Months Ended

Dec. 31, 2025

Deferred tax expense (income) [abstract]

Schedule of deferred tax positions included in consolidated financial statements

The deferred tax positions included in the consolidated financial statements can be analysed as follows:


€ million	Deferred tax assets 2025			Deferred tax assets 2024			Deferred tax assets 2023			Deferred tax liabilities 2025			Deferred tax liabilities 2024			Deferred tax liabilities 2023
Losses and interest carried forward		759			654			658			—			—			—
Tax credits		17			20			6			—			—			—
Intangible assets		24			12			16			(78	)		(134	)		(110	)
Tangible assets		132			5			5			(171	)		(59	)		(83	)
Leases		17			—			—			—			—			—
Trade and other receivables		15			20			17			—			—			—
Deferred revenue		—			—			—			(200	)		—			—
Partnership basis		—			—			—			(337	)		—			—
Other		54			18			5			(43	)		(47	)		(48	)

Total deferred tax assets/(liabilities)		1,018			729			707			(829	)		(240	)		(241	)

Offset of deferred taxes		(374	)		(28	)		(36	)		374			28			36

Net deferred tax assets/(liabilities)		644			701			671			(455	)		(212	)		(205	)

Schedule of deferred income tax assets and liabilities during the year

The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances, is as follows:


Deferred tax assets	Losses and interest carried forward			Tax credits			Tangible assets			Intangible assets			Trade and other receivables			Leases		Other			Total
At 1 January 2023		296			206			—			20			15			—		5			542

(Charged)/credited to the income statement		363			(200	)		5			(4	)		3			—		—			167
Transfers		—			—			—			—			—			—		—			—
Exchange difference 1		(1	)		—			—			—			(1	)		—		—			(2	)

At 31 December 2023		658			6			5			16			17			—		5			707

(Charged)/credited to the income statement		(4	)		14			—			(4	)		2			—		1			9
Transfers		—			—			—			—			—			—		11			11
Exchange difference 1		—			—			—			—			1			—		1			2

At 31 December 2024		654			20			5			12			20			—		18			729

Additions through business combinations
(Note 4)		121			2			76			46			4			14		84			347
(Charged)/credited to the income statement		(13	)		(4	)		52			(34	)		(7	)		3		(45	)		(48	)
Exchange difference 1		(3	)		(1	)		(1	)		—			(2	)		—		(3	)		(10	)

At 31 December 2025		759			17			132			24			15			17		54			1,018


Deferred tax liabilities	Intangible assets			Tangible assets			Deferred revenue			Partnership basis			Other			Total
At 1 January 2023		335			99			—			—			43			477

(Charged)/credited to the income statement		(217	)		(14	)		—			—			5			(226	)
Exchange difference 1		(8	)		(2	)		—			—			—			(10	)

At 31 December 2023		110			83			—			—			48			241

(Charged)/credited to the income statement		17			(22	)		—			—			(1	)		(6	)
Exchange difference 1		7			(2	)		—			—			—			5

At 31 December 2024		134			59			—			—			47			240

Additions through business combinations (Note 4)		—			10			209			344			—			563
Charged/(credited) to the income statement		(42	)		105			(6	)		(2	)		(2	)		53
Exchange difference 1		(14	)		(3	)		(3	)		(5	)		(2	)		(27	)

At 31 December 2025		78			171			200			337			43			829

1	A foreign exchange impact arises due to the translation of Group’s operations with a different functional currency than euro. This amounts to EUR 17 million as at 31 December 2025 (2024: EUR 3 million, 2023: EUR 8 million)