v3.26.1
Cash flow information (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure Of Cash Flow Statement [Abstract]  
Summary of an analysis of net debt and the movements in net debt
This section sets out an analysis of net debt and the movements in net debt for 2025 and 2024
 
€million
   
2025
      2024  
Cash and cash equivalents
   
 
1,075
 
      3,521  
Borrowings—repayable within one year
   
 
(798
)
      (273 ) 
Borrowings—repayable after one year
   
 
(5,507
)
      (4,247 ) 
Lease liabilities—repayable within one year
   
(76
) 
      (19 ) 
Lease liabilities—repayable after one year
   
(559
)
      (32 ) 
  
 
 
     
 
 
  
Net debt
1
   
 
(5,865
)
 
      (1,050 ) 
  
 
 
     
 
 
  
 
€million
   
2025
      2024  
Cash and cash equivalents
   
 
1,075
 
      3,521  
Borrowings—floating rates
   
 
(1,155
)
      (10 ) 
Borrowings—fixed interest rates
   
 
(5,150
)
      (4,510 ) 
Lease liabilities—repayable within one year
   
(76
) 
      (19 ) 
Lease liabilities—repayable after one year
   
(559
) 
      (32 ) 
  
 
 
     
 
 
  
Net debt
1
   
 
(5,865
)
 
      (1,050 ) 
  
 
 
     
 
 
  
 
1
Reconstituted to include current and
non-current
lease liabilities.
Schedule of net debt reconciliation
€million
    Cash and
cash
equivalents		      Borrowings
repayable
within one
year		      Borrowings
repayable
after one
year		      Lease
liabilities
repayable
within
one year		      Lease
liabilities
repayable
after one
year		     
Total
  
Net debt as at 1 January 2025
   
 
3,521
 
   
 
(273
)
   
 
(4,247
)
   
(19
)
   
(32
)
   
 
(1,050
)
Additions through business combinations (Note 4)
     
769
       
— 
       
(2,631
)
 		     
(61
)
 		     
(560
)
 		     
(2,483
)
 
Cash flows (net)
      (2,887 )      2,906        (2,149 )    40    20      (2,070 )
Foreign exchange adjustments
      (328 )
 
      —         89      3    9      (227 )
Transfers (see Note 29)
      —         (3,427 )      3,427      (34 )    34      —   
Other
non-cash
movements*
      —         (4 )      4      (5 )    (30
)
      (35 )
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Net debt as at 31 December 2025
   
 
1,075
 
   
 
(798
)
 
   
 
(5,507
)
   
 
(76
)
   
 
(559
)
   
 
(5,865
)
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
* related to loan origination costs and leases
€million
    Cash and
cash
equivalents		      Borrowings
repayable
within one
year		      Borrowings
repayable
after one
year		      Lease
liabilities
repayable
within
one year		      Lease
liabilities
repayable
after one
year		     
Total
  
Net debt as at 1 January 2024
  
 
2,907
 
  
 
(716
) 
  
 
(3,443
) 
  
 
(16
) 
  
 
(23
) 
  
 
(1,291
) 
Cash flows (net)
  
 
472
 
  
 
717
 
  
 
(1,034
) 
  
 
4
 
  
 
22
 
  
 
181
 
Foreign exchange adjustments
  
 
142
 
  
 
— 
 
  
 
(42
) 
  
 
(2
) 
  
 
— 
 
  
 
98
 
Transfers (see Note 29)
  
 
— 
 
  
 
(273
) 
  
 
273
 
  
 
(8
) 
  
 
8
 
  
 
— 
 
Other
non-cash
movements*
  
 
— 
 
  
 
(1
) 
  
 
(1
) 
  
 
3
 
  
 
(39
) 
  
 
(38
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net debt as at 31 December 2024
  
 
3,521
 
  
 
(273
) 
  
 
(4,247
) 
  
 
(19
) 
  
 
(32
) 
  
 
(1,050
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
* related to loan origination costs and leases
 
 
€million
    Cash and
cash
equivalents		      Borrowings
repayable
within one
year		      Borrowings
repayable
after one
year		      Lease
liabilities
repayable
within
one year		      Lease
liabilities
repayable
after one
year		     
Total
  
Net debt as at 1 January 2023
   
 
1,047
 
   
 
(719
)
 
   
 
(3,629
)
 
   
(15
)
   
(30
) 
   
 
(3,346
)
 
Cash flows (net)
      1,983        706        —       4    18      2,711  
Foreign exchange adjustments
      (123 )      —         36      1    —       (86 )
Transfers
      —         (700 )      150      (9
) 
 9        (550 )
Other
non-cash
movements*
      —         (3 )      —      3    (20 )       (20 )
  
 
 
     
 
 
     
 
 
     
 
 
     
 
     
 
 
  
Net debt as at 31 December 202
3
   
 
2,907
 
   
 
(716
)
   
 
(3,443
)
   
 
(16
) 
 
(23
) 
 
  
(1,291
)
  
 
 
     
 
 
     
 
 
     
 
 
     
 
     
 
 
  
 
*
related to loan origination costs and leases