v3.26.1
Financial instruments
 6 Months Ended
Jun. 30, 2026
Disclosure of detailed information about financial instruments [abstract]  
Financial instruments
9.Financial instruments
The Group’s Treasury function aims to protect the Group’s financial investments, while maximising returns. The fair value
of financial assets is the same as the carrying amount for 2026 and 2025. The Group’s cash resources and
other financial assets are shown below.
30 June 2026
31 December 2025
30 June 2025
€ million
Current
Non-
current
Total
Current
Non-
current
Total
Current
Non-
current
Total
Cash and cash equivalents
Cash at bank and in hand
2,983
–
2,983
2,490
–
2,490
3,112
–
3,112
Short-term deposits(a)
1,180
–
1,180
1,066
–
1,066
883
–
883
Other cash equivalents(b)
563
–
563
385
–
385
349
–
349
4,726
–
4,726
3,941
–
3,941
4,344
–
4,344
Other financial assets
Financial assets at amortised cost(c)
765
370
1,135
541
368
909
478
467
945
Financial assets at fair value through other
comprehensive income(d)
–
2,447
2,447
–
2,216
2,216
–
537
537
Financial assets at fair value through profit or
loss:
Derivatives
177
101
278
50
140
190
157
203
360
Other(e)
380
404
784
530
341
871
488
363
851
1,322
3,322
4,644
1,121
3,065
4,186
1,123
1,570
2,693
Total financial assets(f)
6,048
3,322
9,370
5,062
3,065
8,127
5,467
1,570
7,037
(a)Short-term deposits typically have maturity of up to 3 months.
(b)Other cash equivalents include investments in overnight funds and marketable securities.
(c)Current financial assets at amortised cost include short term deposits with banks with maturities longer than three months excluding deposits which are
part of a recognised cash management process, fixed income securities and loans to joint venture entities. Non-current financial assets at amortised cost
include judicial deposits of €200 million (31 December 2025: €175 million; 30 June 2025: €174 million).
(d)Included within non-current financial assets at fair value through other comprehensive income are equity investments. This includes an amount of €1,852
million (31 December 2025: €1,655 million) related to the Group's retained investment in TMICC, recognised following the demerger of our ice cream
business in December 2025.
(e)Other financial assets at fair value through profit or loss include money market funds, marketable securities, other capital market instruments
and investments in financial institutions.
(f)Financial assets exclude trade and other current receivables.
|
Notes to the condensed consolidated financial statements
(unaudited)
9.Financial instruments (continued)
The Group is exposed to the risks of changes in fair value of its financial assets and liabilities. The following tables
summarise the fair values and carrying amounts of financial instruments and the fair value calculations by category.
Fair value
Carrying amount
€ million
As at 30
June 2026
As at 31
December
2025
As at 30
June 2025
As at 30
June 2026
As at 31
December
2025
As at 30
June 2025
Financial assets
Cash and cash equivalents
4,726
3,941
4,344
4,726
3,941
4,344
Financial assets at amortised cost
1,135
909
945
1,135
909
945
Financial assets at fair value through other comprehensive
income
2,447
2,216
537
2,447
2,216
537
Financial assets at fair value through profit and loss:
Derivatives
277
190
360
277
190
360
Other
785
871
851
785
871
851
9,370
8,127
7,037
9,370
8,127
7,037
Financial liabilities
Bank loans and overdrafts
(214)
(233)
(529)
(214)
(233)
(529)
Bonds and other loans
(29,193)
(25,655)
(28,696)
(29,675)
(26,038)
(29,169)
Lease liabilities
(1,308)
(1,326)
(1,524)
(1,308)
(1,326)
(1,524)
Derivatives
(532)
(452)
(614)
(532)
(452)
(614)
Other financial liabilities
(381)
(229)
(189)
(381)
(229)
(189)
(31,628)
(27,895)
(31,552)
(32,110)
(28,278)
(32,025)
As at 30 June 2026
As at 31 December 2025
As at 30 June 2025
€ million
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Assets at fair value
Financial assets at fair value through other
comprehensive income
1,858
4
586
1,663
4
549
10
4
523
Financial assets at fair value through profit or
loss:
Derivatives(a)
–
349
–
–
210
–
–
420
–
Other
381
–
404
530
–
341
488
–
363
Liabilities at fair value
Derivatives(b)
–
(597)
–
–
(503)
–
–
(672)
–
Contingent consideration
–
–
(20)
–
–
(46)
–
–
(46)
(a)Includes €72 million (31 December 2025: €20 million; 30 June 2025: €60 million) derivatives, reported within trade receivables, that hedge trading
activities.
(b)Includes €(65) million (31 December 2025: €(51) million; 30 June 2025: €(58) million) derivatives, reported within trade creditors, that hedge trading
activities.
There were no significant changes in classification of fair value of financial assets and financial liabilities since
31 December 2025. There were also no significant movements between the fair value hierarchy classifications since 31
December 2025.
The fair value of trade receivables and payables is considered to be equal to the carrying amount of these items due to
their short-term nature. The fair value of financial assets and financial liabilities (excluding listed bonds) is considered to be
same as the carrying amount for 2026 and 2025.
Calculation of fair values
The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and
assumptions used to estimate the fair values are consistent with those used in the year ended 31 December 2025.