v3.26.1
Financial instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Financial Instruments [Abstract]  
Disclosure of Financial Assets
Financial assets at amortized costFinancial assets at fair value through profit or lossDerivatives designated in hedge relationshipsFinancial
liabilities at
amortized
cost		Total
June 30, 2026€m€m€m€m€m
Assets
Derivative financial instruments— — 7.7 — 7.7 
Trade and other receivables excluding non-financial assets351.2 — — — 351.2 
Cash and cash equivalents77.9 195.5 — — 273.4 
Liabilities
Derivative financial instruments— — (103.5)— (103.5)
Trade and other payables excluding non-financial liabilities— — — (773.1)(773.1)
Loans and borrowings— — — (2,312.0)(2,312.0)
Total429.1 195.5 (95.8)(3,085.1)(2,556.3)
Trade and other receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €121.5 million.

Loans and borrowings includes €94.6 million relating to lease liabilities.
Financial assets at amortized costFinancial assets at fair value through profit or lossDerivatives designated in hedge relationships Financial
liabilities at
amortized
cost		Total
December 31, 2025€m€m€m€m€m
Assets
Derivative financial instruments— — 4.9 — 4.9 
Trade and other receivables excluding non-financial assets315.8 — — — 315.8 
Cash and cash equivalents108.7 216.1 — — 324.8 
Liabilities
Derivative financial instruments— — (131.6)— (131.6)
Trade and other payables excluding non-financial liabilities— — — (740.5)(740.5)
Loans and borrowings— — — (2,291.2)(2,291.2)
Total424.5 216.1 (126.7)(3,031.7)(2,517.8)
Disclosure of Financial Liabilities
Financial assets at amortized costFinancial assets at fair value through profit or lossDerivatives designated in hedge relationshipsFinancial
liabilities at
amortized
cost		Total
June 30, 2026€m€m€m€m€m
Assets
Derivative financial instruments— — 7.7 — 7.7 
Trade and other receivables excluding non-financial assets351.2 — — — 351.2 
Cash and cash equivalents77.9 195.5 — — 273.4 
Liabilities
Derivative financial instruments— — (103.5)— (103.5)
Trade and other payables excluding non-financial liabilities— — — (773.1)(773.1)
Loans and borrowings— — — (2,312.0)(2,312.0)
Total429.1 195.5 (95.8)(3,085.1)(2,556.3)
Trade and other receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €121.5 million.

Loans and borrowings includes €94.6 million relating to lease liabilities.
Financial assets at amortized costFinancial assets at fair value through profit or lossDerivatives designated in hedge relationships Financial
liabilities at
amortized
cost		Total
December 31, 2025€m€m€m€m€m
Assets
Derivative financial instruments— — 4.9 — 4.9 
Trade and other receivables excluding non-financial assets315.8 — — — 315.8 
Cash and cash equivalents108.7 216.1 — — 324.8 
Liabilities
Derivative financial instruments— — (131.6)— (131.6)
Trade and other payables excluding non-financial liabilities— — — (740.5)(740.5)
Loans and borrowings— — — (2,291.2)(2,291.2)
Total424.5 216.1 (126.7)(3,031.7)(2,517.8)
Fair valueCarrying value
June 30, 2026December 31, 2025June 30, 2026December 31, 2025
€m€m€m€m
Senior EUR/USD loans1,398.8 1,417.0 1,422.8 1,408.0 
Other external debt0.1 0.1 0.1 0.1 
2028 fixed rate senior secured notes770.5 784.0 800.0 800.0 
Less capitalized debt discounts and borrowing costs— — (5.5)(6.2)
2,169.4 2,201.1 2,217.4 2,201.9