FINANCIAL REVIEW
Consolidated Net Debt
CONSOLIDATED NET DEBT*
| (EUR million) | DEC-25 | DEC-24 |
|---|---|---|
| Cash and cash equivalents from ex-infrastructure project companies | -4,070 | -4,653 |
| Short and long-term borrowings from ex-infrastructure project companies | 2,810 | 2,889 |
| Other from ex-infrastructure project companies** | -81 | -30 |
| Consolidated Net Debt of ex-infrastructure project companies* | -1,341 | -1,794 |
| Cash and cash equivalents from infrastructure project companies | -201 | -175 |
| Short and long-term borrowings from infrastructure project companies | 7,617 | 8,400 |
| Other from infrastructure project companies*** | -183 | -369 |
| Consolidated Net Debt of infrastructure project companies* | 7,234 | 7,856 |
| Consolidated Net Debt* | 5,893 | 6,061 |
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures annex in the Integrated Annual Report (page 269) **Other from ex-infrastructure project companies includes non-current restricted cash, forwards hedging and cross currency swaps balances, intragroup position balances and other short term financial assets, as explained under section 2.1 (Consolidated Net Debt) of the Alternative Performance Measures. ***Other from infrastructure project companies includes short and long term borrowings, non-current restricted cash and intragroup position balances, as explained under section 2.1 (Consolidated Net Debt) of the Alternative Performance Measures.
CHANGE IN CONSOLIDATED NET DEBT****
| (EUR million) | As of December 31, 2025 | |||
|---|---|---|---|---|
| Change in Consolidated Net Debt (1+2+3) |
Ex-infrastructure project companies (1) |
Infrastructure project companies (2) |
Intercompany eliminations (3) |
|
| Cash flow from operating activities | 1,926 | 1,285 | 1,107 | -466 |
| Cash flow from/ (used in) investing activities | -891 | -682 | -357 | 147 |
| Activity Cash Flows | 1,035 | 603 | 750 | -319 |
| Cash flow from/ (used in) financing activities | -1,483 | -1,087 | -714 | 319 |
| Effect of exchange rate on cash and cash equivalents | -99 | -91 | -8 | 0 |
| Change in cash and cash equivalents due to consolidation scope changes | -10 | -7 | -3 | 0 |
| Change in cash and cash equivalents from discontinued operations | 0 | 0 | 0 | 0 |
| Cash flows (change in cash and cash equivalents) (A) | -557 | -583 | 26 | 0 |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR (B) | 4,828 | 4,653 | 175 | 0 |
| CASH AND CASH EQUIVALENTS AT YEAR END (C=A+B) | 4,271 | 4,070 | 201 | 0 |
| SHORT AND LONG-TERM BORROWINGS AND OTHER CONSOLIDATED NET DEBT COMPONENTS AT THE BEGINNING OF YEAR (D) | 11,288 | 2,889 | 8,400 | 0 |
| Change in short and long-term borrowings (E) | -861 | -79 | -782 | 0 |
| OTHER CONSOLIDATED NET DEBT COMPONENTS AT THE BEGINNING OF YEAR (F) | -399 | -30 | -369 | |
| Change in Non-current restricted cash | 139 | 11 | 128 | 0 |
| Change in Forwards hedging balances | -5 | -5 | 0 | 0 |
| Change in Cross currency swaps balances | 2 | 2 | 0 | 0 |
| Change in Intragroup balances | 0 | -59 | 59 | 0 |
| Change in other short term financial assets | 0 | 0 | 0 | 0 |
| Other changes in consolidated net debt (G) | 136 | -51 | 187 | 0 |
| OTHER CONSOLIDATED NET DEBT COMPONENTS AT YEAR END (H=G+F) | -263 | -81 | -182 | |
| SHORT AND LONG-TERM BORROWINGS AND OTHER CONSOLIDATED NET DEBT COMPONENTS AT YEAR END (I=D+E+H) | 10,164 | 2,729 | 7,435 | 0 |
| Change in consolidated net debt (J=G+E-A) | -168 | 454 | -621 | 0 |
| CONSOLIDATED NET DEBT AT THE BEGINNING OF YEAR (D-B+F) | 6,061 | -1,794 | 7,856 | 0 |
| CONSOLIDATED NET DEBT AT YEAR END (I-C) | 5,893 | -1,341 |
7,234 |
0 |
*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures annex in the Integrated Annual Report (page 269) **Other from ex-infrastructure project companies includes non-current restricted cash, forwards hedging and cross currency swaps balances, intragroup position balances and other short term financial assets, as explained under section 2.1 (Consolidated Net Debt) of the Alternative Performance Measures. ***Other from infrastructure project companies includes short and long term borrowings, non-current restricted cash and intragroup position balances, as explained under section 2.1 (Consolidated Net Debt) of the Alternative Performance Measures.
