FINANCIAL REVIEW

Consolidated Statements of Financial Position

(EUR Million)	DEC-25	DEC-24
NON-CURRENT ASSETS	20,110	21,327
Goodwill	412	500
Intangible assets	127	128
Fixed assets in infrastructure projects	12,509	14,147
Intangible asset model	12,360	13,989
Financial asset model	149	158
Investment property	0	0
Property, plant and equipment	1,012	772
Right-of-use assets	296	238
Investments in associates	3,955	3,023
Non-current financial assets	475	1,139
Loans granted to associates	113	101
Non-current restricted cash	262	401
Other non-current receivables	100	637
Deferred tax assets	958	1,159
Long-term financial derivatives at fair value	366	221

CURRENT ASSETS	7,310	7,672
Inventories	540	492
Current income tax assets	41	48
Short-term trade and other receivables	2,245	2,228
Trade receivable for sales and services	1,761	1,625
Other short-term receivables	484	603
Other short term financial assets	0	0
Cash and cash equivalents	4,271	4,828
Infrastructure project companies	201	175
Restricted Cash	29	18
Other cash and equivalents	172	157
Ex-infrastructure project companies	4,070	4,653
Short-term financial derivatives at fair value	17	20
Assets held for sale	196	56
TOTAL ASSETS	27,420	28,999

(EUR Million)	DEC-25	DEC-24
EQUITY	7,665	8,120
Equity attributable to shareholders	5,908	6,075
Equity attributable to non-controlling interests	1,757	2,045

NON-CURRENT LIABILITIES	13,291	14,578
Deferred Income	1,187	1,375
Employee benefit plans	4	4
Long-term provisions	395	353
Long-term lease liabilities	219	165
Borrowings	9,356	10,092
Debentures and borrowings of infrastructure project companies	7,433	8,256
Debentures and borrowings of ex-infrastructure project companies	1,923	1,836
Other payables	1,112	1,279
Deferred taxes	889	1239
Long-term financial derivatives at fair value	129	71

CURRENT LIABILITIES	6,464	6,301
Short-term lease liabilities	86	80
Borrowings	1,071	1,196
Debentures and borrowings of infrastructure project companies	184	143
Debentures and borrowings of ex-infrastructure project companies	887	1,053
Financial derivatives at fair value	22	61
Current income tax liabilities	48	80
Short-term trade and other payables	4,180	3,902
Trade payables	1,803	1,781
Advance payments from customers and work certified in advance	1,824	1,619
Other short-term payables	553	502
Short-term provisions	929	958
Liabilities held for sale	128	24
TOTAL LIABILITIES & EQUITY	27,420	28,999