Debt Maturity
Debt Maturity Profile – December 31, 2025 (€ million)
Net Debt
| € Million | December 31, 2025 | December 31, 2024 |
| Total bonds and other long-term debt | 4,033 | 3,484 |
| Long-term lease liabilities | 160 | 179 |
| Total short-term debt (including short-term bonds) | 779 | 427 |
| Gross debt | 4,972 | 4,090 |
| Cash and cash equivalents | (932) | (954) |
| Derivative financial instruments | 0 | - |
| Collateral | (12) | (2) |
| Net debt | 4,024 | 3,134 |
Debt Structure
| Outstanding Debt By Instrument Per December 31, 2025 (€ Million) | By Currency Per December 31, 2025 | |||
| Bonds | 4,322 | 87% | Euro | 95% |
| Private placements | 108 | 2% | U.S. dollar | 2% |
| Lease liabilities (long- and short-term) | 217 | 4% | JPY | 2% |
| Euro Commercial Paper (ECP) | 180 | 4% | Other | 1% |
| Other loans | 145 | 3% | ||
| Gross debt | 4,972 | 100% | 100% | |