12. Property, plant, and equipment

(in millions of euros)

Land

Buildings

Other fixed installations

Rolling stock

Parts

Equipment and operating equipment

Works and equipment under construction

Total

Composition 1 January 2024

Acquisition price

145

867

293

6,866

60

311

1,050

9,592

Accumulated depreciation and impairment losses

57

509

204

5,208

51

246

-

6,275

Carrying amount as at 1 January 2024

87

358

89

1,659

9

65

1,050

3,317

Movements in 2024

Investments

-

-

-

-

-

-

444

444

Capitalisations

6

14

10

359

7

29

-425

-

Held for sale

-

-7

-

-

-

-5

-

-12

Depreciation

-2

-24

-12

-162

-3

-22

-

-225

Divestments

-

-

-

-

-

-

-

-

Capitalised interest

-

-

-

-

-

-

47

47

Impairment losses

-1

-2

-2

-57

-

-1

-23

-86

Other movements

-

-1

-1

-

-

2

28

28

Total movements for the financial year

3

-20

-5

140

4

3

71

196

Composition as at 31 December 2024

Acquisition price

147

865

301

7,173

67

313

1,121

9,987

Accumulated depreciation and impairment losses

57

527

217

5,374

54

245

0

6,474

Carrying amount as at 31 December 2024

90

338

84

1,799

13

68

1,121

3,513

Movements in 2025

Investments

-

-

-

-

-

-

294

294

Capitalisations

5

59

32

357

1

18

-472

-

Depreciation

-2

-24

-13

-146

-

-21

-

-206

Divestments

-1

-1

-

-5

-

-

-

-7

Reversal of impairments

7

19

16

400

3

6

-

451

Capitalised interest

-

-

-

-

-

-

21

21

Other movements

-

1

-

-

-1

-2

13

11

Total movements for the financial year

9

54

35

606

3

1

-144

564

Composition as at 31 December 2025

Acquisition price

150

923

329

7,226

68

328

977

10,001

Accumulated depreciation and impairments

51

531

210

4,821

52

259

-

5,924

Carrying amount as at 31 December 2025

99

392

119

2,405

16

69

977

4,077

Work in progress and equipment under construction includes advance payments for new equipment amounting to €645 million (2024: €778 million). With effect from 2024, the Group has started to allocate construction interest to work in progress and equipment under construction based on an interest rate of 2.7% for 2025 (2024: 2.5%). In 2025, interest of €21 million was capitalised (2024: €47 million).

In 2025, an estimate change was made with regard to the depreciation period of part of the rolling stock (see General principles and material principles for financial reporting). For the explanation of the (reversal of) impairments, see note 15.

Accounting policy

Property, plant, and equipment are stated at cost less government grants received, accumulated depreciation, and accumulated impairment losses. The cost of self-constructed assets includes material costs, direct labour costs, a reasonable portion of indirect production costs, and capitalised financing costs. Where relevant, the estimated costs of dismantling and removing the asset and restoring the site where the assets are located are added to the cost.

Computer software that forms an integral part of the computer equipment is capitalised as part of the equipment in question. Only assets whose economic ownership rests with the Group are included in the balance sheet.

Gains and losses on the sale of a tangible fixed asset are determined by comparing the sales proceeds with the carrying amount of the tangible fixed asset and are recognised net under income in the income statement.

Components

If property, plant, and equipment consist of components with different useful lives, these components are specified as separate items under property, plant, and equipment.

The carrying amount of an item of property, plant, and equipment includes the cost of renewing (part of) that asset when the expenditure is incurred and it is probable that the renewal will result in future economic benefits. All other costs of maintaining the assets are recognised as an expense in the income statement when incurred.

Depreciation

Depreciation on property, plant, and equipment is calculated on a straight-line basis, less residual value, based on the estimated useful life of each individual item of property, plant, and equipment. Depreciation is charged to the income statement.

Land is not depreciated, with the exception of paving. The estimated useful lives of property, plant, and equipment are as follows:

Type of assets

Depreciation period

Commercial buildings

differentiated by component (15-100 years); average 40 years

Other fixed installations

10-25 years

Rolling stock

18-30 years

Parts

20 years

Equipment and operating equipment

3-10 years

The stated useful life is an average of the assets included and any components of which the assets consist. The depreciation method, remaining useful life, and residual value are reviewed annually.

If a tangible fixed asset is designated as real estate due to a change in use, or if a real estate object is designated for own use, a transfer is made to real estate objects or tangible fixed assets, respectively. Because the valuation of both categories of fixed assets is the same, the transfer is made at book value.

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