19. Cash and cash equivalents
Cash and bank balances amounted to €437 million as at 31 December 2025, and are fully available for use (31 December 2024: €449 million, fully available for use).
The Group's interest rate risk and a sensitivity analysis for financial assets and liabilities are disclosed in note 26.
Accounting policy
Cash and cash equivalents are measured at fair value, which is usually equal to the nominal value.