Consolidated balance sheet as at 31 December 2025

before appropriation of profit

(in millions of euros)		31 December 2025	31 December 2024
	Assets
12	Property, plant and equipment	4,077	3,513
13	Investment properties	109	113
14	Intangible assets	51	110
31	Right-of-use assets	107	104
16	Investments recognised using the equity method	15	15
23	Other non current financial assets, including investments	104	106
11	Deferred tax assets	368	422
	Total non-current assets	4,831	4,383

17	Inventories	175	172
18	Trade and other receivables	494	371
23	Other current financial assets, including investments	871	1,046
19	Cash and cash equivalents	437	449
	Total current assets	1,977	2,038
	Total assets	6,808	6,421

	Equity and liabilities
24	Equity
	Issued share capital	1,012	1,012
	Other reserves	48	46
	Retained earnings	718	858
	Unappropriated result	380	-141
	Capital and reserves due to shareholder	2,158	1,775
	Third party minority interests	-	-
	Equity	2,158	1,775

28	Deferred income	87	106
25	Loans and other financial liabilities, including derivatives	2,300	2,536
31	Lease liabilities	94	91
29	Employee benefits	237	81
30	Provisions	87	90
20	Accruals and deferred items	4	6
	Total non-current liabilities	2,809	2,910

25	Loans and other financial liabilities, including derivatives	237	69
31	Lease liabilities	18	30
	Income tax payable	-	-
21	Trade and other liabilities	1,006	1,026
22	Deferred income	568	590
30	Provisions	12	21
	Total current liabilities	1,841	1,736
	Total liabilities	4,650	4,646

	Total equity and liabilities	6,808	6,421