Interest income and expenses are allocated to the period to which they relate based on time proportionality, using the effective interest method. Construction period interest is applied to investment projects with estimated durations of more than 12 months.
|
€ Million |
2025 |
2024 |
|
Financial income |
7 |
6 |
|
Total financial income |
7 |
6 |
|
Other financial expenses |
77 |
52 |
|
Total financial expenses |
77 |
52 |
|
Total, net financial expenses |
-70 |
-46 |
Financial expenses consist mainly of interest payments related to loans. For further details of these loans, please refer to note 22 ‘Interest-bearing liabilities (non-current)’ and note 28 ‘Interest-bearing liabilities (current)’.
The increase in the negative balance of financial income and expenses was mainly attributable to the issuance in April 2025 of two bonds, each with a nominal value of €500 million and a coupon rate of 3.25% and 3.625%, and to the issuance in November 2025 of a bond with a nominal value of €500 million and a coupon rate of 3.375%. The interest expenses on the green bond issued in May 2024 are now included in the financial income and expenses for the full year of 2025. On the other hand, interest income increased because more funds from the bond issuances were temporarily placed in various deposits.