Net Income per ordinary share

12 Months Ended

Dec. 31, 2025

Basic net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary

shares outstanding for that period.

The dilutive effect is calculated using the treasury stock method by dividing net income by the weighted average

number of ordinary shares outstanding for that period plus shares applicable to options and conditional shares

(dilutive potential ordinary shares). The calculation of diluted net income per ordinary share does not assume exercise

of options when exercise would be anti-dilutive. Excluded from the diluted weighted average number of shares

outstanding calculation are cumulative preference shares contingently issuable to the preference share foundation,

since they represent a different class of stock from the ordinary shares.

The basic and diluted net income per ordinary share has been calculated as follows:


Year ended December 31 (€, in millions, except per share data)	2023	2024	2025
Net income	7,839.0	7,571.6	9,609.4

Weighted average number of shares outstanding	393.8	393.3	388.5
Basic net income per ordinary share	19.91	19.25	24.73

Weighted average number of shares outstanding	393.8	393.3	388.5
Plus shares applicable to options and conditional shares	0.3	0.3	0.4
Diluted weighted average number of shares	394.1	393.6	388.9
Diluted net income per ordinary share	19.89	19.24	24.71