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Consolidated Balance Sheets - EUR (€)
€ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents € 12,916.0 € 12,735.9
Short-term investments 405.9 5.4
Accounts receivable, net [1] 3,023.0 4,477.5
Finance receivables, net 613.5 82.6
Current tax assets 88.9 283.6
Contract assets 440.6 320.6
Inventories, net 11,429.3 10,891.5
Loans receivable [2] 266.1 0.0
Other assets [3] 1,432.8 1,940.3
Total current assets 30,616.1 30,737.4
Finance receivables, net 13.3 317.2
Deferred tax assets 1,719.4 1,940.7
Loans receivable [4] 1,653.9 1,456.6
Other assets [5] 1,057.1 790.8
Equity investments 1,320.7 0.0
Equity method investments 822.6 903.0
Goodwill 4,588.6 4,588.6
Other intangible assets, net 540.1 621.3
Property, plant and equipment, net 7,893.8 6,846.8
Right-of-use assets 341.0 387.2
Total non-current assets 19,950.5 17,852.2
Total assets 50,566.6 48,589.6
Liabilities and shareholders’ equity    
Accounts payable [6] 3,521.8 3,500.4
Accrued and other liabilities [7] 2,567.3 2,686.6
Current tax liabilities 486.6 283.3
Short-term borrowings and current portion of long-term debt 1,681.9 1,010.3
Contract liabilities 16,006.3 12,570.8
Total current liabilities 24,263.9 20,051.4
Long-term debt 2,709.0 3,677.3
Deferred and other income tax liabilities 183.0 299.2
Contract liabilities 3,366.3 5,625.4
Accrued and other liabilities 432.2 459.5
Total non-current liabilities 6,690.5 10,061.4
Total liabilities [8] 30,954.4 30,112.8
Issued and outstanding shares 34.9 35.4
Share premium 4,107.1 4,049.0
Treasury shares at cost (2,252.9) (476.0)
Retained earnings 17,587.3 14,414.3
Accumulated other comprehensive income 135.8 454.1
Total shareholders’ equity 19,612.2 18,476.8
Total liabilities and shareholders’ equity € 50,566.6 € 48,589.6
[1] Accounts receivable includes amounts with related parties of €1.1 million and €70.8 million at December 31, 2025 and 2024, respectively.
[2] Loans receivable – current includes amounts with related parties of €260.2 million and €0.0 million at December 31, 2025 and 2024, respectively.
[3] Other assets – current includes amounts with related parties of €323.5 million and €815.8 million at December 31, 2025 and 2024, respectively.
[4] Loans receivable – non-current includes amounts with related parties of €1,647.3 million and €1,440.8 million at December 31, 2025 and 2024, respectively
[5] Other assets – non-current includes amounts with related parties of €868.4 million and €599.9 million at December 31, 2025 and 2024, respectively.
[6] Accounts payable includes amounts with related parties of €1,085.8 million and €955.8 million at December 31, 2025 and 2024, respectively.
[7] Accrued and other liabilities – current includes amounts with related parties of €123.0 million and €199.9 million at December 31, 2025 and 2024, respectively
[8] For information regarding commitments and contingencies, see Note 17 Commitments and contingencies