Income taxes (Tables)

6 Months Ended

Jun. 30, 2026

Income taxes recognized in the statement of profit or loss can be detailed as follows:


For the six-month period ended 30 June
Million US dollar	2026		2025

Current tax expense		(1 743)		(1 576)
Deferred tax (expense)/income		38		172
Total income tax expense in the statement of profit or loss		(1 704)		(1 404)

The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows:


Million US dollar	2026		2025 1

Profit/(loss) before tax		8 765		5 972
Deduct share of results of associates		148		135
Deduct exceptional share of results of associates		-		9
Profit before tax and before share of results of associates		8 617		5 828

Adjustments to the tax basis
Government incentives		(57)		(60)
Non-deductible/(non-taxable) mark-to-market on derivatives		(2 033)		(339)
Other expenses not deductible for tax purposes		705		534
Other non-taxable income		(148)		(348)

Adjusted tax basis		7 084		5 616

Aggregate weighted nominal tax rate		26.4%		26.2%

Tax at aggregated nominal tax rate		(1 871)		(1 471)

Adjustments on tax expense
Recognition/(de-recognition) of deferred tax assets on tax losses (carried forward)		(2)		(56)
(Underprovided)/overprovided in prior years		16		20
Deductions from interest on equity		148		102
Deductions from goodwill and other tax deductions		331		260
Withholding taxes		(283)		(253)
Other tax adjustments		(43)		(7)

Total tax expense		(1 704)		(1 404)

Effective tax rate		19.8%		24.1%