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Risks arising from financial instruments (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Financial Assets And Financial Liabilities

The table below presents the company’s financial assets and liabilities as of the reporting dates indicate


	30 June 2026								31 December 2025
			At fair								At fair
			value		At fair						value		At fair
	At		through		value				At		through		value
	amortized		profit or		through				amortized		profit or		through
Million US dollar	cost		loss		OCI		Total		cost		loss		OCI		Total

Cash and cash equivalents		7 658		-		-		7 658		11 638		-		-		11 638
Trade and other receivables		6 494		-		-		6 494		5 406		-		-		5 406
Investment securities		20		353		145		518		27		306		134		467
Foreign exchange derivatives		-		43		128		171		-		26		38		63
Commodities		-		-		397		397		-		-		439		439
Cross currency interest rate swaps		-		-		361		361		-		-		214		214
Interest rate swaps		-		12		-		12		-		11		-		11
Financial assets		14 173		408		1 032		15 613		17 070		343		825		18 239
Non-current		527		-		457		985		499		-		279		778
Current		13 646		408		575		14 628		16 571		343		546		17 460

Trade and other payables		20 918		556		-		21 474		21 348		241		-		21 589
Non-current interest-bearing loans and borrowings		67 730		1 178		-		68 908		70 938		1 191		-		72 128
Current interest-bearing loans and borrowings		3 381		-		-		3 381		885		-		-		885
Bank overdrafts		29		-		-		29		14		-		-		14
Equity swaps		-		3 206		-		3 206		-		5 481		-		5 481
Foreign exchange derivatives		-		185		501		686		-		127		435		563
Commodities		-		-		107		107		-		-		46		46
Cross currency interest rate swaps		-		-		300		300		-		-		205		205
Interest rate swaps		-		114		-		114		-		102		-		102
Financial liabilities		92 058		5 238		908		98 204		93 184		7 143		686		101 013
Non-current		68 432		1 474		302		70 207		71 678		1 320		183		73 182
Current		23 626		3 764		607		27 996		21 506		5 822		503		27 831

Summary of Effective Interest Rates at Balance Sheet


30 June 2026	Before hedging				After hedging
Interest-bearing financial liabilities	Effective				Effective
Million US dollar	interest rate		Amount		interest rate		Amount

Floating rate
US dollar		3.9%		200		5.6%		637
Other		11.4%		458		11.5%		1 213
				659				1 850
Fixed rate
US dollar		5.3%		41 436		5.6%		32 343
Euro		2.7%		27 719		2.6%		28 390
Chinese yuan		3.9%		35		2.7%		2 765
Canadian dollar		4.4%		541		4.3%		2 642
South Korean won		5.1%		31		2.7%		1 931
Mexican peso		13.3%		228		9.6%		828
Pound sterling		2.5%		556		2.9%		35
Other		9.8%		1 115		9.7%		1 535
				71 659				70 468

31 December 2025	Before hedging				After hedging
Interest-bearing financial liabilities	Effective				Effective
Million US dollar	interest rate		Amount		interest rate		Amount

Floating rate
US dollar		-		-		4.9%		1 193
Other		11.0%		334		10.9%		333
				334				1 527
Fixed rate
US dollar		5.3%		41 499		5.6%		32 965
Euro		2.7%		28 593		2.6%		29 274
Chinese yuan		3.8%		38		2.7%		2 768
Canadian dollar		4.5%		566		4.3%		2 668
South Korean won		5.3%		39		2.7%		2 049
Mexican peso		13.2%		225		13.2%		225
Pound sterling		2.5%		567		2.7%		37
Other		9.6%		1 165		9.5%		1 515
				72 693				71 500

Summary of Carrying Amount of Financial Assets

The maximum exposure to credit risk at the reporting date for trade and other receivables, excluding Brazilian tax credits, tax receivables other th

income tax and prepaid expenses, was as follows:


	30 June 2026							31 December 2025
Million US dollar	Gross		Impairment			Net carrying amount		Gross		Impairment			Net carrying amount

Trade receivables		5 554		(418	)		5 136		4 661		(399	)		4 261
Other receivables		1 427		(69	)		1 358		1 213		(68	)		1 145
Trade and other receivables		6 981		(487	)		6 494		5 874		(468	)		5 406

Summary of Allowance for Impairment

The allowance for impairment recognized during the period on trade and other receivables was as follows:


	30 June 2026			31 December 2025
Balance at end of previous year		(468	)		(438	)
Impairment losses		(25	)		(53	)
Derecognition		10			64
Currency translation and other		(4	)		(40	)
Balance at end of period		(487	)		(468	)

Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities

The table below presents the nominal contractual maturities of the company’s non-derivative financial liabilities including interest payments and derivative liabilities:


	30 June 2026
				Contractual			Less												More
	Carrying			cash			than												than
Million US dollar	amount			flows			1 year			1-2 years			2-3 years			3-5 years			5 years

Non-derivative financial liabilities
Unsecured bond issues		(69 361	)		(113 113	)		(5 218	)		(9 052	)		(6 022	)		(10 562	)		(82 259	)
Trade and other payables		(25 633	)		(26 007	)		(24 662	)		(145	)		(195	)		(248	)		(757	)
Lease liabilities		(2 236	)		(2 504	)		(714	)		(572	)		(385	)		(407	)		(425	)
Secured bank loans		(16	)		(19	)		(5	)		(5	)		(5	)		(5	)		-
Unsecured bank loans		(222	)		(222	)		(222	)		-			-			-			-
Unsecured other loans		(254	)		(267	)		(47	)		(198	)		(13	)		-			(8	)
Commercial papers		(200	)		(200	)		(200	)		-			-			-			-
Bank overdrafts		(29	)		(29	)		(29	)		-			-			-			-
		(97 951	)		(142 362	)		(31 098	)		(9 972	)		(6 620	)		(11 223	)		(83 450	)

Derivative financial liabilities
Equity derivatives		(3 206	)		(3 206	)		(3 206	)		-			-			-			-
Foreign exchange derivatives		(686	)		(686	)		(538	)		(51	)		(96	)		-			-
Cross currency interest rate swaps		(300	)		(300	)		(70	)		(47	)		(89	)		-			(94	)
Interest rate swaps		(114	)		(114	)		(114	)		-			-			-			-
Commodity derivatives		(107	)		(107	)		(107	)		-			-			-			-
		(4 412	)		(4 412	)		(4 034	)		(98	)		(185	)		-			(94	)

Of which: related to cash flow hedges		(510	)		(510	)		(473	)		(27	)		(2	)		-			(8	)

	31 December 2025
				Contractual			Less												More
	Carrying			cash			than												than
Million US dollar	amount			flows			1 year			1-2 years			2-3 years			3-5 years			5 years

Non-derivative financial liabilities
Unsecured bond issues		(70 199	)		(115 992	)		(2 962	)		(8 108	)		(6 398	)		(11 951	)		(86 573	)
Trade and other payables		(26 324	)		(26 547	)		(25 410	)		(150	)		(177	)		(277	)		(532	)
Lease liabilities		(2 397	)		(2 706	)		(704	)		(606	)		(448	)		(447	)		(501	)
Secured bank loans		(18	)		(23	)		(5	)		(5	)		(4	)		(9	)		-
Unsecured bank loans		(178	)		(178	)		(178	)		-			-			-			-
Unsecured other loans		(221	)		(239	)		(84	)		(132	)		(12	)		(2	)		(10	)
Bank overdrafts		(14	)		(14	)		(14	)		-			-			-			-
		(99 351	)		(145 700	)		(29 358	)		(9 001	)		(7 039	)		(12 686	)		(87 617	)

Derivative financial liabilities
Equity derivatives		(5 481	)		(5 481	)		(5 481	)		-			-			-			-
Foreign exchange derivatives		(563	)		(563	)		(416	)		(59	)		-			(87	)		-
Cross currency interest rate swaps		(205	)		(205	)		(60	)		(51	)		(32	)		(18	)		(44	)
Interest rate swaps		(102	)		(102	)		(102	)		-			-			-			-
Commodity derivatives		(46	)		(46	)		(46	)		-			-			-			-
		(6 397	)		(6 397	)		(6 105	)		(111	)		(32	)		(105	)		(44	)

Of which: related to cash flow hedges		(460	)		(460	)		(425	)		(24	)		-			(5	)		(6	)

Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value

The table below summarizes

e carrying amount and the fair value of the fixed rate interest-bearing financial liabilities as recognized in the statement

financial position. Floating rate interest-bearing financial liabilities, trade and other receivables and trade and other payables, lease liabilities and derivative financial instruments have been excluded from the analysis as their carrying amount is a reasonable approximation of their fair value.


Interest-bearing financial liabilities	30 June 2026						31 December 2025
Million US dollar	Carrying amount			Fair value			Carrying amount			Fair value

Fixed rate
US dollar		(41 032	)		(41 174	)		(41 050	)		(41 863	)
Euro		(27 020	)		(26 465	)		(27 854	)		(27 187	)
Pound sterling		(510	)		(455	)		(519	)		(467	)
Canadian dollar		(490	)		(453	)		(509	)		(465	)
Other		(372	)		(369	)		(364	)		(362	)
		(69 424	)		(68 916	)		(70 296	)		(70 343	)

Analysis of Financial Instruments

The table below presents the fair value hierarchy, which classifies financial instruments according to the extent to which their valuation relies on observable market inputs:


Fair value hierarchy as of 30 June 2026 Million US dollar	Quoted (unadjusted) prices - level 1		Observable market inputs - level 2		Unobservable market inputs - level 3
Financial Assets
Derivatives at fair value through profit and loss		-		54		-
Derivatives in a cash flow hedge relationship		41		429		-
Derivatives in a net investment hedge relationship		-		417		-
		41		901		-
Financial Liabilities
Deferred consideration on acquisitions at fair value		-		-		556
Derivatives at fair value through profit and loss		-		3 390		-
Derivatives in a cash flow hedge relationship		43		467		-
Derivatives in a fair value hedge relationship		-		114		-
Derivatives in a net investment hedge relationship		-		399		-
		43		4 369		556

Fair value hierarchy as of 31 December 2025 Million US dollar	Quoted (unadjusted) prices - level 1		Observable market inputs - level 2		Unobservable market inputs - level 3
Financial Assets
Derivatives at fair value through profit and loss		-		36		-
Derivatives in a cash flow hedge relationship		31		454		-
Derivatives in a net investment hedge relationship		-		207		-
		31		696		-
Financial Liabilities
Deferred consideration on acquisitions at fair value		-		-		241
Derivatives at fair value through profit and loss		-		5 609		-
Derivatives in a cash flow hedge relationship		64		396		-
Derivatives in a fair value hedge relationship		-		102		-
Derivatives in a net investment hedge relationship		-		227		-
		64		6 333		241