XML 24 R16.htm IDEA: XBRL DOCUMENT
v3.26.1

Financial instruments | 6 Months Ended
--- | ---
Jun. 30, 2026
Disclosure of detailed information about financial instruments [abstract] |
Financial instruments |
9.Financial instruments
The Group’s Treasury function aims to protect the Group’s financial investments, while maximising returns. The fair value of financial assets is the same as the carrying amount for 2026 and 2025. The Group’s cash resources and other financial assets are shown below.
| 30 June 2026 | 31 December 2025 | 30 June 2025
€ million | Current | Non- current | Total | Current | Non- current | Total | Current | Non- current | Total
Cash and cash equivalents |  |  |  |  |  |  |  |  |
Cash at bank and in hand | 2,983 | – | 2,983 | 2,490 | – | 2,490 | 3,112 | – | 3,112
Short-term deposits(a) | 1,180 | – | 1,180 | 1,066 | – | 1,066 | 883 | – | 883
Other cash equivalents(b) | 563 | – | 563 | 385 | – | 385 | 349 | – | 349
| 4,726 | – | 4,726 | 3,941 | – | 3,941 | 4,344 | – | 4,344
Other financial assets |  |  |  |  |  |  |  |  |
Financial assets at amortised cost(c) | 765 | 370 | 1,135 | 541 | 368 | 909 | 478 | 467 | 945
Financial assets at fair value through other comprehensive income(d) | – | 2,447 | 2,447 | – | 2,216 | 2,216 | – | 537 | 537
Financial assets at fair value through profit or loss: |  |  |  |  |  |  |  |  |
Derivatives | 177 | 101 | 278 | 50 | 140 | 190 | 157 | 203 | 360
Other(e) | 380 | 404 | 784 | 530 | 341 | 871 | 488 | 363 | 851
| 1,322 | 3,322 | 4,644 | 1,121 | 3,065 | 4,186 | 1,123 | 1,570 | 2,693
Total financial assets(f) | 6,048 | 3,322 | 9,370 | 5,062 | 3,065 | 8,127 | 5,467 | 1,570 | 7,037
(a)Short-term deposits typically have maturity of up to 3 months. (b)Other cash equivalents include investments in overnight funds and marketable securities. (c)Current financial assets at amortised cost include short term deposits with banks with maturities longer than three months excluding deposits which are part of a recognised cash management process, fixed income securities and loans to joint venture entities. Non-current financial assets at amortised cost include judicial deposits of €200 million (31 December 2025: €175 million; 30 June 2025: €174 million). (d)Included within non-current financial assets at fair value through other comprehensive income are equity investments. This includes an amount of €1,852 million (31 December 2025: €1,655 million) related to the Group's retained investment in TMICC, recognised following the demerger of our ice cream business in December 2025. (e)Other financial assets at fair value through profit or loss include money market funds, marketable securities, other capital market instruments and investments in financial institutions. (f)Financial assets exclude trade and other current receivables. |
Notes to the condensed consolidated financial statements
(unaudited)
9.Financial instruments (continued)
The Group is exposed to the risks of changes in fair value of its financial assets and liabilities. The following tables summarise the fair values and carrying amounts of financial instruments and the fair value calculations by category.
| Fair value | Carrying amount
€ million | As at 30 June 2026 | As at 31 December 2025 | As at 30 June 2025 | As at 30 June 2026 | As at 31 December 2025 | As at 30 June 2025
Financial assets |  |  |  |  |  |
Cash and cash equivalents | 4,726 | 3,941 | 4,344 | 4,726 | 3,941 | 4,344
Financial assets at amortised cost | 1,135 | 909 | 945 | 1,135 | 909 | 945
Financial assets at fair value through other comprehensive income | 2,447 | 2,216 | 537 | 2,447 | 2,216 | 537
Financial assets at fair value through profit and loss: |  |  |  |  |  |
Derivatives | 277 | 190 | 360 | 277 | 190 | 360
Other | 785 | 871 | 851 | 785 | 871 | 851
| 9,370 | 8,127 | 7,037 | 9,370 | 8,127 | 7,037
Financial liabilities |  |  |  |  |  |
Bank loans and overdrafts | (214) | (233) | (529) | (214) | (233) | (529)
Bonds and other loans | (29,193) | (25,655) | (28,696) | (29,675) | (26,038) | (29,169)
Lease liabilities | (1,308) | (1,326) | (1,524) | (1,308) | (1,326) | (1,524)
Derivatives | (532) | (452) | (614) | (532) | (452) | (614)
Other financial liabilities | (381) | (229) | (189) | (381) | (229) | (189)
| (31,628) | (27,895) | (31,552) | (32,110) | (28,278) | (32,025)
| As at 30 June 2026 | As at 31 December 2025 | As at 30 June 2025
€ million | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
Assets at fair value |  |  |  |  |  |  |  |  |
Financial assets at fair value through other comprehensive income | 1,858 | 4 | 586 | 1,663 | 4 | 549 | 10 | 4 | 523
Financial assets at fair value through profit or loss: |  |  |  |  |  |  |  |  |
Derivatives(a) | – | 349 | – | – | 210 | – | – | 420 | –
Other | 381 | – | 404 | 530 | – | 341 | 488 | – | 363
Liabilities at fair value |  |  |  |  |  |  |  |  |
Derivatives(b) | – | (597) | – | – | (503) | – | – | (672) | –
Contingent consideration | – | – | (20) | – | – | (46) | – | – | (46)
(a)Includes €72 million (31 December 2025: €20 million; 30 June 2025: €60 million) derivatives, reported within trade receivables, that hedge trading activities. (b)Includes €(65) million (31 December 2025: €(51) million; 30 June 2025: €(58) million) derivatives, reported within trade creditors, that hedge trading activities. There were no significant changes in classification of fair value of financial assets and financial liabilities since 31 December 2025. There were also no significant movements between the fair value hierarchy classifications since 31 December 2025. The fair value of trade receivables and payables is considered to be equal to the carrying amount of these items due to their short-term nature. The fair value of financial assets and financial liabilities (excluding listed bonds) is considered to be same as the carrying amount for 2026 and 2025. Calculation of fair values The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values are consistent with those used in the year ended 31 December 2025.

X
- Definition The entire disclosure for fair value measurement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 13 -IssueDate 2025-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2025-en-r&doctype=Standard&dita_xref=IFRS13_g91-99_TI -URIDate 2025-03-27 + Details
Name: | ifrs-full_DisclosureOfFairValueMeasurementExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfFinancialInstrumentsAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration