Consolidated Financial Statements

SEFE’s business performance demonstrates that profitability and social responsibility can go hand in hand.
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    Statement of comprehensive income

    INCOME STATEMENT
    € million 2025 2024
    Revenue 15,494 13,547
    Cost of materials -14,208 -12,497
    Net result from trading, hedging and foreign currency translation 158 653
    Net result from loss allowances on trade receivables -5 -7
    Gross operating profit 1,439 1,697
    Other operating income 78 21
    Employee benefits -456 -399
    Depreciation, amortisation and impairment of fixed assets -579 -267
    Other operating expense -247 -257
    Net operating profit 235 794
    Finance income 85 130
    Finance expense -217 -182
    Result from investments accounted for using the equity method -1 88
    Other result from investments 16 1
    Net result from loss allowances on loans and long-term financial assets 22 -6
    Result before tax 140 826
    Income taxes expense 149 -189
    Total result for the period 289 637
    INCOME AND EXPENSES RECOGNISED IN EQUITY
    € million 2025 2024
    Total result for the period 289 637
    Items that will not be reclassified subsequently to profit or loss:    
    Changes in    
    Share in other comprehensive income of investments accounted for using the equity
    method    		   -0
    Defined benefit plans 9 7
    Deferred tax -3 -1
    Items that may be reclassified subsequently to profit or loss:    
    Changes in    
    Cash flow hedge reserve 225 -985
    Share in other comprehensive income of investments accounted for using the equity
    method    		 1 -29
    Translation reserve -205 124
    Deferred tax 64 98
    Other comprehensive income 90 -786
    Total comprehensive income 379 -149

    Balance sheet

    BALANCE SHEET
    € million 31 December 2025 31 December 2024
    Cash and cash equivalents 409 1,218
    Trade and other receivables 4,255 4,543
    Short-term derivative financial assets 912 867
    Receivables from income tax 96 72
    Inventories 1,300 2.298
    Current assets 6,972 8,999
    Intangible assets 504 479
    Property, plant and equipment 3,800 3,931
    Right-of-use assets 273 440
    Investments accounted for using the equity method 0 5
    Other long-term assets 123 80
    Long-term derivative financial assets 1,008 314
    Deferred tax assets 399 431
    Non-current assets 6,106 5,680
    Total assets 13,078 14,679
    Short-term provisions 11 7
    Short-term financing liabilities 207 1,242
    Short-term trade and other payables 2,915 3,736
    Short-term derivative financial liabilities 693 1,274
    Liabilities from income tax 92 242
    Current liabilities 3,917 6,501
    Deferred tax liabilities 153 259
    Long-term provisions 842 864
    Long-term financing liabilities 1,952 751
    Long-term trade and other payables 7 5
    Long-term derivative financial liabilities 322 349
    Non-current liabilities 3,276 2,229
    Subscribed capital 0 0
    Reserves 5,696 6,049
    Retained earnings 189 -100
    Equity 5,885 5,949
    Total equity and liabilities 13,078 14,679

    Statement of changes in equity

    CHANGES IN EQUITY
    € million Subscribed capital Capital reserve Other reserves Retained earnings Total
    1 January 2024 0 6,526 577 -729 6,373
    Changes to the scope of consolidation     7 -7  
    Comprehensive income     -786 637 -149
    Capital reduction   -275     -275
    Total 31 December 2024 0 6,251 -202 -100 5,949
    Changes to the scope of consolidation     -9   -9
    Comprehensive income     90 289 379
    Withdrawal from capital reserve   -434     -434
    Total 31 December 2025 0 5,817 -120 189 5,885

    Statement of cash flows

    CASH FLOW STATEMENT
    € million 2025 2024
    Cash receipts from:    
    Sale of goods, works and services 67,263 51,438
    Usage fees and other revenues 22 12
    Cash paid for:    
    Purchased goods, works and services -66,835 -49,029
    Wages and salaries -486 -426
    Paid or refunded income taxes -54 -172
    Paid or refunded other taxes -99 81
    Cash flow from operating activities -189 1,904
    Cash receipts from:    
    Interest 70 115
    Dividends 3 3
    Finance lease 9 7
    Disposals of:    
    Intangible assets 0 0
    Property, plant and equipment 2 0
    Loans 11 9
    Investments accounted for using the equity method   1
    Other investments 16  
    Group companies 0  
    Other financial assets 11 0
    Cash paid for investments in:    
    Intangible assets -42 -33
    Property, plant and equipment -259 -143
    Group companies   -1,108
    Loans -3 -204
    Cash flow from investing activities -182 -1,354
    Cash receipts:    
    From proceeds of financing liabilities 1,816 209
    Cash paid for:    
    Capital changes -434 -275
    Repayment of financing liabilities -1,514 -228
    Interest and finance cost * -131 -106
    Repayment of lease liabilities -151 -155
    Interests for lease liabilities -14 -17
    Cash flow from financing activities -429 -571
    Cash flow from continued operations -799 -21
    Effect of exchange rate differences in cash and cash equivalents -7 4
    Changes to the scope of consolidation -3 355
    Total changes in cash and cash equivalents -809 339
    Cash and cash equivalents on 1 January 1,218 880
    Cash and cash equivalents on 31 December 409 1,218

    * Payments for interest and financing costs were reported in cash flow from operating activities in the previous year.