The development of the components of net debt is as in the table below.
In 2025, the gearing (net debt/equity plus net debt) was 15.2% (in 2024: 10.1%).
|
|
Cash and cash equivalents |
|
Current investments |
|
Non-current borrowings |
|
Current borrowings |
|
Derivatives |
|
Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at January 1, 2024 |
|
2,456 |
|
107 |
|
(4,114) |
|
(716) |
|
52 |
|
(2,215) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Change from operating activities |
|
1,778 |
|
– |
|
– |
|
– |
|
(47) |
|
1,731 |
Change from investing activities |
|
(252) |
|
(57) |
|
39 |
|
2 |
|
– |
|
(268) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassifcations and transfers |
|
138 |
|
– |
|
(140) |
|
1 |
|
1 |
|
– |
Dividend and remuneration hybrid bonds (equity) |
|
(695) |
|
– |
|
– |
|
– |
|
– |
|
(695) |
Interest |
|
(67) |
|
– |
|
(37) |
|
(8) |
|
– |
|
(112) |
Proceeds from (re)issued shares |
|
21 |
|
– |
|
– |
|
– |
|
– |
|
21 |
New/unwinding leases |
|
– |
|
– |
|
(189) |
|
(8) |
|
– |
|
(197) |
Repurchase of shares |
|
(706) |
|
– |
|
– |
|
(105) |
|
– |
|
(811) |
Other |
|
(25) |
|
– |
|
– |
|
– |
|
– |
|
(25) |
Change from financing activities |
|
(1,334) |
|
– |
|
(366) |
|
(120) |
|
1 |
|
(1,819) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences |
|
19 |
|
– |
|
(3) |
|
(2) |
|
1 |
|
15 |
Total changes |
|
211 |
|
(57) |
|
(330) |
|
(120) |
|
(45) |
|
(341) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2024 |
|
2,667 |
|
50 |
|
(4,444) |
|
(836) |
|
7 |
|
(2,556) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Change from operating activities |
|
1,445 |
|
– |
|
(39) |
|
(7) |
|
50 |
|
1,449 |
Change from investing activities |
|
505 |
|
74 |
|
– |
|
– |
|
1 |
|
580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassifcations and transfers |
|
95 |
|
– |
|
891 |
|
(986) |
|
– |
|
– |
Dividend, redemption and remuneration hybrid bonds (equity) |
|
(1,501) |
|
– |
|
– |
|
– |
|
– |
|
(1,501) |
Interest |
|
(64) |
|
– |
|
– |
|
4 |
|
– |
|
(60) |
Proceeds from (re)issued shares |
|
5 |
|
– |
|
– |
|
– |
|
– |
|
5 |
New/unwinding leases |
|
– |
|
– |
|
(101) |
|
(16) |
|
– |
|
(117) |
Repurchase of shares |
|
(1,181) |
|
– |
|
– |
|
105 |
|
– |
|
(1,076) |
Other |
|
(106) |
|
– |
|
– |
|
– |
|
3 |
|
(103) |
Change from financing activities |
|
(2,752) |
|
– |
|
790 |
|
(893) |
|
3 |
|
(2,852) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification to held for sale |
|
(11) |
|
– |
|
50 |
|
61 |
|
– |
|
100 |
Exchange differences |
|
(72) |
|
(3) |
|
26 |
|
15 |
|
12 |
|
(22) |
Total changes |
|
(885) |
|
71 |
|
827 |
|
(824) |
|
66 |
|
(745) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2025 |
|
1,782 |
|
121 |
|
(3,617) |
|
(1,660) |
|
73 |
|
(3,301) |