Annual Report 2025

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Lamine Yamal in a red Spain adidas jersey posing in a stadium. (Photo)

32 » Financial Income/Financial Expenses

The financial result consists of the following:

Financial income € in millions

 

 

Year ending Dec. 31, 2025

 

Year ending Dec. 31, 2024

Interest income from financial instruments measured at amortized cost

 

58

 

57

Interest income from non-financial assets

 

 

0

Other

 

17

 

44

Financial income

 

74

 

101

Financial expenses € in millions

 

 

Year ending Dec. 31, 2025

 

Year ending Dec. 31, 2024

Interest expense on financial instruments measured at amortized cost

 

214

 

196

Thereof: interest expense on lease liabilities

 

109

 

99

Interest expense on other provisions and non-financial liabilities

 

14

 

25

Net foreign exchange losses

 

78

 

93

Other

 

5

 

2

Financial expenses

 

310

 

317

Interest income from financial instruments, measured at amortized cost, mainly consists of interest income from bank deposits calculated using the ‘effective interest method.’

Interest expense on financial instruments measured at amortized cost mainly includes interest on lease liabilities as well as interest on borrowings calculated using the ‘effective interest method.’

Interest expense on other provisions, and non-financial liabilities in particular, include effects from the measurement of other provisions at present value and interest on non-financial liabilities such as tax payables.

Interest income/expense from financial instruments at fair value through profit or loss mainly includes interest payments from investment funds as well as net interest payments from interest derivatives that are not part of a hedging relationship. In 2025, as well as in the previous year, there was no interest income/expenses from financial instruments at fair value through profit or loss. Unrealized gains/losses from fair value measurement of such financial assets are shown in other financial income or expenses.

Information regarding investments, borrowings, and financial instruments is also included in these Notes. SEE NOTE 13 SEE NOTE 16 SEE NOTE 28