Consolidated statement of financial position

Consolidated statement of financial position
(In € million)	Note	As of Dec. 31, 2025	As of Dec. 31, 2024
Cash and cash equivalents	17	354.3	303.4
Trade and other receivables	16	446.0	500.2
Inventories	15	369.5	376.7
Current tax assets	31	17.4	13.9
Other current assets	9, 21	34.9	47.3
Total current assets		1,222.1	1,241.5
Non-current receivables	16	10.3	9.1
Investment in joint venture	27	1.0	0.7
Deferred tax assets	31	66.9	68.7
Property, plant and equipment	12	1,683.6	1,874.0
Right-of-use assets	13	277.6	322.0
Intangible assets	14	3,592.3	3,962.1
Employee benefits	29	194.1	181.8
Other non-current assets	21	23.5	29.3
Total non-current assets		5,849.3	6,447.7
Total assets		7,071.4	7,689.2

Trade and other payables	18	1,001.3	1,096.4
Loans and borrowings	23	162.4	776.7
Current tax liabilities	31	35.7	50.3
Employee benefits	29	75.0	73.1
Provisions	19	31.8	14.6
Deferred revenue	20	98.0	112.4
Other current liabilities	21	14.7	9.0
Total current liabilities		1,418.9	2,132.5
Non-current payables	18	18.4	14.2
Loans and borrowings	23	2,330.3	1,694.4
Deferred tax liabilities	31	170.1	223.0
Employee benefits	29	97.6	104.2
Provisions	19	25.4	25.1
Deferred revenue	20	353.1	360.0
Other non-current liabilities	21	–	3.7
Total non-current liabilities		2,994.9	2,424.6
Total liabilities		4,413.8	4,557.1
Share capital	25	3.4	3.4
Additional paid-in capital		2,297.5	2,498.6
Translation reserve		(325.2)	(122.4)
Treasury shares	25	(1.6)	(1.0)
Retained earnings		683.5	753.5
Total equity		2,657.6	3,132.1
Total liabilities and equity		7,071.4	7,689.2