Earnings release
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30 AVENUE MONTAIGNE 75008 PARIS 1/11 Solid performance in a disrupted global economic and geopolitical environment . Revenue: €80.8 billion . Organic growth in the second half of the year . Profit from recurring operations: €17.7 billion . Free cash flow: €11.3 billion . Major economic and social impact in France and around the world Paris, January 27, 2026 The Christian Dior group recorded revenue of €80.8 billion in 2025. The Group showed good resilience and maintained its innovative momentum despite a disrupted geopolitical and econ omic environment. Europe saw a decline in the second half of the year and the United States saw growth, benefiting from solid local demand. Japan was down with respect to 2024, which had been boosted by growth in tourist spending due to the much weaker yen. The rest of Asia saw a noticeable improvement in trends with respect to 2024, with a return to growth in the second half of the year. In the fourth quarter, organic revenue growth came to 1%, in line with the third quarter. Profit from recurring operat ions for 2025 came to €17. 7 billion, equating to an operating margin of 22%, affected by currency fluctuations. The Group net profit amounted to €1 1.2 billion and the Group share of net profit amounted to 4.5 billion. Operating free cash flow came to €11.3 billion, up 8%.
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2/11 Highlights of 2025 included the following: Solid results in an unfavorable global environment • Organic revenue growth of 1% in the second half of the year, improved trends across all business groups • Solid operating profit, negatively affected by currency fluctuations • Increase (8%) in operating free cash flow, which came to more than €11 billion • Revenue stable for champagne and wines, weaker demand for cognac • Solid local demand for Fashion & Leather Goods, which maintained a very high operating margin • Successful innovations and highly selective retail approach for Perfumes & Cosmetics • Success of the Watches & Jewelry Maisons’ iconic lines and Tiffany’s renovated stores • Remarkable performance by Sephora, which continued to achieve growth in both revenue and profit, and consolidated its position as world leader in beauty retail New progress made under our LIFE 360 environmental program • Ongoing acceleration in the Group’s circular design policy: 41% of materials used to make the Maisons’ products and their packaging sourced through recycling processes (up 8% vs. 2024) • Significant increase in proportion of raw materials certified: up 8 pts for cotton (84% vs. 76% in 2024); up 20 pts for wool (76% vs. 56% in 2024); certification levels close to 100% for grapes from the Group’s vineyards (99.9%) and diamonds (99.9%) • Water withdrawal for production sites and workshops: 19% reduction with respect to 2019 (Target for 2030: 30% reduction) • As part of the Group’s biodiversity protection plan, flora and fauna habitat regenerated or restored increased to 4.3 million hectares by year-end 2025 (Target for 2030: 5 million hectares) • LVMH’s environmental leadership once again recognized by the Carbon Disclosure Project, scoring AAA in the CDP’s 2025 Corporate A List Major economic and social impact in France and around the world • More than 211,000 employees worldwide as of year-end 2025 • More than 40,000 direct jobs in France, each generating a further 4.4 indirect jobs within the economy • France’s largest private-sector recruiter • Preserving and passing on skills and expertise in more than 280 professions in design, craftsmanship and customer experience, with over 3,800 apprentices trained by LVMH’s IME (Institut des Métiers d’Excellence) program since its launch in 2014, along with a community of over 300 virtuosos • Support for nearly 1,000 nonprofits and charitable foundations in 2025, with around 69,000 Group employees taking part in a community involvement partnership, serving more than 2,500,000 people • LIVE (L’Institut des Vocations pour l’Emploi): Nonprofit aimed at helping peop le return to work following a long absence from the job market; open to 700 participants per year, with more than 2,000 people assisted since its launch • 117 production facilities and craft workshops in France • €5.5 billion in corporate tax in 2025, around half of which in France, making the Group the country’s leading contributor to corporate tax
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3/11 Financial highlights In millions of euros 2024 2025 Change 2025/2024 Revenue 84 683 80 807 -5% Reported -1% Organic Profit from recurring operations 19 565 17 750 -9% Net profit (Group share) 5 208 4 531 -13% Operating free cash flow 10 473 11 319 +8% Net financial debt 9 058 6 663 -26% Equity 66 852 66 537 0% Revenue by business group changed as follows: In millions of euros 2024 2025 Change 2025/2024 Reported Organic* Wines & Spirits 5 862 5 358 -9% -5% Fashion & Leather Goods 41 060 37 770 -8% -5% Perfumes & Cosmetics 8 418 8 174 -3% 0% Watches & Jewelry 10 577 10 486 -1% +3% Selective Retailing 18 262 18 348 0% +4% Other activities and eliminations 504 671 - - Total 84 683 80 807 -5% -1% * On a constant consolidation scope and currency basis. For the Group, the impact of changes in scope compared with 2024 was negligible and the exchange rate impact was -3%. Profit from recurring operations by business group changed as follows: In millions of euros 2024 2025 Change 2025/2024 Wines & Spirits 1 356 1 016 -25% Fashion & Leather Goods 15 230 13 209 -13% Perfumes & Cosmetics 671 727 +8% Watches & Jewelry 1 546 1 514 -2% Selective Retailing 1 385 1 780 +28% Other activities and eliminations (623) (496) - Total 19 565 17 750 -9%
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4/11 Wines & Spirits: Good resilience in champagne; weaker demand for cognac Revenue for Wines & Spirits was down 5% (organic) in 2025. Profit from recurring operations was down 25%. 2025 confirmed the slowdown in demand observed since 2023, following several exceptional years. The impact on customers of trade tensions also weighed on the key markets of China and the United States. The Group ’s champagne houses maintained their market share of 22% of all Champagne-appellation shipments, and Provence rosé wines continued to outperform the rosé category worldwide. Revenue for Hennessy cognac was held back by weaker local demand, mainly due to issues with customs duties in China and the United States. The Wines & Spirits Maisons continued to invest in the long -term desirability of their brands and launched a program aimed at boosting efficiency and reducing costs. Fashion & Leather Goods: Good resilience with local customers The Fashion & Leather Goods business group saw revenue decline in 2025, with an improvement in the second half of the year, reflecting good resilience with local customers, whereas 2024 had been boosted by strong growth in tourist spending, particularly in Japan. Profit from recurring operations was down 13%, mainly affected by unfavorable currency fluctuations. The operating margin remained very high, at 35%. Louis Vuitton continued to demonstrate its exceptionally powerful creativity through its iconic products and unique in -store experiences. This was reflected in the latest fashion shows by Nicolas Ghesquière and Pharrell Williams, as well as the exceptional architecture of The Louis, a museum-like space in the form of a cruise ship in Shanghai, reimagining the Maison’s spirit of travel and drawing a very high number of visitors. Other highlights of the year included the launch of La Beauté Louis Vuitton , a new creative universe led by Dame Pat McGrath, and the Maison’s first season as an Official Partner of Formula 1®, with 24 Trophy Trunks crafted – one for each Grand Prix race – showcasing the expert skills of Louis Vuitton’s trunk -makers and leatherworkers. Christian Dior Couture welcomed Jonathan Anderson as Creative Director of its Haute Couture, Men’s and Women’s collections, embarking on a defining new chapter in the Maison’s history. His first shows attracted a record audience and garnered highly enthusiastic reviews. Embodying French elegance, three House of Dior locations were inaugurated in New York, in the heart of Beverly Hills in Los Angeles, and in Beijing. Jewelry, designed by Victoire de Castellane, was buoyed by the new Diorexquis collection and innovations in the Rose des Vents line, which celebrated its 10th anniversary. Loro Piana turned in a remarkable performance, once again driven by its highest -quality products. The Maison celebrated its 100th anniversary with its first -ever exhibition at the Museum of Art Pudong in Shanghai. The first fashion shows by new creative directors Michael Rider at Celine, Jack McCollough and Lazaro Hernandez at Loewe, and Sarah Burton at Givenchy received an excellent response. Fendi welcomed Maria Grazia Chiuri as its Chief Creative Officer. Perfumes & Cosmetics: Sustained innovation and ongoing selective retail approach The Perfumes & Cosmetics business group, for which revenue remained stable on an organic basis in 2025, maintained its robust innovation policy and highly selective retail approach. Profit from recurring operations was up 8%, bringing the operating margin to 8.9%. In fragrances, Parfums Christian Dior benefited from the successful launches of Miss Dior Essence and Dior Homme. Sauvage remained the world’s best -selling men’s fragrance. Innovations in makeup (within Forever and Dior Addict ) also contributed to the Maison’s performance. Guerlain was buoyed by the latest additions to its Aqua Allegoria and L’Art & La Matière fragrance lines. Parfums Givenchy successfully unveiled a new floral version of its iconic scent with L’Interdit Parfum. Maison Francis Kurkdjian presented a retrospective exhibition showcasing 30 years of perfume-making at the Palais de Tokyo in Paris.
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5/11 Watches & Jewelry: Further innovation in jewelry and watches The Watches & Jewelry business group recorded organic revenue growth of 3% in 2025. Profit from recurring operations was down 2%. Tiffany continued to successfully renovate its store network and strengthen its iconic product lines, with the HardWear, Knot and Bird on a Rock collections posting particularly strong performances. In high jewelry, the Blue Book Sea of Wonder line delivered an unprecedented performance for the Maison, whose creativity was also recognized at the Grand Prix de la Haute Joaillerie in Monaco, where it won two awards. Its new store concept inspired by The Landmark in New York continued its global rollout. Recently opened flagships in Milan and Tokyo saw a high level of in -store traffic and revenue. Bvlgari had another record year, starting with a celebration of the iconic Serpenti in Shanghai through an immersive art exhibition, which was subsequently shown in Seoul and Mumbai. The new Polychroma high jewelry collection generated record sales of multi -million-dollar pieces. New flagship stores were opened in key markets. Chaumet continued to develop its emblematic Bee de Chaumet jewelry line and unveiled its Jewels by Nature high jewelry collection. In watches, TAG Heuer enjoyed a high -profile presence at the Grand Prix races of Formula 1® as part of the partnership entered into in 2024. A number of innovations from the Group’s Maisons were unveiled at watch shows, including much -remarked limited editions from Hublot and Zenith. Selective Retailing: Remarkable performance by Sephora; stabilization for DFS The Selective Retailing business group posted organic revenue growth of 4% in 2025. Profit from recurring operations was up 28%. The operating margin increased by 2 percentage points to 9.7%. Sephora continued to achieve solid growth in both revenue and profit. The Maison saw further market share gains in many countries, consolidating its global leadership position. It continued to enrich its unique selection of brands, with Rhode in particular achieving a record -breaking launch. Sephora continued to invest in its omnichannel strategy and expand its retail network, opening around a hundred stores in 2025. At DFS, initiatives to streamline operations helped achieve a major improvement in profitability, despite business activity still being held back by prevailing international conditions. An agreement was signed in January 2026 with China Tourism Group Duty Free to acquire DFS’ business in Greater China, in particular the Gallerias in Hong Kong and Macao. Le Bon Marché posted growth, driven by the department store’s differentiation strategy focused on its continuously renewed selection of products and unique array of cultural events. Confidence for 2026 Despite a geopolitical and macroeconomic environment that remains uncertain, the Group remains confident and will pursue its brand development-focused strategy, underpinned by continued innovation and investment as well as an extremely exacting quest for desirability and quality in its products and their distribution. Driven by the agility of its teams, their entrepreneurial spirit and the well -diversified presence of its various business lines across the geographic areas in which its customers are located, the Christian Dior group once again sets an objective of reinforcing its global leadership position in luxury goods in 2026. Dividend for 2025 At the Shareholders’ Meeting on April 23, 2026, a dividend of € 14.30 per share will be proposed enabling Christian Dior to distribute a larger portion of the dividend received from LVMH. An interim dividend of €6.05 per share was paid on December 4, 2025. The balance of €8.25 per share will be paid on April 30, 2026. The Board of Directors met on January 27 to approve the financial statements for fiscal year 2025. Audit procedures have been carried out and the audit report is being issued. This press release is available at www.dior-finance.com. “This document may contain certain forward looking statements which are based on estimations and forecasts. By their nature, these forward looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular those described in Christian Dior’s Annual report which is available on the website (www.dior -finance.com). These forward looking statements should not be considered as a guarantee of future performance, the actual results could differ materially from tho se expressed or implied by them. The forward looking statements only reflect Company’s views as of the date of this document, and Christian D ior does not undertake to revise or update these forward looking statements. The forward looking statements should be used with caution an d circumspection and in no event can the Company and its Management be held responsible for any investment or other decision ba sed upon such statements. The information in this document does not constitute an offer to sell or an invitation to buy shares in Chri stian Dior or an invitation or inducement to engage in any other investment activities.”
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6/11 APPENDIX The condensed consolidated financial statements for 2025 are included in the PDF version of the press release. Revenue by business group and by quarter Revenue for 2025 (in millions of euros) Full-year 2025 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total First quarter 1 305 10 108 2 178 2 482 4 189 49 20 311 Second quarter 1 283 9 006 1 904 2 608 4 431 267 19 499 First half 2 588 19 115 4 082 5 090 8 620 315 39 810 Third quarter 1 330 8 497 1 958 2 319 3 992 185 18 280 First nine months 3 917 27 611 6 040 7 409 12 613 500 58 090 Fourth quarter 1 441 10 159 2 134 3 077 5 735 171 22 717 Total 2025 5 358 37 770 8 174 10 486 18 348 671 80 807 Revenue for 2025 (organic change versus same period in 2024) Full-year 2025 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total First quarter -9% -5% -1% 0% -1% - -3% Second quarter -4% -9% +1% 0% +4% - -4% First half -7% -7% 0% 0% +2% - -3% Third quarter +1% -2% +2% +2% +7% - +1% First nine months -4% -6% 0% +1% +3% - -2% Fourth quarter -9% -3% -1% +8% +7% - +1% Total 2025 -5% -5% 0% +3% +4% - -1% Revenue for 2024 (in millions of euros) Full-year 2024 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities and eliminations Total First quarter 1 417 10 490 2 182 2 466 4 175 (36) 20 694 Second quarter 1 391 10 281 1 953 2 685 4 457 216 20 983 First half 2 807 20 771 4 136 5 150 8 632 181 41 677 Third quarter 1 386 9 151 2 012 2 386 3 927 214 19 076 First nine months 4 193 29 922 6 148 7 536 12 559 395 60 753 Fourth quarter 1 669 11 139 2 270 3 041 5 703 108 23 930 Total 2024 5 862 41 060 8 418 10 577 18 262 504 84 683 As table totals are calculated based on unrounded figures, there may be slight discrepancies between these totals and the sum of their component figures. Alternative performance measures For the purposes of its financial communications, in addition to the accounting aggregates defined by IAS/IFRS, Christian Dior uses alternative performance measures established in accordance with AMF position DOC-2015-12. The table below lists these performance measures and the reference to their definition and their reconciliation with the aggr egates defined by IAS/IFRS in the published documents. Performance measures Reference to published documents Operating free cash flow AR (consolidated financial statements, consolidated cash flow statement) Net financial debt AR (Notes 1.22 and 19 to the consolidated financial statements) Gearing AR (Part 7, “Comments on the consolidated balance sheet”) Organic growth AR (Part 1, “Comments on the consolidated income statement”) AR: Annual Report as of December 31, 2025
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7/11 This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text. 1. Consolidated income statement (EUR millions, except for earnings per share) 2025 2024 2023 Revenue 80,807 84,683 86,153 Cost of sales (27,279) (27,918) (26,876) Gross margin 53,528 56,765 59,277 Marketing and selling expenses (29,912) (31,000) (30,767) General a nd ad ministrative e xpenses (5,941) (6,228) (5,721) Income/(loss) from joint ventures and associates 75 28 7 Profit from recurring operations 17,750 19,565 22,796 Other operating income and expenses (656) (664) (242) Operating profit 17,094 18,901 22,554 Cost of net financial debt (345) (439) (363) Interest on lease liabilities (553) (510) (393) Other financial income and expenses 503 149 (170) Net financial income/(expense) (395) (800) (926) Income t axes (5,532) (5,193) (5,707) Net profit before minority interests 11,167 12,908 15,921 Minority i nterests 6,636 7,700 9,617 Net profit, Group share 4,531 5,208 6,304 Basic Group share of net earnings per share (EUR) 25.12 28.87 34.94 Number of shares on which the calculation is based 180,410,580 180,410,580 180,410,580 Diluted Group share of net earnings per share (EUR) 25.11 28.86 34.93 Number of shares on which the calculation is based 180,410,580 180,410,580 180,410,580
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8/11 This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text. 2. Consolidated statement of comprehensive gains and losses (EUR millions) 2025 2024 2023 Net profit before minority interests 11,167 12,908 15,921 Translation adj ustments (3,480) 1,470 (1,083) Amounts transferred to income statement 6 (25) (21) Tax impact - - - (3,474) 1,445 (1,104) Change in value of hedges of future foreign currency cash flows 789 11 477 Amounts transferred to income statement (298) (230) (523) Tax impact (120) 50 13 371 (169) (33) Change in value of the ineffective portion of hedging instruments (62) (357) (237) Amounts transferred to income statement 194 253 362 Tax impact (32) 26 (29) 101 (78) 96 Gains and losses recognized in equity, transferable to income statement (3,002) 1,198 (1,041) Change in value of vineyard land 21 23 53 Amounts transferred to consolidated reserves - - - Tax impact (7) (2) (11) 14 21 41 Employee benefit obligations: change in value resulting from actuarial gains and losses 27 73 30 Tax impact (6) (22) (7) 21 51 23 Change in value of non-c urrent available for sale financial assets 44 - - Tax impact (1) - - 43 - - Gains and losses recognized in equity, not transferable to income statement 77 72 64 Gains and losses recognized in equity (2,926) 1,270 (977) Comprehensive income 8,241 14,178 14,944 Minority i nterests 4,891 8,469 9,036 Comprehensive income, Group share 3,350 5,709 5,908
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9/11 This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text. 3. Consolidated balance sheet Assets (EUR millions) Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2023 Brands and other intangible assets 22,267 25,417 24,724 Goodwill 16,784 18,776 22,492 Property, plant and equipment 29,106 29,253 26,697 Right-o f - use a ssets 14,854 16,613 15,673 Investments in joint ventures and associates 1,214 1,343 991 Non-c urrent available for sale financial assets 1,891 1,632 1,363 Other non-c urrent assets 983 1,106 1,017 Deferred tax 3,738 4,545 3,992 Non-c urrent assets 90,837 98,686 96,950 Inventories and work in progress 22,659 23,669 22,952 Trade accounts receivable 4,332 4,730 4,728 Income t axes 759 986 533 Other current assets 8,900 8,512 7,790 Assets held for sale 2,796 - - Cash and cash equivalents 8,941 9,760 7,921 Current assets 48,388 47,657 43,923 Total assets 139,225 146,343 140,873 Liabilities and equity (EUR millions) Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2023 Equity, Group share 24,527 24,294 21,527 Minority i nterests 42,010 42,558 38,766 Equity 66,537 66,852 60,293 Long-t erm b orrowings 12,418 12,091 11,227 Non-c urrent lease liabilities 13,384 14,860 13,810 Non-c urrent provisions and other liabilities 3,524 3,820 3,844 Deferred tax 6,600 6,948 6,616 Purchase commitments for minority interests’ shares 6,331 8,056 11,919 Non-c urrent liabilities 42,258 45,775 47,416 Short-t erm b orrowings 7,940 10,866 10,696 Current l ease li abilities 2,634 2,972 2,728 Trade accounts payable 8,222 8,630 9,049 Income t axes 828 1,234 1,150 Current provisions and other liabilities 9,190 10,014 9,541 Liabilities held for sale 1,616 - - Current liabilities 30,430 33,716 33,164 Total liabilities and equity 139,225 146,343 140,873
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10/11 This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text. 4. Consolidated statement of changes in equity (EUR millions) Number of shares Share capital Share premium account Christian Dior treasury shares Cumulative translation adjustment Revaluation reserves Net profit and other reserves Total equity Available for sale financial assets Hedges of future foreign currency cash flows and cost of hedging Vineyard land Employee benefit commitments Group share Minority interests Total As of Dec. 31, 2022 180,507,516 361 194 (17) 1,087 - 4 468 75 16,866 19,038 35,276 54,314 Gains and losses recognized in equity (441) - 24 13 8 - (396) (581) (977) Net profit 6,304 6,304 9,617 15,921 Comprehensive income (441) - 24 13 8 6,304 5,908 9,036 14,944 Expenses related to bonus shares and similar plans 47 47 70 117 (Acquisition)/disposal o f Christian Dior treasury shares - - - - Capital i ncrease in s ubsidiaries - - 19 19 Interim and final dividends pa id (2,255) (2,255) (4,153) (6,408) Changes in control of consolidated entities - - 10 10 Acquisition a nd disp osal of minority interests’ shares 6 - - 2 - (970) (962) (1,073) (2,035) Purchase c ommitments for minority interests’ shares (249) (249) (419) (668) As of Dec. 31, 2023 180,507,516 361 194 (17) 652 - 28 483 83 19,743 21,527 38,766 60,293 Gains and losses recognized in equity 569 - (95) 7 20 - 501 769 1,270 Net profit 5,208 5,208 7,700 12,908 Comprehensive income 569 - (95) 7 20 5,208 5,709 8,469 14,178 Expenses related to bonus shares and similar plans 78 78 113 191 (Acquisition)/disposal o f Christian Dior treasury shares - - - - Capital i ncrease in s ubsidiaries - - 33 33 Interim and final dividends pa id (2,345) (2,345) (4,327) (6,672) Changes in control of consolidated entities - - 111 111 Acquisition a nd disp osal of minority interests’ shares 2 - - 1 - (483) (480) (217) (697) Purchase c ommitments for minority interests’ shares (195) (195) (390) (585) As of Dec. 31, 2024 180,507,516 361 194 (17) 1,223 - (67) 491 103 22,006 24,294 42,558 66,852 Gains and losses recognized in equity (1,402) 18 189 6 8 - (1,181) (1,745) (2,926) Net profit 4,531 4,531 6,636 11,167 Comprehensive income (1,402) 18 189 6 8 4,531 3,350 4,891 8,241 Expenses related to bonus shares and similar plans 67 67 98 165 (Acquisition)/disposal o f Christian Dior treasury shares - - - - Capital i ncrease in s ubsidiaries - - 13 13 Interim and final dividends pa id (2,445) (2,445) (4,152) (6,597) Changes in control of consolidated entities - - (2) (2) Acquisition a nd disp osal of minority interests’ shares 10 - (1) 4 1 (666) (652) (1,189) (1,841) Purchase c ommitments for minority interests’ shares (87) (87) (207) (294) As of Dec. 31, 2025 180,507,516 361 194 (17) (169) 18 121 501 112 23,406 24,527 42,010 66,537
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11/11 This document is a free translation into English of the original French document. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text. 5. Consolidated cash flow statement (EUR millions) 2025 2024 2023 I. O PERATING ACTIVITIES Operating profit 17,094 18,901 22,554 (Income)/loss and dividends received from joint ventures and associates 13 29 42 Net increase in depreciation, amortization and provisions 4,856 4,567 4,144 Depreciation of right-o f-u se assets 3,143 3,228 3,031 Other adjustments and computed expenses (172) 488 (260) Cash from operations before changes in working capital 24,934 27,212 29,511 Cost of net financial debt: interest paid (287) (354) (453) Lease liabilities: interest paid (545) (483) (356) Tax paid (4,665) (5,531) (5,729) Change in working capital (576) (1,925) (4,577) Net cash from operating activities 18,860 18,919 18,397 II. I NVESTING ACTIVITIES Operating i nvestments (4,567) (5,531) (7,478) Purchase and proceeds from sale of consolidated investments 149 (438) (721) Dividends r eceived 21 9 5 Tax paid related to non-c urrent available for sale financial assets and consolidated investments - - - Purchase and proceeds from sale of non-c urrent available for sale financial assets (243) (579) (116) Net cash from/(used in) investing activities (4,640) (6,539) (8,310) III. F INANCING ACTIVITIES Interim and final dividends paid (6,878) (6,982) (6,849) Purchase and proceeds from sale of minority interests (2,945) (784) (2,051) Other e quity -r elated tr ansactions 6 35 15 Proceeds f rom b orrowings 2,095 3,595 5,990 Repayment of borrowings (4,228) (3,676) (3,968) Repayment of lease liabilities (2,974) (2,915) (2,818) Purchase and proceeds from sale of current available for sale financial assets 59 (1) 144 Net cash from/(used in) financing activities (14,865) (10,728) (9,536) IV. E FFECT OF EXCHANGE RATE CHANGES (248) 80 (273) Net increase/(decrease) in cash and cash equivalents (I+II+III+IV) (892) 1,734 278 Cash and cash equivalents at beginning of period 9,399 7,666 7,388 Cash and cash equivalents at end of period 8,507 9,399 7,666 Total tax paid (4,946) (5,825) (6,150) Alternative performance measure The following table presents the reconciliation between “Net cash from operating activities” and “Operating free cash flow” for the fiscal years presented: (EUR millions) 2025 2024 2023 Net cash from operating activities 18,860 18,919 18,397 Operating i nvestments (4,567) (5,531) (7,478) Repayment of lease liabilities (2,974) (2,915) (2,818) Operating free cash flow (a) 11,319 10,473 8,101 (a) Under I FRS 16, f ixed l ease p ayments a re t reated p artly a s i nterest p ayments a nd p artly a s p rincipal r epayments. F or i ts o wn o perational m anagement p urposes, t he G roup t reats a ll l ease payments as components of its “Operating free cash flow”, whether the lease payments made are fixed or variable. In addition, for its own operational management purposes, the Group treats operating investments as components of its “Operating free cash flow”.