Roquette’s 2025 results show the resilience of its expanded portfolio in a very difficult market environment
Roquette’s 2025 results show the resilience of its expanded portfolio in a very difficult market environment
Roquette’s 2025 results show the resilience of its expanded portfolio in a very difficult market environment
The Group’s strategy and recent acquisitions enable upselling to higher-value markets
- +8% turnover growth to €4.9 billion (-5% Like-For-Like basis, LFL1) and +13% Current EBITDA increase to €612 million, driven by the pharmaceutical and food specialties businesses.
- +54 bps increase in Current EBITDA margin to 12.6% showing the value of recent strategic acquisitions and the resulting evolution of the Group’s portfolio.
- Excluding the cash impact of the IFF Pharma Solutions acquisition, Free Cash-Flow landed at €301 million.
- In 2025, Roquette maintained a robust balance sheet with a strong liquidity position and a net debt to combined Current EBITDA ratio of 3.48x versus 3.72x end of June.
- Early 2026, Roquette launched ‘Shift & Lead’, a comprehensive company plan to reinforce its competitiveness, strengthen its market position, and provide long-term value creation to all stakeholders.
Lille – March 19th, 2026 – Roquette, a global leader in plant-based ingredients, excipients and pharmaceutical solutions, today announced its 2025 full-year results, following the approval of its financial statements by the Board of Directors.
Thierry Fournier, CEO of Roquette, commented on the period: “We are seeing the significant benefits of our recent strategic moves and acquisitions, which allow Roquette to offer a more comprehensive portfolio and reinforce our focus on high-value products and markets. Despite a very challenging environment characterized by soft demand, overcapacity, and persistent geopolitical and economic uncertainties, our specialty products remain the key driver of our resilient performance in 2025.”
Regarding the Health & Pharma Solutions Business Unit, the strong performance from new product lines coming from the recent IFF Pharma Solutions acquisition mitigated the effect of softer demand and destocking in the starch and capsules markets, with notable gains from cellulose and alginates products for oral dosage.
The Nutrition & Bioindustry Business Unit delivered strong results in food specialties, even in the face of sluggish markets and intense competition, with higher demand in food and nutrition, particularly for fiber and protein products. Combined with increased unit prices and lower variable costs, this has resulted in significant margin improvements for specialty products.
Collectively, these achievements strengthened Roquette’s market position and delivered resilient results in a complex landscape, affirming how the company’s strong foundations allow it to continue growing in a volatile and highly competitive environment. “Throughout 2026, we will maintain our commitment to operational excellence, innovation, financial discipline, and cash generation. Guided by our purpose: “Together, we turn the potential of nature into the essentials of life”, we are determined to become the global leader in sustainable plant-based solutions, driven by outstanding innovation and strong client partnerships that shape the future of nutrition, health and bioindustry. By defining and executing ‘Shift & Lead’, our comprehensive company plan, we will reinforce our competitiveness, strengthen our market position, and build for long-term value creation for all our stakeholders”, concluded Thierry Fournier.
FULL YEAR 2025 CONSOLIDATED KEY FIGURES2
| (in millions of euros) | 2024 | 2025 | Var. (%) | Var. LFL (%) |
| Turnover | 4,495 | 4,877 | +8% | -5% |
| Current EBITDA | 540 | 612 | +13% | -14% |
| Current EBITDA margin | 12.0% | 12.6% | +54bps | -115bps |
| Net result | 61 | (265) | – | – |
| Adjusted net result (a) | 114 | 70 | -39% | – |
| Free Cash-Flow IFRS (excluding IFF Pharma Solutions) (b) |
275 | 301 | – | – |
| (in millions of euros) | 2024 | 2025 | ||
| Net debt IFRS | 237 | 2,390 | ||
| Restated leverage ratio (Net debt IFRS / Combined Current EBITDA) (c) |
0.44x | 3.48x |
(a) Excluding non-recurring items amounting to €335 million (€44 million in FY 24), associated taxes and one-off deferred tax charges in the USA.
(b) IFF Pharma Solutions acquired on May 1st, 2025
(c) Combined Current EBITDA includes IFF Pharma Solutions estimated Current EBITDA over the last twelve months.
FINANCIAL PERFORMANCE
EXPANDED PORTFOLIO DRIVES PERFORMANCE IN A HIGHLY CHALLENGING ENVIRONMENT
In 2025, Roquette operated in a particularly demanding environment marked by soft global demand, overcapacity in certain commodity markets, intensified competition, and continued geopolitical and macroeconomic uncertainties. Against this backdrop, the Group delivered resilient full-year results, demonstrating the relevance of its strategic repositioning toward higher-value markets and products.
Full-year turnover reached €4,877 million, up 8% compared to 2024, given the integration of IFF Pharma Solutions from May 1st, 2025. On a Like-for-Like basis, sales were down 5%, reflecting continued pressure in commodity markets and softer demand in selected pharmaceutical segments.
Current EBITDA increased by +13% to €612 million, representing a margin of 12.6%, up +54 basis points compared to 2024. On a Like-for-Like basis, Current EBITDA was down -14% (margin down -115 basis points), reflecting competitive pressures, partially offset by disciplined cost management and a favorable product mix. Margin improvement was primarily driven by the contribution of IFF Pharma Solutions, consolidated since May 1st, 2025, strong performance in food specialties, continued execution of the Group’s competitiveness program and a favorable cost environment compared to the peak inflationary period of 2022–2023.
Reported net loss for 2025 amounted to €265 million, mainly reflecting the impact of non-recurring items, including the acquisition and integration costs related to IFF Pharma Solutions (€87 million) and impairment charges (€231 million). Excluding non-recurring items and associated taxes, adjusted net result stood at €70 million.
FREE CASH-FLOW GENERATION
| Consolidated figures – full year (in millions of euros) |
2024 | 2025 |
| Operating Cash-Flow | 352 | 352 |
| Variation in working capital requirement | 157 | 212 |
| Investments paid | (234) | (263) |
| Free Cash-Flow IFRS | 275 | 301 |
| IFF Pharma Solutions Acquisition | – | (2 403) |
| Free Cash-Flow IFRS (after acquisition) | 275 | (2 102) |
Excluding the impact of the IFF Pharma Solutions acquisition, the Group generated positive free cash-flow of €301 million in 2025, supported in particular by solid operating cash-flow and a positive contribution from working capital requirement (WCR).
WCR remained broadly stable at 19.0% of sales in 2025, compared with 18.9% at year-end 2024. This evolution reflects higher sales following the integration of IFF Pharma Solutions and, to a lesser extent, higher inventory levels, which were contained thanks to proactive and efficient inventory management initiatives.
The Group maintained a strong focus on WCR management throughout the year, including the use of receivables factoring at year-end, which contributed approximately €128 million to free cash-flow generation in 2025. This measure helped to preserve financial flexibility and support the Group’s investment capacity.
Total investments amounted to €263 million in 2025, compared with €234 million in 2024, reflecting the Group’s continued commitment to innovation, industrial excellence and capacity expansion in higher-value segments, thereby supporting its long-term profitable growth potential.
PERFORMANCE BY BUSINESS UNIT
HEALTH & PHARMA SOLUTIONS – STRONG PERFORMANCE FROM NEW PRODUCT LINES MITIGATES MARKET PRESSURE
| (in millions of euros) | FY 24 | FY 25 | Var. (%) | Var. LFL (%) |
| Sales | 823 | 1 391 | +69% | -8% |
| Eliminations (int. sales) | (13) | (119) | ||
| Current EBITDA | 236 | 349 | +48% | -18% |
| Current EBITDA margin % | 28.7% | 25.1% | -364bps | -311bps |
The full-year performance of the Health & Pharma Solutions Business Unit was primarily driven by the integration of IFF Pharma Solutions, which generated a positive perimeter effect, and by strong momentum across specialty excipient technologies, including cellulose, alginates and polymers. Polyox achieved record sales over the year, reflecting sustained demand in high-value applications.
The enlarged portfolio has significantly strengthened Roquette’s position as a global drug delivery partner, offering a comprehensive range of excipient technologies including starch, cellulose, alginates, and capsules, while further rebalancing the Group’s mix toward higher-value markets and products.
However, the business operated in a complex market environment marked by soft demand and destocking in the capsules segment, intense competition on polyols from Chinese players, particularly in Europe, and pricing pressure in selected product categories. Lower volumes in capsules were partially offset by variable cost improvement.
Despite these headwinds, the contribution of IFF Pharma Solutions and the resilience of high-value excipient technologies supported overall commercial and operating performance. The IFF Pharma Solutions acquisition nurtured profitability, confirming its strong strategic relevance and placing Roquette on a sustained value creation trajectory.
NUTRITION & BIOINDUSTRY – SPECIALTIES HOLDING UP AS COMMODITIES REACH CYCLICAL LOW
| (in millions of euros) | FY 24 | FY 25 | Var. (%) | Var. LFL (%) |
| Sales | 3 847 | 3 750 | -3% | -4% |
| Eliminations (int. sales) | (277) | (245) | ||
| Current EBITDA | 303 | 263 | -13% | -10% |
| Current EBITDA margin % | 7.9% | 7.0% | -88bps | -51bps |
The Nutrition & Bioindustry Business Unit demonstrated resilience with strong performance in food specialties despite a particularly challenging market environment.
Commodity demand for starch and starch derivatives reached historically low levels in late 2025, reflecting structural overcapacity and subdued market conditions. Against this backdrop, Roquette continued to gain market share in starch and starch derivatives, particularly in Europe, while facing strong price pressure in Europe linked to the decline in sugar prices and intense competition in India.
The Food & Nutrition segment delivered strong performance, benefiting from higher demand across specialty applications, including proteins and fibers, especially in Europe, as well as increased unit prices and lower variable costs. As a result, specialty products delivered significant margin improvement within the Business Unit, partially offsetting persistent pressure in commodity segments.
BALANCE SHEET
| (in millions of euros) | FY 24 | H1 25(a) | FY 25 |
| Financial debt IFRS | 1,791 | 3,320 | 3,185 |
| Cash & cash equivalents and financial investments | 1,554 | 465 | 795 |
| Net debt IFRS | 237 | 2,854 | 2,390 |
| Restated leverage ratio (Net debt IFRS / Combined Current EBITDA) (b) | 0.44x | 3.72x | 3.48x |
| Gross debt towards financial institutions (cf. Appendix 5) | 1,641 | 3,072 | 2,801 |
(a) Non-audited H1 25 consolidated accounts
(b) Combined Current EBITDA includes IFF Pharma Solutions estimated EBITDA over the last twelve months.
Acquisition-driven leverage, commitment to maintaining a strong investment-grade credit profile
Net financial debt amounted to €2,390 million at year-end 2025, compared with €2,854 million at half-year 2025. This decrease reflects the intra-year seasonality of working capital requirement and strong free cash-flow generation. The restated leverage ratio (Net debt IFRS / Combined Current EBITDA) improved to 3.48x, compared to 3.72x at the end of June 2025, demonstrating the initial effects of the IFF Pharma Solutions acquisition and disciplined financial management in the second half of the year.
Roquette has defined a clear deleveraging trajectory and targets a return to a leverage ratio between 2.3x and 2.7x by 2027, consistent with its commitment to maintaining a strong investment-grade credit profile (target BBB). Under the “Shift & Lead” strategic plan, the Group is committed to disciplined capital allocation and enhanced cash generation. The plan focuses on operational excellence and margin expansion, supporting a structural improvement in free cash-flow generation and progressive deleveraging.
Successful post-acquisition refinancing
The bridge financing put in place to fund the acquisition of IFF Pharma Solutions has been fully refinanced through the issue by the Group of two US Private Placements (USPP). In November 2025, Roquette issued a USD 450 million USPP with maturities ranging from 2032 to 2040. In December 2025, a second €200 million USPP was issued, with maturities ranging from 2032 to 2037. These transactions further diversified the Group’s investor base and funding sources across EUR and USD markets, while significantly extending its debt maturity profile.
The acquisition of IFF Pharma Solutions has been financed through a diversified and balanced combination of instruments, including:
- A €0.6 billion hybrid Eurobond (accounted for 100% as equity under IFRS);
- A €0.6 billion senior Eurobond, maturing in 2031;
- Approximately €0.6 billion equivalent in EUR and USD US Private Placements (USPP), ultimately maturing in 2040;
- Approximately €0.6 billion equivalent in EUR and USD amortizing term loans, maturing in 2029.
This successful refinancing demonstrates the Group’s continued access to capital markets following the acquisition and reflects investors’ confidence in Roquette’s credit fundamentals and long-term strategy.
Strong liquidity and balanced maturity profile
As of December 31st, 2025, gross financial debt amounted to €3.2 billion. The Group benefits from a well-balanced and staggered maturity profile, with an average debt maturity of 6.1 years and no material refinancing concentration in the short term. Available liquidity totaled €1,558 million at year-end, including €763 million of undrawn committed credit facilities, €795 billion of undrawn commercial paper programs and available cash. This solid liquidity position provides the Group with financial flexibility to support its operations, ongoing integration of IFF Pharma Solutions and future growth initiatives.
STRATEGY AND OUTLOOK
Roquette expects the current challenging market environment to continue. To sustain competitiveness, financial performance, and long-term value creation in these conditions, the company launched in January 2026 a comprehensive strategic company plan, by the name of ‘Shift & Lead’.
‘Shift & Lead’ builds on Roquette’s strong foundations as a diversified and resilient company, supported by family ownership and a long‑term vision, to strengthen operational excellence, innovation, financial discipline, and cash generation. This strategic plan aims to sustain growth and fully unlock the value of the company’s recent acquisitions, which enhance its leadership positions and open new pathways for profitable expansion.
Delivering this roadmap requires disciplined capital allocation and a robust financial structure. The Group remains committed to maintaining a strong investment-grade credit profile, ensuring continued access to financing to support investments in its people, industrial assets and innovation capabilities.
Supported by this solid plan and its diversified enlarged portfolio, Roquette enters 2026 with confidence in the resilience of its business model and the relevance of its strategic positioning to weather current challenges and emerge stronger.
The press release can be viewed on the Group’s website www.roquette.com.
Status of the accounts:
Audit procedures on the consolidated accounts are in progress.
About Roquette
Roquette is a global leader in sustainable plant-based solutions, driving innovation and strong partnerships that are shaping the future of nutrition, health, and bioindustry.
The company harnesses natural resources such as wheat, corn, seaweed, and cellulose to craft high-performance ingredients used in everyday foods, oral medications, advanced biopharmaceuticals, and a range of bio-based products.
A family-owned company with over 90 years of expertise and 11,000 employees, Roquette serves clients in over 150 countries and is committed to creating lasting value for customers, patients, consumers, and society.
Together, we turn the potential of nature into the essentials of life.
Discover more about Roquette here.
Press contacts:
Brunswick
Antoine Parison
+33 (0) 7 88 72 28 95
aparison@brunswickgroup.com
Roquette
Corporate Communications
Susannah Duquesne
Susannah.duquesne@roquette.com
Financial Communications
Cécile Masurel
cecile.masurel@roquette.com
DISCLAIMER – Certain statements contained in this press release may contain forecasts that specifically relate to future events, trends, plans or objectives. By nature, these forecasts involve identified and unidentified risks and uncertainties and may be affected by many factors likely to give rise to a significant discrepancy between the actual results and those indicated in these statements. The group does not undertake to publish an update or revision of these forecasts, or to communicate on new information, future events or any other special circumstance. The amounts presented in this presentation have been rounded to the nearest hundred/unit, which may result in slight discrepancies in totals. Thus, the financial data is provided for informational purposes only and may not exactly match the figures in the consolidated financial statements.
FINANCIAL INFORMATION – This press release and Roquette’s full regulated information are available on the Group’s website: Roquette website
GLOSSARY
To measure its performance, the Group uses certain financial indicators that are not defined by IFRS standards. These indicators are used in the operational monitoring of the Group’s activities and its financial communication (press releases, financial presentations, etc.).
| Alternative performance indicators | Definitions and reconciliation with IFRS indicators |
| Current EBITDA | The Group is now focusing on Current EBITDA, in line with the calculation of financial leverage. Current EBITDA corresponds to the Current operating income minus Amortizations and Depreciations aggregate in the consolidated income statement, excluding the IFRS 3 effect related to the inventory step-up due to the Purchase Price Allocation (“PPA”) in 2025. This indicator includes, in particular, gains and losses on disposals of fixed assets, the impacts of insurance proceeds and investment grants, and excludes the effects of write-downs on current assets, which are part of the Current operating income. |
| Operating Cash-Flow | Operating cash flow corresponds to the Cash-Flow generated by operating activities (from the consolidated cash flow statement), plus the change in net working capital, the unrealized financial result on operating receivables and payables, the “net impairment of current assets” (impacts the operating cash flow) and “other reconciling items”. |
| Free Cash-Flow | Free Cash-Flow corresponds to cash flow after investments (from the cash flow statement derived from the consolidated accounts), to which is added the Change in other current assets (for Short-term investments mentioned in Note 16 “Current and non-current financial assets”, which are included in the aggregate “Net debt”), the change in other non-current assets (for long-term investments and receivables related to equity interests and loans mentioned in Note 16 “Current and non-current financial assets”, which are included in the aggregate “Net debt”), the change in the scope of the Qualicaps debt mentioned in Note 22. 2a for the 2023 financial year and “Other reconciliation items”. |
| Net debt | Net debt corresponds, on the basis of the consolidated accounts, to non-current financial liabilities, current financial liabilities, minus cash and cash equivalents, as well as Other current assets (for Short-term investments mentioned in Note 16 “Current and non-current financial assets”, which are included in the aggregate “Net debt”) and Other non-current assets (for Long-term investments and Receivables related to investments and loans mentioned in Note 16 “Current and non-current financial assets”, which are included in the aggregate “Net debt”). |
APPENDIX 1 – INCOME STATEMENT
| (in thousand euros) | 2024 | 2025 | |
| Turnover | 4 494 743 | 4 876 525 | |
| Cost of goods sold and external charges | (3 180 538) | (3 410 745) | |
| Personnel costs | (754 888) | (868 088) | |
| Taxes | (28 363) | (29 964) | |
| Amortization and depreciation | (287 635) | (355 483) | |
| Other operating income | 29 893 | 30 463 | |
| Other operating expenses | (20 984) | (11 074) | |
| Current operating income | 252 228 | 231 633 | |
| Non-recurring items | (68 366) | (320 850) | |
| Operating income | 183 862 | (89 217) | |
| Cost of net financial debt | (52 435) | (90 511) | |
| Other financial result and expenses | (12 396) | (19 512) | |
| Financial result | (64 830) | (110 023) | |
| Income from companies accounted for by the equity method | (5 086) | (3 916) | |
| Pre-tax profit | 113 946 | (203 157) | |
| Income tax | (53 379) | (62 139) | |
| Net income | 60 566 | (265 296) | |
| Profit or loss, Group share | 59 556 | (266 426) | |
| Net income from non-controlling interests | 1 010 | 1 130 | |
| Profit or loss (Group share) per share | 20,27 | (90,69) |
APPENDIX 2 – COMPREHENSIVE INCOME STATEMENT
| (in thousand euros) | 2024 | 2025 | |
| Net income | 60 566 | (265 296) | |
| Change in translation adjustments | 37 701 | (145 319) | |
| Gains and losses on hedging derivatives | 52 673 | (80 014) | |
| Tax impact | (11 568) | 18 970 | |
| Items that may be reclassified subsequently to P&L | 78 806 | (206 363) | |
| Revaluation of net liabilities (assets) of defined benefit plans | 1 030 | 9 608 | |
| Tax impact | 340 | (2 477) | |
| Items that may not be reclassified subsequently to P&L | 1 370 | 7 131 | |
| Other comprehensive income, net of tax | 80 176 | (199 232) | |
| Overall result | 140 742 | (464 528) | |
| Including Group share | 139 715 | (465 636) | |
| Including non-controlling interests | 1 028 | 1 108 |
APPENDIX 3 – BALANCE SHEET
| (in thousand euros) | 2024 | 2025 | |
| Goodwill | 281 567 | 1 019 792 | |
| Intangible fixed assets | 280 715 | 1 223 042 | |
| Tangible fixed assets | 2 373 499 | 2 492 243 | |
| Investments in associates | 7 870 | 12 843 | |
| Non-current financial assets | 71 352 | 74 637 | |
| Other non-current assets | 37 592 | 38 686 | |
| Deferred taxes | 76 748 | 56 015 | |
| Non-current assets | 3 129 342 | 4 917 258 | |
| Inventories | 835 580 | 1 081 963 | |
| Accounts receivable and similar accounts | 631 571 | 670 868 | |
| Tax assets | 23 549 | 11 595 | |
| Current financial assets | 1 199 211 | 1 582 | |
| Other current assets | 237 482 | 189 677 | |
| Cash and cash equivalents | 309 214 | 765 876 | |
| Current assets | 3 236 607 | 2 721 560 | |
| Total assets | 6 365 949 | 7 638 818 |
| 2024 | 2025 | ||
| Share capital | 8 813 | 8 813 | |
| Reserves | 2 725 752 | 2 499 942 | |
| Net income | 59 556 | (266 426) | |
| Own shares | (3 632) | (3 573) | |
| Hybrid bonds | 603 314 | 628 294 | |
| Equity Group share | 3 393 803 | 2 867 051 | |
| Equity non-controlling interests | 5 699 | 8 978 | |
| Equity | 3 399 502 | 2 876 029 | |
| Non-current financial debt | 1 367 194 | 2 485 479 | |
| Non-current provisions | 863 | 21 473 | |
| Non-current employee benefits | 73 432 | 110 462 | |
| Other non-current liabilities | 67 862 | 73 840 | |
| Deferred taxes | 177 948 | 256 330 | |
| Non-current liabilities | 1 687 299 | 2 947 584 | |
| Current financial debt | 423 691 | 699 523 | |
| Current provisions | 14 871 | 18 068 | |
| Current employee benefits | 4 715 | 5 254 | |
| Accounts payable and similar accounts | 448 652 | 625 286 | |
| Tax liability | 9 802 | 29 001 | |
| Other current liabilities | 377 416 | 438 073 | |
| Current liabilities | 1 279 148 | 1 815 205 | |
| Total liabilities | 6 365 949 | 7 638 818 |
APPENDIX 4 – CASH FLOW STATEMENT
| (in thousand euros) | 2024 | 2025 | |
| Net income | 60 566 | (265 296) | |
| Amortization and depreciation (excluding current assets) | 289 032 | 355 918 | |
| Impairment recognized in non-recurring items | – | 231 108 | |
| Income taxes (current and deferred) | 53 379 | 62 139 | |
| Other items | 22 113 | 5 910 | |
| Gross cash flow | 425 091 | 389 779 | |
| Change in net working capital requirement | 150 649 | 217 206 | |
| Income tax paid | (61 013) | (37 009) | |
| Net cash flow from operating activities | 514 727 | 569 976 | |
| Acquisition of consolidated companies, acquired cash flow deducted | 5 848 | (2 403 132) | |
| Purchase of tangible and intangible assets | (261 430) | (277 733) | |
| Sales of fixed assets | 1 466 | 20 714 | |
| Change in fixed assets suppliers | 4 380 | (4 884) | |
| Financial investments | (1 222 670) | 1 212 820 | |
| Impact of disposals | 14 437 | – | |
| Net cash flow from investment activities | (1 457 969) | (1 452 215) | |
| Dividends paid to shareholders of the Group | (88 651) | (53 630) | |
| Dividends paid to minority interests | (469) | (291) | |
| Hybrid bonds (debt and coupons) | 596 034 | (8 286) | |
| Proceeds from borrowings | 758 845 | 1 854 435 | |
| Repayment of borrowings | (91 004) | (941 963) | |
| Net change in other debts | (97 410) | 363 554 | |
| Net cash flow from financing activities | 1 077 344 | 1 213 820 | |
| Impact of foreign currency exchange rate fluctuations | 17 205 | 26 080 | |
| Change in cash flow | 151 307 | 357 661 | |
| Change in cash flow | 151 307 | 357 661 | |
| Opening cash balance | 156 351 | 307 658 | |
| Closing cash balance | 307 658 | 665 319 | |
| Including bank loans | (1 556) | (100 557) | |
| Including cash and cash equivalents | 309 214 | 765 876 |
APPENDIX 5 – GROSS DEBT TOWARDS FINANCIAL INSTITUTIONS
This aggregate excludes bank loans, loan issue fees, lease debts and accrued interest, and therefore reflects nominal amounts of indebtedness to financial institutions (banks and investors).
| (in thousand euros)
|
||
| 2024 | 2025 | |
| Bond loans | 900 | 1 483 |
| Term loan Qualicaps | 410 | 360 |
| Term Loan IFF EUR | 0 | 275 |
| Term Loan IFF USD | 0 | 298 |
| RCF drawn | 184 | 16 |
| Short-term bank overdraft drawn | 45 | 0 |
| Other bank loans | 12 | 10 |
| Bank loans | 651 | 958 |
| Negociable debt securities | 90 | 360 |
| Debts to financial institutions | 1 641 | 2 801 |
| Accrued interest | 9 | 13 |
| Transactional fees | -8 | -9 |
| Bank overdrafts | 2 | 101 |
| Current rent debt (IFRS 16) | 138 | 168 |
| Other financial debt | 10 | 111 |
| Financial debt | 1 791 | 3 185 |
1 Like-For-Like basis excludes exchange rates impact and perimeter variation.
2 The definition of the alternative performance indicators is provided in the appendices of this press release.