FINANCIAL REVIEW

Consolidated Net Debt

CONSOLIDATED NET DEBT*

(EUR million)	DEC-24	DEC-23
Cash and cash equivalents from ex-infrastructure project companies	-4,653	-4,585
Short and long-term borrowings from ex-infrastructure project companies	2,889	3,449
Others from ex-infrastructure project companies**	-30	15
Consolidated Net Debt of ex-infrastructure project companies*	-1,794	-1,121
Cash and cash equivalents from infrastructure project companies	-175	-204
Short and long-term borrowings from infrastructure project companies	8,400	7,915
Others from infrastructure project companies***	-369	-612
Consolidated Net Debt of infrastructure project companies*	7,856	7,100
Consolidated Net Debt*	6,061	5,979

*Non-IFRS financial measure. For the definition and reconciliation to the most comparable IFRS measure, see Alternative Performance Measures in the Integrated Annual Report (page 270)
**Others from ex-infrastructure project companies includes non-current restricted cash, forwards hedging and cross currency swaps balances, intragroup position balances and other short term financial assets, as explained under section 2.1 (Consolidated Net Debt) of the Alternative Performance Measures.
***Others from infrastructure project companies includes short and long term borrowings, non-current restricted cash and intragroup position balances, as explained under section 2.1 (Consolidated Net Debt) of the Alternative Performance Measures.

CONSOLIDATED BORROWINGS

DEC-24 (EUR million)	Ex-infrastructure project companies	Infrastructure project companies	Consolidated
Short and long-term borrowings	2,889	8,400	11,288
% fixed	91.1 %	97.0 %	95.5 %
% variable	8.9 %	3.0 %	4.5 %
Average rate	2.2 %	4.5 %	3.9 %
Average maturity (years)	2	19	15

CHANGE IN CONSOLIDATED NET DEBT

	As of December 31, 2024
	Change in Consolidated Net Debt (1+2+3)	Ex-infrastructure project companies (1)	Infrastructure project companies (2)	Intercompany eliminations (3)
Cash flow from operating activities	1,293	861	1,016	-584
Cash flow from/ (used in) investing activities	1,313	1,161	73	79
Activity Cash Flows	2,605	2,022	1,088	-505
Cash flow from/ (used in) financing activities	-2,591	-1,975	-1,121	505
Effect of exchange rate on cash and cash equivalents	59	54	5	0
Change in cash and cash equivalents due to consolidation scope changes	-35	-32	-3	0
Change in cash and cash equivalents from discontinued operations	0	0	0	0
Cash flows (change in cash and cash equivalents) (A)	39	68	-29	0
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR (B)	4,789	4,584	204	0
CASH AND CASH EQUIVALENTS AT END OF HALF YEAR(C=A+B)	4,828	4,653	175	0
SHORT AND LONG-TERM BORROWINGS AND OTHER CONSOLIDATED NET DEBT COMPONENTS AT THE BEGINNING OF YEAR (D)	11,365	3,449	7,915	0
Change in short and long-term borrowings (E)	-76	-561	484	0
OTHER CONSOLIDATED NET DEBT COMPONENTS AT THE BEGINNING OF THE YEAR (F)	-597	15	-612
Other changes in consolidated net debt (G)	198	-45	243	0
OTHER CONSOLIDATED NET DEBT COMPONENTS AT YEAR END (H=G+F)	-399	-30	-369
SHORT AND LONG-TERM BORROWINGS AND OTHER CONSOLIDATED NET DEBT COMPONENTS AT END OF YEAR (I=D+E+H)	10,889	2,858	8,031	0
Change in consolidated net debt (J=G+F-A)	82	-674	756	0
CONSOLIDATED NET DEBT AT BEGINNING OF YEAR (D-B+F)	5,979	-1,121	7,100	0
CONSOLIDATED NET DEBT AT END OF YEAR (I-C)	6,061	-1,794	7,856	0

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