Plan’s assets and liabilities for which the pension fund bears the risk

The value of the plan’s assets for which the pension fund bears the risk amounted to rounded €3,964 million at the end of the fourth quarter of 2025. Compared to year-end 2024 (€4,060 million), this represents a decrease of €96 million.

The market value of the pension liabilities stood at €2,867 million at the end of the fourth quarter of 2025. This represents a decrease of €383 million compared to the fund’s position at the end of December 2024 (€3,250 million).

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