FX Impact Tracker: FY 2025 (INTERNAL DRAFT, not published)
What large EU-listed companies reported as the foreign-exchange result in their FY 2025 accounts. Figures come from the companies' own filings. Companies use different measures, so figures are grouped by measure and must not be compared across groups. Values are in millions of each company's reporting currency, as reported, with no conversion. Companies are listed alphabetically within each group. This is factual information, not an investment or hedging recommendation.
Of the 13 companies, Fresenius Medical Care is the only one listed in Germany. Figures are taken from each company's FY 2025 annual report as filed.
Sign: + = gain, − = loss, as reported.
Net FX result
Net foreign-exchange gain or loss as reported by the company. Ericsson is included here because the line is printed in the notes as "Net foreign exchange gains/losses".
| Company | FY 2025 (m) | Currency | Includes hedges? | Source |
|---|---|---|---|---|
| AB InBev | −400.0 | USD | unknown | XBRL ifrs-full:NetForeignExchangeLoss, FY 2025, accn 0001193125-26-088105, file sha256 a59b21bffeb1 |
| Ericsson | +235.0 | SEK | unknown | XBRL ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss, FY 2025, accn 0001193125-26-104149, file sha256 59bc854dfe44 |
| Novo Nordisk | +8,311.0 | DKK | no | XBRL ifrs-full:NetForeignExchangeGain, FY 2025, accn 0000353278-26-000012, file sha256 8f0c1f318ccb |
| Stellantis | −94.0 | EUR | unknown | XBRL ifrs-full:NetForeignExchangeLoss, FY 2025, accn 0001605484-26-000021, file sha256 8dabd091e93b |
FX gains minus FX losses
Foreign-exchange gains minus foreign-exchange losses, both as reported by the company.
| Company | FY 2025 (m) | Currency | Includes hedges? | Source |
|---|---|---|---|---|
| Ferrari | −38.2 | EUR | unknown | XBRL ifrs-full:ForeignExchangeGain - ifrs-full:ForeignExchangeLoss, FY 2025, file sha256 b23a8ad9a982 |
| Fresenius Medical Care | −43.8 | EUR | unknown | XBRL ifrs-full:ForeignExchangeGain - ifrs-full:ForeignExchangeLoss, FY 2025, file sha256 e87bd4359ff0 |
Exchange differences in profit or loss (IAS 21)
Exchange differences recognised in profit or loss under IAS 21, as reported by the company.
| Company | FY 2025 (m) | Currency | Includes hedges? | Source |
|---|---|---|---|---|
| Philips | −6.0 | EUR | unknown | XBRL ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss, FY 2025, accn 0001628280-26-009470, file sha256 01d14ac15a56 |
FX sensitivity (IFRS 7), where disclosed in usable form
Shown only where the company's filing states it in usable form. Sensitivities are not comparable across companies: each company chooses its own scenario, scope and measure.
| Company | Scenario and effect | Affects | Company's own wording | Source |
|---|---|---|---|---|
| AB InBev | USD +10% vs other currencies → profit before tax decreases ~USD 91m; USD −10% → increases ~USD 91m | Profit before tax (next 12 months) | "In case the open positions remain unchanged and with all other variables held constant, a 10% strengthening or weakening of the closing rate of the U.S. dollar against other currencies could lead to an estimated decrease/increase of the consolidated profit before tax of approximately USD 91 million over the next 12 months." | sha256 438a2b054b93 |
| Philips | USD −10% vs EUR → translation reserve decreases ~EUR 1,012m; USD +10% vs EUR → increases ~EUR 1,236m | Equity: translation reserve | "As of December 31, 2025, a weakening of USD by 10% versus the EUR would result in a decrease in the currency translation reserve in equity of approximately EUR 1,012 million, while a strengthening of USD by 10% versus the EUR would result in an increase in the currency translation reserve in equity of approximately EUR 1,236 million." | sha256 6739a4a3bdd1 |
| Philips | EUR +10% vs all currencies → value of derivatives decreases EUR 26m | Value of derivatives | "As of December 31, 2025, an instantaneous 10% increase in the value of the EUR against all currencies would lead to an decrease of EUR 26 million in the value of the derivatives, including a EUR 1 million increase related to the US dollar (2024: EUR 106 million, including a EUR 50 million decrease related to the US dollar)." | sha256 6739a4a3bdd1 |
Not shown
FX result unclear or not disclosed in usable form: ASML, Ahold Delhaize, Airbus, Michelin, Pandora, Saint-Gobain.
Notes
- Novo Nordisk: forward contracts are reported on a separate line, "Financial loss from forward contracts (net)": FY 2025 loss DKK 2,304m (Note 4.9, "Financial income and expenses", DKK million; file sha256 a2e670f5100c).
- Sources: company filings via SEC EDGAR (20-F, XBRL company facts), filings.xbrl.org (ESEF) and info-financiere.gouv.fr (DILA, Licence Ouverte 2.0). Calculations and grouping by Re-Engineer Treasury.
- "Includes hedges?": "unknown" means the filing doesn't make it clear in usable form.
- Data file: fx-figures-v6.json, sha256 7c890a203248.