At December 31, 2025, our blended fully-swapped debt borrowing cost was 3.7% (September 30, 2025: 3.8%) and the average tenor of our third-party debt (excluding vendor financing and certain other obligations) was approximately 3.0 years (September 30, 2025: 3.2 years) with no debt repayments, excluding shorter-term liabilities under our vendor financing and trade receivables securitization programs, prior to March 2028.
At December 31, 2025, we had access to total liquidity of €1,501.5 million, consisting of €966.5 million cash and cash equivalents and €535.0 million of undrawn commitments under revolving credit facilities.
For additional information, we refer to our Q4 2025 Investor & Analyst Toolkit.