Annual Report 2025

Capital Expenditure (CapEx)

EU Taxonomy – Capital Expenditure (CapEx)

Financial year 2025

 

2025

 

Substantial contribution (SC) criteria

 

DNSH criteria (“Do no significant harm”) (h)

 

 

 

 

 

 

 

 

Economic activities

 

Code

 

CapEx

 

Propor­tion of
CapEx

 

Climate change miti­gation

 

Climate change adap­tation

 

Water

 

Pollu­tion

 

Cir­cular eco­nomy

 

Biodi­versity

 

Climate change miti­gation

 

Climate change adap­tation

 

Water

 

Pollu­tion

 

Cir­cular eco­nomy

 

Biodi­versity

 

Mini­mum safe­guards

 

Propor­tion of taxo­nomy-aligned (A.1) or taxo­nomy-eligible (A.2) CapEx, 2024

 

Cate­gory –
ena­bling
acti­vity

 

Cate­gory –
transi­tional
acti­vity

 

 

 

 

€
million

 

%

 

Y; N; N/EL (b) and (c)

 

Y; N; N/EL (b) and (c)

 

Y; N; N/EL (b) and (c)

 

Y; N; N/EL (b) and (c)

 

Y; N; N/EL (b) and (c)

 

Y; N; N/EL (b) and (c)

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

%

 

C

 

W

A. TAXONOMY-ELIGIBLE ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A.1. Environmentally sustainable activities (taxonomy-aligned)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Installation, maintenance and repair of energy efficiency equipment

 

CCM 7.3

 

0

 

0%

 

Y

 

N

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

0%

 

C

 

 

Installation, maintenance and repair of instruments and devices for measuring, regulating and monitoring the energy performance of buildings.

 

CCM7.5.

 

0

 

0%

 

Y

 

N

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

0%

 

C

 

 

Installation, maintenance and repair of renewable energy technologies

 

CCM 7.6

 

30

 

2%

 

Y

 

N

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

2%

 

C

 

 

Acquisition and ownership of buildings

 

CCM 7.7

 

57

 

4%

 

Y

 

N

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

4%

 

 

 

 

CapEx of environmentally sustainable activities (taxonomy-aligned) (A.1)

 

 

 

88

 

6%

 

6%

 

0%

 

0%

 

0%

 

0%

 

0%

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

6%

 

 

 

 

Of which enabling

 

 

 

30

 

2%

 

2%

 

0%

 

0%

 

0%

 

0%

 

0%

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

2%

 

C

 

 

Of which transitional

 

 

 

0

 

0%

 

0%

 

 

 

 

 

 

 

 

 

 

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

0%

 

 

 

T

A.2. Taxonomy-eligible but not environmentally sustainable activities (taxonomy-non-aligned activities) (g)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transport by motorbikes, passenger cars and light-duty vehicles

 

CCM 6.5/
CCA 6.5

 

18

 

1%

 

EL

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1%

 

 

 

 

Renovation of existing buildings

 

CCM 7.2 /
CCA 7.2/
CE 3.2

 

63

 

4%

 

EL

 

EL

 

N/EL

 

N/EL

 

EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4%

 

 

 

 

Installation, maintenance and repair of energy efficiency equipment

 

CCM 7.3/
CCA 7.3

 

60

 

4%

 

EL

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4%

 

 

 

 

Acquisition and ownership of buildings

 

CCM 7.7/
CCA 7.7

 

701

 

46%

 

EL

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46%

 

 

 

 

CapEx of taxonomy-eligible but not environmentally sustainable activities (taxonomy-non-aligned activities) (A.2)

 

 

 

842

 

55%

 

55%

 

0%

 

0%

 

0%

 

0%

 

0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55%

 

 

 

 

A. CapEx of taxonomy-eligible activities (A.1+A.2)

 

 

 

929

 

61%

 

61%

 

0%

 

0%

 

0%

 

0%

 

0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61%

 

 

 

 

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CapEx of taxonomy-non-eligible activities (B)

 

 

 

595

 

39%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total (A+B)

 

 

 

1,524

 

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

According to the Article 8 of the Delegated Act, the CapEx KPI is defined as eligible CapEx (numerator) divided by total CapEx (denominator). Total CapEx was calculated in accordance with the rules and principles applicable to the preparation of the financial statements, taking into account the increases in the gross value of tangible fixed assets, intangible assets, investment property (where applicable), biological assets (where applicable) and right-of-use, as presented in notes 8, 9 and 10 to the Consolidated Financial Statements (“Consolidated Financial Statements”). The denominator corresponds to the sum of the “Increases” headings referred to in the notes indicated.

Million euros

 

 

2025

 

2024

Increases in Tangible Fixed Assets (Note 8.1)

 

1,134

 

933

Business acquisitions – Tangible fixed assets (Note 8.1)

 

11

 

18

Increases in Intangible Assets (Note 9.1)

 

25

 

16

Increases in Right-of-Use (Note 10.1)

 

349

 

350

Business acquisitions – Right-of-Use (Note 10.1)

 

5

 

0

Total CapEx for EU Taxonomy purposes

 

1,524

 

1,317

With regard to right-of-use assets, we believe that the Delegated Act fails to deal with increases in the gross value of right-of-use assets as a result of contractual amendments or other adjustments to lease liabilities, in particular extension of the lease term.

Accordingly, new measurements of right-of-use assets resulting from contractual amendments or other adjustments to liabilities were not included in the denominator, as presented under the heading “Amendments to Right-of-Use Contracts” in note 10.1.

Regarding the identification of eligible CapEx, our approach to the classification of economic activities was as follows:

  • CapEx of assets or processes associated with eligible activities was not included, since our core activity is not provided for under the current Taxonomy, and no investments in internal activities were identified that qualify as such.

  • CapEx related to CapEx plans, as currently defined in the Taxonomy, to expand aligned activities or that enable eligible activities to become taxonomy-aligned were not included.

  • includes CapEx of the purchase of goods and services from eligible economic activities that support our core business.

Additionally, the amounts associated with eligible Capex were determined based on the execution level of each investment. As a result of this approach, the activities indicated under “Eligibility analysis” were classified as eligible. As regards these activities, we analysed the investments for which we were provided with the necessary information by suppliers to identify whether their economic activity is taxonomy-aligned, including compliance with the DNSH criteria and minimum safeguards, as well as what we were able to assess directly.

CapEx - Capital expenditure
The funds a company invests in acquiring, upgrading and maintaining physical assets such as property, plants, buildings, technology and equipment. These investments are often made to fuel growth, increase efficiency or launch new initiatives.
Taxonomy
In the context of sustainable finances, the classification system identifying activities, assets, and/or project categories that deliver on key climate, green, social or sustainable objectives with reference to identified thresholds and/or targets.

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