| FISCAL 2025 | FISCAL 2024 | |||||
|---|---|---|---|---|---|---|
| (in millions of euros) | BENEFIT OBLIGATION | PLAN ASSETS | NET BENEFIT OBLIGATION | BENEFIT OBLIGATION | PLAN ASSETS | NET BENEFIT OBLIGATION |
| AS OF SEPTEMBER 1 | 995 | (895) | 100 | 902 | (831) | 71 |
| Expense/(income) recognized in the income statement | 60 | (39) | 21 | 59 | (42) | 17 |
| Current service cost during fiscal year | 17 | — | 17 | 15 | — | 15 |
| Past service cost | — | — | — | — | — | — |
| Effect of settlements | — | — | — | — | — | — |
| Interest cost/(income) | 43 | (39) | 4 | 44 | (42) | 2 |
| Remeasurement losses/(gains) | (83) | 81 | (2) | 71 | (37) | 34 |
| Actuarial losses/(gains) arising from changes in demographic assumptions | (1) | — | (1) | (7) | — | (7) |
| Actuarial losses/(gains) arising from changes in financial assumptions | (84) | 81 | (3) | 77 | (37) | 40 |
| Actuarial losses/(gains) arising from experience | 2 | — | 2 | 1 | — | 1 |
| Exchange differences | (18) | 15 | (3) | 11 | (12) | (1) |
| Contributions made by plan members | 3 | (3) | — | 2 | (2) | — |
| Employer contributions* | — | (12) | (12) | — | (12) | (12) |
| Benefits paid from plan assets | (48) | 50 | 2 | (40) | 41 | 1 |
| Benefits paid other than from plan assets | (11) | — | (11) | (10) | — | (10) |
| Changes in scope of consolidation and other | — | — | — | — | — | — |
| AS OF AUGUST 31 | 898 | (803) | 95 | 995 | (895) | 100 |
| Of which: | ||||||
| Partially funded plans | 788 | (803) | (15) | 886 | (895) | (9) |
| Unfunded plans | 110 | — | 110 | 109 | — | 109 |
The amounts recorded in the income statement for defined benefit plans totaled 21 million euros in Fiscal 2025 (17 million euros in Fiscal 2024) and break down as follows:
Defined benefit plan assets, which mainly relate to UK defined benefit plans, comprise:
| (in millions of euros) | August 31, 2025 | August 31, 2024 |
|---|---|---|
| Equities |
Equities August 31, 2025 205 |
Equities August 31, 2024 186 |
| Bonds and other debt instruments |
Bonds and other debt instruments August 31, 2025 291 |
Bonds and other debt instruments August 31, 2024 342 |
| Real estate |
Real estate August 31, 2025 9 |
Real estate August 31, 2024 8 |
| Cash |
Cash August 31, 2025 17 |
Cash August 31, 2024 34 |
| Investment funds |
Investment funds August 31, 2025 106 |
Investment funds August 31, 2024 148 |
| Insurance and other |
Insurance and other August 31, 2025 175 |
Insurance and other August 31, 2024 177 |
| TOTAL PLAN ASSETS |
TOTAL PLAN ASSETS August 31, 2025 803 |
TOTAL PLAN ASSETS August 31, 2024 895 |
Recognized net actuarial gains arising from changes in financial assumptions amounted to 3 million euros, compared to actuarial losses of 40 million euros in the fiscal year ended August 31, 2024, and were mainly due to a revision of the discount rate applied.
The following assumptions were used for actuarial valuations for the principal countries as of August 31, 2025 and August 31, 2024:
| AUGUST 31, 2025 | ||||
|---|---|---|---|---|
| FRANCE | NETHERLANDS | UNITED KINGDOM | ITALY | |
| Discount rate(1) | 3.55% | 3.90% | 6.00% | 3.20% |
| Salary long-term inflation rate(2) | 2.50% | N/A | 3.40% | N/A |
| General long-term inflation rate(3) | 2.00% | N/A | 2.90% | 2.00% |
| Net liability (in millions of euros) | 78 | 1 | (37) | 9 |
| Average term of the plans (in years) | 9 | 13 | 13 | 6 |
