Changes in borrowings during Fiscal 2025 and Fiscal 2024 were as follows:
| (in millions of euros) | AUGUST 31, 2024 | INCREASES(3) | REPAYMENTS | DISCOUNTING EFFECTS AND OTHER | EXCHANGE DIFFERENCES | CHANGES IN SCOPE OF CONSOLIDATION | AUGUST 31, 2025 |
|---|---|---|---|---|---|---|---|
| Bond issues |
Bond issues AUGUST 31, 20244,699 |
Bond issues INCREASES (3)1,037 |
Bond issues REPAYMENTS (877) |
Bond issues DISCOUNTING EFFECTS AND OTHER (4) |
Bond issues EXCHANGE DIFFERENCES (103) |
Bond issues CHANGES IN SCOPE OF CONSOLIDATION — |
Bond issues AUGUST 31, 20254,752 |
| Private placements and bank borrowings(1) |
Private placements and bank borrowings (1)AUGUST 31, 2024— |
Private placements and bank borrowings (1)INCREASES (3)800 |
Private placements and bank borrowings (1)REPAYMENTS (800) |
Private placements and bank borrowings (1)DISCOUNTING EFFECTS AND OTHER — |
Private placements and bank borrowings (1)EXCHANGE DIFFERENCES — |
Private placements and bank borrowings (1)CHANGES IN SCOPE OF CONSOLIDATION — |
Private placements and bank borrowings (1)AUGUST 31, 2025— |
| Other borrowings |
Other borrowings AUGUST 31, 20246 |
Other borrowings INCREASES (3)8 |
Other borrowings REPAYMENTS (8) |
Other borrowings DISCOUNTING EFFECTS AND OTHER (1) |
Other borrowings EXCHANGE DIFFERENCES — |
Other borrowings CHANGES IN SCOPE OF CONSOLIDATION — |
Other borrowings AUGUST 31, 20255 |
| TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS | TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTSAUGUST 31, 20244,705 |
TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS INCREASES (3)1,845 |
TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS REPAYMENTS (1,685) |
TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS DISCOUNTING EFFECTS AND OTHER (5) |
TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS EXCHANGE DIFFERENCES (103) |
TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS CHANGES IN SCOPE OF CONSOLIDATION — |
TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTSAUGUST 31, 20254,757 |
| Net fair value of derivative financial instruments(2) |
Net fair value of derivative financial instruments (2)AUGUST 31, 202429 |
Net fair value of derivative financial instruments (2)INCREASES (3)10 |
Net fair value of derivative financial instruments (2)REPAYMENTS (6) |
Net fair value of derivative financial instruments (2)DISCOUNTING EFFECTS AND OTHER (12) |
Net fair value of derivative financial instruments (2)EXCHANGE DIFFERENCES (1) |
Net fair value of derivative financial instruments (2)CHANGES IN SCOPE OF CONSOLIDATION — |
Net fair value of derivative financial instruments (2)AUGUST 31, 202520 |
| TOTAL BORROWINGS | TOTAL BORROWINGSAUGUST 31, 20244,734 |
TOTAL BORROWINGS INCREASES (3)1,855 |
TOTAL BORROWINGS REPAYMENTS (1,691) |
TOTAL BORROWINGS DISCOUNTING EFFECTS AND OTHER (17) |
TOTAL BORROWINGS EXCHANGE DIFFERENCES (104) |
TOTAL BORROWINGS CHANGES IN SCOPE OF CONSOLIDATION — |
TOTAL BORROWINGSAUGUST 31, 20254,777 |
| (in millions of euros) | AU AUGUST 31, 2023 | INCREASES | REPAYMENTS | DISCOUNTING EFFECTS AND OTHER | EXCHANGE DIFFERENCES | CHANGES IN SCOPE OF CONSOLIDATION | AUGUST 31, 2024 |
|---|---|---|---|---|---|---|---|
| Bond issues |
Bond issues AU AUGUST 31, 20235,501 |
Bond issues INCREASES 76 |
Bond issues REPAYMENTS (872) |
Bond issues DISCOUNTING EFFECTS AND OTHER 11 |
Bond issues EXCHANGE DIFFERENCES (17) |
Bond issues CHANGES IN SCOPE OF CONSOLIDATION — |
Bond issues AUGUST 31, 20244,699 |
| Private placements and bank borrowings(1) |
Private placements and bank borrowings (1)AU AUGUST 31, 2023— |
Private placements and bank borrowings (1)INCREASES 305 |
Private placements and bank borrowings (1)REPAYMENTS (305) |
Private placements and bank borrowings (1)DISCOUNTING EFFECTS AND OTHER — |
Private placements and bank borrowings (1)EXCHANGE DIFFERENCES — |
Private placements and bank borrowings (1)CHANGES IN SCOPE OF CONSOLIDATION — |
Private placements and bank borrowings (1)AUGUST 31, 2024— |
| Other borrowings |
Other borrowings AU AUGUST 31, 202351 |
Other borrowings INCREASES — |
Other borrowings REPAYMENTS (35) |
Other borrowings DISCOUNTING EFFECTS AND OTHER (5) |
Other borrowings EXCHANGE DIFFERENCES — |
Other borrowings CHANGES IN SCOPE OF CONSOLIDATION (5) |
Other borrowings AUGUST 31, 20246 |
| TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS |
TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS AU AUGUST 31, 20235,552 |
TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS INCREASES 381 |
TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS REPAYMENTS (1,212) |
TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS DISCOUNTING EFFECTS AND OTHER 6 |
TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS EXCHANGE DIFFERENCES (17) |
TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS CHANGES IN SCOPE OF CONSOLIDATION (5) |
TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTSAUGUST 31, 20244,705 |
| Net fair value of derivative financial instruments(2) |
Net fair value of derivative financial instruments (2)AU AUGUST 31, 202336 |
Net fair value of derivative financial instruments (2)INCREASES 20 |
Net fair value of derivative financial instruments (2)REPAYMENTS (8) |
Net fair value of derivative financial instruments (2)DISCOUNTING EFFECTS AND OTHER (10) |
Net fair value of derivative financial instruments (2)EXCHANGE DIFFERENCES (9) |
Net fair value of derivative financial instruments (2)CHANGES IN SCOPE OF CONSOLIDATION — |
Net fair value of derivative financial instruments (2)AUGUST 31, 202429 |
| TOTAL BORROWINGS |
TOTAL BORROWINGS AU AUGUST 31, 20235,588 |
TOTAL BORROWINGS INCREASES 401 |
TOTAL BORROWINGS REPAYMENTS (1,220) |
TOTAL BORROWINGS DISCOUNTING EFFECTS AND OTHER (4) |
TOTAL BORROWINGS EXCHANGE DIFFERENCES (26) |
TOTAL BORROWINGS CHANGES IN SCOPE OF CONSOLIDATION (5) |
TOTAL BORROWINGSAUGUST 31, 20244,734 |
| AUGUST 31, 2025 | AUGUST 31, 2024 | |||
|---|---|---|---|---|
| (in millions of euros) | CURRENT | NON-CURRENT | CURRENT | NON-CURRENT |
| Bond issues(1) | ||||
| U.S. dollar (USD) | 303 | 1,561 | 10 | 1,095 |
| Euro (EUR) | 504 | 2,095 | 706 | 2,591 |
| Pound Sterling (GBP) | 1 | 288 | 1 | 296 |
| TOTAL | 808 | 3,944 | 717 | 3,982 |
| Private placements and bank borrowings | ||||
| Euro (EUR) | — | — | — | — |
| Other currencies | — | — | — | — |
| TOTAL | — | — | — | — |
| Other borrowings(2) | ||||
| Euro (EUR)(3) | 1 | (4) | — | 1 |
| Pound Sterling (GBP) | 1 | — | — | 1 |
| Other currencies | 6 | 1 | 4 | — |
| TOTAL(4) | 8 | (3) | 4 | 2 |
| TOTAL BORROWINGS EXCLUDING DERIVATIVE FINANCIAL INSTRUMENTS | 816 | 3,941 | 721 | 3,984 |
| Net fair value of derivative financial instruments(5) | 3 | 17 | 3 | 26 |
| TOTAL BORROWINGS | 819 | 3,958 | 724 | 4,010 |
