FX Impact Tracker: FY 2025
13 companies selected: large EU-listed companies across sectors whose FY 2025 annual report is available as a public structured filing (SEC EDGAR or filings.xbrl.org). 9 show an FX result; 4 not shown (reasons below).
What these companies reported as the foreign-exchange result in their FY 2025 accounts, from their 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.
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? | Basis | Source |
|---|---|---|---|---|---|
| AB InBev | −386.0 | USD | yes (includes +93 economic hedges) | from notes | Annual report FY 2025 (SEC filing), Note 27, p. F-62 |
| Ericsson | +235.0 | SEK | not established from reviewed disclosure | tagged, matches notes | Annual report FY 2025 (SEC filing), Note F2 |
| Novo Nordisk | +8,311.0 | DKK | no | tagged, matches notes | Annual report FY 2025 (SEC filing), Note 4.9 |
Tagged: figure as tagged by the company in its filing (IFRS XBRL), checked against the notes table.
From notes: figure as printed in the company's notes; the note is named in the source column.
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? | Basis | Source |
|---|---|---|---|---|---|
| Ferrari | −38.2 | EUR | not established from reviewed disclosure | tagged, matches notes | Annual report FY 2025 (SEC filing), Note 9, p. 234 |
| Fresenius Medical Care | −43.8 | EUR | not established from reviewed disclosure | tagged, matches notes | Annual report FY 2025 (SEC filing), Note 5, p. F-39 |
Tagged: figure as tagged by the company in its filing (IFRS XBRL), checked against the notes table.
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? | Basis | Source |
|---|---|---|---|---|---|
| Philips | −6.0 | EUR | not established from reviewed disclosure | tagged, matches notes | Annual report FY 2025 (SEC filing), Note 7 |
Tagged: figure as tagged by the company in its filing (IFRS XBRL), checked against the notes table.
FX in the financial result only
FX on monetary items in the financial result only; commercial FX is in operating profit and is not included.
| Company | FY 2025 (m) | Currency | Includes hedges? | Basis | Source |
|---|---|---|---|---|---|
| Airbus: Foreign exchange translations on monetary items (financial result) | −646.0 | EUR | not established from reviewed disclosure | from notes | Annual report FY 2025 (ESEF filing), Note 16 |
From notes: figure as printed in the company's notes; the note is named in the source column.
FX by line item (not to be added together)
The company reports FX in two places. Both figures are shown as stated; they must not be added together.
| Company | FY 2025 (m) | Currency | Includes hedges? | Basis | Source |
|---|---|---|---|---|---|
| Ahold Delhaize: Financial items: gains (losses) on foreign exchange | +6.0 | EUR | not stated in filing | from notes | Annual report FY 2025 (ESEF filing), Note 9 |
| Ahold Delhaize: Operating income: net exchange loss | −6.0 | EUR | not stated in filing | from notes | Annual report FY 2025 (ESEF filing), Note 9 |
From notes: figure as printed in the company's notes; the note is named in the source column.
FX gains and FX losses as separate rows (not netted)
The company reports FX gains in finance income and FX losses in finance costs. Both rows are shown as stated, not netted.
| Company | FY 2025 (m) | Currency | Includes hedges? | Basis | Source |
|---|---|---|---|---|---|
| Pandora: Finance income: foreign exchange gains | +77.0 | DKK | not established from reviewed disclosure | from notes | Annual report FY 2025 (ESEF filing), Note 4.6 |
| Pandora: Finance costs: foreign exchange losses | −133.0 | DKK | not established from reviewed disclosure | from notes | Annual report FY 2025 (ESEF filing), Note 4.6 |
From notes: figure as printed in the company's notes; the note is named in the source column.
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." | Annual report FY 2025 (SEC filing), Item 11, p. 187 |
| 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." | Annual report FY 2025 (SEC filing), Note 29 |
| 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)." | Annual report FY 2025 (SEC filing), Note 29 |
Wording quoted from the company's annual report (SEC filing); the direction is summarised from that sentence.
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).
- Sources: company filings via SEC EDGAR (20-F, XBRL company facts) and filings.xbrl.org (ESEF). Calculations and grouping by Re-Engineer Treasury.
- "Includes hedges?": "not stated in filing" means the relevant note was reviewed and does not mention hedging; "not established from reviewed disclosure" means the note mentions hedging or derivatives but does not say whether this figure includes them.
Not shown
- ASML: No FX result is stated as a figure; the notes describe 'Interest and other, net' as mainly interest income and expense.
- Michelin: The only FX line in the notes ('Réévaluation monétaire', including FX derivatives) shows no amount for 2025.
- Saint-Gobain: The notes state that FX gains and losses on operating items are included in operating income; no FX amount is stated.
- Stellantis: The only tagged FX figure is a hyperinflation (IAS 29) monetary-position loss; no FX result is stated.
Corrections
- 25 Oct 2026: AB InBev corrected from −400 (tagged rounded text) to −386 (notes table).
- 25 Oct 2026: Stellantis −94 removed; the tagged figure is an IAS 29 hyperinflation loss, not an FX result.
Get the weekly brief free on Substack · Every Friday · Thursday data