Statement of Financial Position
in millions of US$ | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
Total equity | 6,482 | 5,844 | 5,531 | 4,914 | 3,537 |
Net debt1 | 8,068 | 8,137 | 8,748 | 7,881 | 6,681 |
Cash and cash equivalents | 1,086 | 806 | 543 | 683 | 1,021 |
Total assets | 18,097 | 17,157 | 17,176 | 15,889 | 13,211 |
- 1 Net debt is calculated as total borrowings (including lease liabilities) less cash and cash equivalents.
Total equity increased by US$638 from US$5,844 million at December 31, 2024 to US$6,482 million at December 31, 2025, driven by (i) the positive net result over the current period, (ii) the gain recognized in non-controlling interests and retained earnings from the acquisition of the non-controlling interests in Espirito Santo entities which were already controlled by the Company prior to the transaction and (iii) the increase of the hedging reserve, partially offset by (iv) dividends to shareholders and to non-controlling interests and (v) the share repurchase program.
Dividends distributed to the shareholders in 2025 amounted to EUR150 million (equivalent to US$170 million1) and the Company’s cumulative share repurchase during 2025 amounted to EUR154 million, equivalent to US$174 million2 (2024: US$102 million) in relation to:
- The EUR65 million share repurchase program effective from August 8, 2024 and fully completed on April 23, 2025; and
- The EUR141 million share repurchase program effective from April 24, 2025, which is expected to be completed by February 26, 2026.
In line with the progress of the share repurchase program, the Company cancelled 5,000,000 ordinary shares on November 3, 2025, representing 2.8% of the Company’s issued share capital. The total and final number of shares to be cancelled will be determined upon completion of the share repurchase program.
The movement in the hedging reserve was mainly caused by (i) the increase in marked-to-market value of forward currency contracts, driven by the depreciation of the US$ exchange rate versus the hedged currencies (especially EUR and BRL), partially offset by (ii) the negative impact of the marked-to-market value of interest rate swaps due to decreasing US$ market interest rates.
Net debt slightly decreased from US$8,137 million at December 31, 2024 to US$8,068 million as of December 31, 2025. While the Turnkey (as a result of the recent Sale and Operate contracts) and the Lease and Operate segments generated strong operating cash flows, the Company (i) implemented a new financing tool with the sale and leaseback financing agreement for FPSO Cidade de Paraty being fully drawn during the period, (ii) continued to draw on project finance facilities for FPSO Alexandre de Gusmão and FPSO ONE GUYANA to finalize the related investment in growth and (iii) implemented the construction financing for FPSO Jaguar. These were partially offset by (iv) the scheduled repayment of non-recourse project debt, (v) the full repayment of the MPF facility, (vi) the partial repayment of the RCF, (vii) the full repayment of the US private placement notes in relation to FPSO Cidade de Anchieta and (viii) the strong return to shareholders and to non-controlling interests.
Almost 90% of the Company’s debt as of December 31, 2025 consisted of non-recourse project financing (US$8 billion) in special purpose investees. The remainder (US$1.1 billion) comprised (i) the construction financing for FPSO Jaguar which will be repaid following completion of construction and (ii) the Company’s new RCF, which was drawn for US$100 million as at December 31, 2025. Cash and cash equivalents amounted to US$1,086 million (December 31, 2024: US$806 million) and lease liabilities totaled US$115 million as of December 31, 2025.
Total assets increased to US$18.1 billion as of December 31, 2025, compared with US$17.2 billion at year-end 2024. This primarily resulted from (i) the increase of finance lease receivables following the first oil of FPSOs Almirante Tamandaré, Alexandre de Gusmão and ONE GUYANA during the current period compared with their contract asset value at the end of 2024, (ii) the investments in multi-purpose floater hulls and related equipment under construction for use in future projects, (iii) the increase of contract assets and receivables mostly related to the Sale and Operate FPSO projects under construction at the end of the year and (iv) net cash generation, partially offset by (v) a reduction of the gross amount of finance lease receivables in line with the repayment schedules.