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Taking into account the characteristics of JDE Peet's business and business model, the notes to the financial
statements have been grouped into nine thematic sections rather than in a consecutive order based on line-items in the
consolidated primary statements. Each note in a section starts with material accounting policy information, if
applicable, as well as the critical accounting estimates and judgements made.
This section contains the disclosures relevant for understanding the basis of preparation of the consolidated financial
statements:
1. Reporting entity
2. Use of critical accounting estimates and judgements
3. Changes in accounting standards
4. Basis of consolidation
5. Material policy information, not attributable to a specific section
6. Update on the war in Ukraine
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "JDE Peet\u2019s N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "Acorn Holdings B.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "Joh. A. Benckiser-led investor group (JAB)", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "Oosterdoksstraat 80, 1011\u00a0DK in Amsterdam, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
These consolidated financial statements were authorised for issuance on 18 March 2026 by the Board of Directors
of\u00a0he Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "Activities of JDE Peet'sJDE Peet\u2019s is the world\u2019s leading pure-play coffee company, with a presence in more than 100 markets. Guided by our\u00a0\u2018Reignite the Amazing\u2019 strategy, we are focused on brand-led growth across three big bets: Peet\u2019s, L\u2019OR, and our 10 strategically selected local icons led by Jacobs. In 2025, JDE Peet\u2019s generated total sales of EUR 9.9\u00a0billion and employed a global workforce of more than 21,000 employees. Discover more about our journey to deliver a coffee for every cup and a brand for every heart at www.jdepeets.com. JDE Peet's sells its full range of products through a multi-channel distribution model across the CPG, Out-of-Home, retail and online channels to meet customer and consumer needs, as follows:\u2022 CPG 46 \u2013 JDE Peet\u2019s principal products are multi-serve coffee (roast and ground and whole-beans), single-serve including capsules, pads and pods, instant pure and instant mixes, concentrates, ready-to-drink coffee beverages, and a variety of tea products. JDE Peet's sells these products primarily to supermarkets and, in certain markets, through retail buying groups comprised of supermarket retailers or shared-services supply chain centres. \u2022 Out-of-Home \u2013 JDE Peet's offers a comprehensive range of professional beverage solutions, including coffee, tea, and complementary coffee systems. Its portfolio features proprietary liquid coffee concentrate technology, multi-serve coffee formats, single-serve capsules and pads, whole beans, instant coffee, and ready-to-drink coffee. Its\u00a0customers include businesses, such as offices (including corporates), hotels, restaurants, hospitals, universities, cruise- and airliners, as well as distributors for distribution to the customer.\u2022 Retail \u2013 JDE Peet's operates coffee stores through which it sells whole bean coffee, tea and other beverages and related items, such as pastries. At 31 December 2025, JDE Peet's operated more than 700 coffee stores through Peet\u2019s, OldTown, Intelligentsia, Stumptown, 12Oz and Campos, most notably in the United States, China, Malaysia, Italy and Australia. Through its coffee stores, JDE Peet's seeks to facilitate the sale of fresh whole bean coffee and to encourage customer trial of its coffee through coffee beverages.\u2022 Online \u2013 JDE Peet's sells its coffee & tea online through its own e-commerce marketplaces, such as the L\u2019OR and Peet\u2019s marketplaces, and third-party e-commerce marketplaces.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
The Company prepared these consolidated financial statements in accordance with the IFRS\u00ae Accounting Standards
as endorsed for use in the European Union by the European Commission and in conformity with the Dutch Civil Code.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
The Company prepared these consolidated financial statements in accordance with the IFRS\u00ae Accounting Standards
as endorsed for use in the European Union by the European Commission and in conformity with the Dutch Civil Code.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
The consolidated financial statements have been prepared on a going concern basis as Management considers that
adequate resources exist for the Company to continue in operational existence for a period of not less than 12 months
from the date of this report. In reaching this conclusion, Management has also considered the implications in a going
concern context of the intended acquisition by Keurig Dr Pepper (\"KDP\") which is expected to close early in the second
quarter of 2026.
Management believes that the proposed combination with Keurig Dr Pepper is an attractive opportunity to accelerate
the realisation of shareholder value through the establishment of the world\u2019s #1 pure-play coffee company. Upon
completion of the transaction, the Company anticipates that several events will or may occur which could have a
material impact on its financial position as disclosed in note 9.6 Subsequent Events resulting from the change of
control and the assessment to maintain Investment Grade ratings. On that basis, Management believes this supports
its going concern assessment, in the event the combination proceeds.
For the purpose of these financial statements, the results and financial position of JDE Peet's are measured in euros,
its\u00a0presentation currency.
UPDATE ON THE WAR IN UKRAINE
JDE Peet's continuously monitors developments related to the war in Ukraine. Since the start of the conflict, the first
priority has been, and continues to be, the safety and well-being of its employees in the region. In addition, JDE Peet's
has continued to monitor EU and other applicable sanctions. Since the start of the war in Ukraine, the Company has
not authorised new capital investments to increase factory capacity or expansion, and all cash dividend payments from
the Russian business were cancelled. JDE Peet\u2019s has discontinued investments in advertising and promotion of its
international brands in Russia. The factory based in Russia produces primarily on a local-for-local basis.
Since the start of the war, the Company has sought to ensure that its business in Russia is operated as a stand-alone
business to the greatest extent reasonably possible. JDE Peet\u2019s business in Russia contributed approximately 6%
(2024: 6%) to the Company's total revenues and comprises approximately 2% (2024: 1%) of total assets in 2025.
Triggered by its stand-alone business operation and changing (sanction) regulations, JDE Peet's continued to assess
whether it retained control over its Russian operations in accordance with IFRS 10 and concluded that it continued to
have control over its Russian operations at 31 December 2025.
Key accounting estimate and judgment - JDE Peet's continued to assess whether it retained control over its
Russian operations in accordance with IFRS 10. The assessment considered whether JDE Peet\u2019s remains to have
(1) power over the local business, (2) exposure or rights to variable returns from its involvement with the local
business, and (3) the ability to use its power over the local business to affect returns. Based on the review of the
aforementioned three key drivers, and although the Russian business operates as a stand-alone business to the
greatest extent reasonably possible and sanction restrictions made doing business in Russia significantly more
complex, JDE Peet\u2019s concluded that it continued to have control over its Russian operations at 31 December
2025.
Internal events and external circumstances occurring in Ukraine and Russia may result in indications for impairment.
JDE\u00a0Peet's frequently reviews the valuation of its assets in Russia and Ukraine, including an evaluation of the uncertainties
resulting from the war on goodwill and other intangible assets of the wider LARMEA segment which it is part of. As part of
the annual impairment testing of indefinite useful life assets, the increased risk of operating in Russia was considered in
the WACC applied to cash flows originating from the Russian business, thereby impacting the recoverable value of related
assets. In addition, the fixed assets owned by JDE Peet\u2019s in the Russian and Ukrainian markets were assessed, which has
not led to additional impairments in 2025 and 2024.
At 31 December 2025 and throughout the year, assessments were made regarding the appropriate operating model for
the Russian local market and how the changing circumstances affect related accounting judgements and disclosures.
The outcomes of these assessments were incorporated accordingly in these financial statements.
In 2024, JDE Peet\u2019s obtained a license from the Dutch competent authorities under article 5n, paragraph 10 of
EU\u00a0Council Regulation No 833/2014. This license among other things, authorises JDE Peet\u2019s (including certain of its
subsidiaries in the Netherlands) to continue providing services described in Article 5n of EU Council Regulation No
833/2014 to its Russian subsidiary. JDE Peet\u2019s has obtained renewals of this license, and the latest renewal is valid
until 31 January 2027. In the event that future license renewals are not granted, JDE Peet\u2019s assessment regarding
control over its Russian subsidiary could be materially impacted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
Segmentation
For purposes of these consolidated financial statements, segmentation is based on how the chief operating decision
maker (CODM) reviews the performance of the business and allocates resources, as further disclosed in the
segmentation disclosure note.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
Segmentation
For purposes of these consolidated financial statements, segmentation is based on how the chief operating decision
maker (CODM) reviews the performance of the business and allocates resources, as further disclosed in the
segmentation disclosure note.
USE OF CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In the application of the accounting policies, management is required to make judgements, estimates and assumptions
about the carrying amounts of assets and liabilities that effect the reported amounts of assets, liabilities, income and
expenses. The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the
revision and future periods if the revision affects both current and future periods.
CHANGES IN ACCOUNTING STANDARDS
Voluntary changes to accounting policies
JDE Peet's made voluntary changes to its accounting policies effecting equity at 31 December 2024 and 31 December
2023 for the following items:
\u2022 Triggered by the divestment of the tea business in Turkey JDE Peet's reassessed the impact to equity of applying
IAS 29 Financial reporting in hyperinflationary economies. JDE Peet's has been recognising the effect in Retained
earnings. However, in March 2020 guidance was issued by the IFRIC allowing the recognition of these impacts as
currency translation reserve to ensure consistent recognition of all exchange differences arising on translation.
JDE\u00a0Peet's adopted a voluntary retrospective change in accounting policy in accordance with IAS 8 to have the
effect adjusted for, by decreasing Retained earnings and increasing Currency translation reserve by EUR 79 million
at 31 December 2024 and EUR 29 million at 31 December 2023.
\u2022 Upon release of treasury shares, JDE Peet's recognised the difference between the purchase consideration of the
treasury shares and the fair value upon release as Share premium, whereas Retained earnings would have been
more appropriate to reflect the return to shareholders. JDE Peet's adopted a voluntary retrospective change in
accounting policy in accordance with IAS 8, by increasing Share premium and decreasing Retained earnings by
EUR 73 million at 31 December 2024 and EUR 62 million at 31 December 2023.
BASIS OF CONSOLIDATION
The financial statements include the accounts of all subsidiaries in which the Company, directly or indirectly,
has\u00a0a\u00a0controlling interest and associates.
Subsidiaries\u2014Subsidiaries are all entities over which the Company has control. The Company controls an entity when
it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is
transferred to the Company. They are deconsolidated from the date that control ceases. Intergroup transactions,
balances and unrealised gains and losses on transactions between companies within JDE Peet's are eliminated upon
consolidation.\u00a0
Investments in associates\u2014Associates are entities over which the Company has the ability to exercise significant
influence but does not control. Generally, significant influence is presumed to exist when JDE Peet's holds 20% to 50%
of the voting rights in an entity. Investments in associates are accounted for using the equity method of accounting and
are initially recognised at cost. The investment in associates includes goodwill identified on acquisition, net of any
accumulated impairment loss. JDE Peet's distinguishes between strategically important joint ventures and associates
and other joint ventures and associates. The share of strategically important joint ventures\u2019 and associated companies\u2019
result is disclosed separately within operating profit. The result from other joint ventures\u2019 and associates is reported
below operating profit.
MATERIAL ACCOUNTING POLICY INFORMATION, NOT ATTRIBUTABLE TO A SPECIFIC SECTION
Leases - As lessee
JDE Peet's leases various offices, warehouses, coffee stores, equipment and vehicles. Contracts may contain both
lease and non-lease components. JDE Peet's has elected not to separate lease and non-lease components and
instead accounts for these as a single lease component (gross approach). Leases are recognised and presented as
right-of-use assets (within property, plant and equipment) with corresponding liabilities at the date at which the leased
asset is available for use by JDE Peet's.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of the following lease payments:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 Variable lease payment that are based on an index or a rate, initially measured using the index or rate at the
commencement date.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the
liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases within JDE Peet's, the lessee\u2019s incremental borrowing rate is used,
being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar
value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, JDE Peet's, where possible, uses recent third-party financing received by
the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing
was received.
JDE Peet's is exposed to potential future increases in variable lease payments based on an index or rate, which are not
included in the lease liability until they take effect. When adjustments to lease payments, based on an index or rate,
take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Right-of-use assets are measured at cost comprising the following:
\u2022 The amount of the initial measurement of lease liability
\u2022 Any lease payments made at or before the commencement date less any lease incentives received
\u2022 Any initial direct costs
\u2022 Restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset's estimated useful life and the lease term
on\u00a0a straight-line basis. If JDE Peet's is reasonably certain to exercise a purchase option, the right-of-use asset is
depreciated over the underlying asset\u2019s estimated useful life. Payments associated with short-term leases of equipment
and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in the income
statement. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT
equipment and small items of office furniture.
Extension and termination options are included in a number of property and equipment leases across JDE Peet's.
These are used to maximise operational flexibility in terms of managing the assets used in its operations. The majority
of extension and termination options held are exercisable only by JDE Peet's and not by the respective lessor.
In\u00a0determining the lease term, management considers all facts and circumstances that create an economic incentive
to\u00a0exercise an extension option, or not exercise a termination option. Extension options (or periods after termination
options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
Exchange rates used in financial statements
The following exchange rates are the most relevant in the financial statements:
\u00a0 \u00a0
Currency
2025
2024
U.S. dollar
Opening rate
0.966
0.906
Average
0.887
0.924
Ending rate
0.851
0.966
Brazilian real
Opening rate
0.157
0.187
Average
0.159
0.172
Ending rate
0.155
0.157
Russian ruble
Opening rate
0.009
0.010
Average
0.011
0.010
Ending rate
0.011
0.009
Pound Sterling
Opening rate
1.209
1.153
Average
1.168
1.181
Ending rate
1.147
1.209
Australian dollar
Opening rate
0.598
0.617
Average
0.572
0.610
Ending rate
0.568
0.598
Singapore dollar
Opening rate
0.707
0.686
Average
0.678
0.692
Ending rate
0.662
0.707
IAS 29 Financial Reporting in Hyperinflationary Economies
Under IAS 29 Financial Reporting in Hyperinflationary Economies, non-monetary assets and liabilities stated at
historical cost, equity and income statements of subsidiaries operating in hyperinflationary economies, are restated for
changes in the general purchasing power of the local currency, applying a general price index. These remeasured
accounts are used for conversion into euro at the period closing exchange rate. As a result, the balance sheet and net
results of subsidiaries operating in hyperinflation economies are stated in terms of the measuring unit current at the end
of the reporting period. JDE Peet's applied IAS 29 to its businesses in the Republic of Turkiye from the year ended
31\u00a0December 2022 through the sale of the subsidiary in 2025.
The following Turkish consumer price indices were used:
Consumer Price
Index
1 January 2024
1,859.38
31 December 2024 / 1 January 2025
2,684.55
Any net monetary gain or loss is recognised as part of the finance expense (see note 5.4). In 2025, the loss amounted
to EUR 2 million (2024: EUR 15 million).
Basis of Segmentation
The Group\u2019s operating segments are determined based on the internal reporting provided to the Chief Operating
Decision Maker (CODM), identified as the Chief Executive Officer. The operating segments are:
\u2022 Europe (excluding Eastern Europe)
\u2022 LARMEA (Latin America, United States, Middle East, Eastern Europe and Africa)
\u2022 APAC (Asia-Pacific)
\u2022 Peet\u2019s (primarily United States and China)
The operating segments are mainly separated based on geographical locations and, in the case of Peet's, different
business model. None of the operating segments are aggregated as each segment has distinct economic
characteristics. The accounting policies of the Group have been consistently applied to the segments.
Products and Services
Europe, LARMEA, and APAC primarily offer roast and ground coffee (multi-serve and single-serve), coffee pads and
capsules, instant coffee, and tea, to specified geographical areas. The offering also includes Out-of-Home activities,
providing hot beverage solutions and related services to businesses and institutions. Peet\u2019s offers whole bean coffee,
beverages, tea, and related products through retail, e-commerce, and licensed stores and operates a different business
model from other JDE Peet\u2019s brands. Further details on product groups are included in note 1.1.
Measurement of Segment Results
The CODM allocates resources and assesses segment performance using Segment Adjusted EBIT, which represents
segment profit for the period before finance income and expense, income tax, and share of net result of associates,
adjusted for items that are not considered part of normal operating activities. These adjustments, referred to as
\u2018unusual costs\u2019, are applied consistently across segments and aim to provide a clearer view of underlying performance
by excluding non-recurring income and/or cost, as well as items have an unusual nature from perspective of the
operating segment, or are not within the control of the operating segment. These include:
\u2022 ERP System Implementation Costs - Incremental expenses incurred to implement and upgrade enterprise
resource planning systems, including order, billing, payroll, and financial modules.
\u2022 Transformation Activities and Corporate Actions - This includes (reversals of) impairments of property, plant and
equipment and costs to restructure (transform) the operations to improve efficiency over the long-term and related
to strategic initiatives such as factory closures, changes in manufacturing footprint, and organizational redesign.
\u2022 Share-Based Payment Expense - Compensation costs that fluctuate based on market conditions and other
factors, creating volatility that does not reflect underlying operational trends and are outside of JDE Peet\u2019s control.
\u2022 Mark-to-Market Adjustments - Unrealised and realised gains or losses on commodity derivatives used for
economic hedging of input costs. These adjustments are excluded to reduce volatility caused by market forces,
which are outside of JDE Peet\u2019s control. Unrealised mark-to-market adjustments relate to results on green coffee
futures and other commodity derivative instruments for which JDE Peet's has not yet sold the underlying
commodity. These results are excluded when calculating Segment Adjusted EBIT. Upon the subsequent sale of the
underlying commodity to customers, the realised mark-to-market adjustments are recognised in Segment Adjusted
EBIT.
\u2022 Merger and Acquisition-Related Items - Costs incurred during acquisitions and integrations, including legal and
consulting fees, amortization of acquired intangibles, fair value adjustments, and divestment-related expenses.
Furthermore, this category includes impairments of intangible assets recognised or remeasured as part of purchase
price allocations.
In general, Segment Adjusted EBIT includes directly attributable items that are part of daily operations. 'Unallocated'
is\u00a0comprised of revenues and expenses that are not earned or incurred through the operating segments, such as, other
revenue, head office costs and intersegment eliminations. Segment Adjusted EBIT includes intercompany transactions,
but these are eliminated within \u201cUnallocated\u201d.
Apart from Segment revenue and Segment Adjusted EBIT no other segment components of profit and loss, assets or
liabilities are reported to the CODM.
Revenue recognition\u2014 JDE Peet's recognises revenue in accordance with the five-step model introduced by IFRS 15.
Revenue is measured based on the consideration to which it expects to be entitled in a contract with a customer and
excludes amounts collected on behalf of third parties. JDE Peet's recognises sales when the control is transferred and
the performance obligation is satisfied and when specific criteria have been met for each of the activities as described
below. Revenue is recognised when the goods and services are delivered at a point in time or over time, depending on
the nature of transaction. Sales of goods are typically recognised at a point in time, where the revenue related to the
Out-of-Home customer can be recognised at a point in time or over time. Revenue taxes collected from customers are
excluded from revenue and the obligation is included in accrued liabilities until the taxes are remitted to the appropriate
taxing authorities. JDE Peet's bases its estimates on historical results, taking into consideration the type of customer,
the type of transaction and the specifics of each arrangement.
Contracts with Out-of-Home customers\u2014Contracts with Out-of-Home customers may include multiple element
arrangements where performance obligations include both the delivery of products and the lease or sale of coffee
equipment. In some instances, the coffee equipment is provided for free, but the customer agrees to purchase and
use\u00a0JDE Peet's products. Such contracts may be inclusive of free maintenance of the coffee equipment for a specific
period. In such situations, JDE Peet's separates the sales transaction into the identifiable performance obligations in
order to reflect the substance of the transaction based on the stand-alone selling prices of these obligations. JDE
Peet's assesses the stand-alone selling prices available for the individual components and allocates the revenue of the
total transaction in accordance with IFRS 15 Revenue from Contracts with Customers. Revenue derived from a sale of
coffee equipment is recognised at a point in time. Revenue derived from operating lease and maintenance contracts
are recognised overtime, the duration of these contracts is between 1 to 5 years.
Customer loyalty programmes\u2014JDE Peet's has a customer loyalty programme in the Netherlands whereby
consumers collect points (award credits) towards merchandise. The customer loyalty programme has separate
performance obligations whereby the consumer is purchasing the products as well as the award credit. The revenue
associated with the award credit is derived from the product stand-alone selling price and is deferred and recognised
separately as a liability at the time of the initial sale. The estimation of this stand-alone selling price of the award credits
includes consideration of the proportion of the awards expected to be redeemed. The contract liability is included in
trade and other payables in the statement of financial position, is recognised at a point in time when fulfilled. In line with
IAS 1, the customer loyalty programme's' contract liability is classified as current. Further information on the liability\u00a0
balances is provided in note 4.3.
JDE Peet's revenue consists of the following:
\u2022 Product sales to third parties (coffee, tea, other food and beverage)\u2014The conditions above are generally
met\u00a0when the control of the products of categories coffee, tea and other food and beverage is transferred to
distributors, resellers or end customers. In particular, title usually transfers upon receipt of the product at the
customers\u2019 locations, or upon shipment, as determined by the specific sales terms of the transactions. Revenue
from owned coffee stores are presented net of discounts and recognised at the point of sale for food and beverage
products sold.
\u2022 Services (lease revenue and maintenance fees)\u2014JDE Peet's leases coffee machines as a service to certain of its
Out-of-Home customers. Income from these leases is recognised in the income statement based on the policy for
leases. In addition, maintenance fees are received related to its Out-of-Home machines, which are recognised on an
accrual basis in accordance with the substance of the relevant agreements. Revenue from fixed-price contracts is
generally recognised in the period that the maintenance services are rendered, using a straight-line basis over the
term of the contract.
Revenues described above are recognised for individual components and the revenue of the total transaction price is
allocated to the individual components by reference to their stand-alone selling price. Trade allowances and product
returns are estimated based on historical results taking into consideration the customer, transaction and specifics of
each arrangement while also taken into account forward looking information. JDE Peet's provides a variety of sales
incentives to resellers and consumers of its products, and the policies regarding the recognition and presentation of
these incentives within the income statement are as follows.
Included in revenue:
\u2022 Discounts, coupons and rebates\u2014The reduction of the transaction price of these non-volume-based incentives is
recognised at a point in time at the later of the date at which the related sale is recognised or the date at which the
incentive is offered. The cost of these incentives is estimated using a number of factors, including historical
utilisation and redemption rates. These incentives are settled in cash and are included in the determination of sales.
\u2022 Listing fees\u2014Certain retailers require the payment of listing fees in order to provide space for JDE Peet's products
on the retailer\u2019s store shelves. These amounts are included in the transaction price.
\u2022 Volume-based incentives\u2014These incentives typically involve rebates or refunds of a specified amount of cash
if\u00a0the reseller reaches a specified level of sales, taking into account applicable competition laws. Under incentive
programmes of this nature, the incentive is estimated and a portion of the incentive is allocated to reduce each
underlying sales transaction with the customer overtime.
\"\"
\u2022 Cooperative advertising\u2014Under these arrangements, JDE Peet's agrees to reimburse the reseller for a portion of
the costs incurred by the reseller to advertise and promote certain of its products. These expenses are inseparable
from the revenue generated by product sales. As such, for the majority of cases the cost of cooperative advertising
programmes are recognised as a reduction to the transaction price, unless the services are considered distinct
which would result in the recognition of the costs as advertising costs.
\u2022 Fixtures and racks\u2014Store fixtures and racks are provided to retailers to display certain products of JDE Peet's.
The costs of these fixtures and racks are recognised as a reduction of the transaction price as the costs are
inherently linked to the sale of our products.
Key accounting estimate and judgement\u2014Revenue is recognised for individual performance obligations and
the total transaction price is allocated to the individual components by reference to their stand-alone selling
price. JDE Peet's estimates trade allowances and product returns based on credit risk characteristics of the
customer, the days past due, the transaction and specifics of each arrangement. As described above, JDE
Peet's has a variety of sales incentives, sales returns and marketing accruals. Measuring the fair value of these
incentives requires, in many cases, estimating future customer utilisation, redemption rates and relative fair
value. These incentives include coupons that have a prescribed value. Historical data for similar transactions
is\u00a0used in estimating the fair value of incentive programmes. These estimates are reviewed each period and
adjusted based upon actual experience and other available information. Additionally, JDE Peet's has a
significant number of trade incentive programmes and other factors outside of its control that impact the
ultimate cost of these incentives. Any significant change in these estimates could potentially have a material
impact on revenue and profits especially in areas where estimation uncertainty is higher.
Expens es\u2014Expenses are recognised based on the accrual basis of accounting. This means that expenses are
recognised when the product is received or the service is provided regardless of when cash outflow takes place.
In\u00a0relation to the expenses recognised in relation to depreciation, amortisation and impairments, reference is made
to\u00a0the specific accounting policy information as is included in notes 3.2 and 3.4. In relation to the costs as expensed
in\u00a0relation to inventory, reference is made to the specific accounting policy as is included in note 4.1.
Basic earnings per share (EPS) is calculated by dividing the profit for the year attributable to the owners of the
Company by the time-weighted average number of ordinary shares outstanding during the year.
Diluted EPS is calculated by dividing the profit attributable to the owners of the Company by the time-weighted average
number of ordinary shares outstanding during the year adjusted for the time-weighted average number of ordinary
shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. At both
the level of the Company, and subsidiary level, there are share-based payment plans that should be considered in the
earnings per share calculation. The share-based payments plans at the subsidiary level are taken into consideration in
the determination of the profit attributable to owners of the Company.
Participants receive listed shares in the Company upon vesting and the Company has the obligation to deliver the
shares, diluting the shares of the Company. The conversion rates used in the earnings per share calculation are similar
to the conversion rates used in the share-based payment calculations. For further details on the conversion rates and
valuation techniques refer to note 7.1.
JDE Peet's applies the acquisition method to account for business combinations. The consideration transferred for the
acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests
issued and includes the fair value of any asset or liability resulting from a contingent consideration arrangement.
Acquisitions where a sequence of transactions begins with JDE Peet's gaining control, followed by acquiring additional
ownership interests shortly thereafter, typical in public offers where offers are made to a group of shareholders, are
accounted for as a single transaction. Acquisition-related costs are expensed as incurred. Identifiable assets acquired
and (contingent) liabilities assumed in a business combination are measured initially at their fair values at the acquisition
date, with limited exceptions as allowed under IFRS 3.
\u2022 Deferred tax assets and liabilities are recognised and measured at acquisition date in accordance with IAS 12.
\u2022 Assets and liabilities related to employee benefit arrangements are recognised and measured at acquisition date in
accordance with IAS 19.
\u2022 Share-based payments arrangements are measured at acquisition date in accordance with IFRS 2.
On an acquisition-by-acquisition basis, JDE Peet's recognises any non-controlling interest in the acquiree either at fair
value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
The excess of the consideration transferred over the net of the acquisition-date amounts of the identifiable assets
acquired and the liabilities assumed is recognised as goodwill. To the extent applicable, any non-controlling interest in
the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree are added to
consideration transferred for purposes of calculating goodwill. If this is less than the fair value of the net assets of the
subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement.
The reconciliation of the carrying amount of goodwill is included in note 3.2.
Business Combinations under Common Control\u2014A business combination involving entities or businesses under
common control is a business combination in which all of the combining entities or businesses are ultimately controlled
by the same party or parties both before and after the business combination and the control is not transitory. JDE
Peet's adopted accounting principles similar to the pooling-of-interest method. Under this method, the assets and
liabilities of the acquired entity are recognised at the same book values as the ultimate parent entity\u2019s consolidated
financial statements (adjusted for the alignment of accounting policies and applicable GAAP applied by the companies
involved). The difference, if any, between the carrying value of the net assets acquired and the consideration paid by
the Group is recognised in Equity.
Key accounting estimate and judgement\u2014The purchase price allocation includes fair values of assets and
(contingent) liabilities that are based on information available at the time of determining those values. The valuation
method of determining the fair value depends on the facts and circumstances relating to the specific asset and
liability.
Goodwill\u2014Goodwill represents the excess of the consideration transferred in an acquisition over the net of the
acquisition-date amounts of the identifiable assets acquired and the liabilities assumed of the acquired subsidiary at
the date of acquisition. Goodwill on acquisitions of subsidiaries is included in goodwill and other intangible assets on
the statement of financial position. To the extent applicable, any non-controlling interest in the acquiree and the
acquisition-date fair value of any previous equity interest in the acquiree are added to consideration transferred
for\u00a0purposes of calculating goodwill.
Goodwill is not amortised but is tested annually for impairment, or more frequently when events are identified which
require an impairment test, and is carried at cost less accumulated impairment losses (see note 3.3).\u00a0
Trademarks and other identifiable intangible assets\u2014The primary identifiable intangible assets of JDE Peet's are
trademarks, brands and other identifiable intangible assets, being mainly customer relationships and technologies, that were
acquired in business combinations. Trademarks, brands, customer relationships and technologies are recognised at fair value
at acquisition date. The useful life of an intangible asset is assessed as being either finite or indefinite. An intangible asset is
regarded as having an indefinite useful life when, based on all of the relevant factors, there is no foreseeable limit to the period
over which the asset is expected to generate net cash inflows for the entity. The term 'indefinite' does not mean 'infinite'.
There is no expectation that the cash inflows generated by the asset will go on forever; instead there is no foreseeable point at
which the cash inflows will cease. Trademarks with a finite useful life are based on such things as the years that this trademark
is in place and cash inflows generated thus far. Trademarks, brands, customer relationships and technologies that have a
definite useful life are tested when events are identified which require an impairment test. These intangibles are carried at cost
less accumulated amortisation and impairment losses. Amortisation is calculated using the straight-line method to allocate the
cost of trademarks, brands, customer relationships and acquired technologies over their estimated useful lives.
Software\u2014Software is a separately acquired intangible asset, which is initially measured at cost. After initial
recognition, software should be carried at its cost less any accumulated amortisation and any accumulated impairment
losses. Software is amortised on a straight-line basis over their estimated useful lives.
The estimated useful lives, which are reviewed annually and adjusted if appropriate and are presented as follows:
Trademarks & brands
10 to 30 years, or indefinite
Customer relationships
4 to 15 years
Acquired technologies
7 to 20 years
Software
1 to 8 years
Other
5 to 12 years
Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or circumstances
indicate that the carrying amount may not be recoverable. Assets that have an indefinite useful life, such as trademarks
and brands, are not subject to amortisation and are tested at least annually for impairment or when events or
circumstances indicate that the carrying amount may not be recoverable. When events or circumstances indicate that
an individual asset is not recoverable the asset is tested on an individual basis.
Goodwill is tested for impairment on the last day of the third quarter of the year, and whenever a significant event
occurs or circumstances change that might reduce the recoverable amount of the goodwill. If the recoverable amount
of a cash-generating unit (CGU) or a group of CGUs is less than its carrying amount, the impairment loss is first
allocated to goodwill. Any remaining impairment loss is allocated to all remaining assets in the CGU or group of CGUs.
Impairment losses on goodwill are not reversed.
Goodwill is allocated to groups of CGUs for the purpose of impairment testing. The allocation is made to those groups
of CGUs that are expected to benefit from the business combination in which the goodwill arose, identified consistent
with the operating segment before any aggregation.
An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset\u2019s fair value less cost of disposal (FVLCD) or value-in-use (VIU). For the
purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable
cash flows. Non-financial assets, other than goodwill that is impaired, are reviewed for possible reversal of the
impairment at each reporting date.
Key accounting estimate and judgement\u2014Determining whether goodwill is impaired requires an estimation of
the VIU of the group of CGUs to which goodwill has been allocated. The VIU calculation requires management
to estimate future cash flows expected to arise from the CGU and a suitable discount rate to calculate present
value. If the actual future cash flows are less than expected, an impairment loss may arise. VIU is a valuation
derived from the discounted future cash flows of the CGUs. Cash flow projections were made for 7 years, which
were approved by the Board of Director of which 5 years were included in the cash flow forecast and of which
the first year is aligned to the budget for the following year. The growth rates for the sixth year are based on the
average of the fifth and seventh year. The cash flows after the 6-year period are extrapolated using a terminal
growth rate equal to the inflation assumption to determine the terminal value. The coffee price growth per year is
assumed to be the expected country-specific annual long-term inflation, which is based on external sources. A
CGU-specific pre-tax Weighted-Average Cost of Capital (WACC) was applied. The cash flow projections in the
impairment assessment include financial impacts in relation to executing the environmental strategy.
JDE Peet's reviews these estimates at least annually as of the date of each impairment test and believes them to be
appropriate. However, changes in these estimates could change the outcomes of the impairment reviews and therefore
affect future financial results, the effects of which would be recognised in the income statement, through operating profit.
As part of the overall impairment test performed with the measurement date 30 September 2025, also the recoverability
of the CGUs carrying these trademarks was assessed, concluding no impairments to be recognised.
Goodwill is monitored by management at the operating segment level.
The terminal growth rate is equal to the long-term annual inflation
rate specific to the asset or CGU. The KDP bid price in current year is treated as indicative of the entity\u2019s fair value and
the segments\u2019 total recoverable amounts are reconciled to that bid price. For some intangible assets, management
expects to achieve growth driven by sales, marketing and distribution expertise, which is significantly in excess of the
terminal growth rates for the applicable countries or regions. In these circumstances, the recoverable amount is
calculated based on the following inputs: the annual growth rate of the country\u2019s gross domestic product, aggregated
with its inflation rate and adjusted according to the specific asset or CGU.
The terminal growth rate is assumed equal to the long-term annual inflation rate of the country. For brands, the
assumptions are based on a weighted-average taking into account the country or countries where sales are made.
The key assumptions (pre-tax discount rates, terminal growth rates and EBITDA margin growth) used to calculate the
VIU for impairment testing are included in the following table (in percentage):
Property, plant and equipment is carried at historical cost, less accumulated depreciation and any impairment losses.
The cost of purchased property, plant and equipment is the value of the consideration given to acquire the assets and
the value of other directly attributable costs including, for qualifying assets, capitalised borrowing costs and asset
retirement obligations. Leasehold improvements and other property additions and improvements are included in the
asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to JDE Peet's and the cost of the item can be measured reliably.
The carrying amount of any replaced part is derecognised at the time it is disposed and charged to expense. All repair
and maintenance costs are charged to expense as incurred.
Property, plant and equipment is depreciated on a straight-line basis over the estimated useful lives of the assets,
except land and assets under construction which are not depreciated. JDE Peet's believes that the wear and tear on
each category of assets is spread evenly over the useful life. The estimated useful lives, which are reviewed annually
and adjusted if appropriate, are presented as follows:
Buildings and improvements
up to 40\u00a0years
Leasehold improvements
10 to 20 years
Machinery and equipment
up to 25 years
The assets\u2019 residual values are reviewed annually and adjusted, if appropriate, at the end of each reporting period.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of the assets and
are recognised in the income statement within selling, general and administrative expenses. An asset\u2019s carrying amount
is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated
recoverable amount.
Key accounting estimate and judgement\u2014With respect to impairment of long lived assets, judgements are
made related to the expected useful lives of long-lived assets and their ability to realise undiscounted cash flows
in excess of the carrying amounts of such assets which are affected by factors such as the ongoing
maintenance and improvements of the assets, changes in economic conditions and changes in operating
performance. In assessing the remaining useful lives JDE Peet's concluded that there is no material impact from
climate risk.
Inventories are stated at the lower of cost or net realisable value. Cost is determined by the first-in, first-out method
and includes the impact of rebates, discounts and other cash consideration received from a vendor related to inventory
purchases and the reclassification from equity of any gains or losses on qualifying cash flow hedges relating to
purchases of raw material. The cost of finished goods and work in progress comprises package design costs, raw
materials, direct labour, and other direct costs, including transportation costs incurred in bringing inventories to their
location immediately prior to external sale, and condition and related production overheads based on normal operating
capacity. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable
selling expenses (i.e. less all estimated costs of completion and costs necessary to make the sale). In addition,
inventories include coffee machines that have not yet been leased.
Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course
of business. If collection is expected in 12 months or less, they are classified as current. If not, then they are presented
as non-current assets. Trade receivables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method, less a provision for impairment.
Trade payables are obligations to pay for goods or services that were acquired in the ordinary course of business.
Trade and other payables are classified as current liabilities if payment is due within 12 months or less. If not, they are
presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method.
Key accounting estimate and judgement
In evaluating whether liabilities to suppliers who participate in a supply chain finance initiative, utilise notices of
assignment, or act as intermediaries, qualify as trade payables (as opposed to borrowings) judgement is required
as such arrangements could contain characteristics of both. JDE Peet's considers elements such as changes in
the contractual relationship with the supplier, whether any seniority or collateral is granted on the amounts
payable to the supply chain finance party, and the extent to which extended payment terms are customary.
JDE Peet\u2019s sometimes engages in transactions involving interest-bearing trade payables as part of standard
commercial negotiations with its suppliers. These interest-bearing payables are typically negotiated in a manner
consistent with the JDE Peet\u2019s broader trade payable practices. Judgment has been exercised in assessing
whether the presence of interest alters the nature and timing of settlement of these trade payables so as to
require separate presentation within the consolidated statement of financial position. JDE Peet\u2019s has concluded
that the interest component on these payables does not materially change the overall nature and timing of the
trade payable. The terms and conditions, including interest payments, align closely with other non-interest-
bearing trade payables, thereby ensuring a consistent approach in managing supplier relationships, payment
obligations and reporting.
Given the customary length of payment terms in the coffee & tea business, it is not uncommon for suppliers of
JDE Peet's to use notices of assignment programmes of financial institutions.
Such notices of assignment are all initiated by, and at the discretion of, the suppliers, and do not change the
nature, terms and conditions, or payment terms of the amounts owed by JDE Peet's. Therefore, such
arrangements of suppliers do not modify JDE Peet's classification of the trade payables.
Estimates are made in the determination of marketing (trade promotion) accruals. When trade promotions are
provided to customers, these reduce the transaction price and consequently the revenue. The conditional
discounts in revenue (refer to note 2.2) are estimated based on accumulated experience supported by historical
and current sales information. Expected sales volumes are determined taking into account (historical) sales
patterns and other relevant information. A trade promotion accrual is recognised for expected volume and year-
end trade promotions payable to customers in relation to sales made until the end of the reporting period.
Translation reserve \u2014The translation reserve comprises foreign currency differences arising from the translation of the
assets and liabilities of foreign operations (excluding amounts attributable to non-controlling interests) as well as value
changes of the hedging instruments in the net investment hedges.
Hedging reserve\u2014This reserve comprises the effective portion of the cumulative net change in the fair value of cash
flow hedging instruments where the hedged transaction has not yet occurred.
Other reserves\u2014These reserves relate to the movements in share-based payments and retirement benefit obligations.
Reference is made to the specific accounting policy information described within the respective section above.
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value
is recognised in the income statement over the period of the borrowings using the effective interest method.
An exchange of debt instruments or modification of terms is accounted for as a substantial modification or non-
substantial modification. For both a non-substantial and substantial modification, a gain or loss is recognised at the
time of recognition. When accounted for as a non-substantial modification, the gain or loss is determined using the
difference between the present value of the cash flows under the original and modified terms discounted at the original
effective interest rate. When accounted for as a substantial modification, the original financial liability is derecognised
and a new financial liability is recognised at fair value.
In the statements of financial position, cash and cash equivalents include cash on hand and other short-term highly
liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk
of changes in value. Any bank overdraft is included in trade and other payables. In the statements of cash flows, any
bank overdraft is included as an offset to cash and cash equivalents.
JDE Peet's receives finance income primarily representing interest on cash and cash equivalents, interest income from
cross-currency interest rate swaps and dividend income from total return equity swaps. Interest income and expense
on cash pool arrangements are considered to be an intercompany transaction and are therefore eliminated. Finance
expense primarily relates to interest on borrowings and change in fair value of derivative financial instruments.
The\u00a0interest is recognised using the effective interest method .
In accordance with IFRS 9, financial assets are classified into the following categories: a) amortised costs, b) fair value
through profit or loss and c) fair value through OCI. Classification under IFRS 9 for investments in debt instruments is
driven by JDE Peet's model for managing financial assets and their contractual cash flow characteristics. Management
determines the classification of its financial assets at their initial recognition.
Financial assets are classified as follows:
\u2022 Financial assets at amortised cost\u2014Assets that are held for collection of contractual cash flows where those
cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from
these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising
on derecognition is recognised directly in the income statement and presented in other gains/(losses) together with
foreign exchange gains and losses. Impairment losses are presented as a separate line item in the income
statement.
\u2022 Financial assets at fair value through OCI\u2014Assets that are held for collection of contractual cash flows and for
selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are
measured at fair value through OCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are
recognised in the income statement. When the financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from Equity to the income statement and recognised in other gains/
(losses). Interest income from these financial assets is included in finance income using the effective interest rate
method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are
presented as a separate line item in the income statement.
\u2022 Assets and liabilities that do not meet the criteria for amortised cost or fair value through OCI are measured at fair
value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through
profit or loss is recognised in the income statement (in finance expense except for the change in fair value of
commodity derivative financial instruments which are included in the cost of sales) and presented net within other
gains/(losses) in the period in which it arises.
The regular purchases and sales of financial assets are recognised on the trade-date, which is the date on which
JDE\u00a0Peet's commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash
flows from the investments have expired or have been transferred and substantially all risks and rewards of ownership
were transferred. Financial assets and liabilities are offset and the net amount is recognised in the statement of financial
position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle
on\u00a0a net basis or realise the asset and settle the liability simultaneously.
Impairment of Financial Assets\u2014Upon initial recognition of the financial asset the expected loss is assessed.
Subsequently, at the end of each reporting period it is assessed whether there is objective evidence that a financial
asset or group of financial assets is impaired. The impairment model for financial assets is based on expected credit
loss. A broader range of information is considered when assessing credit risk and measuring expected credit losses,
including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability
of the future cash flows of the instrument. The impairment methodology applied, depends on whether there has been a
significant increase in credit risk. In applying this forward-looking approach, a distinction is made between the following
categories:
\u2022 Financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low
credit risk (\u2018Stage 1\u2019) - \u201812-month expected credit losses\u2019 are recognised for this category.
\u2022 Financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit
risk is not low (\u2018Stage 2\u2019) - \u2018lifetime expected credit losses\u2019 are recognised for this category.
\u2022 (\u2018Stage 3\u2019) would cover financial assets that have objective evidence of impairment at the reporting date.
Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the
expected life of the financial instrument. For trade receivables, the simplified approach permitted by IFRS 9 is applied,
which requires expected lifetime losses to be recognised from initial recognition of the receivables. The measurement
of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if
there is a default) and the exposure at default. The assessment of the probability of default and loss given default is
based on historical data adjusted by forward-looking information. As for the exposure at default, for financial assets,
this is represented by the assets\u2019 gross carrying amount at the reporting date for financial guarantee contracts, the
exposure includes the amount drawn down at the reporting date, together with any additional amounts expected to be
drawn down in the future by default date determined based on historical trend, the understanding of the specific future
financing needs of the debtors, and other relevant forward-looking information.
For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are
due to JDE Peet's in accordance with the contract and all the cash flows that are expected to be received, discounted
at the original effective interest rate. For a lease receivable, the cash flows used for determining the expected credit
losses is consistent with the cash flows used in measuring the lease receivable in accordance with IFRS 16.
For a financial guarantee contract, as JDE Peet's is required to make payments only in the event of a default by the
debtor in accordance with the terms of the instrument that is guaranteed, the expected loss allowance is the expected
payments to reimburse the holder for a credit loss that it incurs less any amounts that are expected to be received from
the holder, the debtor or any other party.
When a loss allowance was measured for a financial instrument at an amount equal to lifetime expected credit loss
(ECL) in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL
are no longer met, the loss allowance is measured at an amount equal to 12-month ECL at the current reporting date,
except for assets for which the simplified approach was used.
An impairment gain or loss is recognised in profit or loss for all financial instruments with a corresponding adjustment
to their carrying amount through a loss allowance account, except for investments in debt instruments that are
measured at fair value through OCI, for which the loss allowance is recognised in other comprehensive income and
accumulated in the investment revaluation reserve, and does not reduce the carrying amount of the financial asset in
the statement of financial position.
On assessing whether the credit risk on a financial instrument has increased significantly since initial recognition,
a\u00a0comparison is made with the risk of a default occurring on the financial instrument at the reporting date with the risk
of a default occurring on the financial instrument at the date of initial recognition. In making this assessment, both
quantitative and qualitative information are considered that is reasonable and supportable, including historical
experience and forward-looking information that is available without undue cost or effort. Forward-looking information
considered includes the future prospects of the industries in which JDE Peet\u2019s debtors operate, obtained from
economic expert reports, financial analysts, governmental bodies, relevant think-tanks and other similar organisations,
as well as consideration of various external sources of actual and forecast economic information that relate to
JDE\u00a0Peet\u2019s core operations.
In particular, the following information is taken into account when assessing whether credit risk has increased
significantly since initial recognition:
\u2022 An actual or expected significant deterioration in the financial instrument\u2019s external (if available) or internal credit
rating.
\u2022 Significant deterioration in external market indicators of credit risk for a particular financial instrument, e.g.
a\u00a0significant increase in the credit spread, the credit default swap prices for the debtor, or the length of time or the
extent to which the fair value of a financial asset has been less than its amortised cost.
\u2022 Existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a
significant decrease in the debtor\u2019s ability to meet its debt obligations.
\u2022 An actual or expected significant deterioration in the operating results of the debtor.
\u2022 Significant increases in credit risk on other financial instruments of the same debtor.
\u2022 An actual or expected significant adverse change in the regulatory, economic, or technological environment of the
debtor that results in a significant decrease in the debtor\u2019s ability to meet its debt obligations.
Irrespective of the outcome of the above assessment, JDE Peet's presumes that the credit risk on a financial asset has
increased significantly since initial recognition when contractual payments are more than 30 days past due, unless
JDE\u00a0Peet's has reasonable and supportable information that demonstrates otherwise.
JDE Peet's considers a financial asset to have low credit risk when the asset has an external credit rating of \u2018investment
grade\u2019 in accordance with the globally understood definition or if an external rating is not available, the asset has an
internal rating of \u2018performing\u2019. Performing means that the counterparty has a strong financial position and there are no
past due amounts
This section explains the judgements and estimates made in determining the fair values of the financial instruments that
are recognised and measured at fair value. To provide an indication about the reliability of the inputs used to determine
fair value, financial instruments are classified into the three levels as prescribed under IFRS 13. An explanation of each
level follows below:
\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
\u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(that is, as prices) or indirectly (that is, derived from prices) (Level 2)
\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
The commodity coffee futures and unsecured notes are valued using Level 1 valuation methods. Substantially all of the
other derivative assets and liabilities are valued using Level 2 valuation methods. Share-based payments are valued
using Level 2 and Level 3 valuation methods, for details on this valuation see note 7.1 Share-based payments.
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives)
is determined by using valuation techniques. These valuation techniques maximise the use of observable market data
where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fairly
value an instrument are observable, the instrument is included in Level 2.
Specific valuation techniques used to value financial instruments include:
\u2022 Quoted market prices or dealer quotes for similar instruments
\u2022 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based
on\u00a0observable yield curves
\u2022 The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance
sheet date, with the resulting value discounted back to present value
\u2022 The fair value of total return equity swap is calculated based on the share price at the reporting date versus the
average price for which the shares have been purchased times the volume purchased.
Management believes that the carrying amount of all other financial assets and financial liabilities recognised in the
statement of financial position approximates its fair value. Unsecured notes, initially accounted for at fair value and
subsequently at amortised cost, classify as Level 1, as these instruments are traded with publicly available prices.
Other borrowings, initially accounted for at fair value and subsequently at amortised cost, classify as Level 2, as no
similar instrument is available due to the specific profiles of the instruments.
JDE Peet's uses derivative financial instruments, including forward exchange contracts, futures, options, commodity
arrangements, interest rate swaps, total return equity swaps, net investment hedges and cross currency interest rate
swaps in order to manage exposures from foreign exchange, commodity prices, equity prices and interest rate risks.
The use of these derivative financial instruments intends to reduce the risk or cost and are in accordance with
JDE\u00a0Peet's financial policy and governance framework. Derivatives are not used for trading or speculative purposes
and JDE Peet's is not a party to leveraged derivatives. Maturity of the foreign exchange and commodity derivatives
is\u00a0primarily within one year.
JDE Peet's applies the hedge accounting requirements in IFRS 9. Derivatives are initially recognised at fair value
through profit and loss on the date a derivative contract is entered into and are subsequently remeasured at fair value.
Dividend income from equity derivatives is separately recorded as finance income. Refer to note 5.4. The method of
recognising the resulting gain or loss from the measurement depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged. To qualify for hedge accounting, the hedge
relationship must meet all of the following requirements:
\u2022 There is an economic relationship between the hedged item and the hedging instrument
\u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that
the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that
quantity of hedged item.
Hedge accounting is applied to certain derivatives to remove the accounting mismatch between the hedging instrument
and hedged item.
At inception of the transaction, the relationship is documented between hedging instruments and hedged items when
hedge accounting is applied. In addition to this, the risk management objectives and strategy for undertaking various
hedging transactions are documented when hedge accounting is applied. In case hedge accounting is applied, the
value of the assessment whether the derivatives that are used in hedging transactions are highly effective in offsetting
changes in fair value of the hedge items is performed and documented, both at hedge inception and on an ongoing
basis.
The fair values of the derivative instruments are disclosed in note 6.5 Fair value estimation. Derivatives are classified as
current when the settlement date is within 12 months from the period-end and all other derivatives as non-current in the
statement of financial position. The change in fair value of commodity derivatives is recognised within cost of sales and
the movement of all other derivatives within finance expense in the income statement unless hedge accounting is applied.
Fair value hedge\u2014The changes in the fair value of derivatives that are designated and qualify as fair value hedges are
recognised in the income statement, together with any changes in the fair value of the hedged asset or liability that are
attributable to the hedged risk.
Cash Flow hedge\u2014Fair value movements of hedging instruments in a designated effective cash flow hedge are
recognised directly in the cash flow hedge reserve (net of tax), a separate component within OCI, net of the foreign
exchange and interest effective to the period.
Amounts accumulated in OCI are reclassified to the income statement in the periods when the hedged item affects
profit or loss. Ineffectiveness on cash flow hedges is recognised where the cumulative change in the designated
component value of the hedging instruments exceeds, on an absolute basis, the change in value of the hedged items
attributable to the hedged risk. The gain or loss as a result of ineffectiveness is recognised in the income statement
within Finance expense. When the forecasted transaction that is hedged, results in the recognition of a non-financial
asset (for example, inventory or fixed assets), the gains and losses that were recognised in OCI are transferred from
OCI and included in the initial measurement of the cost of the asset.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in OCI at that time remains in OCI and is recognised when the forecasted transaction is
ultimately recognised in the income statement. When a forecasted transaction is no longer expected to occur, the
cumulative gain or loss that was recognised in OCI is immediately transferred to the income statement within Finance
expense.
Net investment hedges\u2014JDE Peet\u2019s partly mitigates exposures from its investments in foreign operations by using
both derivative and non- derivative financial instruments as hedging instruments. Hedges of a net investment in foreign
operations are accounted for in a similar way as cash flow hedges. Gains or losses on the hedging instrument relating to
the effective portion of the hedge are recognised in the currency translation reserve (equity component). The gain or loss
relating to the ineffective portion is recognised in the income statement. When a net investment in foreign operation is
(partly) disposed of, the amount in the currency translation reserve is (partly) released in the income statement.
In 2023, JDE Peet's partly hedged it CNY investment in foreign operations with a cross-currency swap, and extended
the hedging of investment in operations with SEK and THB with cross-currency swaps in 2024 comprising of a total
value of EUR 78 million at 31 December 2025.
Key accounting estimate and judgement\u2014The fair value of financial instruments that are not traded in an
active market (for example, over-the-counter derivatives) is determined by using the Discounted Cash Flow
method. Judgement is used to select a variety of methods and to make assumptions that are mainly based on
market conditions existing at the end of each reporting period.
The share-based payment plans partially qualify as equity-settled and partially as cash-settled.
Equity-settled\u2014JDE Peet's operates a number of equity-settled share-based payment plans, under which it receives
services from directors and employees, including CEO, members of the Coffee Enabling Leadership Team (CELT) and
certain employees of the Company, JDE and Peet's (also referred to as \"participant(s)\") as consideration for share-
based payment awards. For these share-based payment plans, JDE Peet's does not have a present obligation to settle
in cash or an obligation to repurchase the equity instruments. To fulfil its commitments to directors and employees,
JDE Peet\u2019s must remit payroll taxes in accordance with the requirements established by laws and regulations in the
country where the participants reside.
The total amount to be expensed for services received is determined by reference to the grant date fair value of the
share-based payment award made.
The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the
estimated number of shares that will eventually vest, with an offset to the share-based payment reserve within Equity.
Compensation expense is recognised from the beginning of the service period, even when the grant date is subsequent
to the service commencement date. Once the grant date is established, the estimated fair value is revised so that the
compensation expense recognised is based on the actual grant date fair value of the award. All grants have as vesting
condition that the participant should provide services for JDE Peet's until the end of the vesting period. In addition, the
Restricted Stock Units (RSUs) under the Executive Ownership Plan (the Company) as of 2023, the Option Plan and the
Performance Stock Units (PSUs) introduced in 2024 have additional performance conditions.
When equity-settled share-based payment plans are modified to cash-settled, the share-based payment reserve within
Equity is reclassified as a liability using the fair value at the date of the modification. The difference between the fair
value at the grant date and the fair value at the modification date for the pro-rata period since the grant date is
recognised in retained earnings in Equity.
Cash-settled\u2014If JDE Peet's has an obligation to settle in cash or an obligation to repurchase shares awarded to
participants, the arrangement is classified as a cash-settled share-based payment plan. For such cash-settled share-
based payments plans, the costs are recognised on a straight-line basis over the vesting period, whereby the fair value
of the liability is remeasured at each reporting date and at the date of settlement, with any changes in fair value
recognised in the income statement.
When cash-settled share-based payment plans are modified to equity-settled share-based payment plans, the liability
is reclassified to the share-based payment reserve within Equity using the fair value at the date of the modification.
The\u00a0modification-date fair value is used in determining the compensation expense over the remaining vesting period.
Share-based payment compensation expenses are recognised based on a number of assumptions regarding
estimated forfeitures and measurement of the fair value. A change in these assumptions may result in changes in
the liability in the future.
When the vesting period of an equity-settled or cash-settled share-based payment plan is modified, the compensation
expense from the date of modification is amortised over the period from the date of the modification through the
modified vesting date.
Income tax expense for the period comprises of current and deferred tax. Current and deferred tax is recognised in the
income statement, except when it relates to a business combination or for items recognised in OCI or directly in Equity.
Current income tax\u2014Current income tax is the expected income tax payable or receivable in respect of taxable
income or loss for the current year in the countries where JDE Peet's operates and generates taxable income, using the
tax rates enacted or substantially enacted at the reporting date, and any adjustments thereto in respect of previous
years.
Deferred income tax\u2014Deferred income tax is a tax payable or receivable in the future and is recognised on temporary
differences arising from differences between the tax bases of assets and liabilities and their carrying amounts, unused
tax losses and unused tax credits.
Deferred income tax is not recognised on temporary differences related to: (i) the initial recognition of an asset or
liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting
nor taxable profit or loss, (ii) the investments in subsidiaries, branches and associates, and interests in joint ventures,
to\u00a0the extent that JDE Peet's is able to control the timing and reversal of the temporary differences and it is probable
that they will not reverse in the foreseeable future, and (iii) the initial recognition of goodwill.
Deferred income tax is measured at the tax rates that are expected to be applied to temporary differences when they
reverse, based on the laws that have been enacted or substantially enacted at the reporting date.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against
which they can be utilised. The criteria that are considered in assessing the probability that sufficient taxable profit will
be available include: (i) the existence of taxable temporary differences that relate to the same taxation authority and the
same taxable entity, (ii) expected future taxable profits and (iii) tax planning opportunities. In case a history of recent
losses is present, it is considered whether convincing other evidence exists, such as the nature of the (historical) losses
and changes in activities to support recognising the deferred tax asset.
Deferred tax liabilities for withholding taxes are recognized for subsidiaries and unconsolidated companies in situations
where the earnings are to be paid out as dividend in the foreseeable future to the extent that these withholding taxes
are not expected to be refundable or deductible.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the
same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle
the balances on a net basis.
JDE Peet's applies the exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. As a result, JDE
Peet's neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income
taxes.
Uncertain tax treatments\u2014An uncertain income tax treatment is any tax treatment applied by an entity where there is
uncertainty over whether that treatment will be accepted by the taxation authority. Such uncertainty can relate to all
aspects of income tax accounting, including taxable profit or loss, the tax bases of assets and liabilities, tax losses, tax
credits and tax rates. If JDE Peet's concludes it is probable that the taxation authority will not accept an uncertain tax
treatment, a liability is recognised to reflect the effect of the uncertainty in determining the related taxable profit (tax
loss), tax bases, unused tax losses, unused tax credits or tax rates, to the extent that a reliable estimate can be made.
If JDE Peet's concludes it is possible but not probable that a taxation authority will not accept an uncertain tax
treatment, JDE Peet's shall determine whether to disclose the potential effect of the uncertainty as a tax-related
contingency, see note 9.5.
Key accounting estimate and judgement\u2014JDE Peet's is subject to taxation in the many countries in which it
operates. The tax legislation of these countries differs, is often complex and is subject to interpretation by
management and the government authorities. These matters of judgement give rise to the need to create
provisions for income tax payments that may arise in future years with respect to transactions already
undertaken. Judgment is made about whether each uncertainty should be considered independently or whether
some uncertainties can be considered together, when recognising and measuring provision for income tax
payments. The income tax provision is estimated based on either of the following methods, depending on which
method JDE Peet's expects to better predict the resolution of the uncertainty: (i) the most likely amount - the
single most likely amount in a range of possible outcomes, or (ii) the expected value - the sum of the probability-
weighted amounts in a range of possible outcomes.
\"\"
If new information becomes available, this may cause JDE Peet's to change its judgement regarding the adequacy of
existing income tax liabilities; such changes to income tax liabilities will impact the income tax expense in the period
that such determination is made.
For the utilisation of tax losses and recognition of other deferred tax assets, management uses judgement to assess
whether there will be sufficient future taxable profits to utilise such deferred tax assets.
Other\u2014Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions JDE Peet's operates.
The legislation is effective for the financial year beginning 1 January 2024. JDE Peet's is in scope of the enacted or
substantively enacted legislation and has performed an assessment of the potential exposure to Pillar Two income
taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the current year information
available regarding the financial performance of the constituent entities within JDE Peet's. Based on the assessment,
the Pillar Two effective tax rates in most of the jurisdictions in which JDE Peet's operates are above 15%. However,
there are a limited number of jurisdictions where the transitional safe harbour relief does not apply, and the impact
of\u00a0Pillar Two is considered limited.
JDE Peet's contributes to defined contribution retirement benefit plans that are recognised as expense when
employees have rendered service entitling them to the contributions.
For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method,
with\u00a0actuarial valuations being carried out at the end of each year. Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are charged or credited to OCI in the period in which they arise.
Past service cost is recognised immediately in the income statement. For defined benefit plans, the operating and
finance expense are recognised separately in the income statement. The amount recognised as operating cost in the
income statement is the cost of accruing pension benefits promised to employees over the year, plus the costs of
individual events such as past service benefit enhancements, settlements and curtailments (such events are recognised
immediately in the income statement). The amount recognised as finance income includes a credit equivalent to the
interest income on the pension plans\u2019 assets over the year, offset by a charge equal to the interest expense in the
plans\u2019 liabilities over the year.
The retirement benefit obligations recognised in the statement of financial position represent the present value of the
defined benefit obligation, as adjusted for past service cost, and as reduced by the fair value of plan assets.
Key accounting estimate and judgement\u2014JDE Peet's sponsors defined benefit plans and provides other
post-employment benefits. Assumptions are an important element in the actuarial methods that are used to
measure the expense and obligations relative to employee benefits. The assumptions utilised include discount
rate, inflation and indexation, life expectancy, payroll increase and health-care trends. Any change in these
assumptions could potentially result in a significant change to the pension assets, pension liabilities,
commitments and pension costs in future periods.
Termination Benefits \u2014Termination benefits are payable when employment is terminated by JDE Peet's before the
normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits.
Termination benefits are recognised when it is demonstrably committed to a termination and when the entity has a
detailed formal plan to terminate the employment of current employees without possibility of withdrawal. In the case of
an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of
employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period
are discounted to their present value. The estimated costs associated with these benefits are reflected in the
restructuring provisions.
Provisions\u2014Provisions, which are primarily for restructuring costs, legal claims, medical claims and environmental
obligations are recognised when JDE Peet's has a present legal or constructive obligation as a result of past events,
it\u00a0is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably
estimated. Restructuring provisions primarily comprise employee termination payments. Provisions are not recognised
for future operating losses.
Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most
reliable evidence available at the reporting date, including the risks and uncertainties associated with the present
obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement
is determined by considering the class of obligations as a whole.
When the carrying amount of a provision is an estimate of a single amount to be received or paid in the future, the cost
of debt is used to discount the provision. When an expected cash flow approach is used to determine the carrying
amount of the provision (the sum of probability-weighted amounts in a range of possible estimated amounts), the risk-
free rate will be used to discount the provision.
Key accounting estimate and judgement:
Restructuring provisions\u2014A provision for restructuring costs is recognised when a detailed formal plan for the
restructuring has been determined and the plan has been communicated to the parties that may be affected by
it. The provision is based on a number of assumptions including the timing of the payments and the number of
employees that will ultimately receive the termination benefits. A change in these assumptions may result in a
significant change in the liability in future periods. Adjustments to previously recognised charges resulting from a
change in estimate are recognised in the period in which the change is identified.
In assessing the likelihood of occurrence of restructuring provisions, judgement is required to determine if an
outflow of economic resources is probable. Where it is probable, a liability is recognised and further judgement
is used to determine the level of the provision.
Legal and other provisions\u2014JDE Peet's is involved in certain litigation and other legal proceedings. These
claims involve highly complex issues, damages and other matters. In assessing the likelihood of occurrence of
legal provisions, there is uncertainty as to estimating likely outcomes or ranges of possible loss, as
investigations are not conducted in a consistent manner across jurisdictions and each country and agency has
different set of laws, rules and regulations. Accordingly, the outcome of these matters cannot be predicted.
However, the unfavourable resolution of one or more of these proceedings could have a material adverse effect
on the business, results of operations, financial conditions and/or cash flows. Where it is probable, a liability is
recognised and further judgement is used to determine the level of the provision.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "USE OF CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In the application of the accounting policies, management is required to make judgements, estimates and assumptions
about the carrying amounts of assets and liabilities that effect the reported amounts of assets, liabilities, income and
expenses. The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the
revision and future periods if the revision affects both current and future periods.
Critical Accounting Estimates, Judgements and Assumptions\u2014The following are the key assumptions concerning
the future, and other key sources of estimation uncertainty at the end of the reporting period, that have the most\u00a0
significant effect on the amounts recognised in the financial statements.
Reference
Particular area involving significant estimates and judgements
1.6 Update on the war in Ukraine
Assessment whether control as defined under IFRS 10 exists in relation to the operations
in\u00a0Russia.
2.2 Revenue
Estimating sales incentives, sales returns and marketing accruals.
3.1 Business combinations
Estimating the purchase price allocation including fair values of assets and (contingent)
liabilities.
3.2/3.4 Goodwill and other intangible
assets/Property, plant and equipment
Judgements related to the expected useful lives of long-lived assets and the estimation
of\u00a0their recoverable amounts.
3.3 Impairment of non-current assets
Key assumptions used in impairment testing such as cash flows and WACC. For further
information, see note 3.3.
4.3 Trade and other payables
Judgement is required to assess whether supplier financing arrangements contain
characteristics of trade payables, borrowings or both.
6.7 Derivatives financial instruments
Assumptions in relation to fair valuation of derivatives not traded in active markets.
8 Income taxes
Recognition and measurement of current and deferred income tax positions, including the
recoverability of tax losses carried forward and determination of contingent income tax
liabilities requires significant judgement.
9.1 Post-employment and other long-
term employee benefit plans
Assumptions used in determination of pension assets, pension liabilities, commitments and
pension costs such as discount rates, indexation and inflation.
9.2 Restructuring, legal and other
provisions
Estimating the likelihood and timing of potential cash flows relating to claims, litigations and
restructuring.
Climate change and nature related
risks
JDE Peet's has assessed the impact of climate change, including transitional and physical
risks related to climate change and nature-related risks, as part the the requirements under
ESRS and SBTi and concluded that climate and nature risks do not have a material impact on
the consolidated financial statements. The current and financial impact of these risks is
disclosed in the sustainability statements as part of the Climate Action, Water, Biodiversity
and ecosystems and Resource use and circular economy chapters. Further consideration of
the impact of climate risk is included in the relevant disclosure notes of the financial
statements.
JDE Peet's reviewed the significant accounting estimates and judgements, including the impact on indications for
impairments (note 3.3), provisions (note 9.2) and contingencies (note 9.5). This review did not lead to significant
changes in these accounting estimates and judgements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
Critical Accounting Estimates, Judgements and Assumptions\u2014The following are the key assumptions concerning
the future, and other key sources of estimation uncertainty at the end of the reporting period, that have the most\u00a0
significant effect on the amounts recognised in the financial statements.
Reference
Particular area involving significant estimates and judgements
1.6 Update on the war in Ukraine
Assessment whether control as defined under IFRS 10 exists in relation to the operations
in\u00a0Russia.
2.2 Revenue
Estimating sales incentives, sales returns and marketing accruals.
3.1 Business combinations
Estimating the purchase price allocation including fair values of assets and (contingent)
liabilities.
3.2/3.4 Goodwill and other intangible
assets/Property, plant and equipment
Judgements related to the expected useful lives of long-lived assets and the estimation
of\u00a0their recoverable amounts.
3.3 Impairment of non-current assets
Key assumptions used in impairment testing such as cash flows and WACC. For further
information, see note 3.3.
4.3 Trade and other payables
Judgement is required to assess whether supplier financing arrangements contain
characteristics of trade payables, borrowings or both.
6.7 Derivatives financial instruments
Assumptions in relation to fair valuation of derivatives not traded in active markets.
8 Income taxes
Recognition and measurement of current and deferred income tax positions, including the
recoverability of tax losses carried forward and determination of contingent income tax
liabilities requires significant judgement.
9.1 Post-employment and other long-
term employee benefit plans
Assumptions used in determination of pension assets, pension liabilities, commitments and
pension costs such as discount rates, indexation and inflation.
9.2 Restructuring, legal and other
provisions
Estimating the likelihood and timing of potential cash flows relating to claims, litigations and
restructuring.
Climate change and nature related
risks
JDE Peet's has assessed the impact of climate change, including transitional and physical
risks related to climate change and nature-related risks, as part the the requirements under
ESRS and SBTi and concluded that climate and nature risks do not have a material impact on
the consolidated financial statements. The current and financial impact of these risks is
disclosed in the sustainability statements as part of the Climate Action, Water, Biodiversity
and ecosystems and Resource use and circular economy chapters. Further consideration of
the impact of climate risk is included in the relevant disclosure notes of the financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "Critical Accounting Estimates, Judgements and Assumptions\u2014The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have the most\u00a0 significant effect on the amounts recognised in the financial statements.Reference Particular area involving significant estimates and judgements 1.6 Update on the war in UkraineAssessment whether control as defined under IFRS 10 exists in relation to the operations in\u00a0Russia. 2.2 RevenueEstimating sales incentives, sales returns and marketing accruals.3.1 Business combinationsEstimating the purchase price allocation including fair values of assets and (contingent) liabilities. 3.2/3.4 Goodwill and other intangible assets/Property, plant and equipmentJudgements related to the expected useful lives of long-lived assets and the estimation of\u00a0their recoverable amounts. 3.3 Impairment of non-current assetsKey assumptions used in impairment testing such as cash flows and WACC. For further information, see note 3.3.4.3 Trade and other payablesJudgement is required to assess whether supplier financing arrangements contain characteristics of trade payables, borrowings or both. 6.7 Derivatives financial instrumentsAssumptions in relation to fair valuation of derivatives not traded in active markets.8 Income taxesRecognition and measurement of current and deferred income tax positions, including the recoverability of tax losses carried forward and determination of contingent income tax liabilities requires significant judgement. 9.1 Post-employment and other long-term employee benefit plans Assumptions used in determination of pension assets, pension liabilities, commitments and pension costs such as discount rates, indexation and inflation.9.2 Restructuring, legal and other provisions Estimating the likelihood and timing of potential cash flows relating to claims, litigations and restructuring. Climate change and nature related risks JDE Peet's has assessed the impact of climate change, including transitional and physical risks related to climate change and nature-related risks, as part the the requirements under ESRS and SBTi and concluded that climate and nature risks do not have a material impact on the consolidated financial statements. The current and financial impact of these risks is disclosed in the sustainability statements as part of the Climate Action, Water, Biodiversity and ecosystems and Resource use and circular economy chapters. Further consideration of the impact of climate risk is included in the relevant disclosure notes of the financial statements.JDE Peet's reviewed the significant accounting estimates and judgements, including the impact on indications for impairments (note 3.3), provisions (note 9.2) and contingencies (note 9.5). This review did not lead to significant changes in these accounting estimates and judgements.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "CHANGES IN ACCOUNTING STANDARDS
Voluntary changes to accounting policies
JDE Peet's made voluntary changes to its accounting policies effecting equity at 31 December 2024 and 31 December
2023 for the following items:
\u2022 Triggered by the divestment of the tea business in Turkey JDE Peet's reassessed the impact to equity of applying
IAS 29 Financial reporting in hyperinflationary economies. JDE Peet's has been recognising the effect in Retained
earnings. However, in March 2020 guidance was issued by the IFRIC allowing the recognition of these impacts as
currency translation reserve to ensure consistent recognition of all exchange differences arising on translation.
JDE\u00a0Peet's adopted a voluntary retrospective change in accounting policy in accordance with IAS 8 to have the
effect adjusted for, by decreasing Retained earnings and increasing Currency translation reserve by EUR 79 million
at 31 December 2024 and EUR 29 million at 31 December 2023.
\u2022 Upon release of treasury shares, JDE Peet's recognised the difference between the purchase consideration of the
treasury shares and the fair value upon release as Share premium, whereas Retained earnings would have been
more appropriate to reflect the return to shareholders. JDE Peet's adopted a voluntary retrospective change in
accounting policy in accordance with IAS 8, by increasing Share premium and decreasing Retained earnings by
EUR 73 million at 31 December 2024 and EUR 62 million at 31 December 2023.
New standards, amendments and interpretations effective on or after 1 January 2025
The Company has applied the following IFRS Accounting Standards and Amendments for the first time for the annual
reporting period commencing 1 January 2025 :
Amendments to IAS 21 - Lack of
Exchangeability
JDE Peet's has adopted the amendments to IAS 21 regarding the lack of exchangeability
on foreign currencies. No changes were made to prior or current periods.
New IFRS Accounting Standards, Amendments and IFRIC\u00ae Interpretations issued, but not effective
for the year ended 31 December 2025 and not Early Adopted
The following new IFRS Accounting Standards and IFRIC Interpretations effective for accounting periods beginning
on\u00a0or after1 January 2026, are not expected to have a significant impact on the financial statements of JDE Peet's,
except if indicated below:
\u2022 Amendments to IFRS 10 and IAS 28 - Sale or contribution of assets between an investor and its associate or
joint\u00a0venture
\u2022 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments
\u2022 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity
\u2022 IFRS 19 - Subsidiaries without Public Accountability: Disclosures
\u2022 Annual Improvements to IFRS Accounting Standards Volume 11 - Amendments to IFRS 1 First-time Adoption of
International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and its accompanying
Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements,
and\u00a0IAS 7 Statement of Cash Flows
IFRS 18 - Presentation and Disclosures in Financial Statements
IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with
new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB\u00ae\u00a0
has made minor amendments to IAS 7 and IAS 33 Earnings per Share.
IFRS 18 introduces new requirements to:
\u2022 Present specified categories and defined subtotals in the statement of profit or loss, including a new subtotal
defined as operating profit. The new operating profit subtotal will be used as a starting point for the statement
of\u00a0cash flows
\u2022 Provide disclosures on management-defined performance measures (MPMs) in the notes to the financial
statements
\u2022 Improve aggregation and disaggregation.
An entity is required to apply IFRS 18 for annual reporting periods beginning on, or after, 1 January 2027, with earlier
application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective
when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions.
JDE Peet's anticipate that the application of these amendments will have impact on the consolidated financial
statements in future periods. The Company has reviewed the impact of IFRS 18 and will adjust the accounting
practices and financial reporting processes to comply with the standard which will be effective for annual reporting
periods beginning on or after 1 January 2027,and is to be applied retrospectively for the comparative period. IFRS 18
will have impact on the entity's presentation in the consolidated income statement, statement of cash flows and the
additional disclosures required for MPMs. At the moment, the Company is still in the process of evaluating the impact
of IFRS 18, also given the intended acquisition by KDP, and cannot yet reliably estimate the monetary impact of
reclassifications in the consolidated income statement and other schedules.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "BASIS OF CONSOLIDATION
The financial statements include the accounts of all subsidiaries in which the Company, directly or indirectly,
has\u00a0a\u00a0controlling interest and associates.
Subsidiaries\u2014Subsidiaries are all entities over which the Company has control. The Company controls an entity when
it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is
transferred to the Company. They are deconsolidated from the date that control ceases. Intergroup transactions,
balances and unrealised gains and losses on transactions between companies within JDE Peet's are eliminated upon
consolidation.\u00a0
Investments in associates\u2014Associates are entities over which the Company has the ability to exercise significant
influence but does not control. Generally, significant influence is presumed to exist when JDE Peet's holds 20% to 50%
of the voting rights in an entity. Investments in associates are accounted for using the equity method of accounting and
are initially recognised at cost. The investment in associates includes goodwill identified on acquisition, net of any
accumulated impairment loss. JDE Peet's distinguishes between strategically important joint ventures and associates
and other joint ventures and associates. The share of strategically important joint ventures\u2019 and associated companies\u2019
result is disclosed separately within operating profit. The result from other joint ventures\u2019 and associates is reported
below operating profit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
Subsidiaries\u2014Subsidiaries are all entities over which the Company has control. The Company controls an entity when
it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is
transferred to the Company. They are deconsolidated from the date that control ceases. Intergroup transactions,
balances and unrealised gains and losses on transactions between companies within JDE Peet's are eliminated upon
consolidation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
Investments in associates\u2014Associates are entities over which the Company has the ability to exercise significant
influence but does not control. Generally, significant influence is presumed to exist when JDE Peet's holds 20% to 50%
of the voting rights in an entity. Investments in associates are accounted for using the equity method of accounting and
are initially recognised at cost. The investment in associates includes goodwill identified on acquisition, net of any
accumulated impairment loss. JDE Peet's distinguishes between strategically important joint ventures and associates
and other joint ventures and associates. The share of strategically important joint ventures\u2019 and associated companies\u2019
result is disclosed separately within operating profit. The result from other joint ventures\u2019 and associates is reported
below operating profit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
Investments in associates\u2014Associates are entities over which the Company has the ability to exercise significant
influence but does not control. Generally, significant influence is presumed to exist when JDE Peet's holds 20% to 50%
of the voting rights in an entity. Investments in associates are accounted for using the equity method of accounting and
are initially recognised at cost. The investment in associates includes goodwill identified on acquisition, net of any
accumulated impairment loss. JDE Peet's distinguishes between strategically important joint ventures and associates
and other joint ventures and associates. The share of strategically important joint ventures\u2019 and associated companies\u2019
result is disclosed separately within operating profit. The result from other joint ventures\u2019 and associates is reported
below operating profit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
Investments in associates\u2014Associates are entities over which the Company has the ability to exercise significant
influence but does not control. Generally, significant influence is presumed to exist when JDE Peet's holds 20% to 50%
of the voting rights in an entity. Investments in associates are accounted for using the equity method of accounting and
are initially recognised at cost. The investment in associates includes goodwill identified on acquisition, net of any
accumulated impairment loss", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
Leases - As lessee
JDE Peet's leases various offices, warehouses, coffee stores, equipment and vehicles. Contracts may contain both
lease and non-lease components. JDE Peet's has elected not to separate lease and non-lease components and
instead accounts for these as a single lease component (gross approach). Leases are recognised and presented as
right-of-use assets (within property, plant and equipment) with corresponding liabilities at the date at which the leased
asset is available for use by JDE Peet's.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of the following lease payments:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable
\u2022 Variable lease payment that are based on an index or a rate, initially measured using the index or rate at the
commencement date.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the
liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases within JDE Peet's, the lessee\u2019s incremental borrowing rate is used,
being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar
value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, JDE Peet's, where possible, uses recent third-party financing received by
the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing
was received.
JDE Peet's is exposed to potential future increases in variable lease payments based on an index or rate, which are not
included in the lease liability until they take effect. When adjustments to lease payments, based on an index or rate,
take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Right-of-use assets are measured at cost comprising the following:
\u2022 The amount of the initial measurement of lease liability
\u2022 Any lease payments made at or before the commencement date less any lease incentives received
\u2022 Any initial direct costs
\u2022 Restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset's estimated useful life and the lease term
on\u00a0a straight-line basis. If JDE Peet's is reasonably certain to exercise a purchase option, the right-of-use asset is
depreciated over the underlying asset\u2019s estimated useful life. Payments associated with short-term leases of equipment
and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in the income
statement. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT
equipment and small items of office furniture.
Extension and termination options are included in a number of property and equipment leases across JDE Peet's.
These are used to maximise operational flexibility in terms of managing the assets used in its operations. The majority
of extension and termination options held are exercisable only by JDE Peet's and not by the respective lessor.
In\u00a0determining the lease term, management considers all facts and circumstances that create an economic incentive
to\u00a0exercise an extension option, or not exercise a termination option. Extension options (or periods after termination
options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
Exchange rates used in financial statements
The following exchange rates are the most relevant in the financial statements:
\u00a0 \u00a0
Currency
2025
2024
U.S. dollar
Opening rate
0.966
0.906
Average
0.887
0.924
Ending rate
0.851
0.966
Brazilian real
Opening rate
0.157
0.187
Average
0.159
0.172
Ending rate
0.155
0.157
Russian ruble
Opening rate
0.009
0.010
Average
0.011
0.010
Ending rate
0.011
0.009
Pound Sterling
Opening rate
1.209
1.153
Average
1.168
1.181
Ending rate
1.147
1.209
Australian dollar
Opening rate
0.598
0.617
Average
0.572
0.610
Ending rate
0.568
0.598
Singapore dollar
Opening rate
0.707
0.686
Average
0.678
0.692
Ending rate
0.662
0.707
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
IAS 29 Financial Reporting in Hyperinflationary Economies
Under IAS 29 Financial Reporting in Hyperinflationary Economies, non-monetary assets and liabilities stated at
historical cost, equity and income statements of subsidiaries operating in hyperinflationary economies, are restated for
changes in the general purchasing power of the local currency, applying a general price index. These remeasured
accounts are used for conversion into euro at the period closing exchange rate. As a result, the balance sheet and net
results of subsidiaries operating in hyperinflation economies are stated in terms of the measuring unit current at the end
of the reporting period. JDE Peet's applied IAS 29 to its businesses in the Republic of Turkiye from the year ended
31\u00a0December 2022 through the sale of the subsidiary in 2025.
The following Turkish consumer price indices were used:
Consumer Price
Index
1 January 2024
1,859.38
31 December 2024 / 1 January 2025
2,684.55
Any net monetary gain or loss is recognised as part of the finance expense (see note 5.4). In 2025, the loss amounted
to EUR 2 million (2024: EUR 15 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "SEGMENT INFORMATION
Basis of Segmentation
The Group\u2019s operating segments are determined based on the internal reporting provided to the Chief Operating
Decision Maker (CODM), identified as the Chief Executive Officer. The operating segments are:
\u2022 Europe (excluding Eastern Europe)
\u2022 LARMEA (Latin America, United States, Middle East, Eastern Europe and Africa)
\u2022 APAC (Asia-Pacific)
\u2022 Peet\u2019s (primarily United States and China)
The operating segments are mainly separated based on geographical locations and, in the case of Peet's, different
business model. None of the operating segments are aggregated as each segment has distinct economic
characteristics. The accounting policies of the Group have been consistently applied to the segments.
Products and Services
Europe, LARMEA, and APAC primarily offer roast and ground coffee (multi-serve and single-serve), coffee pads and
capsules, instant coffee, and tea, to specified geographical areas. The offering also includes Out-of-Home activities,
providing hot beverage solutions and related services to businesses and institutions. Peet\u2019s offers whole bean coffee,
beverages, tea, and related products through retail, e-commerce, and licensed stores and operates a different business
model from other JDE Peet\u2019s brands. Further details on product groups are included in note 1.1.
Measurement of Segment Results
The CODM allocates resources and assesses segment performance using Segment Adjusted EBIT, which represents
segment profit for the period before finance income and expense, income tax, and share of net result of associates,
adjusted for items that are not considered part of normal operating activities. These adjustments, referred to as
\u2018unusual costs\u2019, are applied consistently across segments and aim to provide a clearer view of underlying performance
by excluding non-recurring income and/or cost, as well as items have an unusual nature from perspective of the
operating segment, or are not within the control of the operating segment. These include:
\u2022 ERP System Implementation Costs - Incremental expenses incurred to implement and upgrade enterprise
resource planning systems, including order, billing, payroll, and financial modules.
\u2022 Transformation Activities and Corporate Actions - This includes (reversals of) impairments of property, plant and
equipment and costs to restructure (transform) the operations to improve efficiency over the long-term and related
to strategic initiatives such as factory closures, changes in manufacturing footprint, and organizational redesign.
\u2022 Share-Based Payment Expense - Compensation costs that fluctuate based on market conditions and other
factors, creating volatility that does not reflect underlying operational trends and are outside of JDE Peet\u2019s control.
\u2022 Mark-to-Market Adjustments - Unrealised and realised gains or losses on commodity derivatives used for
economic hedging of input costs. These adjustments are excluded to reduce volatility caused by market forces,
which are outside of JDE Peet\u2019s control. Unrealised mark-to-market adjustments relate to results on green coffee
futures and other commodity derivative instruments for which JDE Peet's has not yet sold the underlying
commodity. These results are excluded when calculating Segment Adjusted EBIT. Upon the subsequent sale of the
underlying commodity to customers, the realised mark-to-market adjustments are recognised in Segment Adjusted
EBIT.
\u2022 Merger and Acquisition-Related Items - Costs incurred during acquisitions and integrations, including legal and
consulting fees, amortization of acquired intangibles, fair value adjustments, and divestment-related expenses.
Furthermore, this category includes impairments of intangible assets recognised or remeasured as part of purchase
price allocations.
In general, Segment Adjusted EBIT includes directly attributable items that are part of daily operations. 'Unallocated'
is\u00a0comprised of revenues and expenses that are not earned or incurred through the operating segments, such as, other
revenue, head office costs and intersegment eliminations. Segment Adjusted EBIT includes intercompany transactions,
but these are eliminated within \u201cUnallocated\u201d.
Apart from Segment revenue and Segment Adjusted EBIT no other segment components of profit and loss, assets or
liabilities are reported to the CODM.
\"\"
Impairments and expenses for several cost-saving initiatives were included in 2025 and 2024. See also notes 3.4 and 9.2. This includes amortisation and impairment for an amount of EUR 91 million (2024 : EUR 120 million) related to intangible assets recognised or remeasured as part of purchase price allocations.
49 There is no individual country material to be disclosed separately.
Reconciliation to Consolidated Totals
Revenue (in EUR million):
2025
2024
Europe
5,115
4,717
LARMEA
2,638
2,030
Peet\u2019s
1,298
1,257
APAC
834
796
Total reportable segments
9,885
8,800
Unallocated
36
37
Total
9,921
8,837
The total of Segment Adjusted EBIT is reconciled to Profit before income taxes as follows (in EUR million):
2025
2024
Europe
993
1,041
LARMEA
321
223
Peet\u2019s
141
184
APAC
137
143
Total of Segment Adjusted EBIT
1,592
1,591
Unallocated
(297)
(314)
ERP system implementation
(22)
(16)
Transformation activities and corporate actions 47
(223)
(60)
Share-based payment expense
(100)
(17)
Mark-to-market results
2
4
Amortisation acquired intangible assets and M&A/Deal costs 48
(195)
(132)
Finance income
385
95
Finance expense
(164)
(358)
Share of net profit / (loss) of associates
(2)
(3)
Profit before income taxes
976
790
Segment Adjusted EBIT includes the following amounts of depreciation and amortisation expenses (in EUR million):
2025
2024
Europe
133
133
LARMEA
37
34
Peet\u2019s
77
84
APAC
25
31
Total reportable segments
272
282
Unallocated
25
28
Total
297
310
Entity-wide disclosures:
The total revenue from external customers, broken down by the location of the selling entity is shown in the following
table (in percentages of total revenue):
2025
2024
Brazil
14%
11%
United States
12%
13%
France
12%
12%
Germany
8%
9%
Netherlands
7%
9%
Rest of world 49
47%
46%
Total revenue
100%
100%
No single customer amounted to 10% or more of JDE Peet's revenue in either 2025 or 2024.
The following is a summary of goodwill allocation for each operating segment at 31 December (in EUR million):
2025
2024
Europe
9,751
9,758
LARMEA
915
945
Peet's
687
779
APAC
1,095
1,159
Total
12,448
12,641
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "Basis of SegmentationThe Group\u2019s operating segments are determined based on the internal reporting provided to the Chief Operating Decision Maker (CODM), identified as the Chief Executive Officer. The operating segments are:\u2022 Europe (excluding Eastern Europe)\u2022 LARMEA (Latin America, United States, Middle East, Eastern Europe and Africa)\u2022 APAC (Asia-Pacific)\u2022 Peet\u2019s (primarily United States and China)The operating segments are mainly separated based on geographical locations and, in the case of Peet's, different business model. None of the operating segments are aggregated as each segment has distinct economic characteristics. The accounting policies of the Group have been consistently applied to the segments.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
Measurement of Segment Results
The CODM allocates resources and assesses segment performance using Segment Adjusted EBIT, which represents
segment profit for the period before finance income and expense, income tax, and share of net result of associates,
adjusted for items that are not considered part of normal operating activities. These adjustments, referred to as
\u2018unusual costs\u2019, are applied consistently across segments and aim to provide a clearer view of underlying performance
by excluding non-recurring income and/or cost, as well as items have an unusual nature from perspective of the
operating segment, or are not within the control of the operating segment. These include:
\u2022 ERP System Implementation Costs - Incremental expenses incurred to implement and upgrade enterprise
resource planning systems, including order, billing, payroll, and financial modules.
\u2022 Transformation Activities and Corporate Actions - This includes (reversals of) impairments of property, plant and
equipment and costs to restructure (transform) the operations to improve efficiency over the long-term and related
to strategic initiatives such as factory closures, changes in manufacturing footprint, and organizational redesign.
\u2022 Share-Based Payment Expense - Compensation costs that fluctuate based on market conditions and other
factors, creating volatility that does not reflect underlying operational trends and are outside of JDE Peet\u2019s control.
\u2022 Mark-to-Market Adjustments - Unrealised and realised gains or losses on commodity derivatives used for
economic hedging of input costs. These adjustments are excluded to reduce volatility caused by market forces,
which are outside of JDE Peet\u2019s control. Unrealised mark-to-market adjustments relate to results on green coffee
futures and other commodity derivative instruments for which JDE Peet's has not yet sold the underlying
commodity. These results are excluded when calculating Segment Adjusted EBIT. Upon the subsequent sale of the
underlying commodity to customers, the realised mark-to-market adjustments are recognised in Segment Adjusted
EBIT.
\u2022 Merger and Acquisition-Related Items - Costs incurred during acquisitions and integrations, including legal and
consulting fees, amortization of acquired intangibles, fair value adjustments, and divestment-related expenses.
Furthermore, this category includes impairments of intangible assets recognised or remeasured as part of purchase
price allocations.
In general, Segment Adjusted EBIT includes directly attributable items that are part of daily operations. 'Unallocated'
is\u00a0comprised of revenues and expenses that are not earned or incurred through the operating segments, such as, other
revenue, head office costs and intersegment eliminations. Segment Adjusted EBIT includes intercompany transactions,
but these are eliminated within \u201cUnallocated\u201d.
Apart from Segment revenue and Segment Adjusted EBIT no other segment components of profit and loss, assets or
liabilities are reported to the CODM.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
Revenue (in EUR million):
2025
2024
Europe
5,115
4,717
LARMEA
2,638
2,030
Peet\u2019s
1,298
1,257
APAC
834
796
Total reportable segments
9,885
8,800
Unallocated
36
37
Total
9,921
8,837
The total revenue from external customers, broken down by the location of the selling entity is shown in the following
table (in percentages of total revenue):
2025
2024
Brazil
14%
11%
United States
12%
13%
France
12%
12%
Germany
8%
9%
Netherlands
7%
9%
Rest of world 49
47%
46%
Total revenue
100%
100%
No single customer amounted to 10% or more of JDE Peet's revenue in either 2025 or 2024.
REVENUE
Revenue recognition\u2014 JDE Peet's recognises revenue in accordance with the five-step model introduced by IFRS 15.
Revenue is measured based on the consideration to which it expects to be entitled in a contract with a customer and
excludes amounts collected on behalf of third parties. JDE Peet's recognises sales when the control is transferred and
the performance obligation is satisfied and when specific criteria have been met for each of the activities as described
below. Revenue is recognised when the goods and services are delivered at a point in time or over time, depending on
the nature of transaction. Sales of goods are typically recognised at a point in time, where the revenue related to the
Out-of-Home customer can be recognised at a point in time or over time. Revenue taxes collected from customers are
excluded from revenue and the obligation is included in accrued liabilities until the taxes are remitted to the appropriate
taxing authorities. JDE Peet's bases its estimates on historical results, taking into consideration the type of customer,
the type of transaction and the specifics of each arrangement.
Contracts with Out-of-Home customers\u2014Contracts with Out-of-Home customers may include multiple element
arrangements where performance obligations include both the delivery of products and the lease or sale of coffee
equipment. In some instances, the coffee equipment is provided for free, but the customer agrees to purchase and
use\u00a0JDE Peet's products. Such contracts may be inclusive of free maintenance of the coffee equipment for a specific
period. In such situations, JDE Peet's separates the sales transaction into the identifiable performance obligations in
order to reflect the substance of the transaction based on the stand-alone selling prices of these obligations. JDE
Peet's assesses the stand-alone selling prices available for the individual components and allocates the revenue of the
total transaction in accordance with IFRS 15 Revenue from Contracts with Customers. Revenue derived from a sale of
coffee equipment is recognised at a point in time. Revenue derived from operating lease and maintenance contracts
are recognised overtime, the duration of these contracts is between 1 to 5 years.
Customer loyalty programmes\u2014JDE Peet's has a customer loyalty programme in the Netherlands whereby
consumers collect points (award credits) towards merchandise. The customer loyalty programme has separate
performance obligations whereby the consumer is purchasing the products as well as the award credit. The revenue
associated with the award credit is derived from the product stand-alone selling price and is deferred and recognised
separately as a liability at the time of the initial sale. The estimation of this stand-alone selling price of the award credits
includes consideration of the proportion of the awards expected to be redeemed. The contract liability is included in
trade and other payables in the statement of financial position, is recognised at a point in time when fulfilled. In line with
IAS 1, the customer loyalty programme's' contract liability is classified as current. Further information on the liability\u00a0
balances is provided in note 4.3.
JDE Peet's revenue consists of the following:
\u2022 Product sales to third parties (coffee, tea, other food and beverage)\u2014The conditions above are generally
met\u00a0when the control of the products of categories coffee, tea and other food and beverage is transferred to
distributors, resellers or end customers. In particular, title usually transfers upon receipt of the product at the
customers\u2019 locations, or upon shipment, as determined by the specific sales terms of the transactions. Revenue
from owned coffee stores are presented net of discounts and recognised at the point of sale for food and beverage
products sold.
\u2022 Services (lease revenue and maintenance fees)\u2014JDE Peet's leases coffee machines as a service to certain of its
Out-of-Home customers. Income from these leases is recognised in the income statement based on the policy for
leases. In addition, maintenance fees are received related to its Out-of-Home machines, which are recognised on an
accrual basis in accordance with the substance of the relevant agreements. Revenue from fixed-price contracts is
generally recognised in the period that the maintenance services are rendered, using a straight-line basis over the
term of the contract.
Revenues described above are recognised for individual components and the revenue of the total transaction price is
allocated to the individual components by reference to their stand-alone selling price. Trade allowances and product
returns are estimated based on historical results taking into consideration the customer, transaction and specifics of
each arrangement while also taken into account forward looking information. JDE Peet's provides a variety of sales
incentives to resellers and consumers of its products, and the policies regarding the recognition and presentation of
these incentives within the income statement are as follows.
Included in revenue:
\u2022 Discounts, coupons and rebates\u2014The reduction of the transaction price of these non-volume-based incentives is
recognised at a point in time at the later of the date at which the related sale is recognised or the date at which the
incentive is offered. The cost of these incentives is estimated using a number of factors, including historical
utilisation and redemption rates. These incentives are settled in cash and are included in the determination of sales.
\u2022 Listing fees\u2014Certain retailers require the payment of listing fees in order to provide space for JDE Peet's products
on the retailer\u2019s store shelves. These amounts are included in the transaction price.
\u2022 Volume-based incentives\u2014These incentives typically involve rebates or refunds of a specified amount of cash
if\u00a0the reseller reaches a specified level of sales, taking into account applicable competition laws. Under incentive
programmes of this nature, the incentive is estimated and a portion of the incentive is allocated to reduce each
underlying sales transaction with the customer overtime.
\"\"
\u2022 Cooperative advertising\u2014Under these arrangements, JDE Peet's agrees to reimburse the reseller for a portion of
the costs incurred by the reseller to advertise and promote certain of its products. These expenses are inseparable
from the revenue generated by product sales. As such, for the majority of cases the cost of cooperative advertising
programmes are recognised as a reduction to the transaction price, unless the services are considered distinct
which would result in the recognition of the costs as advertising costs.
\u2022 Fixtures and racks\u2014Store fixtures and racks are provided to retailers to display certain products of JDE Peet's.
The costs of these fixtures and racks are recognised as a reduction of the transaction price as the costs are
inherently linked to the sale of our products.
Key accounting estimate and judgement\u2014Revenue is recognised for individual performance obligations and
the total transaction price is allocated to the individual components by reference to their stand-alone selling
price. JDE Peet's estimates trade allowances and product returns based on credit risk characteristics of the
customer, the days past due, the transaction and specifics of each arrangement. As described above, JDE
Peet's has a variety of sales incentives, sales returns and marketing accruals. Measuring the fair value of these
incentives requires, in many cases, estimating future customer utilisation, redemption rates and relative fair
value. These incentives include coupons that have a prescribed value. Historical data for similar transactions
is\u00a0used in estimating the fair value of incentive programmes. These estimates are reviewed each period and
adjusted based upon actual experience and other available information. Additionally, JDE Peet's has a
significant number of trade incentive programmes and other factors outside of its control that impact the
ultimate cost of these incentives. Any significant change in these estimates could potentially have a material
impact on revenue and profits especially in areas where estimation uncertainty is higher.
The total revenue broken down by products and services is shown in the following table (in EUR million):
2025
2024
Coffee
8,903
7,708
Tea
214
289
Other food and beverage
653
660
Services 50
151
180
Total
9,921
8,837
The disaggregated revenue composition is consistent with the operating segment revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "Adjusted EBIT includes the following amounts of depreciation and amortisation expenses (in EUR million):
2025
2024
Europe
133
133
LARMEA
37
34
Peet\u2019s
77
84
APAC
25
31
Total reportable segments
272
282
Unallocated
25
28
Total
297
310
The movements of the goodwill and other intangible assets are as follows (in EUR million):
Goodwill
Trademarks and brands
Computer software
Technologies
Customer relationships
Other intangible assets
Total
Balance at 1 January 2024
12,310
4,204
60
62
91
\u2014
16,727
Acquisitions in business combinations
399
186
\u2014
\u2014
\u2014
\u2014
585
Capital expenditures
\u2014
\u2014
25
\u2014
\u2014
9
34
Foreign currency translation
(68)
(11)
1
\u2014
1
\u2014
(77)
Amortisation expense
\u2014
(57)
(20)
(14)
(20)
(1)
(112)
Impairments
\u2014
(31)
\u2014
\u2014
\u2014
\u2014
(31)
Other
\u2014
(2)
\u2014
\u2014
\u2014
\u2014
(2)
Balance at 31 December 2024
12,641
4,289
66
48
72
8
17,124
Cost
12,641
5,103
235
196
304
30
18,509
Accumulated amortisation
\u2014
(814)
(169)
(148)
(232)
(22)
(1,385)
Balance at 31 December 2024
12,641
4,289
66
48
72
8
17,124
Application of hyperinflationary accounting
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
(2)
Balance at 1 January 2025
12,639
4,289
66
48
72
8
17,122
Capital expenditures
\u2014
\u2014
9
\u2014
\u2014
6
15
Foreign currency translation
(145)
(45)
(2)
\u2014
(2)
\u2014
(194)
Impairments
\u2014
(1)
(1)
\u2014
\u2014
\u2014
(2)
Amortisation expense
\u2014
(64)
(19)
(13)
(18)
\u2014
(114)
Other 54
(46)
1
8
\u2014
\u2014
(7)
(44)
Balance at 31 December 2025
12,448
4,180
61
35
52
7
16,783
Cost
12,448
5,014
233
196
282
19
18,192
Accumulated amortisation
\u2014
(834)
(172)
(161)
(230)
(12)
(1,409)
Balance at 31 December 2025
12,448
4,180
61
35
52
7
16,783
Amortisation expense is included in the income statement as follows (in EUR million):
2025
2024
Cost of sales
(5)
(2)
Selling, general and administrative expenses
(109)
(110)
Total
(114)
(112)
The movements of the property, plant and equipment are as follows (in EUR million):
Land and
buildings
Machinery
and
equipment
Assets under
construction
Other
Total
Balance at 1 January 2024
426
824
211
14
1,475
Application of hyperinflationary accounting
44
\u2014
\u2014
\u2014
44
Acquisitions in business combinations
13
23
1
\u2014
37
Capital expenditures
11
103
181
1
296
Disposals/other
(3)
(16)
(2)
\u2014
(21)
Impairment
(16)
(10)
(3)
\u2014
(29)
Foreign currency translation
(1)
(16)
(1)
\u2014
(18)
Depreciation expense
(32)
(164)
\u2014
(3)
(199)
Transfers
53
96
(144)
3
8
Balance at 31 December 2024
495
840
243
15
1,593
Cost
903
2,265
243
64
3,475
Accumulated depreciation
(408)
(1,425)
\u2014
(49)
(1,882)
Balance at 31 December 2024
495
840
243
15
1,593
Application of hyperinflationary accounting
(6)
\u2014
\u2014
\u2014
(6)
Capital expenditures
11
87
187
1
286
Disposals/other
(42)
(14)
(2)
(1)
(59)
Impairment
(10)
(18)
(21)
\u2014
(49)
Foreign currency translation
(1)
5
\u2014
\u2014
4
Depreciation expense
(33)
(161)
\u2014
(2)
(196)
Transfers
15
117
(150)
2
(16)
Balance at 31 December 2025
429
856
257
15
1,557
Cost
835
2,379
257
61
3,532
Accumulated depreciation
(406)
(1,523)
\u2014
(46)
(1,975)
Balance at 31 December 2025
429
856
257
15
1,557
The movements of the right-of-use assets are as follows (in EUR million):
Right-of-use real
estate
Right-of-use
vehicles
Right-of-use
other
Total
Balance at 1 January 2024
211
30
3
244
Acquisitions in business combinations
3
\u2014
\u2014
3
Recognition right-of-use asset
66
25
1
92
Remeasurement/other
(2)
4
\u2014
2
Foreign currency translation
8
\u2014
1
9
Depreciation expense
(65)
(18)
(3)
(86)
Transfers
1
1
\u2014
2
Balance at 31 December 2024
222
42
2
266
Cost
488
83
12
583
Accumulated depreciation
(266)
(41)
(10)
(317)
Balance at 31 December 2024
222
42
2
266
Recognition right-of-use asset
40
20
6
66
Impairments
(4)
\u2014
\u2014
(4)
Remeasurement/other
(1)
\u2014
(1)
(2)
Foreign currency translation
(18)
(2)
\u2014
(20)
Depreciation expense
(56)
(19)
(3)
(78)
Transfers
1
1
\u2014
2
Balance at 31 December 2025
184
42
4
230
Cost
456
84
16
556
Accumulated depreciation
(272)
(42)
(12)
(326)
Balance at 31 December 2025
184
42
4
230
Depreciation expense included in the income statement for the period is as follows (in EUR million):
2025
2024
Cost of sales
(195)
(205)
Selling, general and administrative expenses
(79)
(80)
Total
(274)
(285)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
Revenue recognition\u2014 JDE Peet's recognises revenue in accordance with the five-step model introduced by IFRS 15.
Revenue is measured based on the consideration to which it expects to be entitled in a contract with a customer and
excludes amounts collected on behalf of third parties. JDE Peet's recognises sales when the control is transferred and
the performance obligation is satisfied and when specific criteria have been met for each of the activities as described
below. Revenue is recognised when the goods and services are delivered at a point in time or over time, depending on
the nature of transaction. Sales of goods are typically recognised at a point in time, where the revenue related to the
Out-of-Home customer can be recognised at a point in time or over time. Revenue taxes collected from customers are
excluded from revenue and the obligation is included in accrued liabilities until the taxes are remitted to the appropriate
taxing authorities. JDE Peet's bases its estimates on historical results, taking into consideration the type of customer,
the type of transaction and the specifics of each arrangement.
Contracts with Out-of-Home customers\u2014Contracts with Out-of-Home customers may include multiple element
arrangements where performance obligations include both the delivery of products and the lease or sale of coffee
equipment. In some instances, the coffee equipment is provided for free, but the customer agrees to purchase and
use\u00a0JDE Peet's products. Such contracts may be inclusive of free maintenance of the coffee equipment for a specific
period. In such situations, JDE Peet's separates the sales transaction into the identifiable performance obligations in
order to reflect the substance of the transaction based on the stand-alone selling prices of these obligations. JDE
Peet's assesses the stand-alone selling prices available for the individual components and allocates the revenue of the
total transaction in accordance with IFRS 15 Revenue from Contracts with Customers. Revenue derived from a sale of
coffee equipment is recognised at a point in time. Revenue derived from operating lease and maintenance contracts
are recognised overtime, the duration of these contracts is between 1 to 5 years.
Customer loyalty programmes\u2014JDE Peet's has a customer loyalty programme in the Netherlands whereby
consumers collect points (award credits) towards merchandise. The customer loyalty programme has separate
performance obligations whereby the consumer is purchasing the products as well as the award credit. The revenue
associated with the award credit is derived from the product stand-alone selling price and is deferred and recognised
separately as a liability at the time of the initial sale. The estimation of this stand-alone selling price of the award credits
includes consideration of the proportion of the awards expected to be redeemed. The contract liability is included in
trade and other payables in the statement of financial position, is recognised at a point in time when fulfilled. In line with
IAS 1, the customer loyalty programme's' contract liability is classified as current. Further information on the liability\u00a0
balances is provided in note 4.3.
JDE Peet's revenue consists of the following:
\u2022 Product sales to third parties (coffee, tea, other food and beverage)\u2014The conditions above are generally
met\u00a0when the control of the products of categories coffee, tea and other food and beverage is transferred to
distributors, resellers or end customers. In particular, title usually transfers upon receipt of the product at the
customers\u2019 locations, or upon shipment, as determined by the specific sales terms of the transactions. Revenue
from owned coffee stores are presented net of discounts and recognised at the point of sale for food and beverage
products sold.
\u2022 Services (lease revenue and maintenance fees)\u2014JDE Peet's leases coffee machines as a service to certain of its
Out-of-Home customers. Income from these leases is recognised in the income statement based on the policy for
leases. In addition, maintenance fees are received related to its Out-of-Home machines, which are recognised on an
accrual basis in accordance with the substance of the relevant agreements. Revenue from fixed-price contracts is
generally recognised in the period that the maintenance services are rendered, using a straight-line basis over the
term of the contract.
Revenues described above are recognised for individual components and the revenue of the total transaction price is
allocated to the individual components by reference to their stand-alone selling price. Trade allowances and product
returns are estimated based on historical results taking into consideration the customer, transaction and specifics of
each arrangement while also taken into account forward looking information. JDE Peet's provides a variety of sales
incentives to resellers and consumers of its products, and the policies regarding the recognition and presentation of
these incentives within the income statement are as follows.
Included in revenue:
\u2022 Discounts, coupons and rebates\u2014The reduction of the transaction price of these non-volume-based incentives is
recognised at a point in time at the later of the date at which the related sale is recognised or the date at which the
incentive is offered. The cost of these incentives is estimated using a number of factors, including historical
utilisation and redemption rates. These incentives are settled in cash and are included in the determination of sales.
\u2022 Listing fees\u2014Certain retailers require the payment of listing fees in order to provide space for JDE Peet's products
on the retailer\u2019s store shelves. These amounts are included in the transaction price.
\u2022 Volume-based incentives\u2014These incentives typically involve rebates or refunds of a specified amount of cash
if\u00a0the reseller reaches a specified level of sales, taking into account applicable competition laws. Under incentive
programmes of this nature, the incentive is estimated and a portion of the incentive is allocated to reduce each
underlying sales transaction with the customer overtime.
\"\"
\u2022 Cooperative advertising\u2014Under these arrangements, JDE Peet's agrees to reimburse the reseller for a portion of
the costs incurred by the reseller to advertise and promote certain of its products. These expenses are inseparable
from the revenue generated by product sales. As such, for the majority of cases the cost of cooperative advertising
programmes are recognised as a reduction to the transaction price, unless the services are considered distinct
which would result in the recognition of the costs as advertising costs.
\u2022 Fixtures and racks\u2014Store fixtures and racks are provided to retailers to display certain products of JDE Peet's.
The costs of these fixtures and racks are recognised as a reduction of the transaction price as the costs are
inherently linked to the sale of our products.
Key accounting estimate and judgement\u2014Revenue is recognised for individual performance obligations and
the total transaction price is allocated to the individual components by reference to their stand-alone selling
price. JDE Peet's estimates trade allowances and product returns based on credit risk characteristics of the
customer, the days past due, the transaction and specifics of each arrangement. As described above, JDE
Peet's has a variety of sales incentives, sales returns and marketing accruals. Measuring the fair value of these
incentives requires, in many cases, estimating future customer utilisation, redemption rates and relative fair
value. These incentives include coupons that have a prescribed value. Historical data for similar transactions
is\u00a0used in estimating the fair value of incentive programmes. These estimates are reviewed each period and
adjusted based upon actual experience and other available information. Additionally, JDE Peet's has a
significant number of trade incentive programmes and other factors outside of its control that impact the
ultimate cost of these incentives. Any significant change in these estimates could potentially have a material
impact on revenue and profits especially in areas where estimation uncertainty is higher.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
Customer loyalty programmes\u2014JDE Peet's has a customer loyalty programme in the Netherlands whereby
consumers collect points (award credits) towards merchandise. The customer loyalty programme has separate
performance obligations whereby the consumer is purchasing the products as well as the award credit. The revenue
associated with the award credit is derived from the product stand-alone selling price and is deferred and recognised
separately as a liability at the time of the initial sale. The estimation of this stand-alone selling price of the award credits
includes consideration of the proportion of the awards expected to be redeemed. The contract liability is included in
trade and other payables in the statement of financial position, is recognised at a point in time when fulfilled. In line with
IAS 1, the customer loyalty programme's' contract liability is classified as current. Further information on the liability\u00a0
balances is provided in note 4.3.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "Discounts, coupons and rebates\u2014The reduction of the transaction price of these non-volume-based incentives is
recognised at a point in time at the later of the date at which the related sale is recognised or the date at which the
incentive is offered. The cost of these incentives is estimated using a number of factors, including historical
utilisation and redemption rates. These incentives are settled in cash and are included in the determination of sales.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "Cost of product mainly consists of raw materials (green coffee beans, tea leaves and other materials) for 76% (2024: 68%), packaging 9% (2024: 11%), coffee taxes 2% (2024: 4%) and inbound freight 2% (2024: 2%)Other selling, general and administrative expenses in the table above include costs for advertising and promotion, distribution, repairs, maintenance and utilities, as well as impairment charges on trade receivables, for which reference is made to note 4.2.
The aggregate of cost of sales and selling, general and administrative expenses is specified by nature as follows (in
EUR million):
Note
2025
2024
Cost of product 51
5,974
4,718
Employee benefit expenses
1,340
1,255
Other selling, general and administrative expenses 52
1,336
1,345
Depreciation, amortisation and impairment
3.2, 3.4
443
457
Restructuring and restructuring related expenses
71
6
Total
9,164
7,781
Unallocated includes operations (e.g. manufacturing and procurement) and global head office functions.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "Cost of product mainly consists of raw materials (green coffee beans, tea leaves and other materials) for 76% (2024: 68%), packaging 9% (2024: 11%), coffee taxes 2% (2024: 4%) and inbound freight 2% (2024: 2%)Other selling, general and administrative expenses in the table above include costs for advertising and promotion, distribution, repairs, maintenance and utilities, as well as impairment charges on trade receivables, for which reference is made to note 4.2.
The aggregate of cost of sales and selling, general and administrative expenses is specified by nature as follows (in
EUR million):
Note
2025
2024
Cost of product 51
5,974
4,718
Employee benefit expenses
1,340
1,255
Other selling, general and administrative expenses 52
1,336
1,345
Depreciation, amortisation and impairment
3.2, 3.4
443
457
Restructuring and restructuring related expenses
71
6
Total
9,164
7,781
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "Cost of product mainly consists of raw materials (green coffee beans, tea leaves and other materials) for 76% (2024: 68%), packaging 9% (2024: 11%), coffee taxes 2% (2024: 4%) and inbound freight 2% (2024: 2%)Other selling, general and administrative expenses in the table above include costs for advertising and promotion, distribution, repairs, maintenance and utilities, as well as impairment charges on trade receivables, for which reference is made to note 4.2.
The aggregate of cost of sales and selling, general and administrative expenses is specified by nature as follows (in
EUR million):
Note
2025
2024
Cost of product 51
5,974
4,718
Employee benefit expenses
1,340
1,255
Other selling, general and administrative expenses 52
1,336
1,345
Depreciation, amortisation and impairment
3.2, 3.4
443
457
Restructuring and restructuring related expenses
71
6
Total
9,164
7,781
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "Cost of product mainly consists of raw materials (green coffee beans, tea leaves and other materials) for 76% (2024: 68%), packaging 9% (2024: 11%), coffee taxes 2% (2024: 4%) and inbound freight 2% (2024: 2%)Other selling, general and administrative expenses in the table above include costs for advertising and promotion, distribution, repairs, maintenance and utilities, as well as impairment charges on trade receivables, for which reference is made to note 4.2.EXPENSES BY NATURE
Expens es\u2014Expenses are recognised based on the accrual basis of accounting. This means that expenses are
recognised when the product is received or the service is provided regardless of when cash outflow takes place.
In\u00a0relation to the expenses recognised in relation to depreciation, amortisation and impairments, reference is made
to\u00a0the specific accounting policy information as is included in notes 3.2 and 3.4. In relation to the costs as expensed
in\u00a0relation to inventory, reference is made to the specific accounting policy as is included in note 4.1.
The aggregate of cost of sales and selling, general and administrative expenses is specified by nature as follows (in
EUR million):
Note
2025
2024
Cost of product 51
5,974
4,718
Employee benefit expenses
1,340
1,255
Other selling, general and administrative expenses 52
1,336
1,345
Depreciation, amortisation and impairment
3.2, 3.4
443
457
Restructuring and restructuring related expenses
71
6
Total
9,164
7,781
\"\"
Unallocated includes operations (e.g. manufacturing and procurement) and global head office functions.
Employee benefit expense can be broken down as follows (in EUR million):
2025
2024
Wages and salaries
1,052
1,044
Social security charges
139
147
Pension costs
49
48
Share-based payments
100
16
Total
1,340
1,255
Employees by segment (average number of FTEs during the year):
2025
2024
Europe
3,779
3,906
LARMEA
2,382
2,693
APAC
1,319
1,395
Peet's
5,244
5,365
Unallocated 53
7,003
7,030
Total
19,727
20,389
Employees by geographical area (average number of FTEs during the year):
2025
2024
The Netherlands
1,617
2,005
Outside the Netherlands
18,110
18,384
Total
19,727
20,389
Fees for audit services provided by our auditor Deloitte Accountants B.V. include the audit of the financial statements
of\u00a0the Company and its subsidiaries. Fees for audit related engagements include review on interim financial statements,
prospectus and sustainability assurance engagements. Fees for other non-audit related services include agreed-upon
procedures. A specification of fees paid to our auditors (in EUR million) is stated below:
2025
2024
Audit of the financial statements
6.5
6.4
Limited assurance review CSRD
0.5
0.7
Audit related engagements
4.2
0.1
Other non-audit related services
0.1
0.2
Total
11.3
7.4
Which relate to:
Deloitte Accountants B.V.
5.5
3.0
Network of Deloitte Accountants B.V.
5.8
4.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "
Expens es\u2014Expenses are recognised based on the accrual basis of accounting. This means that expenses are
recognised when the product is received or the service is provided regardless of when cash outflow takes place.
In\u00a0relation to the expenses recognised in relation to depreciation, amortisation and impairments, reference is made
to\u00a0the specific accounting policy information as is included in notes 3.2 and 3.4. In relation to the costs as expensed
in\u00a0relation to inventory, reference is made to the specific accounting policy as is included in note 4.1.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "value": "
The aggregate of cost of sales and selling, general and administrative expenses is specified by nature as follows (in
EUR million):
Note
2025
2024
Cost of product 51
5,974
4,718
Employee benefit expenses
1,340
1,255
Other selling, general and administrative expenses 52
1,336
1,345
Depreciation, amortisation and impairment
3.2, 3.4
443
457
Restructuring and restructuring related expenses
71
6
Total
9,164
7,781
Employee benefit expense can be broken down as follows (in EUR million):
2025
2024
Wages and salaries
1,052
1,044
Social security charges
139
147
Pension costs
49
48
Share-based payments
100
16
Total
1,340
1,255
POST EMPLOYMENT AND OTHER LONG-TERM EMPLOYEE BENEFIT PLANS
JDE Peet's contributes to defined contribution retirement benefit plans that are recognised as expense when
employees have rendered service entitling them to the contributions.
For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method,
with\u00a0actuarial valuations being carried out at the end of each year. Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are charged or credited to OCI in the period in which they arise.
Past service cost is recognised immediately in the income statement. For defined benefit plans, the operating and
finance expense are recognised separately in the income statement. The amount recognised as operating cost in the
income statement is the cost of accruing pension benefits promised to employees over the year, plus the costs of
individual events such as past service benefit enhancements, settlements and curtailments (such events are recognised
immediately in the income statement). The amount recognised as finance income includes a credit equivalent to the
interest income on the pension plans\u2019 assets over the year, offset by a charge equal to the interest expense in the
plans\u2019 liabilities over the year.
The retirement benefit obligations recognised in the statement of financial position represent the present value of the
defined benefit obligation, as adjusted for past service cost, and as reduced by the fair value of plan assets.
Key accounting estimate and judgement\u2014JDE Peet's sponsors defined benefit plans and provides other
post-employment benefits. Assumptions are an important element in the actuarial methods that are used to
measure the expense and obligations relative to employee benefits. The assumptions utilised include discount
rate, inflation and indexation, life expectancy, payroll increase and health-care trends. Any change in these
assumptions could potentially result in a significant change to the pension assets, pension liabilities,
commitments and pension costs in future periods.
JDE Peet's operates a number of defined benefit and defined contribution plans for its employees.
Defined Contribution Plans
JDE Peet's sponsors defined contribution pension plans for its employees. The cost is determined by the contributions
to these plans and is recognised when it becomes due. The amount of expense recognised during the year 2025 was
EUR 37 million (2024: EUR 36 million).
Defined Benefit Plans (Pension, Jubilee and Post-Employment Medical)
JDE Peet's sponsors defined benefit plans in a number of countries, with the most significant plans in the U.K. and
Germany. The defined benefit plans include pension plans, jubilee plans and post-employment medical benefit plans.
United Kingdom \u2014 This plan only includes deferred members and retirees/dependants. All entitlements have been
made paid-up and are only indexed in accordance with the plan rules. Pension benefits are not linked in any way to the
pensionable salary of the participants.The U.K. Pension Plan is fully funded on a technical provisions basis.
The Trustee of the plan implemented an investment strategy in which 90% of the plan assets are invested in matching
assets (corporate credits and \u2013 index linked \u2013 gilts) and 10% of plan assets are invested in worldwide equity. The overall
investment portfolio is structured in such a way that the volatility of the funded status is within 2% per year. The target
return of the investments is 50 \u2013 75bps above gilts (excl. manager fees), while the technical provisions basis is set at Gilts
+50bps. Under U.K. Pensions Law, the sponsoring companies remain liable in case of future deficits in the pension plan.
The value of the U.K. Plan at 31 December 2025 amounted to a net asset of EUR 459 million (2024: EUR 504 million).
No asset ceiling applies to this plan.
The funding of the plan was 137.6% at 31 December 2025 (2024: 135.8%).
Germany \u2014 There are six (largely) unfunded defined benefit plans in Germany. These include five Final Pay Plans,
of\u00a0which two are closed to new entrants (but participants still accrue benefits) and two are frozen (meaning no further
accruals, but existing entitlements remain). The fifth, a Final Pay Plan, is still open to new entrants and is also the only
funded pension plan (via a Contractual Trust Agreement). Lastly, the sixth arrangement is a provision for service
anniversaries (a so-called Long-Term Benefits Plan). Over 1,000 employees (2024: 1,000) accrue benefits in the fifth
and sixth plans. The total defined benefit obligation at 31 December 2025 was EUR 109 million (2024: EUR 137 million)
of which EUR 92 million (2024: EUR 86 million) was funded by means of a Contractual Trust Agreement.
A summary of the amounts recognised in the financial statements related to the pension, jubilee and post-employment
medical plans is as follows (in EUR million):
2025
2024
Defined benefit obligation of funded plans
(955)
(979)
Fair value of plan assets
1,414
1,483
Funded defined benefit plans with a surplus
459
504
Defined benefit obligation of funded plans
(225)
(278)
Fair value of plan assets
101
122
Funded defined benefit plans with a deficit
(124)
(156)
Post-employment medical & jubilee benefits
(9)
(9)
Defined benefit liability
(133)
(165)
The following provides detailed disclosures regarding the pension, jubilee and the post-employment medical plans.
Pension Benefits \u2014 The reconciliation of the amounts recognised in the table above to the total defined benefit
obligation and fair value of plan assets is as follows (in EUR million):
2025
2024
Total defined benefit obligation
(1,180)
(1,257)
Total fair value of plan assets
1,515
1,605
Net defined benefit position
335
348
Information on plan assets and defined benefit obligation per country
The defined benefit obligation at 31 December per country and the plan assets per country can be specified as follows
(in EUR million):
Plan assets
Defined benefit obligations
2025
2024
2025
2024
United Kingdom
1,385
1,483
(928)
(979)
Germany
92
86
(201)
(223)
Other
38
36
(51)
(55)
The weighted-average duration of the defined benefit obligations for the U.K. at 31 December 2025 is 10.7 years
(2024:\u00a010.8 years) and for Germany at 31 December 2025 is 14.8 years (2024: 16.2 years).
The movement in the defined benefit obligation over the year is as follows (in EUR million):
2025
2024
Defined benefit obligation at 1 January
1,257
1,400
Employer service costs
5
5
Interest expense
58
60
Past service costs
(1)
\u2014
Administration costs
4
3
Actuarial (gain)/loss due to experience
13
(63)
Actuarial (gain)/loss due to demographic assumption changes
31
(18)
Actuarial (gain)/loss due to financial assumption changes
(61)
(99)
Foreign currency translation
(50)
50
Benefits paid
(77)
(81)
Other
1
\u2014
Defined benefit obligation at 31 December
1,180
1,257
The movement in the fair value of plan assets is as follows (in EUR million):
2025
2024
Fair value of plan assets at 1 January
1,605
1,671
Employer contributions
7
8
Benefits paid
(77)
(81)
Interest income
79
74
Return on plan assets greater/(less) than interest income
(25)
(138)
Foreign currency translation
(74)
71
Fair value of plan assets at 31 December
1,515
1,605
The amounts recognised in the income statement are as follows (in EUR million):
2025
2024
Employer service costs
5
5
Past service costs
(1)
\u2014
Interest expense on defined benefit obligation
58
60
Interest income on plan assets
(79)
(74)
Administration costs
4
3
Total defined benefit cost recognised in the consolidated income statement
(13)
(6)
Of the total defined benefit recognised in the income statement, a cost of EUR 4 million (2024: EUR 5 million) was
recognised in selling, general and administrative expenses and cost of sales for the period.
The amounts recognised in the statements of comprehensive income (before tax) are as follows (in EUR million):
2025
2024
Balance at 1 January
(349)
(293)
Actuarial (gains) / losses on the defined benefit obligation
(17)
(180)
Actuarial (gains) / losses on the plan assets
25
138
Foreign currency translation
16
(14)
Balance at 31 December
(325)
(349)
The experience adjustments and actuarial gains and losses due to change in actuarial assumptions are as follows and
relate to the plans included in the statement of financial position at the end of the year (in EUR million):
2025
2024
Liability (gain) or loss due to experience
13
(63)
Liability (gain) or loss due to demographic and financial assumptions changes
(30)
(117)
Actuarial (gains) / losses on the defined benefit obligation
(17)
(180)
Asset (gain) or loss due to experience
25
138
Actuarial (gain) or loss recognised
8
(42)
The weighted-average actual assumptions used in measuring the defined benefit cost recognised in the consolidated
income statement of the year and plan obligations at the end of the year are as follows:
2025
2024
UK
Germany
UK
Germany
Discount rate
5.45%
4.30%
5.40%
3.40%
Indexation rate inactive participants - deferred
2.60%
N/A
2.90%
N/A
Indexation rate inactive participants - pensioners
2.60%
2.00%
2.85%
2.00%
Inflation rate
2.95%
2.00%
3.30%
2.00%
Future salary increases
N/A
2.75%
N/A
2.75%
The discount rate is determined by utilising a yield curve based on high-quality, fixed-income investments that have an
AA bond rating to discount the expected future benefit payments to plan participants. Salary increase assumptions are
based upon historical experience and anticipated future management actions.
Assumptions regarding future mortality experience are set, based on actuarial advice in accordance with published
statistics and experience in each territory. Mortality assumptions for the most important countries are based on the
following mortality tables:
\u2022 UK: SAPS S3 Pensioners with CMI Core Projection Model 2023 update, with a 1.25% long-term trend and default
weightings on experience between 2020 and 2023 experience, respectively
\u2022 Germany: Heubeck 2018G.
Sensitivity to changes in individual parameters used at 31 December 2025 can be estimated as follows:
\u2022 A 50 basis point decrease in the discount rate of interest would increase the defined benefit obligation by
approximately EUR 68 million (2024: EUR 75 million)
\u2022 A 50 basis point increase in inflation assumption would increase the defined benefit obligation by approximately
EUR 47 million (2024: EUR 48 million )
\u2022 A 50 basis point increase in the salary growth rate would increase the defined benefit obligation by approximately
EUR 3 million (2024: EUR 5 million).
The pension plan asset allocation differs per plan. On a weighted-average basis, the allocation was as follows:
2025
2024
Bond or bond-like instruments
75.6%
76.4%
Cash and cash equivalents
15.1%
14.4%
Equity instruments
7.4%
7.5%
Other
1.9%
1.7%
Total
100.0%
100.0%
Investment strategies are based on the composition of the plan liabilities. With the aid of asset liability management
modelling, analyses are made of possible future economic scenarios and investment portfolios. Based on these
analyses, investment strategies are determined for each plan to produce optimal investment returns at acceptable
funding ratio risk levels. Less favourable years can be part of these scenarios. The strategic targets changed
substantially from 2009 since one of the pension plans in the United Kingdom with significant assets is inactive and
therefore the plan assets are mainly invested in fixed-income securities and cash instruments.
Expected cash contributions to retirement benefit plans for the year 2026 are EUR 9 million (2025: EUR 8 million). The
exact amount of cash contributions made to pension plans in any year is dependent on a number of factors including
minimum funding requirements in the jurisdictions in which JDE Peet's operates the tax deductibility of amounts funded
and arrangements made with the trustees of certain foreign plans.
Jubilee and Post-Employment Medical Benefits\u2014JDE Peet's operates a post-employment medical benefit scheme
in the Netherlands and Jubilee schemes in the Netherlands, Austria and Germany. The method of accounting,
assumptions and the frequency of valuations are similar to those used for defined benefit pension schemes except for
the treatment of actuarial gains and losses which are recognised immediately in the income statement. The plans are
unfunded.
The movement in the defined benefit obligation is as follows (in EUR million):
2025
2024
Balance at 1 January
9
9
Employer service cost
1
1
Employer contribution
(1)
(1)
Balance at 31 December
9
9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "Unallocated includes operations (e.g. manufacturing and procurement) and global head office functions.
Employees by segment (average number of FTEs during the year):
2025
2024
Europe
3,779
3,906
LARMEA
2,382
2,693
APAC
1,319
1,395
Peet's
5,244
5,365
Unallocated 53
7,003
7,030
Total
19,727
20,389
Employees by geographical area (average number of FTEs during the year):
2025
2024
The Netherlands
1,617
2,005
Outside the Netherlands
18,110
18,384
Total
19,727
20,389
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "A specification of fees paid to our auditors (in EUR million) is stated below:
2025
2024
Audit of the financial statements
6.5
6.4
Limited assurance review CSRD
0.5
0.7
Audit related engagements
4.2
0.1
Other non-audit related services
0.1
0.2
Total
11.3
7.4
Which relate to:
Deloitte Accountants B.V.
5.5
3.0
Network of Deloitte Accountants B.V.
5.8
4.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "EARNINGS PER SHARE
Basic earnings per share (EPS) is calculated by dividing the profit for the year attributable to the owners of the
Company by the time-weighted average number of ordinary shares outstanding during the year.
Diluted EPS is calculated by dividing the profit attributable to the owners of the Company by the time-weighted average
number of ordinary shares outstanding during the year adjusted for the time-weighted average number of ordinary
shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. At both
the level of the Company, and subsidiary level, there are share-based payment plans that should be considered in the
earnings per share calculation. The share-based payments plans at the subsidiary level are taken into consideration in
the determination of the profit attributable to owners of the Company.
Participants receive listed shares in the Company upon vesting and the Company has the obligation to deliver the
shares, diluting the shares of the Company. The conversion rates used in the earnings per share calculation are similar
to the conversion rates used in the share-based payment calculations. For further details on the conversion rates and
valuation techniques refer to note 7.1.
The calculation of the basic and diluted earnings per share is based on the following data:
2025
2024
Earnings for the purposes of basic earnings per share being profit attributable to
owners of the Company (in EUR million)
796
561
Number of shares
Time-weighted average number of ordinary shares for the purposes of basic earnings per
share
485,497,617
486,961,255
Adjustment for the calculation of diluted earnings per share: Share-based payment plans
9,109,420
7,732,384
Time-weighted average number of ordinary shares for the purposes of diluted
earnings per share
494,607,037
494,693,639
Basic EPS (in EUR)
1.64
1.15
Diluted EPS (in EUR)
1.61
1.13
The total number of shares outstanding (excluding treasury shares) at 31 December 2025 was 484,486,123 (2024:
488,178,642). At 31 December 2025, the Company held 3,692,519 shares in Treasury Stock (2024: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "
Basic earnings per share (EPS) is calculated by dividing the profit for the year attributable to the owners of the
Company by the time-weighted average number of ordinary shares outstanding during the year.
Diluted EPS is calculated by dividing the profit attributable to the owners of the Company by the time-weighted average
number of ordinary shares outstanding during the year adjusted for the time-weighted average number of ordinary
shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. At both
the level of the Company, and subsidiary level, there are share-based payment plans that should be considered in the
earnings per share calculation. The share-based payments plans at the subsidiary level are taken into consideration in
the determination of the profit attributable to owners of the Company.
Participants receive listed shares in the Company upon vesting and the Company has the obligation to deliver the
shares, diluting the shares of the Company. The conversion rates used in the earnings per share calculation are similar
to the conversion rates used in the share-based payment calculations. For further details on the conversion rates and
valuation techniques refer to note 7.1.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-524": { "value": "BUSINESS COMBINATIONS
JDE Peet's applies the acquisition method to account for business combinations. The consideration transferred for the
acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests
issued and includes the fair value of any asset or liability resulting from a contingent consideration arrangement.
Acquisitions where a sequence of transactions begins with JDE Peet's gaining control, followed by acquiring additional
ownership interests shortly thereafter, typical in public offers where offers are made to a group of shareholders, are
accounted for as a single transaction. Acquisition-related costs are expensed as incurred. Identifiable assets acquired
and (contingent) liabilities assumed in a business combination are measured initially at their fair values at the acquisition
date, with limited exceptions as allowed under IFRS 3.
\u2022 Deferred tax assets and liabilities are recognised and measured at acquisition date in accordance with IAS 12.
\u2022 Assets and liabilities related to employee benefit arrangements are recognised and measured at acquisition date in
accordance with IAS 19.
\u2022 Share-based payments arrangements are measured at acquisition date in accordance with IFRS 2.
On an acquisition-by-acquisition basis, JDE Peet's recognises any non-controlling interest in the acquiree either at fair
value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
The excess of the consideration transferred over the net of the acquisition-date amounts of the identifiable assets
acquired and the liabilities assumed is recognised as goodwill. To the extent applicable, any non-controlling interest in
the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree are added to
consideration transferred for purposes of calculating goodwill. If this is less than the fair value of the net assets of the
subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement.
The reconciliation of the carrying amount of goodwill is included in note 3.2.
Business Combinations under Common Control\u2014A business combination involving entities or businesses under
common control is a business combination in which all of the combining entities or businesses are ultimately controlled
by the same party or parties both before and after the business combination and the control is not transitory. JDE
Peet's adopted accounting principles similar to the pooling-of-interest method. Under this method, the assets and
liabilities of the acquired entity are recognised at the same book values as the ultimate parent entity\u2019s consolidated
financial statements (adjusted for the alignment of accounting policies and applicable GAAP applied by the companies
involved). The difference, if any, between the carrying value of the net assets acquired and the consideration paid by
the Group is recognised in Equity.
Key accounting estimate and judgement\u2014The purchase price allocation includes fair values of assets and
(contingent) liabilities that are based on information available at the time of determining those values. The valuation
method of determining the fair value depends on the facts and circumstances relating to the specific asset and
liability.
Acquisitions during 2025
During 2025, there were no business combinations.
Acquisitions during 2024
Caribou\u2014On 26 March 2024, JDE Peet\u2019s completed a long-term global license agreement to manufacture, market and
sell Caribou consumer and foodservice coffee products, excluding Caribou coffeehouses, for a total consideration of
EUR 245 million. These activities were carved-out into a separate legal entity, JDEP Blue Moon, Inc., of which all shares
were transferred to JDE Peet's upon completion. The transaction provides JDE Peet\u2019s a strong platform to expand its
premium coffee portfolio in North America. Under the terms of the agreement, JDE Peet\u2019s acquired Caribou\u2019s roasting
operations in Minneapolis, Minnesota. The two companies, JDE Peet\u2019s and Caribou Coffee Operating Company, Inc,
have also reached a long-term strategic arrangement under which JDE Peet\u2019s will supply coffee products for sale in
Caribou\u2019s coffeehouses. The Caribou business was part of the JAB group of companies (see also note 7.2) and
consequently the accounting method of a business combination under common control was applied.
The difference between the purchase consideration and the book values of the acquired assets and liabilities amounted
to EUR 163 million and was recognised in equity. Acquisition-related costs amounted to EUR 5 million.
The following table summarises the considerations paid and the book value of recognised assets and (contingent)
liabilities at the acquisition date (in EUR million):
Caribou
Property, plant and equipment
10
Deferred tax assets
60
Inventories
7
Trade and other receivables
11
Other non-current financial liabilities
(3)
Trade and other payables
(3)
Net assets acquired
82
Consideration above net asset value - recognised in equity
163
Total consideration in cash for the acquisition
245
Cash considerations paid in 2024
245
Total consideration in cash for the acquisition
245
If Caribou would have been included in JDE Peet\u2019s results an entire year (in the year of acquisition), the revenue and net
loss would have been EUR 75 million and EUR (2) million, respectively.
Marat\u00e1\u2014On 4 January 2024, JDE Peet's completed the acquisition of all shares in the Brazilian coffee & tea business
Ind\u00fastrias Aliment\u00edcias Marat\u00e1 Ltda (Marat\u00e1) from JAV Ind\u00fastria de Alimentos Ltda for a total purchase consideration of
EUR 682 million, net of cash acquired. The acquisition expands JDE Peet\u2019s emerging markets presence. Marat\u00e1\u2019s
coffee & tea business is predominantly present in the northern part of Brazil through its long-standing and well-known
brands Caf\u00e9 Marat\u00e1 and Ch\u00e1 Marat\u00e1.
JDE Peet's applied the acquisition method to account for the Marat\u00e1 business combination and included assets and
liabilities at fair value in accordance with IFRS 3, with some minor exceptions as allowed under IFRS 3. Consequently,
purchase price allocation of all identifiable assets and (contingent) liabilities acquired were performed. The purchase
price allocation was finalised in the year 2024. Through contractual arrangements, Marat\u00e1 is fully in control over the
coffee & tea trademarks. The goodwill is recognised within the LARMEA segment and is attributable to synergies
between JDE Peet\u2019s and Marat\u00e1. The goodwill is deductible for tax purposes. Acquisition-related costs amounted to
EUR 9 million. No changes to the initial valuation of the identifiable assets acquired or liabilities assumed were
recognised.
The assets and liabilities acquired in the transaction include the recognition of a contingent asset and contingent
liabilities. It was agreed that JAV would indemnify JDE Brazil for any risks up to 15% of the initial purchase price,
equivalent to approx. BRL 500 million (EUR 77 million at 31 December 2025 and EUR 78 million at 31 December 2024).
The fair value of the risks are recognised as a provision and income tax payable, which were fully offset by an
indemnification asset recognised within Trade and other receivables.
The following table summarises the considerations paid and the fair values of assets and (contingent) liabilities acquired
at the acquisition date (EUR million):
Marat\u00e1
Property, plant and equipment
30
Other non-current assets
2
Deferred tax assets
1
Inventories
29
Income tax receivable
6
Trade and other receivables
69
Non-current borrowings
(1)
Provisions
(28)
Other non-current liabilities
(2)
Trade and other payables
(4)
Income tax liability
(5)
Net assets acquired
97
Goodwill
399
Trademarks
186
Total consideration in cash for the acquisition
682
Cash consideration paid in 2024
682
Total consideration in cash for the acquisition
682
In 2024, Marat\u00e1 contributed revenue of EUR 317 million and a net profit of EUR 38 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "
JDE Peet's applies the acquisition method to account for business combinations. The consideration transferred for the
acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests
issued and includes the fair value of any asset or liability resulting from a contingent consideration arrangement.
Acquisitions where a sequence of transactions begins with JDE Peet's gaining control, followed by acquiring additional
ownership interests shortly thereafter, typical in public offers where offers are made to a group of shareholders, are
accounted for as a single transaction. Acquisition-related costs are expensed as incurred. Identifiable assets acquired
and (contingent) liabilities assumed in a business combination are measured initially at their fair values at the acquisition
date, with limited exceptions as allowed under IFRS 3.
\u2022 Deferred tax assets and liabilities are recognised and measured at acquisition date in accordance with IAS 12.
\u2022 Assets and liabilities related to employee benefit arrangements are recognised and measured at acquisition date in
accordance with IAS 19.
\u2022 Share-based payments arrangements are measured at acquisition date in accordance with IFRS 2.
On an acquisition-by-acquisition basis, JDE Peet's recognises any non-controlling interest in the acquiree either at fair
value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
The excess of the consideration transferred over the net of the acquisition-date amounts of the identifiable assets
acquired and the liabilities assumed is recognised as goodwill. To the extent applicable, any non-controlling interest in
the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree are added to
consideration transferred for purposes of calculating goodwill. If this is less than the fair value of the net assets of the
subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement.
The reconciliation of the carrying amount of goodwill is included in note 3.2.
Business Combinations under Common Control\u2014A business combination involving entities or businesses under
common control is a business combination in which all of the combining entities or businesses are ultimately controlled
by the same party or parties both before and after the business combination and the control is not transitory. JDE
Peet's adopted accounting principles similar to the pooling-of-interest method. Under this method, the assets and
liabilities of the acquired entity are recognised at the same book values as the ultimate parent entity\u2019s consolidated
financial statements (adjusted for the alignment of accounting policies and applicable GAAP applied by the companies
involved). The difference, if any, between the carrying value of the net assets acquired and the consideration paid by
the Group is recognised in Equity.
Key accounting estimate and judgement\u2014The purchase price allocation includes fair values of assets and
(contingent) liabilities that are based on information available at the time of determining those values. The valuation
method of determining the fair value depends on the facts and circumstances relating to the specific asset and
liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill\u2014Goodwill represents the excess of the consideration transferred in an acquisition over the net of the
acquisition-date amounts of the identifiable assets acquired and the liabilities assumed of the acquired subsidiary at
the date of acquisition. Goodwill on acquisitions of subsidiaries is included in goodwill and other intangible assets on
the statement of financial position. To the extent applicable, any non-controlling interest in the acquiree and the
acquisition-date fair value of any previous equity interest in the acquiree are added to consideration transferred
for\u00a0purposes of calculating goodwill.
Goodwill is not amortised but is tested annually for impairment, or more frequently when events are identified which
require an impairment test, and is carried at cost less accumulated impairment losses (see note 3.3).\u00a0
Trademarks and other identifiable intangible assets\u2014The primary identifiable intangible assets of JDE Peet's are
trademarks, brands and other identifiable intangible assets, being mainly customer relationships and technologies, that were
acquired in business combinations. Trademarks, brands, customer relationships and technologies are recognised at fair value
at acquisition date. The useful life of an intangible asset is assessed as being either finite or indefinite. An intangible asset is
regarded as having an indefinite useful life when, based on all of the relevant factors, there is no foreseeable limit to the period
over which the asset is expected to generate net cash inflows for the entity. The term 'indefinite' does not mean 'infinite'.
There is no expectation that the cash inflows generated by the asset will go on forever; instead there is no foreseeable point at
which the cash inflows will cease. Trademarks with a finite useful life are based on such things as the years that this trademark
is in place and cash inflows generated thus far. Trademarks, brands, customer relationships and technologies that have a
definite useful life are tested when events are identified which require an impairment test. These intangibles are carried at cost
less accumulated amortisation and impairment losses. Amortisation is calculated using the straight-line method to allocate the
cost of trademarks, brands, customer relationships and acquired technologies over their estimated useful lives.
Software\u2014Software is a separately acquired intangible asset, which is initially measured at cost. After initial
recognition, software should be carried at its cost less any accumulated amortisation and any accumulated impairment
losses. Software is amortised on a straight-line basis over their estimated useful lives.
The estimated useful lives, which are reviewed annually and adjusted if appropriate and are presented as follows:
Trademarks & brands
10 to 30 years, or indefinite
Customer relationships
4 to 15 years
Acquired technologies
7 to 20 years
Software
1 to 8 years
Other
5 to 12 years
\"\"
The movements of the goodwill and other intangible assets are as follows (in EUR million):
Goodwill
Trademarks and brands
Computer software
Technologies
Customer relationships
Other intangible assets
Total
Balance at 1 January 2024
12,310
4,204
60
62
91
\u2014
16,727
Acquisitions in business combinations
399
186
\u2014
\u2014
\u2014
\u2014
585
Capital expenditures
\u2014
\u2014
25
\u2014
\u2014
9
34
Foreign currency translation
(68)
(11)
1
\u2014
1
\u2014
(77)
Amortisation expense
\u2014
(57)
(20)
(14)
(20)
(1)
(112)
Impairments
\u2014
(31)
\u2014
\u2014
\u2014
\u2014
(31)
Other
\u2014
(2)
\u2014
\u2014
\u2014
\u2014
(2)
Balance at 31 December 2024
12,641
4,289
66
48
72
8
17,124
Cost
12,641
5,103
235
196
304
30
18,509
Accumulated amortisation
\u2014
(814)
(169)
(148)
(232)
(22)
(1,385)
Balance at 31 December 2024
12,641
4,289
66
48
72
8
17,124
Application of hyperinflationary accounting
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
(2)
Balance at 1 January 2025
12,639
4,289
66
48
72
8
17,122
Capital expenditures
\u2014
\u2014
9
\u2014
\u2014
6
15
Foreign currency translation
(145)
(45)
(2)
\u2014
(2)
\u2014
(194)
Impairments
\u2014
(1)
(1)
\u2014
\u2014
\u2014
(2)
Amortisation expense
\u2014
(64)
(19)
(13)
(18)
\u2014
(114)
Other 54
(46)
1
8
\u2014
\u2014
(7)
(44)
Balance at 31 December 2025
12,448
4,180
61
35
52
7
16,783
Cost
12,448
5,014
233
196
282
19
18,192
Accumulated amortisation
\u2014
(834)
(172)
(161)
(230)
(12)
(1,409)
Balance at 31 December 2025
12,448
4,180
61
35
52
7
16,783
Amortisation expense is included in the income statement as follows (in EUR million):
2025
2024
Cost of sales
(5)
(2)
Selling, general and administrative expenses
(109)
(110)
Total
(114)
(112)
At 31 December, the principal acquired brands, all of which are regarded as having indefinite useful economic lives, are
as follows (in EUR million):
2025
2024
JACOBS
1,048
1,048
Douwe Egberts
668
668
Kenco
412
412
Moccona
214
214
Peet's
182
206
Pickwick
175
175
Gevalia
134
134
Maxwell House
118
118
Pil\u00e3o
11
12
Friele
40
40
Other brands
43
49
Total
3,045
3,076
The carrying amount of goodwill at 31 December 2025 is EUR 12,448 million (2024: EUR 12,641 million) and indefinite
life intangible assets EUR 3,045 million (2024: EUR 3,076 million). The movement over the year is explained by foreign
currency translation adjustments.
Goodwill is monitored by management at the operating segment level.
I wThe following is a summary of goodwill allocation for each operating segment at 31 December (in EUR million):
2025
2024
Europe
9,751
9,758
LARMEA
915
945
Peet's
687
779
APAC
1,095
1,159
Total
12,448
12,641
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill\u2014Goodwill represents the excess of the consideration transferred in an acquisition over the net of the
acquisition-date amounts of the identifiable assets acquired and the liabilities assumed of the acquired subsidiary at
the date of acquisition. Goodwill on acquisitions of subsidiaries is included in goodwill and other intangible assets on
the statement of financial position. To the extent applicable, any non-controlling interest in the acquiree and the
acquisition-date fair value of any previous equity interest in the acquiree are added to consideration transferred
for\u00a0purposes of calculating goodwill.
Goodwill is not amortised but is tested annually for impairment, or more frequently when events are identified which
require an impairment test, and is carried at cost less accumulated impairment losses (see note 3.3).\u00a0
Trademarks and other identifiable intangible assets\u2014The primary identifiable intangible assets of JDE Peet's are
trademarks, brands and other identifiable intangible assets, being mainly customer relationships and technologies, that were
acquired in business combinations. Trademarks, brands, customer relationships and technologies are recognised at fair value
at acquisition date. The useful life of an intangible asset is assessed as being either finite or indefinite. An intangible asset is
regarded as having an indefinite useful life when, based on all of the relevant factors, there is no foreseeable limit to the period
over which the asset is expected to generate net cash inflows for the entity. The term 'indefinite' does not mean 'infinite'.
There is no expectation that the cash inflows generated by the asset will go on forever; instead there is no foreseeable point at
which the cash inflows will cease. Trademarks with a finite useful life are based on such things as the years that this trademark
is in place and cash inflows generated thus far. Trademarks, brands, customer relationships and technologies that have a
definite useful life are tested when events are identified which require an impairment test. These intangibles are carried at cost
less accumulated amortisation and impairment losses. Amortisation is calculated using the straight-line method to allocate the
cost of trademarks, brands, customer relationships and acquired technologies over their estimated useful lives.
Software\u2014Software is a separately acquired intangible asset, which is initially measured at cost. After initial
recognition, software should be carried at its cost less any accumulated amortisation and any accumulated impairment
losses. Software is amortised on a straight-line basis over their estimated useful lives.
The estimated useful lives, which are reviewed annually and adjusted if appropriate and are presented as follows:
Trademarks & brands
10 to 30 years, or indefinite
Customer relationships
4 to 15 years
Acquired technologies
7 to 20 years
Software
1 to 8 years
Other
5 to 12 years
\"\"
The movements of the goodwill and other intangible assets are as follows (in EUR million):
Goodwill
Trademarks and brands
Computer software
Technologies
Customer relationships
Other intangible assets
Total
Balance at 1 January 2024
12,310
4,204
60
62
91
\u2014
16,727
Acquisitions in business combinations
399
186
\u2014
\u2014
\u2014
\u2014
585
Capital expenditures
\u2014
\u2014
25
\u2014
\u2014
9
34
Foreign currency translation
(68)
(11)
1
\u2014
1
\u2014
(77)
Amortisation expense
\u2014
(57)
(20)
(14)
(20)
(1)
(112)
Impairments
\u2014
(31)
\u2014
\u2014
\u2014
\u2014
(31)
Other
\u2014
(2)
\u2014
\u2014
\u2014
\u2014
(2)
Balance at 31 December 2024
12,641
4,289
66
48
72
8
17,124
Cost
12,641
5,103
235
196
304
30
18,509
Accumulated amortisation
\u2014
(814)
(169)
(148)
(232)
(22)
(1,385)
Balance at 31 December 2024
12,641
4,289
66
48
72
8
17,124
Application of hyperinflationary accounting
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
(2)
Balance at 1 January 2025
12,639
4,289
66
48
72
8
17,122
Capital expenditures
\u2014
\u2014
9
\u2014
\u2014
6
15
Foreign currency translation
(145)
(45)
(2)
\u2014
(2)
\u2014
(194)
Impairments
\u2014
(1)
(1)
\u2014
\u2014
\u2014
(2)
Amortisation expense
\u2014
(64)
(19)
(13)
(18)
\u2014
(114)
Other 54
(46)
1
8
\u2014
\u2014
(7)
(44)
Balance at 31 December 2025
12,448
4,180
61
35
52
7
16,783
Cost
12,448
5,014
233
196
282
19
18,192
Accumulated amortisation
\u2014
(834)
(172)
(161)
(230)
(12)
(1,409)
Balance at 31 December 2025
12,448
4,180
61
35
52
7
16,783
Amortisation expense is included in the income statement as follows (in EUR million):
2025
2024
Cost of sales
(5)
(2)
Selling, general and administrative expenses
(109)
(110)
Total
(114)
(112)
At 31 December, the principal acquired brands, all of which are regarded as having indefinite useful economic lives, are
as follows (in EUR million):
2025
2024
JACOBS
1,048
1,048
Douwe Egberts
668
668
Kenco
412
412
Moccona
214
214
Peet's
182
206
Pickwick
175
175
Gevalia
134
134
Maxwell House
118
118
Pil\u00e3o
11
12
Friele
40
40
Other brands
43
49
Total
3,045
3,076
The share of carrying value of the indefinite lived brands over the segments is as follows:
2025
2024
Europe
80%
79%
LARMEA
5%
5%
Peet's
7%
8%
APAC
8%
8%
Total
100%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill\u2014Goodwill represents the excess of the consideration transferred in an acquisition over the net of the
acquisition-date amounts of the identifiable assets acquired and the liabilities assumed of the acquired subsidiary at
the date of acquisition. Goodwill on acquisitions of subsidiaries is included in goodwill and other intangible assets on
the statement of financial position. To the extent applicable, any non-controlling interest in the acquiree and the
acquisition-date fair value of any previous equity interest in the acquiree are added to consideration transferred
for\u00a0purposes of calculating goodwill.
Goodwill is not amortised but is tested annually for impairment, or more frequently when events are identified which
require an impairment test, and is carried at cost less accumulated impairment losses (see note 3.3).\u00a0
Trademarks and other identifiable intangible assets\u2014The primary identifiable intangible assets of JDE Peet's are
trademarks, brands and other identifiable intangible assets, being mainly customer relationships and technologies, that were
acquired in business combinations. Trademarks, brands, customer relationships and technologies are recognised at fair value
at acquisition date. The useful life of an intangible asset is assessed as being either finite or indefinite. An intangible asset is
regarded as having an indefinite useful life when, based on all of the relevant factors, there is no foreseeable limit to the period
over which the asset is expected to generate net cash inflows for the entity. The term 'indefinite' does not mean 'infinite'.
There is no expectation that the cash inflows generated by the asset will go on forever; instead there is no foreseeable point at
which the cash inflows will cease. Trademarks with a finite useful life are based on such things as the years that this trademark
is in place and cash inflows generated thus far. Trademarks, brands, customer relationships and technologies that have a
definite useful life are tested when events are identified which require an impairment test. These intangibles are carried at cost
less accumulated amortisation and impairment losses. Amortisation is calculated using the straight-line method to allocate the
cost of trademarks, brands, customer relationships and acquired technologies over their estimated useful lives.
Software\u2014Software is a separately acquired intangible asset, which is initially measured at cost. After initial
recognition, software should be carried at its cost less any accumulated amortisation and any accumulated impairment
losses. Software is amortised on a straight-line basis over their estimated useful lives.
The estimated useful lives, which are reviewed annually and adjusted if appropriate and are presented as follows:
Trademarks & brands
10 to 30 years, or indefinite
Customer relationships
4 to 15 years
Acquired technologies
7 to 20 years
Software
1 to 8 years
Other
5 to 12 years
\"\"
The movements of the goodwill and other intangible assets are as follows (in EUR million):
Goodwill
Trademarks and brands
Computer software
Technologies
Customer relationships
Other intangible assets
Total
Balance at 1 January 2024
12,310
4,204
60
62
91
\u2014
16,727
Acquisitions in business combinations
399
186
\u2014
\u2014
\u2014
\u2014
585
Capital expenditures
\u2014
\u2014
25
\u2014
\u2014
9
34
Foreign currency translation
(68)
(11)
1
\u2014
1
\u2014
(77)
Amortisation expense
\u2014
(57)
(20)
(14)
(20)
(1)
(112)
Impairments
\u2014
(31)
\u2014
\u2014
\u2014
\u2014
(31)
Other
\u2014
(2)
\u2014
\u2014
\u2014
\u2014
(2)
Balance at 31 December 2024
12,641
4,289
66
48
72
8
17,124
Cost
12,641
5,103
235
196
304
30
18,509
Accumulated amortisation
\u2014
(814)
(169)
(148)
(232)
(22)
(1,385)
Balance at 31 December 2024
12,641
4,289
66
48
72
8
17,124
Application of hyperinflationary accounting
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
(2)
Balance at 1 January 2025
12,639
4,289
66
48
72
8
17,122
Capital expenditures
\u2014
\u2014
9
\u2014
\u2014
6
15
Foreign currency translation
(145)
(45)
(2)
\u2014
(2)
\u2014
(194)
Impairments
\u2014
(1)
(1)
\u2014
\u2014
\u2014
(2)
Amortisation expense
\u2014
(64)
(19)
(13)
(18)
\u2014
(114)
Other 54
(46)
1
8
\u2014
\u2014
(7)
(44)
Balance at 31 December 2025
12,448
4,180
61
35
52
7
16,783
Cost
12,448
5,014
233
196
282
19
18,192
Accumulated amortisation
\u2014
(834)
(172)
(161)
(230)
(12)
(1,409)
Balance at 31 December 2025
12,448
4,180
61
35
52
7
16,783
Amortisation expense is included in the income statement as follows (in EUR million):
2025
2024
Cost of sales
(5)
(2)
Selling, general and administrative expenses
(109)
(110)
Total
(114)
(112)
At 31 December, the principal acquired brands, all of which are regarded as having indefinite useful economic lives, are
as follows (in EUR million):
2025
2024
JACOBS
1,048
1,048
Douwe Egberts
668
668
Kenco
412
412
Moccona
214
214
Peet's
182
206
Pickwick
175
175
Gevalia
134
134
Maxwell House
118
118
Pil\u00e3o
11
12
Friele
40
40
Other brands
43
49
Total
3,045
3,076
The carrying amount of goodwill at 31 December 2025 is EUR 12,448 million (2024: EUR 12,641 million) and indefinite
life intangible assets EUR 3,045 million (2024: EUR 3,076 million). The movement over the year is explained by foreign
currency translation adjustments.
The share of carrying value of the indefinite lived brands over the segments is as follows:
2025
2024
Europe
80%
79%
LARMEA
5%
5%
Peet's
7%
8%
APAC
8%
8%
Total
100%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
Goodwill\u2014Goodwill represents the excess of the consideration transferred in an acquisition over the net of the
acquisition-date amounts of the identifiable assets acquired and the liabilities assumed of the acquired subsidiary at
the date of acquisition. Goodwill on acquisitions of subsidiaries is included in goodwill and other intangible assets on
the statement of financial position. To the extent applicable, any non-controlling interest in the acquiree and the
acquisition-date fair value of any previous equity interest in the acquiree are added to consideration transferred
for\u00a0purposes of calculating goodwill.
Goodwill is not amortised but is tested annually for impairment, or more frequently when events are identified which
require an impairment test, and is carried at cost less accumulated impairment losses (see note 3.3).\u00a0
As part of the overall impairment test performed with the measurement date 30 September 2025, also the recoverability
of the CGUs carrying these trademarks was assessed, concluding no impairments to be recognised.
Goodwill is monitored by management at the operating segment level.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "
Trademarks and other identifiable intangible assets\u2014The primary identifiable intangible assets of JDE Peet's are
trademarks, brands and other identifiable intangible assets, being mainly customer relationships and technologies, that were
acquired in business combinations. Trademarks, brands, customer relationships and technologies are recognised at fair value
at acquisition date. The useful life of an intangible asset is assessed as being either finite or indefinite. An intangible asset is
regarded as having an indefinite useful life when, based on all of the relevant factors, there is no foreseeable limit to the period
over which the asset is expected to generate net cash inflows for the entity. The term 'indefinite' does not mean 'infinite'.
There is no expectation that the cash inflows generated by the asset will go on forever; instead there is no foreseeable point at
which the cash inflows will cease. Trademarks with a finite useful life are based on such things as the years that this trademark
is in place and cash inflows generated thus far. Trademarks, brands, customer relationships and technologies that have a
definite useful life are tested when events are identified which require an impairment test. These intangibles are carried at cost
less accumulated amortisation and impairment losses. Amortisation is calculated using the straight-line method to allocate the
cost of trademarks, brands, customer relationships and acquired technologies over their estimated useful lives.
Software\u2014Software is a separately acquired intangible asset, which is initially measured at cost. After initial
recognition, software should be carried at its cost less any accumulated amortisation and any accumulated impairment
losses. Software is amortised on a straight-line basis over their estimated useful lives.
The estimated useful lives, which are reviewed annually and adjusted if appropriate and are presented as follows:
Trademarks & brands
10 to 30 years, or indefinite
Customer relationships
4 to 15 years
Acquired technologies
7 to 20 years
Software
1 to 8 years
Other
5 to 12 years
As part of the overall impairment test performed with the measurement date 30 September 2025, also the recoverability
of the CGUs carrying these trademarks was assessed, concluding no impairments to be recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "IMPAIRMENT OF NON-CURRENT ASSETS
Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or circumstances
indicate that the carrying amount may not be recoverable. Assets that have an indefinite useful life, such as trademarks
and brands, are not subject to amortisation and are tested at least annually for impairment or when events or
circumstances indicate that the carrying amount may not be recoverable. When events or circumstances indicate that
an individual asset is not recoverable the asset is tested on an individual basis.
Goodwill is tested for impairment on the last day of the third quarter of the year, and whenever a significant event
occurs or circumstances change that might reduce the recoverable amount of the goodwill. If the recoverable amount
of a cash-generating unit (CGU) or a group of CGUs is less than its carrying amount, the impairment loss is first
allocated to goodwill. Any remaining impairment loss is allocated to all remaining assets in the CGU or group of CGUs.
Impairment losses on goodwill are not reversed.
Goodwill is allocated to groups of CGUs for the purpose of impairment testing. The allocation is made to those groups
of CGUs that are expected to benefit from the business combination in which the goodwill arose, identified consistent
with the operating segment before any aggregation.
An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset\u2019s fair value less cost of disposal (FVLCD) or value-in-use (VIU). For the
purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable
cash flows. Non-financial assets, other than goodwill that is impaired, are reviewed for possible reversal of the
impairment at each reporting date.
Key accounting estimate and judgement\u2014Determining whether goodwill is impaired requires an estimation of
the VIU of the group of CGUs to which goodwill has been allocated. The VIU calculation requires management
to estimate future cash flows expected to arise from the CGU and a suitable discount rate to calculate present
value. If the actual future cash flows are less than expected, an impairment loss may arise. VIU is a valuation
derived from the discounted future cash flows of the CGUs. Cash flow projections were made for 7 years, which
were approved by the Board of Director of which 5 years were included in the cash flow forecast and of which
the first year is aligned to the budget for the following year. The growth rates for the sixth year are based on the
average of the fifth and seventh year. The cash flows after the 6-year period are extrapolated using a terminal
growth rate equal to the inflation assumption to determine the terminal value. The coffee price growth per year is
assumed to be the expected country-specific annual long-term inflation, which is based on external sources. A
CGU-specific pre-tax Weighted-Average Cost of Capital (WACC) was applied. The cash flow projections in the
impairment assessment include financial impacts in relation to executing the environmental strategy.
JDE Peet's reviews these estimates at least annually as of the date of each impairment test and believes them to be
appropriate. However, changes in these estimates could change the outcomes of the impairment reviews and therefore
affect future financial results, the effects of which would be recognised in the income statement, through operating profit.
The carrying amount of goodwill at 31 December 2025 is EUR 12,448 million (2024: EUR 12,641 million) and indefinite
life intangible assets EUR 3,045 million (2024: EUR 3,076 million). The movement over the year is explained by foreign
currency translation adjustments.
The share of carrying value of the indefinite lived brands over the segments is as follows:
2025
2024
Europe
80%
79%
LARMEA
5%
5%
Peet's
7%
8%
APAC
8%
8%
Total
100%
100%
As part of the overall impairment test performed with the measurement date 30 September 2025, also the recoverability
of the CGUs carrying these trademarks was assessed, concluding no impairments to be recognised.
Goodwill is monitored by management at the operating segment level.
I wThe following is a summary of goodwill allocation for each operating segment at 31 December (in EUR million):
2025
2024
Europe
9,751
9,758
LARMEA
915
945
Peet's
687
779
APAC
1,095
1,159
Total
12,448
12,641
Key assumptions
Key assumptions used in the calculation of the VIU are the EBITDA margin growth and the KDP bid, the discount rate
applied to the projected cash flows and the terminal growth rate. The EBITDA margin growth is a combination of past
experiences and JDE Peet's \"Reignite the amazing\" strategy by market, category and brand. The discount rate is the
pre-tax rate WACC, which includes inputs of cost of equity (calculated using the risk-free rate, systematic market risk
and risk premium) and cost of debt (yield to maturity on debt). The WACC includes an additional risk premium in
relation to the realisation of the cash flow projections. The terminal growth rate is equal to the long-term annual inflation
rate specific to the asset or CGU. The KDP bid price in current year is treated as indicative of the entity\u2019s fair value and
the segments\u2019 total recoverable amounts are reconciled to that bid price. For some intangible assets, management
expects to achieve growth driven by sales, marketing and distribution expertise, which is significantly in excess of the
terminal growth rates for the applicable countries or regions. In these circumstances, the recoverable amount is
calculated based on the following inputs: the annual growth rate of the country\u2019s gross domestic product, aggregated
with its inflation rate and adjusted according to the specific asset or CGU.
The terminal growth rate is assumed equal to the long-term annual inflation rate of the country. For brands, the
assumptions are based on a weighted-average taking into account the country or countries where sales are made.
The key assumptions (pre-tax discount rates, terminal growth rates and EBITDA margin growth) used to calculate the
VIU for impairment testing are included in the following table (in percentage):
2025
2024
Pre-tax
discount rate
Terminal
growth rate
EBITDA
margin
growth
Pre-tax
discount rate
Terminal
growth rate
EBITDA
margin
growth
Europe
8.3 - 12.5 %
1.6%
0.1%
9.5 - 14.9 %
1.6%
1.4%
LARMEA
9.0 - 28.2 %
3.4%
(0.5)%
9.3 - 28.1 %
3.5%
1.1%
Peet's
10.7 %
1.8%
(0.4)%
10.2 %
1.7%
(0.4)%
APAC
8.8 - 9.4 %
1.7%
(0.9)%
10.5 - 10.9 %
1.7%
0.7%
Sensitivity
Management performed sensitivity analysis around the key assumptions. Management believes that no reasonable
possible changes in key assumptions would cause, in isolation, the recoverable amount of the significant group of cash
generating units to be less than the carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "
Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or circumstances
indicate that the carrying amount may not be recoverable. Assets that have an indefinite useful life, such as trademarks
and brands, are not subject to amortisation and are tested at least annually for impairment or when events or
circumstances indicate that the carrying amount may not be recoverable. When events or circumstances indicate that
an individual asset is not recoverable the asset is tested on an individual basis.
Goodwill is tested for impairment on the last day of the third quarter of the year, and whenever a significant event
occurs or circumstances change that might reduce the recoverable amount of the goodwill. If the recoverable amount
of a cash-generating unit (CGU) or a group of CGUs is less than its carrying amount, the impairment loss is first
allocated to goodwill. Any remaining impairment loss is allocated to all remaining assets in the CGU or group of CGUs.
Impairment losses on goodwill are not reversed.
Goodwill is allocated to groups of CGUs for the purpose of impairment testing. The allocation is made to those groups
of CGUs that are expected to benefit from the business combination in which the goodwill arose, identified consistent
with the operating segment before any aggregation.
An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset\u2019s fair value less cost of disposal (FVLCD) or value-in-use (VIU). For the
purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable
cash flows. Non-financial assets, other than goodwill that is impaired, are reviewed for possible reversal of the
impairment at each reporting date.
Key accounting estimate and judgement\u2014Determining whether goodwill is impaired requires an estimation of
the VIU of the group of CGUs to which goodwill has been allocated. The VIU calculation requires management
to estimate future cash flows expected to arise from the CGU and a suitable discount rate to calculate present
value. If the actual future cash flows are less than expected, an impairment loss may arise. VIU is a valuation
derived from the discounted future cash flows of the CGUs. Cash flow projections were made for 7 years, which
were approved by the Board of Director of which 5 years were included in the cash flow forecast and of which
the first year is aligned to the budget for the following year. The growth rates for the sixth year are based on the
average of the fifth and seventh year. The cash flows after the 6-year period are extrapolated using a terminal
growth rate equal to the inflation assumption to determine the terminal value. The coffee price growth per year is
assumed to be the expected country-specific annual long-term inflation, which is based on external sources. A
CGU-specific pre-tax Weighted-Average Cost of Capital (WACC) was applied. The cash flow projections in the
impairment assessment include financial impacts in relation to executing the environmental strategy.
JDE Peet's reviews these estimates at least annually as of the date of each impairment test and believes them to be
appropriate. However, changes in these estimates could change the outcomes of the impairment reviews and therefore
affect future financial results, the effects of which would be recognised in the income statement, through operating profit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "
As part of the overall impairment test performed with the measurement date 30 September 2025, also the recoverability
of the CGUs carrying these trademarks was assessed, concluding no impairments to be recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is carried at historical cost, less accumulated depreciation and any impairment losses.
The cost of purchased property, plant and equipment is the value of the consideration given to acquire the assets and
the value of other directly attributable costs including, for qualifying assets, capitalised borrowing costs and asset
retirement obligations. Leasehold improvements and other property additions and improvements are included in the
asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to JDE Peet's and the cost of the item can be measured reliably.
The carrying amount of any replaced part is derecognised at the time it is disposed and charged to expense. All repair
and maintenance costs are charged to expense as incurred.
Property, plant and equipment is depreciated on a straight-line basis over the estimated useful lives of the assets,
except land and assets under construction which are not depreciated. JDE Peet's believes that the wear and tear on
each category of assets is spread evenly over the useful life. The estimated useful lives, which are reviewed annually
and adjusted if appropriate, are presented as follows:
Buildings and improvements
up to 40\u00a0years
Leasehold improvements
10 to 20 years
Machinery and equipment
up to 25 years
The assets\u2019 residual values are reviewed annually and adjusted, if appropriate, at the end of each reporting period.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of the assets and
are recognised in the income statement within selling, general and administrative expenses. An asset\u2019s carrying amount
is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated
recoverable amount.
Key accounting estimate and judgement\u2014With respect to impairment of long lived assets, judgements are
made related to the expected useful lives of long-lived assets and their ability to realise undiscounted cash flows
in excess of the carrying amounts of such assets which are affected by factors such as the ongoing
maintenance and improvements of the assets, changes in economic conditions and changes in operating
performance. In assessing the remaining useful lives JDE Peet's concluded that there is no material impact from
climate risk.
The composition of property, plant and equipment is as follows (in EUR million):
Note
2025
2024
Property, plant and equipment - owned assets
3.4.1
1,557
1,593
Right of use assets
3.4.2
230
266
Total
1,787
1,859
PROPERTY, PLANT AND EQUIPMENT - OWNED ASSETS
The movements of the property, plant and equipment are as follows (in EUR million):
Land and
buildings
Machinery
and
equipment
Assets under
construction
Other
Total
Balance at 1 January 2024
426
824
211
14
1,475
Application of hyperinflationary accounting
44
\u2014
\u2014
\u2014
44
Acquisitions in business combinations
13
23
1
\u2014
37
Capital expenditures
11
103
181
1
296
Disposals/other
(3)
(16)
(2)
\u2014
(21)
Impairment
(16)
(10)
(3)
\u2014
(29)
Foreign currency translation
(1)
(16)
(1)
\u2014
(18)
Depreciation expense
(32)
(164)
\u2014
(3)
(199)
Transfers
53
96
(144)
3
8
Balance at 31 December 2024
495
840
243
15
1,593
Cost
903
2,265
243
64
3,475
Accumulated depreciation
(408)
(1,425)
\u2014
(49)
(1,882)
Balance at 31 December 2024
495
840
243
15
1,593
Application of hyperinflationary accounting
(6)
\u2014
\u2014
\u2014
(6)
Capital expenditures
11
87
187
1
286
Disposals/other
(42)
(14)
(2)
(1)
(59)
Impairment
(10)
(18)
(21)
\u2014
(49)
Foreign currency translation
(1)
5
\u2014
\u2014
4
Depreciation expense
(33)
(161)
\u2014
(2)
(196)
Transfers
15
117
(150)
2
(16)
Balance at 31 December 2025
429
856
257
15
1,557
Cost
835
2,379
257
61
3,532
Accumulated depreciation
(406)
(1,523)
\u2014
(46)
(1,975)
Balance at 31 December 2025
429
856
257
15
1,557
Assets under construction primarily relate to production lines and buildings.
The impairment charge recognised in 2025 mainly related to the closure of the activities in a location in the United
Kingdom, as well as the write-down of equipment at a production site in France.
RIGHT OF USE ASSETS
The movements of the right-of-use assets are as follows (in EUR million):
Right-of-use real
estate
Right-of-use
vehicles
Right-of-use
other
Total
Balance at 1 January 2024
211
30
3
244
Acquisitions in business combinations
3
\u2014
\u2014
3
Recognition right-of-use asset
66
25
1
92
Remeasurement/other
(2)
4
\u2014
2
Foreign currency translation
8
\u2014
1
9
Depreciation expense
(65)
(18)
(3)
(86)
Transfers
1
1
\u2014
2
Balance at 31 December 2024
222
42
2
266
Cost
488
83
12
583
Accumulated depreciation
(266)
(41)
(10)
(317)
Balance at 31 December 2024
222
42
2
266
Recognition right-of-use asset
40
20
6
66
Impairments
(4)
\u2014
\u2014
(4)
Remeasurement/other
(1)
\u2014
(1)
(2)
Foreign currency translation
(18)
(2)
\u2014
(20)
Depreciation expense
(56)
(19)
(3)
(78)
Transfers
1
1
\u2014
2
Balance at 31 December 2025
184
42
4
230
Cost
456
84
16
556
Accumulated depreciation
(272)
(42)
(12)
(326)
Balance at 31 December 2025
184
42
4
230
Depreciation expense included in the income statement for the period is as follows (in EUR million):
2025
2024
Cost of sales
(195)
(205)
Selling, general and administrative expenses
(79)
(80)
Total
(274)
(285)
JDE Peet's leases various offices, warehouses, coffee stores, equipment and vehicles. Expenses for short-term leases,
low value leases and variable lease payments amounted to EUR 19 million (2024: EUR 20 million) and were charged to
the income statement. There are no significant lease commitments for leases not commenced at year-end.
JDE Peet's incurred interest expenses on the lease liability of EUR 14 million (2024: EUR 11 million). For lease liabilities,
refer to note 5.2. and for the contractual maturity analysis of lease liabilities refer to note 6.4.
The total cash outflow for leases amounted to EUR 104 million (2024: EUR 111 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
Property, plant and equipment is carried at historical cost, less accumulated depreciation and any impairment losses.
The cost of purchased property, plant and equipment is the value of the consideration given to acquire the assets and
the value of other directly attributable costs including, for qualifying assets, capitalised borrowing costs and asset
retirement obligations. Leasehold improvements and other property additions and improvements are included in the
asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to JDE Peet's and the cost of the item can be measured reliably.
The carrying amount of any replaced part is derecognised at the time it is disposed and charged to expense. All repair
and maintenance costs are charged to expense as incurred.
Property, plant and equipment is depreciated on a straight-line basis over the estimated useful lives of the assets,
except land and assets under construction which are not depreciated. JDE Peet's believes that the wear and tear on
each category of assets is spread evenly over the useful life. The estimated useful lives, which are reviewed annually
and adjusted if appropriate, are presented as follows:
Buildings and improvements
up to 40\u00a0years
Leasehold improvements
10 to 20 years
Machinery and equipment
up to 25 years
The assets\u2019 residual values are reviewed annually and adjusted, if appropriate, at the end of each reporting period.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of the assets and
are recognised in the income statement within selling, general and administrative expenses. An asset\u2019s carrying amount
is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated
recoverable amount.
Key accounting estimate and judgement\u2014With respect to impairment of long lived assets, judgements are
made related to the expected useful lives of long-lived assets and their ability to realise undiscounted cash flows
in excess of the carrying amounts of such assets which are affected by factors such as the ongoing
maintenance and improvements of the assets, changes in economic conditions and changes in operating
performance. In assessing the remaining useful lives JDE Peet's concluded that there is no material impact from
climate risk.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
Property, plant and equipment is depreciated on a straight-line basis over the estimated useful lives of the assets,
except land and assets under construction which are not depreciated. JDE Peet's believes that the wear and tear on
each category of assets is spread evenly over the useful life. The estimated useful lives, which are reviewed annually
and adjusted if appropriate, are presented as follows:
Buildings and improvements
up to 40\u00a0years
Leasehold improvements
10 to 20 years
Machinery and equipment
up to 25 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "
The assets\u2019 residual values are reviewed annually and adjusted, if appropriate, at the end of each reporting period.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of the assets and
are recognised in the income statement within selling, general and administrative expenses. An asset\u2019s carrying amount
is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated
recoverable amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "RIGHT OF USE ASSETS
The movements of the right-of-use assets are as follows (in EUR million):
Right-of-use real
estate
Right-of-use
vehicles
Right-of-use
other
Total
Balance at 1 January 2024
211
30
3
244
Acquisitions in business combinations
3
\u2014
\u2014
3
Recognition right-of-use asset
66
25
1
92
Remeasurement/other
(2)
4
\u2014
2
Foreign currency translation
8
\u2014
1
9
Depreciation expense
(65)
(18)
(3)
(86)
Transfers
1
1
\u2014
2
Balance at 31 December 2024
222
42
2
266
Cost
488
83
12
583
Accumulated depreciation
(266)
(41)
(10)
(317)
Balance at 31 December 2024
222
42
2
266
Recognition right-of-use asset
40
20
6
66
Impairments
(4)
\u2014
\u2014
(4)
Remeasurement/other
(1)
\u2014
(1)
(2)
Foreign currency translation
(18)
(2)
\u2014
(20)
Depreciation expense
(56)
(19)
(3)
(78)
Transfers
1
1
\u2014
2
Balance at 31 December 2025
184
42
4
230
Cost
456
84
16
556
Accumulated depreciation
(272)
(42)
(12)
(326)
Balance at 31 December 2025
184
42
4
230
Depreciation expense included in the income statement for the period is as follows (in EUR million):
2025
2024
Cost of sales
(195)
(205)
Selling, general and administrative expenses
(79)
(80)
Total
(274)
(285)
JDE Peet's leases various offices, warehouses, coffee stores, equipment and vehicles. Expenses for short-term leases,
low value leases and variable lease payments amounted to EUR 19 million (2024: EUR 20 million) and were charged to
the income statement. There are no significant lease commitments for leases not commenced at year-end.
JDE Peet's incurred interest expenses on the lease liability of EUR 14 million (2024: EUR 11 million). For lease liabilities,
refer to note 5.2. and for the contractual maturity analysis of lease liabilities refer to note 6.4.
The total cash outflow for leases amounted to EUR 104 million (2024: EUR 111 million).
Borrowing facilities of JDE Peet's through the years 2024 and 2025 are summarised in the following tables (in EUR million):
Currency
31 December
2023
Business
combinations
Unwinding
discount
Additions
Repaid
Remeasurement
Amortisation
Recognition of
lease liability
Currency
translation
Other
31 December
2024
Unsecured notes - EU
EUR
4,088
\u2014
\u2014
\u2014
\u2014
4
3
\u2014
\u2014
\u2014
4,095
Unsecured notes - US
USD
1,581
\u2014
\u2014
\u2014
(450)
(4)
1
\u2014
72
\u2014
1,200
Short term facility
Various
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
JDE: Other financing
Various
8
1
\u2014
62
(65)
\u2014
\u2014
\u2014
(3)
\u2014
3
All: Revolving credit facilities
Various
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Leases
Various
261
\u2014
13
\u2014
(91)
\u2014
(3)
97
10
\u2014
287
Unamortised discounts and costs
Various
(23)
\u2014
\u2014
\u2014
\u2014
\u2014
6
\u2014
\u2014
\u2014
(17)
Total borrowings
5,915
1
13
62
(606)
\u2014
7
97
79
\u2014
5,568
Non-current
5,388
4,999
Current
527
569
Currency
31 December
2024
Business
combinations
Unwinding
discount
Additions
Repaid
Remeasurement
Amortisation
Recognition of
lease liability
Currency
translation
Other
31 December
2025
Unsecured notes - EU
EUR
4,095
\u2014
\u2014
600
(500)
(4)
2
\u2014
\u2014
\u2014
4,193
Unsecured notes - US
USD
1,200
\u2014
\u2014
\u2014
\u2014
6
1
\u2014
(142)
\u2014
1,065
Short term facility
Various
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
JDE: Other financing
Various
3
\u2014
\u2014
54
(57)
\u2014
\u2014
\u2014
1
\u2014
1
All: Revolving credit facilities
Various
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Leases
Various
287
\u2014
14
\u2014
(85)
\u2014
\u2014
66
(21)
(5)
256
Unamortised discounts and costs
Various
(17)
\u2014
\u2014
(3)
\u2014
\u2014
5
\u2014
\u2014
\u2014
(15)
Total borrowings
5,568
\u2014
14
651
(642)
2
8
66
(162)
(5)
5,500
Non-current
4,999
4,688
Current
569
812
Leases
The lease liabilities relate to the right-of-use assets as disclosed in note 3.4 Property, plant and equipment.
Commitments\u2014The off-balance sheet commitments consist of the following (in EUR million):
2025
2024
Purchase commitments
976
1,928
Operating leases
8
3
Guarantees
4
4
988
1,935
Operating lease commitments \u2014 JDE Peet's leases certain facilities, equipment and vehicles under agreements that
are classified as operating leases. The building leases have various lease terms, while the equipment and vehicle leases
have terms of generally less than seven years. Leases of assets with a low value, or term of less than 12 months are
included in the operating lease commitments.
The future aggregate minimum lease payments under non-cancellable operating leases are as follows (in EUR million):
2025
2024
Not later than one year
4
2
Later than one year and not longer than five years
4
1
Later than five years
\u2014
\u2014
8
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "ASSETS AND LIABILITIES HELD FOR SALE
Assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered primarily through
a\u00a0sale rather than through ongoing use. JDE Peet\u2019s applies held for sale classification only when management is
committed to the sale, the assets are ready for immediate sale in their present condition, are expected to be sold within
12 months, and the sale is considered highly probable.
Non-current assets (and disposal groups) classified as held for sale are valued at the lower of their carrying amount and
fair value less costs of disposal. Non-current assets held for sale are no longer depreciated. When equity-accounted
investees meet the criteria to be classified as held for sale, equity accounting ceases at the time of reclassification.
Where a disposal group includes a non-controlling interest, this interest continues to be presented within equity
in\u00a0accordance with IFRS 10.
As part of the strategic changes introduced in 2025, the Company determined that certain business activities satisfy the
requirements for classification as held for sale under IFRS 5. Consequently, the associated assets and liabilities were
grouped together and reclassified on the statement of financial position as \u2018assets held for sale\u2019 and \u2018liabilities held for
sale.\u2019 The carrying amounts of these assets and liabilities are EUR 39 million and EUR 9 million, respectively.
The assets and liabilities include (in EUR million):
2025
Property, plant and equipment
11
Intangible assets
5
Inventory
14
Trade and other receivables
6
Cash and cash equivalents
3
Total assets held for sale
39
Provisions
1
Borrowings
1
Trade and other payables
6
Income tax liability
1
Total liabilities held for sale
9
In 2024, no assets or liabilities were classified as held for sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "
Assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered primarily through
a\u00a0sale rather than through ongoing use. JDE Peet\u2019s applies held for sale classification only when management is
committed to the sale, the assets are ready for immediate sale in their present condition, are expected to be sold within
12 months, and the sale is considered highly probable.
Non-current assets (and disposal groups) classified as held for sale are valued at the lower of their carrying amount and
fair value less costs of disposal. Non-current assets held for sale are no longer depreciated. When equity-accounted
investees meet the criteria to be classified as held for sale, equity accounting ceases at the time of reclassification.
Where a disposal group includes a non-controlling interest, this interest continues to be presented within equity
in\u00a0accordance with IFRS 10.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "INVENTORIES
Inventories are stated at the lower of cost or net realisable value. Cost is determined by the first-in, first-out method
and includes the impact of rebates, discounts and other cash consideration received from a vendor related to inventory
purchases and the reclassification from equity of any gains or losses on qualifying cash flow hedges relating to
purchases of raw material. The cost of finished goods and work in progress comprises package design costs, raw
materials, direct labour, and other direct costs, including transportation costs incurred in bringing inventories to their
location immediately prior to external sale, and condition and related production overheads based on normal operating
capacity. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable
selling expenses (i.e. less all estimated costs of completion and costs necessary to make the sale). In addition,
inventories include coffee machines that have not yet been leased.
The composition of inventories is as follows (in EUR million):
2025
2024
Raw materials (including packaging)
1,016
923
Work in progress
168
184
Finished goods (including Out-of-Home machines)
830
597
2,014
1,704
Provision for write downs
(32)
(29)
Total
1,982
1,675
The amount added to the provision is EUR 1 million (2024: EUR 5 million). Reference is made to note 2.3 for the amount
of inventories directly recognised as an expense during the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "
Inventories are stated at the lower of cost or net realisable value. Cost is determined by the first-in, first-out method
and includes the impact of rebates, discounts and other cash consideration received from a vendor related to inventory
purchases and the reclassification from equity of any gains or losses on qualifying cash flow hedges relating to
purchases of raw material. The cost of finished goods and work in progress comprises package design costs, raw
materials, direct labour, and other direct costs, including transportation costs incurred in bringing inventories to their
location immediately prior to external sale, and condition and related production overheads based on normal operating
capacity. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable
selling expenses (i.e. less all estimated costs of completion and costs necessary to make the sale). In addition,
inventories include coffee machines that have not yet been leased.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "TRADE AND OTHER RECEIVABLES
Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course
of business. If collection is expected in 12 months or less, they are classified as current. If not, then they are presented
as non-current assets. Trade receivables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method, less a provision for impairment.
The composition of trade and other receivables is as follows (in EUR million):
2025
2024
Trade receivables
738
666
Provision for impairment of trade receivables
(18)
(23)
Trade receivables\u2014net
720
643
Prepaid non-income taxes
113
122
Prepaid assets
67
61
Contingent assets recognised upon acquisition of a business
20
25
Lease receivable
3
2
Deposits
4
5
Other
42
35
Total
969
893
The charge to, and release of, the provision for impaired receivables are included in selling, general and administrative
expenses in the income statement, whereby receivables are all assessed on an individual basis. During 2025, an
amount of EUR 3 million was charged (2024: EUR 8 million) and an amount of EUR 2 million was released (2024:
EUR 11 million) to the income statement. Amounts charged to the provision are generally written-off when there is
no\u00a0expectation of recovery.
At 31 December 2025, an amount of EUR 101 million (2024: EUR 67 million) was past due, of which EUR 23 million
was\u00a0due more than 30 days (2024: EUR 11 million). Trade receivables not past due at 31 December 2025, were fully
performing. Information about the impairment of trade receivables and exposure to credit risk, market risk and liquidity
risk can be found in note 6 Financial risk management.
\"\"
The carrying amount of the trade and other receivables is considered a close approximation of their fair value due to
their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "
Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course
of business. If collection is expected in 12 months or less, they are classified as current. If not, then they are presented
as non-current assets. Trade receivables are recognised initially at their fair value and subsequently measured at
amortised cost using the effective interest method, less a provision for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "
The composition of trade and other receivables is as follows (in EUR million):
2025
2024
Trade receivables
738
666
Provision for impairment of trade receivables
(18)
(23)
Trade receivables\u2014net
720
643
Prepaid non-income taxes
113
122
Prepaid assets
67
61
Contingent assets recognised upon acquisition of a business
20
25
Lease receivable
3
2
Deposits
4
5
Other
42
35
Total
969
893
The composition
of other non-current assets is as follows (in EUR million):
2025
2024
Lease receivables
6
3
Advance to related parties
12
18
Investment in associates
4
13
Other non-current assets
31
20
Total
53
54
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "
The charge to, and release of, the provision for impaired receivables are included in selling, general and administrative
expenses in the income statement, whereby receivables are all assessed on an individual basis. During 2025, an
amount of EUR 3 million was charged (2024: EUR 8 million) and an amount of EUR 2 million was released (2024:
EUR 11 million) to the income statement. Amounts charged to the provision are generally written-off when there is
no\u00a0expectation of recovery.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "TRADE AND OTHER PAYABLES
Trade payables are obligations to pay for goods or services that were acquired in the ordinary course of business.
Trade and other payables are classified as current liabilities if payment is due within 12 months or less. If not, they are
presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method.
Key accounting estimate and judgement
In evaluating whether liabilities to suppliers who participate in a supply chain finance initiative, utilise notices of
assignment, or act as intermediaries, qualify as trade payables (as opposed to borrowings) judgement is required
as such arrangements could contain characteristics of both. JDE Peet's considers elements such as changes in
the contractual relationship with the supplier, whether any seniority or collateral is granted on the amounts
payable to the supply chain finance party, and the extent to which extended payment terms are customary.
JDE Peet\u2019s sometimes engages in transactions involving interest-bearing trade payables as part of standard
commercial negotiations with its suppliers. These interest-bearing payables are typically negotiated in a manner
consistent with the JDE Peet\u2019s broader trade payable practices. Judgment has been exercised in assessing
whether the presence of interest alters the nature and timing of settlement of these trade payables so as to
require separate presentation within the consolidated statement of financial position. JDE Peet\u2019s has concluded
that the interest component on these payables does not materially change the overall nature and timing of the
trade payable. The terms and conditions, including interest payments, align closely with other non-interest-
bearing trade payables, thereby ensuring a consistent approach in managing supplier relationships, payment
obligations and reporting.
Given the customary length of payment terms in the coffee & tea business, it is not uncommon for suppliers of
JDE Peet's to use notices of assignment programmes of financial institutions.
Such notices of assignment are all initiated by, and at the discretion of, the suppliers, and do not change the
nature, terms and conditions, or payment terms of the amounts owed by JDE Peet's. Therefore, such
arrangements of suppliers do not modify JDE Peet's classification of the trade payables.
Estimates are made in the determination of marketing (trade promotion) accruals. When trade promotions are
provided to customers, these reduce the transaction price and consequently the revenue. The conditional
discounts in revenue (refer to note 2.2) are estimated based on accumulated experience supported by historical
and current sales information. Expected sales volumes are determined taking into account (historical) sales
patterns and other relevant information. A trade promotion accrual is recognised for expected volume and year-
end trade promotions payable to customers in relation to sales made until the end of the reporting period.
The composition of trade and other payables is as follows (in EUR million):
2025
2024
Trade payables
4,435
4,141
Accrued payroll and benefits
234
214
Accrued trade promotion
310
257
Accrued interest
60
61
Non-income taxes payable
43
51
Deferred revenue (including contract liabilities)
79
89
Dividend payable
175
170
Other accrued expenses 55
196
128
Total
5,532
5,111
The carrying amount of the trade and other payables is considered a close approximation of their fair value due to their
short-term maturity.
Deferred revenue (including contract liabilities) \u2014The deferred revenue position includes a contract liability related
to the customer loyalty programmes as further described in accounting policy information (note 2.2). The contract
liability from the loyalty programmes amounts to EUR 57 million (2024: EUR 63 million) and is fully classified as 'current'
in line with IAS 1.
Supply chain financing arrangements - Certain suppliers are offered the opportunity to use supply chain financing
arrangements (SCF), which allows them to collect the receivable before the invoice date subject to a discount. The
applied discount is based on the average market interest rate plus a fixed margin. JDE Peet's repays the banks the full
invoice amount on the scheduled payment date as required by the invoice. Supply contracts are evaluated against a
number of indicators to assess whether the payables hold the characteristics of a trade payable or should be classified
as borrowings. At 31 December 2025 and 31 December 2024, none of the payables subject to SCF met the criteria to
be classified as borrowings. The amount outstanding under SCF at 31 December 2025 as paid by the banks amounted
to EUR 465 million (2024: EUR 488 million). At 31 December 2025, there was an additional amount of EUR 70 million
(2024: EUR 171 million) of vendor invoices offered to the SCF platforms but not yet paid by the banks.
The related transactions under SCF are reflected under cash flows from operating activities.
The composition of the financial liabilities that are subject to SCF is as follows (in EUR million):
2025
2024
Presented as part of trade payables
535
659
of which suppliers have received payment from finance provider
465
488
The average payment due dates is as follows:
2025
2024
Liabilities that are part of SCF
245 days after invoice
date
224 days after invoice
Comparable trade payables that are not part of SCF
195 days after invoice
date
183 days after invoice
During the Annual General Meeting of Shareholders on 19 June 2025, a dividend of EUR 0.73 per share was approved,
payable in two instalments of EUR 0.37 and EUR 0.36 on respectively 11 July 2025 and 23 January 2026. The dividend
payable at 31 December 2025 amounted to EUR 175 million, which was recognised within Trade and other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
Trade payables are obligations to pay for goods or services that were acquired in the ordinary course of business.
Trade and other payables are classified as current liabilities if payment is due within 12 months or less. If not, they are
presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method.
Key accounting estimate and judgement
In evaluating whether liabilities to suppliers who participate in a supply chain finance initiative, utilise notices of
assignment, or act as intermediaries, qualify as trade payables (as opposed to borrowings) judgement is required
as such arrangements could contain characteristics of both. JDE Peet's considers elements such as changes in
the contractual relationship with the supplier, whether any seniority or collateral is granted on the amounts
payable to the supply chain finance party, and the extent to which extended payment terms are customary.
JDE Peet\u2019s sometimes engages in transactions involving interest-bearing trade payables as part of standard
commercial negotiations with its suppliers. These interest-bearing payables are typically negotiated in a manner
consistent with the JDE Peet\u2019s broader trade payable practices. Judgment has been exercised in assessing
whether the presence of interest alters the nature and timing of settlement of these trade payables so as to
require separate presentation within the consolidated statement of financial position. JDE Peet\u2019s has concluded
that the interest component on these payables does not materially change the overall nature and timing of the
trade payable. The terms and conditions, including interest payments, align closely with other non-interest-
bearing trade payables, thereby ensuring a consistent approach in managing supplier relationships, payment
obligations and reporting.
Given the customary length of payment terms in the coffee & tea business, it is not uncommon for suppliers of
JDE Peet's to use notices of assignment programmes of financial institutions.
Such notices of assignment are all initiated by, and at the discretion of, the suppliers, and do not change the
nature, terms and conditions, or payment terms of the amounts owed by JDE Peet's. Therefore, such
arrangements of suppliers do not modify JDE Peet's classification of the trade payables.
Estimates are made in the determination of marketing (trade promotion) accruals. When trade promotions are
provided to customers, these reduce the transaction price and consequently the revenue. The conditional
discounts in revenue (refer to note 2.2) are estimated based on accumulated experience supported by historical
and current sales information. Expected sales volumes are determined taking into account (historical) sales
patterns and other relevant information. A trade promotion accrual is recognised for expected volume and year-
end trade promotions payable to customers in relation to sales made until the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "
The composition of trade and other payables is as follows (in EUR million):
2025
2024
Trade payables
4,435
4,141
Accrued payroll and benefits
234
214
Accrued trade promotion
310
257
Accrued interest
60
61
Non-income taxes payable
43
51
Deferred revenue (including contract liabilities)
79
89
Dividend payable
175
170
Other accrued expenses 55
196
128
Total
5,532
5,111
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
The composition of trade and other payables is as follows (in EUR million):
2025
2024
Trade payables
4,435
4,141
Accrued payroll and benefits
234
214
Accrued trade promotion
310
257
Accrued interest
60
61
Non-income taxes payable
43
51
Deferred revenue (including contract liabilities)
79
89
Dividend payable
175
170
Other accrued expenses 55
196
128
Total
5,532
5,111
\u2014The deferred revenue position includes a contract liability related
to the customer loyalty programmes as further described in accounting policy information (note 2.2). The contract
liability from the loyalty programmes amounts to EUR 57 million (2024: EUR 63 million) and is fully classified as 'current'
in line with IAS 1.
Supply chain financing arrangements -
The composition of other non-current liabilities is as follows (in EUR million):
2025
2024
Deferred revenue
3
3
Share-based payment liability
\u2014
3
Management-owned shares liability
\u2014
17
Other
8
9
Total non-current liabilities
11
32
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "value": "
During the Annual General Meeting of Shareholders on 19 June 2025, a dividend of EUR 0.73 per share was approved,
payable in two instalments of EUR 0.37 and EUR 0.36 on respectively 11 July 2025 and 23 January 2026. The dividend
payable at 31 December 2025 amounted to EUR 175 million, which was recognised within Trade and other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "value": "0.73", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-553": { "value": "175000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendPayables", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-554": { "value": "CAPITAL STRUCTURE
The key objective of the Company\u2019s capital management is to ensure that it maintains a stable capital structure with
the\u00a0focus on total equity to uphold investor, creditor and customer confidence and to ensure future development of its
business. The Company focuses on keeping a strong total equity base to ensure independence, security, as well as a
high financial flexibility for potential future borrowing, if required, without impacting the risk profile of the Company.
There were no major changes made in the objectives, policies or processes for managing capital during the years
ended 31 December 2025 and 2024.
The capital structure is reviewed on a regular basis. The capital structure consists of net debt, which includes the
borrowings disclosed in note 5.2, net of cash and cash equivalents and equity attributable to the owners of the
Company, comprising issued share capital, reserves and retained earnings.
The capital structure is managed and adjusted in light of changes in economic conditions and the risk characteristics
of\u00a0the underlying assets. To maintain or adjust the capital structure, the Company may adjust the dividend payment to
shareholders or issue new shares.
The Company is not subject to any externally imposed capital requirements other than the legal reserves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-555": { "value": "SHAREHOLDERS\u2019 EQUITY
Translation reserve \u2014The translation reserve comprises foreign currency differences arising from the translation of the
assets and liabilities of foreign operations (excluding amounts attributable to non-controlling interests) as well as value
changes of the hedging instruments in the net investment hedges.
Hedging reserve\u2014This reserve comprises the effective portion of the cumulative net change in the fair value of cash
flow hedging instruments where the hedged transaction has not yet occurred.
Other reserves\u2014These reserves relate to the movements in share-based payments and retirement benefit obligations.
Reference is made to the specific accounting policy information described within the respective section above.
Share capital and premium
The authorised share capital amounts to EUR 20,000,000, consisting of 2,000,000,000 shares, and is divided into
1,000,000,000 ordinary shares with a nominal value of EUR 0.01 each and 1,000,000,000 preference shares with a
nominal value of EUR 0.01 each.
The number of outstanding shares (excluding treasury shares) and nominal value for the years ended 31 December
2025 and 2024 can be summarised as follows (value is stated in EUR million):
Number of
outstanding
shares at 31
December 2025
Number of
outstanding
shares at 31
December 2024
Value in
EUR million
2025
Value in
EUR million
2024
Ordinary shares
484,486,123
488,178,642
9,666
9,666
Total share capital and share premium
484,486,123
488,178,642
9,666
9,666
No preference shares were outstanding at 31 December 2025 and 31 December 2024.
Holders of ordinary shares are entitled to dividend distributions as declared from time to time. The Company may only
make distributions to its shareholders if its equity exceeds the amount of the paid-in and called-up part of the issued
capital plus the reserves as required to be maintained by the Articles of Association (if any) or Dutch law.
Movements in issued and outstanding ordinary shares (Nominal value, share premium and total in EUR million):
Note
Number of
outstanding
shares
Nominal value
Share premium 56
Total
Balance at 1 January 2024
486,042,837
5
9,647
9,652
Release of treasury shares
(i)
1,403,020
\u2014
\u2014
\u2014
Issuance of shares
(ii)
732,785
\u2014
14
14
Balance at 31 December 2024
488,178,642
5
9,661
9,666
Buyback of shares
(5,477,094)
\u2014
\u2014
\u2014
Release of treasury shares
(i)
1,784,575
\u2014
\u2014
\u2014
Balance at 31 December 2025
484,486,123
5
9,661
9,666
Under the share buyback programme started in March 2025, 5,477,094 shares were acquired for a total consideration
of EUR 122 million. The programme was terminated in September 2025.
In 2025, a total of 1,784,575 shares (compared to 1,403,020 shares in 2024) were released from treasury shares, while
no new shares were issued to settle vested share-based payment plans or in connection with the Company\u2019s Option
Plan (2024: 732,785 shares issued). More information on the share-based payment plans can be found in note 7.1
Share-based payments.
Treasury shares
During 2024, all treasury shares were released. Following the share buyback programme in 2025, a number of shares
were repurchased and partially released in the current reporting period.
Movements in treasury shares (Nominal value in EUR million):
Number of issued
shares
Nominal value
Balance at 1 January 2024
1,403,020
(38)
Release of treasury shares
(1,403,020)
38
Balance at 31 December 2024
\u2014
\u2014
Buyback of shares
5,477,094
(122)
Release of treasury shares
(1,784,575)
40
Balance at 31 December 2025
3,692,519
(82)
In addition, 604,326 shares were released under the share-based payment arrangements (see note 7.1), which are
subject to recovery in the event that the KDP transaction does not complete. As the release of the shares are
conditional upon closing the KDP transaction, they remain accounted for as treasury shares until the vesting condition
is met, which is at the date of completing the transaction.
Non-controlling interest
The non-controlling interest is not material in 2025 and 2024, the financial information attributable to non-controlling
interests is not disclosed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "
Translation reserve \u2014The translation reserve comprises foreign currency differences arising from the translation of the
assets and liabilities of foreign operations (excluding amounts attributable to non-controlling interests) as well as value
changes of the hedging instruments in the net investment hedges.
Hedging reserve\u2014This reserve comprises the effective portion of the cumulative net change in the fair value of cash
flow hedging instruments where the hedged transaction has not yet occurred.
Other reserves\u2014These reserves relate to the movements in share-based payments and retirement benefit obligations.
Reference is made to the specific accounting policy information described within the respective section above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-557": { "value": "
Share capital and premium
The authorised share capital amounts to EUR 20,000,000, consisting of 2,000,000,000 shares, and is divided into
1,000,000,000 ordinary shares with a nominal value of EUR 0.01 each and 1,000,000,000 preference shares with a
nominal value of EUR 0.01 each.
The number of outstanding shares (excluding treasury shares) and nominal value for the years ended 31 December
2025 and 2024 can be summarised as follows (value is stated in EUR million):
Number of
outstanding
shares at 31
December 2025
Number of
outstanding
shares at 31
December 2024
Value in
EUR million
2025
Value in
EUR million
2024
Ordinary shares
484,486,123
488,178,642
9,666
9,666
Total share capital and share premium
484,486,123
488,178,642
9,666
9,666
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "
Under the share buyback programme started in March 2025, 5,477,094 shares were acquired for a total consideration
of EUR 122 million. The programme was terminated in September 2025.
Treasury shares
During 2024, all treasury shares were released. Following the share buyback programme in 2025, a number of shares
were repurchased and partially released in the current reporting period.
Movements in treasury shares (Nominal value in EUR million):
Number of issued
shares
Nominal value
Balance at 1 January 2024
1,403,020
(38)
Release of treasury shares
(1,403,020)
38
Balance at 31 December 2024
\u2014
\u2014
Buyback of shares
5,477,094
(122)
Release of treasury shares
(1,784,575)
40
Balance at 31 December 2025
3,692,519
(82)
In addition, 604,326 shares were released under the share-based payment arrangements (see note 7.1), which are
subject to recovery in the event that the KDP transaction does not complete. As the release of the shares are
conditional upon closing the KDP transaction, they remain accounted for as treasury shares until the vesting condition
is met, which is at the date of completing the transaction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-559": { "value": "
Non-controlling interest
The non-controlling interest is not material in 2025 and 2024, the financial information attributable to non-controlling
interests is not disclosed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "BORROWINGS
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value
is recognised in the income statement over the period of the borrowings using the effective interest method.
An exchange of debt instruments or modification of terms is accounted for as a substantial modification or non-
substantial modification. For both a non-substantial and substantial modification, a gain or loss is recognised at the
time of recognition. When accounted for as a non-substantial modification, the gain or loss is determined using the
difference between the present value of the cash flows under the original and modified terms discounted at the original
effective interest rate. When accounted for as a substantial modification, the original financial liability is derecognised
and a new financial liability is recognised at fair value.
Borrowing facilities of JDE Peet's through the years 2024 and 2025 are summarised in the following tables (in EUR million):
Currency
31 December
2023
Business
combinations
Unwinding
discount
Additions
Repaid
Remeasurement
Amortisation
Recognition of
lease liability
Currency
translation
Other
31 December
2024
Unsecured notes - EU
EUR
4,088
\u2014
\u2014
\u2014
\u2014
4
3
\u2014
\u2014
\u2014
4,095
Unsecured notes - US
USD
1,581
\u2014
\u2014
\u2014
(450)
(4)
1
\u2014
72
\u2014
1,200
Short term facility
Various
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
JDE: Other financing
Various
8
1
\u2014
62
(65)
\u2014
\u2014
\u2014
(3)
\u2014
3
All: Revolving credit facilities
Various
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Leases
Various
261
\u2014
13
\u2014
(91)
\u2014
(3)
97
10
\u2014
287
Unamortised discounts and costs
Various
(23)
\u2014
\u2014
\u2014
\u2014
\u2014
6
\u2014
\u2014
\u2014
(17)
Total borrowings
5,915
1
13
62
(606)
\u2014
7
97
79
\u2014
5,568
Non-current
5,388
4,999
Current
527
569
Currency
31 December
2024
Business
combinations
Unwinding
discount
Additions
Repaid
Remeasurement
Amortisation
Recognition of
lease liability
Currency
translation
Other
31 December
2025
Unsecured notes - EU
EUR
4,095
\u2014
\u2014
600
(500)
(4)
2
\u2014
\u2014
\u2014
4,193
Unsecured notes - US
USD
1,200
\u2014
\u2014
\u2014
\u2014
6
1
\u2014
(142)
\u2014
1,065
Short term facility
Various
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
JDE: Other financing
Various
3
\u2014
\u2014
54
(57)
\u2014
\u2014
\u2014
1
\u2014
1
All: Revolving credit facilities
Various
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Leases
Various
287
\u2014
14
\u2014
(85)
\u2014
\u2014
66
(21)
(5)
256
Unamortised discounts and costs
Various
(17)
\u2014
\u2014
(3)
\u2014
\u2014
5
\u2014
\u2014
\u2014
(15)
Total borrowings
5,568
\u2014
14
651
(642)
2
8
66
(162)
(5)
5,500
Non-current
4,999
4,688
Current
569
812
Unsecured notes
In June 2021, the Company established a Euro Medium Term Note (EMTN) programme for a total amount of EUR 5,000
million under which three euro notes were issued on 16 June 2021 for EUR 2,000 million on the euro MTF market of the
Luxembourg Stock Exchange, with the following conditions:
Notes
Pricing
Maturity
Issued amount
Initial fair value
Note 2026
0.000% interest
4.6 years
EUR 750 million
EUR 746 million
Note 2029
0.500% interest
7.6 years
EUR 750 million
EUR 745 million
Note 2033
1.125% interest
12.0 years
EUR 500 million
EUR 499 million
In September 2021, the Company issued USD 1,750 million aggregate principals of notes under rule 144A and
Regulation-S, under the Securities Act of 1933 and as a result are not listed on an exchange and consequently not
subject to rules applicable to the exchange, such as Sarbanes-Oxley. In September 2024, note 2024 for an amount
of\u00a0USD 500 million was repaid upon its maturity. The remaining notes comprise of the following two series:
Notes
Pricing
Maturity
Issued amount
Initial fair value
Note 2027
1.375% interest
5.3 years
USD 750 million
USD 745 million
Note 2031
2.250% interest
10.0 years
USD 500 million
USD 498 million
In November 2021, the Company issued two notes under the EMTN programme:
Notes
Pricing
Maturity
Issued amount
Initial fair value
Note 2028
0.625% interest
6.3 years
EUR 600 million
EUR 597 million
Note 2025
0.244% interest
3.2 years
EUR 500 million
EUR 500 million
In December 2023, the Company issued two notes under the EMTN programme:
Notes
Pricing
Maturity
Issued amount
Initial fair value
Note 2030
4.125% interest
6.2 years
EUR 500 million
EUR 497 million
Note 2034
4.500% interest
10.2 years
EUR 500 million
EUR 498 million
In December 2025, the Company issued one note under the EMTN programme:
Notes
Pricing
Maturity
Issued amount
Initial fair value
Note 2027
3M \u20ac-bor + 70bps
2 years
EUR 600 million
EUR 600 million
All notes were initially recognised at fair value and subsequently measured at amortised costs, the initial fair value of the
notes, except for one euro tranche, was lower than their nominal value since they were offered at a discount. This
discount will be amortised over the lifetime of the notes. All notes are unsecured. Under the governance of the EMTN
programme material subsidiaries are defined as subsidiaries contributing for 10% or more to the consolidated Adjusted
EBIT. For the year ended 31 December 2025 one subsidiary met the definition, being Koninklijke Douwe Egberts B.V.
Facility Agreements
As of 31 December 2025, JDE Peet\u2019s had not utilised its EUR 1,500 million revolving credit facility, which was
established in 2021. This position was unchanged from 31 December 2024. The facility is unsecured and does not
include any financial covenants. However, certain sustainability objectives have been incorporated into the pricing
structure. Access to the facility is unconditional, allowing the company to draw funds at its discretion.
Other financing
Other financing refers to various trade and cash management non-committed facilities at local subsidiary level in
France and Italy. There are no restrictions or covenants on these facilities.
Additionally, since the start of the war, JDE Peet's business in Russia is operated as a stand-alone business to the
greatest extent possible. As a result, a local one-year facility was set-up in December 2023 and extended in January
2025 for another 18 months for a total amount of RUB 3 billion (equivalent to approximately EUR 30 million). The facility
is unsecured and no covenants apply. At 31 December 2025, the facility was undrawn.
Leases
The lease liabilities relate to the right-of-use assets as disclosed in note 3.4 Property, plant and equipment.
Interest rate swaps and cross-currency interest rate swaps
To hedge the foreign currency and U.S. interest rate exposure associated with the U.S. notes, cross-currency interest
rate swaps were entered into. To act upon economic developments pointing at a substantial shift in rate expectation,
JDE Peet's has entered into some fixed-floating interest rate swaps in 2024 for both EUR and USD to better manage the
interest rate risk exposure of the notes portfolio. Hedge accounting, including fair value hedge accounting, under IFRS 9
is being applied for certain instruments, for which more information can be found in note 6 Financial risk management.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-561": { "value": "
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value
is recognised in the income statement over the period of the borrowings using the effective interest method.
An exchange of debt instruments or modification of terms is accounted for as a substantial modification or non-
substantial modification. For both a non-substantial and substantial modification, a gain or loss is recognised at the
time of recognition. When accounted for as a non-substantial modification, the gain or loss is determined using the
difference between the present value of the cash flows under the original and modified terms discounted at the original
effective interest rate. When accounted for as a substantial modification, the original financial liability is derecognised
and a new financial liability is recognised at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-562": { "value": "
Borrowing facilities of JDE Peet's through the years 2024 and 2025 are summarised in the following tables (in EUR million):
Currency
31 December
2023
Business
combinations
Unwinding
discount
Additions
Repaid
Remeasurement
Amortisation
Recognition of
lease liability
Currency
translation
Other
31 December
2024
Unsecured notes - EU
EUR
4,088
\u2014
\u2014
\u2014
\u2014
4
3
\u2014
\u2014
\u2014
4,095
Unsecured notes - US
USD
1,581
\u2014
\u2014
\u2014
(450)
(4)
1
\u2014
72
\u2014
1,200
Short term facility
Various
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
JDE: Other financing
Various
8
1
\u2014
62
(65)
\u2014
\u2014
\u2014
(3)
\u2014
3
All: Revolving credit facilities
Various
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Leases
Various
261
\u2014
13
\u2014
(91)
\u2014
(3)
97
10
\u2014
287
Unamortised discounts and costs
Various
(23)
\u2014
\u2014
\u2014
\u2014
\u2014
6
\u2014
\u2014
\u2014
(17)
Total borrowings
5,915
1
13
62
(606)
\u2014
7
97
79
\u2014
5,568
Non-current
5,388
4,999
Current
527
569
Currency
31 December
2024
Business
combinations
Unwinding
discount
Additions
Repaid
Remeasurement
Amortisation
Recognition of
lease liability
Currency
translation
Other
31 December
2025
Unsecured notes - EU
EUR
4,095
\u2014
\u2014
600
(500)
(4)
2
\u2014
\u2014
\u2014
4,193
Unsecured notes - US
USD
1,200
\u2014
\u2014
\u2014
\u2014
6
1
\u2014
(142)
\u2014
1,065
Short term facility
Various
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
JDE: Other financing
Various
3
\u2014
\u2014
54
(57)
\u2014
\u2014
\u2014
1
\u2014
1
All: Revolving credit facilities
Various
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Leases
Various
287
\u2014
14
\u2014
(85)
\u2014
\u2014
66
(21)
(5)
256
Unamortised discounts and costs
Various
(17)
\u2014
\u2014
(3)
\u2014
\u2014
5
\u2014
\u2014
\u2014
(15)
Total borrowings
5,568
\u2014
14
651
(642)
2
8
66
(162)
(5)
5,500
Non-current
4,999
4,688
Current
569
812
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-563": { "value": "
Unsecured notes
In June 2021, the Company established a Euro Medium Term Note (EMTN) programme for a total amount of EUR 5,000
million under which three euro notes were issued on 16 June 2021 for EUR 2,000 million on the euro MTF market of the
Luxembourg Stock Exchange, with the following conditions:
Notes
Pricing
Maturity
Issued amount
Initial fair value
Note 2026
0.000% interest
4.6 years
EUR 750 million
EUR 746 million
Note 2029
0.500% interest
7.6 years
EUR 750 million
EUR 745 million
Note 2033
1.125% interest
12.0 years
EUR 500 million
EUR 499 million
In September 2021, the Company issued USD 1,750 million aggregate principals of notes under rule 144A and
Regulation-S, under the Securities Act of 1933 and as a result are not listed on an exchange and consequently not
subject to rules applicable to the exchange, such as Sarbanes-Oxley. In September 2024, note 2024 for an amount
of\u00a0USD 500 million was repaid upon its maturity. The remaining notes comprise of the following two series:
Notes
Pricing
Maturity
Issued amount
Initial fair value
Note 2027
1.375% interest
5.3 years
USD 750 million
USD 745 million
Note 2031
2.250% interest
10.0 years
USD 500 million
USD 498 million
In November 2021, the Company issued two notes under the EMTN programme:
Notes
Pricing
Maturity
Issued amount
Initial fair value
Note 2028
0.625% interest
6.3 years
EUR 600 million
EUR 597 million
Note 2025
0.244% interest
3.2 years
EUR 500 million
EUR 500 million
In December 2023, the Company issued two notes under the EMTN programme:
Notes
Pricing
Maturity
Issued amount
Initial fair value
Note 2030
4.125% interest
6.2 years
EUR 500 million
EUR 497 million
Note 2034
4.500% interest
10.2 years
EUR 500 million
EUR 498 million
In December 2025, the Company issued one note under the EMTN programme:
Notes
Pricing
Maturity
Issued amount
Initial fair value
Note 2027
3M \u20ac-bor + 70bps
2 years
EUR 600 million
EUR 600 million
All notes were initially recognised at fair value and subsequently measured at amortised costs, the initial fair value of the
notes, except for one euro tranche, was lower than their nominal value since they were offered at a discount. This
discount will be amortised over the lifetime of the notes. All notes are unsecured. Under the governance of the EMTN
programme material subsidiaries are defined as subsidiaries contributing for 10% or more to the consolidated Adjusted
EBIT. For the year ended 31 December 2025 one subsidiary met the definition, being Koninklijke Douwe Egberts B.V.
Facility Agreements
As of 31 December 2025, JDE Peet\u2019s had not utilised its EUR 1,500 million revolving credit facility, which was
established in 2021. This position was unchanged from 31 December 2024. The facility is unsecured and does not
include any financial covenants. However, certain sustainability objectives have been incorporated into the pricing
structure. Access to the facility is unconditional, allowing the company to draw funds at its discretion.
Other financing
Other financing refers to various trade and cash management non-committed facilities at local subsidiary level in
France and Italy. There are no restrictions or covenants on these facilities.
Additionally, since the start of the war, JDE Peet's business in Russia is operated as a stand-alone business to the
greatest extent possible. As a result, a local one-year facility was set-up in December 2023 and extended in January
2025 for another 18 months for a total amount of RUB 3 billion (equivalent to approximately EUR 30 million). The facility
is unsecured and no covenants apply. At 31 December 2025, the facility was undrawn.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-564": { "value": "CASH AND CASH EQUIVALENTS
In the statements of financial position, cash and cash equivalents include cash on hand and other short-term highly
liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk
of changes in value. Any bank overdraft is included in trade and other payables. In the statements of cash flows, any
bank overdraft is included as an offset to cash and cash equivalents.
The composition of cash and cash equivalents is as follows (in EUR million):
2025
2024
Cash in bank and on hand
540
594
Cash equivalents
1,267
670
Total
1,807
1,264
At 31 December 2025 an amount of EUR 25 million was restricted cash and not at the free disposal of JDE Peet's
(2024: EUR 25 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-565": { "value": "
In the statements of financial position, cash and cash equivalents include cash on hand and other short-term highly
liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk
of changes in value. Any bank overdraft is included in trade and other payables. In the statements of cash flows, any
bank overdraft is included as an offset to cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "
At 31 December 2025 an amount of EUR 25 million was restricted cash and not at the free disposal of JDE Peet's
(2024: EUR 25 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-567": { "value": "25000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RestrictedCashAndCashEquivalents", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-568": { "value": "25000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RestrictedCashAndCashEquivalents", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-570": { "value": "Interest expense primarily includes interest on unsecured notes (2025 : EUR (80) million; 2024 : EUR (84) million , total return equity swaps (2025 : EUR (18) million; 2024: EUR (26) million), lease liabilities ( 2025 : EUR (14) million; 2024: EUR (11) million), bank overdrafts (2025: EUR (5) million; 2024 :\u00a0EUR (5) million),
amortisation expenses (2025 : EUR (5) million; 2024: EUR (6) million) and interest rate swaps (2025: EUR (9) million ; 2024: EUR (5) million).
FINANCE INCOME AND EXPENSE
JDE Peet's receives finance income primarily representing interest on cash and cash equivalents, interest income from
cross-currency interest rate swaps and dividend income from total return equity swaps. Interest income and expense
on cash pool arrangements are considered to be an intercompany transaction and are therefore eliminated. Finance
expense primarily relates to interest on borrowings and change in fair value of derivative financial instruments.
The\u00a0interest is recognised using the effective interest method .
Finance income and expense consist of the following (in EUR million):
2025
2024
Interest income
66
83
Interest expense 57
(142)
(147)
Net financing cost of financial debt
(76)
(64)
Interest income on plan assets
78
72
Interest expense on defined benefit obligation
(60)
(60)
Total pension finance (expense) / income
18
12
Foreign exchange gain / (loss)
408
(208)
Change in fair value of foreign exchange and interest derivatives
(428)
162
Change in fair value of total return equity swaps
301
(154)
Fair value changes financial liabilities
(4)
4
Net monetary gain / (loss)
2
(15)
Net finance expense
221
(263)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-569": { "value": "Interest expense primarily includes interest on unsecured notes (2025 : EUR (80) million; 2024 : EUR (84) million , total return equity swaps (2025 : EUR (18) million; 2024: EUR (26) million), lease liabilities ( 2025 : EUR (14) million; 2024: EUR (11) million), bank overdrafts (2025: EUR (5) million; 2024 :\u00a0EUR (5) million),
amortisation expenses (2025 : EUR (5) million; 2024: EUR (6) million) and interest rate swaps (2025: EUR (9) million ; 2024: EUR (5) million).
Finance income and expense consist of the following (in EUR million):
2025
2024
Interest income
66
83
Interest expense 57
(142)
(147)
Net financing cost of financial debt
(76)
(64)
Interest income on plan assets
78
72
Interest expense on defined benefit obligation
(60)
(60)
Total pension finance (expense) / income
18
12
Foreign exchange gain / (loss)
408
(208)
Change in fair value of foreign exchange and interest derivatives
(428)
162
Change in fair value of total return equity swaps
301
(154)
Fair value changes financial liabilities
(4)
4
Net monetary gain / (loss)
2
(15)
Net finance expense
221
(263)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-573": { "value": "FINANCE INCOME AND EXPENSE
JDE Peet's receives finance income primarily representing interest on cash and cash equivalents, interest income from
cross-currency interest rate swaps and dividend income from total return equity swaps. Interest income and expense
on cash pool arrangements are considered to be an intercompany transaction and are therefore eliminated. Finance
expense primarily relates to interest on borrowings and change in fair value of derivative financial instruments.
The\u00a0interest is recognised using the effective interest method .
Finance income and expense consist of the following (in EUR million):
2025
2024
Interest income
66
83
Interest expense 57
(142)
(147)
Net financing cost of financial debt
(76)
(64)
Interest income on plan assets
78
72
Interest expense on defined benefit obligation
(60)
(60)
Total pension finance (expense) / income
18
12
Foreign exchange gain / (loss)
408
(208)
Change in fair value of foreign exchange and interest derivatives
(428)
162
Change in fair value of total return equity swaps
301
(154)
Fair value changes financial liabilities
(4)
4
Net monetary gain / (loss)
2
(15)
Net finance expense
221
(263)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-572": { "value": "FINANCE INCOME AND EXPENSE
JDE Peet's receives finance income primarily representing interest on cash and cash equivalents, interest income from
cross-currency interest rate swaps and dividend income from total return equity swaps. Interest income and expense
on cash pool arrangements are considered to be an intercompany transaction and are therefore eliminated. Finance
expense primarily relates to interest on borrowings and change in fair value of derivative financial instruments.
The\u00a0interest is recognised using the effective interest method .
Finance income and expense consist of the following (in EUR million):
2025
2024
Interest income
66
83
Interest expense 57
(142)
(147)
Net financing cost of financial debt
(76)
(64)
Interest income on plan assets
78
72
Interest expense on defined benefit obligation
(60)
(60)
Total pension finance (expense) / income
18
12
Foreign exchange gain / (loss)
408
(208)
Change in fair value of foreign exchange and interest derivatives
(428)
162
Change in fair value of total return equity swaps
301
(154)
Fair value changes financial liabilities
(4)
4
Net monetary gain / (loss)
2
(15)
Net finance expense
221
(263)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-571": { "value": "FINANCE INCOME AND EXPENSE
JDE Peet's receives finance income primarily representing interest on cash and cash equivalents, interest income from
cross-currency interest rate swaps and dividend income from total return equity swaps. Interest income and expense
on cash pool arrangements are considered to be an intercompany transaction and are therefore eliminated. Finance
expense primarily relates to interest on borrowings and change in fair value of derivative financial instruments.
The\u00a0interest is recognised using the effective interest method .
Finance income and expense consist of the following (in EUR million):
2025
2024
Interest income
66
83
Interest expense 57
(142)
(147)
Net financing cost of financial debt
(76)
(64)
Interest income on plan assets
78
72
Interest expense on defined benefit obligation
(60)
(60)
Total pension finance (expense) / income
18
12
Foreign exchange gain / (loss)
408
(208)
Change in fair value of foreign exchange and interest derivatives
(428)
162
Change in fair value of total return equity swaps
301
(154)
Fair value changes financial liabilities
(4)
4
Net monetary gain / (loss)
2
(15)
Net finance expense
221
(263)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-576": { "value": "
JDE Peet's receives finance income primarily representing interest on cash and cash equivalents, interest income from
cross-currency interest rate swaps and dividend income from total return equity swaps. Interest income and expense
on cash pool arrangements are considered to be an intercompany transaction and are therefore eliminated. Finance
expense primarily relates to interest on borrowings and change in fair value of derivative financial instruments.
The\u00a0interest is recognised using the effective interest method .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-575": { "value": "
JDE Peet's receives finance income primarily representing interest on cash and cash equivalents, interest income from
cross-currency interest rate swaps and dividend income from total return equity swaps. Interest income and expense
on cash pool arrangements are considered to be an intercompany transaction and are therefore eliminated. Finance
expense primarily relates to interest on borrowings and change in fair value of derivative financial instruments.
The\u00a0interest is recognised using the effective interest method .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-574": { "value": "
JDE Peet's receives finance income primarily representing interest on cash and cash equivalents, interest income from
cross-currency interest rate swaps and dividend income from total return equity swaps. Interest income and expense
on cash pool arrangements are considered to be an intercompany transaction and are therefore eliminated. Finance
expense primarily relates to interest on borrowings and change in fair value of derivative financial instruments.
The\u00a0interest is recognised using the effective interest method .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-578": { "value": "
Finance income and expense consist of the following (in EUR million):
2025
2024
Interest income
66
83
Interest expense 57
(142)
(147)
Net financing cost of financial debt
(76)
(64)
Interest income on plan assets
78
72
Interest expense on defined benefit obligation
(60)
(60)
Total pension finance (expense) / income
18
12
Foreign exchange gain / (loss)
408
(208)
Change in fair value of foreign exchange and interest derivatives
(428)
162
Change in fair value of total return equity swaps
301
(154)
Fair value changes financial liabilities
(4)
4
Net monetary gain / (loss)
2
(15)
Net finance expense
221
(263)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-577": { "value": "
Finance income and expense consist of the following (in EUR million):
2025
2024
Interest income
66
83
Interest expense 57
(142)
(147)
Net financing cost of financial debt
(76)
(64)
Interest income on plan assets
78
72
Interest expense on defined benefit obligation
(60)
(60)
Total pension finance (expense) / income
18
12
Foreign exchange gain / (loss)
408
(208)
Change in fair value of foreign exchange and interest derivatives
(428)
162
Change in fair value of total return equity swaps
301
(154)
Fair value changes financial liabilities
(4)
4
Net monetary gain / (loss)
2
(15)
Net finance expense
221
(263)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-580": { "value": "FINANCIAL RISK MANAGEMENT
In accordance with IFRS 9, financial assets are classified into the following categories: a) amortised costs, b) fair value
through profit or loss and c) fair value through OCI. Classification under IFRS 9 for investments in debt instruments is
driven by JDE Peet's model for managing financial assets and their contractual cash flow characteristics. Management
determines the classification of its financial assets at their initial recognition.
Financial assets are classified as follows:
\u2022 Financial assets at amortised cost\u2014Assets that are held for collection of contractual cash flows where those
cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from
these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising
on derecognition is recognised directly in the income statement and presented in other gains/(losses) together with
foreign exchange gains and losses. Impairment losses are presented as a separate line item in the income
statement.
\u2022 Financial assets at fair value through OCI\u2014Assets that are held for collection of contractual cash flows and for
selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are
measured at fair value through OCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are
recognised in the income statement. When the financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from Equity to the income statement and recognised in other gains/
(losses). Interest income from these financial assets is included in finance income using the effective interest rate
method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are
presented as a separate line item in the income statement.
\u2022 Assets and liabilities that do not meet the criteria for amortised cost or fair value through OCI are measured at fair
value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through
profit or loss is recognised in the income statement (in finance expense except for the change in fair value of
commodity derivative financial instruments which are included in the cost of sales) and presented net within other
gains/(losses) in the period in which it arises.
The regular purchases and sales of financial assets are recognised on the trade-date, which is the date on which
JDE\u00a0Peet's commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash
flows from the investments have expired or have been transferred and substantially all risks and rewards of ownership
were transferred. Financial assets and liabilities are offset and the net amount is recognised in the statement of financial
position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle
on\u00a0a net basis or realise the asset and settle the liability simultaneously.
Impairment of Financial Assets\u2014Upon initial recognition of the financial asset the expected loss is assessed.
Subsequently, at the end of each reporting period it is assessed whether there is objective evidence that a financial
asset or group of financial assets is impaired. The impairment model for financial assets is based on expected credit
loss. A broader range of information is considered when assessing credit risk and measuring expected credit losses,
including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability
of the future cash flows of the instrument. The impairment methodology applied, depends on whether there has been a
significant increase in credit risk. In applying this forward-looking approach, a distinction is made between the following
categories:
\u2022 Financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low
credit risk (\u2018Stage 1\u2019) - \u201812-month expected credit losses\u2019 are recognised for this category.
\u2022 Financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit
risk is not low (\u2018Stage 2\u2019) - \u2018lifetime expected credit losses\u2019 are recognised for this category.
\u2022 (\u2018Stage 3\u2019) would cover financial assets that have objective evidence of impairment at the reporting date.
Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the
expected life of the financial instrument. For trade receivables, the simplified approach permitted by IFRS 9 is applied,
which requires expected lifetime losses to be recognised from initial recognition of the receivables. The measurement
of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if
there is a default) and the exposure at default. The assessment of the probability of default and loss given default is
based on historical data adjusted by forward-looking information. As for the exposure at default, for financial assets,
this is represented by the assets\u2019 gross carrying amount at the reporting date for financial guarantee contracts, the
exposure includes the amount drawn down at the reporting date, together with any additional amounts expected to be
drawn down in the future by default date determined based on historical trend, the understanding of the specific future
financing needs of the debtors, and other relevant forward-looking information.
For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are
due to JDE Peet's in accordance with the contract and all the cash flows that are expected to be received, discounted
at the original effective interest rate. For a lease receivable, the cash flows used for determining the expected credit
losses is consistent with the cash flows used in measuring the lease receivable in accordance with IFRS 16.
For a financial guarantee contract, as JDE Peet's is required to make payments only in the event of a default by the
debtor in accordance with the terms of the instrument that is guaranteed, the expected loss allowance is the expected
payments to reimburse the holder for a credit loss that it incurs less any amounts that are expected to be received from
the holder, the debtor or any other party.
When a loss allowance was measured for a financial instrument at an amount equal to lifetime expected credit loss
(ECL) in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL
are no longer met, the loss allowance is measured at an amount equal to 12-month ECL at the current reporting date,
except for assets for which the simplified approach was used.
An impairment gain or loss is recognised in profit or loss for all financial instruments with a corresponding adjustment
to their carrying amount through a loss allowance account, except for investments in debt instruments that are
measured at fair value through OCI, for which the loss allowance is recognised in other comprehensive income and
accumulated in the investment revaluation reserve, and does not reduce the carrying amount of the financial asset in
the statement of financial position.
On assessing whether the credit risk on a financial instrument has increased significantly since initial recognition,
a\u00a0comparison is made with the risk of a default occurring on the financial instrument at the reporting date with the risk
of a default occurring on the financial instrument at the date of initial recognition. In making this assessment, both
quantitative and qualitative information are considered that is reasonable and supportable, including historical
experience and forward-looking information that is available without undue cost or effort. Forward-looking information
considered includes the future prospects of the industries in which JDE Peet\u2019s debtors operate, obtained from
economic expert reports, financial analysts, governmental bodies, relevant think-tanks and other similar organisations,
as well as consideration of various external sources of actual and forecast economic information that relate to
JDE\u00a0Peet\u2019s core operations.
In particular, the following information is taken into account when assessing whether credit risk has increased
significantly since initial recognition:
\u2022 An actual or expected significant deterioration in the financial instrument\u2019s external (if available) or internal credit
rating.
\u2022 Significant deterioration in external market indicators of credit risk for a particular financial instrument, e.g.
a\u00a0significant increase in the credit spread, the credit default swap prices for the debtor, or the length of time or the
extent to which the fair value of a financial asset has been less than its amortised cost.
\u2022 Existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a
significant decrease in the debtor\u2019s ability to meet its debt obligations.
\u2022 An actual or expected significant deterioration in the operating results of the debtor.
\u2022 Significant increases in credit risk on other financial instruments of the same debtor.
\u2022 An actual or expected significant adverse change in the regulatory, economic, or technological environment of the
debtor that results in a significant decrease in the debtor\u2019s ability to meet its debt obligations.
Irrespective of the outcome of the above assessment, JDE Peet's presumes that the credit risk on a financial asset has
increased significantly since initial recognition when contractual payments are more than 30 days past due, unless
JDE\u00a0Peet's has reasonable and supportable information that demonstrates otherwise.
JDE Peet's considers a financial asset to have low credit risk when the asset has an external credit rating of \u2018investment
grade\u2019 in accordance with the globally understood definition or if an external rating is not available, the asset has an
internal rating of \u2018performing\u2019. Performing means that the counterparty has a strong financial position and there are no
past due amounts.
FINANCIAL RISK FACTORS
JDE Peet\u2019s activities are exposed to a variety of financial risks: market risk (including commodity price risk, foreign
exchange risk, interest rate and equity risk), credit risk and liquidity risk. All these risks arise in the normal course of
business. JDE Peet's overall risk management programme focuses on the unpredictability of financial markets and
seeks to minimise potential adverse effects on financial performance. To mitigate the risk from interest rates, foreign
currency exchange rates, equity and commodity price fluctuations, various derivative financial instruments are used in
accordance with JDE Peet's policies and procedures.
Some of the (cross-currency) interest rate swaps and foreign currency components of non-derivative financial
instruments are designated as hedging instruments and hedge accounting is applied. In addition, hedge accounting is
applied for highly probable forecasted transactions like certain foreign currency exposures related to the purchase of
commodities and investment transactions. Other derivatives are accounted for at fair value through the profit and loss.
JDE Peet's does not enter into financial instruments for trading purposes and is not a party to any leveraged
derivatives.
Risk management
JDE Peet's maintains risk management frameworks and control systems to monitor the foreign exchange, interest rate,
equity and commodity price risk and its offsetting hedge positions. Periodically, sensitivity analyses are completed to
evaluate the effect of any changes in interest rate, equity prices, commodity prices and foreign currencies and the
associated risk derivatives.
MARKET RISK
Commodity price risk
Commodity price risk arises primarily from transactions related to global commodity markets. JDE Peet\u2019s objective is to
minimise the impact of commodity price fluctuations. The exposure is hedged in accordance with JDE Peet\u2019s policies
and risk management programme. The green coffee commodity risk is mainly managed at regional locations, being the
US, the Netherlands, Brazil, Vietnam and Indonesia. The green coffee commodity price risk exposure of anticipated
future purchases is managed primarily using futures, options and forward contracts, which are eventually rolled-over
into physical contracts. Through these instruments, JDE Peet's is able to fix a portion of its price for anticipated future
deliveries of green coffee beans, for instance, for a specified period of time.
JDE Peet's only enters into futures contracts that are traded on established, well-recognised exchanges, named ICE
and IFFE that offer high liquidity, transparent pricing, daily cash settlement and collateralisation through margin
requirements.
The financial hedging strategy covers other commodity price risks, such as energy and aluminium, evolving from fixed
priced contracts with suppliers to (partially) variable priced contracts in combination with derivative instruments with
global relationship banks in order to detach the supply from the financial risk. As a result of the short product business
cycle, the majority of the anticipated future commodities transactions outstanding at the statement of financial position
date are expected to occur in the next year.
The table below shows the estimated impact on profit before tax and equity reserves if underlying commodity prices
would have changed by 10% (commodities for which JDE Peet's held material derivative exposures at 31 December
2025 and 31 December 2024):
Change in year-
end price
Effect on profit
before tax
In EUR million
Effect on equity
In EUR million
Green coffee beans and other commodities - 2025
10%
22
\u2014
Green coffee beans and other commodities - 2025
(10)%
(22)
\u2014
Green coffee beans - 2024
10%
20
\u2014
Green coffee beans - 2024
(10)%
(23)
\u2014
Foreign exchange risk
JDE Peet's operates internationally and is exposed to foreign exchange risk arising from various currency exposures.
Foreign exchange risk arises primarily from commercial transactions such as the purchase of commodities, recognised
monetary assets and liabilities and net investments in foreign operations. JDE Peet's is exposed to numerous foreign
currencies. The most important ones are the U.S. dollar and the Pound sterling.
Mainly forward exchange contracts are used to reduce the effect of fluctuating foreign currencies on foreign currency
denominated transactions, third-party product-sourcing transactions and other known foreign currency exposures.
Gains and losses on the derivative instruments are intended to offset gains and losses on the associated transaction in
an effort to reduce the earnings volatility resulting from fluctuating foreign currency exchange rates. Forward currency
exchange contracts mature either at the anticipated invoice date or at the actual payment date of the associated
transaction. Most of the transactions directly relate to the business-as-usual operations, but could also relate to ad-hoc
strategic transactions.
Some foreign exchange derivatives are designated as hedging instruments for accounting purposes and cash flow
hedge accounting on those hedges is applied. The fair value of these hedging instruments is recognised on the
consolidated statement of financial position and the effective portion of fair value changes is recognised in the cash
flow hedge reserve in the consolidated statement of comprehensive income. The change in fair value on the other
foreign exchange derivatives is recognised directly in the consolidated income statement.
The Company also designates certain derivatives and non-derivative financial liabilities as hedges of foreign exchange
risk related to the net investment in a foreign operation. These instruments hedge foreign operations in multiple foreign
currencies, such as the U.S. dollar, Swedish krona, Chinese yuan and others. Among others, JDE Peet's is exposed to
fluctuations in U.S. dollar as a result of entering into US-dollar denominated debt instruments hedging this risk via
cross-currency interest rate swaps.
A sensitivity analysis shows that if foreign exchange rates change by 10 percent profit and equity would have been
affected as follows (in EUR million):
Profit or Loss
Equity, pre-tax
Strengthening
Weakening
Strengthening
Weakening
31 December 2025
+/-10%
20
(20)
(134)
134
31 December 2024
+/-10%
9
(9)
(104)
104
Fair value movements related to the effective part of foreign exchange and interest rate contracts that are designated in
hedging relationships are recognised directly in the cash flow hedge reserve (net of tax), a separate component within
Equity.
Interest rate risk
JDE Peet's is primarily financed through bonds of which part denominated in US- dollar and at fixed interest rates.
The\u00a0fixed unsecured US-dollar notes are swapped using cross-currency interest rate swaps with a fixed interest for
which hedge accounting is applied.
In 2023, one of the hedge relationships to which hedge accounting was applied became ineffective, after which the
results were directly recognised in profit and loss. Until the moment of ineffectiveness, the results remained in OCI
until\u00a0the instrument is derecognised. A loss, net of tax, of EUR 2 million was recognised in OCI during 2025 (2024:
EUR\u00a02\u00a0million gain).
I in 2024, JDE Peet's has entered into some fixed-floating interest rate swaps for both EUR and USD to better manage
the interest rate risk exposure of the notes portfolio. Fair value hedge accounting is applied for these instruments.
The\u00a0changes in the fair value of derivatives that are designated are recognised in the income statement, together with
any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
The sensitivity analysis on the foreign currency component of these swaps is included in the foreign exchange
section\u00a0above.
Equity price risk
JDE Peet's is exposed to an equity price risk on its shares upon vesting of its share-based payment plans (refer to note
7.1 Share-based payments). This risk could negatively impact future cash flows related to these plans. To mitigate this
equity price risk, JDE Peet's hedges the price risk on its shares by entering into total return equity swaps with external
parties. On a frequent basis, JDE Peet's compares and matches its equity derivatives position with its refreshed share-
based payment plans exposure, reflecting the net impact from expiring and new grants. JDE Peet's has no obligation to
purchase the underlying shares of this swap transaction and is entitled to receive the dividends on these underlying
shares. Upon settlement of the swap, only the fair value changes of the underlying shares will be settled. This derivative
is accounted for as a financial instrument through profit and loss and does not qualify for hedge accounting. All results
related to this transaction are recognised directly in the consolidated income statement. At 31 December 2025,
an\u00a0exposure of an equivalent of 7.2 million shares (2024: 7.2 million shares) in the Company was hedged, resulting in
the recognition of a net asset of EUR 5 million (2024: EUR 105 million liability), dividend income of EUR 5 million (2024:
EUR 5 million) and an unrealised result of EUR 110 million in financial income and expense (2024: EUR 56 million).
In addition and using similar total return equity swaps with external parties, the Company started a strategic equity
hedging programme in 2022 with a maximum size of EUR 500 million. The intended purpose of this programme was to
hedge the Company\u2019s equity price risk related to future share repurchases (either exposure under future share-based
payments programmes, management equity incentive schemes, share capital reduction or other future share delivery
obligations, or a mix of these). As a result of these hedges, material movements in JDE Peet\u2019s share price could result
in a material gain or loss for the Company. All results related to this programme are recognised directly in the
consolidated income statement. Upon maturity of instruments, the Company will decide whether to negotiate
continuation or cash settle while executing a share repurchase. At 31 December 2025, 12.4 million (2024: 12.4 million)
shares were hedged, resulting in the recognition of a net asset of EUR 48 million (2024: EUR 143 million liability),
dividend income of EUR 9 million (2024: EUR 8 million) and an unrealised result of\u00a0 EUR 191 million in financial income
and expense (2024: loss of EUR 97 million ).
It is noted that, since the announcement of the intended offer by Keurig Dr Pepper on the Company's shares in August
2025, the share price remained around the level of the offer price of EUR 31.85 per share.
Total return equity swap
A sensitivity analysis shows that if the underlying share price changes by 10%, the fair value of the equity derivative
instruments would have changed as follows (in EUR million):
Change in year-
end price
Effect on profit
before tax
In EUR million
Share price - 2025
10%
63
Share price - 2025
(10)%
(63)
Share price - 2024
10%
32
Share price - 2024
(10)%
(32)
CREDIT RISK
Credit risk arises because a counterparty may fail to perform its obligations. JDE Peet's is exposed to credit risk on
financial instruments such as cash, derivative assets and trade receivables. Concentration of credit risk is avoided by
managing financial assets across several institutions and sectors.
In relation to financial instruments, agreements are entered into with counterparties that meet stringent credit standards
(at minimum investment grade), the amount of agreements or contracts it enters into with any party is limited and,
where legally available, executed through master netting agreements. These positions are continuously monitored. In
situations where a counterparty does not meet the minimum credit rating requirement the outstanding exposure with
such counterparty is closely monitored and maintained at an absolute minimum. While JDE Peet's may be exposed to
credit losses in the event of non-performance by individual counterparties, it has not recognised any losses with these
counterparties in the past and does not anticipate material losses in the future.
All of JDE Peet's derivative instruments, with the exception of exchange traded coffee futures, are governed by
International Swaps and Derivatives Association master agreements. JDE Peet\u2019s trade receivables are subject to credit
limits, controls and approval procedures. Due to its large geographic base and number of customers, JDE Peet's is not
exposed to material concentrations of credit risk on its trade receivables. Nevertheless, commercial counterparties are
monitored on a continuous basis. The maximum exposure to credit risk resulting from financial activities, without
considering netting agreements and without taking into account any collateral held or other credit enhancements,
is\u00a0equal to the carrying amount of the financial assets.
LIQUIDITY RISK
Liquidity risk arises when a company encounters difficulties to meet commitments associated with liabilities and other
payment obligations. Such risk may result from inadequate market depth or disruption or refinancing problems.
Liquidity risk is managed by maintaining adequate reserves and banking facilities and by closely monitoring forecasted
and actual cash flows and, where possible, matching the maturity profiles of financial assets and liabilities. Seasonality
of operating cash flows, which includes the payable extension programme (refer to note 4.3 Trade and other payables
for more details) and structured payables, could impact short-term liquidity.
JDE Peet's does not face a significant liquidity risk as a result of its supplier finance arrangements given the limited
amount of liabilities subject to supplier finance arrangements, the good financial condition of the bank facilitating the
supplier finance arrangements and JDE Peet's access to other sources of finance on similar terms.
JDE Peet\u2019s strong risk management framework include continuous liquidity forecasting and planning, with advanced
and punitive stress-testing. At 31 December 2025, the Company's liquidity position remained strong, with total liquidity
of EUR 3.3 billion consisting of a cash position of EUR 1.8 billion (excluding restricted cash) and an undrawn committed
Revolving Credit Facility of EUR 1.5 billion. note 9.5 discloses the commitments at 31 December 2025.
The following disclosure details JDE Peet\u2019s remaining contractual maturities for its non-derivative and derivative
financial liabilities with agreed repayment periods. The disclosures have been prepared based on the undiscounted
cash flows of financial liabilities based on the earliest date on which JDE Peet's can be required to pay. The disclosures
include both interest and principal cash flows and were restated for the comparative figures to exclude any offsetting
cash inflows from derivative financial instruments.
To the extent that interest rates are floating, the undiscounted amount is based on the (forward) interest rates at the
end of 31 December 2025 and 31 December 2024, respectively.
At 31 December 2025 (in EUR million):
Note
Less than
1 year
Between
1 and 5 years
Over 5 years
Total
Carrying
amount
Financial liabilities
Borrowings (excluding
unamortised discounts and costs):
Unsecured notes
5.2
(841)
(3,370)
(1,512)
(5,723)
(5,258)
Lease liabilities
5.2
(87)
(192)
(47)
(326)
(256)
Other financing
5.2
\u2014
(1)
\u2014
(1)
(1)
Trade and other payables
(excluding deferred revenue)
4.3
(5,453)
\u2014
\u2014
(5,453)
(5,453)
Total
(6,381)
(3,563)
(1,559)
(11,503)
(10,968)
Derivative financial liabilities
Foreign currency derivatives
6.7
(223)
(3)
\u2014
(226)
(226)
Commodity derivatives
6.7
(15)
\u2014
\u2014
(15)
(15)
Net interest rate derivatives
6.7
(34)
22
(70)
(82)
(74)
Total return equity swap
derivatives
6.7
(10)
\u2014
\u2014
(10)
(4)
Total
(6,663)
(3,544)
(1,629)
(11,836)
(11,287)
At 31 December 2024 (in EUR million):
Note
Less than
1 year
Between
1 and 5 years
Over 5 years
Total
Carrying
amount
Financial liabilities
Borrowings (excluding
unamortised discounts and costs):
Unsecured notes
5.2
(578)
(3,094)
(2,100)
(5,772)
(5,295)
Lease liabilities
5.2
(89)
(204)
(48)
(341)
(287)
Other financing
5.2
(2)
(1)
\u2014
(3)
(3)
Trade and other payables
(excluding deferred revenue)
4.3
(5,022)
\u2014
\u2014
(5,022)
(5,022)
Total
(5,691)
(3,299)
(2,148)
(11,138)
(10,607)
Derivative financial liabilities
Foreign currency derivatives
6.7
(25)
(4)
\u2014
(29)
(29)
Commodity derivatives
6.7
(8)
\u2014
\u2014
(8)
(8)
Net interest rate derivatives
6.7
(7)
(12)
(1)
(20)
(20)
Total return equity swap
derivatives
6.7
(264)
\u2014
\u2014
(264)
(248)
Total
(5,995)
(3,315)
(2,149)
(11,459)
(10,912)
FAIR VALUE ESTIMATION
This section explains the judgements and estimates made in determining the fair values of the financial instruments that
are recognised and measured at fair value. To provide an indication about the reliability of the inputs used to determine
fair value, financial instruments are classified into the three levels as prescribed under IFRS 13. An explanation of each
level follows below:
\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
\u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(that is, as prices) or indirectly (that is, derived from prices) (Level 2)
\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
The commodity coffee futures and unsecured notes are valued using Level 1 valuation methods. Substantially all of the
other derivative assets and liabilities are valued using Level 2 valuation methods. Share-based payments are valued
using Level 2 and Level 3 valuation methods, for details on this valuation see note 7.1 Share-based payments.
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives)
is determined by using valuation techniques. These valuation techniques maximise the use of observable market data
where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fairly
value an instrument are observable, the instrument is included in Level 2.
Specific valuation techniques used to value financial instruments include:
\u2022 Quoted market prices or dealer quotes for similar instruments
\u2022 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based
on\u00a0observable yield curves
\u2022 The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance
sheet date, with the resulting value discounted back to present value
\u2022 The fair value of total return equity swap is calculated based on the share price at the reporting date versus the
average price for which the shares have been purchased times the volume purchased.
Management believes that the carrying amount of all other financial assets and financial liabilities recognised in the
statement of financial position approximates its fair value. Unsecured notes, initially accounted for at fair value and
subsequently at amortised cost, classify as Level 1, as these instruments are traded with publicly available prices.
Other borrowings, initially accounted for at fair value and subsequently at amortised cost, classify as Level 2, as no
similar instrument is available due to the specific profiles of the instruments.
The carrying amount of borrowings and unsecured notes approximates the fair value at 31 December 2025 and
31\u00a0December 2024. The following tables present the assets and liabilities of JDE Peet's that are measured at fair value
at 31 December 2025 and 31 December 2024, respectively.
At 31 December 2025 (in EUR million):
Note
Level 1
Level 2
Level 3
Total
Assets
Interest rate contracts
6.7
\u2014
35
\u2014
35
Foreign exchange contracts
6.7
\u2014
20
\u2014
20
Commodity contracts
6.7
8
\u2014
\u2014
8
Total return equity swap contracts
6.7
\u2014
57
\u2014
57
Total assets
8
112
\u2014
120
Liabilities
Interest rate contracts
6.7
\u2014
74
\u2014
74
Foreign exchange contracts
6.7
\u2014
226
\u2014
226
Commodity contracts
6.7
15
\u2014
\u2014
15
Total return equity swap contracts
6.7
\u2014
4
\u2014
4
Total liabilities
15
304
\u2014
319
At 31 December 2024 (in EUR million):
Note
Level 1
Level 2
Level 3
Total
Assets
Interest rate contracts
6.7
\u2014
42
\u2014
42
Foreign exchange contracts
6.7
\u2014
205
\u2014
205
Commodity contracts
6.7
8
\u2014
\u2014
8
Total assets
8
247
\u2014
255
Liabilities
Interest rate contracts
6.7
\u2014
20
\u2014
20
Foreign exchange contracts
6.7
\u2014
29
\u2014
29
Commodity contracts
6.7
8
\u2014
\u2014
8
Total return equity contracts
6.7
\u2014
248
\u2014
248
Total liabilities
8
297
\u2014
305
There were no transfers between different levels during 2025 and 2024.
OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES
Financial instruments subject to offsetting at 31 December 2025 (in EUR million):
Derivative financial
instruments
Derivative financial
instruments
Trade
receivables
Non-current
assets
Current\u00a0
assets
Non-current
liabilities
Current
liabilities
Current\u00a0
assets
Gross amount recognised in financial
instruments
11
109
35
284
873
Gross amount offset
\u2014
\u2014
\u2014
\u2014
(135)
Net amount
11
109
35
284
738
Related amounts not offset in the statement of
financial positions
Gross financial instruments
(24)
(175)
24
175
\u2014
Cash collateral \u2013 not offset
\u2014
17
\u2014
\u2014
\u2014
Net financial instruments
(24)
(158)
24
175
\u2014
Financial assets subject to offsetting at 31 December 2024 (in EUR million:)
Financial instruments
Financial instruments
Trade
receivables
Non-current
assets
Current\u00a0
assets
Non-current
liabilities
Current
liabilities
Current\u00a0
assets
Gross amount recognised in financial
instruments
95
160
24
281
814
Gross amount offset
\u2014
\u2014
\u2014
\u2014
(148)
Net amount
95
160
24
281
666
Related amounts not offset in the statement of
financial positions
Gross financial instruments
71
(121)
(71)
121
\u2014
Cash collateral \u2013 not offset
\u2014
24
\u2014
\u2014
\u2014
Net financial instruments
71
(97)
(71)
121
\u2014
DERIVATIVE FINANCIAL INSTRUMENTS
JDE Peet's uses derivative financial instruments, including forward exchange contracts, futures, options, commodity
arrangements, interest rate swaps, total return equity swaps, net investment hedges and cross currency interest rate
swaps in order to manage exposures from foreign exchange, commodity prices, equity prices and interest rate risks.
The use of these derivative financial instruments intends to reduce the risk or cost and are in accordance with
JDE\u00a0Peet's financial policy and governance framework. Derivatives are not used for trading or speculative purposes
and JDE Peet's is not a party to leveraged derivatives. Maturity of the foreign exchange and commodity derivatives
is\u00a0primarily within one year.
JDE Peet's applies the hedge accounting requirements in IFRS 9. Derivatives are initially recognised at fair value
through profit and loss on the date a derivative contract is entered into and are subsequently remeasured at fair value.
Dividend income from equity derivatives is separately recorded as finance income. Refer to note 5.4. The method of
recognising the resulting gain or loss from the measurement depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged. To qualify for hedge accounting, the hedge
relationship must meet all of the following requirements:
\u2022 There is an economic relationship between the hedged item and the hedging instrument
\u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that
the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that
quantity of hedged item.
Hedge accounting is applied to certain derivatives to remove the accounting mismatch between the hedging instrument
and hedged item.
At inception of the transaction, the relationship is documented between hedging instruments and hedged items when
hedge accounting is applied. In addition to this, the risk management objectives and strategy for undertaking various
hedging transactions are documented when hedge accounting is applied. In case hedge accounting is applied, the
value of the assessment whether the derivatives that are used in hedging transactions are highly effective in offsetting
changes in fair value of the hedge items is performed and documented, both at hedge inception and on an ongoing
basis.
The fair values of the derivative instruments are disclosed in note 6.5 Fair value estimation. Derivatives are classified as
current when the settlement date is within 12 months from the period-end and all other derivatives as non-current in the
statement of financial position. The change in fair value of commodity derivatives is recognised within cost of sales and
the movement of all other derivatives within finance expense in the income statement unless hedge accounting is applied.
Fair value hedge\u2014The changes in the fair value of derivatives that are designated and qualify as fair value hedges are
recognised in the income statement, together with any changes in the fair value of the hedged asset or liability that are
attributable to the hedged risk.
Cash Flow hedge\u2014Fair value movements of hedging instruments in a designated effective cash flow hedge are
recognised directly in the cash flow hedge reserve (net of tax), a separate component within OCI, net of the foreign
exchange and interest effective to the period.
Amounts accumulated in OCI are reclassified to the income statement in the periods when the hedged item affects
profit or loss. Ineffectiveness on cash flow hedges is recognised where the cumulative change in the designated
component value of the hedging instruments exceeds, on an absolute basis, the change in value of the hedged items
attributable to the hedged risk. The gain or loss as a result of ineffectiveness is recognised in the income statement
within Finance expense. When the forecasted transaction that is hedged, results in the recognition of a non-financial
asset (for example, inventory or fixed assets), the gains and losses that were recognised in OCI are transferred from
OCI and included in the initial measurement of the cost of the asset.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in OCI at that time remains in OCI and is recognised when the forecasted transaction is
ultimately recognised in the income statement. When a forecasted transaction is no longer expected to occur, the
cumulative gain or loss that was recognised in OCI is immediately transferred to the income statement within Finance
expense.
Net investment hedges\u2014JDE Peet\u2019s partly mitigates exposures from its investments in foreign operations by using
both derivative and non- derivative financial instruments as hedging instruments. Hedges of a net investment in foreign
operations are accounted for in a similar way as cash flow hedges. Gains or losses on the hedging instrument relating to
the effective portion of the hedge are recognised in the currency translation reserve (equity component). The gain or loss
relating to the ineffective portion is recognised in the income statement. When a net investment in foreign operation is
(partly) disposed of, the amount in the currency translation reserve is (partly) released in the income statement.
In 2023, JDE Peet's partly hedged it CNY investment in foreign operations with a cross-currency swap, and extended
the hedging of investment in operations with SEK and THB with cross-currency swaps in 2024 comprising of a total
value of EUR 78 million at 31 December 2025.
Key accounting estimate and judgement\u2014The fair value of financial instruments that are not traded in an
active market (for example, over-the-counter derivatives) is determined by using the Discounted Cash Flow
method. Judgement is used to select a variety of methods and to make assumptions that are mainly based on
market conditions existing at the end of each reporting period.
Information on the classification and fair values of derivatives in the statement of financial position at 31 December
2025 is as follows (in EUR million):
Assets
Liabilities
Current
Non-current
Current
Non-current
Derivatives designated as hedging instruments:
\u2013 Interest rate contracts
\u2014
4
42
2
\u2013 Foreign exchange contracts
\u2014
3
16
3
Sub-total
\u2014
7
58
5
Derivatives not designated as hedging
instruments:
\u2013 Interest rate contracts
27
4
\u2014
30
\u2013 Foreign exchange contracts
17
\u2014
207
\u2014
\u2013 Commodity contracts
8
\u2014
15
\u2014
\u2013 Total return equity swap contracts
57
\u2014
4
\u2014
Sub-total
109
4
226
30
Total
109
11
284
35
Interest rate
contracts
Foreign
exchange
contracts
Commodity
contracts
Total return
equity swap
contracts
Total
Derivatives not designated as hedging
instruments:
Amount of gain (loss) recognised in cost of sales
\u2014
\u2014
32
\u2014
32
Amount of gain (loss) recognised in finance
income/expense
(59)
(369)
\u2014
301
(127)
Information on the classification and fair values of derivatives in the statement of financial position at 31 December
2024 is as follows (in EUR million):
Assets
Liabilities
Current
Non-current
Current
Non-current
Derivatives designated as hedging instruments:
\u2013 Interest rate contracts
\u2014
38
\u2014
5
\u2013 Foreign exchange contracts
\u2014
53
\u2014
\u2014
Sub-total
\u2014
91
\u2014
5
Derivatives not designated as hedging instruments:
\u2013 Interest rate contracts
\u2014
4
\u2014
15
\u2013 Foreign exchange contracts
152
\u2014
25
4
\u2013 Commodity contracts
8
\u2014
8
\u2014
\u2013 Total return equity swap contracts
\u2014
\u2014
248
\u2014
Sub-total
160
4
281
19
Total
160
95
281
24
Interest rate
contracts
Foreign
exchange
contracts
Commodity
contracts
Total return
equity swap
contracts
Total
Derivatives not designated as hedging
instruments:
Amount of gain (loss) recognised in cost of sales
\u2014
\u2014
128
\u2014
128
Amount of gain (loss) recognised in finance
income/expense
31
130
\u2014
(154)
7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-579": { "value": "FINANCIAL RISK MANAGEMENT
In accordance with IFRS 9, financial assets are classified into the following categories: a) amortised costs, b) fair value
through profit or loss and c) fair value through OCI. Classification under IFRS 9 for investments in debt instruments is
driven by JDE Peet's model for managing financial assets and their contractual cash flow characteristics. Management
determines the classification of its financial assets at their initial recognition.
Financial assets are classified as follows:
\u2022 Financial assets at amortised cost\u2014Assets that are held for collection of contractual cash flows where those
cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from
these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising
on derecognition is recognised directly in the income statement and presented in other gains/(losses) together with
foreign exchange gains and losses. Impairment losses are presented as a separate line item in the income
statement.
\u2022 Financial assets at fair value through OCI\u2014Assets that are held for collection of contractual cash flows and for
selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are
measured at fair value through OCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are
recognised in the income statement. When the financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from Equity to the income statement and recognised in other gains/
(losses). Interest income from these financial assets is included in finance income using the effective interest rate
method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are
presented as a separate line item in the income statement.
\u2022 Assets and liabilities that do not meet the criteria for amortised cost or fair value through OCI are measured at fair
value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through
profit or loss is recognised in the income statement (in finance expense except for the change in fair value of
commodity derivative financial instruments which are included in the cost of sales) and presented net within other
gains/(losses) in the period in which it arises.
The regular purchases and sales of financial assets are recognised on the trade-date, which is the date on which
JDE\u00a0Peet's commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash
flows from the investments have expired or have been transferred and substantially all risks and rewards of ownership
were transferred. Financial assets and liabilities are offset and the net amount is recognised in the statement of financial
position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle
on\u00a0a net basis or realise the asset and settle the liability simultaneously.
Impairment of Financial Assets\u2014Upon initial recognition of the financial asset the expected loss is assessed.
Subsequently, at the end of each reporting period it is assessed whether there is objective evidence that a financial
asset or group of financial assets is impaired. The impairment model for financial assets is based on expected credit
loss. A broader range of information is considered when assessing credit risk and measuring expected credit losses,
including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability
of the future cash flows of the instrument. The impairment methodology applied, depends on whether there has been a
significant increase in credit risk. In applying this forward-looking approach, a distinction is made between the following
categories:
\u2022 Financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low
credit risk (\u2018Stage 1\u2019) - \u201812-month expected credit losses\u2019 are recognised for this category.
\u2022 Financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit
risk is not low (\u2018Stage 2\u2019) - \u2018lifetime expected credit losses\u2019 are recognised for this category.
\u2022 (\u2018Stage 3\u2019) would cover financial assets that have objective evidence of impairment at the reporting date.
Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the
expected life of the financial instrument. For trade receivables, the simplified approach permitted by IFRS 9 is applied,
which requires expected lifetime losses to be recognised from initial recognition of the receivables. The measurement
of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if
there is a default) and the exposure at default. The assessment of the probability of default and loss given default is
based on historical data adjusted by forward-looking information. As for the exposure at default, for financial assets,
this is represented by the assets\u2019 gross carrying amount at the reporting date for financial guarantee contracts, the
exposure includes the amount drawn down at the reporting date, together with any additional amounts expected to be
drawn down in the future by default date determined based on historical trend, the understanding of the specific future
financing needs of the debtors, and other relevant forward-looking information.
For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are
due to JDE Peet's in accordance with the contract and all the cash flows that are expected to be received, discounted
at the original effective interest rate. For a lease receivable, the cash flows used for determining the expected credit
losses is consistent with the cash flows used in measuring the lease receivable in accordance with IFRS 16.
For a financial guarantee contract, as JDE Peet's is required to make payments only in the event of a default by the
debtor in accordance with the terms of the instrument that is guaranteed, the expected loss allowance is the expected
payments to reimburse the holder for a credit loss that it incurs less any amounts that are expected to be received from
the holder, the debtor or any other party.
When a loss allowance was measured for a financial instrument at an amount equal to lifetime expected credit loss
(ECL) in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL
are no longer met, the loss allowance is measured at an amount equal to 12-month ECL at the current reporting date,
except for assets for which the simplified approach was used.
An impairment gain or loss is recognised in profit or loss for all financial instruments with a corresponding adjustment
to their carrying amount through a loss allowance account, except for investments in debt instruments that are
measured at fair value through OCI, for which the loss allowance is recognised in other comprehensive income and
accumulated in the investment revaluation reserve, and does not reduce the carrying amount of the financial asset in
the statement of financial position.
On assessing whether the credit risk on a financial instrument has increased significantly since initial recognition,
a\u00a0comparison is made with the risk of a default occurring on the financial instrument at the reporting date with the risk
of a default occurring on the financial instrument at the date of initial recognition. In making this assessment, both
quantitative and qualitative information are considered that is reasonable and supportable, including historical
experience and forward-looking information that is available without undue cost or effort. Forward-looking information
considered includes the future prospects of the industries in which JDE Peet\u2019s debtors operate, obtained from
economic expert reports, financial analysts, governmental bodies, relevant think-tanks and other similar organisations,
as well as consideration of various external sources of actual and forecast economic information that relate to
JDE\u00a0Peet\u2019s core operations.
In particular, the following information is taken into account when assessing whether credit risk has increased
significantly since initial recognition:
\u2022 An actual or expected significant deterioration in the financial instrument\u2019s external (if available) or internal credit
rating.
\u2022 Significant deterioration in external market indicators of credit risk for a particular financial instrument, e.g.
a\u00a0significant increase in the credit spread, the credit default swap prices for the debtor, or the length of time or the
extent to which the fair value of a financial asset has been less than its amortised cost.
\u2022 Existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a
significant decrease in the debtor\u2019s ability to meet its debt obligations.
\u2022 An actual or expected significant deterioration in the operating results of the debtor.
\u2022 Significant increases in credit risk on other financial instruments of the same debtor.
\u2022 An actual or expected significant adverse change in the regulatory, economic, or technological environment of the
debtor that results in a significant decrease in the debtor\u2019s ability to meet its debt obligations.
Irrespective of the outcome of the above assessment, JDE Peet's presumes that the credit risk on a financial asset has
increased significantly since initial recognition when contractual payments are more than 30 days past due, unless
JDE\u00a0Peet's has reasonable and supportable information that demonstrates otherwise.
JDE Peet's considers a financial asset to have low credit risk when the asset has an external credit rating of \u2018investment
grade\u2019 in accordance with the globally understood definition or if an external rating is not available, the asset has an
internal rating of \u2018performing\u2019. Performing means that the counterparty has a strong financial position and there are no
past due amounts.
FINANCIAL RISK FACTORS
JDE Peet\u2019s activities are exposed to a variety of financial risks: market risk (including commodity price risk, foreign
exchange risk, interest rate and equity risk), credit risk and liquidity risk. All these risks arise in the normal course of
business. JDE Peet's overall risk management programme focuses on the unpredictability of financial markets and
seeks to minimise potential adverse effects on financial performance. To mitigate the risk from interest rates, foreign
currency exchange rates, equity and commodity price fluctuations, various derivative financial instruments are used in
accordance with JDE Peet's policies and procedures.
Some of the (cross-currency) interest rate swaps and foreign currency components of non-derivative financial
instruments are designated as hedging instruments and hedge accounting is applied. In addition, hedge accounting is
applied for highly probable forecasted transactions like certain foreign currency exposures related to the purchase of
commodities and investment transactions. Other derivatives are accounted for at fair value through the profit and loss.
JDE Peet's does not enter into financial instruments for trading purposes and is not a party to any leveraged
derivatives.
Risk management
JDE Peet's maintains risk management frameworks and control systems to monitor the foreign exchange, interest rate,
equity and commodity price risk and its offsetting hedge positions. Periodically, sensitivity analyses are completed to
evaluate the effect of any changes in interest rate, equity prices, commodity prices and foreign currencies and the
associated risk derivatives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-581": { "value": "
In accordance with IFRS 9, financial assets are classified into the following categories: a) amortised costs, b) fair value
through profit or loss and c) fair value through OCI. Classification under IFRS 9 for investments in debt instruments is
driven by JDE Peet's model for managing financial assets and their contractual cash flow characteristics. Management
determines the classification of its financial assets at their initial recognition.
Financial assets are classified as follows:
\u2022 Financial assets at amortised cost\u2014Assets that are held for collection of contractual cash flows where those
cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from
these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising
on derecognition is recognised directly in the income statement and presented in other gains/(losses) together with
foreign exchange gains and losses. Impairment losses are presented as a separate line item in the income
statement.
\u2022 Financial assets at fair value through OCI\u2014Assets that are held for collection of contractual cash flows and for
selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are
measured at fair value through OCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are
recognised in the income statement. When the financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from Equity to the income statement and recognised in other gains/
(losses). Interest income from these financial assets is included in finance income using the effective interest rate
method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are
presented as a separate line item in the income statement.
\u2022 Assets and liabilities that do not meet the criteria for amortised cost or fair value through OCI are measured at fair
value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through
profit or loss is recognised in the income statement (in finance expense except for the change in fair value of
commodity derivative financial instruments which are included in the cost of sales) and presented net within other
gains/(losses) in the period in which it arises.
The regular purchases and sales of financial assets are recognised on the trade-date, which is the date on which
JDE\u00a0Peet's commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash
flows from the investments have expired or have been transferred and substantially all risks and rewards of ownership
were transferred. Financial assets and liabilities are offset and the net amount is recognised in the statement of financial
position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle
on\u00a0a net basis or realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-582": { "value": "
Financial assets are classified as follows:
\u2022 Financial assets at amortised cost\u2014Assets that are held for collection of contractual cash flows where those
cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from
these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising
on derecognition is recognised directly in the income statement and presented in other gains/(losses) together with
foreign exchange gains and losses. Impairment losses are presented as a separate line item in the income
statement.
\u2022 Financial assets at fair value through OCI\u2014Assets that are held for collection of contractual cash flows and for
selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are
measured at fair value through OCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are
recognised in the income statement. When the financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from Equity to the income statement and recognised in other gains/
(losses). Interest income from these financial assets is included in finance income using the effective interest rate
method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are
presented as a separate line item in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-583": { "value": "Assets and liabilities that do not meet the criteria for amortised cost or fair value through OCI are measured at fair
value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through
profit or loss is recognised in the income statement (in finance expense except for the change in fair value of
commodity derivative financial instruments which are included in the cost of sales) and presented net within other
gains/(losses) in the period in which it arises.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-584": { "value": "
Impairment of Financial Assets\u2014Upon initial recognition of the financial asset the expected loss is assessed.
Subsequently, at the end of each reporting period it is assessed whether there is objective evidence that a financial
asset or group of financial assets is impaired. The impairment model for financial assets is based on expected credit
loss. A broader range of information is considered when assessing credit risk and measuring expected credit losses,
including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability
of the future cash flows of the instrument. The impairment methodology applied, depends on whether there has been a
significant increase in credit risk. In applying this forward-looking approach, a distinction is made between the following
categories:
\u2022 Financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low
credit risk (\u2018Stage 1\u2019) - \u201812-month expected credit losses\u2019 are recognised for this category.
\u2022 Financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit
risk is not low (\u2018Stage 2\u2019) - \u2018lifetime expected credit losses\u2019 are recognised for this category.
\u2022 (\u2018Stage 3\u2019) would cover financial assets that have objective evidence of impairment at the reporting date.
Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the
expected life of the financial instrument. For trade receivables, the simplified approach permitted by IFRS 9 is applied,
which requires expected lifetime losses to be recognised from initial recognition of the receivables. The measurement
of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if
there is a default) and the exposure at default. The assessment of the probability of default and loss given default is
based on historical data adjusted by forward-looking information. As for the exposure at default, for financial assets,
this is represented by the assets\u2019 gross carrying amount at the reporting date for financial guarantee contracts, the
exposure includes the amount drawn down at the reporting date, together with any additional amounts expected to be
drawn down in the future by default date determined based on historical trend, the understanding of the specific future
financing needs of the debtors, and other relevant forward-looking information.
For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are
due to JDE Peet's in accordance with the contract and all the cash flows that are expected to be received, discounted
at the original effective interest rate. For a lease receivable, the cash flows used for determining the expected credit
losses is consistent with the cash flows used in measuring the lease receivable in accordance with IFRS 16.
For a financial guarantee contract, as JDE Peet's is required to make payments only in the event of a default by the
debtor in accordance with the terms of the instrument that is guaranteed, the expected loss allowance is the expected
payments to reimburse the holder for a credit loss that it incurs less any amounts that are expected to be received from
the holder, the debtor or any other party.
When a loss allowance was measured for a financial instrument at an amount equal to lifetime expected credit loss
(ECL) in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL
are no longer met, the loss allowance is measured at an amount equal to 12-month ECL at the current reporting date,
except for assets for which the simplified approach was used.
An impairment gain or loss is recognised in profit or loss for all financial instruments with a corresponding adjustment
to their carrying amount through a loss allowance account, except for investments in debt instruments that are
measured at fair value through OCI, for which the loss allowance is recognised in other comprehensive income and
accumulated in the investment revaluation reserve, and does not reduce the carrying amount of the financial asset in
the statement of financial position.
On assessing whether the credit risk on a financial instrument has increased significantly since initial recognition,
a\u00a0comparison is made with the risk of a default occurring on the financial instrument at the reporting date with the risk
of a default occurring on the financial instrument at the date of initial recognition. In making this assessment, both
quantitative and qualitative information are considered that is reasonable and supportable, including historical
experience and forward-looking information that is available without undue cost or effort. Forward-looking information
considered includes the future prospects of the industries in which JDE Peet\u2019s debtors operate, obtained from
economic expert reports, financial analysts, governmental bodies, relevant think-tanks and other similar organisations,
as well as consideration of various external sources of actual and forecast economic information that relate to
JDE\u00a0Peet\u2019s core operations.
In particular, the following information is taken into account when assessing whether credit risk has increased
significantly since initial recognition:
\u2022 An actual or expected significant deterioration in the financial instrument\u2019s external (if available) or internal credit
rating.
\u2022 Significant deterioration in external market indicators of credit risk for a particular financial instrument, e.g.
a\u00a0significant increase in the credit spread, the credit default swap prices for the debtor, or the length of time or the
extent to which the fair value of a financial asset has been less than its amortised cost.
\u2022 Existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a
significant decrease in the debtor\u2019s ability to meet its debt obligations.
\u2022 An actual or expected significant deterioration in the operating results of the debtor.
\u2022 Significant increases in credit risk on other financial instruments of the same debtor.
\u2022 An actual or expected significant adverse change in the regulatory, economic, or technological environment of the
debtor that results in a significant decrease in the debtor\u2019s ability to meet its debt obligations.
Irrespective of the outcome of the above assessment, JDE Peet's presumes that the credit risk on a financial asset has
increased significantly since initial recognition when contractual payments are more than 30 days past due, unless
JDE\u00a0Peet's has reasonable and supportable information that demonstrates otherwise.
JDE Peet's considers a financial asset to have low credit risk when the asset has an external credit rating of \u2018investment
grade\u2019 in accordance with the globally understood definition or if an external rating is not available, the asset has an
internal rating of \u2018performing\u2019. Performing means that the counterparty has a strong financial position and there are no
past due amounts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-585": { "value": "MARKET RISK
Commodity price risk
Commodity price risk arises primarily from transactions related to global commodity markets. JDE Peet\u2019s objective is to
minimise the impact of commodity price fluctuations. The exposure is hedged in accordance with JDE Peet\u2019s policies
and risk management programme. The green coffee commodity risk is mainly managed at regional locations, being the
US, the Netherlands, Brazil, Vietnam and Indonesia. The green coffee commodity price risk exposure of anticipated
future purchases is managed primarily using futures, options and forward contracts, which are eventually rolled-over
into physical contracts. Through these instruments, JDE Peet's is able to fix a portion of its price for anticipated future
deliveries of green coffee beans, for instance, for a specified period of time.
JDE Peet's only enters into futures contracts that are traded on established, well-recognised exchanges, named ICE
and IFFE that offer high liquidity, transparent pricing, daily cash settlement and collateralisation through margin
requirements.
The financial hedging strategy covers other commodity price risks, such as energy and aluminium, evolving from fixed
priced contracts with suppliers to (partially) variable priced contracts in combination with derivative instruments with
global relationship banks in order to detach the supply from the financial risk. As a result of the short product business
cycle, the majority of the anticipated future commodities transactions outstanding at the statement of financial position
date are expected to occur in the next year.
The table below shows the estimated impact on profit before tax and equity reserves if underlying commodity prices
would have changed by 10% (commodities for which JDE Peet's held material derivative exposures at 31 December
2025 and 31 December 2024):
Change in year-
end price
Effect on profit
before tax
In EUR million
Effect on equity
In EUR million
Green coffee beans and other commodities - 2025
10%
22
\u2014
Green coffee beans and other commodities - 2025
(10)%
(22)
\u2014
Green coffee beans - 2024
10%
20
\u2014
Green coffee beans - 2024
(10)%
(23)
\u2014
Foreign exchange risk
JDE Peet's operates internationally and is exposed to foreign exchange risk arising from various currency exposures.
Foreign exchange risk arises primarily from commercial transactions such as the purchase of commodities, recognised
monetary assets and liabilities and net investments in foreign operations. JDE Peet's is exposed to numerous foreign
currencies. The most important ones are the U.S. dollar and the Pound sterling.
Mainly forward exchange contracts are used to reduce the effect of fluctuating foreign currencies on foreign currency
denominated transactions, third-party product-sourcing transactions and other known foreign currency exposures.
Gains and losses on the derivative instruments are intended to offset gains and losses on the associated transaction in
an effort to reduce the earnings volatility resulting from fluctuating foreign currency exchange rates. Forward currency
exchange contracts mature either at the anticipated invoice date or at the actual payment date of the associated
transaction. Most of the transactions directly relate to the business-as-usual operations, but could also relate to ad-hoc
strategic transactions.
Some foreign exchange derivatives are designated as hedging instruments for accounting purposes and cash flow
hedge accounting on those hedges is applied. The fair value of these hedging instruments is recognised on the
consolidated statement of financial position and the effective portion of fair value changes is recognised in the cash
flow hedge reserve in the consolidated statement of comprehensive income. The change in fair value on the other
foreign exchange derivatives is recognised directly in the consolidated income statement.
The Company also designates certain derivatives and non-derivative financial liabilities as hedges of foreign exchange
risk related to the net investment in a foreign operation. These instruments hedge foreign operations in multiple foreign
currencies, such as the U.S. dollar, Swedish krona, Chinese yuan and others. Among others, JDE Peet's is exposed to
fluctuations in U.S. dollar as a result of entering into US-dollar denominated debt instruments hedging this risk via
cross-currency interest rate swaps.
A sensitivity analysis shows that if foreign exchange rates change by 10 percent profit and equity would have been
affected as follows (in EUR million):
Profit or Loss
Equity, pre-tax
Strengthening
Weakening
Strengthening
Weakening
31 December 2025
+/-10%
20
(20)
(134)
134
31 December 2024
+/-10%
9
(9)
(104)
104
Fair value movements related to the effective part of foreign exchange and interest rate contracts that are designated in
hedging relationships are recognised directly in the cash flow hedge reserve (net of tax), a separate component within
Equity.
Interest rate risk
JDE Peet's is primarily financed through bonds of which part denominated in US- dollar and at fixed interest rates.
The\u00a0fixed unsecured US-dollar notes are swapped using cross-currency interest rate swaps with a fixed interest for
which hedge accounting is applied.
In 2023, one of the hedge relationships to which hedge accounting was applied became ineffective, after which the
results were directly recognised in profit and loss. Until the moment of ineffectiveness, the results remained in OCI
until\u00a0the instrument is derecognised. A loss, net of tax, of EUR 2 million was recognised in OCI during 2025 (2024:
EUR\u00a02\u00a0million gain).
I in 2024, JDE Peet's has entered into some fixed-floating interest rate swaps for both EUR and USD to better manage
the interest rate risk exposure of the notes portfolio. Fair value hedge accounting is applied for these instruments.
The\u00a0changes in the fair value of derivatives that are designated are recognised in the income statement, together with
any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
The sensitivity analysis on the foreign currency component of these swaps is included in the foreign exchange
section\u00a0above.
Equity price risk
JDE Peet's is exposed to an equity price risk on its shares upon vesting of its share-based payment plans (refer to note
7.1 Share-based payments). This risk could negatively impact future cash flows related to these plans. To mitigate this
equity price risk, JDE Peet's hedges the price risk on its shares by entering into total return equity swaps with external
parties. On a frequent basis, JDE Peet's compares and matches its equity derivatives position with its refreshed share-
based payment plans exposure, reflecting the net impact from expiring and new grants. JDE Peet's has no obligation to
purchase the underlying shares of this swap transaction and is entitled to receive the dividends on these underlying
shares. Upon settlement of the swap, only the fair value changes of the underlying shares will be settled. This derivative
is accounted for as a financial instrument through profit and loss and does not qualify for hedge accounting. All results
related to this transaction are recognised directly in the consolidated income statement. At 31 December 2025,
an\u00a0exposure of an equivalent of 7.2 million shares (2024: 7.2 million shares) in the Company was hedged, resulting in
the recognition of a net asset of EUR 5 million (2024: EUR 105 million liability), dividend income of EUR 5 million (2024:
EUR 5 million) and an unrealised result of EUR 110 million in financial income and expense (2024: EUR 56 million).
In addition and using similar total return equity swaps with external parties, the Company started a strategic equity
hedging programme in 2022 with a maximum size of EUR 500 million. The intended purpose of this programme was to
hedge the Company\u2019s equity price risk related to future share repurchases (either exposure under future share-based
payments programmes, management equity incentive schemes, share capital reduction or other future share delivery
obligations, or a mix of these). As a result of these hedges, material movements in JDE Peet\u2019s share price could result
in a material gain or loss for the Company. All results related to this programme are recognised directly in the
consolidated income statement. Upon maturity of instruments, the Company will decide whether to negotiate
continuation or cash settle while executing a share repurchase. At 31 December 2025, 12.4 million (2024: 12.4 million)
shares were hedged, resulting in the recognition of a net asset of EUR 48 million (2024: EUR 143 million liability),
dividend income of EUR 9 million (2024: EUR 8 million) and an unrealised result of\u00a0 EUR 191 million in financial income
and expense (2024: loss of EUR 97 million ).
It is noted that, since the announcement of the intended offer by Keurig Dr Pepper on the Company's shares in August
2025, the share price remained around the level of the offer price of EUR 31.85 per share.
Total return equity swap
A sensitivity analysis shows that if the underlying share price changes by 10%, the fair value of the equity derivative
instruments would have changed as follows (in EUR million):
Change in year-
end price
Effect on profit
before tax
In EUR million
Share price - 2025
10%
63
Share price - 2025
(10)%
(63)
Share price - 2024
10%
32
Share price - 2024
(10)%
(32)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-586": { "value": "CREDIT RISK
Credit risk arises because a counterparty may fail to perform its obligations. JDE Peet's is exposed to credit risk on
financial instruments such as cash, derivative assets and trade receivables. Concentration of credit risk is avoided by
managing financial assets across several institutions and sectors.
In relation to financial instruments, agreements are entered into with counterparties that meet stringent credit standards
(at minimum investment grade), the amount of agreements or contracts it enters into with any party is limited and,
where legally available, executed through master netting agreements. These positions are continuously monitored. In
situations where a counterparty does not meet the minimum credit rating requirement the outstanding exposure with
such counterparty is closely monitored and maintained at an absolute minimum. While JDE Peet's may be exposed to
credit losses in the event of non-performance by individual counterparties, it has not recognised any losses with these
counterparties in the past and does not anticipate material losses in the future.
All of JDE Peet's derivative instruments, with the exception of exchange traded coffee futures, are governed by
International Swaps and Derivatives Association master agreements. JDE Peet\u2019s trade receivables are subject to credit
limits, controls and approval procedures. Due to its large geographic base and number of customers, JDE Peet's is not
exposed to material concentrations of credit risk on its trade receivables. Nevertheless, commercial counterparties are
monitored on a continuous basis. The maximum exposure to credit risk resulting from financial activities, without
considering netting agreements and without taking into account any collateral held or other credit enhancements,
is\u00a0equal to the carrying amount of the financial assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-587": { "value": "LIQUIDITY RISK
Liquidity risk arises when a company encounters difficulties to meet commitments associated with liabilities and other
payment obligations. Such risk may result from inadequate market depth or disruption or refinancing problems.
Liquidity risk is managed by maintaining adequate reserves and banking facilities and by closely monitoring forecasted
and actual cash flows and, where possible, matching the maturity profiles of financial assets and liabilities. Seasonality
of operating cash flows, which includes the payable extension programme (refer to note 4.3 Trade and other payables
for more details) and structured payables, could impact short-term liquidity.
JDE Peet's does not face a significant liquidity risk as a result of its supplier finance arrangements given the limited
amount of liabilities subject to supplier finance arrangements, the good financial condition of the bank facilitating the
supplier finance arrangements and JDE Peet's access to other sources of finance on similar terms.
JDE Peet\u2019s strong risk management framework include continuous liquidity forecasting and planning, with advanced
and punitive stress-testing. At 31 December 2025, the Company's liquidity position remained strong, with total liquidity
of EUR 3.3 billion consisting of a cash position of EUR 1.8 billion (excluding restricted cash) and an undrawn committed
Revolving Credit Facility of EUR 1.5 billion. note 9.5 discloses the commitments at 31 December 2025.
The following disclosure details JDE Peet\u2019s remaining contractual maturities for its non-derivative and derivative
financial liabilities with agreed repayment periods. The disclosures have been prepared based on the undiscounted
cash flows of financial liabilities based on the earliest date on which JDE Peet's can be required to pay. The disclosures
include both interest and principal cash flows and were restated for the comparative figures to exclude any offsetting
cash inflows from derivative financial instruments.
To the extent that interest rates are floating, the undiscounted amount is based on the (forward) interest rates at the
end of 31 December 2025 and 31 December 2024, respectively.
At 31 December 2025 (in EUR million):
Note
Less than
1 year
Between
1 and 5 years
Over 5 years
Total
Carrying
amount
Financial liabilities
Borrowings (excluding
unamortised discounts and costs):
Unsecured notes
5.2
(841)
(3,370)
(1,512)
(5,723)
(5,258)
Lease liabilities
5.2
(87)
(192)
(47)
(326)
(256)
Other financing
5.2
\u2014
(1)
\u2014
(1)
(1)
Trade and other payables
(excluding deferred revenue)
4.3
(5,453)
\u2014
\u2014
(5,453)
(5,453)
Total
(6,381)
(3,563)
(1,559)
(11,503)
(10,968)
Derivative financial liabilities
Foreign currency derivatives
6.7
(223)
(3)
\u2014
(226)
(226)
Commodity derivatives
6.7
(15)
\u2014
\u2014
(15)
(15)
Net interest rate derivatives
6.7
(34)
22
(70)
(82)
(74)
Total return equity swap
derivatives
6.7
(10)
\u2014
\u2014
(10)
(4)
Total
(6,663)
(3,544)
(1,629)
(11,836)
(11,287)
At 31 December 2024 (in EUR million):
Note
Less than
1 year
Between
1 and 5 years
Over 5 years
Total
Carrying
amount
Financial liabilities
Borrowings (excluding
unamortised discounts and costs):
Unsecured notes
5.2
(578)
(3,094)
(2,100)
(5,772)
(5,295)
Lease liabilities
5.2
(89)
(204)
(48)
(341)
(287)
Other financing
5.2
(2)
(1)
\u2014
(3)
(3)
Trade and other payables
(excluding deferred revenue)
4.3
(5,022)
\u2014
\u2014
(5,022)
(5,022)
Total
(5,691)
(3,299)
(2,148)
(11,138)
(10,607)
Derivative financial liabilities
Foreign currency derivatives
6.7
(25)
(4)
\u2014
(29)
(29)
Commodity derivatives
6.7
(8)
\u2014
\u2014
(8)
(8)
Net interest rate derivatives
6.7
(7)
(12)
(1)
(20)
(20)
Total return equity swap
derivatives
6.7
(264)
\u2014
\u2014
(264)
(248)
Total
(5,995)
(3,315)
(2,149)
(11,459)
(10,912)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-588": { "value": "FAIR VALUE ESTIMATION
This section explains the judgements and estimates made in determining the fair values of the financial instruments that
are recognised and measured at fair value. To provide an indication about the reliability of the inputs used to determine
fair value, financial instruments are classified into the three levels as prescribed under IFRS 13. An explanation of each
level follows below:
\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
\u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(that is, as prices) or indirectly (that is, derived from prices) (Level 2)
\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
The commodity coffee futures and unsecured notes are valued using Level 1 valuation methods. Substantially all of the
other derivative assets and liabilities are valued using Level 2 valuation methods. Share-based payments are valued
using Level 2 and Level 3 valuation methods, for details on this valuation see note 7.1 Share-based payments.
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives)
is determined by using valuation techniques. These valuation techniques maximise the use of observable market data
where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fairly
value an instrument are observable, the instrument is included in Level 2.
Specific valuation techniques used to value financial instruments include:
\u2022 Quoted market prices or dealer quotes for similar instruments
\u2022 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based
on\u00a0observable yield curves
\u2022 The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance
sheet date, with the resulting value discounted back to present value
\u2022 The fair value of total return equity swap is calculated based on the share price at the reporting date versus the
average price for which the shares have been purchased times the volume purchased.
Management believes that the carrying amount of all other financial assets and financial liabilities recognised in the
statement of financial position approximates its fair value. Unsecured notes, initially accounted for at fair value and
subsequently at amortised cost, classify as Level 1, as these instruments are traded with publicly available prices.
Other borrowings, initially accounted for at fair value and subsequently at amortised cost, classify as Level 2, as no
similar instrument is available due to the specific profiles of the instruments.
The carrying amount of borrowings and unsecured notes approximates the fair value at 31 December 2025 and
31\u00a0December 2024. The following tables present the assets and liabilities of JDE Peet's that are measured at fair value
at 31 December 2025 and 31 December 2024, respectively.
At 31 December 2025 (in EUR million):
Note
Level 1
Level 2
Level 3
Total
Assets
Interest rate contracts
6.7
\u2014
35
\u2014
35
Foreign exchange contracts
6.7
\u2014
20
\u2014
20
Commodity contracts
6.7
8
\u2014
\u2014
8
Total return equity swap contracts
6.7
\u2014
57
\u2014
57
Total assets
8
112
\u2014
120
Liabilities
Interest rate contracts
6.7
\u2014
74
\u2014
74
Foreign exchange contracts
6.7
\u2014
226
\u2014
226
Commodity contracts
6.7
15
\u2014
\u2014
15
Total return equity swap contracts
6.7
\u2014
4
\u2014
4
Total liabilities
15
304
\u2014
319
At 31 December 2024 (in EUR million):
Note
Level 1
Level 2
Level 3
Total
Assets
Interest rate contracts
6.7
\u2014
42
\u2014
42
Foreign exchange contracts
6.7
\u2014
205
\u2014
205
Commodity contracts
6.7
8
\u2014
\u2014
8
Total assets
8
247
\u2014
255
Liabilities
Interest rate contracts
6.7
\u2014
20
\u2014
20
Foreign exchange contracts
6.7
\u2014
29
\u2014
29
Commodity contracts
6.7
8
\u2014
\u2014
8
Total return equity contracts
6.7
\u2014
248
\u2014
248
Total liabilities
8
297
\u2014
305
There were no transfers between different levels during 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-589": { "value": "
This section explains the judgements and estimates made in determining the fair values of the financial instruments that
are recognised and measured at fair value. To provide an indication about the reliability of the inputs used to determine
fair value, financial instruments are classified into the three levels as prescribed under IFRS 13. An explanation of each
level follows below:
\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
\u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(that is, as prices) or indirectly (that is, derived from prices) (Level 2)
\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
The commodity coffee futures and unsecured notes are valued using Level 1 valuation methods. Substantially all of the
other derivative assets and liabilities are valued using Level 2 valuation methods. Share-based payments are valued
using Level 2 and Level 3 valuation methods, for details on this valuation see note 7.1 Share-based payments.
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives)
is determined by using valuation techniques. These valuation techniques maximise the use of observable market data
where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fairly
value an instrument are observable, the instrument is included in Level 2.
Specific valuation techniques used to value financial instruments include:
\u2022 Quoted market prices or dealer quotes for similar instruments
\u2022 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based
on\u00a0observable yield curves
\u2022 The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance
sheet date, with the resulting value discounted back to present value
\u2022 The fair value of total return equity swap is calculated based on the share price at the reporting date versus the
average price for which the shares have been purchased times the volume purchased.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-590": { "value": "
Management believes that the carrying amount of all other financial assets and financial liabilities recognised in the
statement of financial position approximates its fair value. Unsecured notes, initially accounted for at fair value and
subsequently at amortised cost, classify as Level 1, as these instruments are traded with publicly available prices.
Other borrowings, initially accounted for at fair value and subsequently at amortised cost, classify as Level 2, as no
similar instrument is available due to the specific profiles of the instruments.
The carrying amount of borrowings and unsecured notes approximates the fair value at 31 December 2025 and
31\u00a0December 2024. The following tables present the assets and liabilities of JDE Peet's that are measured at fair value
at 31 December 2025 and 31 December 2024, respectively.
At 31 December 2025 (in EUR million):
Note
Level 1
Level 2
Level 3
Total
Assets
Interest rate contracts
6.7
\u2014
35
\u2014
35
Foreign exchange contracts
6.7
\u2014
20
\u2014
20
Commodity contracts
6.7
8
\u2014
\u2014
8
Total return equity swap contracts
6.7
\u2014
57
\u2014
57
Total assets
8
112
\u2014
120
Liabilities
Interest rate contracts
6.7
\u2014
74
\u2014
74
Foreign exchange contracts
6.7
\u2014
226
\u2014
226
Commodity contracts
6.7
15
\u2014
\u2014
15
Total return equity swap contracts
6.7
\u2014
4
\u2014
4
Total liabilities
15
304
\u2014
319
At 31 December 2024 (in EUR million):
Note
Level 1
Level 2
Level 3
Total
Assets
Interest rate contracts
6.7
\u2014
42
\u2014
42
Foreign exchange contracts
6.7
\u2014
205
\u2014
205
Commodity contracts
6.7
8
\u2014
\u2014
8
Total assets
8
247
\u2014
255
Liabilities
Interest rate contracts
6.7
\u2014
20
\u2014
20
Foreign exchange contracts
6.7
\u2014
29
\u2014
29
Commodity contracts
6.7
8
\u2014
\u2014
8
Total return equity contracts
6.7
\u2014
248
\u2014
248
Total liabilities
8
297
\u2014
305
There were no transfers between different levels during 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-591": { "value": "DERIVATIVE FINANCIAL INSTRUMENTS
JDE Peet's uses derivative financial instruments, including forward exchange contracts, futures, options, commodity
arrangements, interest rate swaps, total return equity swaps, net investment hedges and cross currency interest rate
swaps in order to manage exposures from foreign exchange, commodity prices, equity prices and interest rate risks.
The use of these derivative financial instruments intends to reduce the risk or cost and are in accordance with
JDE\u00a0Peet's financial policy and governance framework. Derivatives are not used for trading or speculative purposes
and JDE Peet's is not a party to leveraged derivatives. Maturity of the foreign exchange and commodity derivatives
is\u00a0primarily within one year.
JDE Peet's applies the hedge accounting requirements in IFRS 9. Derivatives are initially recognised at fair value
through profit and loss on the date a derivative contract is entered into and are subsequently remeasured at fair value.
Dividend income from equity derivatives is separately recorded as finance income. Refer to note 5.4. The method of
recognising the resulting gain or loss from the measurement depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged. To qualify for hedge accounting, the hedge
relationship must meet all of the following requirements:
\u2022 There is an economic relationship between the hedged item and the hedging instrument
\u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that
the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that
quantity of hedged item.
Hedge accounting is applied to certain derivatives to remove the accounting mismatch between the hedging instrument
and hedged item.
At inception of the transaction, the relationship is documented between hedging instruments and hedged items when
hedge accounting is applied. In addition to this, the risk management objectives and strategy for undertaking various
hedging transactions are documented when hedge accounting is applied. In case hedge accounting is applied, the
value of the assessment whether the derivatives that are used in hedging transactions are highly effective in offsetting
changes in fair value of the hedge items is performed and documented, both at hedge inception and on an ongoing
basis.
The fair values of the derivative instruments are disclosed in note 6.5 Fair value estimation. Derivatives are classified as
current when the settlement date is within 12 months from the period-end and all other derivatives as non-current in the
statement of financial position. The change in fair value of commodity derivatives is recognised within cost of sales and
the movement of all other derivatives within finance expense in the income statement unless hedge accounting is applied.
Fair value hedge\u2014The changes in the fair value of derivatives that are designated and qualify as fair value hedges are
recognised in the income statement, together with any changes in the fair value of the hedged asset or liability that are
attributable to the hedged risk.
Cash Flow hedge\u2014Fair value movements of hedging instruments in a designated effective cash flow hedge are
recognised directly in the cash flow hedge reserve (net of tax), a separate component within OCI, net of the foreign
exchange and interest effective to the period.
Amounts accumulated in OCI are reclassified to the income statement in the periods when the hedged item affects
profit or loss. Ineffectiveness on cash flow hedges is recognised where the cumulative change in the designated
component value of the hedging instruments exceeds, on an absolute basis, the change in value of the hedged items
attributable to the hedged risk. The gain or loss as a result of ineffectiveness is recognised in the income statement
within Finance expense. When the forecasted transaction that is hedged, results in the recognition of a non-financial
asset (for example, inventory or fixed assets), the gains and losses that were recognised in OCI are transferred from
OCI and included in the initial measurement of the cost of the asset.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in OCI at that time remains in OCI and is recognised when the forecasted transaction is
ultimately recognised in the income statement. When a forecasted transaction is no longer expected to occur, the
cumulative gain or loss that was recognised in OCI is immediately transferred to the income statement within Finance
expense.
Net investment hedges\u2014JDE Peet\u2019s partly mitigates exposures from its investments in foreign operations by using
both derivative and non- derivative financial instruments as hedging instruments. Hedges of a net investment in foreign
operations are accounted for in a similar way as cash flow hedges. Gains or losses on the hedging instrument relating to
the effective portion of the hedge are recognised in the currency translation reserve (equity component). The gain or loss
relating to the ineffective portion is recognised in the income statement. When a net investment in foreign operation is
(partly) disposed of, the amount in the currency translation reserve is (partly) released in the income statement.
In 2023, JDE Peet's partly hedged it CNY investment in foreign operations with a cross-currency swap, and extended
the hedging of investment in operations with SEK and THB with cross-currency swaps in 2024 comprising of a total
value of EUR 78 million at 31 December 2025.
Key accounting estimate and judgement\u2014The fair value of financial instruments that are not traded in an
active market (for example, over-the-counter derivatives) is determined by using the Discounted Cash Flow
method. Judgement is used to select a variety of methods and to make assumptions that are mainly based on
market conditions existing at the end of each reporting period.
Information on the classification and fair values of derivatives in the statement of financial position at 31 December
2025 is as follows (in EUR million):
Assets
Liabilities
Current
Non-current
Current
Non-current
Derivatives designated as hedging instruments:
\u2013 Interest rate contracts
\u2014
4
42
2
\u2013 Foreign exchange contracts
\u2014
3
16
3
Sub-total
\u2014
7
58
5
Derivatives not designated as hedging
instruments:
\u2013 Interest rate contracts
27
4
\u2014
30
\u2013 Foreign exchange contracts
17
\u2014
207
\u2014
\u2013 Commodity contracts
8
\u2014
15
\u2014
\u2013 Total return equity swap contracts
57
\u2014
4
\u2014
Sub-total
109
4
226
30
Total
109
11
284
35
Interest rate
contracts
Foreign
exchange
contracts
Commodity
contracts
Total return
equity swap
contracts
Total
Derivatives not designated as hedging
instruments:
Amount of gain (loss) recognised in cost of sales
\u2014
\u2014
32
\u2014
32
Amount of gain (loss) recognised in finance
income/expense
(59)
(369)
\u2014
301
(127)
Information on the classification and fair values of derivatives in the statement of financial position at 31 December
2024 is as follows (in EUR million):
Assets
Liabilities
Current
Non-current
Current
Non-current
Derivatives designated as hedging instruments:
\u2013 Interest rate contracts
\u2014
38
\u2014
5
\u2013 Foreign exchange contracts
\u2014
53
\u2014
\u2014
Sub-total
\u2014
91
\u2014
5
Derivatives not designated as hedging instruments:
\u2013 Interest rate contracts
\u2014
4
\u2014
15
\u2013 Foreign exchange contracts
152
\u2014
25
4
\u2013 Commodity contracts
8
\u2014
8
\u2014
\u2013 Total return equity swap contracts
\u2014
\u2014
248
\u2014
Sub-total
160
4
281
19
Total
160
95
281
24
Interest rate
contracts
Foreign
exchange
contracts
Commodity
contracts
Total return
equity swap
contracts
Total
Derivatives not designated as hedging
instruments:
Amount of gain (loss) recognised in cost of sales
\u2014
\u2014
128
\u2014
128
Amount of gain (loss) recognised in finance
income/expense
31
130
\u2014
(154)
7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-593": { "value": "
JDE Peet's uses derivative financial instruments, including forward exchange contracts, futures, options, commodity
arrangements, interest rate swaps, total return equity swaps, net investment hedges and cross currency interest rate
swaps in order to manage exposures from foreign exchange, commodity prices, equity prices and interest rate risks.
The use of these derivative financial instruments intends to reduce the risk or cost and are in accordance with
JDE\u00a0Peet's financial policy and governance framework. Derivatives are not used for trading or speculative purposes
and JDE Peet's is not a party to leveraged derivatives. Maturity of the foreign exchange and commodity derivatives
is\u00a0primarily within one year.
JDE Peet's applies the hedge accounting requirements in IFRS 9. Derivatives are initially recognised at fair value
through profit and loss on the date a derivative contract is entered into and are subsequently remeasured at fair value.
Dividend income from equity derivatives is separately recorded as finance income. Refer to note 5.4. The method of
recognising the resulting gain or loss from the measurement depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged. To qualify for hedge accounting, the hedge
relationship must meet all of the following requirements:
\u2022 There is an economic relationship between the hedged item and the hedging instrument
\u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that
the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that
quantity of hedged item.
Hedge accounting is applied to certain derivatives to remove the accounting mismatch between the hedging instrument
and hedged item.
At inception of the transaction, the relationship is documented between hedging instruments and hedged items when
hedge accounting is applied. In addition to this, the risk management objectives and strategy for undertaking various
hedging transactions are documented when hedge accounting is applied. In case hedge accounting is applied, the
value of the assessment whether the derivatives that are used in hedging transactions are highly effective in offsetting
changes in fair value of the hedge items is performed and documented, both at hedge inception and on an ongoing
basis.
The fair values of the derivative instruments are disclosed in note 6.5 Fair value estimation. Derivatives are classified as
current when the settlement date is within 12 months from the period-end and all other derivatives as non-current in the
statement of financial position. The change in fair value of commodity derivatives is recognised within cost of sales and
the movement of all other derivatives within finance expense in the income statement unless hedge accounting is applied.
Fair value hedge\u2014The changes in the fair value of derivatives that are designated and qualify as fair value hedges are
recognised in the income statement, together with any changes in the fair value of the hedged asset or liability that are
attributable to the hedged risk.
Cash Flow hedge\u2014Fair value movements of hedging instruments in a designated effective cash flow hedge are
recognised directly in the cash flow hedge reserve (net of tax), a separate component within OCI, net of the foreign
exchange and interest effective to the period.
Amounts accumulated in OCI are reclassified to the income statement in the periods when the hedged item affects
profit or loss. Ineffectiveness on cash flow hedges is recognised where the cumulative change in the designated
component value of the hedging instruments exceeds, on an absolute basis, the change in value of the hedged items
attributable to the hedged risk. The gain or loss as a result of ineffectiveness is recognised in the income statement
within Finance expense. When the forecasted transaction that is hedged, results in the recognition of a non-financial
asset (for example, inventory or fixed assets), the gains and losses that were recognised in OCI are transferred from
OCI and included in the initial measurement of the cost of the asset.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in OCI at that time remains in OCI and is recognised when the forecasted transaction is
ultimately recognised in the income statement. When a forecasted transaction is no longer expected to occur, the
cumulative gain or loss that was recognised in OCI is immediately transferred to the income statement within Finance
expense.
Net investment hedges\u2014JDE Peet\u2019s partly mitigates exposures from its investments in foreign operations by using
both derivative and non- derivative financial instruments as hedging instruments. Hedges of a net investment in foreign
operations are accounted for in a similar way as cash flow hedges. Gains or losses on the hedging instrument relating to
the effective portion of the hedge are recognised in the currency translation reserve (equity component). The gain or loss
relating to the ineffective portion is recognised in the income statement. When a net investment in foreign operation is
(partly) disposed of, the amount in the currency translation reserve is (partly) released in the income statement.
In 2023, JDE Peet's partly hedged it CNY investment in foreign operations with a cross-currency swap, and extended
the hedging of investment in operations with SEK and THB with cross-currency swaps in 2024 comprising of a total
value of EUR 78 million at 31 December 2025.
Key accounting estimate and judgement\u2014The fair value of financial instruments that are not traded in an
active market (for example, over-the-counter derivatives) is determined by using the Discounted Cash Flow
method. Judgement is used to select a variety of methods and to make assumptions that are mainly based on
market conditions existing at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-592": { "value": "
JDE Peet's uses derivative financial instruments, including forward exchange contracts, futures, options, commodity
arrangements, interest rate swaps, total return equity swaps, net investment hedges and cross currency interest rate
swaps in order to manage exposures from foreign exchange, commodity prices, equity prices and interest rate risks.
The use of these derivative financial instruments intends to reduce the risk or cost and are in accordance with
JDE\u00a0Peet's financial policy and governance framework. Derivatives are not used for trading or speculative purposes
and JDE Peet's is not a party to leveraged derivatives. Maturity of the foreign exchange and commodity derivatives
is\u00a0primarily within one year.
JDE Peet's applies the hedge accounting requirements in IFRS 9. Derivatives are initially recognised at fair value
through profit and loss on the date a derivative contract is entered into and are subsequently remeasured at fair value.
Dividend income from equity derivatives is separately recorded as finance income. Refer to note 5.4. The method of
recognising the resulting gain or loss from the measurement depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged. To qualify for hedge accounting, the hedge
relationship must meet all of the following requirements:
\u2022 There is an economic relationship between the hedged item and the hedging instrument
\u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that
the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that
quantity of hedged item.
Hedge accounting is applied to certain derivatives to remove the accounting mismatch between the hedging instrument
and hedged item.
At inception of the transaction, the relationship is documented between hedging instruments and hedged items when
hedge accounting is applied. In addition to this, the risk management objectives and strategy for undertaking various
hedging transactions are documented when hedge accounting is applied. In case hedge accounting is applied, the
value of the assessment whether the derivatives that are used in hedging transactions are highly effective in offsetting
changes in fair value of the hedge items is performed and documented, both at hedge inception and on an ongoing
basis.
The fair values of the derivative instruments are disclosed in note 6.5 Fair value estimation. Derivatives are classified as
current when the settlement date is within 12 months from the period-end and all other derivatives as non-current in the
statement of financial position. The change in fair value of commodity derivatives is recognised within cost of sales and
the movement of all other derivatives within finance expense in the income statement unless hedge accounting is applied.
Fair value hedge\u2014The changes in the fair value of derivatives that are designated and qualify as fair value hedges are
recognised in the income statement, together with any changes in the fair value of the hedged asset or liability that are
attributable to the hedged risk.
Cash Flow hedge\u2014Fair value movements of hedging instruments in a designated effective cash flow hedge are
recognised directly in the cash flow hedge reserve (net of tax), a separate component within OCI, net of the foreign
exchange and interest effective to the period.
Amounts accumulated in OCI are reclassified to the income statement in the periods when the hedged item affects
profit or loss. Ineffectiveness on cash flow hedges is recognised where the cumulative change in the designated
component value of the hedging instruments exceeds, on an absolute basis, the change in value of the hedged items
attributable to the hedged risk. The gain or loss as a result of ineffectiveness is recognised in the income statement
within Finance expense. When the forecasted transaction that is hedged, results in the recognition of a non-financial
asset (for example, inventory or fixed assets), the gains and losses that were recognised in OCI are transferred from
OCI and included in the initial measurement of the cost of the asset.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in OCI at that time remains in OCI and is recognised when the forecasted transaction is
ultimately recognised in the income statement. When a forecasted transaction is no longer expected to occur, the
cumulative gain or loss that was recognised in OCI is immediately transferred to the income statement within Finance
expense.
Net investment hedges\u2014JDE Peet\u2019s partly mitigates exposures from its investments in foreign operations by using
both derivative and non- derivative financial instruments as hedging instruments. Hedges of a net investment in foreign
operations are accounted for in a similar way as cash flow hedges. Gains or losses on the hedging instrument relating to
the effective portion of the hedge are recognised in the currency translation reserve (equity component). The gain or loss
relating to the ineffective portion is recognised in the income statement. When a net investment in foreign operation is
(partly) disposed of, the amount in the currency translation reserve is (partly) released in the income statement.
In 2023, JDE Peet's partly hedged it CNY investment in foreign operations with a cross-currency swap, and extended
the hedging of investment in operations with SEK and THB with cross-currency swaps in 2024 comprising of a total
value of EUR 78 million at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-594": { "value": "
JDE Peet's applies the hedge accounting requirements in IFRS 9. Derivatives are initially recognised at fair value
through profit and loss on the date a derivative contract is entered into and are subsequently remeasured at fair value.
Dividend income from equity derivatives is separately recorded as finance income. Refer to note 5.4. The method of
recognising the resulting gain or loss from the measurement depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged. To qualify for hedge accounting, the hedge
relationship must meet all of the following requirements:
\u2022 There is an economic relationship between the hedged item and the hedging instrument
\u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that
the entity actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that
quantity of hedged item.
Hedge accounting is applied to certain derivatives to remove the accounting mismatch between the hedging instrument
and hedged item.
At inception of the transaction, the relationship is documented between hedging instruments and hedged items when
hedge accounting is applied. In addition to this, the risk management objectives and strategy for undertaking various
hedging transactions are documented when hedge accounting is applied. In case hedge accounting is applied, the
value of the assessment whether the derivatives that are used in hedging transactions are highly effective in offsetting
changes in fair value of the hedge items is performed and documented, both at hedge inception and on an ongoing
basis.
The fair values of the derivative instruments are disclosed in note 6.5 Fair value estimation. Derivatives are classified as
current when the settlement date is within 12 months from the period-end and all other derivatives as non-current in the
statement of financial position. The change in fair value of commodity derivatives is recognised within cost of sales and
the movement of all other derivatives within finance expense in the income statement unless hedge accounting is applied.
Fair value hedge\u2014The changes in the fair value of derivatives that are designated and qualify as fair value hedges are
recognised in the income statement, together with any changes in the fair value of the hedged asset or liability that are
attributable to the hedged risk.
Cash Flow hedge\u2014Fair value movements of hedging instruments in a designated effective cash flow hedge are
recognised directly in the cash flow hedge reserve (net of tax), a separate component within OCI, net of the foreign
exchange and interest effective to the period.
Amounts accumulated in OCI are reclassified to the income statement in the periods when the hedged item affects
profit or loss. Ineffectiveness on cash flow hedges is recognised where the cumulative change in the designated
component value of the hedging instruments exceeds, on an absolute basis, the change in value of the hedged items
attributable to the hedged risk. The gain or loss as a result of ineffectiveness is recognised in the income statement
within Finance expense. When the forecasted transaction that is hedged, results in the recognition of a non-financial
asset (for example, inventory or fixed assets), the gains and losses that were recognised in OCI are transferred from
OCI and included in the initial measurement of the cost of the asset.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in OCI at that time remains in OCI and is recognised when the forecasted transaction is
ultimately recognised in the income statement. When a forecasted transaction is no longer expected to occur, the
cumulative gain or loss that was recognised in OCI is immediately transferred to the income statement within Finance
expense.
Net investment hedges\u2014JDE Peet\u2019s partly mitigates exposures from its investments in foreign operations by using
both derivative and non- derivative financial instruments as hedging instruments. Hedges of a net investment in foreign
operations are accounted for in a similar way as cash flow hedges. Gains or losses on the hedging instrument relating to
the effective portion of the hedge are recognised in the currency translation reserve (equity component). The gain or loss
relating to the ineffective portion is recognised in the income statement. When a net investment in foreign operation is
(partly) disposed of, the amount in the currency translation reserve is (partly) released in the income statement.
In 2023, JDE Peet's partly hedged it CNY investment in foreign operations with a cross-currency swap, and extended
the hedging of investment in operations with SEK and THB with cross-currency swaps in 2024 comprising of a total
value of EUR 78 million at 31 December 2025.
Key accounting estimate and judgement\u2014The fair value of financial instruments that are not traded in an
active market (for example, over-the-counter derivatives) is determined by using the Discounted Cash Flow
method. Judgement is used to select a variety of methods and to make assumptions that are mainly based on
market conditions existing at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-595": { "value": "SHARE-BASED PAYMENTS
The share-based payment plans partially qualify as equity-settled and partially as cash-settled.
Equity-settled\u2014JDE Peet's operates a number of equity-settled share-based payment plans, under which it receives
services from directors and employees, including CEO, members of the Coffee Enabling Leadership Team (CELT) and
certain employees of the Company, JDE and Peet's (also referred to as \"participant(s)\") as consideration for share-
based payment awards. For these share-based payment plans, JDE Peet's does not have a present obligation to settle
in cash or an obligation to repurchase the equity instruments. To fulfil its commitments to directors and employees,
JDE Peet\u2019s must remit payroll taxes in accordance with the requirements established by laws and regulations in the
country where the participants reside.
The total amount to be expensed for services received is determined by reference to the grant date fair value of the
share-based payment award made.
The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the
estimated number of shares that will eventually vest, with an offset to the share-based payment reserve within Equity.
Compensation expense is recognised from the beginning of the service period, even when the grant date is subsequent
to the service commencement date. Once the grant date is established, the estimated fair value is revised so that the
compensation expense recognised is based on the actual grant date fair value of the award. All grants have as vesting
condition that the participant should provide services for JDE Peet's until the end of the vesting period. In addition, the
Restricted Stock Units (RSUs) under the Executive Ownership Plan (the Company) as of 2023, the Option Plan and the
Performance Stock Units (PSUs) introduced in 2024 have additional performance conditions.
When equity-settled share-based payment plans are modified to cash-settled, the share-based payment reserve within
Equity is reclassified as a liability using the fair value at the date of the modification. The difference between the fair
value at the grant date and the fair value at the modification date for the pro-rata period since the grant date is
recognised in retained earnings in Equity.
Cash-settled\u2014If JDE Peet's has an obligation to settle in cash or an obligation to repurchase shares awarded to
participants, the arrangement is classified as a cash-settled share-based payment plan. For such cash-settled share-
based payments plans, the costs are recognised on a straight-line basis over the vesting period, whereby the fair value
of the liability is remeasured at each reporting date and at the date of settlement, with any changes in fair value
recognised in the income statement.
When cash-settled share-based payment plans are modified to equity-settled share-based payment plans, the liability
is reclassified to the share-based payment reserve within Equity using the fair value at the date of the modification.
The\u00a0modification-date fair value is used in determining the compensation expense over the remaining vesting period.
Share-based payment compensation expenses are recognised based on a number of assumptions regarding
estimated forfeitures and measurement of the fair value. A change in these assumptions may result in changes in
the liability in the future.
When the vesting period of an equity-settled or cash-settled share-based payment plan is modified, the compensation
expense from the date of modification is amortised over the period from the date of the modification through the
modified vesting date.
Total share-based payment compensation expenses were recognised of EUR 98.2 million in 2025 (2024: EUR 17.2
million) in selling, general and administrative expenses, excluding social security and other charges for an amount of
EUR 1.7 million in 2025 (2024: nil). In addition, an expense of EUR 3.7 million (2024: benefit of EUR 3.8 million)
related to the revaluation of the Management Stock (Peet's) was recognised as Finance expense as it is not subject
to a service condition.
The fair value of a RSU grant in either the Company, JDE or Peet's equals the share price at that moment in time.
The\u00a0share price of the Company is as quoted on the Euronext Amsterdam, the Netherlands. Share prices of JDE and
Peet's are determined by management based on key financial metrics and implied multiples relevant to JDE and Peet's,
respectively.
Executive Ownership Plan (the Company)
An Executive Ownership Plan was established under which certain members of the CELT of the Company were given
the opportunity to invest in the Company through a direct investment in shares of JDEP Holding B.V. One RSU is
granted for an investment in one share of JDEP Holdings B.V. At vesting, the RSUs are exchanged on a one-for-one
basis for shares of the Company. Accordingly, the grant date fair value of one RSU is equal to the quoted share price
of\u00a0the Company. The grant date fair value of the RSU is initially recognised as compensation expense over a five-year
period or longer beginning on the service commencement date. In addition, the investments in shares of JDEP Holding
B.V. are also exchanged for shares of the Company on a one-for-one basis. There is no present obligation to settle in
cash or to repurchase the RSUs, and as such the RSUs are accounted for as equity-settled. For the investments in
shares of JDEP Holding B.V. made from 2023, the corresponding RSUs are subject to the achievement of performance
conditions linked to the Company's ESG commitments. See also the paragraph \"Changes in 2025\".
Option Plan (the Company)
In 2024, the Company introduced an Option Plan for an interim CEO and the current CEO. In 2025, options were also
granted to other members of the CELT and other employees of the Company. An option gives the holders the right to
purchase one share of the Company.
The options granted to the interim CEO in 2024 had a three-year vesting period from the employment start date with
a\u00a0maximum exercise period of five years after the employment start date. The options were exercised during 2025.
The number of options granted to the current CEO and other employees can increase based on a predefined vesting
schedule to a maximum multiple of 2 (the \"multiplier\") when the Company's share price at the date of vesting is at or
above EUR 37.00. The initial vesting period was four years and the exercise price equals the Company's share price at
the date of grant. As a vesting condition, the current CEO invested EUR 10 million in shares of the Company and will
have to maintain this investment throughout the vesting period. Options granted to other employees exclude the
multiplier. The Options initially were accounted for as equity-settled. See also the paragraph Changes in 2025.
Long-Term Incentive Plan (the Company)
A Long-Term Incentive Plan was established, under which RSUs and, since 2024, PSUs were awarded to the current
CEO and other employees of the Company. At vesting, each RSU and PSU are exchanged for a certain number of
shares in the Company. The PSUs are conditional upon meeting certain financial and sustainability performance
criteria, which at grant date were assumed to be met on-target at the vesting date. In certain jurisdictions, due to
regulatory challenges, the RSU can be cash-settled. For all other participants, there is no present obligation to settle
in\u00a0cash or to repurchase, and as such the RSUs and PSUs are accounted for as equity-settled. Grants made since
December 2021 have a vesting period of three years and grants prior to this date have a vesting period of five years.
See also the paragraph Changes in 2025.
Share Purchase Plan Senior Management (the Company)
In March 2023, a plan was introduced where certain employees is given the opportunity to invest in shares of the
Company, as a replacement of the Share Purchase Plan Senior Management (JDE). For every three shares purchased
by the participant and held for a period of initially at least three years, the participant is entitled to receive one RSU.
At\u00a0vesting, each RSU is exchanged for one share of the Company. This plan is governed under the same rules as the
Long-Term Incentive Plan (the Company). There is no present obligation to settle in cash or repurchase, and as such
the RSUs are accounted for as equity-settled. See also the paragraph Changes in 2025.
Executive Ownership Plan (JDE)
An Executive Ownership Plan was established under which certain members of the CELT of the Company were given
the opportunity to invest in JDE through a direct investment in shares of JDE Holdings Minority B.V. One JDE RSU is
granted for an investment in one share of JDE Holdings Minority B.V. At vesting, the JDE RSUs are initially exchanged
on a one-for-one basis for shares of JDE, and, then, exchanged for shares of the Company based on an agreed
exchange ratio. Accordingly, the grant date fair value of one JDE RSU is determined based on the quoted share price of
the Company and the agreed exchange ratio. The grant date fair value of the JDE RSUs is initially recognised over a
five-year period or longer based on the service commencement date of the participant. In addition, at vesting of the
JDE RSU, the investment in shares of JDE Holdings Minority B.V. are exchanged initially for shares of JDE on a one-for-
one basis and, then, the shares of JDE are exchanged for shares of the Company based on an agreed exchange ratio.
There is no present obligation to settle in cash or to repurchase, and as such the JDE RSUs are accounted for as
equity-settled. See also the paragraph Changes in 2025.
Long-Term Incentive Plan (JDE)
A Long-Term Incentive Plan was established, under which JDE RSUs were awarded to certain employees of JDE.
At\u00a0vesting, each JDE RSU is exchanged for one share of the Company based on the agreed exchange ratio.
The\u00a0fair\u00a0value of the JDE RSU equals the share price of JDE. In certain jurisdictions, due to regulatory challenges,
the\u00a0JDE\u00a0RSUs can be cash-settled. For all other participants, there is no present obligation to settle in cash or to
repurchase, and as such the JDE RSUs are accounted for as equity-settled. The vesting period of all grants under this
plan was initially five years. The last grants under this plan were made in September 2021. See also the paragraph
Changes in 2025.
Share Purchase Plan Senior Management (JDE)
Certain employees was given the opportunity to invest in JDE Certificates through a Foundation. For every three
certificates held by the participant for a period of initially at least five years, the participant is entitled to receive one
JDE\u00a0RSU. At vesting, each JDE RSU is initially exchanged for one JDE share, and, then exchanged for a number of
shares of the Company based on the agreed exchange ratio. This plan is governed under the same rules as the Long-
Term Incentive Plan (JDE). During 2023, this plan was closed for new investments and replaced with the Share
Purchase Plan Senior Management (the Company). See also the paragraph Changes in 2025.
Executive Ownership Plan (Peet\u2019s)
An Executive Ownership Plan was established under which certain employees of Peet's were given the opportunity to
invest in Peet's through a direct investment in shares of its immediate parent Peet's Coffee, Inc. (\u201cPeet\u2019s Inc.\u201d). One
Peet\u2019s RSU is granted for an investment in one share of Peet\u2019s Inc. At vesting, the Peet\u2019s RSUs are exchanged on a
one-for-one basis for shares of Peet\u2019s or shares of the Company at an agreed exchange ratio. Accordingly, the grant-
date fair value of one Peet\u2019s RSUs is determined based on the quoted share price of the Company and the agreed
exchange ratio. The grant date fair value of the Peet's RSUs is initially recognised over a period of four and a half years
or longer based on the service commencement date of the participant. See also the paragraph Changes in 2025.
Long-Term Incentive Plan (Peet\u2019s)
A Long-Term Incentive Plan was established, under which Peet's RSUs were awarded to certain employees of Peet's.
At vesting, each Peet's RSU is exchanged for one Peet's share or shares of the Company based on agreed exchange
ratio. This plan and its options (that become exercisable subject to vesting conditions) partially qualifies as equity-
settled and partially as cash-settled. See also the paragraph Changes in 2025.
Management Stock (Peet\u2019s)
Management of Peet\u2019s had the opportunity to invest in Peet\u2019s shares directly or owns Peet\u2019s shares as a result of
vested RSUs or Options. The RSUs and its Options (that become exercisable subject to vesting conditions) vested in
either Peet's shares or shares of the Company and partially qualifies as equity-settled and partially as cash-settled.
During 2025, all Peet's plans were exchanged to JDE Peet's plans. See also the paragraph Changes in 2025.
Changes in 2025
At the end of June 2025, almost all of the 25,805 Peet's RSUs under the Executive Ownership Plan (Peet's) and
122,747 RSUs under the Long-Term Incentive Plan (Peet's) were exchanged to 889,457 RSUs under the Long-Term
Incentive Plan (the Company). Simultaneously, the Management Stock (Peet's) was exchanged to shares in the
Company. The exchanges were executed where the fair value of Peet's RSUs and shares was equal to the fair value
of\u00a0RSUs and shares of the Company.
Following the announcement of the KDP transaction (see note 1.1), the Company made the following decisions,
which\u00a0are accounted for as modifications in accordance with IFRS 2:
\u2022 The Board of Directors agreed that all outstanding awards at 25 August 2025 will vest on the date of the closing of
the KDP transaction, in line with the provisions of the relevant plans. The accounting treatment has therefore been
modified to accelerate the vesting date of all outstanding awards under the plans to be the earlier of the regular
vesting date or the date of the closing of the KDP transaction, which is\u00a0 expected early in the second quarter of
2026, subject to the satisfaction or waiver of the closing conditions. Following the earlier vesting date, the estimated
forfeiture rate was reduced to 2%. See also note 9.6 Subsequent events.
\u2022 The Board of Directors determined that almost all outstanding options under the Option Plan (the Company) would
be settled in cash and, as such, the accounting treatment was modified from equity-settled to cash-settled. Upon
modification, the fair value was adjusted by referencing to a) the predefined vesting schedule for the multiple and b)
the KDP offer price.
\u2022 The Board of Directors agreed that the performance conditions under the PSUs that would be accelerated on the
closing of the KDP transaction were determined to be met at an on-target level.
For certain CELT members, RSUs and PSUs under the respective Long-Term Incentive Plans, Share Purchase Plans
and Options were settled, net of applicable wage tax. The RSUs and PSUs were settled in shares of the Company with
the Options settled in cash where the payment in conditional upon closing of the KDP transaction and consequently
remained payables at 31 December 2025. The amount payable is included in Trade and other payables. The respective
shares (see note 5.1) are subject to recovery and the liability would be extinguished in the event the KDP transaction
does not close. As the shares and cash payment remain conditional upon the closing of the KDP transaction, the
expenses continue to be recognised over the service period, which is until the (estimated) date of the closing of the
KDP transaction. The wage tax paid on these settlements reduced the share-based payment liability (Options) and
share-based payment reserve with Equity (RSUs and PSUs).
Summary of Awards Granted by Plan
Executive Ownership Plan (the Company)
No investments in JDEP Holding B.V. were made and consequently no matching RSUs were granted in 2025
(2024:\u00a0EUR 0.5 million).
The weighted-average grant date fair value at 31 December 2025 of the outstanding RSU awards was EUR 25.73
(2024: EUR 32.19).
Details of activity of the RSUs are as follows:
2025
2024
In shares of the Company
Balance at 1 January
568,539
1,398,197
Granted
\u2014
25,252
Forfeited
\u2014
(830,254)
Vested
(440,269)
(24,656)
Balance at 31 December
128,270
568,539
Compensation expense recognised (EUR million)
2.1
(11.5)
The Company's CELT members financed their investments in shares of JDEP Holding B.V. through their own funds,
loans issued by JDE Peet's, or a combination of own funds and loans. The total amount of loans provided to the CELT
members with respect to the Executive Ownership Plans is disclosed in note 7.2 Related party transactions.
Option Plan (the Company)
The fair value of the options at the grant date is determined using a Black-Scholes model. The grant date for the
CEO\u00a0is\u00a0the date on which the grant is approved by the Annual General Meeting of Shareholders (AGM) and for other
employees when the grants are awarded. The options awarded to the interim CEO in April 2024 were approved in May
2024 and the option awarded to the current CEO in December 2024, were approved in June 2025. For other
employees, including CELT members, the options were approved by the Remuneration Committee in January 2025
and\u00a0awarded in the period March through June 2025.
The weighted-average fair value at 31 December 2025 of the outstanding Options was EUR 17.51 (2024: EUR 6.56)
and\u00a0the weighted-average exercise price at 31 December 2025 was EUR 21.10 (2024: EUR 20.03).
Details of the activity of the options are as follows:
2025
2025
2024
2024
Cash-settled
Equity-settled
Equity-settled
Equity-settled
In shares of the Company
Balance at 1 January
\u2014
1,907,777
\u2014
\u2014
Granted
\u2014
2,363,342
\u2014
4,130,000
Modified
3,775,342
(3,775,342)
\u2014
\u2014
Forfeited
\u2014
\u2014
\u2014
(2,222,223)
Exercised
\u2014
(277,777)
\u2014
\u2014
Balance at 31 December
3,775,342
218,000
\u2014
1,907,777
Compensation expense recognised (EUR million)
32.4
6.8
\u2014
1.4
The assumptions used to measure the fair value of options granted under the Black-Scholes option pricing model at
the grant date were as follows:
Weighted average stock price valuation
EUR 20.53
Weighted average exercise price
EUR 20.53
Risk-free interest rate
2.09%
Expected life
5.65 years
Expected dividend yield
2.95%
Volatility
25.00%
Weighted average fair value of options issued
EUR 11.44
Long-Term Incentive Plan (the Company)
RSUs were granted to employees in September 2024 and March 2025. PSUs were granted in March and September
2025 and December 2024.
The fair value of RSUs and PSUs is based on the Company's share price. This resulted in a grant date fair value of EUR
24.4 million in 2025 (2024: EUR 18.6 million) to be recognised as compensation expense over the applicable vesting
period, taking into account an estimated forfeiture rate between 0% and 33% of awards that will eventually vest.
The weighted-average grant date fair value at 31 December 2025 of the outstanding RSU awards was EUR 22.89
(2024: EUR 23.78).
Details of the activity of the RSUs are as follows:
2025
2025
2024
2024
Cash-settled
Equity-settled
Cash-settled
Equity-settled
In shares of the Company
Balance at 1 January
53,408
2,753,002
124,714
2,865,295
Granted
49,869
1,199,251
26,541
1,406,908
Modified
23,740
865,717
(1,471)
1,471
Forfeited
(1,082)
(262,757)
(7,118)
(874,208)
Vested
(16,585)
(775,653)
(89,258)
(646,464)
Balance at 31 December
109,350
3,779,560
53,408
2,753,002
Compensation expense recognised (EUR million)
1.2
42.4
0.6
18.0
The weighted-average grant date fair value at 31 December 2025 of the outstanding PSUs was EUR 21.02 (2024:
EUR\u00a018.43).
Details of the activity of PSUs are as follows:
2025
2024
Equity-settled
Equity-settled
In shares of the Company
Balance at 1 January
217,038
\u2014
Granted
353,936
217,038
Balance at 31 December
570,974
217,038
Compensation expense recognised (EUR million)
6.5
\u2014
Share Purchase Plan Senior Management (the Company)
A total grant date fair value of EUR 0.1 million will be recognised as compensation expense over the vesting period.
For\u00a0the RSUs granted under this plan, a forfeiture rate between 0% and 33% was used when estimating the number
of\u00a0RSUs that will eventually vest.
The weighted-average grant date fair value at 31 December 2025 of the outstanding RSUs was
EUR 24.51 (2024: EUR 25.49).
Details of the activity of RSUs are as follows:
2025
2025
2024
2024
Cash-settled
Equity-settled
Cash-settled
Equity-settled
In shares of the Company
Balance at 1 January
6,757
42,351
\u2014
40,225
Granted
\u2014
9,040
6,757
5,314
Forfeited
\u2014
(1,995)
\u2014
(3,188)
Balance at 31 December
6,757
49,396
6,757
42,351
Compensation expense recognised (EUR million)
0.1
0.5
\u2014
0.4
Executive Ownership Plan (JDE)
During 2025 and 2024 no new investments in JDE Holdings Minority B.V. were made and consequently no matching
RSUs were granted. The latest available exchange ratio applicable to the number of JDE RSUs to be exchanged with
shares in the Company is: 45.92.
The weighted-average grant date fair value at 31 December 2025 of the outstanding JDE RSUs was EUR 1,317 (2024:
EUR 1,317).
Details of the activity of JDE RSUs are as follows:
2025
2024
In shares of\u00a0 JDE
Balance at 1 January
1,423
5,896
Forfeited
\u2014
(1,261)
Vested
\u2014
(3,212)
Balance at 31 December
1,423
1,423
Compensation expense recognised (EUR million)
0.5
(0.4)
Participants financed their investment through own funds, loans issued by JDE Peet's or JDE, or a combination of own
funds and loans. The total amount of loans provided to the CELT members with respect to the Executive Ownership
Plan is disclosed in note 7.2 Related party transactions.
Long-Term Incentive Plan (JDE)
As the JDE RSUs will be settled in shares of the Company based upon the fair value of a share of JDE, the fair value of
a JDE RSU equals the estimated fair value of the share of JDE at the grant date. No JDE RSUs were awarded in 2025
and 2024. An estimated forfeiture rate between 0% and 33% has been applied of JDE RSUs that will eventually vest.
The latest available exchange ratio applicable to the number of JDE RSUs to be exchanged in shares of the Company
is: 45.92.
The weighted-average grant date fair value at 31 December 2025 of the outstanding JDE RSU awards was EUR 1,345
(2024: EUR 1,489).
Details of the activity of JDE RSUs are as follows:
2025
2025
2024
2024
Cash-settled
Equity-settled
Cash-settled
Equity-settled
In shares of JDE
Balance at 1 January
479
9,548
712
14,145
Modified
(12)
12
\u2014
\u2014
Forfeited
\u2014
(1,023)
(124)
(1,996)
Vested
(139)
(3,207)
(109)
(2,601)
Balance at 31 December
328
5,330
479
9,548
Compensation expense recognised (EUR million)
0.1
1.2
\u2014
1.5
Share Purchase Plan Senior Management (JDE)
During 2025 and 2024, no JDE RSUs were granted. An estimated forfeiture rate between 0% and 33% has been
applied of JDE RSUs that will eventually vest.
The latest available exchange ratio applicable to the number of JDE RSUs to be exchanged with in shares of the
Company is: 45.92.
The weighted-average grant date fair value at 31 December 2025 of the outstanding JDE RSUs was EUR 1,426
(2024:\u00a0EUR 1,428).
Details of the activity of JDE RSUs are as follows:
2025
2025
2024
2024
Cash-settled
Equity-settled
Cash-settled
Equity-settled
In shares of JDE
Balance at 1 January
\u2014
1,525
10
1,733
Forfeited
\u2014
(15)
(10)
(62)
Vested
\u2014
(8)
\u2014
(146)
Balance at 31 December
\u2014
1,502
\u2014
1,525
Compensation expense recognised (EUR million)
\u2014
0.4
\u2014
0.4
Peet's plans
The total compensation expense recognised under the Peet's plans described below amounted the EUR 4.1 million
(2024: 6.8 million).
Executive Ownership Plan (Peet\u2019s)
During 2025, no Peet's RSUs were granted. In 2024, Peet's RSUs accounted for as equity-settled that had a grant date
fair value of EUR 2.3 million were recognised as compensation expense over the applicable vesting period of generally
five years.
The latest available exchange ratio applicable to the number of Peet\u2019s RSUs to be exchanged in shares of the
Company is: 3.73.
The weighted-average grant date fair value at 31 December 2024 of the outstanding Peet's RSUs was EUR 150
per\u00a0share.
Details of the activity of Peet's RSUs are as follows (after restating the comparative information):
2025
2025
2024
2024
Cash-settled
Equity-settled
Cash-settled
Equity-settled
In shares of Peet's
Balance at 1 January
\u2014
27,433
30,151
18,125
Granted
\u2014
\u2014
\u2014
15,091
Modified
\u2014
(19,132)
\u2014
\u2014
Forfeited
\u2014
(8,301)
(23,414)
(5,783)
Vested
\u2014
\u2014
(6,737)
\u2014
Balance at 31 December
\u2014
\u2014
\u2014
27,433
Employees were provided the choice to finance a portion of their investment under the Executive Ownership Plan
(Peet's) with a loan from Peet\u2019s. All loans outstanding as of 31 December 2025 are limited recourse loans which may be
prepaid by participants at any time. The total amount of loans provided to certain employees of Peet's with respect to
the Executive Ownership Plan (Peet's) is disclosed in note 7.2 Related party transactions.
Long-Term Incentive Plan (Peet\u2019s)
Peet's RSUs were granted to employees in March and September 2024 and March 2025. The vesting dates of these
Peet's RSUs were initially in March and September 2027 and March 2028, respectively.
During 2025, no Peet's RSUs were granted. In 2024, Peet's RSUs accounted for as equity-settled that had a grant date
fair value of EUR 9 million were recognised as compensation expense over the applicable vesting period of generally
five years.
The latest available exchange ratio applicable to the number of Peet\u2019s RSUs to be exchanged in shares of the
Company is: 3.73.
The weighted-average grant date fair value at 31 December 2024 of the outstanding Peet's RSUs was EUR 151
per\u00a0share.
The weighted-average exercise price of the options at 31 December 2024 EUR 98 per share with a weighted-average
remaining contractual life of 2.1 years.
Details of the activity of Peet's RSUs are as follows:
2025
2025
2024
2024
Cash-settled
Equity-settled
Cash-settled
Equity-settled
In shares of Peet's
Balance at 1 January
\u2014
150,069
1,795
129,191
Granted
\u2014
\u2014
\u2014
59,955
Modified
\u2014
(102,401)
\u2014
\u2014
Forfeited
\u2014
(10,072)
(1,561)
(28,262)
Vested
\u2014
(37,596)
(234)
(10,815)
Balance at 31 December
\u2014
\u2014
\u2014
150,069
Details of activity of options outstanding are as follows:
2025
2025
2024
2024
Cash-settled
Equity-settled
Cash-settled
Equity-settled
In shares of Peet's
Balance at 1 January
28,852
7,927
32,889
9,224
Forfeited
(306)
(119)
(457)
(825)
Exercised
(28,486)
(7,502)
(3,580)
(472)
Balance at 31 December
60
306
28,852
7,927
All options were exercisable at 31 December 2025 and 31 December 2024.
Management Stock (Peet's)
Management of Peet\u2019s had the opportunity to invest in Peet\u2019s shares directly or receive Peet\u2019s shares upon vesting
of\u00a0their Peet's RSUs and/or Options. The value of these shares was classified as a liability as Peet's had the obligation
to buy back. Following the buy back and the exchange to shares in the Company there is no longer a liability (2024:
EUR\u00a017 million). The number of outstanding Management Stock that qualified as a liability 31 December 2024 was
96,591.
Management of Peet\u2019s had the opportunity to invest in Peet\u2019s shares directly or receive Peet\u2019s shares upon vesting
of\u00a0their Peet's RSUs. The value of these shares was classified as equity as Peet's had no obligation to buy back.
Following the exchange to shares in the Company, no such shares are outstanding (2024: 35,484).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-596": { "value": "
The share-based payment plans partially qualify as equity-settled and partially as cash-settled.
Equity-settled\u2014JDE Peet's operates a number of equity-settled share-based payment plans, under which it receives
services from directors and employees, including CEO, members of the Coffee Enabling Leadership Team (CELT) and
certain employees of the Company, JDE and Peet's (also referred to as \"participant(s)\") as consideration for share-
based payment awards. For these share-based payment plans, JDE Peet's does not have a present obligation to settle
in cash or an obligation to repurchase the equity instruments. To fulfil its commitments to directors and employees,
JDE Peet\u2019s must remit payroll taxes in accordance with the requirements established by laws and regulations in the
country where the participants reside.
The total amount to be expensed for services received is determined by reference to the grant date fair value of the
share-based payment award made.
The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the
estimated number of shares that will eventually vest, with an offset to the share-based payment reserve within Equity.
Compensation expense is recognised from the beginning of the service period, even when the grant date is subsequent
to the service commencement date. Once the grant date is established, the estimated fair value is revised so that the
compensation expense recognised is based on the actual grant date fair value of the award. All grants have as vesting
condition that the participant should provide services for JDE Peet's until the end of the vesting period. In addition, the
Restricted Stock Units (RSUs) under the Executive Ownership Plan (the Company) as of 2023, the Option Plan and the
Performance Stock Units (PSUs) introduced in 2024 have additional performance conditions.
When equity-settled share-based payment plans are modified to cash-settled, the share-based payment reserve within
Equity is reclassified as a liability using the fair value at the date of the modification. The difference between the fair
value at the grant date and the fair value at the modification date for the pro-rata period since the grant date is
recognised in retained earnings in Equity.
Cash-settled\u2014If JDE Peet's has an obligation to settle in cash or an obligation to repurchase shares awarded to
participants, the arrangement is classified as a cash-settled share-based payment plan. For such cash-settled share-
based payments plans, the costs are recognised on a straight-line basis over the vesting period, whereby the fair value
of the liability is remeasured at each reporting date and at the date of settlement, with any changes in fair value
recognised in the income statement.
When cash-settled share-based payment plans are modified to equity-settled share-based payment plans, the liability
is reclassified to the share-based payment reserve within Equity using the fair value at the date of the modification.
The\u00a0modification-date fair value is used in determining the compensation expense over the remaining vesting period.
Share-based payment compensation expenses are recognised based on a number of assumptions regarding
estimated forfeitures and measurement of the fair value. A change in these assumptions may result in changes in
the liability in the future.
When the vesting period of an equity-settled or cash-settled share-based payment plan is modified, the compensation
expense from the date of modification is amortised over the period from the date of the modification through the
modified vesting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-598": { "value": "RELATED PARTIES
Material related party transactions that have a pervasive impact on the financial statements are presented within
the\u00a0primary financial statements, in accordance with the applicable financial reporting framework and disclosure
requirements.
Key management compensation
The compensation related to key management and non-executive Directors of JDE Peet's for employee services is as
follows (in EUR million):
2025
2024
Salaries
17
17
Share-based payment compensation
67
1
Other, including pensions
\u2014
8
Total
84
26
Executive Director
26
(16)
Non-executive Directors (the Board)
5
4
The amount for the executive Director in 2024 is negative following Mr. Simon stepping down, where the majority of his
share-based payment compensation lapsed and the expense recognised in prior years was reversed in line with the
Remuneration Policy. The definition of key management in this note differs from the definition as applied in the
Remuneration Report as this definition includes senior management while the Remuneration Report only applies to the
executive and non-executive Directors. The Remuneration Report is presented on page 37.
Caribou acquisition \u2014 On 26 March 2024, JDE Peet\u2019s completed a long-term global license agreement to
manufacture, market and sell Caribou consumer and foodservice coffee products, excluding Caribou coffeehouses,
from Caribou Coffee Operating Company, Inc., an entity within the Panera Brands, Inc. group of companies. At JDE
Peet\u2019s N.V. and Panera Brands, Inc. JAB is the controlling shareholder. In line with the Company\u2019s Related Party
Transaction Policy, the JAB affiliated members of the Board did not participate in the decision making. For further
details, refer to note 3.1 Business combinations.
Shares in JDE Peet's \u2014 At 31 December 2025, non-executive directors and key management personnel hold
1.834.853 and 2.042.469 ordinary shares in the Company respectively. In addition, certain non-executive Directors
have indirect interests in JDE Peet's through shareholdings in the parent companies.
Contribution by parent and distribution to parent \u2014 During 2025, no contributions were made by or distributed to
the shareholders other than dividends (2024: none). During the reporting period, share buybacks for in total 5,477,094
shares were executed, reference is made to note 5.1.
Share-based payments\u2014As described in note 7.1, directors and employees of JDE Peet's participate in share-based
payment plans. The costs related to these plans are reflected as part of the selling, general and administrative
expenses in the income statement.
Trading transactions
During the year, JDE Peet's entities entered into the following transactions with related parties outside the group of JDE
Peet's (in EUR million):
Sales to related parties
Purchases from related parties
2025
2024
2025
2024
Keurig Dr Pepper
38
5
39
98
Caribou
\u2014
10
\u2014
26
Mondel\u0113z Group
\u2014
\u2014
\u2014
40
Total
38
15
39
164
The following amounts were outstanding from/to related parties at reporting date (in EUR million):
Owed by related parties
Owed to related parties
2025
2024
2025
2024
Keurig Dr Pepper
11
2
9
52
Caribou
\u2014
\u2014
\u2014
24
Mondel\u0113z Group
\u2014
\u2014
\u2014
8
Total
11
2
9
84
Sales of goods to related parties were made at JDE Peet's usual list prices, less usual discount provided to customers.
Purchases were made at market price discounted to reflect the quantity of goods purchased and the relationships
between the parties. The amounts outstanding are unsecured and will be settled in cash. No guarantees were given or
received. No provisions were made for doubtful debts in respect of the amounts owed by related parties.
Transactions with Keurig Dr Pepper\u2014There were transactions with Keurig Dr Pepper (an entity ultimately partially
owned by JAB) as part of the normal course of business, such as the purchase of coffee by Keurig Dr Pepper and
subsequent purchase of K-cups.
Transactions with Caribou\u2014Prior to the acquisition of Caribou in 2024, there were transactions with Caribou as part
of the normal course of business, such as the sale of coffee and royalty payments to Caribou. JDE Peet's acquired part
of the Caribou business on 26 March 2024, which changed the nature of the transactions between Peet's and the
remaining Caribou business, such as the elimination of the royalty payments.
Transactions with Mondel\u0113z International Inc. Group\u2014 On 29 November 2024, Mondel\u0113z International Inc.
completed the sale of its remaining shares in JDE Peet\u2019s to JAB Holdings Company. Consequently, from this date,
Mondel\u0113z Group is no longer considered a related party. Transactions with Mondel\u0113z Group between 1 January and
29\u00a0November 2024 are disclosed. In that period, there were transactions with Mondel\u0113z Group as part of the normal
course of business, such as rental of office space.
Transactions with various pension funds\u2014JDE Peet's has several transactions with the pension funds as further
disclosed in note 9.1 Post-employment benefits. All transactions are related to payments to and/or to fund the pension
funds.
Loans to related parties
Loans to key management\u2014 As described in note 7.1 Share-based payments, loans were granted to members of the
CELT for the sole purpose of participating in the Executive Ownership Plans of JDE Peet's. The loans bear interest at
3% and early repayment is allowed. The total amount of loans outstanding to CELT members amounted to EUR
10\u00a0million at 31 December 2025 (2024: EUR 15 million).
Loans from related parties
At 31 December 2025, the Company had no outstanding loans with related parties. As described in note 7.1 Share-
based payments, for certain CELT members Options were settled where the payment of EUR 19.9 million is conditional
upon closing of the KDP transaction and consequently remained payables at 31 December 2025. The amount payable
is included in Trade and other payables. The payable bears interest at 1.25%.
Fiscal unity
Certain subsidiaries of the Company were included with affiliates not part of JDE Peet's in a combined group tax filing.
The Company, together with certain of its Dutch subsidiaries, is part of a tax grouping for Dutch corporate income tax
purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-597": { "value": "RELATED PARTIES
Material related party transactions that have a pervasive impact on the financial statements are presented within
the\u00a0primary financial statements, in accordance with the applicable financial reporting framework and disclosure
requirements.
Key management compensation
The compensation related to key management and non-executive Directors of JDE Peet's for employee services is as
follows (in EUR million):
2025
2024
Salaries
17
17
Share-based payment compensation
67
1
Other, including pensions
\u2014
8
Total
84
26
Executive Director
26
(16)
Non-executive Directors (the Board)
5
4
The amount for the executive Director in 2024 is negative following Mr. Simon stepping down, where the majority of his
share-based payment compensation lapsed and the expense recognised in prior years was reversed in line with the
Remuneration Policy. The definition of key management in this note differs from the definition as applied in the
Remuneration Report as this definition includes senior management while the Remuneration Report only applies to the
executive and non-executive Directors. The Remuneration Report is presented on page 37.
Caribou acquisition \u2014 On 26 March 2024, JDE Peet\u2019s completed a long-term global license agreement to
manufacture, market and sell Caribou consumer and foodservice coffee products, excluding Caribou coffeehouses,
from Caribou Coffee Operating Company, Inc., an entity within the Panera Brands, Inc. group of companies. At JDE
Peet\u2019s N.V. and Panera Brands, Inc. JAB is the controlling shareholder. In line with the Company\u2019s Related Party
Transaction Policy, the JAB affiliated members of the Board did not participate in the decision making. For further
details, refer to note 3.1 Business combinations.
Shares in JDE Peet's \u2014 At 31 December 2025, non-executive directors and key management personnel hold
1.834.853 and 2.042.469 ordinary shares in the Company respectively. In addition, certain non-executive Directors
have indirect interests in JDE Peet's through shareholdings in the parent companies.
Contribution by parent and distribution to parent \u2014 During 2025, no contributions were made by or distributed to
the shareholders other than dividends (2024: none). During the reporting period, share buybacks for in total 5,477,094
shares were executed, reference is made to note 5.1.
Share-based payments\u2014As described in note 7.1, directors and employees of JDE Peet's participate in share-based
payment plans. The costs related to these plans are reflected as part of the selling, general and administrative
expenses in the income statement.
Trading transactions
During the year, JDE Peet's entities entered into the following transactions with related parties outside the group of JDE
Peet's (in EUR million):
Sales to related parties
Purchases from related parties
2025
2024
2025
2024
Keurig Dr Pepper
38
5
39
98
Caribou
\u2014
10
\u2014
26
Mondel\u0113z Group
\u2014
\u2014
\u2014
40
Total
38
15
39
164
The following amounts were outstanding from/to related parties at reporting date (in EUR million):
Owed by related parties
Owed to related parties
2025
2024
2025
2024
Keurig Dr Pepper
11
2
9
52
Caribou
\u2014
\u2014
\u2014
24
Mondel\u0113z Group
\u2014
\u2014
\u2014
8
Total
11
2
9
84
Sales of goods to related parties were made at JDE Peet's usual list prices, less usual discount provided to customers.
Purchases were made at market price discounted to reflect the quantity of goods purchased and the relationships
between the parties. The amounts outstanding are unsecured and will be settled in cash. No guarantees were given or
received. No provisions were made for doubtful debts in respect of the amounts owed by related parties.
Transactions with Keurig Dr Pepper\u2014There were transactions with Keurig Dr Pepper (an entity ultimately partially
owned by JAB) as part of the normal course of business, such as the purchase of coffee by Keurig Dr Pepper and
subsequent purchase of K-cups.
Transactions with Caribou\u2014Prior to the acquisition of Caribou in 2024, there were transactions with Caribou as part
of the normal course of business, such as the sale of coffee and royalty payments to Caribou. JDE Peet's acquired part
of the Caribou business on 26 March 2024, which changed the nature of the transactions between Peet's and the
remaining Caribou business, such as the elimination of the royalty payments.
Transactions with Mondel\u0113z International Inc. Group\u2014 On 29 November 2024, Mondel\u0113z International Inc.
completed the sale of its remaining shares in JDE Peet\u2019s to JAB Holdings Company. Consequently, from this date,
Mondel\u0113z Group is no longer considered a related party. Transactions with Mondel\u0113z Group between 1 January and
29\u00a0November 2024 are disclosed. In that period, there were transactions with Mondel\u0113z Group as part of the normal
course of business, such as rental of office space.
Transactions with various pension funds\u2014JDE Peet's has several transactions with the pension funds as further
disclosed in note 9.1 Post-employment benefits. All transactions are related to payments to and/or to fund the pension
funds.
Loans to related parties
Loans to key management\u2014 As described in note 7.1 Share-based payments, loans were granted to members of the
CELT for the sole purpose of participating in the Executive Ownership Plans of JDE Peet's. The loans bear interest at
3% and early repayment is allowed. The total amount of loans outstanding to CELT members amounted to EUR
10\u00a0million at 31 December 2025 (2024: EUR 15 million).
Loans from related parties
At 31 December 2025, the Company had no outstanding loans with related parties. As described in note 7.1 Share-
based payments, for certain CELT members Options were settled where the payment of EUR 19.9 million is conditional
upon closing of the KDP transaction and consequently remained payables at 31 December 2025. The amount payable
is included in Trade and other payables. The payable bears interest at 1.25%.
Fiscal unity
Certain subsidiaries of the Company were included with affiliates not part of JDE Peet's in a combined group tax filing.
The Company, together with certain of its Dutch subsidiaries, is part of a tax grouping for Dutch corporate income tax
purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-599": { "value": "INCOME TAXES
Income tax expense for the period comprises of current and deferred tax. Current and deferred tax is recognised in the
income statement, except when it relates to a business combination or for items recognised in OCI or directly in Equity.
Current income tax\u2014Current income tax is the expected income tax payable or receivable in respect of taxable
income or loss for the current year in the countries where JDE Peet's operates and generates taxable income, using the
tax rates enacted or substantially enacted at the reporting date, and any adjustments thereto in respect of previous
years.
Deferred income tax\u2014Deferred income tax is a tax payable or receivable in the future and is recognised on temporary
differences arising from differences between the tax bases of assets and liabilities and their carrying amounts, unused
tax losses and unused tax credits.
Deferred income tax is not recognised on temporary differences related to: (i) the initial recognition of an asset or
liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting
nor taxable profit or loss, (ii) the investments in subsidiaries, branches and associates, and interests in joint ventures,
to\u00a0the extent that JDE Peet's is able to control the timing and reversal of the temporary differences and it is probable
that they will not reverse in the foreseeable future, and (iii) the initial recognition of goodwill.
Deferred income tax is measured at the tax rates that are expected to be applied to temporary differences when they
reverse, based on the laws that have been enacted or substantially enacted at the reporting date.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against
which they can be utilised. The criteria that are considered in assessing the probability that sufficient taxable profit will
be available include: (i) the existence of taxable temporary differences that relate to the same taxation authority and the
same taxable entity, (ii) expected future taxable profits and (iii) tax planning opportunities. In case a history of recent
losses is present, it is considered whether convincing other evidence exists, such as the nature of the (historical) losses
and changes in activities to support recognising the deferred tax asset.
Deferred tax liabilities for withholding taxes are recognized for subsidiaries and unconsolidated companies in situations
where the earnings are to be paid out as dividend in the foreseeable future to the extent that these withholding taxes
are not expected to be refundable or deductible.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the
same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle
the balances on a net basis.
JDE Peet's applies the exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. As a result, JDE
Peet's neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income
taxes.
Uncertain tax treatments\u2014An uncertain income tax treatment is any tax treatment applied by an entity where there is
uncertainty over whether that treatment will be accepted by the taxation authority. Such uncertainty can relate to all
aspects of income tax accounting, including taxable profit or loss, the tax bases of assets and liabilities, tax losses, tax
credits and tax rates. If JDE Peet's concludes it is probable that the taxation authority will not accept an uncertain tax
treatment, a liability is recognised to reflect the effect of the uncertainty in determining the related taxable profit (tax
loss), tax bases, unused tax losses, unused tax credits or tax rates, to the extent that a reliable estimate can be made.
If JDE Peet's concludes it is possible but not probable that a taxation authority will not accept an uncertain tax
treatment, JDE Peet's shall determine whether to disclose the potential effect of the uncertainty as a tax-related
contingency, see note 9.5.
Key accounting estimate and judgement\u2014JDE Peet's is subject to taxation in the many countries in which it
operates. The tax legislation of these countries differs, is often complex and is subject to interpretation by
management and the government authorities. These matters of judgement give rise to the need to create
provisions for income tax payments that may arise in future years with respect to transactions already
undertaken. Judgment is made about whether each uncertainty should be considered independently or whether
some uncertainties can be considered together, when recognising and measuring provision for income tax
payments. The income tax provision is estimated based on either of the following methods, depending on which
method JDE Peet's expects to better predict the resolution of the uncertainty: (i) the most likely amount - the
single most likely amount in a range of possible outcomes, or (ii) the expected value - the sum of the probability-
weighted amounts in a range of possible outcomes.
\"\"
If new information becomes available, this may cause JDE Peet's to change its judgement regarding the adequacy of
existing income tax liabilities; such changes to income tax liabilities will impact the income tax expense in the period
that such determination is made.
For the utilisation of tax losses and recognition of other deferred tax assets, management uses judgement to assess
whether there will be sufficient future taxable profits to utilise such deferred tax assets.
Other\u2014Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions JDE Peet's operates.
The legislation is effective for the financial year beginning 1 January 2024. JDE Peet's is in scope of the enacted or
substantively enacted legislation and has performed an assessment of the potential exposure to Pillar Two income
taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the current year information
available regarding the financial performance of the constituent entities within JDE Peet's. Based on the assessment,
the Pillar Two effective tax rates in most of the jurisdictions in which JDE Peet's operates are above 15%. However,
there are a limited number of jurisdictions where the transitional safe harbour relief does not apply, and the impact
of\u00a0Pillar Two is considered limited.
Income Tax Expense
In 2025, the income tax expense amounted to EUR (173) million (2024: (247) million) The components of the income tax
expense are as follows (in EUR million):
2025
2024
Current tax (expense) / benefit
(186)
(218)
Deferred tax (expense) / benefit
15
(29)
Pillar Two tax (expense) / benefit
(2)
\u2014
Total income tax expense
(173)
(247)
Profit before tax amounted to EUR 976 million (2024: EUR 790 million), resulting in an effective tax rate of 17.7% (2024:
31.3%).
The reconciliation of the weighted-average statutory income tax rate to the effective tax rate is as follows
(in EUR million):
2025
2024
Tax
%
Tax
%
Income tax using JDE Peet's calculated
weighted-average statutory income tax rate 58
(261)
26.7%
(209)
26.5%
Differences between computed rate of tax and
effective tax rate due to:
\u2013 Tax-exempt and non-deductible fair value
gains and losses on equity derivative
instruments
78
(8.0)%
(40)
5.1%
\u2013 Income tax incentives and tax-exempt
income 59
45
(4.6)%
46
(5.8)%
\u2013 Non-deductible expenses
(34)
3.5%
(24)
3.0%
\u2013 Tax rate changes
17
(1.7)%
2
(0.2)%
\u2013 Repatriation taxation of earnings and
withholding
(11)
1.1%
(9)
1.1%
\u2013 Recognition/(non-recognition) of deferred tax
assets
(12)
1.2%
(5)
0.6%
\u2013 Tax reserves and prior year related tax\u00a0
adjustments
12
(1.2)%
(7)
0.9%
\u2013 Pillar Two income taxes
(2)
0.2%
\u2014
0.0%
\u2013 Other taxes
(5)
0.5%
(1)
0.1%
Effective tax rate
(173)
17.7%
(247)
31.3%
The effective tax rate is 13.6% lower than last year, which is primarily driven by tax-exempt fair value gains on the total
return equity derivative instruments due to the share price increase in 2025. In 2024, these derivative instruments
resulted in significant non-tax deductible fair value losses. This favourable effect is partially offset by higher non-tax
deductible share-based compensation costs and non-recognition of deferred tax assets following the loss reported
for\u00a0the divestment of the tea business in Turkey.
Deferred Income Tax Assets and Liabilities
The analysis of the deferred income tax assets and liabilities is as follows (in EUR million):
2025
2024
Deferred income tax assets
84
57
Deferred income tax liabilities
(1,213)
(1,235)
Net deferred income tax
(1,129)
(1,178)
Deferred tax assets and deferred tax liabilities are attributable to the following items (in EUR million):
2025
2024
Deferred tax
assets
Deferred tax
liabilities
Net deferred
tax asset/
(liability)
Deferred tax
assets
Deferred tax
liabilities
Net deferred
tax asset/
(liability)
Property, plant and equipment
7
(76)
(69)
6
(76)
(70)
Goodwill and other intangible
assets
50
(1,298)
(1,248)
46
(1,302)
(1,256)
Other non-current financial
assets
97
(1)
96
103
\u2014
103
Retirement benefit asset/
obligations
14
(115)
(101)
30
(126)
(96)
Share-based payments
6
\u2014
6
3
\u2014
3
Borrowings
44
(1)
43
40
(1)
39
Derivative financial instruments
7
\u2014
7
\u2014
(15)
(15)
Provisions and other
28
(4)
24
15
3
18
Trade and other receivables/
payables
68
\u2014
68
45
\u2014
45
Inventories
9
\u2014
9
9
(1)
8
Tax on repatriation of earnings
\u2014
(51)
(51)
\u2014
(51)
(51)
Other tax credits carry forwards
1
\u2014
1
\u2014
\u2014
\u2014
Tax loss carry forwards
86
\u2014
86
94
\u2014
94
Subtotal
417
(1,546)
(1,129)
391
(1,569)
(1,178)
Offset of deferred tax positions
(333)
333
\u2014
(334)
334
\u2014
Net deferred tax asset/
(liability)
84
(1,213)
(1,129)
57
(1,235)
(1,178)
The tax effect relating to temporary differences associated with undistributed earnings of subsidiaries for which
deferred tax liabilities have not been recognised amounts to EUR 63 million (2024: EUR 48 million). This is because
JDE\u00a0Peet\u2019s is able to control the timing of the reversal of the temporary differences, and it is probable that such
differences will not reverse in the foreseeable future.
Movement in deferred tax balances during the year
In 2025, the net deferred tax liability position decreased by EUR 49 million from EUR 1,178 million in 2024 to
EUR 1,129 million in 2025, which was mainly the result of: (i) revaluation of deferred tax assets and liabilities at reduced
tax rates and (ii) increase of deferred tax assets from temporary difference in provisions, working capital and derivative
instruments.
In 2024, the net deferred tax liability position of EUR 1,178 million remained largely unchanged compared to EUR 1,177
million in 2023, as increases in the net deferred tax liability were offset by decreases.
The movements during 2025 and 2024 are as follows (in EUR million):
Balance
at 31
December
2024
(Charged)
Credited
to the
income
statement
(Charged)
Credited
directly to
other
compre-
hensive
income
and equity
Currency
trans-
lation
Disposals
Other
Balance
at 31
December
2025
Property, plant and equipment
(70)
(7)
\u2014
3
5
\u2014
(69)
Goodwill and other intangible assets
(1,256)
3
\u2014
5
\u2014
\u2014
(1,248)
Other non-current financial assets
103
(7)
\u2014
\u2014
\u2014
\u2014
96
Retirement benefit asset/obligations
(96)
(17)
6
6
\u2014
\u2014
(101)
Share-based payments
3
3
1
(1)
\u2014
\u2014
6
Borrowings
39
7
\u2014
(3)
\u2014
\u2014
43
Derivative financial instruments
(15)
3
19
\u2014
\u2014
\u2014
7
Provisions and other
18
8
\u2014
(2)
\u2014
\u2014
24
Trade and other receivables/payables
45
22
\u2014
1
\u2014
\u2014
68
Inventories
8
2
\u2014
(1)
\u2014
\u2014
9
Tax on repatriation of earnings
(51)
(1)
\u2014
1
\u2014
\u2014
(51)
Other tax credits carry forwards
\u2014
1
\u2014
\u2014
\u2014
\u2014
1
Tax loss carry forwards
94
(2)
(2)
(4)
\u2014
\u2014
86
Net deferred tax asset/(liability)
(1,178)
15
24
5
5
\u2014
(1,129)
Balance
at 31
December
2023
(Charged)
Credited
to the
income
statement
(Charged)
Credited
directly to
other
compre-
hensive
income
and equity
(Charged)
Credited
directly to
equity
Currency
trans-
lation
Business
combina-
tions
Balance
at 31
December
2024
Property, plant and equipment
(77)
7
\u2014
1
(2)
1
(70)
Goodwill and other intangible assets
(1,290)
(27)
\u2014
(1)
3
59
(1,256)
Other non-current financial assets
111
(8)
\u2014
\u2014
\u2014
\u2014
103
Retirement benefit asset/obligations
(75)
(5)
(10)
\u2014
(6)
\u2014
(96)
Share-based payments
4
(1)
\u2014
\u2014
\u2014
\u2014
3
Borrowings
40
(2)
\u2014
\u2014
1
\u2014
39
Derivative financial instruments
3
\u2014
(17)
\u2014
(1)
\u2014
(15)
Provisions and other
19
5
\u2014
(5)
(1)
\u2014
18
Trade and other receivables/payables
39
9
\u2014
\u2014
(4)
1
45
Inventories
7
3
\u2014
(2)
\u2014
\u2014
8
Tax on repatriation of earnings
(49)
(2)
\u2014
\u2014
\u2014
\u2014
(51)
Tax loss carry forwards
91
(8)
7
\u2014
4
\u2014
94
Net deferred tax asset/(liability)
(1,177)
(29)
(20)
(7)
(6)
61
(1,178)
Tax losses, tax credits and other carried forwards
JDE Peet's had tax losses carried forward of EUR 686 million at 31 December 2025 (2024: EUR 769 million), for which
EUR 86 million was recognised as a deferred tax asset (2024: EUR 94 million). Unrecognised deferred tax assets on tax
losses amounted to EUR 77 million in 2025 (2024: EUR 87 million).
These (un)recognised tax losses carried forward expire as to the table below (in EUR million):
Tax losses unrecognised
Tax losses recognised
Total tax losses
2025
2024
2025
2024
2025
2024
Within 1 year
2
6
\u2014
\u2014
2
6
1 to 2 years
5
8
5
\u2014
10
8
2 to 3 years
11
12
9
\u2014
20
12
3 to 4 years
13
44
\u2014
\u2014
13
44
4 to 5 years
53
30
1
10
54
40
Later
6
16
65
76
71
92
Unlimited
212
215
304
352
516
567
Balance at 31 December
302
331
384
438
686
769
JDE Peet's has tax credits carried forward in the U.S. and the Netherlands of EUR 17 million at 31 December 2025
( 2024: EUR 21 million), for which no deferred tax asset was recognised as it is not expected that these will be utilised.
The tax credits carried forward expire within 5 to 8 years (EUR 14 million), while the remaining EUR 3 million can be
carried forward indefinitely.
The tax effect of other deductible temporary differences that have not been recognised, amounted to EUR 27 million in
2025 (2024: EUR 29 million) as it is not expected that these will be utilised.
In addition, the tax effect of other deductible temporary differences that have not been recognised as the tax treatment
giving rise to these temporary differences is uncertain, amounted to EUR 137 million in 2025 (2024: EUR 145 million),
whereby the uncertainty affects current tax for an amount of EUR 58 million and deferred tax for an amount of EUR 79
million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-600": { "value": "
Income tax expense for the period comprises of current and deferred tax. Current and deferred tax is recognised in the
income statement, except when it relates to a business combination or for items recognised in OCI or directly in Equity.
Current income tax\u2014Current income tax is the expected income tax payable or receivable in respect of taxable
income or loss for the current year in the countries where JDE Peet's operates and generates taxable income, using the
tax rates enacted or substantially enacted at the reporting date, and any adjustments thereto in respect of previous
years.
Deferred income tax\u2014Deferred income tax is a tax payable or receivable in the future and is recognised on temporary
differences arising from differences between the tax bases of assets and liabilities and their carrying amounts, unused
tax losses and unused tax credits.
Deferred income tax is not recognised on temporary differences related to: (i) the initial recognition of an asset or
liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting
nor taxable profit or loss, (ii) the investments in subsidiaries, branches and associates, and interests in joint ventures,
to\u00a0the extent that JDE Peet's is able to control the timing and reversal of the temporary differences and it is probable
that they will not reverse in the foreseeable future, and (iii) the initial recognition of goodwill.
Deferred income tax is measured at the tax rates that are expected to be applied to temporary differences when they
reverse, based on the laws that have been enacted or substantially enacted at the reporting date.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against
which they can be utilised. The criteria that are considered in assessing the probability that sufficient taxable profit will
be available include: (i) the existence of taxable temporary differences that relate to the same taxation authority and the
same taxable entity, (ii) expected future taxable profits and (iii) tax planning opportunities. In case a history of recent
losses is present, it is considered whether convincing other evidence exists, such as the nature of the (historical) losses
and changes in activities to support recognising the deferred tax asset.
Deferred tax liabilities for withholding taxes are recognized for subsidiaries and unconsolidated companies in situations
where the earnings are to be paid out as dividend in the foreseeable future to the extent that these withholding taxes
are not expected to be refundable or deductible.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the
same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle
the balances on a net basis.
JDE Peet's applies the exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. As a result, JDE
Peet's neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income
taxes.
Uncertain tax treatments\u2014An uncertain income tax treatment is any tax treatment applied by an entity where there is
uncertainty over whether that treatment will be accepted by the taxation authority. Such uncertainty can relate to all
aspects of income tax accounting, including taxable profit or loss, the tax bases of assets and liabilities, tax losses, tax
credits and tax rates. If JDE Peet's concludes it is probable that the taxation authority will not accept an uncertain tax
treatment, a liability is recognised to reflect the effect of the uncertainty in determining the related taxable profit (tax
loss), tax bases, unused tax losses, unused tax credits or tax rates, to the extent that a reliable estimate can be made.
If JDE Peet's concludes it is possible but not probable that a taxation authority will not accept an uncertain tax
treatment, JDE Peet's shall determine whether to disclose the potential effect of the uncertainty as a tax-related
contingency, see note 9.5.
Key accounting estimate and judgement\u2014JDE Peet's is subject to taxation in the many countries in which it
operates. The tax legislation of these countries differs, is often complex and is subject to interpretation by
management and the government authorities. These matters of judgement give rise to the need to create
provisions for income tax payments that may arise in future years with respect to transactions already
undertaken. Judgment is made about whether each uncertainty should be considered independently or whether
some uncertainties can be considered together, when recognising and measuring provision for income tax
payments. The income tax provision is estimated based on either of the following methods, depending on which
method JDE Peet's expects to better predict the resolution of the uncertainty: (i) the most likely amount - the
single most likely amount in a range of possible outcomes, or (ii) the expected value - the sum of the probability-
weighted amounts in a range of possible outcomes.
\"\"
If new information becomes available, this may cause JDE Peet's to change its judgement regarding the adequacy of
existing income tax liabilities; such changes to income tax liabilities will impact the income tax expense in the period
that such determination is made.
For the utilisation of tax losses and recognition of other deferred tax assets, management uses judgement to assess
whether there will be sufficient future taxable profits to utilise such deferred tax assets.
Other\u2014Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions JDE Peet's operates.
The legislation is effective for the financial year beginning 1 January 2024. JDE Peet's is in scope of the enacted or
substantively enacted legislation and has performed an assessment of the potential exposure to Pillar Two income
taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the current year information
available regarding the financial performance of the constituent entities within JDE Peet's. Based on the assessment,
the Pillar Two effective tax rates in most of the jurisdictions in which JDE Peet's operates are above 15%. However,
there are a limited number of jurisdictions where the transitional safe harbour relief does not apply, and the impact
of\u00a0Pillar Two is considered limited.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-601": { "value": "
Deferred income tax\u2014Deferred income tax is a tax payable or receivable in the future and is recognised on temporary
differences arising from differences between the tax bases of assets and liabilities and their carrying amounts, unused
tax losses and unused tax credits.
Deferred income tax is not recognised on temporary differences related to: (i) the initial recognition of an asset or
liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting
nor taxable profit or loss, (ii) the investments in subsidiaries, branches and associates, and interests in joint ventures,
to\u00a0the extent that JDE Peet's is able to control the timing and reversal of the temporary differences and it is probable
that they will not reverse in the foreseeable future, and (iii) the initial recognition of goodwill.
Deferred income tax is measured at the tax rates that are expected to be applied to temporary differences when they
reverse, based on the laws that have been enacted or substantially enacted at the reporting date.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against
which they can be utilised. The criteria that are considered in assessing the probability that sufficient taxable profit will
be available include: (i) the existence of taxable temporary differences that relate to the same taxation authority and the
same taxable entity, (ii) expected future taxable profits and (iii) tax planning opportunities. In case a history of recent
losses is present, it is considered whether convincing other evidence exists, such as the nature of the (historical) losses
and changes in activities to support recognising the deferred tax asset.
Deferred tax liabilities for withholding taxes are recognized for subsidiaries and unconsolidated companies in situations
where the earnings are to be paid out as dividend in the foreseeable future to the extent that these withholding taxes
are not expected to be refundable or deductible.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the
same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle
the balances on a net basis.
JDE Peet's applies the exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. As a result, JDE
Peet's neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income
taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-602": { "value": "
Deferred Income Tax Assets and Liabilities
The analysis of the deferred income tax assets and liabilities is as follows (in EUR million):
2025
2024
Deferred income tax assets
84
57
Deferred income tax liabilities
(1,213)
(1,235)
Net deferred income tax
(1,129)
(1,178)
Deferred tax assets and deferred tax liabilities are attributable to the following items (in EUR million):
2025
2024
Deferred tax
assets
Deferred tax
liabilities
Net deferred
tax asset/
(liability)
Deferred tax
assets
Deferred tax
liabilities
Net deferred
tax asset/
(liability)
Property, plant and equipment
7
(76)
(69)
6
(76)
(70)
Goodwill and other intangible
assets
50
(1,298)
(1,248)
46
(1,302)
(1,256)
Other non-current financial
assets
97
(1)
96
103
\u2014
103
Retirement benefit asset/
obligations
14
(115)
(101)
30
(126)
(96)
Share-based payments
6
\u2014
6
3
\u2014
3
Borrowings
44
(1)
43
40
(1)
39
Derivative financial instruments
7
\u2014
7
\u2014
(15)
(15)
Provisions and other
28
(4)
24
15
3
18
Trade and other receivables/
payables
68
\u2014
68
45
\u2014
45
Inventories
9
\u2014
9
9
(1)
8
Tax on repatriation of earnings
\u2014
(51)
(51)
\u2014
(51)
(51)
Other tax credits carry forwards
1
\u2014
1
\u2014
\u2014
\u2014
Tax loss carry forwards
86
\u2014
86
94
\u2014
94
Subtotal
417
(1,546)
(1,129)
391
(1,569)
(1,178)
Offset of deferred tax positions
(333)
333
\u2014
(334)
334
\u2014
Net deferred tax asset/
(liability)
84
(1,213)
(1,129)
57
(1,235)
(1,178)
The tax effect relating to temporary differences associated with undistributed earnings of subsidiaries for which
deferred tax liabilities have not been recognised amounts to EUR 63 million (2024: EUR 48 million). This is because
JDE\u00a0Peet\u2019s is able to control the timing of the reversal of the temporary differences, and it is probable that such
differences will not reverse in the foreseeable future.
Movement in deferred tax balances during the year
In 2025, the net deferred tax liability position decreased by EUR 49 million from EUR 1,178 million in 2024 to
EUR 1,129 million in 2025, which was mainly the result of: (i) revaluation of deferred tax assets and liabilities at reduced
tax rates and (ii) increase of deferred tax assets from temporary difference in provisions, working capital and derivative
instruments.
In 2024, the net deferred tax liability position of EUR 1,178 million remained largely unchanged compared to EUR 1,177
million in 2023, as increases in the net deferred tax liability were offset by decreases.
The movements during 2025 and 2024 are as follows (in EUR million):
Balance
at 31
December
2024
(Charged)
Credited
to the
income
statement
(Charged)
Credited
directly to
other
compre-
hensive
income
and equity
Currency
trans-
lation
Disposals
Other
Balance
at 31
December
2025
Property, plant and equipment
(70)
(7)
\u2014
3
5
\u2014
(69)
Goodwill and other intangible assets
(1,256)
3
\u2014
5
\u2014
\u2014
(1,248)
Other non-current financial assets
103
(7)
\u2014
\u2014
\u2014
\u2014
96
Retirement benefit asset/obligations
(96)
(17)
6
6
\u2014
\u2014
(101)
Share-based payments
3
3
1
(1)
\u2014
\u2014
6
Borrowings
39
7
\u2014
(3)
\u2014
\u2014
43
Derivative financial instruments
(15)
3
19
\u2014
\u2014
\u2014
7
Provisions and other
18
8
\u2014
(2)
\u2014
\u2014
24
Trade and other receivables/payables
45
22
\u2014
1
\u2014
\u2014
68
Inventories
8
2
\u2014
(1)
\u2014
\u2014
9
Tax on repatriation of earnings
(51)
(1)
\u2014
1
\u2014
\u2014
(51)
Other tax credits carry forwards
\u2014
1
\u2014
\u2014
\u2014
\u2014
1
Tax loss carry forwards
94
(2)
(2)
(4)
\u2014
\u2014
86
Net deferred tax asset/(liability)
(1,178)
15
24
5
5
\u2014
(1,129)
Balance
at 31
December
2023
(Charged)
Credited
to the
income
statement
(Charged)
Credited
directly to
other
compre-
hensive
income
and equity
(Charged)
Credited
directly to
equity
Currency
trans-
lation
Business
combina-
tions
Balance
at 31
December
2024
Property, plant and equipment
(77)
7
\u2014
1
(2)
1
(70)
Goodwill and other intangible assets
(1,290)
(27)
\u2014
(1)
3
59
(1,256)
Other non-current financial assets
111
(8)
\u2014
\u2014
\u2014
\u2014
103
Retirement benefit asset/obligations
(75)
(5)
(10)
\u2014
(6)
\u2014
(96)
Share-based payments
4
(1)
\u2014
\u2014
\u2014
\u2014
3
Borrowings
40
(2)
\u2014
\u2014
1
\u2014
39
Derivative financial instruments
3
\u2014
(17)
\u2014
(1)
\u2014
(15)
Provisions and other
19
5
\u2014
(5)
(1)
\u2014
18
Trade and other receivables/payables
39
9
\u2014
\u2014
(4)
1
45
Inventories
7
3
\u2014
(2)
\u2014
\u2014
8
Tax on repatriation of earnings
(49)
(2)
\u2014
\u2014
\u2014
\u2014
(51)
Tax loss carry forwards
91
(8)
7
\u2014
4
\u2014
94
Net deferred tax asset/(liability)
(1,177)
(29)
(20)
(7)
(6)
61
(1,178)
Tax losses, tax credits and other carried forwards
JDE Peet's had tax losses carried forward of EUR 686 million at 31 December 2025 (2024: EUR 769 million), for which
EUR 86 million was recognised as a deferred tax asset (2024: EUR 94 million). Unrecognised deferred tax assets on tax
losses amounted to EUR 77 million in 2025 (2024: EUR 87 million).
These (un)recognised tax losses carried forward expire as to the table below (in EUR million):
Tax losses unrecognised
Tax losses recognised
Total tax losses
2025
2024
2025
2024
2025
2024
Within 1 year
2
6
\u2014
\u2014
2
6
1 to 2 years
5
8
5
\u2014
10
8
2 to 3 years
11
12
9
\u2014
20
12
3 to 4 years
13
44
\u2014
\u2014
13
44
4 to 5 years
53
30
1
10
54
40
Later
6
16
65
76
71
92
Unlimited
212
215
304
352
516
567
Balance at 31 December
302
331
384
438
686
769
JDE Peet's has tax credits carried forward in the U.S. and the Netherlands of EUR 17 million at 31 December 2025
( 2024: EUR 21 million), for which no deferred tax asset was recognised as it is not expected that these will be utilised.
The tax credits carried forward expire within 5 to 8 years (EUR 14 million), while the remaining EUR 3 million can be
carried forward indefinitely.
The tax effect of other deductible temporary differences that have not been recognised, amounted to EUR 27 million in
2025 (2024: EUR 29 million) as it is not expected that these will be utilised.
In addition, the tax effect of other deductible temporary differences that have not been recognised as the tax treatment
giving rise to these temporary differences is uncertain, amounted to EUR 137 million in 2025 (2024: EUR 145 million),
whereby the uncertainty affects current tax for an amount of EUR 58 million and deferred tax for an amount of EUR 79
million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-603": { "value": "
JDE Peet's contributes to defined contribution retirement benefit plans that are recognised as expense when
employees have rendered service entitling them to the contributions.
For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method,
with\u00a0actuarial valuations being carried out at the end of each year. Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are charged or credited to OCI in the period in which they arise.
Past service cost is recognised immediately in the income statement. For defined benefit plans, the operating and
finance expense are recognised separately in the income statement. The amount recognised as operating cost in the
income statement is the cost of accruing pension benefits promised to employees over the year, plus the costs of
individual events such as past service benefit enhancements, settlements and curtailments (such events are recognised
immediately in the income statement). The amount recognised as finance income includes a credit equivalent to the
interest income on the pension plans\u2019 assets over the year, offset by a charge equal to the interest expense in the
plans\u2019 liabilities over the year.
The retirement benefit obligations recognised in the statement of financial position represent the present value of the
defined benefit obligation, as adjusted for past service cost, and as reduced by the fair value of plan assets.
Key accounting estimate and judgement\u2014JDE Peet's sponsors defined benefit plans and provides other
post-employment benefits. Assumptions are an important element in the actuarial methods that are used to
measure the expense and obligations relative to employee benefits. The assumptions utilised include discount
rate, inflation and indexation, life expectancy, payroll increase and health-care trends. Any change in these
assumptions could potentially result in a significant change to the pension assets, pension liabilities,
commitments and pension costs in future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-604": { "value": "PROVISIONS
Termination Benefits \u2014Termination benefits are payable when employment is terminated by JDE Peet's before the
normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits.
Termination benefits are recognised when it is demonstrably committed to a termination and when the entity has a
detailed formal plan to terminate the employment of current employees without possibility of withdrawal. In the case of
an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of
employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period
are discounted to their present value. The estimated costs associated with these benefits are reflected in the
restructuring provisions.
Provisions\u2014Provisions, which are primarily for restructuring costs, legal claims, medical claims and environmental
obligations are recognised when JDE Peet's has a present legal or constructive obligation as a result of past events,
it\u00a0is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably
estimated. Restructuring provisions primarily comprise employee termination payments. Provisions are not recognised
for future operating losses.
Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most
reliable evidence available at the reporting date, including the risks and uncertainties associated with the present
obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement
is determined by considering the class of obligations as a whole.
When the carrying amount of a provision is an estimate of a single amount to be received or paid in the future, the cost
of debt is used to discount the provision. When an expected cash flow approach is used to determine the carrying
amount of the provision (the sum of probability-weighted amounts in a range of possible estimated amounts), the risk-
free rate will be used to discount the provision.
Key accounting estimate and judgement:
Restructuring provisions\u2014A provision for restructuring costs is recognised when a detailed formal plan for the
restructuring has been determined and the plan has been communicated to the parties that may be affected by
it. The provision is based on a number of assumptions including the timing of the payments and the number of
employees that will ultimately receive the termination benefits. A change in these assumptions may result in a
significant change in the liability in future periods. Adjustments to previously recognised charges resulting from a
change in estimate are recognised in the period in which the change is identified.
In assessing the likelihood of occurrence of restructuring provisions, judgement is required to determine if an
outflow of economic resources is probable. Where it is probable, a liability is recognised and further judgement
is used to determine the level of the provision.
Legal and other provisions\u2014JDE Peet's is involved in certain litigation and other legal proceedings. These
claims involve highly complex issues, damages and other matters. In assessing the likelihood of occurrence of
legal provisions, there is uncertainty as to estimating likely outcomes or ranges of possible loss, as
investigations are not conducted in a consistent manner across jurisdictions and each country and agency has
different set of laws, rules and regulations. Accordingly, the outcome of these matters cannot be predicted.
However, the unfavourable resolution of one or more of these proceedings could have a material adverse effect
on the business, results of operations, financial conditions and/or cash flows. Where it is probable, a liability is
recognised and further judgement is used to determine the level of the provision.
The change in provisions was as follows (in EUR million):
Restructuring
Legal and other
Total
Balance at 1 January 2024
54
50
104
Acquired in business combinations
\u2014
28
28
Additions charged to income statement
7
5
12
Payments
(38)
(6)
(44)
Reductions related to remeasurement or settlement without cost
(2)
(14)
(16)
Currency translation differences
1
(4)
(3)
Balance at 31 December 2024
22
59
81
Non-current
4
23
27
Current
18
36
54
Balance at 31 December 2024
22
59
81
Additions charged to income statement
71
5
76
Payments
(22)
(5)
(27)
Other
(1)
(7)
(8)
Currency translation differences
(1)
(2)
(3)
Balance at 31 December 2025
69
50
119
Non-current
13
27
40
Current
56
23
79
Balance at 31 December 2025
69
50
119
Restructuring\u2014During the periods presented, several initiatives were taken to improve the efficiency of operations
which resulted in reduction in headcount. In connection with these actions, expenses of EUR 71 million were
recognised during the year ended 31 December 2025 (2024: EUR 7 million). During the period, the Group initiated a
comprehensive restructuring programme as part of its new \u2018Reignite the Amazing\u2019 strategy. This included completion of
the integration of its U.S. capsules business, optimising its European operating model by consolidating country clusters
and centralising finance activities, and commencing the transition of Peet\u2019s U.S. commercial distribution model.
In\u00a0addition, the Group announced the closure of three manufacturing plants as part of its footprint optimisation efforts.
These actions have resulted in the recognition of restructuring provisions to cover associated costs.
Legal and other provisions
The composition of legal and other provisions is as follows (in EUR million):
2025
2024
Contingencies arising from business combinations
13
20
Claims and disputes
15
17
Branded Apparel
7
8
Other employee-related provisions
7
6
Other provisions
8
8
Total
50
59
Branded Apparel\u2014The provision relates to Branded Apparel, a previously divested business. The provision includes
medical claims related to injuries caused to former employees as a result of noise-induced hearing loss and asbestos
exposure, which may result in payments to those individuals for their related medical expenses. The expense related to
this provision was recognised in selling, general and administrative expenses in the income statement.
Furthermore the legal and other provisions include items such as:
\u2022 Decommissioning provisions related to property, plant and equipment
\u2022 Environmental provisions
\u2022 Non-income tax provisions
\u2022 Provisions for labour and insurance claims
\u2022 Warranty provisions
\u2022 Provisions for other legal claims and disputes
\u2022 Contingent liabilities assumed in and indemnifications resulting from business combinations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-606": { "value": "
Termination Benefits \u2014Termination benefits are payable when employment is terminated by JDE Peet's before the
normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits.
Termination benefits are recognised when it is demonstrably committed to a termination and when the entity has a
detailed formal plan to terminate the employment of current employees without possibility of withdrawal. In the case of
an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of
employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period
are discounted to their present value. The estimated costs associated with these benefits are reflected in the
restructuring provisions.
Provisions\u2014Provisions, which are primarily for restructuring costs, legal claims, medical claims and environmental
obligations are recognised when JDE Peet's has a present legal or constructive obligation as a result of past events,
it\u00a0is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably
estimated. Restructuring provisions primarily comprise employee termination payments. Provisions are not recognised
for future operating losses.
Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most
reliable evidence available at the reporting date, including the risks and uncertainties associated with the present
obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement
is determined by considering the class of obligations as a whole.
When the carrying amount of a provision is an estimate of a single amount to be received or paid in the future, the cost
of debt is used to discount the provision. When an expected cash flow approach is used to determine the carrying
amount of the provision (the sum of probability-weighted amounts in a range of possible estimated amounts), the risk-
free rate will be used to discount the provision.
Key accounting estimate and judgement:
Restructuring provisions\u2014A provision for restructuring costs is recognised when a detailed formal plan for the
restructuring has been determined and the plan has been communicated to the parties that may be affected by
it. The provision is based on a number of assumptions including the timing of the payments and the number of
employees that will ultimately receive the termination benefits. A change in these assumptions may result in a
significant change in the liability in future periods. Adjustments to previously recognised charges resulting from a
change in estimate are recognised in the period in which the change is identified.
In assessing the likelihood of occurrence of restructuring provisions, judgement is required to determine if an
outflow of economic resources is probable. Where it is probable, a liability is recognised and further judgement
is used to determine the level of the provision.
Legal and other provisions\u2014JDE Peet's is involved in certain litigation and other legal proceedings. These
claims involve highly complex issues, damages and other matters. In assessing the likelihood of occurrence of
legal provisions, there is uncertainty as to estimating likely outcomes or ranges of possible loss, as
investigations are not conducted in a consistent manner across jurisdictions and each country and agency has
different set of laws, rules and regulations. Accordingly, the outcome of these matters cannot be predicted.
However, the unfavourable resolution of one or more of these proceedings could have a material adverse effect
on the business, results of operations, financial conditions and/or cash flows. Where it is probable, a liability is
recognised and further judgement is used to determine the level of the provision.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-605": { "value": "
Termination Benefits \u2014Termination benefits are payable when employment is terminated by JDE Peet's before the
normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits.
Termination benefits are recognised when it is demonstrably committed to a termination and when the entity has a
detailed formal plan to terminate the employment of current employees without possibility of withdrawal. In the case of
an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of
employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period
are discounted to their present value. The estimated costs associated with these benefits are reflected in the
restructuring provisions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-607": { "value": "OTHER NON-CURRENT ASSETS
For the accounting policy on investments in associates reference is made to section 1.4 of this report. The composition
of other non-current assets is as follows (in EUR million):
2025
2024
Lease receivables
6
3
Advance to related parties
12
18
Investment in associates
4
13
Other non-current assets
31
20
Total
53
54
The advance to related parties represent loans granted to key management members in relation to their share-based
payment plans. The investments in associates presented are classified as other (non-strategic) investments in
accordance with JDE Peet's accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-608": { "value": "The composition
of other non-current assets is as follows (in EUR million):
2025
2024
Lease receivables
6
3
Advance to related parties
12
18
Investment in associates
4
13
Other non-current assets
31
20
Total
53
54
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-609": { "value": "OTHER NON-CURRENT LIABILITIES
The composition of other non-current liabilities is as follows (in EUR million):
2025
2024
Deferred revenue
3
3
Share-based payment liability
\u2014
3
Management-owned shares liability
\u2014
17
Other
8
9
Total non-current liabilities
11
32
Share-based payment and Management-owned shares liability\u2014All fair value changes were recognised in the profit
and loss account for a benefit of EUR 1 million (2024: EUR 1 million benefit) in the selling, general and administrative
expenses and an expense of EUR 1 million (2024: expense of EUR 2 million) in the finance expenses for the share-
based payment liability and the management-owned shares liability, respectively. For more information about these
plans reference is made to note 7.1.
The change in the management-owned shares was as follows (in EUR million):
2025
2024
Balance at 1 January
17
26
Fair value through income statement
1
(2)
Repayments
(17)
(10)
Vesting of share-based payments
\u2014
3
Currency translation
(1)
\u2014
Balance at 31 December
\u2014
17
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-610": { "value": "COMMITMENTS AND CONTINGENCIES
Commitments\u2014The off-balance sheet commitments consist of the following (in EUR million):
2025
2024
Purchase commitments
976
1,928
Operating leases
8
3
Guarantees
4
4
988
1,935
Purchase commitments \u2014 Purchase commitments primarily consist of commitments related to the purchases of
green coffee, packaging, other raw materials/commodities and services.
Operating lease commitments \u2014 JDE Peet's leases certain facilities, equipment and vehicles under agreements that
are classified as operating leases. The building leases have various lease terms, while the equipment and vehicle leases
have terms of generally less than seven years. Leases of assets with a low value, or term of less than 12 months are
included in the operating lease commitments.
The future aggregate minimum lease payments under non-cancellable operating leases are as follows (in EUR million):
2025
2024
Not later than one year
4
2
Later than one year and not longer than five years
4
1
Later than five years
\u2014
\u2014
8
3
Guarantees \u2014 JDE Peet's is party to a variety of agreements under which it may be obligated to indemnify a third
party against losses arising from a breach of representation and covenants related to matters such as title to assets
sold, the collectability of receivables, specified environmental matters, lease obligations assumed and certain tax
matters. In each of these circumstances, payment by JDE Peet's is conditioned on the other party making a claim
pursuant to the procedures specified in the contract. These procedures allow JDE Peet's to challenge the other party\u2019s
claims. In addition, the obligations under these agreements may be limited in terms of time and/or amount, and in some
cases JDE Peet's may have recourse against third parties for certain payments it made. Historically, payments made by
JDE Peet's under these agreements have not had a material effect on its business, financial condition or results of
operations.
Contingencies\u2014JDE Peet's has various contingent liabilities. The most significant contingencies are described below:
\u2022 JDE Peet's is involved from time to time in legal and arbitration proceedings arising in the ordinary course of
business; in the judgement of management no losses, in excess of provisions made, which could be material in
relation to JDE Peet's financial position are likely to arise in respect of these matters. Furthermore, the exposures
cannot be reliably estimated.
\u2022 Taxes\u2014JDE Peet's operates in many jurisdictions and is subject to a wide variety of taxes per jurisdiction. Tax
legislation can be highly complex and subject to interpretation. As such, the recognition and measurement of tax
positions and determination of contingent tax liabilities requires significant judgement. Contingent liabilities cover
tax risks for which the outflow is assessed lower than probable but possible and may be challenged in tax disputes
and proceedings arising in the ordinary course of business.
JDE Peet's contingent liabilities that arise in respect of tax litigation or investigations by fiscal authorities mainly
relate to tax positions in Brazil and include a large number of cases with a risk assessment lower than probable but
possible not to be accepted. One of which arose in 2023 with an exposure in excess of EUR 50 million for the years
2019 to 2022, attributable to non-income tax matters in relation to the application of a special regime for the
collection of state taxes. In addition, litigation arose in 2024 with an exposure in excess of EUR 20 million for years
2019 to 2023, also attributable to non-income tax matters in relation to the import of capsules. All cases are
pending at the administrative court level, with no developments during 2025.
\u2022 Furthermore, a transfer pricing audit in Spain for the years 2017 to 2019 was closed in 2024, which resulted in a
final assessment in excess of EUR 10 million. As the Company does not agree with the assessment, the decision
was made to go to court. Simultaneously, a dispute resolution procedure between authorities in both Spain and the
Netherlands was initiated. During 2025, there have been no significant developments in either of these procedures.
Assessing the amount of tax contingencies is highly judgemental, and the timing of possible outflows is uncertain.
Management believes they will prevail in further proceedings with the tax authorities, however there can be no
guarantee of success in court. In each case we believe the position is strong so they have not been provided for.
Any exposures assessed possible, not probable, were measured at their fair value upon a business combination
transaction.
JDE Peet's considered the impact of climate risk on the recognition and measurement of provisions and contingencies.
No such provision or contingency has been recognised to date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-611": { "value": "
Commitments\u2014The off-balance sheet commitments consist of the following (in EUR million):
2025
2024
Purchase commitments
976
1,928
Operating leases
8
3
Guarantees
4
4
988
1,935
Purchase commitments \u2014 Purchase commitments primarily consist of commitments related to the purchases of
green coffee, packaging, other raw materials/commodities and services.
Operating lease commitments \u2014 JDE Peet's leases certain facilities, equipment and vehicles under agreements that
are classified as operating leases. The building leases have various lease terms, while the equipment and vehicle leases
have terms of generally less than seven years. Leases of assets with a low value, or term of less than 12 months are
included in the operating lease commitments.
The future aggregate minimum lease payments under non-cancellable operating leases are as follows (in EUR million):
2025
2024
Not later than one year
4
2
Later than one year and not longer than five years
4
1
Later than five years
\u2014
\u2014
8
3
Guarantees \u2014 JDE Peet's is party to a variety of agreements under which it may be obligated to indemnify a third
party against losses arising from a breach of representation and covenants related to matters such as title to assets
sold, the collectability of receivables, specified environmental matters, lease obligations assumed and certain tax
matters. In each of these circumstances, payment by JDE Peet's is conditioned on the other party making a claim
pursuant to the procedures specified in the contract. These procedures allow JDE Peet's to challenge the other party\u2019s
claims. In addition, the obligations under these agreements may be limited in terms of time and/or amount, and in some
cases JDE Peet's may have recourse against third parties for certain payments it made. Historically, payments made by
JDE Peet's under these agreements have not had a material effect on its business, financial condition or results of
operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-612": { "value": "
Contingencies\u2014JDE Peet's has various contingent liabilities. The most significant contingencies are described below:
\u2022 JDE Peet's is involved from time to time in legal and arbitration proceedings arising in the ordinary course of
business; in the judgement of management no losses, in excess of provisions made, which could be material in
relation to JDE Peet's financial position are likely to arise in respect of these matters. Furthermore, the exposures
cannot be reliably estimated.
\u2022 Taxes\u2014JDE Peet's operates in many jurisdictions and is subject to a wide variety of taxes per jurisdiction. Tax
legislation can be highly complex and subject to interpretation. As such, the recognition and measurement of tax
positions and determination of contingent tax liabilities requires significant judgement. Contingent liabilities cover
tax risks for which the outflow is assessed lower than probable but possible and may be challenged in tax disputes
and proceedings arising in the ordinary course of business.
JDE Peet's contingent liabilities that arise in respect of tax litigation or investigations by fiscal authorities mainly
relate to tax positions in Brazil and include a large number of cases with a risk assessment lower than probable but
possible not to be accepted. One of which arose in 2023 with an exposure in excess of EUR 50 million for the years
2019 to 2022, attributable to non-income tax matters in relation to the application of a special regime for the
collection of state taxes. In addition, litigation arose in 2024 with an exposure in excess of EUR 20 million for years
2019 to 2023, also attributable to non-income tax matters in relation to the import of capsules. All cases are
pending at the administrative court level, with no developments during 2025.
\u2022 Furthermore, a transfer pricing audit in Spain for the years 2017 to 2019 was closed in 2024, which resulted in a
final assessment in excess of EUR 10 million. As the Company does not agree with the assessment, the decision
was made to go to court. Simultaneously, a dispute resolution procedure between authorities in both Spain and the
Netherlands was initiated. During 2025, there have been no significant developments in either of these procedures.
Assessing the amount of tax contingencies is highly judgemental, and the timing of possible outflows is uncertain.
Management believes they will prevail in further proceedings with the tax authorities, however there can be no
guarantee of success in court. In each case we believe the position is strong so they have not been provided for.
Any exposures assessed possible, not probable, were measured at their fair value upon a business combination
transaction.
JDE Peet's considered the impact of climate risk on the recognition and measurement of provisions and contingencies.
No such provision or contingency has been recognised to date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-613": { "value": "SUBSEQUENT EVENTS
On 16 January 2026, Keurig Dr Pepper Inc. (\u201cKDP\u201d) and JDE Peet\u2019s N.V. announced that the KDP subsidiary Kodiak
BidCo B.V. launched a recommended public cash offer for all outstanding JDE Peet\u2019s shares at EUR 31.85 per Share.
A\u00a0previously declared dividend of EUR 0.36 per Share, paid on January 2026, does not reduce the Offer Price.
On 2 March 2026, JDE Peet\u2019s announced that the Extraordinary General Meeting of JDE Peet\u2019s adopted all proposals
on the agenda in connection with the offer, including with respect to post-closing restructuring measures, the
appointment of the nominated members to the Board as of the settlement date, the amendments of the articles of
association and the grant of full and final discharge to the resigning non-executive directors of the Company. As a
result of the adoption of the post-offer restructuring resolutions, the acceptance threshold for the offer has been
reduced from 95% to 80% of the Company\u2019s outstanding capital as at the tender closing date.
The offer period runs until 27 March 2026 (unless extended). Shareholders representing approximately 69% of
outstanding shares have irrevocably committed to tender their shares. Closing of the offer is expected early in the
second quarter of 2026, subject to the satisfaction or waiver of the closing conditions.
Management has assessed the potential impact of the intended acquisition on its financial position. Upon completion
of the transaction, the Company anticipates that several events will or may occur which could have a material impact
on its financial position, which are listed below and may require further actions from the acquirer. On that basis,
Management believes this supports its going concern assessment, in the event the combination proceeds.
\u2022 The acquisition will ultimately result in a delisting from the Euronext Amsterdam Stock Exchange.
\u2022 The change of control provisions under the Company\u2019s EUR 1.5 billion revolving credit facility may permit lenders to
cancel undrawn commitments and/or accelerate outstanding amounts upon completion of the transaction. As at
31\u00a0December 2025 and at the date of this report, the facility is committed and fully undrawn. Management does not
anticipate that this provision will adversely affect the Company\u2019s liquidity position.
\u2022 The Company\u2019s bonds, with a carrying value of EUR 5.258 million at 31 December 2025, contain a double-trigger
change-of-control provision, requiring both a change of control and a downgrade below investment grade.
Bondholders would only have repurchase rights if both conditions are met. Management considers this scenario
remote. The bonds were rated investment grade at announcement and, in public communications issued following
the announcement, the rating agencies indicated that they expect the ratings to remain investment grade following
completion of the transaction. KDP has publicly committed to maintaining an investment grade profile.
\u2022 Share-based payment arrangements outstanding as of the announcement date will vest in 2026. The incremental
expense is recognised until the actual acquisition date in accordance with IFRS 2. After year-end 2025 it was
agreed that the majority of the awards accounted for as equity-settled at 31 December 2025 and vesting during
2026 will be settled in cash. Further arrangements are subject to vesting on, or prior to, the deal closing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-614": { "value": "LEGAL ENTITIES
Below is a list of significant subsidiaries at 31 December 2025. A full list of legal entities is filed with the Chamber of
Commerce. Ownership percentages have been based on the number of issued and outstanding shares, except for
JDE\u00a0Holdings Minority B.V. where profit allocation rights are used since that reflects ownership of the entity more
accurately.
Name of subsidiary
Country of
incorporation
Ownership
percentage 2025
Ownership
percentage 2024
Jacobs Douwe Egberts Kazakhstan LLP
Kazakhstan
99.9%
99.8%
Jacobs Deutschland Holding GmbH
Germany
99.9%
99.8%
JACOBS DOUWE EGBERTS AU Pty Ltd
Australia
99.9%
99.8%
JACOBS DOUWE EGBERTS B.V.
The Netherlands
99.9%
99.8%
JACOBS DOUWE EGBERTS BELGIUM BV
Belgium
99.9%
99.8%
JACOBS DOUWE EGBERTS BR COMERCIALIZA\u00c7\u00c3O DE CAF\u00c9S
Brazil
99.9%
99.8%
JACOBS DOUWE EGBERTS DE GmbH
Germany
99.9%
99.8%
JACOBS DOUWE EGBERTS DK ApS
Denmark
99.9%
99.8%
JACOBS DOUWE EGBERTS ES S.L.U.
Spain
99.9%
99.8%
JACOBS DOUWE EGBERTS Export NL B.V.
The Netherlands
99.9%
99.8%
JACOBS DOUWE EGBERTS FR S.N.C.
France
99.9%
99.8%
Jacobs Douwe Egberts FR SAS
France
99.9%
99.8%
JACOBS DOUWE EGBERTS GB LTD
United Kingdom
99.9%
99.8%
Jacobs Douwe Egberts Holdings Asia NL B.V.
The Netherlands
99.9%
99.8%
JACOBS DOUWE EGBERTS Holdings B.V.
The Netherlands
99.9%
99.8%
JACOBS DOUWE EGBERTS International B.V.
The Netherlands
99.9%
99.8%
JACOBS DOUWE EGBERTS NL B.V.
The Netherlands
99.9%
99.8%
JACOBS DOUWE EGBERTS NORGE AS
Norway
99.9%
99.8%
JACOBS DOUWE EGBERTS OPS CZ s.r.o.
Czech Republic
99.9%
99.8%
Jacobs Douwe Egberts PL sp. z o.o.
Poland
99.9%
99.8%
JACOBS DOUWE EGBERTS PRO NL B.V.
The Netherlands
99.9%
99.8%
JACOBS DOUWE EGBERTS RO SRL
Romania
99.9%
99.8%
JACOBS DOUWE EGBERTS RUS LLC
Russia
99.9%
99.8%
JACOBS DOUWE EGBERTS S.E. AB
Sweden
99.9%
99.8%
JACOBS DOUWE EGBERTS TH Ltd.
Thailand
99.9%
99.8%
JACOBS DOUWE EGBERTS Treasury B.V.
The Netherlands
99.9%
99.8%
Name of subsidiary
Country of
incorporation
Ownership
percentage 2025
Ownership
percentage 2024
JOBmeal Group AB
Sweden
99.9%
99.8%
Koninklijke Douwe Egberts B.V.
The Netherlands
99.9%
99.8%
LLC Jacobs Douwe Egberts Ukraina
Ukraine
99.9%
99.8%
Maison Lyovel\u00a0 (SAS)
France
99.9%
99.8%
Old Town Kopitiam Sdn. Bhd.
Malaysia
99.9%
99.8%
SCML (Thailand) Co., Ltd.
Thailand
99.9%
99.8%
Super Food Specialists (M) Sdn. Bhd.
Malaysia
99.9%
99.8%
Super Food Technology Sdn. Bhd.
Malaysia
99.9%
99.8%
White Cafe Sdn. Bhd.
Malaysia
99.9%
99.8%
Wuxi Super Food Technology Co., Ltd.
China
99.9%
99.8%
Oak HoldCo B.V.
The Netherlands
99.9%
99.9%
New Oak 2 B.V.
The Netherlands
99.9%
99.9%
Peet's Coffee & Tea HoldCo, Inc
United States
99.9%
99.9%
Peet's Coffee, Inc.
United States
96.8%
95.9%
Stumptown Coffee Corp.
United States
96.8%
94.5%
HH Peet's China Limited
Hong Kong
61.1%
60.6%
In addition to these significant subsidiaries, JDE Peet's has other consolidated entities in the countries listed, and also
in the following countries: Austria, Belarus, Bulgaria, Finland, Georgia, Greece, Hungary, Indonesia, Ireland, Isle of Man,
Italy, Lithuania, Mexico, Morocco, Myanmar, New Zealand, Philippines, Portugal, Singapore, Slovakia, South Africa,\u00a0
Switzerland, Turkey, Uzbekistan, Vietnam.
Apart from certain cash restrictions (refer to note 5.3 Cash and Cash Equivalents), there are no significant restrictions
on JDE Peet's ability to access or use assets, and to settle liabilities within these subsidiaries.
The financial statements of the parent and the subsidiaries used in the preparation of the consolidated financial
statements have the same reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500EHG519SE5ZRT89", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-615": { "value": "
For the years ended 31 December 2025 and 31 December 2024
In EUR million
Note
2025
2024
Selling, general and administrative expense
(124)
(2)
Operating profit
(124)
(2)
Finance income
430
108
Finance expense
(83)
(301)
Share of profit of subsidiaries
567
745
Profit before income taxes
790
550
Income tax benefit
6
11
Profit for the period
796
561
At 31 December 2025 and 31 December 2024
Before appropriation of profit in EUR million
Note
2025
2024
Non-current assets:
Investments in subsidiaries
3
11,647
11,688
Loans receivable
5
2,914
5,002
Derivative financial instruments
2
40
Other financial assets
1
\u2014
14,564
16,730
Current assets:
Trade and other receivables
4
65
92
Loans receivable
5
1,072
500
Income tax receivable
19
14
Derivative financial instruments
83
2
Cash and cash equivalents
1,060
\u2014
2,299
608
Total assets
16,863
17,338
Note
2025
2024
Equity and liabilities
Equity:
Share capital
6
5
5
Share premium
9,661
9,588
Treasury shares
(82)
\u2014
Legal reserves:
\u2013 Cash flow hedge reserve
(11)
43
\u2013 Foreign currency translation reserve
(966)
(904)
\u2013 Other legal reserves
250
213
Other reserves
1,540
1,582
Profit for the period
796
561
11,193
11,088
Non-current liabilities:
Borrowings
8
4,493
4,778
Deferred income tax liabilities
2
1
Derivative financial instruments
30
19
4,525
4,798
Current liabilities:
Borrowings
8
750
946
Trade and other payables
7
348
258
Derivative financial instruments
47
248
1,145
1,452
Total equity and liabilities
16,863
17,338
BASIS OF PREPARATION
The Company applies the option provided in Section 2:362 (8) of the Dutch Civil Code for the principles for the
recognition and measurement of assets and liabilities and determination of the result for its Company Financial
Statements. This means that the principles for the recognition and measurement of assets and liabilities and
determination of the result of the company financial statements of the Company are the same as those applied for the
consolidated financial statements under IFRS Accounting Standards as endorsed for use in the European Union by the
European Commission.
The Company Financial Statements are prepared to comply with the requirements of the Dutch Civil Code. There are
no differences between total Shareholders\u2019 Equity and Net profit for the period determined under the Dutch Civil Code
and that determined in accordance with IFRS. In concluding, the Company has accounted for its investments in
subsidiaries using the net asset value method of accounting versus the cost method or fair value method.
SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
The principles of valuation and determination of result for the Company\u2019s annual financial statements and consolidated
financial statements are the same. For the principles of valuation of assets and liabilities and for the determination of
result reference is made to the notes to the consolidated financial statements.
The investments in subsidiaries, other than affiliates, are carried at net asset value. The net asset value is determined
by measuring the assets, provisions and liabilities and calculating the result according to the accounting policies
applied in the consolidated financial statements.
INVESTMENTS IN SUBSIDIARIES
The movements of the investments in subsidiaries are as follows (in EUR million):
2025
2024
Balance at 1 January
11,688
11,458
Net result
567
745
Dividends
(350)
(346)
Cash flow hedges
(52)
31
Foreign currency translation
(156)
(162)
Other reserves
(24)
(60)
Other
(26)
22
Balance at 31 December
11,647
11,688
TRADE AND OTHER RECEIVABLES
The composition of trade and other receivables is as follows (in EUR million):
2025
2024
Receivable from other JDE Peet's companies
57
91
Other receivables
8
1
Total
65
92
All trade and other receivables are due within one year, no amounts are provided for.
LOANS RECEIVABLE
The outstanding amount of loans provided to (indirect) subsidiaries at 31 December 2025 was EUR 3,986 million
(including loans denominated in U.S. dollars of USD 385 million and in Brazilian Real of 150 million). The weighted-
average interest rate was 0.86% (2024: 1.67%) with maturity dates from 2026 to 2033. At 31 December 2025, an
amount of EUR 1,072 million was maturing within 12 months (2024: EUR 500 million). We have assessed the credit risk
associated with these loans and concluded that there was no material risk identified.
In EUR millions
1 January
2025
Additions
Repayments
Currency
translation
31 December
2025
New Oak 2 B.V.
4,502
\u2014
(500)
(44)
3,958
JACOBS DOUWE EGBERTS International B.V.
1,000
\u2014
(1,000)
\u2014
\u2014
JACOBS DOUWE EGBERTS BR Comercializa\u00e7\u00e3o
\u2014
98
(74)
(1)
23
Key management personnel
\u2014
5
\u2014
\u2014
5
Total
5,502
103
(1,574)
(45)
3,986
1 January
2024
Additions
Repayments
Currency
translation
31 December
2024
New Oak 2 B.V.
4,905
\u2014
(425)
22
4,502
JACOBS DOUWE EGBERTS International B.V.
1,000
\u2014
\u2014
\u2014
1,000
Total
5,905
\u2014
(425)
22
5,502
SHAREHOLDERS\u2019 EQUITY
The movements of the shareholders\u2019 equity are as follows (in EUR million):
Share capital
Share premium
Treasury shares
Legal reserves
Other reserves
Profit for the
period
Total equity
Balance at 31 December 2023
5
9,585
(38)
(526)
1,642
367
11,035
\u2013 Effect of voluntary accounting policy changes
\u2014
62
\u2014
29
(91)
\u2014
\u2014
Restated balance at 31 December 2023
5
9,647
(38)
(497)
1,551
367
11,035
\u2013 Application of hyperinflationary accounting
\u2014
\u2014
\u2014
50
\u2014
\u2014
50
Restated balance at 1 January 2024
5
9,647
(38)
(447)
1,551
367
11,085
\u2013 Profit for the period
\u2014
\u2014
\u2014
\u2014
\u2014
561
561
\u2013 Retirement benefit obligation related items
\u2014
\u2014
\u2014
\u2014
40
\u2014
40
\u2013 Foreign currency translation
\u2014
\u2014
\u2014
(178)
9
\u2014
(169)
\u2013 Foreign currency contracts
\u2014
\u2014
\u2014
33
\u2014
\u2014
33
\u2013 Net investment hedge
\u2014
\u2014
\u2014
4
\u2014
\u2014
4
Total Comprehensive Income / (Loss)
\u2014
\u2014
\u2014
(141)
49
561
469
\u2013 Shared-based payment transactions
\u2014
\u2014
\u2014
\u2014
(8)
\u2014
(8)
\u2013 Dividends
\u2014
\u2014
\u2014
\u2014
(341)
\u2014
(341)
\u2013 Appropriation of profit 2023
\u2014
\u2014
\u2014
\u2014
367
(367)
\u2014
\u2013 Common control transaction
\u2014
\u2014
\u2014
\u2014
(163)
\u2014
(163)
\u2013 Release of treasury shares
\u2014
\u2014
38
\u2014
(11)
\u2014
27
\u2013 Cancellation of treasury shares
\u2014
14
\u2014
\u2014
\u2014
\u2014
14
\u2013 Other
\u2014
\u2014
\u2014
\u2014
5
\u2014
5
\u2013 Other changes in legal reserves
\u2014
\u2014
\u2014
19
(19)
\u2014
\u2014
Restated balance at 31 December 2024
5
9,661
\u2014
(569)
1,430
561
11,088
Share capital
Share premium
Treasury shares
Legal reserves
Other reserves
Profit for the
period
Total equity
Balance at 31 December 2024
5
9,588
\u2014
(648)
1,582
561
11,088
\u2013 Effect of voluntary accounting policy changes
\u2014
73
\u2014
79
(152)
\u2014
\u2014
Restated balance at 1 January 2025
5
9,661
\u2014
(569)
1,430
561
11,088
\u2013 Application of hyperinflationary accounting
\u2014
\u2014
\u2014
(9)
\u2014
\u2014
(9)
Balance at 1 January 2025
5
9,661
\u2014
(578)
1,430
561
11,079
\u2013 Profit for the period
\u2014
\u2014
\u2014
\u2014
\u2014
796
796
\u2013 Retirement benefit obligation related items
\u2014
\u2014
\u2014
\u2014
(5)
\u2014
(5)
\u2013 Foreign currency translation
\u2014
\u2014
\u2014
(141)
(15)
\u2014
(156)
\u2013 Foreign currency contracts
\u2014
\u2014
\u2014
(54)
\u2014
\u2014
(54)
Total Comprehensive Income / (Loss)
\u2014
\u2014
\u2014
(195)
(20)
796
581
\u2013 Shared-based payments
\u2014
\u2014
\u2014
\u2014
1
\u2014
1
\u2013 Dividends
\u2014
\u2014
\u2014
\u2014
(354)
\u2014
(354)
\u2013 Appropriation of profit 2024
\u2014
\u2014
\u2014
\u2014
561
(561)
\u2014
\u2013 Share buyback transaction
\u2014
\u2014
(122)
\u2014
\u2014
\u2014
(122)
\u2013 Release of treasury shares
\u2014
\u2014
40
\u2014
4
\u2014
44
\u2013 Other
\u2014
\u2014
\u2014
9
(45)
\u2014
(36)
\u2013 Other changes in legal reserves
\u2014
\u2014
\u2014
37
(37)
\u2014
\u2014
Balance at 31 December 2025
5
9,661
(82)
(727)
1,540
796
11,193
The legal reserves at 31 December 2025 consisted of a Currency translation reserve of EUR (966) million (2024 : EUR (825) million), a Cash flow hedge reserve of EUR (11) million (2024: EUR 43 million) and reserves for self-developed capitalised
software of EUR 61 million (2024: EUR 66 million) and unremitted profits of subsidiaries on which there exist distribution restrictions of EUR 189 million (2024: EUR 147 million).
TRADE AND OTHER PAYABLES
The composition of trade and other payables is as follows (in EUR million):
2025
2024
Trade and other payables
169
85
Dividend payable
175
170
Payable to group companies
4
3
Total
348
258
The carrying amount of the trade and other payables is considered a close approximation of their fair value due to their
short maturity.
During the Annual General Meeting of Shareholders on 19 June 2025, a dividend of EUR 0.73 per share was approved,
payable in two instalments of which the first of EUR 0.37 was paid on 11 July 2025 and the second of EUR 0.36 is
payable on 23 January 2026. The dividend payable at 31 December 2025 amounted to EUR 175 million.
BORROWINGS
The Company has unsecured notes outstanding, please refer to note 5.2 Borrowings in the Consolidated Financial
Statements for more details.
At 31 December 2025, the Company had no bank overdraft with a group company (2024: EUR 446 million).
COMMITMENTS AND CONTINGENCIES
Contingencies and commitments to which the Company is exposed, are disclosed in note 9.5 of the Consolidated
Financial Statements. The legal entities to which the declarations of joint and several liability relate, are listed in the
statements on release from the duty to disclose financial statements in the consolidated financial statements.
RELATED PARTIES
Loans from related parties
See note 8 Borrowings for any loans, including the overdraft balance in the cashpool, from related parties.
Loans to related parties
See note 5 Other (non-)current assets for any loans to related parties.
Other
In note 7.2 , the other relevant disclosures in relation to Related Parties (such as fiscal unity, loans to management and
contribution of the parent) are further disclosed.
BOARD REMUNERATION
The Board remuneration is disclosed in note 7.2 Related-party transactions of the consolidated financial statements,
where the provision in art 2:383.1 DCC is applied.
SUBSEQUENT EVENTS
Refer to note 9.6 of the Consolidated Financial Statements for the disclosure of events after the reporting period.
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