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Trade receivables, other assets, prepaid expenses and Tax receivables (Tables)

12 Months Ended

Dec. 31, 2025

Changes in the allowance for trade receivables were as follows:


(€ million)	At January 1, 2025	Provision	Use and other changes	Transferred to Assets held for sale	At December 31, 2025
ECL allowance - Trade receivables	608	48	(2)	—	654

Changes in the allowance for

receivables from financing activities were as follows:


(€ million)	At January 1, 2025	Provision	Use and other changes	Transferred to Assets held for sale	At December 31, 2025
ECL allowance - Receivables from financing activities	226	413	(290)	—	349

The following table provides information about the exposure to credit risk and ECLs for trade receivables:


	At December 31,
	2025			2024
(€ million)	Current and less than 90 days past due	90 days or more past due	Total	Current and less than 90 days past due	90 days or more past due	Total
Gross amount	5,353	959	6,312	5,049	1,038	6,087
ECL allowance	(357)	(297)	(654)	(194)	(414)	(608)
Carrying amount	4,996	662	5,658	4,855	624	5,479

The following table provides information about the exposure to credit risk and ECLs for receivables from

financing activities:

Receivables from financing activities mainly relate to the business of financial services companies fully

consolidated by the Company and are summarized as follows:


	At December 31,
(€ million)	2025	2024
Dealer financing	3,087	2,330
Retail financing	10,703	8,494
Finance leases	540	299
Other	1,401	1,408
Total Receivables from financing activities	15,731	12,531

Other assets and prepaid expenses consisted of the following:


	At December 31
	2025			2024
(€ million)	Current	Non-current	Total	Current	Non-current	Total
Receivables from financing activities at amortized cost	7,867	7,864	15,731	5,693	6,838	12,531
Other receivables at amortized cost	3,052	884	3,936	1,391	562	1,953
Indirect tax receivables	3,266	958	4,224	3,728	865	4,593
Defined benefit plan assets (Note 20)	—	967	967	39	924	963
Derivative operating assets	349	57	406	256	17	273
Prepaid expenses and other	1,236	395	1,631	1,866	455	2,321
Total other assets and prepaid expenses	15,770	11,125	26,895	12,973	9,661	22,634

The following table summarizes Receivables from financing activities, Other receivables at amortized cost,

Derivative operating assets and Tax receivables by due date:


	At December 31,
	2025					2024
(€ million)	Total due within one year (current)	Due between one and five years	Due beyond five years	Total due after one year (non- current)	Total	Total due within one year (current)	Due between one and five years	Due beyond five years	Total due after one year (non- current)	Total
Receivables from financing activities	7,867	6,493	1,371	7,864	15,731	5,693	5,861	977	6,838	12,531
Other receivables at amortized cost	3,052	763	121	884	3,936	1,391	466	96	562	1,953
Indirect tax receivables	3,266	930	28	958	4,224	3,728	865	—	865	4,593
Derivative operating assets	349	57	—	57	406	256	17	—	17	273
Total	14,534	8,243	1,520	9,763	24,297	11,068	7,209	1,073	8,282	19,350

Tax receivables	1,199	177	17	194	1,393	1,411	210	17	227	1,638

At December 31, 2025 and 2024, the carrying amount of transferred financial assets not derecognized and the

related liabilities were as follows:


	At December 31,
	2025			2024
(€ million)	Trade receivables	Receivables from financing activities	Total	Trade receivables	Receivables from financing activities	Total
Carrying amount of assets transferred and not derecognized	7	1	8	44	5	49
Carrying amount of the related liabilities (Note 22)	7	1	8	44	5	49