Debt & ratings
Average cost & maturity of financial debt (%)
| FY21 | FY22 | |
| Average cost (%) | 4.60% | 4.26% |
| Subordinated/Hybrid | 4.50% | 4.08% |
| Senior | 5.13% | 5.13% |
| Average maturity (years) | 5.1 | 4.75 |
| Interest expenses on financial debt (€ m) | 478 | 471 |
Total financial debt
