v3.25.4
Note 16 Joint ventures and associates changes in the year (Details) - EUR (€)
€ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Joint ventures and associates changes in the year [Line Items]      
Investments in subsidiaries, joint ventures and associates reported in separate financial statements € 989 € 976 € 916
Acquisitions and capital increases 2 4 95
Disposals and capital reductions (55) (28) (42)
Transfers and changes of consolidation Method 0 (69) 4
Share of profit and loss 62 40 26
Exchange differences (13) 7 16
Valuation adjustments [1] 32 63 (9)
Dividends valuation adjustments and others (23) (5) (30)
Investments in subsidiaries, joint ventures and associates reported in separate financial statements € 994 € 989 € 976
[1]
(1) See Note 16.3.