v3.25.4
Employee Benefits - Plan Asset Allocation (Detail) - EUR (€)
€ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivatives (Market Value)    
Total fair value of plan assets € 15,239 € 16,106
Plan Asset Allocation    
Disclosure of fair value of plan assets [line items]    
Cash and cash equivalents 610 537
Equity instruments [1] 1,682 1,427
Investment-grade bonds    
Government [2] 2,260 2,382
Non-government bonds [2] 4,964 5,453
Non-investment-grade bonds    
Government 105 94
Non-government bonds 434 441
Securitized and other Debt Investments 145 159
Insurance 2,644 2,772
Alternatives    
Real estate 736 818
Commodities 81 56
Private equity 0 4
Other [3] 1,010 1,049
Derivatives (Market Value)    
Interest rate 425 807
Credit 24 39
Inflation 11 14
Foreign exchange 18 (23)
Other 90 77
Total fair value of plan assets 15,239 16,106
Germany    
Derivatives (Market Value)    
Total fair value of plan assets 9,632 10,237
Germany | Plan Asset Allocation    
Disclosure of fair value of plan assets [line items]    
Cash and cash equivalents 431 305
Equity instruments [1] 1,189 1,060
Investment-grade bonds    
Government [2] 1,608 1,814
Non-government bonds [2] 3,817 4,090
Non-investment-grade bonds    
Government 96 86
Non-government bonds 359 380
Securitized and other Debt Investments 32 37
Insurance 0 0
Alternatives    
Real estate 632 719
Commodities 77 54
Private equity 0 0
Other [3] 945 989
Derivatives (Market Value)    
Interest rate 443 730
Credit (12) (18)
Inflation 0 0
Foreign exchange 15 (17)
Other 0 8
Total fair value of plan assets 9,632 10,237
U.K.    
Derivatives (Market Value)    
Total fair value of plan assets 3,505 3,678
U.K. | Plan Asset Allocation    
Disclosure of fair value of plan assets [line items]    
Cash and cash equivalents 137 163
Equity instruments [1] 124 0
Investment-grade bonds    
Government [2] 168 77
Non-government bonds [2] 358 531
Non-investment-grade bonds    
Government 0 0
Non-government bonds 43 17
Securitized and other Debt Investments 48 21
Insurance 2,626 2,756
Alternatives    
Real estate 0 0
Commodities 0 0
Private equity 0 0
Other [3] 0 0
Derivatives (Market Value)    
Interest rate 0 113
Credit 0 0
Inflation 0 0
Foreign exchange 1 0
Other 0 0
Total fair value of plan assets 3,505 3,678
U.S.    
Derivatives (Market Value)    
Total fair value of plan assets 944 1,050
U.S. | Plan Asset Allocation    
Disclosure of fair value of plan assets [line items]    
Cash and cash equivalents (18) 3
Equity instruments [1] 89 111
Investment-grade bonds    
Government [2] 288 277
Non-government bonds [2] 429 474
Non-investment-grade bonds    
Government 4 4
Non-government bonds 9 19
Securitized and other Debt Investments 46 85
Insurance 0 0
Alternatives    
Real estate 0 0
Commodities 0 0
Private equity 0 0
Other [3] 0 0
Derivatives (Market Value)    
Interest rate (29) (49)
Credit 36 57
Inflation 0 0
Foreign exchange 0 0
Other 90 69
Total fair value of plan assets 944 1,050
Other    
Derivatives (Market Value)    
Total fair value of plan assets 1,158 1,141
Other | Plan Asset Allocation    
Disclosure of fair value of plan assets [line items]    
Cash and cash equivalents 60 66
Equity instruments [1] 280 256
Investment-grade bonds    
Government [2] 196 214
Non-government bonds [2] 360 358
Non-investment-grade bonds    
Government 5 4
Non-government bonds 23 25
Securitized and other Debt Investments 19 16
Insurance 18 16
Alternatives    
Real estate 104 99
Commodities 4 2
Private equity 0 4
Other [3] 65 60
Derivatives (Market Value)    
Interest rate 11 13
Credit 0 0
Inflation 11 14
Foreign exchange 2 (6)
Other 0 0
Total fair value of plan assets € 1,158 € 1,141
[1] Allocation of equity exposure is broadly in line with the typical index in the respective market, e.g., the equity portfolio’s benchmark of the UK retirement benefit plans is
the MSCI All Countries World Index
[2] Investment-grade means BBB and above. Average credit rating exposure for the Group’s main plans is around A
[3] This position contains commingled funds which could not be segregated into the other asset categories