v3.25.4
Employee Benefits - Plan Asset Allocation Level 1 (Detail) - EUR (€)
€ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivatives (Market Value)    
Total fair value of plan assets € 15,239 € 16,106
Quoted
prices in
active market
(Level 1)    
Disclosure of fair value of plan assets [line items]    
Cash and cash equivalents [1] 63 (159)
Equity instruments [2] 1,137 912
Investment-grade bonds    
Government [3] 1,051 984
Non-government bonds [3] 0 0
Non-investment-grade bonds    
Government 5 3
Non-government bonds 0 0
Securitized and other Debt Investments 19 0
Insurance 0 0
Alternatives    
Real estate 0 0
Commodities 0 0
Private equity 0 0
Other 0 0
Derivatives (Market Value)    
Interest rate (32) (57)
Credit 0 0
Inflation 0 0
Foreign Exchange 0 0
Other 0 8
Total fair value of plan assets 2,243 1,691
Germany    
Derivatives (Market Value)    
Total fair value of plan assets 9,632 10,237
Germany | Quoted
prices in
active market
(Level 1)    
Disclosure of fair value of plan assets [line items]    
Cash and cash equivalents [1] 56 (118)
Equity instruments [2] 868 757
Investment-grade bonds    
Government [3] 558 599
Non-government bonds [3] 0 0
Non-investment-grade bonds    
Government 5 2
Non-government bonds 0 0
Securitized and other Debt Investments 0 0
Insurance 0 0
Alternatives    
Real estate 0 0
Commodities 0 0
Private equity 0 0
Other 0 0
Derivatives (Market Value)    
Interest rate 0 0
Credit 0 0
Inflation 0 0
Foreign Exchange 0 0
Other 0 8
Total fair value of plan assets 1,487 1,248
U.K.    
Derivatives (Market Value)    
Total fair value of plan assets 3,505 3,678
U.K. | Quoted
prices in
active market
(Level 1)    
Disclosure of fair value of plan assets [line items]    
Cash and cash equivalents [1] 16 (56)
Equity instruments [2] 124 0
Investment-grade bonds    
Government [3] 168 77
Non-government bonds [3] 0 0
Non-investment-grade bonds    
Government 0 0
Non-government bonds 0 0
Securitized and other Debt Investments 19 0
Insurance 0 0
Alternatives    
Real estate 0 0
Commodities 0 0
Private equity 0 0
Other 0 0
Derivatives (Market Value)    
Interest rate 0 0
Credit 0 0
Inflation 0 0
Foreign Exchange 0 0
Other 0 0
Total fair value of plan assets 327 21
U.S.    
Derivatives (Market Value)    
Total fair value of plan assets 944 1,050
U.S. | Quoted
prices in
active market
(Level 1)    
Disclosure of fair value of plan assets [line items]    
Cash and cash equivalents [1] (18) 3
Equity instruments [2] 89 110
Investment-grade bonds    
Government [3] 268 256
Non-government bonds [3] 0 0
Non-investment-grade bonds    
Government 0 1
Non-government bonds 0 0
Securitized and other Debt Investments 0 0
Insurance 0 0
Alternatives    
Real estate 0 0
Commodities 0 0
Private equity 0 0
Other 0 0
Derivatives (Market Value)    
Interest rate (32) (57)
Credit 0 0
Inflation 0 0
Foreign Exchange 0 0
Other 0 0
Total fair value of plan assets 307 313
Other    
Derivatives (Market Value)    
Total fair value of plan assets 1,158 1,141
Other | Quoted
prices in
active market
(Level 1)    
Disclosure of fair value of plan assets [line items]    
Cash and cash equivalents [1] 9 12
Equity instruments [2] 56 45
Investment-grade bonds    
Government [3] 57 52
Non-government bonds [3] 0 0
Non-investment-grade bonds    
Government 0 0
Non-government bonds 0 0
Securitized and other Debt Investments 0 0
Insurance 0 0
Alternatives    
Real estate 0 0
Commodities 0 0
Private equity 0 0
Other 0 0
Derivatives (Market Value)    
Interest rate 0 0
Credit 0 0
Inflation 0 0
Foreign Exchange 0 0
Other 0 0
Total fair value of plan assets € 122 € 109
[1] Negative amounts relate to short-term liabilities
[2] 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
[3] Investment-grade means BBB and above. Average credit rating exposure for the Group’s main plans is around A