v3.26.1
Derivative financial instruments and hedge accounting (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative financial instruments and hedge accounting  
Schedule of derivative financial instruments

 

December 31, 2025

December 31, 2024

(€ million)

Fair value  asset

Fair value liability

Level of Fair value

Fair value  asset

Fair value liability

Level of Fair value

Non-hedging derivatives

 

 

 

 

 

 

Derivatives on interest rate

 

 

 

 

 

 

- Interest rate swap

41

18

2

20

27

2

- Other

1

 

2

 

 

 

 

42

18

 

20

27

 

Derivatives on exchange rate

 

 

 

 

 

 

- Currency swap

26

72

2

233

33

2

- Interest currency swap

5

2

2

 

125

2

- Outright

 

11

2

3

24

2

 

31

85

 

236

182

 

Derivatives on commodities

 

 

 

 

 

 

- Over the counter

633

767

2

632

923

2

- Future

816

999

1

1,429

1,538

1

- Options

11

22

1

61

111

2

- Other

6

 

2

 

8

2

 

1,466

1,788

 

2,122

2,580

 

 

1,539

1,891

 

2,378

2,789

 

Fair value hedge derivatives

 

 

 

 

 

 

Derivatives on interest rate

 

 

 

 

 

 

- Interest rate swap

38

 

2

42

 

2

 

38

 

 

42

 

 

Derivatives on exchange rate

 

 

 

 

 

 

- Outright

 

 

 

2

 

1

 

 

 

 

2

 

 

 

38

 

 

44

 

 

Cash flow hedge derivatives

 

 

 

 

 

 

Derivatives on commodities

 

 

 

 

 

 

- Over the counter

167

 

2

20

335

2

- Future

256

89

1

28

421

1

- Other

5

105

2

 

 

 

 

428

194

 

48

756

 

 

428

194

 

48

756

 

Options

 

 

 

 

 

 

- Other options

 

21

2

 

37

2

 

 

21

 

 

37

 

Gross amount

2,005

2,106

 

2,470

3,582

 

Offsetting

(1,133)

(1,133)

 

(1,508)

(1,508)

 

Net amount

872

973

 

962

2,074

 

- current

791

827

 

874

1,921

 

- non-current

81

146

 

88

153

 
Schedule of hedging derivative instruments

 

December 31, 2025

December 31, 2024

(€ million)

Nominal  amount of the hedging instrument

Change in fair value (effective hedge)

Change in fair value (ineffective hedge)

Nominal  amount of the hedging instrument

Change in fair value (effective hedge)

Change in fair value (ineffective hedge)

Cash flow hedge derivatives

 

 

 

 

 

 

Derivatives on commodity

 

 

 

 

 

 

- Over the counter

1,506

448

2

1,753

(524)

13

- Future

3,472

184

1

3,375

(499)

13

 

4,978

632

3

5,128

(1,023)

26

Other cash flow hedge derivatives

 

 

 

 

 

 

- Other

 

 

 

348

(12)

 

 

 

 

 

348

(12)

 

 

4,978

632

3

5,476

(1,035)

26

Fair value hedge derivatives

 

 

 

 

 

 

Derivatives on interest rate

 

 

 

 

 

 

- Interest rate swap

1,962

(4)

 

1,981

42

1

 

1,962

(4)

 

1,981

42

1

Derivatives on exchange rate

 

 

 

 

 

 

- Outright

 

 

 

43

2

 

 

 

 

 

43

2

 

 

1,962

(4)

 

2,024

44

1
Schedule of breakdown of underlying asset or liability under cash flow hedge and fair value hedge

 

December 31, 2025

December 31, 2024

(€ million)

Change of the underlying item used for the calculation of hedging ineffectiveness

CFH reserve

Reclassification adjustments

Change of the underlying item used for the calculation of hedging ineffectiveness

CFH reserve

Reclassification adjustments

Cash flow hedge derivatives

 

 

 

 

 

 

Commodity price risk

 

 

 

 

 

 

- Planned sales

(600)

10

(233)

1,023

(850)

(123)

 

 

 

 

 

 

 

Other cash flow hedge derivatives

 

 

 

 

 

 

- hedged flows

(26)

24

 

12

(12)

 

 

December 31, 2025

December 31, 2024

(€ million)

Nominal amount of the underlying item

Cumulative changes of the underlying item

Changes of the underlying item

Nominal

amount of the underlying item

Cumulative changes of the underlying item

Changes of the underlying item

Fair value hedge derivatives

 

 

 

 

 

 

Derivatives on interest rate

 

 

 

 

 

 

- Financial liabilities

2,008

39

(5)

2,066

44

44

 

 

 

 

 

 

 

Derivatives on exchange rate

 

 

 

 

 

 

- Investments

 

 

 

43

(2)

(2)
Schedule of effects recognized in other operating profit (loss)

(€ million)

2025

2024

2023

Net income (loss) on cash flow hedging derivatives

3

26

6

Net income (loss) on other derivatives

638

(378)

472

 

641

(352)

478
Schedule of effects recognized in finance income (loss)

(€ million)

2025

2024

2023

Derivatives on exchange rate

(86)

310

(63)

Derivatives on interest rate

6

(32)

2

 

(80)

278

(61)