v3.26.1
Financial Liabilities - Changes in liabilities derived from financing activities (Details) - EUR (€)
€ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Changes in liabilities derived from financing activities      
Balance at beginning of year € 10,167 € 11,056 € 10,757
New financing 1,360 3,949 1,624
Refunds (1,669) (5,359) (1,468)
Interest accrued 640 746 655
Other movements 164 52 187
Interest paid/received 532 571 529
Business combination     2
Foreign exchange differences (487) 294 (172)
Balance at end of year 9,643 10,167 11,056
Bonds      
Changes in liabilities derived from financing activities      
Balance at beginning of year 5,429 4,682 4,692
New financing 75 2,616 113
Refunds (76) (1,957) (122)
Interest accrued 315 228 177
Interest paid/received 279 182 148
Foreign exchange differences (74) 42 (30)
Balance at end of year 5,390 5,429 4,682
Senior Secured debt & Other loans      
Changes in liabilities derived from financing activities      
Balance at beginning of year 2,656 4,324 4,042
New financing 1,276 1,340 1,506
Refunds (1,427) (3,241) (1,172)
Interest accrued 203 399 352
Interest paid/received 188 317 308
Foreign exchange differences (201) 151 (96)
Balance at end of year 2,319 2,656 4,324
Finance lease liabilities      
Changes in liabilities derived from financing activities      
Balance at beginning of year 1,141 1,111 1,017
Refunds (119) (111) (116)
Interest accrued 54 49 40
Other movements 118 49 184
Foreign exchange differences (112) 43 (14)
Balance at end of year 1,082 1,141 1,111
Other financial liabilities      
Changes in liabilities derived from financing activities      
Balance at beginning of year 941 939 1,006
New financing 9 (7) 5
Refunds (47) (50) (58)
Interest accrued 68 70 86
Other movements 46 3 3
Interest paid/received 65 72 73
Business combination     2
Foreign exchange differences (100) 58 (32)
Balance at end of year € 852 € 941 € 939