Equity (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Significant shareholders


		% of voting rights attached				% of voting rights through
		to the shares				financial instruments				% of total
Name or company name of shareholder		Direct		Indirect		Direct		Indirect		voting rights
Armistice Capital Master Fund Ltd		1.06	%	—	%	—	%	—	%	1.06	%
BlackRock, Inc.		—	%	3.38	%	—	%	0.90	%	4.27	%
Deria, S.L.		15.20	%	—	%	—	%	—	%	15.20	%
Flat Footed Llc.		—	%	3.13	%	—	%	—	%	3.13	%
Mason Capital Master Fund L.P.		—	%	3.17	%	—	%	—	%	3.17	%
Ponder Trade, S.L.		7.09	%	—	%	—	%	—	%	7.09	%
Scranton Enterprises, B.V.		8.40	%	—	%	—	%	—	%	8.40	%

Ordinary shares

Schedule of movement in treasury stock


		No. of Class A shares		Millions of Euros
Balance at 1 January 2025		3,944,430		90
Disposal Class A shares		(166,208)		(4)
Balance at 31 December 2025		3,778,222		86

Schedule of movement in outstanding shares


		Reference		Class A shares		Class B shares
Balance at 1 January 2025				422,185,368		258,223,736
(Acquisition) / disposal of treasury stock		Note 15(d)		166,208		—
Balance at 31 December 2025				422,351,576		258,223,736


		Reference		Class A shares		Class B shares
Balance at 1 January 2024				422,185,368		256,906,911
(Acquisition) / disposal of treasury stock		Note 15(d)		—		1,316,825
Balance at 31 December 2024				422,185,368		258,223,736

Schedule of distribution of profit including dividends


		Millions of Euros
		31/12/2025		31/12/2024
Voluntary reserve		31		(83)
Dividends		161		—
Results of the Parent		192		(83)


		Millions of Euros
Distribution base:		31/12/2025
Profit for the year		192

Treasury stock | Preference shares

Schedule of movement in treasury stock


		No. of Class B shares		Millions of Euros
Balance at 1 January 2025		3,201,374		45
Disposal Class B shares		—		—
Balance at 31 December 2025		3,201,374		45


		No. of Class B shares		Millions of Euros
Balance at 1 January 2024		4,518,199		63
Disposal Class B shares		(1,316,825)		(18)
Balance at 31 December 2024		3,201,374		45