v3.26.1
Taxation (Tables)
12 Months Ended
Dec. 31, 2025
Taxation  
Schedule of income tax expense and income tax related to profit

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Millions of Euros

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2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Profit before income tax from continuing operations

 

615

 

444

 

206

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Tax at 25%

 

154

 

111

 

52

Permanent differences

 

17

 

67

 

(66)

Effect of different tax rates

 

(30)

 

(49)

 

52

Effect of the change in the tax rate in Germany

 

(51)

 

—

 

—

Tax credits (deductions)

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(21)

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(22)

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(2)

Prior year income tax expense

 

(11)

 

16

 

2

Other income tax expenses/(income)

 

57

 

108

 

5

Total income tax expense

 

115

 

231

 

43

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Deferred tax

 

(162)

 

(75)

 

(140)

Current tax

 

277

 

306

 

183

Total income tax expense

 

115

 

231

 

43

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Schedule of breakdown of tax effect associated with each component of Other Comprehensive Income

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Millions of Euros

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2025

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  ​ ​ ​2024

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Gross

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Tax effect

  ​ ​ ​

Net

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Gross

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Tax effect

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Net

Cash flow hedges

 

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(1)

 

—

 

(1)

 

(1)

 

—

 

(1)

Foreign currency translation differences

 

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(1,055)

 

—

 

(1,055)

 

496

 

—

 

496

Gains and losses on non‑current assets held for sale

 

Note 10

 

—

 

—

 

—

 

(2)

 

—

 

(2)

Gains and losses on the remeasurement of defined benefit plans

 

Note 26

 

6

 

(2)

 

4

 

3

 

(3)

 

—

Gains and losses on the measurement of financial assets at fair value

 

Note 11

 

(80)

 

—

 

(80)

 

(18)

 

—

 

(18)

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(1,130)

 

(2)

 

(1,132)

 

478

 

(3)

 

475

Schedule of deferred tax assets and liabilities

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Millions of Euros

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Tax effect

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31/12/2025

  ​ ​ ​

31/12/2024

Assets

 

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Provisions

 

29

 

31

Inventories

 

78

 

76

Tax credits (deductions)

 

40

 

27

Tax loss carryforwards

 

89

 

50

Fixed assets, amortisation and depreciation

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80

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78

IFRS16 deferred assets

 

41

 

40

Other (a)

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105

​

88

Subtotal, assets

 

462

 

390

Goodwill

 

(2)

 

(2)

Fixed assets, amortisation and depreciation

 

(6)

 

(9)

IFRS16 deferred liabilities

 

(38)

 

(37)

Other

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—

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—

Subtotal, net liabilities

 

(46)

 

(48)

Deferred assets, net

 

416

 

342

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Liabilities

 

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Goodwill

 

(449)

 

(451)

Intangible assets

 

(573)

 

(679)

Fixed assets

 

(89)

 

(101)

Debt cancellation costs

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(15)

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(22)

Deferred tax liability under IFRS 16

 

(154)

 

(157)

Others

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(3)

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(6)

Subtotal, liabilities

 

(1,283)

 

(1,416)

Tax loss carryforwards

 

4

 

3

Tax credits (deductions)

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16

​

18

Inventories

 

—

 

2

Provisions

​

165

​

145

Deferred tax asset under IFRS 16

 

180

 

183

Other

 

57

 

53

Subtotal, net assets

​

422

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404

Net deferred Liabilities

 

(861)

 

(1,012)

(a)The item ‘Other’mainly includes the impact of the temporary limitation on the offsetting of negative tax bases applicable to the Spanish tax group during the period.
Schedule of movement in deferred tax assets and liabilities

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Millions of Euros

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31/12/2025

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31/12/2024

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31/12/2023

Deferred tax assets and liabilities

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Balance at 1 January

 

(670)

 

(688)

 

(860)

Movements during the year

 

162

 

75

 

140

Business combination (note 3)

 

—

 

—

 

—

Translation differences

 

63

 

(57)

 

32

Balance at 31 December

 

(445)

 

(670)

 

(688)

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