Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of financial instruments by nature, category and fair value


		Millions of Euros
		31/12/2025
														Fair Value
		Financial		Financial						Other
		instruments at		instruments at						financial
		FVTPL		FV through OCI		Hedges		Amortised cost		liabilities		Total		Level 1		Level 2		Level 3		Total
Non-current financial assets		2		337		—		—		—		339		339		—		—		339
Derivative instruments		—		—		—		—		—		—		—		—		—		—
Trade receivables		—		431		—		—		—		431		—		431		—		431
Financial assets measured at fair value		2		768		—		—		—		770

Non-current financial assets		—		—		—		173		—		173
Other current financial assets		—		—		—		36		—		36
Trade and other receivables		—		—		—		321		—		321
Cash and cash equivalents		—		—		—		825		—		825
Financial assets measured at amortized cost		—		—		—		1,355		—		1,355

Derivatives instruments		(5)		—		—		—		—		(5)		—		(5)		—		(5)
Financial liabilities measured at fair value		(5)		—		—		—		—		(5)

Senior Unsecured & Secured Notes		—		—		—		(5,314)		—		(5,314)		(5,455)		—		—		(5,455)
Promissory Notes		—		—		—		(76)		—		(76)
Senior secured debt		—		—		—		(2,139)		—		(2,139)		—		(2,203)		—		(2,203)
Other bank loans		—		—		—		(180)		—		(180)
Lease liabilities		—		—		—		(1,082)		—		(1,082)
Other financial liabilities		—		—		—		(847)		—		(847)
Trade and other payables		—		—		—		(1,093)		—		(1,093)
Other current liabilities		—		—		—		—		(314)		(314)
Financial liabilities measured at amortized cost		—		—		—		(10,731)		(314)		(11,045)
		(3)		768		—		(9,376)		(314)		(8,925)


		Millions of Euros
		31/12/2024
														Fair Value
		Financial		Financial
		instruments at		instruments at FV						Other financial
		FVTPL		through OCI		Hedges		Amortised cost		liabilities		Total		Level 1		Level 2		Level 3		Total
Non-current financial assets		5		417		—		—		—		422		422		—		—		422
Derivative instruments		—		—		7		—		—		7		—		7		—		7
Trade receivables		—		532		—		—		—		532		—		532		—		532
Financial assets measured at fair value		5		949		7		—		—		961

Non-current financial assets		—		—		—		67		—		67
Other current financial assets		—		—		—		238		—		238
Trade and other receivables		—		—		—		251		—		251
Cash and cash equivalents		—		—		—		980		—		980
Financial assets measured at amortized cost		—		—		—		1,536		—		1,536

Derivatives instruments		(6)		—		—		—		—		(6)				(6)				(6)
Financial liabilities measured at fair value		(6)		—		—		—		—		(6)		—				—

Senior Unsecured & Secured Notes		—		—		—		(5,356)		—		(5,356)		(5,231)						(5,231)
Promissory Notes		—		—		—		(73)		—		(73)				—		—
Senior secured debt		—		—		—		(2,310)		—		(2,310)				(2,360)				(2,360)
Other bank loans		—		—		—		(346)		—		(346)		—				—
Lease liabilities		—		—		—		(1,142)		—		(1,142)
Other financial liabilities		—		—		—		(934)		—		(934)
Trade and other payables		—		—		—		(1,062)		—		(1,062)
Other current liabilities		—		—		—		—		(318)		(318)
Financial liabilities measured at amortized cost		—		—		—		(11,223)		(318)		(11,541)
		(1)		949		7		(9,687)		(318)		(9,050)

Schedule of exposure to credit risk


				Millions of Euros
Carrying amount		Reference		31/12/2025		31/12/2024

Non-current financial assets		Note 11		512		490
Other current financial assets		Note 11		36		244
Contractual assets		Note 13		83		36
Trade receivables		Note 13		651		705
Other receivables		Note 13		20		17
Cash and cash equivalents		Note 14		825		980
				2,127		2,472


		Millions of Euros
Carrying amount		31/12/2025		31/12/2024

Spain		65		60
EU countries		88		116
United States of America		38		46
Other European countries		151		92
Other regions		392		427
		734		741

Schedule of liquidity position


		Millions of Euros
		31/12/2025		31/12/2024
Current deposits		8		5
Restricted cash		24		—
Cash in hand and at banks		793		975
Total cash and cash equivalents		825		980

Undrawn committed credit lines		853		1,279
Total Liquidity		1,678		2,259

Schedule of contractual maturity dates of financial liabilities


		Millions of Euros
				Carrying
				amount at				6 months or		6 - 12						More than
Carrying amount		Reference		31/12/2025		Contractual flows		less		months		1-2 years		2 - 5 years		5 years
Financial liabilities
Bank loans		Note 19		2,319		2,598		185		93		2,309		11		—
Other financial liabilities		Note 19		847		1,276		206		1		101		318		650
Bonds and other marketable securities		Note 19		5,390		6,602		270		145		1,029		5,158		—
Lease liabilities		Note 19		1,082		1,713		56		57		108		296		1,196
Payable to suppliers		Note 20		841		841		839		2		—		—		—
Other current liabilities		Note 21		57		57		54		3		—		—		—
Financial derivatives		Note 30(d)		5		5		4		—		1		—		—
Total				10,541		13,092		1,614		301		3,548		5,783		1,846


		Millions of Euros
				Carrying
				amount at				6 months		6 - 12						More than
Carrying amount		Reference		31/12/2024		Contractual flows		or less		months		1-2 years		2 - 5 years		5 years
Financial liabilities
Bank loans		Note 19		2,656		3,162		362		110		176		2,514		—
Other financial liabilities		Note 19		934		1,489		186		7		116		414		766
Bonds and other marketable securities		Note 19		5,429		6,959		246		147		293		3,673		2,600
Lease liabilities		Note 19		1,142		1,774		58		59		117		319		1,221
Payable to suppliers		Note 20		852		852		848		4		—		—		—
Other current liabilities		Note 21		42		41		24		17		—		—		—
Financial derivatives		Note 30(d)		6		7		7		—		—		—		—
Total				11,061		14,284		1,731		344		702		6,920		4,587

Schedule of Group's exposure to currency risk


		Millions of Euros
		31/12/2025
		*Euros ()**		US Dollars ()**
Trade receivables		1		27
Receivables from Group companies		110		14
Loans to Group companies		5,605		604
Cash and cash equivalents		86		11
Trade payables		(25)		(20)
Payables to Group companies		(86)		(52)
Loans from Group companies		(5,301)		—

Balance sheet exposure		390		584

(*)

Balances in Euros in subsidiaries with US Dollars functional currency

(**)

Balances in US Dollars in subsidiaries with Euros functional currency


		Millions of Euros
		31/12/2024
		*Euros ()**		US Dollars ()**
Trade receivables		3		72
Receivables from Group companies		119		16
Loans to Group companies		4,644		—
Cash and cash equivalents		453		26
Trade payables		(22)		(17)
Payables to Group companies		(74)		(45)
Loans from Group companies		(5,428)		(6)
Bank loans		(11)		—

Balance sheet exposure		(316)		46

(*)Balances in Euros in subsidiaries with US Dollar functional currency

(**)Balances in US Dollar in subsidiaries with Euros functional currency


		Closing exchange rate
Euros		31/12/2025		31/12/2024

US Dollars		1.175		1.039

Schedule of profile of interest on interest-bearing financial instruments


		Millions of Euros
		31/12/2025		31/12/2024
Fixed-interest financial instruments		6,250		6,430
Financial liabilities		6,250		6,430
Variable-interest financial instruments		2,277		2,541
Financial liabilities		2,277		2,541
Total financial liabilities		8,527		8,971

Schedule of financial derivatives


				Millions of euros
				*() Notional at**		*() Notional at**		Value at		Value at
Financial derivatives		Currency		31/12/2025		31/12/2024		31/12/2025		31/12/2024		Maturity
Foreign exchange rate forward		Swiss Franc		21		—		—		—		20/1/2026
Foreign exchange rate forward		Canadian dollar		—		240		—		4		20/1/2026
Foreign exchange rate forward		Euro		—		240		—		—		11/2/2025
Foreign exchange rate forward		Pound Sterling		—		5		—		1		18/2/2025
Foreign exchange rate forward		Japanese Yen		1,700		1,200		—		—		20/1/2026
Foreign exchange rate forward		Australian dollar		—		9		—		—		28/1/2025
Foreign exchange rate forward		Brazilian real		—		70		—		—		18/2/2025
Energy PPA		Euro / KwH		—		—		—		2		31/12/2032
Total derivative assets								—		7

Foreign exchange rate forward		Brazilian real		95		—		—		—		20/11/2026
Foreign exchange rate forward		Canadian dollar		562		228		(2)		(1)		20/1/2026
Foreign exchange rate forward		Chilean Peso		4,000		—		—		—		20/1/2026
Foreign exchange rate forward		Swiss Franc		—		12		—		(1)		11/2/2025
Foreign exchange rate forward		Euro		300		240		(1)		(3)		20/1/2026
Foreign exchange rate forward		Czech crown		—		160		—		—		18/2/2025
Foreign exchange rate forward		Pound Sterling		20		5		—		—		20/1/2026
Foreign exchange rate forward		Japanese Yen		—		1,200		—		—		18/2/2025
Foreign exchange rate forward		Mexican Peso		650		50		—		—		20/1/2026
Foreign exchange rate forward		Australian dollar		—		9		—		—		28/1/2025
Foreign exchange rate forward		Canadian dollar		—		1		—		—		9/1/2025
Foreign exchange rate forward		US dollar		—		39		—		(1)		26/2/2025
Energy PPA		Euro / KwH		—		—		(2)		—		31/12/2032
Total derivative liabilities								(5)		(6)

(*)Amounts of the national are stated in the derivative currency.


		Millions of Euros
		31/12/2025	31/12/2024
Opening balance		1	15
Changes in fair value recognized in equity		(1)	(2)
Transfer to profit or loss		32	27
Tax effect		—	(1)
Collections / Payments		(37)	(38)
Closing balance		(5)	1

Schedule of entity's own credit rating


		December 2025
Moody’s Investors	Corporate rating	B2
	Senior secured debt	B1
	Senior Unsecured debt	Caa1
	Perspective	Positive

Standard & Poor’s	Corporate rating	BB-
	Senior secured debt	BB-
	Senior Unsecured debt	B
	Perspective	Stable

Fitch Ratings	Corporate rating	B+
	Senior secured debt	BB
	Senior Unsecured debt	B-
	Perspective	Positive