v3.26.1
Equity - Schedule of changes in fair value of equity instruments that will not be reclassified (Details) - EUR (€)
€ in Millions
Jun. 30, 2026
Dec. 31, 2025
Items not reclassified to profit or loss    
Net revaluation gains/(losses) € 744 € (250)
Fair value 75,371 74,612
Equity instruments    
Items not reclassified to profit or loss    
Revaluation gains 1,159 1,158
Revaluation losses (415) (1,408)
Net revaluation gains/(losses) 744 (250)
Fair value 3,602 2,281
Domestic | Spain    
Items not reclassified to profit or loss    
Revaluation gains 56 47
Revaluation losses (383) (1,326)
Net revaluation gains/(losses) (327) (1,279)
Fair value 117 133
International | Rest of Europe    
Items not reclassified to profit or loss    
Revaluation gains 262 75
Revaluation losses (31) (81)
Net revaluation gains/(losses) 231 (6)
Fair value 1,669 186
International | United States    
Items not reclassified to profit or loss    
Revaluation gains 23 23
Revaluation losses (1) (1)
Net revaluation gains/(losses) 22 22
Fair value 35 36
International | America and rest of the world    
Items not reclassified to profit or loss    
Revaluation gains 818 1,013
Revaluation losses 0 0
Net revaluation gains/(losses) 818 1,013
Fair value 1,781 1,926
Listed    
Items not reclassified to profit or loss    
Revaluation gains 1,022 1,033
Revaluation losses (58) (49)
Net revaluation gains/(losses) 964 984
Fair value 3,328 1,993
Unlisted    
Items not reclassified to profit or loss    
Revaluation gains 137 125
Revaluation losses (357) (1,359)
Net revaluation gains/(losses) (220) (1,234)
Fair value € 274 € 288