| Gains (losses) on financial assets and liabilities, hedge accounting and exchange differences, net The breakdown of the balance under these headings, by source of the related items, in the condensed consolidated income statements is as follows: | | | | | | | | | GAINS (LOSSES) ON FINANCIAL ASSETS AND LIABILITIES, HEDGE ACCOUNTING AND EXCHANGE DIFFERENCES, NET (MILLIONS OF EUROS) | | | | | June
2026 | June
2025 | Gains (losses) on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net | 190 | 193 | Financial assets at amortized cost | (13) | 30 | Other financial assets and liabilities | 202 | 163 | Gains (losses) on financial assets and liabilities held for trading, net | 1,158 | 1,151 | Reclassification of financial assets from fair value through other comprehensive income | — | — | Reclassification of financial assets from amortized cost | — | — | Other gains (losses) | 1,158 | 1,151 | Gains (losses) on non-trading financial assets mandatorily at fair value through profit or loss, net | 53 | 188 | Reclassification of financial assets from fair value through other comprehensive income | — | — | Reclassification of financial assets from amortized cost | — | — | Other gains (losses) | 53 | 188 | Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net | 214 | 29 | Gains (losses) from hedge accounting, net | 4 | (7) | | Subtotal gains (losses) on financial assets and liabilities and hedge accounting | 1,618 | 1,554 | Exchange differences, net | (121) | (123) | | Total | 1,498 | 1,431 |
The breakdown of the balance (excluding exchange rate differences) under this heading in the income statements by the nature of financial instrument is as follows: | | | | | | | | | GAINS (LOSSES) ON FINANCIAL ASSETS AND LIABILITIES AND HEDGE ACCOUNTING. BREAKDOWN BY NATURE OF THE FINANCIAL INSTRUMENT (MILLIONS OF EUROS) | | | | | June
2026 | June
2025 | Debt instruments | 382 | 368 | Equity instruments | 1,292 | 884 | Trading derivatives and hedge accounting | (829) | (363) | Loans and advances to customers | (31) | 30 | Customer deposits | 1 | (19) | Other | 804 | 654 | | Total | 1,618 | 1,554 |
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