All derivative financial instruments held for currency risk hedging purposes have a maturity of less than 18 months at inception and break down as follows:
| Nominal | Market value | |||||
|---|---|---|---|---|---|---|
| € millions | 31.12.2025 | 31.12.2024 | 31.12.2023 | 31.12.2025 | 31.12.2024 | 31.12.2023 |
| CURRENCY FUTURES | ||||||
| Purchase of EURO against foreign currencies | 4,157.2 | 4,381.0 | 4,899.9 | 17.7 | (83.7) | 35.6 |
| EUR/CNY | 1,228.3 | 1,211.1 | 1,414.5 | 12.3 | (23.6) | 44.4 |
| EUR/USD | 871.6 | 447.3 | 505.8 | 24.1 | (36.9) | 9.8 |
| EUR/GBP | 325.8 | 479.2 | 410.0 | 4.0 | (16.0) | (6.9) |
| EUR/BRL | 267.6 | 171.1 | 205.9 | (10.9) | 15.1 | (3.7) |
| EUR/MXN | 267.3 | 237.2 | 266.3 | (13.4) | 11.5 | (8.4) |
| EUR/CAD | 164.6 | 161.4 | 148.2 | 3.0 | 0.2 | 0.1 |
| EUR/CLP | 98.7 | 96.3 | 87.5 | (4.0) | 0.8 | 3.1 |
| EUR/SGD | 81.6 | 528.6 | 746.9 | 9.1 | (14.7) | (0.1) |
| EUR/CHF | 78.2 | 65.7 | — | 0.9 | (1.3) | — |
| EUR/THB | 72.2 | 73.2 | 69.1 | (1.0) | (4.9) | — |
| EUR/SAPMENA currencies | 256.4 | 335.4 | 341.7 | (2.2) | (2.3) | 0.2 |
| EUR/Europe currencies | 243.3 | 263.8 | 250.2 | (6.4) | (3.8) | (5.2) |
| EUR/North Asia currencies | 109.1 | 203.1 | 359.1 | 7.0 | (4.3) | 4.6 |
| EUR/Latin America currencies | 51.6 | 54.8 | 54.7 | (2.6) | (3.1) | (1.3) |
| EUR/SSA currencies | 41.1 | 52.9 | 40.0 | (2.3) | (0.5) | (0.9) |
| Sale of EUR against foreign currencies | 156.0 | 58.4 | 231.8 | (4.2) | (0.2) | 1.2 |
| EUR/PLN | 86.8 | 26.7 | 8.5 | 0.2 | (0.9) | (1.6) |
| EUR/North Asia currencies | 39.2 | — | — | (4.7) | — | — |
| EUR/SAPMENA currencies | 20.7 | 16.0 | 30.9 | 0.2 | 0.5 | (0.4) |
| EUR/Europe currencies | 9.4 | 15.7 | 192.3 | 0.1 | 0.2 | 3.1 |
| Purchase of USD against foreign currencies | 819.9 | 821.0 | 870.2 | (11.3) | 33.9 | (3.5) |
| USD/SAPMENA currencies | 241.0 | 244.1 | 188.5 | (1.7) | 5.2 | (3.3) |
| USD/Latin America currencies | 184.6 | 192.6 | 193.3 | (9.2) | 15.7 | (1.1) |
| USD/SAR | 150.7 | 67.5 | 144.6 | (0.4) | — | 0.2 |
| USD/North Asia currencies | 141.3 | 189.3 | 284.4 | 0.7 | 7.6 | 1.3 |
| USD/North America currencies | 95.2 | 121.3 | 51.6 | (0.1) | 5.2 | (0.3) |
| USD/Other currencies | 7.1 | 6.2 | 7.8 | (0.5) | 0.2 | (0.3) |
| Sale of USD against foreign currencies | 719.1 | 1,226.8 | 1,501.0 | (1.7) | (32.6) | 12.7 |
| USD/SGD | 577.9 | 1,146.3 | 1,378.6 | (4.9) | (30.4) | 9.8 |
| USD/Other currencies | 141.2 | 80.5 | 122.4 | 3.2 | (2.2) | 2.8 |
| Other currency pairs | 749.8 | 789.8 | 772.4 | 7.1 | (7.3) | (8.7) |
| DKK/SEK | 85.9 | 95.4 | 76.8 | (2.7) | (0.8) | (3.1) |
| JPY/KRW | 89.6 | 50.9 | 46.6 | 3.1 | (2.1) | 1.3 |
| Other currency pairs | 574.2 | 643.6 | 648.9 | 6.8 | (4.5) | (6.9) |
| CURRENCY FUTURES TOTAL | 6,602.0 | 7,277.0 | 8,275.2 | 7.6 | (89.9) | 37.2 |
| Currency options | ||||||
| EUR/USD | — | 260.4 | — | — | 2.9 | — |
| CURRENCY OPTIONS TOTAL | — | 260.4 | — | — | 2.9 | — |
| Of which total options purchased | — | 260.4 | — | — | 2.9 | — |
| Other hedging elements | ||||||
| Cross Currency Swap | 3,372.9 | 1,554.1 | 1,620.1 | 34.3 | 4.8 | 13.5 |
| OTHER ELEMENTS TOTAL | 3,372.9 | 1,554.1 | 1,620.1 | 34.3 | 4.8 | 13.5 |
| TOTAL | 9,974.9 | 9,091.5 | 9,895.3 | 41.9 | (82.1) | 50.7 |
