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1. Introduction, basis of presentation of
the consolidated financial statements
(consolidated annual accounts) and other
information
a) Introduction
Banco Santander, S.A. ('the parent' or 'Banco Santander'), is a
private-law entity subject to the rules and regulations applicable to
banks operating in Spain , where it was constituted and currently
maintains its legal domicile, which is paseo de Pereda, numbers 9
to 12, 39004, Santander, Spain .
The principal headquarters of Banco Santander are located in
Ciudad Grupo Santander, Avenida Cantabria s/n, 28660, Boadilla
del Monte, Madrid, S pain.
The corporate purpose of Banco Santander, S.A. mainly entails
carrying out all kinds of activities, operations and services inherent
to the banking business in general and permitted by current
legislation, and the acquisition, holding, enjoyment and disposal of
all kinds of securities.
In addition to the operations carried on directly by it, Banco
Santander is the head of a group of subsidiaries that engage in
various business activities and which compose, together with it,
Grupo Santander ('Santander' or 'the Group'). Therefore, Banco
Santander is obliged to prepare, in addition to its own separate
financial statements, the Group's consolidated financial
statements, which also include the interests in joint ventures and
investments in associates.
At 31 December 2025, Grupo Santander consisted of 755
subsidiaries of Banco Santander, S.A. In addition, other 191
companies are associates of the Group, joint ventures or
companies of which the Group holds more than 5% (excluding the
Group companies of negligible interest with respect to the fair
presentation that the annual accounts must express).
Grupo Santander consolidated financial statements for 2023 were
approved by the shareholders at the group\u00b4s annual general
meeting on 22 March 2024. Grupo Santander consolidated
financial statements for 2024 were approved by the shareholders
at the group\u00b4s annual general meeting on 4 April 2025. The Group's
2025 consolidated financial statements, the financial statements
of the parent and of substantially all the Group companies have not
been approved yet by their shareholders at the respective annual
general meetings. However, Banco Santander board of directors
considers that the aforementioned financial statements will be
approved without any significant changes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1769": { "value": "Banco Santander, S.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1770": { "value": "Banco Santander, S.A.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1771": { "value": "Banco Santander, S.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1772": { "value": "private-law entity subject to the rules and regulations applicable to banks", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1773": { "value": "Spain", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1774": { "value": "Spain", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1775": { "value": "paseo de Pereda, numbers 9 to 12, 39004, Santander, Spain", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1776": { "value": "Ciudad Grupo Santander, Avenida Cantabria s/n, 28660, Boadilla del Monte, Madrid, S pain", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1777": { "value": "The corporate purpose of Banco Santander, S.A. mainly entails carrying out all kinds of activities, operations and services inherent to the banking business in general and permitted by current legislation, and the acquisition, holding, enjoyment and disposal of all kinds of securities.a) Name(s), activities and location Appendices I to III to the consolidated financial statements contain details of the companies operating in each jurisdiction, including their name(s), location and activities.Santander main activity in the jurisdictions where operate is commercial banking. The Group primarily operates in ten markets through subsidiaries that are autonomous in capital and liquidity. This has clear strategic and regulatory advantages, since it limits the risk of contagion between units, imposes a double layer of global and local oversight, and facilitates crisis management and resolution.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1778": { "value": "
Grupo Santander consolidated financial statements for 2023 were
approved by the shareholders at the group\u00b4s annual general
meeting on 22 March 2024. Grupo Santander consolidated
financial statements for 2024 were approved by the shareholders
at the group\u00b4s annual general meeting on 4 April 2025. The Group's
2025 consolidated financial statements, the financial statements
of the parent and of substantially all the Group companies have not
been approved yet by their shareholders at the respective annual
general meetings. However, Banco Santander board of directors
considers that the aforementioned financial statements will be
approved without any significant changes.
Grupo Santander consolidated financial statements for 2025 were
authorised by the Bank's directors (at the board meeting on 24
February 2026) in accordance with International Financial
Reporting Standards as adopted by the European Union and with
Bank of Spain circular 4/2017 and subsequent modifications, and
Spanish corporate and commercial law applicable to the Group,
using the basis of consolidation, accounting policies and
measurement bases set forth in note 2, accordingly, they present
fairly the Group's equity and financial position at 31 December
2025, 2024 and 2023 and the consolidated results of its operations
and the consolidated cash flows in 2025, 2024 and 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1779": { "value": "
b) Basis of presentation of the consolidated
financial statements
Under Regulation (EC) n.\u00ba 1606/2002 of the European Parliament
and of the Council of 19 July 2002 all companies governed by the
law of an EU Member State and whose securities are admitted to
trading on a regulated market of any Member State must prepare
their consolidated financial statements for the years beginning on
or after 1 January 2005 in conformity with the International
Financial Reporting Standards ('IFRS') previously adopted by the
European Union ('EU-IFRS').
In order to adapt the accounting system of Spanish credit
institutions with the principles and criteria established by the IFRS
adopted by the European Union ('EU-IFRS'), the Bank of Spain
published circular 4/2017, dated 27 November 2017, on Public and
Confidential Financial Reporting Standards and Financial
Statement Formats and the following regulations.
Particularly, during 2025 and 2023, the Bank of Spain published
Circulars 1/2025 of 19 December of 2025, and 1/2023 of 24
February of 2023, amending Circular 4/2017 of 27 November to
credit institutions on Public and Confidential Financial Reporting
Standards and Financial Statement Formats.
Grupo Santander consolidated financial statements for 2025 were
authorised by the Bank's directors (at the board meeting on 24
February 2026) in accordance with International Financial
Reporting Standards as adopted by the European Union and with
Bank of Spain circular 4/2017 and subsequent modifications, and
Spanish corporate and commercial law applicable to the Group,
using the basis of consolidation, accounting policies and
measurement bases set forth in note 2, accordingly, they present
fairly the Group's equity and financial position at 31 December
2025, 2024 and 2023 and the consolidated results of its operations
and the consolidated cash flows in 2025, 2024 and 2023. These
consolidated annual accounts have been prepared on the basis of
the accounting records held by Banco Santander and by each of the
other companies of the Group, and include the adjustments and
reclassifications required to standardise the accounting policies
and valuation criteria applied by Grupo Santander.
The notes to the consolidated financial statements contain
additional information to that presented in the consolidated
balance sheet, consolidated income statement, consolidated
statement of recognised income and expense, consolidated
statement of changes in total equity and consolidated statement of
cash flows. The notes provide, in a clear, relevant, reliable and
comparable manner, narrative descriptions and breakdowns of
these statements.
The figures of the consolidated annual accounts are presented in
millions of euros unless another alternative monetary unit is
indicated, rounded to the nearest million unit.
Adoption of new standards and interpretations issued
The following modifications came into force and were adopted by
the European Union in 2025 :
\u2022 IAS 21 Effects of changes in foreign currency exchange rates: IAS
21 established the requirements to apply when there is a
temporary lack of interchangeability between two currencies,
but did not give indications when this situation was not
temporary. Given this scenario, IAS 21 has been modified
establishing the criteria to identify these situations, specifying
how entities should estimate the spot exchange rate, the
methodologies and data to be considered, as well as the
associated disclosure requirements. This modification was
applied in advance by the Group on 31 December 2024. For more
information, see Note 2.a.iv.
The application of the aforementioned amendment to accounting
standards and interpretations did not have any material effects on
Grupo Santander consolidated financial statements.
Likewise, at the date of approval of these consolidated annual
accounts, the following standards which effectively came into
force have effective dates after 31 December 2025:
\u2022 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial
Instruments: Disclosures: (i) amendments to classification and
measurement requirements related to the assessment of
contractual cash flows of certain financial assets (with ESG
characteristics, non-recourse or contractually linked); (ii) an
accounting policy option for the derecognition of financial
liabilities settled through an electronic payment system is
included; (iii) the disclosure requirements related to equity
instruments designated at fair value through other
comprehensive income are amended; (iv) disclosure
requirements are included for financial instruments with
contingent characteristics that may modify their contractual cash
flows. These amendments will be applicable from 1 January
2026.
\u2022 Amendments to IFRS 9 and IFRS 7 -\u00a0 Nature-dependent electricity
contracts for electricity contracts dependent on energy sources
and susceptible to variations due to uncontrollable factors, such
as weather conditions, this modification: (i) clarifies the
application of the 'own use' requirements; (ii) allows hedge
accounting if these contracts were used as hedging instruments;
and, (iii) adds new filing requirements for greater clarity on the
impact of these contracts. These modifications will be applicable
form 1 January 2026.
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements,
which replaces IAS 1 Presentation of Financial Statements, (i)
improves the comparability of the income statement by defining
its structure into three categories (operating, investing, and
financing) and presenting defined subtotals, including operating
profit; (ii) breaks down in the financial statements certain
management-defined performance measures related to the
income statement; and (iii) improves the aggregation of
information for disclosure in the financial statements or notes.
The new standard will be applicable from 1 January 2027.
\u2022 Amendments to IFRS Improvement Cycle: introduces minor
amendments, effective from 1 January 2026, to the following
standards:
\u2022 IFRS 1 First-time Adoption of International Financial Reporting
Standards, for hedge accounting in first adoption.
\u2022 IFRS 7 Financial Instruments: Disclosures: updated references
and alignment with IFRS 13, as well as clarifications in the
Implementation Guidance.
\u2022 IFRS 9 Financial Instruments: amendment to apply
derecognition criteria to lease liabilities recorded by the lessee
and replacement of the term 'transaction price' with 'the
amount determined in accordance with IFRS 15'.
\u2022 IFRS10 Consolidated Financial Statements: Determining a 'de
facto agent'.
\u2022 IAS 7 Statement of Cashflows: replacing the term 'cost method'
with 'cost'.
Finally, at the date of approval of these consolidated annual
accounts, the following standards which effectively come into
force after 31 December 2025 had not yet been adopted by the
European Union:
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures:
this new standard works alongside other IFRS Accounting
Standards. An eligible subsidiary applies the requirements in
other IFRS Accounting Standards except for the disclosure
requirements and instead applies the reduced disclosure
requirements in IFRS 19. A subsidiary is eligible if: (i) it does not
have public accountability; and (ii) it has an ultimate or
intermediate parent that produces consolidated financial
statements available for public use that comply with IFRS
Accounting Standards. Applicable from 1 January 2027.
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures:
these new amendments help eligible subsidiaries reduce
disclosures related to IFRS standards and amendments issued
between February 2021 and May 2024. With these
amendments, IFRS 19 reflects the IFRS changes that will take
effect up to 1 January 2027, when IFRS 19 will become
applicable.
\u2022 Amendments to IAS 21 The effects of Changes in Foreign
Exchange Rates: Translation to a Hyperinflationary Presentation
Currency: establishes how to translate financial statements
when the presentation currency is subject to hyperinflation.
Requires converting all amounts, including comparatives, at the
closing exchange rates and restating them in accordance with IAS
29. Furthermore, introduces additional disclosures to enhance
comparability and reduce diversity in practice. Applicable from 1
January 2027, with early application permitted.
Grupo Santander is currently analyzing the possible effects of
these new standards and interpretations, and unless expressly
indicated otherwise, no significant impacts are expected from their
application.
During 2025, the Group completed the project to adapt its
accounting policies relating to hedging transactions to the hedge
accounting requirements set out in IFRS 9 (see Note 2.d.v). The
main impacts of this change on the accounting for hedging
relationships are primarily due to: (i) the mandatory separation of
the time value of options (when the hedged risk is the intrinsic
value); (ii) and the optional separation of the forward element of
foreign exchange forward contracts for all hedges, as well as (iii)
the separation of the foreign currency basis spread of a foreign
exchange derivative for each hedging relationship. The application
of these options to hedges designated before 31 December 2024
did not have a material impact on the Group's consolidated
statement of financial position or consolidated profit or loss.
All accounting policies and measurement bases with a material
effect on the consolidated financial statements for 2025 were
applied in the preparation of these consolidated annual accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1780": { "value": "
Grupo Santander consolidated financial statements for 2025 were
authorised by the Bank's directors (at the board meeting on 24
February 2026) in accordance with International Financial
Reporting Standards as adopted by the European Union and with
Bank of Spain circular 4/2017 and subsequent modifications, and
Spanish corporate and commercial law applicable to the Group,
using the basis of consolidation, accounting policies and
measurement bases set forth in note 2, accordingly, they present
fairly the Group's equity and financial position at 31 December
2025, 2024 and 2023 and the consolidated results of its operations
and the consolidated cash flows in 2025, 2024 and 2023. These
consolidated annual accounts have been prepared on the basis of
the accounting records held by Banco Santander and by each of the
other companies of the Group, and include the adjustments and
reclassifications required to standardise the accounting policies
and valuation criteria applied by Grupo Santander", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1782": { "value": "
Adoption of new standards and interpretations issued
The following modifications came into force and were adopted by
the European Union in 2025 :
\u2022 IAS 21 Effects of changes in foreign currency exchange rates: IAS
21 established the requirements to apply when there is a
temporary lack of interchangeability between two currencies,
but did not give indications when this situation was not
temporary. Given this scenario, IAS 21 has been modified
establishing the criteria to identify these situations, specifying
how entities should estimate the spot exchange rate, the
methodologies and data to be considered, as well as the
associated disclosure requirements. This modification was
applied in advance by the Group on 31 December 2024. For more
information, see Note 2.a.iv.
The application of the aforementioned amendment to accounting
standards and interpretations did not have any material effects on
Grupo Santander consolidated financial statements.
Likewise, at the date of approval of these consolidated annual
accounts, the following standards which effectively came into
force have effective dates after 31 December 2025:
\u2022 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial
Instruments: Disclosures: (i) amendments to classification and
measurement requirements related to the assessment of
contractual cash flows of certain financial assets (with ESG
characteristics, non-recourse or contractually linked); (ii) an
accounting policy option for the derecognition of financial
liabilities settled through an electronic payment system is
included; (iii) the disclosure requirements related to equity
instruments designated at fair value through other
comprehensive income are amended; (iv) disclosure
requirements are included for financial instruments with
contingent characteristics that may modify their contractual cash
flows. These amendments will be applicable from 1 January
2026.
\u2022 Amendments to IFRS 9 and IFRS 7 -\u00a0 Nature-dependent electricity
contracts for electricity contracts dependent on energy sources
and susceptible to variations due to uncontrollable factors, such
as weather conditions, this modification: (i) clarifies the
application of the 'own use' requirements; (ii) allows hedge
accounting if these contracts were used as hedging instruments;
and, (iii) adds new filing requirements for greater clarity on the
impact of these contracts. These modifications will be applicable
form 1 January 2026.
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements,
which replaces IAS 1 Presentation of Financial Statements, (i)
improves the comparability of the income statement by defining
its structure into three categories (operating, investing, and
financing) and presenting defined subtotals, including operating
profit; (ii) breaks down in the financial statements certain
management-defined performance measures related to the
income statement; and (iii) improves the aggregation of
information for disclosure in the financial statements or notes.
The new standard will be applicable from 1 January 2027.
\u2022 Amendments to IFRS Improvement Cycle: introduces minor
amendments, effective from 1 January 2026, to the following
standards:
\u2022 IFRS 1 First-time Adoption of International Financial Reporting
Standards, for hedge accounting in first adoption.
\u2022 IFRS 7 Financial Instruments: Disclosures: updated references
and alignment with IFRS 13, as well as clarifications in the
Implementation Guidance.
\u2022 IFRS 9 Financial Instruments: amendment to apply
derecognition criteria to lease liabilities recorded by the lessee
and replacement of the term 'transaction price' with 'the
amount determined in accordance with IFRS 15'.
\u2022 IFRS10 Consolidated Financial Statements: Determining a 'de
facto agent'.
\u2022 IAS 7 Statement of Cashflows: replacing the term 'cost method'
with 'cost'.
Finally, at the date of approval of these consolidated annual
accounts, the following standards which effectively come into
force after 31 December 2025 had not yet been adopted by the
European Union:
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures:
this new standard works alongside other IFRS Accounting
Standards. An eligible subsidiary applies the requirements in
other IFRS Accounting Standards except for the disclosure
requirements and instead applies the reduced disclosure
requirements in IFRS 19. A subsidiary is eligible if: (i) it does not
have public accountability; and (ii) it has an ultimate or
intermediate parent that produces consolidated financial
statements available for public use that comply with IFRS
Accounting Standards. Applicable from 1 January 2027.
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures:
these new amendments help eligible subsidiaries reduce
disclosures related to IFRS standards and amendments issued
between February 2021 and May 2024. With these
amendments, IFRS 19 reflects the IFRS changes that will take
effect up to 1 January 2027, when IFRS 19 will become
applicable.
\u2022 Amendments to IAS 21 The effects of Changes in Foreign
Exchange Rates: Translation to a Hyperinflationary Presentation
Currency: establishes how to translate financial statements
when the presentation currency is subject to hyperinflation.
Requires converting all amounts, including comparatives, at the
closing exchange rates and restating them in accordance with IAS
29. Furthermore, introduces additional disclosures to enhance
comparability and reduce diversity in practice. Applicable from 1
January 2027, with early application permitted.
Grupo Santander is currently analyzing the possible effects of
these new standards and interpretations, and unless expressly
indicated otherwise, no significant impacts are expected from their
application.
During 2025, the Group completed the project to adapt its
accounting policies relating to hedging transactions to the hedge
accounting requirements set out in IFRS 9 (see Note 2.d.v). The
main impacts of this change on the accounting for hedging
relationships are primarily due to: (i) the mandatory separation of
the time value of options (when the hedged risk is the intrinsic
value); (ii) and the optional separation of the forward element of
foreign exchange forward contracts for all hedges, as well as (iii)
the separation of the foreign currency basis spread of a foreign
exchange derivative for each hedging relationship. The application
of these options to hedges designated before 31 December 2024
did not have a material impact on the Group's consolidated
statement of financial position or consolidated profit or loss.
All accounting policies and measurement bases with a material
effect on the consolidated financial statements for 2025 were
applied in the preparation of these consolidated annual accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1781": { "value": "
Adoption of new standards and interpretations issued
The following modifications came into force and were adopted by
the European Union in 2025 :
\u2022 IAS 21 Effects of changes in foreign currency exchange rates: IAS
21 established the requirements to apply when there is a
temporary lack of interchangeability between two currencies,
but did not give indications when this situation was not
temporary. Given this scenario, IAS 21 has been modified
establishing the criteria to identify these situations, specifying
how entities should estimate the spot exchange rate, the
methodologies and data to be considered, as well as the
associated disclosure requirements. This modification was
applied in advance by the Group on 31 December 2024. For more
information, see Note 2.a.iv.
The application of the aforementioned amendment to accounting
standards and interpretations did not have any material effects on
Grupo Santander consolidated financial statements.
Likewise, at the date of approval of these consolidated annual
accounts, the following standards which effectively came into
force have effective dates after 31 December 2025:
\u2022 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial
Instruments: Disclosures: (i) amendments to classification and
measurement requirements related to the assessment of
contractual cash flows of certain financial assets (with ESG
characteristics, non-recourse or contractually linked); (ii) an
accounting policy option for the derecognition of financial
liabilities settled through an electronic payment system is
included; (iii) the disclosure requirements related to equity
instruments designated at fair value through other
comprehensive income are amended; (iv) disclosure
requirements are included for financial instruments with
contingent characteristics that may modify their contractual cash
flows. These amendments will be applicable from 1 January
2026.
\u2022 Amendments to IFRS 9 and IFRS 7 -\u00a0 Nature-dependent electricity
contracts for electricity contracts dependent on energy sources
and susceptible to variations due to uncontrollable factors, such
as weather conditions, this modification: (i) clarifies the
application of the 'own use' requirements; (ii) allows hedge
accounting if these contracts were used as hedging instruments;
and, (iii) adds new filing requirements for greater clarity on the
impact of these contracts. These modifications will be applicable
form 1 January 2026.
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements,
which replaces IAS 1 Presentation of Financial Statements, (i)
improves the comparability of the income statement by defining
its structure into three categories (operating, investing, and
financing) and presenting defined subtotals, including operating
profit; (ii) breaks down in the financial statements certain
management-defined performance measures related to the
income statement; and (iii) improves the aggregation of
information for disclosure in the financial statements or notes.
The new standard will be applicable from 1 January 2027.
\u2022 Amendments to IFRS Improvement Cycle: introduces minor
amendments, effective from 1 January 2026, to the following
standards:
\u2022 IFRS 1 First-time Adoption of International Financial Reporting
Standards, for hedge accounting in first adoption.
\u2022 IFRS 7 Financial Instruments: Disclosures: updated references
and alignment with IFRS 13, as well as clarifications in the
Implementation Guidance.
\u2022 IFRS 9 Financial Instruments: amendment to apply
derecognition criteria to lease liabilities recorded by the lessee
and replacement of the term 'transaction price' with 'the
amount determined in accordance with IFRS 15'.
\u2022 IFRS10 Consolidated Financial Statements: Determining a 'de
facto agent'.
\u2022 IAS 7 Statement of Cashflows: replacing the term 'cost method'
with 'cost'.
Finally, at the date of approval of these consolidated annual
accounts, the following standards which effectively come into
force after 31 December 2025 had not yet been adopted by the
European Union:
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures:
this new standard works alongside other IFRS Accounting
Standards. An eligible subsidiary applies the requirements in
other IFRS Accounting Standards except for the disclosure
requirements and instead applies the reduced disclosure
requirements in IFRS 19. A subsidiary is eligible if: (i) it does not
have public accountability; and (ii) it has an ultimate or
intermediate parent that produces consolidated financial
statements available for public use that comply with IFRS
Accounting Standards. Applicable from 1 January 2027.
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures:
these new amendments help eligible subsidiaries reduce
disclosures related to IFRS standards and amendments issued
between February 2021 and May 2024. With these
amendments, IFRS 19 reflects the IFRS changes that will take
effect up to 1 January 2027, when IFRS 19 will become
applicable.
\u2022 Amendments to IAS 21 The effects of Changes in Foreign
Exchange Rates: Translation to a Hyperinflationary Presentation
Currency: establishes how to translate financial statements
when the presentation currency is subject to hyperinflation.
Requires converting all amounts, including comparatives, at the
closing exchange rates and restating them in accordance with IAS
29. Furthermore, introduces additional disclosures to enhance
comparability and reduce diversity in practice. Applicable from 1
January 2027, with early application permitted.
Grupo Santander is currently analyzing the possible effects of
these new standards and interpretations, and unless expressly
indicated otherwise, no significant impacts are expected from their
application.
During 2025, the Group completed the project to adapt its
accounting policies relating to hedging transactions to the hedge
accounting requirements set out in IFRS 9 (see Note 2.d.v). The
main impacts of this change on the accounting for hedging
relationships are primarily due to: (i) the mandatory separation of
the time value of options (when the hedged risk is the intrinsic
value); (ii) and the optional separation of the forward element of
foreign exchange forward contracts for all hedges, as well as (iii)
the separation of the foreign currency basis spread of a foreign
exchange derivative for each hedging relationship. The application
of these options to hedges designated before 31 December 2024
did not have a material impact on the Group's consolidated
statement of financial position or consolidated profit or loss.
All accounting policies and measurement bases with a material
effect on the consolidated financial statements for 2025 were
applied in the preparation of these consolidated annual accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1783": { "value": "
c) Use of accounting estimates
The consolidated results and the determination of consolidated
equity are sensitive to the accounting policies, measurement bases
and estimates used by Banco Santander in preparing the
consolidated financial statements.
The main accounting policies and measurement bases are set forth
in note 2.
In the consolidated financial statements estimates were
occasionally made by the senior management of Grupo Santander
in order to quantify certain of the assets, liabilities, income,
expenses and obligations reported herein. These estimates, which
were made on the basis of the best information available, relate
basically to the following:
\u2022 The impairment losses on certain assets: it applies to financial
assets at fair value through other comprehensive income,
financial assets at amortised cost, non-current assets held for
sale, investments, tangible assets and intangible assets (see
Notes 6, 7, 10, 12, 13, 16, 17, 18 and 54).
\u2022 The assumptions used in the actuarial calculation of the post-
employment benefit liabilities and commitments and other
obligations (see Note 25).
\u2022 The useful life of the tangible and intangible assets (see Notes 16
and 18).
\u2022 The measurement of the impairment in goodwill arising on
consolidation (see Note 17).
\u2022 The calculation of provisions and the consideration of contingent
liabilities (see Note 25).
\u2022 The fair value of certain unquoted assets and liabilities (see
Notes 6, 7, 8, 9, 10, 11, 20, 21 and 22).
\u2022 The recoverability of deferred tax assets (see Note 27).
\u2022 The fair value of the identifiable assets acquired and the
liabilities assumed in business combinations in accordance with
IFRS 3 (see Note 17).
\u2022 The measurement of assets under reinsurance contracts and
liabilities under insurance contracts (see Note 15).
To update the previous estimates, the Group's management has
taken into account the current macroeconomic scenario,
characterized by persistent geopolitical tensions and changing
financial conditions, as well as the evolution of monetary and fiscal
policies in major economies. The analysis also considers
developments in interest rates, credit spreads, and currency
movements, along with labor market trends in the geographies
where the Group operates.
The Group's management has evaluated in particular the
uncertainties caused by the current environment in relation to
credit risk, maintaining active oversight of clients in geographies
and sectors more exposed to international trade tensions, global
geopolitical uncertainty and the impact of public debt containment
policies or fiscal stimulus measures, liquidity and market risks,
taking into account the best available information, to estimate the
impact on the credit portfolio's impairment provision, and in the
debt instruments' interest rates and valuation, developing in the
notes the main estimates made during the period ended December
31, 2025 (see notes 10, 17, 50 and 54).
Although these estimates have been made on the basis of the best
information available at the end of the year 2025, and considering
information updated at the date of preparation of these
consolidated annual accounts, it is possible that events that may
take place in the future may make it necessary to modify them
(upwards or downwards) in the coming years, which would be
done, if appropriate, in a prospective manner, recognising the
effects of the change in estimate in the corresponding consolidated
income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1784": { "value": "To update the previous estimates, the Group's management has taken into account the current macroeconomic scenario, characterized by persistent geopolitical tensions and changing financial conditions, as well as the evolution of monetary and fiscal policies in major economies. The analysis also considers developments in interest rates, credit spreads, and currency movements, along with labor market trends in the geographies where the Group operates. The Group's management has evaluated in particular the uncertainties caused by the current environment in relation to credit risk, maintaining active oversight of clients in geographies and sectors more exposed to international trade tensions, global geopolitical uncertainty and the impact of public debt containment policies or fiscal stimulus measures, liquidity and market risks, taking into account the best available information, to estimate the impact on the credit portfolio's impairment provision, and in the debt instruments' interest rates and valuation, developing in the notes the main estimates made during the period ended December 31, 2025 (see notes 10, 17, 50 and 54). Although these estimates have been made on the basis of the best information available at the end of the year 2025, and considering information updated at the date of preparation of these consolidated annual accounts, it is possible that events that may take place in the future may make it necessary to modify them (upwards or downwards) in the coming years, which would be done, if appropriate, in a prospective manner, recognising the effects of the change in estimate in the corresponding consolidated income statement.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1785": { "value": "
d) Information relating to 2024 and 2023
The information contained in the consolidated financial statements
for the financial years 2024 and 2023 was prepared with the
standards in force in said years, and exclusively for comparative
purposes with the information relating to the year ended 31
December 2025 .
The information in the consolidated income statement from 2024
and 2023 has been restated, as a result of the agreement for the
sale of Santander Bank Polska S.A. by Grupo Santander, as required
by IFRS 5 (see, mainly, Notes 3 and 37, as well as the rest of the
notes of the profit and loss account).
Additionally, the segment information corresponding to the years
ended 31 December 2024 and 2023 has been restated, in
accordance with the changes in the segments' composition of
Grupo Santander, as required by IFRS 8 (see note 52).
In order to interpret the changes in the balances with respect to 31
December 2025 , it is necessary to take into consideration the
exchange rate effect arising from the volume of foreign currency
balances held by Grupo Santander in view of its geographic
diversity (see note 52.b) and the impact of the appreciation/
depreciation of the various currencies against the euro in 2025,
based on the exchange rates at the end of 2025 : Mexican peso
(2.05%), US dollar (-11.62%), Brazilian real (-0.47%), Argentinian
peso (-37.23%), Sterling pound (-4.99% ), Chilean peso (-2.57%),
and Polish zloty (1.30%); as well as the evolution of the
comparable average rates: Mexican peso (-8.95%), US dollar
(-4.15% ), Brazilian real (-7.86%), Sterling pound (-1.20% ), Chilean
peso (-4.90%) and Polish zloty (1.56%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1786": { "value": "
e) Capital management
i. Regulatory and economic capital
Credit institutions must comply with a set of minimum capital and
liquidity requirements. These minimum requirements are
regulated by the European Capital Requirements Regulation (CRR),
which is directly applicable within the Spanish legal framework,
and by the Capital Requirements Directive (CRD).
On 19 June 2024, the final texts of the update to the banking
package were published in the Official Journal of the European
Union: Regulation (EU) 2024/1623 (hereinafter, CRR 3), which
amends the CRR with regard to requirements for credit risk, credit
valuation adjustment risk, operational risk, market risk and the
floor on risk-weighted assets (known as the output floor), as well
as Directive (EU) 2024/1619 (hereinafter, CRD VI), which amends
the CRD as regards supervisory powers, sanctions, third-country
branches, and environmental, social and governance risks.
The update to the banking package aims, on the one hand, to
implement the final Basel III reforms and, on the other, to
strengthen the harmonisation of banking supervision within the
European Union (EU).
CRR 3, applicable since 1 January 2025, introduce greater risk
sensitivity into standardised approaches, reduce the variability of
risk-weighted assets among banks using internal models to
calculate capital requirements, and enhance comparability across
banks.
Under CRD VI, the ambition to achieve more robust supervision and
to safeguard financial stability is reflected in a set of rules affecting
fit-and-proper requirements, an extended scope resulting from the
revision of certain definitions, and new provisions regarding the
establishment of third-country branches in the EU, with the aim of
achieving greater regulatory harmonisation and improved
supervision of this type of entity.
Although most CRR 3 provisions apply since 1 January 2025, for
certain provisions the regulator has established a gradual
implementation (phase-in) period until 2030 in order to give the
industry sufficient time to build up the capital required to meet the
requirements on a fully loaded basis.
Regarding Market Risk, the European Commission and the
European Parliament have approved an additional 12-month delay
to the entry into force of the new market risk capital framework, or
FRTB, until 1 January 2027. Beyond this date, the CRR 3 does not
allow for any further delay, as postponements are limited to two
years. This delay also covers other provisions, such as the
separation between the trading book and the banking book, the
internal risk transfer regime, etc.
The CRR 3/CRD VI package contains 140 mandates for the EBA to
develop Level 2 or Level 3 legislation (regulatory technical
standards, implementing technical standards and guidelines\u2014RTS,
ITS and GL, for their acronyms) and to issue opinions and reports to
further specify certain aspects of the regulation. In this context, the
EBA published its roadmap (EBA Roadmap) at the end of 2023,
structuring the implementation of the banking package around
four sequential phases, under which the authority will address the
various mandates in an orderly manner based on their latest legal
application dates (up to four years after the entry into force of CRR
3 and CRD VI). In addition, at the end of 2024, the EBA published its
2025 work programme, setting out the guidelines for addressing
these mandates during the year. This has resulted in the
publication of various consultations throughout the year on RTS,
ITS and Guidelines, such as, for example:
\u2013 Regulatory Technical Standards (RTS) on off-balance-sheet
exposures and unconditionally cancellable commitments
\u2013 Regulatory Technical Standards (RTS) on material changes to
IRB models and model extensions
\u2013 Revision of the Guidelines on the revised definition of default
\u2013 Regulatory Technical Standards (RTS) and Implementing
Technical Standards (ITS) on operational risk
In its 2025 Work Programme, the EBA undertook, among other
initiatives, the revision of the SREP Guidelines, the consultation for
which was published on 24 October, with the aim of updating them
based on three pillars: legislative changes (CRR 3 and CRD VI,
IRRBB/CSRBB, DORA, etc.), lessons learned, and structural changes
intended to improve the usability of the Guidelines. The
consultation period was set to run until early February 2026, and
following the conclusion of the consultation process, the
Guidelines are expected to enter into force on 1 January 2027.
On 28 July 2025, the ECB published a revised version of its Guide to
Internal Models, with the objective of reflecting the regulatory
changes introduced by CRR 3 in relation to internal models for
credit, counterparty credit and market risk; clarifying supervisory
expectations for internal models that make use of machine
learning; and enhancing transparency and supervisory
harmonisation. This revision builds on the experience accumulated
by the ECB since the first publication of the Guide in 2019.
On 25 July 2025, the ECB also published the final Guide on Options
and Discretions, following a consultation process launched in
November 2024. The Guide introduces clarifications and
adjustments to the treatment of market risk and operational risk,
as well as to the conditions under which minority interests may be
included in group capital, among other aspects.
Regarding resolution regulation, institutions are required to
maintain an adequate funding structure to ensure that, in the event
of financial distress, they hold sufficient liabilities to absorb losses
and either restore viability or be resolved while safeguarding
depositor protection and financial stability. To this end, global
systemically important institutions are subject to minimum loss-
absorbing capacity requirements, namely Total Loss-Absorbing
Capacity (TLAC) and the Minimum Requirement for own funds and
Eligible Liabilities (MREL), as regulated under CRR 3 and the Bank
Recovery and Resolution Directive (BRRD).
On 25 October 2022, a regulation on the prudential treatment of
global systemically important institutions was published,
amending both the CRR and the BRRD with respect to the
prudential treatment of G-SIBs with a multiple point of entry (MPE)
resolution strategy, as well as the methods for the indirect
subscription of eligible instruments (daisy chains) for the purpose
of meeting MREL requirements. This regulation, known as the
Resolution 'Quick Fix', pursues two main objectives:
\u2022 The inclusion in the BRRD and CRR 3 of references to third-
country subsidiaries allowing for adjustments to the deduction
for holdings of TLAC instruments issued by such subsidiaries,
based on excess TLAC/MREL at subsidiary level, as well as
adjustments in cases where the aggregate own funds and
eligible liabilities requirements of a G-SIB under an MPE strategy
exceed the theoretical requirements of the same group under a
single point of entry (SPE) strategy. This adjustment is therefore
based on a comparison between the two possible resolution
strategies.
\u2022 The introduction of a deduction regime for holdings of MREL
instruments through entities within the same resolution group
other than the resolution entity. The Regulation establishes a
deduction at the level of the intermediate entity within the daisy
chain that repurchases the instruments. As a result, the
intermediate entity is required to issue an equivalent amount,
thereby transferring internal MREL needs to the resolution entity,
which will cover them with external MREL.
In this context, in 2025 the EBA published the Final Report on the
draft Implementing Technical Standards (ITS) on resolution
planning, aimed at further harmonising reporting requirements.
Regarding Deposit Guarantee Schemes (DGS), these are regulated
under the Deposit Guarantee Schemes Directive (DGSD), which has
not undergone substantial amendments since its publication in
2014. The Directive aims to harmonise DGS across Member States
to ensure stability and consistency across countries. It establishes
an appropriate framework to improve depositor access to DGS
through a clear scope of coverage, short repayment periods,
enhanced information, and robust funding requirements. The
Directive has been transposed into Spanish law through Royal
Decree 2606/1996, as amended by Royal Decree 1041/2021.
To ensure the protection of depositors, DGS collect financial
resources through contributions from their members, which must
be paid at least annually. These annual contributions are
determined based on the number of covered deposits and the risk
profile of the institutions affiliated with the DGS. The methodology
for calculating contributions is set out in the EBA Guidelines (EBA/
GL/2023/02).
In June 2025, the Council and the European Parliament reached a
political agreement, which still needs to be finalized at a technical
level as a prerequisite for its final formal approval.
Within the sustainability field from a prudential perspective, the
implementation of the CRR 3/CRD VI package has progressed,
introducing specific requirements to integrate environmental,
social and governance (ESG) risks into the prudential framework.
With the aim of assessing whether a specific prudential treatment
is warranted, the CRR establishes three mandates: to assess the
availability of ESG risk data; to evaluate the effective risk profile of
exposures affected by environmental or social factors; and to
analyse the potential effects on financial stability of differentiated
prudential treatment, with a view to possible legislative proposals
by 31 December 2026.
In addition, the CRR 3/CRD VI package introduces disclosure
requirements on ESG risks, reporting of ESG risk exposures to
competent authorities, and an obligation for institutions to develop
specific plans for managing financial risks arising from ESG factors,
including those related to transition trends.
In this context, the EBA published in January 2025 the Guidelines
on the Management of ESG Risks, fulfilling the CRD VI mandate to
structurally integrate ESG risks into the European prudential
framework. These Guidelines set out minimum standards and
reference methodologies for the identification, measurement,
management and monitoring of ESG risks, as well as their proper
integration into internal governance processes, risk appetite
frameworks and strategic planning. The Guidelines also specify
minimum requirements for the development of transition plans,
which must include metrics, quantifiable targets and time-bound
milestones aligned with institutions\u2019 sustainability strategies and
prudential requirements. Their application will be mandatory from
11 January 2026, consolidating a prudential framework that
strengthens the systematic consideration of ESG risks in
supervisory and risk management processes.
At the international level, the Basel Committee on Banking
Supervision (BCBS) has continued to advance work on ESG-related
standards. In June 2025, the Committee published a voluntary
framework for the disclosure of climate-related financial risks,
aimed at guiding internationally active banks in the provision of
qualitative and quantitative information on their exposures to
physical and transition risks. The framework acknowledges the still
nascent state of climate data availability, consistency and quality,
and therefore adopts a flexible approach that allows for the use of
different metrics and methodologies. While its adoption will
depend on jurisdictional decisions, the Committee considers this
framework an important step towards enhancing transparency and
international comparability of climate risk disclosures and intends
to monitor its implementation with a view to potential future
revisions.
In the digital field, due to the increase in international crypto assets
activities, the EU is moving forward with the integration of Basel
standards on crypto-assets through the mandate set out in CRR 3,
which will enable the establishment of a harmonised prudential
treatment once the legislative process is completed. In fulfilment
of the CRR 3 mandate, the EBA has finalised and published the
draft Regulatory Technical Standards (RTS) applicable to the
calculation of own funds requirements for crypto-asset exposures.
At 31 December 2025 Grupo Santander met the minimum capital
requirements established by current legislation (see note 54.d).
Additionally, it should be noted that the Group has filed an appeal
with the Court of Justice of the European Union (CJEU) requesting
the annulment of a decision by the European Central Bank (ECB)
related to the treatment of deferred tax assets generated at Banco
Santander Brasil, which, if resolved favourably, would have a
positive impact of approximately 20 basis points on the Group's
CET1, using the amounts at the end of the year.
d)\u00a0Capital risk
The second line of defence can independently challenge business
and first-line activities by:
\u2022 Supervising capital planning and adequacy exercises through a
review of the main components affecting the capital ratios.
\u2022 Identifying key metrics to calculate the Group\u2019s regulatory
capital, setting tolerance levels and analysing significant
variations, as well as single transactions with impact on capital.
\u2022 Reviewing and challenging the execution of capital actions
proposed in line with capital planning and risk appetite.
Grupo Santander commands a sound solvency position, above the
levels required by regulators and by the European Central bank.
Regulatory capital
At 31 December 2025, at a consolidated level, the Group must
main tain a minimum capital ratio of 9.84% of CET1 ( 4.50% being
the requirement for Pillar I, 0.98% being the requirement for Pillar
2R (requirement), 2.50% being the requirement for capital
conservation\u00a0buffer, 1.25% being the requirement for global
systemically entity (D-SIB), 0.55% being the requirement for anti-
cyclical capital buffer) and a systemic risk requirement of 0.05%
Grupo Santander must also maintain a minimum capital ratio of
11.66% of tier 1 and a minimum total ratio of 14.10%.
In 2025, the solvency target set was achieved. Santander\u2019s CET1
ratio stood at 13.46% 1 at the close of the\u00a0year, demonstrating its
organic capacity to generate capital. The key regulatory capital
figures are indicated below:
Reconciliation of accounting capital with regulatory capital
EUR million
2025
2024
2023
Subscribed capital
7,345
7,576
8,092
Share premium account
36,792
40,079
44,373
Reserves
84,700
76,568
69,278
Treasury shares
(96)
(68)
(1,078)
Attributable profit
14,101
12,574
11,076
Approved dividendC
(1,698)
(1,532)
(1,298)
Shareholders\u2019 equity on public
balance sheet
141,144
135,197
130,443
Valuation adjustments
(37,973)
(36,596)
(35,020)
Non-controlling interests
9,578
8,726
8,818
Total Equity on public balance sheet
112,748
107,327
104,241
Goodwill and intangible assets
(15,037)
(16,098)
(17,313)
Eligible preference shares and
participating securities
9,645
10,371
9,002
Accrued dividendC
(1,827)
(1,611)
(1,471)
Other adjustmentsA
(11,146)
(9,817)
(8,717)
Tier 1B
94,383
90,172
85,742
A. Fundamentally for non-computable non-controlling interests and deductions
and reasonable filters in compliance with CRR.
B. Figures calculated by applying the transitional provisions of CRR 3 .
C. Assumes 25% of underlying profit, see note 4.a for proposed distribution of
results.
Note: Certain figures presented in this capital note have been rounded for ease of
presentation. Consequently, the amounts corresponding to the rows or columns of
totals in the tables presented in this note may not coincide with the arithmetic
sum of the concepts or items that make up the total.
1 Data calculated applying the transitional provisions of CRR 3.
The following table shows the capital coefficients and a detail of
the eligible internal resources of the Group:
Capital coefficients
EUR million
2025
2024
2023
Level 1 ordinary eligible capital
(EUR million)
84,739
79,800
76,741
Level 1 additional eligible capital
(EUR million)
9,645
10,371
9,002
Level 2 eligible capital (EUR million)
17,460
18,418
16,497
Risk-weighted assets (EUR million)
629,430
624,503
623,731
Level 1 ordinary capital coefficient
(CET 1)
13.46%
12.78%
12.30%
Level 1 additional capital
coefficient (AT1)
1.53%
1.66%
1.45%
Level 1 capital coefficient (TIER1)
15.00%
14.44%
13.75%
Level 2 capital coefficient (TIER 2)
2.77%
2.95%
2.64%
Total capital coefficient
17.77%
17.39%
16.39%
Eligible\u00a0capital
EUR million
2025
2024
2023
Eligible\u00a0capital
Common Equity Tier I
84,739
79,800
76,741
Capital
7,345
7,576
8,092
(-) Treasure shares and own shares
financed
(1,892)
(1,694)
(2,847)
Share Premium
36,792
40,079
44,373
Reserves
84,663
76,608
68,721
Other retained earnings
(39,918)
(38,617)
(35,038)
Minority interests
9,037
8,479
6,899
Profit net of dividends
10,576
9,431
8,307
Deductions
(21,863)
(22,061)
(21,766)
Goodwill and intangible assets
(15,037)
(15,957)
(17,220)
\u00a0 Others
(6,826)
(6,104)
(4,546)
Additional Tier I
9,645
10,371
9,002
Eligible instruments AT1
8,937
9,725
8,461
AT1-excesses-subsidiaries
708
645
541
Tier II
17,460
18,418
16,497
Eligible instruments T2
17,754
18,869
17,101
Excess IRB provision on PE
\u2014
\u2014
76
T2-excesses -\u00a0subsidiaries
(294)
(450)
(680)
Total eligible capital
111,845
108,589
102,240
Note: Banco Santander, S.A. and its affiliates had not taken part in any State aid
programmes.
Leverage ratio
Basel III established the leverage ratio as a non-risk sensitive
measure aimed at limiting excessive balance sheet growth relative
to available capital.
The Group performs the calculation in accordance with Regulation
(EU) 2019/876 of 20 May 2019 amending Regulation (EU) No
575/2013 as regards the leverage ratio.
This ratio is calculated as tier\u00a01 capital divided by leverage
exposure. Exposure is calculated as the sum of the following items:
\u2022 Accounting assets, excluding derivatives and items treated as
deductions from tier\u00a01 capital (for example, the balance of loans
is included, but not that of goodwill) further excluding the
exposures referred to in Article 429.a (1) of the regulation.
\u2022 Off-balance-sheet items (mainly guarantees, unused credit limits
granted and documentary credits) weighted using credit
conversion factors.
\u2022 Inclusion of net value of derivatives (gains and losses are netted
with the same counterparty, minus collaterals if they comply
with certain criteria) plus a charge for the future potential
exposure.
\u2022 A charge for the potential risk of security funding transactions.
\u2022 Lastly, it includes a charge for the risk of credit derivative swaps
(CDS).
With the publication of Regulation (EU) 2019/876 of 20 May, 2019,
amending Regulation (EU) n.\u00ba 575/2013 as regards the leverage
ratio, the final calibration of the ratio is set at 3% for all entities
and, for systemic entities G-SIB, is established an additional
surcharge which would be 50% of the cushion ratio applicable to
the EISM, applicable from January 2023. In addition, modifications
are included in its calculation, including the exclusion of certain
exposures from the total exposure measure: public loans when
exceptional circumstances arise, public loans, transfer loans and
officially guaranteed export credits, transfer loans and officially
guaranteed export credits.
EUR million
2025
2024
2023
Leverage
Level 1 Capital
94,385
90,170
85,742
Exposure
1,924,349
1,885,572
1,826,922
Leverage Ratio
4.90%
4.78%
4.69%
Global systemically important banks
Grupo Santander is one of 29 banks designated as global
systemically important banks (G-SIBs).
The designation as a globally systemic entity comes from a
measurement established by the regulators (FSB and BCBS) that
they have implemented based on five indicators (size,
interjurisdictional activity, interconnection with other financial
entities, substitutability and complexity). The list uses data as of
the end of 2024 and is based on a methodology agreed in July
2018 and implemented for the first time in the assessment of G-
SIBs as of the end of 2021, incorporating, among other things, an
additional score considering the Member States of the SRM as a
single jurisdiction.
This definition means it has to fulfil certain additional
requirements, which consist mainly of a capital buffer (1%), in
TLAC requirements (total loss absorbing capacity), that Grupo
Santander has to publish relevant information more frequently
than other banks, greater regulatory requirements for internal
control bodies, special supervision and drawing up of special
reports to be submitted to supervisors.
Additionally, Grupo Santander appears both on the list of global
systemic entities and on the list of domestic systemic entities. Bank
of Spain, based on rule 23 of Circular 2/2016, requires the
application of the highest of the two corresponding buffers, in the
case of Grupo Santander being the domestic one, 1.25%, a
surcharge payable by 2025.
The fact that Grupo Santander has to comply with these
requirements makes it a more solid bank than its domestic rivals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1788": { "value": "
f) Environmental impact
In view of the business activities carried on by the Group entities,
the Group does not have any environmental liability, expenses,
assets, provisions or contingencies that might be material with
respect to its consolidated equity, financial position or results (see
note 54.a).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1787": { "value": "
f) Environmental impact
In view of the business activities carried on by the Group entities,
the Group does not have any environmental liability, expenses,
assets, provisions or contingencies that might be material with
respect to its consolidated equity, financial position or results (see
note 54.a).
2. Accounting policies
The accounting policies applied in preparing the consolidated
financial statements were as follows:
a) Foreign currency transactions
i. Presentation currency
Banco Santander\u2019s functional and presentation currency is the
euro. Also, the presentation currency of the Group is the euro.
ii. Translation of foreign currency balances
Foreign currency balances are translated to euros in two
consecutive stages:
\u2022 Translation of foreign currency to the functional currency
(currency of the main economic environment in which the entity
operates).
\u2022 Translation to euros of the balances held in the functional
currencies of entities whose functional currency is not the euro.
Translation of foreign currency to the functional currency
Foreign currency transactions performed by consolidated entities
(or entities accounted for using the equity method) not located in
European Monetary Union ('EMU') countries are initially recognised
in their respective currencies. Monetary items in foreign currency
are subsequently translated to their functional currencies using the
closing rate.
Furthermore:
\u2022 Non-monetary items measured at historical cost are translated
to the functional currency at the exchange rate at the date of
acquisition.
\u2022 Non-monetary items measured at fair value are translated at the
exchange rate at the date when the fair value was determined.
\u2022 Income and expenses are translated at the average exchange
rates for the\u00a0year for all the transactions performed during
the\u00a0year. When applying this criterion, the Group considers
whether there have been significant changes in the exchange
rates in the\u00a0year which, in view of their materiality with respect
to the consolidated financial statements taken as a whole, would
make it necessary to use the exchange rates at the transaction
date rather than the aforementioned average exchange rates.
\u2022 The balances arising from non-hedging forward foreign
currency/foreign currency and foreign currency/euro purchase
and sale transactions are translated at the closing rates
prevailing in the forward foreign currency market for the related
maturity.
Translation of functional currencies to euros
The balances in the financial statements of consolidated entities
(or entities accounted for using the equity method) whose
functional currency is not the euro are translated to euros as
follows:
- Assets and liabilities, at the closing rates.
- Income and expenses, at the average exchange rates for
the\u00a0year.
- Equity items, at the historical exchange rates.
iii. Recognition of exchange differences
The exchange differences arising on the translation of foreign
currency balances to the functional currency are generally
recognised at their net amount under 'Exchange differences, net' in
the consolidated income statement, except for exchange
differences arising on financial instruments at fair value through
profit or loss, which are recognised in the consolidated income
statement without distinguishing them from other changes in fair
value, and for exchange differences arising on non-monetary items
measured at fair value through equity, which are recognised under
'Other comprehensive income\u2013Items that may be reclassified to
profit or loss\u2013Exchange differences' except for exchange
differences on equity instruments, where the option to irrevocably
elect to be measured at fair value through changes in accumulated
other comprehensive income, which are recognised in accumulated
'Other Comprehensive Income - Items not to be reclassified to
profit or loss - Changes in fair value of equity instruments
measured at fair value' through other comprehensive income (see
note 29).
The exchange differences arising on the translation to euros of the
financial statements denominated in functional currencies other
than the euro are recognised in 'Other comprehensive income\u2013
Items that may be reclassified to profit or loss\u2013Exchange
differences' in the consolidated balance sheet, whereas those
arising on the translation to euros of the financial statements of
entities accounted for using the equity method are recognised in
equity under 'Other comprehensive income\u2013Items that may be
reclassified to profit or loss and Items not reclassified to profit or
loss\u2013Other recognised income and expense' of investments in
subsidiaries, joint ventures and associates (see note 29), until the
related item is derecognised, at which time they are recognised in
profit or loss.
Exchange differences arising on actuarial gains or losses when
converting to euros the financial statements denominated in the
functional currencies of entities whose functional currency is
different from the euro are recognised under equity 'Other
comprehensive income\u2013Items not reclassified to profit or loss\u2013
Actuarial gains or (-) losses' on defined benefit pension plans (see
note 29).
iv. Entities located in hyperinflationary economies
When a subsidiary operates in a country with hyperinflationary
economy, IAS 29 Financial Information in Hyperinflationary
Economies is applied, which means that:
\u2013 Historical cost of non-monetary assets and liabilities and of
the various items of equity have to be adjusted to reflect the
changes in the purchasing power of the currency due to
inflation from their date of acquisition or incorporation into
the consolidated balance sheet.
\u2013 The different items of the income statement are adjusted by
the inflationary index since their generation, with a balancing
entry in 'Other comprehensive income'.
\u2013 The loss on the net monetary position is recorded in the
income for the year against 'Accumulated Other
comprehensive income'.
\u2013 All components of the financial statements of the subsidiary
are translated at the closing exchange rate.
The deterioration of the economic situation in Argentina over the
last years caused, among other impacts, a significant increase in
inflation, which by the end of 2018 had reached 48% per year
(147% accumulated in three years). This led the Group to conclude
that it was necessary to apply IAS 29 Financial Information in
Hyperinflationary Economies to its activities in the country in
question in its consolidated financial statements from that year on.
In 2024, Grupo Santander decided to apply an alternative exchange
rate for the conversion of its Argentine business in the preparation
of its consolidated annual accounts. This decision stemmed from
the divergence observed between the official exchange rate and
certain macroeconomic variables, primarily inflation, coupled with
the fact that for certain transactions, such as the repatriation of
dividends, the exchange rate implied in orderly transactions
between market participants did not correspond to the official
exchange rate. As of 31 December 2024, the alternative exchange
rate used was based on the CCL dollar ('contado con liquidaci\u00f3n'),
which is the exchange rate resulting from the sale in US dollars of
local bonds denominated in Argentine pesos (bonds with dual peso
dollar/denomination). At that date, this rate did not differ
significantly from other market rates.
From the second quarter of 2025, and considering the
liberalization of the foreign exchange market and the elimination
of restrictions on the purchase of foreign currency by individuals,
and the value of this CCL dollar exchange rate did not differ
significantly from other market rates and the official exchange
rate, Grupo Santander started using the official exchange rate as a
reference once again.
Inflation during 2025, according to the national consumer price
index published by the National Statistics and Census Institute, was
31.5% for the year (117.8% at 31 December 2024). The official
exchange rate as 31 December 2025 was 1,706.38 Argentine
pesos per euro (1,071.16 Argentine pesos per euro at 31 December
2024). The exchange rate applied by the Group as at 31 December
2024 was 1,232.39 Argentine pesos per euro.
At 31 December 2025, no other country in which the consolidated
and associated entities of Grupo Santander are located is
considered to have a hyperinflationary economy in accordance with
the criteria established in this regard by the International Financial
Reporting Standards adopted by the European Union.
v. Exposure to foreign currency risk
Grupo Santander hedges a portion of its long-term foreign
currency positions using foreign exchange derivative financial
instruments (see note\u00a036). Also, the Group manages foreign
exchange risk dynamically by hedging its short-term position (with
a potential impact on profit or loss) in order to limit the impact of
currency depreciations while optimising the cost of financing the
hedges.
The following tables show the sensitivity of the consolidated
income statement and consolidated equity to percentage changes
of \u00b1 1% in the foreign exchange rate positions arising from
investments in Grupo Santander companies with currencies other
than the euro (with its hedges) and in their results (with its
hedges), in which the Group maintains significant balances.
The estimated effect on the consolidated equity attributable to
Grupo Santander and on consolidated profit and loss account of a
1% appreciation of the euro against the corresponding currency is
as follows:
EUR million
Effect\u00a0on\u00a0
consolidated\u00a0equity
Effect\u00a0on\u00a0
consolidated\u00a0profit
Currency
2025
2024
2023
2025
2024
2023
US dollar
(135.0)
(168.4)
(136.9)
(2.5)
(3.9)
(3.4)
Chilean peso
(8.8)
(15.3)
(35.3)
(4.3)
(2.1)
(2.3)
Pound
sterling
(88.1)
(96.5)
(79.1)
(7.6)
(4.4)
(3.1)
Mexican peso
(32.5)
(33.9)
(36.4)
(0.5)
(0.5)
(0.1)
Brazilian real
(141.2)
(144.1)
(175.7)
(0.8)
(4.3)
(6.5)
Polish zloty
(12.8)
(25.1)
(48.8)
\u2014
(0.4)
\u2014
Argentine
peso
(21.3)
(18.3)
(7.5)
(3.7)
(6.6)
(4.2)
Similarly, the estimated effect on the Group\u2019s consolidated equity
and on consolidated profit and loss account of a 1% depreciation of
the euro against the corresponding currency is as follows:
EUR million
Effect\u00a0on\u00a0
consolidated\u00a0equity
Effect\u00a0on\u00a0
consolidated\u00a0profit
Currency
2025
2024
2023
2025
2024
2023
US dollar
137.8
171.8
139.7
2.5
4.0
3.4
Chilean peso
9.0
15.6
36.0
4.4
2.2
2.3
Pound
sterling
89.9
98.4
80.7
7.7
4.5
3.1
Mexican peso
33.1
34.6
37.1
0.5
0.5
0.1
Brazilian real
144.0
147.0
179.3
0.9
4.3
6.6
Polish zloty
13.0
25.6
49.8
\u2014
0.4
\u2014
Argentine
peso
21.7
18.7
7.7
3.8
6.7
4.2
The above data were obtained as follows:
a)Effect on consolidated equity: in accordance with the accounting
policy detailed in note\u00a02.a.iii, foreign exchange rate impact
arising on the translation to euros of the financial statements in
the functional currencies of the Group entities whose functional
currency is not the euro are recognised in consolidated equity.
The potential effect that a change in the exchange rates of the
related currency would have on the Group\u2019s consolidated equity
was therefore determined by applying the aforementioned
change to the net value of each unit\u2019s assets and liabilities\u00a0-
including, where appropriate, the related goodwill- and by
taking into consideration the offsetting effect of the hedges of
net investments in foreign operations.
b)Effect on consolidated profit: the effect was determined by
applying the up and down movements in the average exchange
rates of the\u00a0year, as indicated in note\u00a02.a.ii (except in the case of
Argentina, which is a hyperinflationary economy and has applied
the closing exchange rate), to translate to euros the income and
expenses of the consolidated entities whose functional currency
is not the euro, taking into consideration, where appropriate, the
offsetting effect of the various hedging transactions in place.
The estimates used to obtain the foregoing data were performed
considering the effects of the changes in the exchange rate in
standalone basis not considering the effect of the performance of
other variables whose changes would affect equity and profit or
loss, such as variations in the interest rates of the reference
currencies or other market factors. Accordingly, all variables other
than the exchange rate variations were kept constant with respect
to their positions at 31 December 2025, 2024 and 2023.
b) Basis of consolidation
i. Subsidiaries
Subsidiaries are defined as entities over which the Bank has the
capacity to exercise control. The Bank controls an entity when it is
exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns
through its power over the investee.
The financial statements of the subsidiaries are fully consolidated
with those of the Bank. Accordingly, all balances and effects of the
transactions between consolidated companies are eliminated on
consolidation.
On acquisition of control of a subsidiary, its assets, liabilities and
contingent liabilities are recognised at their acquisition-date fair
values. Any positive differences between the acquisition cost and
the fair values of the identifiable net assets acquired are
recognised as goodwill (see note\u00a017). Negative differences are
recognised in profit or loss on the date of acquisition.
Additionally, the share of third parties of Grupo Santander equity is
presented under 'Non-controlling interests' in the consolidated
balance sheet (see note\u00a028). Their share of the profit for the\u00a0year is
presented under 'Profit attributable to non-controlling interests' in
the consolidated income statement.
The results of subsidiaries acquired during the\u00a0year are included in
the consolidated income statement from the date of acquisition
to\u00a0year-end. Similarly, the results of subsidiaries for which control
is lost during the year are included in the consolidated income
statement from the beginning of the\u00a0year to the date of disposal.
At 31 December 2025, apart from the structured consolidated
entities, Grupo Santander does not control any company in which it
maintains a percentage of direct participation in its share capital of
less than 50% and in where other elements exist which, considered
together, would grant give it decision-making power over its
relevant activities.
The appendices contain significant information on the subsidiaries.
ii. Interests in joint ventures
Joint ventures are deemed to be entities that are not subsidiaries
but which are jointly controlled by two or more unrelated entities.
This is evidenced by contractual arrangements whereby two or
more parties have interests in entities so that decisions about the
relevant activities require the unanimous consent of all the parties
sharing control.
In the consolidated financial statements, investments in joint
ventures are accounted for using the equity method, i.e. at the
Group\u2019s share of net assets of the investee, after taking into
account the dividends received therefrom and other equity
eliminations. The profits and losses resulting from transactions
with a joint venture are eliminated to the extent of the Group\u2019s
interest therein.
The appendices contain relevant information on the joint ventures.
iii. Associates
Associates are entities over which Banco Santander is in a position
to exercise significant influence, but not control or joint control. It
is presumed that Banco Santander exercises significant influence if
it holds 20% or more of the voting power of the investee.
In the consolidated financial statements, investments in associates
are accounted for using the equity method, with the same criteria
applicable to shares in joint ventures.
There are certain investments in entities which, although Grupo
Santander owns 20% or more of their voting power, are not
considered to be associates because the Group is not in a position
to exercise significant influence over them. As of 31 December
2024 and 2023, the investment in Project Quasar Investments
2017, S.L. was in this situation, despite maintaining a 49% stake in
the share capital. The rest of the investments are not significant for
the Group.
There are also certain investments in associates where the Group
owns less than 20% of the voting rights, as it is determined that it
has the capacity to exercise significant influence over them. The
impact of these companies is immaterial in the Group's
consolidated financial statements.
The appendices contain significant information on the associates.
iv. Structured entities
In some cases, Grupo Santander incorporates entities, or holds
ownership interests therein, to enable its customers to access
certain investments, or for the transfer of risks or other purposes.
Those entities are called 'structured entities' and they are
characterized by the fact that since the voting, or similar power is
not a key factor in deciding who controls the entity. The control is
determined by using internal criteria and procedures and taking
into consideration the applicable legislation, as described above.
Specifically, for those entities to which this policy applies (mainly
investment funds and pension funds), the Group analyses the
following factors:
\u2022 Percentage of ownership held by Grupo Santander; 20% is
established as the general threshold.
\u2022 Identification of the fund manager, and verification as to whether
it is a company controlled by the Group since this could affect
Grupo Santander ability to direct the relevant activities.
\u2022 Existence of agreements between investors that might require
decisions to be taken jointly by the investors, rather than by the
fund manager.
\u2022 Existence of currently exercisable removal rights (possibility of
removing the manager from his position), since the existence of
such rights might limit the manager\u2019s power over the fund, and it
may be concluded that the manager is acting as an agent of the
investors.
\u2022 Analysis of the fund manager\u2019s remuneration regime, taking into
consideration that a remuneration regime that is proportionate
to the service rendered does not, generally, create exposure of
such importance as to indicate that the manager is acting as the
principal. Conversely, if the remuneration regime is not
proportionate to the service rendered, this might give rise to an
exposure that would lead the Group to a different conclusion.
These structured entities also include the securitisation special
purpose vehicles, which are consolidated in the case of the Special
Purpose Vehicles (SPVs) over which, being exposed to variable
yield, it is considered that the Group continues to exercise control.
The exposure associated with unconsolidated structured entities,
additional to investments in the equity of investment funds (note
8), are not material with respect to the Group\u2019s consolidated
financial statements.
v. Business combinations
A business combination is the bringing together of two or more
separate entities or economic units into one single entity or group
of entities.
Business combinations whereby Grupo Santander obtains control
over an entity or a business are recognised for accounting purposes
as follows:
\u2022 Grupo Santander measures the cost of the business combination,
which is normally the consideration transferred, defined as the
acquisition-date fair values of the assets transferred, the
liabilities incurred to the former owners of the acquiree and the
equity instruments issued, if any, by the acquirer. In cases where
the amount of the consideration to be transferred has not been
definitively established at the acquisition date, but rather
depends on future events, any contingent consideration is
recognised as part of the consideration transferred and
measured at its acquisition-date fair value. Moreover,
acquisition-related costs do not for these purposes form part of
the cost of the business combination.
\u2022 The fair values of the assets, liabilities and contingent liabilities
of the acquired entity or business, including any intangible assets
identified in the business combination which might not have
been recognised by the acquiree, are estimated and recognised in
the consolidated balance sheet; the Group also estimates the
amount of any non-controlling interests and the fair value of the
previously held equity interest in the acquiree.
\u2022 Any positive difference between the aforementioned items is
recognised as discussed in note\u00a02.m. Any negative difference is
recognised under 'Negative Goodwill' recognised in the
consolidated income statement.
Goodwill is only calculated and recognised once, when control of a
business or an entity is obtained.
vi. Changes in the levels of ownership interests in
subsidiaries
Acquisitions and disposals not giving rise to a change in control are
recognised as equity transactions, and no gain or loss is recognised
in the income statement and the initially recognised goodwill is not
remeasured. The difference between the consideration transferred
or received and the decrease or increase in non-controlling
interests, respectively, is recognised in reserves.
Similarly, when control over a subsidiary is lost, the assets,
liabilities and non-controlling interests and any other items
recognised in 'Other Comprehensive income' of that company are
derecognised from the consolidated balance sheet, and the fair
value of the consideration received and of any remaining equity
interest is recognised. The difference between these amounts is
recognised in profit or loss.
c) Classification of financial instruments
A financial instrument is any contract that gives rise to a financial
asset of one entity and a financial liability or an equity instrument
of another entity.
The following transactions are not treated for accounting purposes
as financial instruments:
\u2022 Investments in associates and joint venture when accounted for
using the equity method in accordance with IAS 28 (see note\u00a013).
\u2022 Rights and obligations under employee benefit plans recognized
in accordance with IAS 19 (see note\u00a025).
\u2022 Insurance contracts and the rights and obligations directly arising
from them, within the scope of IFRS 17 (see note\u00a015).
\u2022 Contracts and obligations relating to employee remuneration
based on own equity instruments accounted for in accordance
with IFRS 2 (see note\u00a034).
i. Classification of financial assets for measurement
purposes
Financial assets are classified into the various categories used for
management and measurement purposes, unless they have to be
presented as 'Non-current assets held for sale' or they relate to
'Cash, cash balances at central banks and other deposits on
demand', 'Changes in the fair value of hedged items in portfolio
hedges of interest rate risk (asset side)', 'Hedging derivatives and
Investments', which are reported separately.
Classification of financial instruments: the classification criteria for
financial assets depends on the business model for their
management and the characteristics of their contractual flows.
Grupo Santander business models refer to the way in which it
manages its financial assets to generate cash flows. In defining
these models, the Group takes into account the following factors:
\u2022 How key entity staff are assessed and reported on the
performance of the business model and the financial assets held
in the business model.
\u2022 The risks that affect the performance of the business model (and
the financial assets held in the business model) and, specifically,
the way in which these risks are managed.
\u2022 The way in which business managers are remunerated.
\u2022 The frequency, the calendar and volume of sales in previous
years, as well as expectations of future sales and the reasons of
the sales.
The analysis of the characteristics of the contractual cash flows of
financial assets requires an assessment of the congruence of these
flows with a basic loan agreement. The Group determines if the
contractual cash flows of its financial assets that are only principal
and interest payments on the outstanding principal amount at the
beginning of the transaction. This analysis takes into consideration
four factors (performance, contractual clauses, contractually linked
products and currencies). Furthermore, among the most significant
judgements used by the Group in carrying out this analysis, the
following ones are included:
\u2022 The return on the financial asset, in particular in cases of periodic
interest rate adjustments where the term of the reference rate
does not coincide with the frequency of the adjustment. In these
cases, an assessment is made to determine whether or not the
contractual cash flows differ significantly from the flows without
this change in the time value of money, establishing a tolerance
level of 5%.
\u2022 When contractual clauses that may modify the cash flows of the
financial asset exist, the structure of the cash flows before and
after the activation of such clauses is analysed, regardless of the
probability of occurrence of the contingent event. The evaluation
of contractual flows of financial assets with characteristics
associated with ESG (Environmental, Social and Governance) is
included in this analysis.
\u2022 Financial assets whose cash flows have different priority for
payment due to a contractual link to underlying assets (e.g.
securitization instruments or similar structures) require a look-
through analysis by the Group so as to review that both the
financial asset and the underlying assets are only principal and
interest payments and that the exposure to credit risk of
analyzed segment does not exceed the average exposure of the
underlying assets of the instrument.
Depending on these factors, the financial assets classify for
measurement as: (i) at amortised cost, (ii) at fair value with
changes in other comprehensive income or (iii) at fair value with
changes through profit and loss. IFRS 9 also establishes an option
to irrevocably designate an instrument at fair value with changes in
profit or loss, when doing so eliminates or significantly reduces a
measurement or recognition inconsistency (sometimes referred to
as 'accounting asymmetry') that would otherwise arise from
measuring assets or liabilities or recognising gains and losses on
different bases.
Grupo Santander uses the following criteria for the classification of
the financial debt instruments:
\u2022 Amortised cost: financial instruments managed under a business
model whose objective is to hold the financial assets to collect
contractual principal and interest flows. This category includes
instruments for which there are no frequent or significant
unjustified sales and fair value is not a key element in the
management of these assets and contractual conditions they
give rise to cash flows on specific dates, which are only payments
of principal and interest on the outstanding principal amount. In
this sense, justified sales are considered to be those related to an
(i) increase in the credit risk of the asset, (ii) unanticipated
funding needs (stress case scenarios) and (iii) those close to
maturity . Additionally, the characteristics of its contractual flows
represent substantially a 'basic financing agreement'.
\u2022 Fair value with changes in other comprehensive income: financial
instruments held in a business model whose objective is to
collect principal and interest cash flows and the sale of these
assets, where fair value is a relevant factor in their management.
Additionally, the contractual cash flow characteristics
substantially represent a 'basic financing agreement'.
\u2022 Fair value with changes in profit or loss: financial instruments
included in a business model different from the above, where fair
value is a key element in the management of these assets, and
the contractual flows of the financial instruments do not
substantially represent a 'basic financing agreement'. In this
section it can be enclosed the portfolios classified under
'Financial assets held for trading', 'Non-trading financial assets
mandatorily at fair value through profit or loss' and 'Financial
assets at fair value through profit or loss'. In this regard, most of
the financial assets presented in the category of 'Financial assets
designated at value reasonable with change in results' are
instruments financial services that, not being part of the portfolio
of negotiation, are contracted jointly with other financial
instruments that are recorded in the category of 'held for
trading', and that by both are recorded at fair value with changes
in results, so your record in any other category would produce
accounting asymmetries.
Equity instruments will be classified at fair value under IFRS 9,
with changes in profit or loss, unless the Group decides, for non-
trading assets, to classify them at fair value with changes in other
comprehensive income (irrevocably) at initial recognition.
ii. Classification of financial assets for presentation
purposes
Financial assets are classified by nature into the following items in
the consolidated balance sheet:
\u2022 Cash, cash balances at Central Banks and other deposits on
demand: cash balances and balances receivable on demand
relating to deposits with central banks and other credit
institutions.
\u2022 Loans and advances: includes the debit balances of all credit and
loans granted by the Group, other than those represented by
securities or securitized, as well as the finance lease receivables
and other debit balances of a financial nature in favour of the
Group such as cheques drawn on credit institutions, balances
receivable from clearing houses and settlement agencies for
transactions on the stock exchange and organised markets,
bonds given in cash, capital calls, fees and commissions
receivable for financial guarantees and debit balances arising
from transactions not originating in banking transactions and
services, such as the collection of rentals and similar items. They
are classified, on the basis of the institutional sector to which the
debtor belongs, into:
\u2013 Central banks: credit of any nature, including deposits and
money market transactions received from the Bank of Spain
or other central banks.
\u2013 Credit institutions: credit of any nature, including deposits
and money market transactions, in the name of credit
institutions.
\u2013 Customers: includes the remaining credit, including money
market transactions through central counterparties.
\u2022 Debt securities: bonds and other securities that represent a debt
for their issuer, that that accrue interest or equivalent returns
implemented in securities or in book entries.
\u2022 Equity instruments: financial instruments issued by other
entities, such as shares, which have the nature of equity
instruments for the issuer, other than investments in
subsidiaries, joint ventures or associates. Investment fund units
are included in this item.
\u2022 Derivatives: includes the fair value in favour of the Group of
derivatives which do not form part of hedge accounting,
including embedded derivatives separated from hybrid financial
instruments.
\u2022 Repurchase agreements and reverse repurchase agreements:
Purchases of financial instruments under a non-optional resale
(repurchase) agreement at a fixed price (repos) are recognised in
the consolidated balance sheet as financing granted, based on
the nature of the debtor, under 'Loans and advances with central
banks', 'Loans and advances to credit institutions' or 'Loans and
advances to customers. Differences between the purchase and
sale prices are recognised as interest over the contract term.
\u2022 Changes in the fair value of hedged items in portfolio hedges of
interest rate risk: this item is the balancing entry for the amounts
credited to the consolidated income statement in respect of the
measurement of the portfolios of financial instruments which are
effectively hedged against interest rate risk through fair value
hedging derivatives.
\u2022 Hedging derivatives: Includes the fair value in favour of the
Group of derivatives, including embedded derivatives separated
from hybrid financial instruments, designated as hedging
instruments in hedge accounting.
iii. Classification of financial liabilities for measurement
purposes
Financial liabilities are initially classified into the various categories
used for management and measurement purposes, unless they
have to be presented as 'Liabilities associated with non-current
assets held for sale' or they relate to 'Hedging derivatives' or the
changes in the fair value of hedged items in portfolio hedges of
interest rate risk (liability side), which are reported separately.
In most cases, changes in the fair value of financial liabilities
designated at fair value through profit or loss, caused by the
entity's credit risk, are recognized in other comprehensive income,
unless this treatment results in an accounting asymmetry, in which
case the full effect is recognized in the profit or loss for the period.
Financial liabilities are included for measurement purposes in one
of the following categories:
\u2022 Financial liabilities held for trading (at fair value through profit or
loss): this category includes financial liabilities incurred for the
purpose of generating a profit in the near term from fluctuations
in their prices, financial derivatives not designated in accounting
hedging relationships, and financial liabilities arising from the
outright sale of financial assets temporarily acquired or received
on loan (short positions).
\u2022 Financial liabilities designated at fair value through profit or loss:
financial liabilities are included in this category when they
provide more relevant information, either because this
eliminates or significantly reduces recognition or measurement
inconsistencies (accounting mismatches) that would otherwise
arise from measuring assets or liabilities or recognising the gains
or losses on them on different bases, or because a group of
financial liabilities or financial assets and liabilities is managed
and its performance is evaluated on a fair value basis, in
accordance with a documented risk management or investment
strategy, and information about the group is provided on that
basis to the Group\u2019s key management personnel.
Liabilities may only be included in this category on the date when
they are incurred or originated.
\u2022 Financial liabilities at amortised cost: financial liabilities,
irrespective of their instrumentation and maturity, not included
in any of the above-mentioned categories which arise from the
ordinary borrowing activities carried on by financial institutions.
iv. Classification of financial liabilities for presentation
purposes
Financial liabilities are classified by nature into the following items
in the consolidated balance sheet:
\u2022 Deposits: includes all repayable balances received in cash by
Grupo Santander, other than those instrumented as marketable
securities and those having the substance of subordinated
liabilities (amount of the loans received, which for credit priority
purposes are after common creditors), except for the debt
instruments issued. This item also includes cash bonds and cash
consignments received the amount of which may be invested
without restriction. Deposits are classified on the basis of the
creditor\u2019s institutional sector into:
\u2013 Central banks: deposits of any nature, including credit received
and money market transactions received from the Bank of
Spain or other central banks.
\u2013 Credit institutions: deposits of any nature, including credit
received and money market transactions in the name of credit
institutions.
\u2013 Customer: includes the remaining deposits, including money
market transactions through central counterparties.
\u2022 Marketable debt securities: includes the amount of bonds,
debentures and other debt represented by marketable securities,
other than those having the substance of subordinated liabilities
(amount of the loans received, which for credit priority purposes
are after common creditors, and includes the amount of the
financial instruments issued by the Group which, having the legal
nature of capital, do not meet the requirements to qualify as
equity, such as certain preferred shares issued). This item
includes the component that has the consideration of financial
liability of the securities issued that are compound financial
instruments.
\u2022 Derivatives: includes the fair value, with a negative balance for
the Group, of derivatives, including embedded derivatives\u00a0
separated from the host contract, which do not form part of
hedge accounting.
\u2022 Short positions: includes the amount of financial liabilities arising
from the outright sale of financial assets acquired under reverse
repurchase agreements or borrowed.
\u2022 Other financial liabilities: includes the amount of payment
obligations having the nature of financial liabilities not included
in other items (includes, among others, the balance of lease
liabilities recognized in accordance with IFRS 16 ), and liabilities
under financial guarantee contracts, unless they have been
classified as non-performing.
\u2022 Repurchase agreements and reverse repurchase agreements:
Sales of financial instruments under a non-optional resale
(repurchase) agreement at a fixed price (repos) are recognised in
the consolidated balance sheet as financing received, based on
the nature of the creditor, under 'Deposits from central banks',
'Deposits from credit institutions' or 'Customer deposits'.
Differences between the purchase and sale prices is recorded as
interest accrued over the life of the contract, using the effective
interest rate method.
\u2022 Changes in the fair value of hedged items in portfolio hedges of
interest rate risk: this item is the balancing entry for the amounts
charged to the consolidated income statement in respect of the
measurement of the portfolios of financial instruments which are
effectively hedged against interest rate risk through fair value
hedging derivatives.
\u2022 Hedging derivatives: includes the fair value of the Group\u2019s
liability in respect of derivatives, including embedded derivatives
separated from hybrid financial instruments, designated as
hedging instruments in hedge accounting.
\u2022 The preference shares contingently convertible into ordinary
shares eligible as Additional Tier 1 capital (PPCC) -perpetual
shares, which may be repurchased by the issuer in certain
circumstances, the interest on which is discretionary, and would
convert into variable number of newly issued ordinary shares if
the capital ratio of the Bank or its consolidated group falls below
a given percentage (trigger event), as those two terms are
defined in the related issue prospectuses are recognised for
accounting purposes by the Group as compound instruments in
accordance with IAS 32. The liability component reflects the
issuer\u2019s obligation to deliver a variable number of shares and the
equity component reflects the issuer\u2019s discretion in relation to
the payment of the related coupons. In order to effect the initial
allocation, the Group estimates the fair value of the liability as
the amount that would have to be delivered if the trigger event
were to occur immediately and, accordingly, the equity
component, calculated as the residual amount, is zero. In view of
the aforementioned discretionary nature of the payment of the
coupons, they are deducted directly from equity.
\u2022 Capital perpetual preference shares (PPCA), with the possibility
of purchase by the issuer in certain circumstances, whose
remuneration is discretionary, and which will be amortised
permanently, totally or partially, in the event that the bank or its
consolidated group submits a capital ratio lesser than a certain
percentage (trigger event), as defined in the corresponding
prospectuses, are accounted for by the Group as equity
instruments.
\u2022 Derivatives embedded in other financial instruments or in other
host contracts are accounted for separately as derivatives if their
risks and characteristics are not closely related to those of the
host contracts, provided that the host contracts are not classified
as financial assets/liabilities designated at fair value through
profit or loss or as 'Financial assets/liabilities held for trading'.
d) Measurement of financial assets and
liabilities and recognition of fair value changes
In general, financial assets and liabilities are initially recognised at
fair value which, in the absence of evidence to the contrary, is
deemed to be the transaction price.
In this regard, IFRS 9 states that regular way purchases or sales of
financial assets shall be recognised and derecognised on the trade
date or on the settlement date. Grupo Santander has opted to
make such recognition on the trading date or settlement date,
depending on the convention of each of the markets in which the
transactions are carried out. For example, in relation to the
purchase or sale of debt securities or equity instruments traded in
the Spanish market, securities market regulations stipulate their
effective transfer at the time of settlement and, therefore, the
same time has been established for the accounting record to be
made.
The fair value of instruments not measured at fair value through
profit and loss is adjusted by transaction costs. Subsequently, and
on the occasion of each accounting close, they are valued in
accordance with the following criteria:
i. Measurement of financial assets
Financial assets are measured at fair value are valued mainly at
their fair value without deducting any transaction cost for their
sale.
The fair value of a financial instrument on a given date is taken to
be the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants. The most objective and common reference for the fair
value of a financial instrument is the price that would be paid for it
on an active, transparent and deep market (quoted price or market
price). At 31 December 2025 , there were no significant
investments in quoted financial instruments that had ceased to be
recognised at their quoted price because their market could not be
deemed to be active.
If there is no market price for a given financial instrument, its fair
value is estimated on the basis of the price established in recent
transactions involving similar instruments and, in the absence
thereof, of valuation techniques commonly used by the
international financial community, taking into account the specific
features of the instrument to be measured and, particularly, the
various types of risk associated with it.
All derivatives are recognised in the balance sheet at fair value
from the trade date. If the fair value is positive, they are recognised
as an asset and if the fair value is negative, they are recognised as a
liability. The fair value on the trade date is deemed, in the absence
of evidence to the contrary, to be the transaction price. The
changes in the fair value of derivatives from the trade date are
recorded in the consolidated income statement. Specifically, the
fair value of financial derivatives traded in organised markets
included in the portfolios of financial assets or liabilities held for
trading is deemed to be their daily quoted price and if, for
exceptional reasons, the quoted price cannot be determined on a
given date, these financial derivatives are measured using methods
similar to those used to measure derivatives.
The fair value of derivatives is taken to be the sum of the future
cash flows arising from the instrument, discounted to present
value at the date of measurement (present value or theoretical
close) using valuation techniques commonly used by the financial
markets: net present value, option pricing models and other
methods.
The amount of debt securities and loans and advances under a
business model whose objective is to collect the principal and
interest flows are valued at their amortised cost, as long as they
comply with the 'SPPI' (Solely Payments of Principal and Interest)
test, using the effective interest rate method in their
determination. Amortised cost refers to the acquisition cost of a
corrected financial asset or liability (more or less, as the case may
be) for repayments of principal and the part systematically charged
to the consolidated income statement of the difference between
the initial cost and the corresponding reimbursement value at
expiration. In the case of financial assets, the amortised cost
includes, in addition, the corrections to their value due to the
impairment. In the loans and advances covered in fair value
hedging transactions, the changes that occur in their fair value
related to the risk or the risks covered in these hedging
transactions are recorded.
The effective interest rate is the discount rate that exactly matches
the carrying amount of a financial instrument to all its estimated
cash flows of all kinds over its remaining life.
For fixed rate financial instruments, the effective interest rate
coincides with the contractual interest rate established on the
acquisition date plus, where applicable, the fees and transaction
costs that, because of their nature, form part of their financial
return. In the case of floating rate financial instruments, the
effective interest rate coincides with the rate of return prevailing in
all connections until the next benchmark interest reset date.
Equity instruments and contracts related with these instruments
are measured at fair value. However, in certain circumstances the
Group estimates cost value as a suitable estimate of the fair value.
This can happen if the recent event available information is not
enough to measure the fair value or if there is a broad range of
possible measures and the cost value represents the best
estimates of fair value within this range.
The amounts at which the financial assets are recognised
represent, in all material respects, the Group\u2019s maximum exposure
to credit risk at each reporting date. Also, Grupo Santander has
received collateral and other credit enhancements to mitigate its
exposure to credit risk, which consist mainly of mortgage
guarantees, cash collateral, equity instruments and personal
security, assets leased out under finance lease and full-service
lease agreements, assets acquired under repurchase agreements,
securities loans and credit derivatives.
ii. Measurement of financial liabilities
In general, financial liabilities are measured at amortised cost, as
defined above, except for those included under 'Financial liabilities
held for trading' and 'Financial liabilities designated at fair value
through profit or loss' and financial liabilities designated as hedged
items (or hedging instruments) in fair value hedges, which are
measured at fair value. The changes in credit risk arising from
financial liabilities designated at fair value through profit or loss
are recognised in accumulated other comprehensive income,
unless they generate or increase an accounting mismatch, in which
case changes in the fair value of the financial liability in all respects
are recognised in the income statement.
iii. Valuation techniques
The financial instruments at fair value determined on the basis of
published price quotations in active markets (level 1) include
government debt securities, private-sector debt securities,
derivatives traded in organised markets, securitised assets, shares,
short positions and fixed-income securities issued.
In cases where price quotations cannot be observed, management
makes its best estimate of the price that the market would set,
using its own internal models, described in note 50. In most cases,
these internal models use data based on observable market
parameters as significant inputs (level 2) and, in cases, they use
significant inputs not observable in market data (level 3). In order
to make these estimates, various techniques are employed,
including the extrapolation of observable market data. The best
evidence of the fair value of a financial instrument on initial
recognition is the transaction price, unless the fair value of the
instrument can be obtained from other market transactions
performed with the same or similar instruments or can be
measured by using a valuation technique in which the variables
used include only observable market data, mainly interest rates.
iv. Recognition of fair value changes
As a general rule, changes in the carrying amount of financial
assets and liabilities are recognised in the consolidated income
statement. A distinction is made between the changes resulting
from the accrual of interest and similar items, (which are
recognised under Interest income or Interest expense, as
appropriate), and those arising for other reasons, which are
recognised at their net amount under 'Gains/losses on financial
assets and liabilities'.
Adjustments due to changes in fair value arising from:
\u2022 'Financial assets at fair value with changes in other
comprehensive income' are recorded temporarily, in the case of
debt instruments in 'Other comprehensive income - Elements
that can be reclassified to profit or loss - Financial assets at fair
value with changes in other comprehensive income', while in the
case of equity instruments are recorded in 'other comprehensive
income - Elements that will not be reclassified to line item -
Changes in the fair value of equity instruments valued at fair
value with changes in other comprehensive income'.
Exchange differences on debt instruments measured at fair value
with changes in other comprehensive income are recognised
under 'Exchange Differences, net' of the consolidated income
statement. Exchange differences on equity instruments, in which
the irrevocable option of being measured at fair value with
changes in other comprehensive income has been chosen, are
recognised in 'Other comprehensive income - Items that will not
be reclassified to profit or loss - Changes in the fair value of
equity instruments measured at fair value with changes in other
comprehensive income'.
\u2022 Items charged or credited to 'Items that may be reclassified to
profit or loss \u2013 Financial assets at fair value through other
comprehensive income' and 'Other comprehensive income \u2013
Items that may be reclassified to profit or loss \u2013 Exchange
differences in equity' remain in the Group's consolidated equity
until the asset giving rise to them is impaired or derecognised, at
which time they are recognised in the consolidated income
statement.
\u2022 Unrealized capital gains on financial assets at fair value through
other comprehensive income classified as 'Non-current assets
held for sale' because they form part of a disposal group or a
discontinued operation that\u00a0 are recorded in the equity balancing
entry 'Other accumulated comprehensive income - Items that
can be reclassified in income - Non-current assets as held for
sale.
v. Hedging transactions
The objective of hedge accounting is to represent in the financial
statements the effect of an entity's risk management activities
when it uses financial instruments to manage exposures arising
from specific risks that could affect profit or loss or other
comprehensive income (in the case of investments in equity
instruments for which the entity has opted to represent changes in
the fair value of other comprehensive income).
As described in Note 1.b, the Group has adopted IFRS 9 for hedge
accounting prospectively, while continuing to apply IAS 39 for fair
value hedges in portfolios where the hedged risk is interest rate
risk. This change has not resulted in any modifications to the
accounting treatment of hedges designated under IAS 39, which
remain unchanged in both their designation and accounting
treatment.
For a hedging relationship to meet the requirements set out in IFRS
9, it must meet the following conditions:
1.Instruments that can be designated as hedging instruments
include all derivative financial instruments or non-derivative
financial instruments measured at fair value through profit or
loss, or a combination thereof. In the case of foreign exchange
risk hedges, any type of non-derivative financial instrument can
also be designated, regardless of its measurement method.
2. Items that can be designated as covered items are all those that
are recognized assets or liabilities, firm commitments, highly
probable anticipated transactions, and net investments abroad.
3.At the start of coverage, a formal designation and
documentation of the hedging relationship must be made, which
will include the entity's risk management strategy and objective,
identification of the hedging instrument and the covered item,
the nature of the covered risk, the methodology for measuring
effectiveness, which includes an analysis of the sources of
ineffectiveness, and the coverage ratio.
The main sources of ineffectiveness based on the risk covered
are:
a. Interest rate risk: mismatches in time horizons, principal,
repricing and payment dates, time value of options,
modifications in the hedged item or the hedging instrument.
b. Exchange rate risk: in addition to the above, the difference
between the interest rates of the two currencies that
represents the net cost or benefit of switching cash flows
between two currencies with different interest rates.
4. The hedging relationship must be effective, for which there must
be an economic relationship between the hedged item and the
hedging instrument, credit risk must not have a dominant effect
on changes in the value of the economic relationship between
the hedging instrument and the hedged item, and the hedging
ratio must coincide with that used by the entity in its
management.
The Group assesses these effectiveness requirements, at the time
of designation and on each submission date, through:
\u2022 The economic relationship between the hedged item and the
hedging instrument is demonstrated through a qualitative test,
and in the event of non-compliance, through quantitative tests
that compare the market value of the hedged items\u2014
corresponding to the hedged risk\u2014and the hedging instruments.
Likewise, a quantitative analysis of variations in the market
values of the hedging instrument and the hedged item is
performed prospectively.
\u2022 The hedge ratio is determined based on the proportion between
the amount of the hedged item and the amount of the
instrument actually designated by the Group in each hedging
relationship.
\u2022 The credit risk domain assessment is performed through an
analysis of the credit exposure of the hedged items and the
hedging instruments.
Accounting hedges are classified and recorded according to the
type of risk they cover, based on the following criteria:
\u2022 Fair value hedges: These are hedges against exposure to changes
in the fair value of the hedged item, attributable to a specific risk.
The differences arising from both the hedging instruments and
the hedged items (due to the hedged risk) are recognized directly
in the consolidated profit and loss account.
When the fair value hedge is discontinued, the adjustments
previously recorded in the hedged item are charged to profit or loss
using the effective interest rate method recalculated at the date
the hedge ceases to be covered, and must be fully amortized at
maturity.
In fair value hedges of interest rate risk of a portfolio of financial
instruments (macro hedges), regulated by IAS 39, the gains or
losses arising from the valuation of the hedging instruments are
recognized directly in the consolidated profit and loss account,
while the gains or losses due to changes in the fair value of the
hedged amount (attributable to the hedged risk) are recognized in
the consolidated profit and loss account using as a counterpart the
headings 'Changes in the fair value of hedged items' of a portfolio
with interest rate risk hedge (asset or liability), as appropriate.
\u2022 Cash flow hedges: These are hedges against exposure to changes
in cash flows attributable to a specific risk associated with the
hedged item.
The effective portion of the change in the value of the hedging
instrument is temporarily recorded in the equity account 'Other
accumulated comprehensive income - Items that may be
reclassified in profit or loss - Hedging derivatives. Cash flow
hedges (effective portion)' until the hedged item affects profit or
loss. From that point onward, it will be recorded in the
consolidated profit or loss account for the same period as the
hedged item, except in cases where it is required to be included
in the cost of the non-financial asset or liability, or the
anticipated transactions are ultimately recognized as non-
financial assets or liabilities.
When cash flow hedges are discontinued, the accumulated result
of the hedging instrument recognized in the equity heading
'Other accumulated global result' (while the hedge was
effective) will continue to be recognized in that heading until the
hedged transaction occurs, at which time it will be recorded in
profit or loss, unless it is expected that the transaction will not
take place, in which case it is recorded immediately in profit or
loss.
\u2022 Net investment hedges of a foreign operation: This is a hedge of
the amount corresponding to the reporting entity's share of the
net assets of said operation.
The effective portion of the hedging instrument is temporarily
recorded in the equity account 'Other accumulated
comprehensive income - Items that may be reclassified in profit
or loss - Net investment hedges' in foreign operations until the
gains or losses on the hedged item are recognized in profit or
loss.
To measure ineffectiveness, the Group compares the valuation of
the hedging instrument with the valuation of the hedged item
based on the hedged risk, using different methodologies such as
the proxy method or the hypothetical derivative method. The
ineffective portion of the cash flow and net investment hedge
relationships in foreign operations is recorded directly in the
consolidated profit and loss account, under the heading 'Net gains
or losses from hedge accounting'.
The Group discontinues accounting for hedging relationships when
the hedging instrument expires, is sold, or when the hedging
relationship becomes ineffective because it is no longer aligned
with the risk management objective. In that case, the derivative is
then treated as a trading derivative.
If a hedging relationship ceases to meet the effectiveness
requirements, but the risk management objective remains, the
Group will assess whether to rebalance or adjust the hedging ratio
to meet the effectiveness requirements again without
discontinuing the hedging relationship.
A hedging instrument is generally designated in its entirety, as the
factors contributing to its fair value are interdependent. However,
IFRS 9 allows certain parts of a hedging instrument to be excluded
from its fair value:
a. Separating the intrinsic value and the time value of an option
and designating only the intrinsic element as the hedging
instrument, which is mandatory if the intrinsic value is
designated;
b. Separating the forward and spot elements of a forward contract
and designating only the spot element as the hedging
instrument, which will be determined for each hedging
relationship. and
c. Separate the foreign currency basis spread of a currency
derivative and exclude it from the designation of the hedging
instrument, as determined for each hedging relationship.
Separating these components will improve the effectiveness of the
hedge and allows for alternative accounting treatment for the
excluded component. This treatment consists of recording the
changes in value under the heading 'Other accumulated
comprehensive income \u2013 Undesignated items' and recording this
component in the consolidated profit or loss statement, depending
on the nature of the hedged item, either over a period of time or at
the time the hedged transaction occurs.
Additionally, if the entity manages the credit risk of all or part of a
financial instrument through the use of credit derivatives, there is
the option of designating a fair value credit exposure through profit
or loss, provided that the derivative matches the name and priority
of the financial instrument being hedged. This designation may be
made at the initial recognition of the designated financial
instrument or subsequently, with the designation being
documented. From its designation, fair value variations (for all its
risks, not exclusively credit risk) will be recorded in the
consolidated profit and loss account.
e) Derecognition of financial assets and
liabilities
The accounting treatment of transfers of financial assets depends
on the extent to which the risks and rewards associated with the
transferred assets are transferred to third parties:
1.If the Group transfers substantially all the risks and rewards to
third parties unconditional -sale of financial assets, sale of
financial assets under an agreement to repurchase them at their
fair value at the date of repurchase, sale of financial assets with
a purchased call option or written put option that is deeply out of
the money, securitisation of assets in which the transferor does
not retain a subordinated debt or grant any credit enhancement
to the new holders, and other similar cases-, the transferred
financial asset is derecognised and any rights or obligations
retained or created in the transfer are recognised
simultaneously.
2.If the Group retains substantially all the risks and rewards
associated with the transferred financial asset -sale of financial
assets under an agreement to repurchase them at a fixed price or
at the sale price plus interest, a securities lending agreement in
which the borrower undertakes to return the same or similar
assets, and other similar cases-, the transferred financial asset is
not derecognised and continues to be measured by the same
criteria as those used before the transfer. In this case, the
following items are recognised:
a. An associated financial liability, which is recognised for an
amount equal to the consideration received and is subsequently
measured at amortised cost, unless it meets the requirements
for classification under 'Financial liabilities designated at fair
value through profit or loss'.
b. The income from the transferred financial asset not
derecognised and any expense incurred on the new financial
liability, without offsetting.
3.If the Group neither transfers nor retains substantially all the
risks and rewards associated with the transferred financial asset
-sale of financial assets with a purchased call option or written
put option that is not deeply in or out of the money,
securitisation of assets in which the transferor retains a
subordinated debt or other type of credit enhancement for a
portion of the transferred asset, and other similar cases- the
following distinction is made:
a. If the transferor does not retain control of the transferred
financial asset, the asset is derecognised and any rights or
obligations retained or created in the transfer are recognised.
b. If the transferor retains control of the transferred financial
asset, it continues to recognise it for an amount equal to its
exposure to changes in value and recognises a financial liability
associated with the transferred financial asset. The net carrying
amount of the transferred asset and the associated liability is
the amortised cost of the rights and obligations retained, if the
transferred asset is measured at amortised cost, or the fair
value of the rights and obligations retained, if the transferred
asset is measured at fair value.
Accordingly, financial assets are only derecognised when the rights
to the cash flows they generate have expired or when substantially
all the inherent risks and rewards have been transferred to third
parties. Similarly, financial liabilities are only derecognised when
the obligations they generate have been extinguished or when
they are acquired with the intention either to cancel them or to
resell them.
Regarding contractual modifications of financial assets, Grupo
Santander distinguishes two main categories depending on
whether the new conditions result in the disposal of the asset (and
recognition of a new one) or imply the continuation of the original
instrument with the new modified terms:
\u2022 Contractual modifications for commercial or market reasons,
which are generally carried out at the request of the debtor to
apply current market conditions to the debt. The new contract is
considered a new transaction and, consequently, it is necessary
to derecognize the original financial asset and recognize a new
financial asset subject to the classification and measurement
requirements established by IFRS 9. The new financial asset will
be recorded at fair value and, if applicable, the difference
between the carrying amount of the asset derecognized and the
fair value of the new asset will be recognized in profit or loss.
\u2022 Modifications due to refinancing or restructuring, in which the
payment conditions are modified to allow a customer that is
experiencing financial difficulties (current or foreseeable) to
meet its payment obligations and that, if such modification had
not been made, it would be reasonably certain that it would not
be able to meet such payment obligations. In this case, the
modification does not result in the derecognition of the financial
asset, but rather the original financial asset is maintained and
does not require a new assessment of its classification and
measurement. When assessing credit impairment, the current
credit risk (considering the modified cash flows) should be
compared with the credit risk at initial recognition. The gross
carrying amount of the financial asset (the present value of the
renegotiated or modified contractual cash flows that are
discounted at the original effective interest rate of the financial
asset) should be recalculated, with a gain or loss recognized in
profit or loss for the difference.
f) Offsetting of financial instruments
Financial asset and liability balances are offset, i.e. reported in the
consolidated balance sheet at their net amount, only if the Group
entities currently have a legally enforceable right to set off the
recognised amounts and intend either to settle on a net basis, or to
realise the asset and settle the liability simultaneously.
g) Impairment of financial assets
i. Definition
Grupo Santander associates an impairment in the value to financial
assets measured at amortised cost, debt instruments measured at
fair value with changes in other comprehensive income, lease
receivables, assets from contracts and loan commitments and the
financial guarantees issued that are not measured at fair value
through profit or loss.
The impairment for expected credit losses is recorded with a
charge to the consolidated income statement for the period in
which the impairment arises. In the event of occurrence, the
recoveries of previously recognised impairment losses are
recorded in the consolidated income statement for the period in
which the impairment no longer exists or is reduced.
In the case of purchased or originated credit-impaired assets, the
Group only recognizes at the reporting date the changes in the
expected credit losses during the life of the asset since the initial
recognition as a credit loss. In the case of assets measured at fair
value with changes in other comprehensive income, the changes in
the fair value due to expected credit losses are charged in the
consolidated income statement of the year where the change
happened, reflecting the rest of the valuation in other
comprehensive income.
As a rule, the expected credit loss is estimated as the difference
between the contractual cash flows to be recovered and the
expected cash flows discounted using the original effective interest
rate. In the case of purchased or originated credit-impaired assets,
this difference is discounted using the effective interest rate
adjusted by credit rating.
Depending on the classification of financial instruments, which is
mentioned in the following sections, the expected credit losses
may be along 12 months or during the life of the financial
instrument:
\u2022 12-month expected credit losses: arising from the potential
default events, as defined in the following sections that are
estimated to be likely to occur within the 12 months following
the reporting date. These losses will be associated with financial
assets classified as 'normal risk' as defined in the following
sections.
\u2022 Expected credit losses over the life of the financial instrument:
arising from the potential default events that are estimated to be
likely to occur throughout the life of the financial instruments.
These losses are associated with financial assets classified as
'normal risk under watchlist' or 'doubtful risk'.
With the purpose of estimating the expected life of the financial
instrument all the contractual terms have been taken into account
(e.g. prepayments, duration, purchase options, etc.), being the
contractual period (including extension options) the maximum
period considered to measure the expected credit losses. In the
case of financial instruments with an uncertain maturity period and
a component of undrawn commitment (e.g.: credit cards), the
expected life is estimated through quantitative analyses to
determine the period during which the entity is exposed to credit
risk, also considering the effectiveness of management procedures
that mitigate such exposure (e.g. the ability to unilaterally cancel
such financial instruments, etc.).
The following constitute effective guarantees:
a)Mortgage guarantees on housing as long as they are first duly
constituted and registered in favour of the entity. The properties
include:
i. Buildings and building elements, distinguishing among:
\u2013 Houses.
\u2013 Offices, stores and multi-purpose premises.
\u2013 Rest of buildings such as non-multi-purpose premises and
hotels.
ii. Urban and developable ordered land.
iii. Rest of properties that classify as: buildings and building
elements under construction, such as property development in
progress and halted development, and the rest of land types,
such as rustic lands.
b)Collateral guarantees on financial instruments in the form of
cash deposits, debt securities or equity instruments issued by
creditworthy issuers.
c)Other types of real guarantees, including properties received in
guarantee and second and subsequent mortgages on properties,
as long as the entity demonstrates its effectiveness. When
assessing the effectiveness of the second and subsequent
mortgages on properties the entity will implement particularly
restrictive criteria. It will take into account, among others,
whether the previous charges are in favour of the entity itself or
not and the relationship between the risk guaranteed by them
and the property value.
d)Personal guarantees, as well as the incorporation of new
owners, covering the entire amount of the financial instruments
and implying direct and joint liability to the entity of persons or
other entities whose solvency is sufficiently proven to ensure the
repayment of the loan on the agreed terms.
The different aspects that the Group considers for the evaluation of
effective guarantees are set out below in relation to the individual
analysis.
ii. Financial instruments presentation
For the purposes of estimating the impairment amount, and in
accordance with its internal policies, the Group classifies its
financial instruments (financial assets, commitments and
guarantees) measured at amortised cost or fair value through
other comprehensive income in one of the following categories:
\u2022 Normal Risk ('stage 1'): includes all instruments that do not meet
the requirements to be classified in the rest of the categories.
\u2022 Normal risk under watchlist ('stage 2'): includes all instruments
that, without meeting the criteria for classification as doubtful or
default risk, have experienced significant increases in credit risk
since initial recognition.
In order to determine whether a financial instrument has increased
its credit risk since initial recognition and is to be classified in stage
2, the Group considers the following criteria:
Quantitative
criteria
Changes in the risk of a default occurring through the
expected life of the financial instrument are analysed
and quantified with respect to its credit level in its initial
recognition.
With the purpose of determining if such changes are
considered as significant, with the consequent
classification into stage 2, each Group unit has defined
the quantitative thresholds to consider in each of its
portfolios taking into account corporate guidelines
ensuring a consistent interpretation in all units.
Within the quantitative thresholds, two types are
considered: A relative threshold is those that compare
current credit quality with credit quality at the time of
origination in percentage terms of change. In addition,
an absolute threshold compares both references in total
terms, calculating the difference between the two.
These absolute/relative concepts are used
homogeneously (with different values) in all
geographies. The use of one type of threshold or
another (or both) is determined in accordance with the
process described in note 54, below, and is marked by
the type of portfolio and characteristics such as the
starting point of the average credit quality of the
portfolio.
Qualitative
criteria
In addition to the quantitative criteria indicated, various
indicators are used that are aligned with those used by
the Group in the normal management of credit risk.
Irregular positions of more than 30 days and renewals
are common criteria in all Group units. In addition, each
unit can define other qualitative indicators, for each of
its portfolios, according to the particularities and normal
management practices in line with the policies currently
in force (i.e. use of management alerts, etc.).
The use of these qualitative criteria is complemented
with the use of an expert judgement, under the
corresponding governance.
In the case of forbearances, instruments classified as 'normal risk
under watchlist' may be generally reclassified to 'normal risk' in
the following circumstances: at least two years have elapsed from
the date of reclassification to that category or from its forbearance
date, the client has paid the accrued principal and interest balance,
and the client has no other instruments with more than 30 days
past due balances.
\u2022 Doubtful Risk ('stage 3'): includes financial instruments, overdue
or not, in which, without meeting the circumstances to classify
them in the category of default risk, there are reasonable doubts
about their total repayment (principal and interests) by the client
in the terms contractually agreed. Likewise, off-balance-sheet
exposures whose payment is probable and their recovery
doubtful are considered in stage 3. Within this category, two
situations are differentiated:
\u2013 Doubtful risk for non-performing loans: financial
instruments, irrespective of the client and guarantee, with
balances more than 90 consecutive days on material arrears
for principal, interest or expenses contractually agreed.
This category also includes all loan balances for a client\u00a0
when the operations with more than 90 consecutive days on
material arrears are greater than 20% of the amounts
pending collection.
These instruments may be reclassified to other categories if,
as a result of the collection of part of the past due balances,
the reasons for their classification in this category do not
remain and the client does not have balances more than 90
consecutive days on material arrears in other loans.
\u2013 Doubtful risk for reasons other than non-performing loans:
this category includes doubtful recovery financial
instruments that are not more than 90 consecutive days on
material arrears.
Grupo Santander considers that a financial instrument to be
doubtful for reasons other than delinquency when one or more
combined events have occurred with a negative impact on the
estimated future cash flows of the financial instrument. To this
end, the following indicators, among others, are considered:
a) Negative net equity or decrease because of losses of the client's
net equity by at least 50% during the last financial year.
b) Continued losses or significant decrease in revenue or, in
general, in the client's recurring cash flows.
c) Generalised delay in payments or insufficient cash flows to
service debts.
d) Significantly inadequate economic or financial structure or
inability to obtain additional financing by the client.
e) Existence of an internal or external credit rating showing that
the client is in default.
f) Existence of overdue customer commitments with a significant
amount to public institutions or employees.
These financial instruments may be reclassified to other categories
if, as a result of an individualised study, reasonable doubts do not
remain about the total repayment under the contractually agreed
terms and the client does not have balances of 90 days on material
arrears.
In the case of forbearances, instruments classified as doubtful risk
may be reclassified to the category of 'normal risk under watchlist'
when the following circumstances are present: a minimum period
of one year has elapsed from the forbearance date, the client has
paid the accrued principal and interest amounts, and the client has
no other loan balances of 90 days on material arrears.
\u2022 Default Risk: includes all financial assets, or part of them, for
which, after an individualised analysis, their recovery is
considered remote due to a notorious and irrecoverable
deterioration of their solvency.
In any event, except in the case of financial instruments with
effective collateral covering a substantial portion of the
transaction amount, the Group generally consider as remote the
following:
- Those operations that, after an individualized analysis, are
categorized as unsustainable debt, assuming an
irrecoverability of such debt.
- Transactions classified as doubtful due to non-performing
loans with recovery costs that exceed the amounts receivable.
- The operations on which the award is executed. The queue of
these operations shall be included under default risk, as the
recovery of the flows, provided that no further guarantees
associated with the operation remain after the award of the
property.
- Those operations on which a deduction is made, the portion of
the operation corresponding to that deduction, will be given
as a balance at the time of signature.
A financial asset amount is maintained in the balance sheet until
they are considered as a 'default risk', either all or a part of it, and
the write-off is registered against the balance sheet.
In the case of operations that have only been partially
derecognised, for forgiveness reasons or because part of the total
balance is considered unrecoverable, the remaining amount shall
be fully classified in the category of 'doubtful risk', except where
duly justified.
The classification of a financial asset, or part of it, as a 'default risk'
does not involve the disruption of negotiations and legal
proceedings to recover the amount.
iii. Impairment valuation assessment
Grupo Santander has policies, methods and procedures in place to
hedge its credit risk, both due to the insolvency attributable to
counterparties and its residence in a specific country.
These policies, methods and procedures are applied in the
concession, study and documentation of financial assets,
commitments and guarantees, as well as in the identification of
their impairment and in the calculation of the amounts needed to
cover their credit risk.
The impairment represents the best estimation of the financial
assets expected credit losses at the balance sheet date, assessed
both individually and collectively.
\u2022 Individually: for the purposes of estimating the provisions for
credit risk arising from the insolvency of a financial instrument,
the Group individually assesses impairment by estimating the
expected credit losses on those financial instruments that are
considered to be significant and with sufficient information to
make such an estimate.
Therefore, this classification mostly includes wholesale banking
customers \u2014Corporations, specialised financing\u2014 as well as
some of the largest companies \u2014Chartered and real estate
developers\u2014 from retail banking. The determination of the
perimeter in which the individualised estimate is applied is
detailed in a later section.
The individually assessed impairment estimate is equal to the
difference between the gross carrying amount of the financial
instrument and the estimated value of the expected cash flows
receivable discounted using the original effective interest rate of
the transaction. The estimate of these cash flows takes into
account all available information on the financial asset and the
effective guarantees associated with that asset. This estimation
process is detailed below.
\u2022 Collectively: the Group also assesses impairment by estimating
the expected credit losses collectively in cases where they are
not assessed on an individual basis. This includes, for example,
loans with individuals, sole proprietors or businesses in retail
banking\u00a0 subject to a standardised risk management.
For the purposes of the collective assessment of expected credit
losses, the Group has consistent and reliable internal models. For
the development of these models, instruments with similar
credit risk characteristics that are indicative of the debtors'
capacity to pay are considered.
The credit risk characteristics used to group the instruments are,
among others: type of instrument, debtor's sector of activity,
geographical area of activity, type of guarantee, aging of past
due balances and any other factor relevant to estimating the
future cash flows.
Grupo Santander performs retrospective and monitoring tests to
evaluate the reasonableness of the collective estimate.
On the other hand, the methodology required to estimate the
expected credit loss due to credit events is based on an unbiased
and weighted consideration by the probability of occurrence of a
series of scenarios, considering a range of three to five possible
future scenarios, depending on the characteristics of each unit,
which could have an impact on the collection of contractual cash
flows, always taking into account the time value of money, as well
as all available, reasonable and sustainable information on past
events, current conditions and forecasts of the evolution of
macroeconomic scenarios that are shown to be relevant for the
estimation of this amount (for example: GDP (Gross Domestic
Product), housing price, unemployment rate, etc.).
The estimation of expected losses requires expert judgment and
the support of historical, current and future information. The
probability of loss is measured considering past events, the present
situation and future trends of macroeconomic scenarios.
Grupo Santander uses forward-looking information in both internal
risk management and prudential regulation processes, so that for
the calculation of the impairment loss allowance, various scenarios
are incorporated that take advantage of the experience with such
information, thus ensuring consistency in obtaining the expected
loss.
The complexity of the estimation in this exercise has been derived
from the current macroeconomic scenario as a consequence of the
complex geopolitical situation, as well changes in inflations levels
and interest rates, which has generated uncertainty in economic
evolution.
Grupo Santander has internally ensured the criteria to be followed
for guarantees received from government bodies, both through
credit lines and other public guarantees, so that when they are
adequately reflected in each of the contracts, they are recognised
as mitigating factors of the potential expected losses, and
therefore of the provisions to be recognised, based on the
provisions of the applicable standard (IFRS 9 Par. B5.5.55).
Furthermore, where applicable, these guarantees are appropriately
reflected in the mitigation of the significant increase in risk,
considering their nature as personal guarantees.
For the estimation of the parameters used in the estimation of
impairment provisions -EAD (exposure at default), PD (probability
of default), LGD (loss given default)-, the Group based its
experience in developing internal models for the estimation of
parameters both in the regulatory area and for management
purposes, adapting the development of the impairment provision
models under IFRS 9.
\u2022 Exposure at default: is the amount of estimated risk incurred at
the time of the counterparty's analysis.
\u2022 Probability of default: is the estimated probability that the
counterparty will default on its principal and/or interest payment
obligations.
\u2022 Loss given default: is the estimate of the severity of the loss
incurred in the event of non-compliance. It depends mainly on
the updating of the guarantees associated with the operation and
the future cash flows that are expected to be recovered.
In any case, when estimating the flows expected to be recovered,
portfolio sales are included. It should be noted that due to the
Group's recovery policy and the experience observed in relation to
the prices of past sales of assets classified as stage 3 and/or
default risk, there is no substantial divergence between the flows
obtained from recoveries after performing recovery management
of the assets with those obtained from the sale of portfolios of
assets discounting structural expenses and other costs incurred.
The definition of default implemented by the Group for the
purpose of calculating the impairment provision models is based
on the definition in Article 178 of Regulation 575/2013 of the
European Union (CRR), which is fully aligned with the requirements
of IFRS 9, which considers that a 'default' exists in relation to a
specific customer/contract when at least one of the following
circumstances exists: the entity considers that there are reasonable
doubts about the payment of all its credit obligations or that the
customer/contract is in an irregular situation for more than 90
consecutive days past due material balances with respect to any
significant credit obligation.
Grupo Santander aligned partially and voluntarily during 2022 the
accounting definition of Stage 3, as well as the calculation of
impairment provision models, to the New Definition of Default,
incorporating the criteria defined by the EBA in its implementation
guide of the definition of default, capturing the economic
deterioration of the operations (days in default - on a daily basis -
and materiality thresholds - minimum amount in arrears). The
alignment of criteria was done taking into account the criteria of
IFRS 9 as well as the accounting principles of unbiased
presentation of financial information. Grupo Santander registered
an increase in the default rate at around 19 basis points, with no
material impact on the provision figures for credit risk.
In addition, the Group considers the risk generated in all cross-
border transactions due to circumstances other than the usual
commercial risk of insolvency (sovereign risk, transfer risk or risks
arising from international financial activity, such as wars, natural
catastrophes, balance of payments crisis, etc.).
IFRS 9 includes a series of practical solutions that can be
implemented by entities, with the aim of facilitating its
implementation. In order to achieve a complete and high-level
implementation of the standard, and following the best practices
of the industry, the Group applies these practical solutions
adapting them to their own characteristics and circumstances:
\u2013 Rebuttable presumption that the credit risk has increased
significantly, when payments are more than 30 days past
due: this threshold is used as an additional, but not primary,
indicator of significant risk increase.
\u2013 Assets with low credit risk at the reporting date: the Group
adopts this practice prioritizing its reduced and punctual use
and its systematic and periodic justification through
quantitative evidence.
This information is provided in more detail in note 54.b.
iv. Detail of individual estimate of impairment
For the individual estimate of the assessment for impairment of
the financial asset, the Group has a specific methodology to
estimate the value of the cash flows expected to be collected:
\u2022 Recovery through the debtor's ordinary activities (going
approach).
\u2022 Recovery through the execution and sale of the collateral
guaranteeing the operations (gone approach).
Gone approach:
a. Evaluation of the effectiveness of guarantees
Grupo Santander assesses the effectiveness of all the guarantees
associated considering the following:
\u2022 The time required to execute these guarantees.
\u2022 Grupo Santander's ability to enforce or assert these guarantees
in its favour.
\u2022 The existence of limitations imposed by each local unit\u00b4s
regulation on the foreclosure of collateral.
Under no circumstances the Group considers that a guarantee is
effective if its effectiveness depends substantially on the solvency
of the debtor, as could be the case:
\u2022 Promises of shares or other securities of the debtor himself when
their valuation may be significantly affected by a debtor's
default.
\u2022 Personal cross-collateralisation: when the guarantor of a
transaction is, at the same time, guaranteed by the holder of that
transaction.
The different types of effective guarantees have been detailed in
section i. Definition
b. Valuation of guarantees
Grupo Santander assesses the guarantees on the basis of their
nature in accordance with the following:
\u2022 Mortgage guarantees on properties associated with financial
instruments, using complete individual valuations carried out by
independent valuation experts and under generally accepted
valuation standards. If this is not possible, alternative valuations
are used with duly documented and approved internal valuation
models.
\u2022 Personal guarantees are valued individually on the basis of the
guarantor\u00b4s updated information.
\u2022 The rest of the guarantees are valued based on current market
values.
c. Adjustments to the value of guarantees and estimation of future
cash flow inflows and outflows
Grupo Santander applies a series of adjustments to the value of the
guarantees in order to improve the reference values:
\u2022 Adjustments based on the historical sales experience of local
units for certain types of assets.
\u2022 Individual expert adjustments based on additional management
information.
Likewise, to adjust the value of the guarantees, the time value of
money is taken into account based on the historical experience of
each of the units, estimating:
\u2022 Period of adjudication.
\u2022 Estimated time of sale of the asset.
In addition, the Group takes into account all those cash inflows and
outflows linked to that guarantee until it is sold:
\u2022 Possible future income commitments in favour of the borrower
which will available after the asset is awarded.
\u2022 Estimated foreclosure costs.
\u2022 Asset maintenance costs, taxes and community costs.
\u2022 Estimated marketing or sales costs.
Finally, since it is considered that the guarantee will be sold in the
future, the Group applies an additional adjustment ('index
forward') in order to adjust the value of the guarantees to future
valuation expectations.
v. Impairment individual assessment scope
Grupo Santander determines the perimeter over which it makes an
estimate of the assessment for impairment on an individual basis
based on a relevance threshold set by each of the geographical
areas and the stage in which the operations are located. In general,
the Group applies the individualised calculation of expected losses
to the significant exposures classified in stage 3, although Banco
Santander, S.A. has also extended its analyses to some of the
exposures classified in stage 2.
It should be noted that, in any case and irrespective of the stage in
which their transactions are carried out, for customers who do not
receive standardised treatment, a relational risk management
model is applied, with individualised treatment and monitoring by
the assigned risk analyst. In addition to wholesale customers
(Santander Corporate & Investment Banking or SCIB) and large
companies, this relational management model also includes other
segments of smaller companies for which there is information and
capacity for more personalised and expert analysis and monitoring.\u00a0
As indicated in the Group's wholesale credit model, the individual
treatment of the client facilitates the continuous updating of
information. The risk assumed must be followed and monitored
throughout its life cycle, enabling anticipation and action to be
taken in the event of possible impairments. In this way, the
customer's credit quality is analysed individually, taking into
account specific aspects such as his competitive position, financial
performance, management, etc. In the wholesale risk
management model, every customer with a credit risk position is
assigned a rating, which has an associated probability of customer
default.
Thus, individual analysis of the debtor triggers a specific rating for
each customer, which determines the appropriate parameters for
calculating the expected loss, so that it is the rating itself that
initially modulates the necessary coverage, adjusting the severity
of the possible loss to the guarantees and other mitigating factors
that the customer may have available. In addition, if as a result of
this individualised monitoring of the customer, the analyst finally
considers that his coverage is not sufficient, he has the necessary
mechanisms to adjust it under his expert judgement, always under
the appropriate governance.
h) 'Non-current assets' and 'liabilities associated
with non-current assets held for sale'
Non-current assets held for sale' includes the carrying amount of
individual items, disposal groups or items forming part of a
business unit earmarked for disposal (discontinued operations),
whose sale in their present condition is highly likely to be
completed within one\u00a0year from the reporting date. Therefore, the
recovery of the carrying amount of these items\u00a0-which can be of a
financial nature or otherwise- will foreseeably be effected through
the proceeds from their disposal.
Specifically, property or other non-current assets received by the
consolidated entities as total or partial settlement of their debtors\u2019
payment obligations to them are deemed to be 'Non-current assets
held for sale', unless the consolidated entities have decided to
make continuing use of these assets.
'Liabilities associated with non-current assets held for sale'
includes the balances payable arising from the assets held for sale
or disposal groups and from discontinued operations.
'Non-current assets and disposal groups of items that have been
classified as held for sale' are generally recognised at the date of
their allocation to this category and are subsequently valued at the
lower of their fair value less costs to sell or its book value. 'Non-
current assets and disposal groups of items that are classified as
held for sale' are not amortised as long as they remain in this
category.
The valuation of the portfolio of non-current assets held for sale
has been made in compliance with the requirements of
International Financial Reporting Standards in relation to the
estimate of the fair value of tangible assets and the value-in-use of
financial assets.
The value of the portfolio is determined as the sum of the values of
the individual elements that compose the portfolio, without
considering any total or batch grouping in order to correct the
individual values.
For the purposes of its consideration in initial recognition, the
Group obtains, at the time of award, the fair value of the
corresponding asset by requesting an appraisal from external
valuation agencies.
Grupo Santander has in place a corporate policy that ensures the
professional competence and the independence and objectivity of
the external appraisal agencies, in accordance with the regulations,
which require appraisal agencies to meet independence, neutrality
and credibility requirements, so that the use of their estimates
does not reduce the reliability of its valuations.
This policy establishes that all the appraisal companies and
agencies with which the Group works in Spain should be registered
in the Official Register of the Bank of Spain and that the appraisals
performed by them should follow the methodology established in
Order ECO/805/2003, of 27 March. The main appraisal companies
and agencies with which the Group worked in Spain in 2025 are as
follows: Tinsa Tasaciones Inmobiliarias, S.A.U., Sociedad de
Tasaci\u00f3n, S.A., Global Valuation, S.A.U., Instituto de Valoraciones,
S.A., Euroevaluaciones, S.A. and Valoraciones Mediterr\u00e1neo, S.A.
Also, this policy establishes that the various subsidiaries abroad
work with appraisal companies that have recent experience in the
area and the type of asset under appraisal and meet the
independence requirements established in the corporate policy.
They should verify, inter alia, that the appraisal company is not a
party related to the Group and that its billings to the Group in the
last twelve\u00a0months do not exceed 15% of the appraisal company\u2019s
total billings.
At 31 December 2025 the fair value less costs to sell of non-
current assets held for sale exceeded their carrying amount by EUR
551 million (EUR 553 million at 31 December 2024); however, in
accordance with the accounting standards, this unrealised gain
could not be recognised.
Banco Santander, in compliance with Bank of Spain Circular
4/2017, and subsequent amendments, on public and private
financial reporting standards and financial statement models, has
developed a methodology that enables it to estimate the fair value
and costs of sale of assets foreclosed or received in payment of
debts. This methodology is based on the classification of the
portfolio of foreclosed assets into different segments.
Segmentation enables the intrinsic characteristics of Banco
Santander's portfolio of foreclosed assets to be differentiated, so
that assets with homogeneous characteristics are grouped by
segment.
Thus, the portfolio is segmented into (i) finished assets of a
residential and tertiary nature, (ii) developments in progress and
(iii) land.1
In determining the critical segments in the overall portfolio, assets
are classified on the basis of the nature of the asset and its stage of
development. This segmentation is made in order to seek the
liquidation of the asset (which should be carried out in the shortest
possible time).
When making decisions, the situation and/or characteristics of the
asset are fundamentally taken into account, as well as the
evaluation of all the determining factors that favour the recovery
of the debt. For them, the following aspects are analyzed, among
others:
\u2022 The time that has elapsed since the adjudication.
\u2022 The transferability and contingencies of the foreclosed asset.
\u2022 The economic viability from the real estate point of view with the
necessary investment estimate.
\u2022 The expenses that may arise from the marketing process.
\u2022 The offers received, as well as the difficulties in finding buyers.
In the case of real estate assets foreclosed in Spain, which
represent 76% of the Group\u2019s total non-current assets held for
sale, the valuation of the portfolio is carried out by applying the
following models:
\u2022 Market Value Model used in the valuation of finished properties
of a residential nature (mainly homes and car parks) and
properties of a tertiary nature (offices, commercial premises and
multipurpose buildings). For the valuation of finished assets
whose availability for sale is immediate, a market sale value
provided by a third party external to Banco Santander is
considered, calculated under the AVM methodology by the
comparable properties method adjusted by our experience in
selling similar assets, given the term, price, volume, trend in the
value of these assets and the time elapsing until their sale and
discounting the estimated costs of sale.
The market value is determined on the basis of the definition
established by the International Valuation Standards drawn up
by the IVSC (International Valuation Standards Council),
understood as the estimated amount for which an asset or a
liability should be exchanged on the measurement date between
a willing buyer and a willing seller, in an arm's length
transaction, after appropriate marketing, and in which the parties
have acted with sufficient information, prudently and without
coercion.
The current market value of the properties is estimated on the
basis of automated valuations obtained by taking comparable
properties as a reference; simulating the procedure carried out by
an appraiser in a physical valuation according to Order ECO
805/2003: selection of properties and obtaining the unit value by
applying homogenisation adjustments. The selection of the
properties is carried out by location within the same real estate
cluster and according to the characteristics of the properties,
filtering by type2, surface area range and age. The model enables
a distinction to be made within the municipality under study as to
which areas are similar and comparable and therefore have a
similar value in the property market, discriminating between
which properties are good comparators and which are not.
Adjustments to homogenize the properties are made according
to: (i) the age of the property according to the age of the property
to be valued, (ii) the deviation of the built area from the common
area with respect to the property to be valued and (iii) by age of
the date of capture of the property according to the price
evolution index of the real estate market.
In addition, for individually significant assets, complete individual
valuations are carried out, including a visit to the asset, market
analysis (data relating to supply, demand, current sale or rental
price ranges and supply-demand and revaluation expectations)
and an estimate of expected income and costs.
1. The assets in a situation of 'stopped development' are included under 'land
2. Assets qualified as protected housing are taken into account. The maximum legal value of these assets is determined by the VPO module, obtained from the result of
multiplying the State Basic Module (MBE) by a zone coefficient determined by each autonomous community. To carry out the valuation of a protected property, the useful
surface area is used in accordance with current regulations.
For this segmentation of assets, when they are completed, the real
costs are known and the actual expenses for the marketing and
sale of the asset must be taken into account. Therefore, Banco
Santander uses the actual costs in its calculation engine or, failing
that, those estimated on the basis of its observed experience.
\u2022 Market Value Model according to Evolution of Market Values
used to update the valuation of developments in progress. The
valuation model estimates the current market value of the
properties based on complete individual valuations by third
parties, calculated from the values of the feasibility studies and
development costs of the promotion, as well as the selling costs,
distinguishing by location, size and type of property. The inputs
used in the valuation model for residential assets under
construction are actual revenues and costs.
For this purpose, in order to calculate the investment flows,
Banco Santander considers, on the basis of the feasibility studies,
the expenditure required for construction, the professional fees
relating to the project and to project management, the premiums
for mandatory building insurance, the developer's administrative
expenses, licenses, taxes on new construction and fees, and
urban development charges.
With respect to the calculation of income flows, Banco Santander
takes into account the square metres built, the number of homes
under construction and the estimated selling price over 1.5 years.
The market value will be the result of the difference between the
income flows and the investment flows estimated at each
moment.
\u2022 Land Valuation model. The methodology followed by the Group
regarding land valuation consists of updating the individual
reference valuation of each of the land on an annual basis,
through updated valuation valuations carried out by independent
professionals and following the methodology established in the
Order ECO/805/2003, of 27 March, whose main verifications in
the case of land valuation, regardless of the degree of
urbanisation of the land, correspond to:
\u2013 Visual verification of the assessed property.
\u2013 Registry description.
\u2013 Urban planning.
\u2013 Visible easements.
\u2013 Visible state of occupation, possession, use and exploitation.
\u2013 Protection regime.
\u2013 Apparent state of preservation.
\u2013 Correspondence with cadastral property.
\u2013 Existence of expropriation procedure, expropriation plan or
project, administrative resolution or file that may lead to
expropriation.
\u2013 Expiry of the urbanization or building deadlines.
\u2013 Existence of a procedure for failure to comply with
obligations.
\u2013 Verification of surfaces.
For the purposes of valuation, the land will be classified in the
following levels:
\u2013 Level I: It will include all the lands that do not belong to level
II.
\u2013 Level II: It shall include land classified as undeveloped where
building is not allowed for uses other than agriculture,
forestry, livestock or linked to an economic exploitation
permitted by the regulations in force. Also included are lands
classified as developable that are not included in a
development area of urban planning or that, in such an area,
the conditions for its development have not been defined.
In those cases where the Group does not have an updated
reference value through an ECO valuation for the current
year, we use as a reference value the latest available ECO
valuation reduced or corrected by the average annual
coverage ratio of the land on which we have obtained an
updated reference value, through an ECO valuation.
Grupo Santander applies a discount to the aforementioned
reference values that takes into account both the discount on
the reference value in the sales process and the estimated
costs of marketing or selling the land; discount on reference
value = % discount on sales + % marketing costs being:
\u2013 % discount on Sales: = 100 - (sales price / updated appraisal
value).
\u2013 marketing costs: calculated on the basis of our historical
experience in sales and in accordance with the marketing
management fees negotiated with our suppliers of this type
of service.
In this way the Group obtains the corrected market value, an
amount that we compare with the net cost of each piece of land to
determine its correct valuation and conclude with our valuation
process.
In addition, in relation to the previously mentioned valuations, less
costs to sell, are contrasted with the sales experience of each type
of asset in order to confirm that there is no significant difference
between the sale price and the valuation.
Impairment losses on an asset or disposal group arising from a
reduction in its carrying amount to its fair value (less costs to sell)
are recognised under 'Gains or (losses) on non-current assets held
for sale not classified as discontinued operations' in the
consolidated income statement.
The gains on a non-current asset held for sale resulting from
subsequent increases in fair value (less costs to sell) increase its
carrying amount and are recognised in the consolidated income
statement up to an amount equal to the impairment losses
previously recognised.
i) Assets under reinsurance contracts and
Liabilities under insurance contracts
The Group has prepared the accounting policy that establishes the
criteria for recording insurance contracts, in accordance with IFRS
17. This standard defines insurance contracts as contracts under
which one party accepts a significant insurance risk from another
party by agreeing to compensate the policyholder if a specific
uncertain future event negatively affects the policyholder.
IFRS 17 requires a level of aggregation of contracts that the Group
identifies in portfolios of contracts with similar risks and that are
managed jointly. The Group then divides each portfolio into a
minimum of three groups: (i) contracts that are onerous on initial
recognition; (ii) contracts that, upon initial recognition, have no
significant possibility of subsequently becoming onerous; and (iii)
any remaining contract.
For contracts that are considered not to be onerous, a profit margin
is recognized in the profit and loss account (referred to as
'Contractual Service Margin' or 'CSM') throughout the period in
which the entity performs the service. However, if at the time of
initial recognition, or during the period in which the entity performs
the service, the contract is onerous, the entity recognizes the loss
in the income statement.
Contract limits define the term up to which compliance cash flows
must be considered in order to measure an insurance contract.
Fulfilment cash flows comprise an unbiased, probability-weighted
estimate of future cash flows, a discount adjustment to the present
value to reflect the time value of money for monetary and financial
risks, and a risk adjustment for non-fulfilment risks. financial. The
identification of the contractual limit under IFRS 17 is essential not
only for measuring the fulfilment cash flows of a group of
contracts, but also for determining the applicable measurement
model, in case the contractual limits are identified in a year or
more.
Cash flows are within the contractual limit of an insurance contract
if they arise from substantial rights and obligations that exist
during the reporting period, in which the entity can obligate the
insurance policyholder to pay premiums or in which the entity has
a substantive obligation to provide services to the insured.
The Group has carried out an analysis of the limits of insurance and
reinsurance contracts under IFRS 17, separately, generally applying
the General Model (Building Block Approach) to all contracts,
except those eligible to be valued by the Simplified Model
(Premium Allocation Approach), or the Variable Commission
Approach ('VCA' or Variable Fee Approach).
The general model measures a group of contracts as the sum of
the fulfilment cash flows and the Contractual Service Margin. The
CSM represents benefits not yet recorded that the entity will
recognize as providing services under the insurance contract.
Insurance contracts with direct participation apply the VCA as a
modified version of the General Model. This should reduce the
volatility of results due to the asymmetry between the accounting
treatment of the profit and losses of the underlying items
attributable to the policyholders and the accounting treatment of
the liability owed to those policyholders.
Another aspect considered in measuring the present value of the
future cash flows of a group of insurance contracts is the discount
rate applied to reflect the time value of money and the financial
risks related to those cash flows. The Group has established a
generally chosen methodology and guarantees that the calculation
components have a homogeneous basis, previously approved by
the Group, establishing the base curves provided by the Group and
allowing adjustments to these curves based on the expert criteria
of each local address.
Likewise, measuring compliance cash flows requires a risk
adjustment for non-financial risk. Risk adjustment for non-financial
risk is the compensation necessary to withstand uncertainty about
the amount and timing of cash flows arising from non-financial
risks. If a change in the assumptions occurs, it could affect the
income statement or the Other comprehensive income, depending
on its nature. The risks covered by the risk adjustment for non-
financial risk are insurance risk and other non-financial risks, such
as interruption risk and expense risk.
j) Tangible assets
Tangible assets includes the amount of buildings, land, furniture,
vehicles, computer hardware and other fixtures owned by the
consolidated entities or acquired under finance leases. Tangible
assets are classified by use as follows:
i. Property, plant and equipment for own use
Property, plant and equipment for own use\u00a0\u2013 including tangible
assets received by the consolidated entities in full or partial
satisfaction of financial assets representing receivables from third
parties which are intended to be held for continuing use and
tangible assets acquired under finance leases\u2013 are presented at
acquisition cost, less the related accumulated depreciation and any
estimated impairment losses (carrying amount higher than
recoverable amount).
Depreciation is calculated, using the straight-line method, on the
basis of the acquisition cost of the assets less their residual value.
The land on which the buildings and other structures stand has an
indefinite life and, therefore, is not depreciated.
The annual tangible asset depreciation charge is recognised in the
consolidated income statement and are essentially equivalent to
the following amortization percentages (determined based on the
years of estimated useful life, on average, of the different
elements):
Average
annual\u00a0rate
Buildings for own use
2.4%
Furniture
9.5%
Fixtures
9.5%
Office and IT equipment
23.6%
Lease use rights
Less than the lease
term or the useful life
of the underlying asset
At the end of each reporting period, consolidated entities assess
whether there is any indication that the carrying amount of an
asset exceeds its recoverable amount, in which case they write
down the carrying amount of the asset to its recoverable amount
and adjust future depreciation charges in proportion to its adjusted
carrying amount and to its new remaining useful life, if the useful
life needs to be re-estimated.
Similarly, if there is an indication of a recovery in the value of a
tangible asset, the consolidated entities recognise the reversal of
the impairment loss recognised in prior periods and adjust the
future depreciation charges accordingly. In no circumstances may
the reversal of an impairment loss on an asset raise its carrying
amount above that which it would have if no impairment losses
had been recognised in prior years.
The estimated useful lives of the items of property, plant and
equipment for own use are reviewed at least at the end of the
reporting period with a view to detecting significant changes
therein. If changes are detected, the useful lives of the assets are
adjusted by correcting the depreciation charge to be recognised in
the consolidated income statement in future years on the basis of
the new useful lives.
Upkeep and maintenance expenses relating to property, plant and
equipment for own use are recognised as an expense in the period
in which they are incurred, since they do not increase the useful
lives of the assets.
ii. Investment property
'Investment property' reflects the net values of the land, buildings
and other structures held either to earn rentals or for obtaining
profits by sales due to future increase in market prices.
The criteria used to recognise the acquisition cost of investment
property, to calculate its depreciation and its estimated useful life
and to recognise any impairment losses thereon are consistent
with those described in relation to property, plant and equipment
for own use.
In the case of investment properties that support obligations to pay
a return directly linked to fair value, or to the returns of certain
assets including the investment property itself, such properties are
measured using the fair value model.
In order to evaluate the possible impairment Grupo Santander
determines periodically the fair value of its investment property so
that, at the end of the reporting period, the fair value reflects the
market conditions of the investment property at that date. This fair
value is determined annually, taking as benchmarks the valuations
performed by independent experts. The methodology used to
determine the fair value of investment property is selected based
on the status of the asset in question; thus, for properties
earmarked for lease, the valuations are performed using the sales
comparison approach, whereas for leased properties the valuations
are made primarily using the income capitalisation approach and,
exceptionally, the sales comparison approach.
In the sales comparison approach, the property market segment
for comparable properties is analysed, inter alia, and, based on
specific information on actual transactions and firm offers, current
prices are obtained for cash sales of those properties. The
valuations performed using this approach are considered as Level 2
valuations.
In the income capitalisation approach, the cash flows estimated to
be obtained over the useful life of the property are discounted
taking into account factors that may influence the amount and
actual obtainment thereof, such as: (i) the payments that are
normally received on comparable properties; (ii) current and
probable future occupancy; (iii) the current or foreseeable default
rate on payments. The valuations performed using this approach
are considered as Level 3 valuations, since significant unobservable
inputs are used, such as current and probable future occupancy
and/or the current or foreseeable default rate on payments.
iii. Assets leased out under an operating lease
'Property, plant and equipment'\u00a0- Leased out under an operating
lease reflects the amount of the tangible assets, other than land
and buildings, leased out by the Group under an operating lease.
The criteria used to recognise the acquisition cost of assets leased
out under operating leases, to calculate their depreciation and their
respective estimated useful lives and to recognise the impairment
losses thereon are consistent with those described in relation to
property, plant and equipment for own use.
k) Accounting for leases
The main aspects contained in the regulation (IFRS 16) adopted by
the Group are included below:
When the Group acts as lessee, it recognises a right-of-use asset
representing its right to use the underlying leased asset with a
corresponding lease liability on the date on which the leased asset
is available for use by the Group.
Each lease payment is allocated between liability and finance
charge. The finance charge is allocated to the income statement
during the term of the lease in such a way as to produce a constant
periodic interest rate on the remaining balance of the liability for
each year.
The right-of-use asset is depreciated over the useful life of the
asset or the lease term, whichever is shorter, on a straight-line
basis. If the Group is reasonably certain to exercise a purchase
option, the right-of-use asset is amortized over the useful life of
the underlying asset.
Assets and liabilities arising from a lease are initially measured at
present value. Lease liabilities include the net present value of the
following lease payments:
\u2013 Fixed payments (including inflation-linked payments), less
any lease incentive receivable.
\u2013 Variable lease payments that depend on an index or rate.
\u2013 The amounts expected to be paid by the lessee under
residual value guarantees.
\u2013 The exercise price of a purchase option if the lessee is
reasonably certain that it will exercise that option.
\u2013 Lease termination penalty payments, if the term of the lease
reflects the lessee's exercise of that option.
Lease payments are discounted using the interest rate implicit in
the lease. When this interest rate cannot be obtained, the interest
rate used in these cases, is the lessee's incremental borrowing rate
at the related date. For this purpose, the entity has calculated this
incremental borrowing rate taking as reference the listed debt
instruments issued by the Group; in this regard, the Group has
estimated different interest rate curves depending on the currency
and economic environment in which the contracts are located.
In order to construct the incremental borrowing rate, a
methodology has been developed at the corporate level. This
methodology is based on the need for each entity to consider its
economic and financial situation, for which the following factors
must be considered:
\u2013 Economic and political situation (country risk).
\u2013 Credit risk of the company.
\u2013 Monetary policy.
\u2013 Volume and seniority of the company\u2019s debt instrument
issues.
The incremental borrowing rate is defined as the interest rate that
a lessee would have to pay for borrowing, given a similar period to
the duration of the lease and with similar security, the funds
necessary to obtain an asset of similar value to the right-of-use
asset in a similar economic environment. The Group entities have a
wide stock and variety of financing instruments issued in different
currencies to that of the euro (pound, dollar, etc.) that provide
sufficient information to be able to determine an 'all in
rate' (reference rate plus adjustment for credit spread at different
terms and in different currencies). In circumstances, where the
leasing company has its own financing, this has been used as the
starting point for determining the incremental borrowing rate. On
the other hand, for those Grupo Santander entities that do not have
their own financing, the information from the financing of the
consolidated subgroup to which they belong was used as the
starting point for estimating the entity's curve, analysing other
factors to assess whether it is necessary to make any type of
negative or positive adjustment to the initially estimated credit
spread.
Right-of-use assets are valued at cost which includes the
following:
\u2013 The amount of the initial measurement of the lease liability.
\u2013 Any lease payment made at or before the commencement
date less any lease incentive received.
\u2013 Any initial direct costs.
\u2013 Restoration costs.
The Group recognises the payments associated with short-term
leases and leases of low-value assets on a straight-line basis as an
expense in the income statement. Short-term leases are leases
with a lease term less than or equal to 12 months (a lease that
contains a purchase option is not a short term lease).
l) Intangible assets
Intangible assets are identifiable non-monetary assets (separable
from other assets) without physical substance which arise as a
result of a legal transaction or which are developed internally by
the consolidated entities.
Only assets whose cost can be measured reliably and it is likely
that the consolidated entities obtain future economic benefits are
recognised.
Intangible assets are recognised initially at acquisition or
production cost and are subsequently measured at cost less any
accumulated amortisation and any accumulated impairment
losses.
i. Goodwill
Any excess of the cost of the investments in the consolidated
entities and entities accounted for using the equity method over
the corresponding underlying carrying amounts acquired, adjusted
at the date of first-time consolidation, is allocated as follows:
a. If it is attributable to specific assets and liabilities of the
companies acquired, by increasing the value of the assets (or
reducing the value of the liabilities) whose fair values were
higher (lower) than the carrying amounts at which they had
been recognised in the acquired entities\u2019 balance sheets.
b. If it is attributable to specific intangible assets, by recognising it
explicitly in the consolidated balance sheet provided that the
fair value of these assets within twelve months following the
date of acquisition can be measured reliably.
c. The remaining amount is recognised as goodwill, which is
allocated to one or more cash-generating units (CGU) (a cash-
generating unit is the smallest identifiable group of assets that,
as a result of continuing operation, generates cash inflows that
are largely independent of the cash inflows from other assets or
groups of assets). The cash-generating units represent the
Group\u2019s geographical and/or business segments.
Goodwill (only recognised when it has been acquired by
consideration) represents, therefore, a payment made by the
acquirer in anticipation of future economic benefits from assets of
the acquired entity that are not capable of being individually
identified and separately recognised.
At the end of each annual reporting period or whenever there is
any indication of impairment goodwill is reviewed for impairment
(i.e. a reduction in its recoverable amount to below its carrying
amount) and, if there is any impairment, the goodwill is written
down with a charge to 'Impairment or reversal of impairment on
non-financial assets, net - Intangible assets' in the consolidated
income statement.
An impairment loss recognised for goodwill is not reversed in a
subsequent period.
In the event of sale or departure of an activity that is part of a CGU,
the part of the goodwill that can be assigned to said activity would
be written-off, taking as a reference the relative value of the same
over the total of the CGU at the time of sale or abandonment. If
applicable, the distribution by currency of the remaining goodwill
will be performed based on the relative values of the remaining
activities.
ii. Other intangible assets
Other intangible assets includes the amount of identifiable
intangible assets, such as purchased customer lists and computer
software.
Other intangible assets can have an indefinite useful life\u00a0-when,
based on an analysis of all the relevant factors, it is concluded that
there is no foreseeable limit to the period over which the asset is
expected to generate net cash inflows for the consolidated
entities- or a finite useful life, in all other cases.
Intangible assets with indefinite useful lives are not amortised, but
rather at the end of each reporting period or whenever there is any
indication of impairment the consolidated entities review the
remaining useful lives of the assets in order to determine whether
they continue to be indefinite and, if this is not the case, to take the
appropriate steps.
Intangible assets with finite useful lives are amortised over those
useful lives using methods similar to those used to depreciate
tangible assets.
The intangible asset amortisation charge is recognised under
'Depreciation and amortisation' in the consolidated income
statement.
In both cases the consolidated entities recognise any impairment
loss on the carrying amount of these assets with a charge to
'Impairment or reversal of impairment on non-financial assets, net
- Intangible assets in the consolidated' income statement.
The criteria used to recognise the impairment losses on these
assets and, where applicable, the reversal of impairment losses
recognised in prior years are similar to those used for tangible
assets (see note 2.k).
Internally developed computer software
Internally developed computer software is recognised as an
intangible asset if, among other requisites (basically the Group\u2019s
ability to use or sell it), it can be identified and its ability to
generate future economic benefits can be demonstrated.
Expenditure on research activities is recognised as an expense in
the year in which it is incurred and cannot be subsequently
capitalised into the carrying amount of the intangible asset.
m) Other assets
Other assets' in the consolidated balance sheet includes the
amount of assets not recorded in other items, the breakdown being
as follows:
\u2022 Inventories: this item includes the amount of assets, other than
financial instruments, that are held for sale in the ordinary course
of business, that are in the process of production, construction or
development for such purpose, or that are to be consumed in the
production process or in the provision of services. Inventories
include land and other property held for sale in the property
development business.
Inventories are measured at the lower of cost and net realisable
value, which is the estimated selling price of the inventories in
the ordinary course of business, less the estimated costs of
completion and the estimated costs required to make the sale.
Any write-downs of inventories -such as those due to damage,
obsolescence or reduction of selling price- to net realisable
value and other impairment losses are recognised as expenses
for the year in which the impairment or loss occurs. Subsequent
reversals are recognised in the consolidated income statement
for the year in which they occur.
The carrying amount of inventories is derecognised and
recognised as an expense in the period in which the revenue
from their sale is recognised.
\u25aa Other: this item includes the balance of all prepayments and
accrued income (excluding accrued interest, fees and
commissions), the net amount of the difference between
pension plan obligations and the value of the plan assets with a
balance in the entity\u2019s favour, when this net amount is to be
reported in the consolidated balance sheet, and the amount of
any other assets not included in other items.
n) Other liabilities
'Other liabilities' includes the balance of all accrued expenses and
deferred income, excluding those related to interests and fees on
financial instruments, as well as the amount of any other liabilities
not included in other categories.
o) Provisions and contingent liabilities (assets)
When preparing the financial statements of the consolidated
entities, Banco Santander makes a distinction between:
\u2022 Provisions: credit balances covering present obligations at the
reporting date arising from past events which could give rise to a
loss for the consolidated entities, which is considered to be likely
to occur and certain as to its nature but uncertain as to its
amount and/or timing.
\u2022 Contingent liabilities: possible obligations that arise from past
events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more future events not
wholly within the control of the consolidated entities. They
include the present obligations of the consolidated entities when
it is not probable that an outflow of resources embodying
economic benefits will be required to settle them. The Group
does not recognise the contingent liability. The Group will
disclose a contingent liability, unless the possibility of an outflow
of resources embodying economic benefits is remote.\u00a0
Irrevocable contingent payments (ICPs), corresponding to
payment facilities allowed under the annual contributions of
certain levies, are recorded in accordance with the definitions
mentioned above. In this regard, on 14 November 2025, the
Group learned that the CJEU had definitively resolved the dispute
concerning the CPI contributions made by a financial institution
to the Single Resolution Fund, upholding the judgment of the
General Court of 25 October 2023, which ruled against said
financial institution regarding its request for the return of
guarantees linked to irrevocable payment commitments for a
Group entity whose license had been withdrawn. In light of this
ruling, it was concluded that it was not necessary to modify the
accounting entries that the Santander Group has made when
using these facilities to make contributions corresponding to this
levy or to other similar levies that also allow for such
contributions.
\u2022 Contingent assets: possible assets that arise from past events
and whose existence is conditional on, and will be confirmed
only by, the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the
Group. Contingent assets are not recognised in the consolidated
balance sheet or in the consolidated income statement, but
rather are disclosed in the notes, provided that it is probable that
these assets will give rise to an increase in resources embodying
economic benefits.
Grupo Santander\u2019s consolidated financial statements include all
the material provisions with respect to which it is considered that it
is more likely than not the obligation will have to be settled. In
accordance with accounting standards, contingent liabilities must
not be recognised in the consolidated financial statements, but
must rather be disclosed in the Notes.
Provisions (which are quantified on the basis of the best
information available on the consequences of the event giving rise
to them and are reviewed and adjusted at the end of each year) are
used to cater for the specific obligations for which they were
originally recognised. Provisions are fully or partially reversed
when such obligations cease to exist or are reduced.
Provisions are classified according to the obligations covered as
follows (see note 25):
\u25aa Provision for pensions and similar obligations: includes the
amount of all the provisions made to cover post-employment
benefits, including obligations to pre-retirees and similar
obligations.
\u25aa Provisions for contingent liabilities and commitments: include
the amount of the provisions made to cover contingent
liabilities\u00a0-defined as those transactions in which the Group
guarantees the obligations of a third party, arising as a result of
financial guarantees granted or contracts of another kind- and
contingent commitments\u00a0-defined as irrevocable commitments
that may give rise to the recognition of financial assets.
\u25aa Provisions for taxes and other legal contingencies and Other
provisions: include the amount of the provisions recognised to
cover tax and legal contingencies and litigation and the other
provisions recognised by the consolidated entities. Other
provisions includes, inter alia, any provisions for restructuring
costs and environmental measures.
p) Own equity instruments
Own equity instruments are those meeting both of the following
conditions:
\u25aa The instruments do not include any contractual obligation for
the issuer (i)\u00a0to deliver cash or another financial asset to a third
party; or (ii)\u00a0to exchange financial assets or financial liabilities
with a third party under conditions that are potentially
unfavourable to the issuer.
\u25aa The instruments will or may be settled in the issuer\u2019s own equity
instruments and are: (i)\u00a0a non-derivative that includes no
contractual obligation for the issuer to deliver a variable number
of its own equity instruments; or (ii)\u00a0a derivative that will be
settled by the issuer through the exchange of a fixed amount of
cash or another financial asset for a fixed number of its own
equity instruments.
Transactions involving own equity instruments, including their
issuance and cancellation, are charged directly to equity.
Changes in the value of instruments classified as own equity
instruments are not recognised in the consolidated financial
statements. Consideration received or paid in exchange for such
instruments, including the coupons on preference shares
contingently convertible into ordinary shares and the coupons
associated with CCPP, is directly added to or deducted from equity.
q) Equity-instrument-based employee
remuneration
Own equity instruments delivered to employees in consideration
for their services, if the instruments are delivered once the specific
period of service has ended, are recognised as an expense for
services (with the corresponding increase in equity) as the services
are rendered by employees during the service period. At the grant
date the services received (and the related increase in equity) are
measured\u00a0at the fair value of the equity instruments granted. If the
equity instruments granted are vested immediately, Grupo
Santander recognises in full, at the grant date, the expense for the
services received.
When the requirements stipulated in the remuneration agreement
include external market conditions (such as equity instruments
reaching a certain quoted price), the amount ultimately to be
recognised in equity will depend on the other conditions being met
by the employees (normally length of service requirements),
irrespective of whether the market conditions are satisfied.
If the conditions of the agreement are met but the external market
conditions are not satisfied, the amounts previously recognised in
equity are not reversed, even if the employees do not exercise their
right to receive the equity instruments.
r) Recognition of income and expenses
The most significant criteria used by Grupo Santander to recognise
its income and expenses are summarised as follows:
i. Interest income, interest expenses and similar items
Interest income, interest expenses and similar items are generally
recognised on an accrual basis using the effective interest method.
Dividends received from other companies are recognised as income
when the consolidated entities\u2019 right to receive them arises.
ii. Commissions, fees and similar items
Fee and commission income and expenses are recognised in the
consolidated income statement using criteria that vary according to
their nature. The main criteria are as follows:
\u25aa Fee and commission income and expenses relating to financial
assets and financial liabilities measured at fair value through
profit or loss are recognised when paid.
\u25aa Those arising from transactions or services that are performed
over a period of time are recognised over the life of these
transactions or services.
\u25aa Those relating to services provided in a single act are recognised
when the single act is carried out.
iii. Non-finance income and expenses
They are recognised for accounting purposes when the good is
delivered or the non-financial service is rendered. To determine the
amount and timing of recognition, a five-step model is followed:
identification of the contract with the customer, identification of
the separate obligations of the contract, determination of the
transaction price, distribution of the transaction price among the
identified obligations and finally recording of income as the
obligations are satisfied.
iv. Deferred collections and payments
These are recognised for accounting purposes at the amount
resulting from discounting the expected cash flows at market
rates.
v. Loan arrangement fees
Loan arrangement fees, mainly loan origination, application and
information fees, are accrued and recognised in income over the
term of the loan.
s) Financial guarantees
Financial guarantees are considered contracts that require the
issuer to make specific payments to reimburse the creditor for the
loss it incurs when a specific debtor defaults on its due date
payment obligation in accordance with the original or modified
conditions of debt instrument, regardless of its legal form, which
may be, among others, a deposit, financial guarantee, insurance
contract or credit derivative.
Grupo Santander initially recognises the financial guarantees
provided on the liability side of the consolidated balance sheet at
fair value, which is generally the present value of the fees,
commissions and interest receivable from these contracts over the
term thereof, and simultaneously the Group recognises the
amount of the fees, commissions and similar interest received at
the inception of the transactions and a credit on the asset side of
the consolidated balance sheet for the present value of the fees,
commissions and interest outstanding.
Financial guarantees, regardless of the guarantor, instrumentation
or other circumstances, are reviewed periodically so as to
determine the credit risk to which they are exposed and, if
appropriate, to consider whether a provision is required. The credit
risk is determined by application of criteria similar to those
established for quantifying impairment losses on debt instruments
carried at amortised cost (described in note 2.g above).
The provisions made for these transactions are recognised under
'Provisions - Provisions for commitments and guarantees given in
the consolidated balance sheet' (see note 25). These provisions are
recognised and reversed with a charge or credit, respectively, to
'Provisions or reversal of provisions', net, in the consolidated
income statement.
t) Assets under management and investment
and pension funds managed by the Group
Assets owned by third parties and managed by the consolidated
entities are not presented on the face of the consolidated balance
sheet. The investment funds and pension funds managed by the
consolidated companies are also not presented in the Group's
consolidated balance sheet, as they are owned by third parties.
The commissions generated by these activities are included in the
balance of the 'Commission income' chapter of the consolidated
profit and loss account.
Note\u00a02.b.iv describes the internal criteria and procedures used to
determine whether control exists over the structured entities,
which include, inter alia, investment funds and pension funds.
u) Post-employment benefits
Under the collective agreements currently in force and other
arrangements, the Spanish banks included in the Group and certain
other Spanish and foreign consolidated entities have undertaken to
supplement the public social security system benefits accruing to
certain employees, and to their beneficiary right holders, for
retirement, permanent disability or death, and the post-
employment welfare benefits.
Grupo Santander's post-employment obligations to its employees
are deemed to be defined contribution plans when the Group
makes pre-determined contributions (recognised under Personnel
expenses in the consolidated income statement) to a separate
entity and will have no legal or effective obligation to make further
contributions if the separate entity cannot pay the employee
benefits relating to the service rendered in the current and prior
periods. Post-employment obligations that do not meet the
aforementioned conditions are classified as defined benefit plans
(see note 25).
Defined contribution plans
The contributions made in this connection in each year are
recognised under 'Personnel expenses' in the consolidated income
statement.
The amounts not yet contributed at each year-end are recognised,
at their present value, under 'Provisions - Provision for pensions'
and similar obligations on the liability side of the consolidated
balance sheet.
Defined benefit plans
Grupo Santander recognises under 'Provisions\u00a0- Provision for
pensions and similar obligations on the liability side of the
consolidated balance sheet' (or under 'Other assets' on the asset
side, as appropriate) the present value of its defined benefit post-
employment obligations, net of the fair value of the plan assets.
Plan assets are defined as those that will be directly used to settle
obligations and that meet the following conditions:
\u25aa They are not owned by the consolidated entities, but by a legally
separate third party that is not a party related to the Group.
\u25aa They are only available to pay or fund post-employment benefits
and they cannot be returned to the consolidated entities unless
the assets remaining in the plan are sufficient to meet all the
benefit obligations of the plan and of the entity to current and
former employees, or they are returned to reimburse employee
benefits already paid by Grupo Santander.
If Grupo Santander can look to an insurer to pay part or all of the
expenditure required to settle a defined benefit obligation, and it is
practically certain that said insurer will reimburse some or all of
the expenditure required to settle that obligation, but the
insurance policy does not qualify as a plan asset, the Group
recognises its right to reimbursement -which, in all other respects,
is treated as a plan asset- under 'Insurance contracts linked to
pensions' on the asset side of the consolidated balance sheet.
Grupo Santander will recognise the following items in the income
statement:
\u2022 Current service cost, (the increase in the present value of the
obligations resulting from employee service in the current
period), is recognised under 'Staff costs'.
\u2022 The past service cost, which arises from changes to existing post-
employment benefits or from the introduction of new benefits
and includes the cost of reductions, is recognised under
'Provisions or reversal of provisions'.
\u2022 Any gain or loss arising from a liquidation of the plan is included
in the 'Provisions or reversion of provisions'.
\u2022 Net interest on the net defined benefit liability (asset), i.e. the
change during the period in the net defined benefit liability
(asset) that arises from the passage of time, is recognised under
'Interest expense' and similar charges ('Interest and similar
income' if it constitutes income) in the consolidated income
statement.
The remeasurement of the net defined benefit liability (asset) is
recognised in 'Other comprehensive income' under Items not
reclassified to profit or loss and includes:
\u25aa Actuarial gains and losses generated in the\u00a0year, arising from the
differences between the previous actuarial assumptions and
what has actually occurred and from the effects of changes in
actuarial assumptions.
\u25aa The return on plan assets, excluding amounts included in net
interest on the net defined benefit liability (asset).
\u25aa Any change in the effect of the asset ceiling, excluding amounts
included in net interest on the net defined benefit liability
(asset).
v) Other long-term employee benefits
Other long-term employee benefits, defined as obligations to pre-
retirees\u00a0-taken to be those who have ceased to render services at
the entity but who, without being legally retired, continue to have
economic rights vis-\u00e0-vis the entity until they acquire the legal
status of retiree-, long-service bonuses, obligations for death of
spouse or disability before retirement that depend on the
employee\u2019s length of service at the entity and other similar items,
are treated for accounting purposes, where applicable, as
established above for defined benefit post-employment plans,
except that actuarial gains and losses are recognised under
'Provisions or reversal of provisions', net, in the consolidated
income statement (see note\u00a025).
w) Termination benefits
Termination benefits are recognised when there is a detailed
formal plan identifying the basic changes to be made, provided
that implementation of the plan has begun, its main features have
been publicly announced or objective facts concerning its
implementation have been disclosed.
x) Income tax
The expense for Spanish income tax and other similar taxes
applicable to the foreign consolidated entities is recognised in the
consolidated income statement, except when they arise from a
transaction whose results are recognised directly in equity, in
which case the related tax effect is recognised in equity.
The current income tax expense is calculated as the sum of the
current tax resulting from application of the appropriate tax rate to
the taxable profit for the year (net of any deductions allowable for
tax purposes), and of the changes in deferred tax assets and
liabilities recognised in the consolidated income statement.
'Deferred tax assets' and liabilities include temporary differences,
which are identified as the amounts expected to be payable or
recoverable on differences between the carrying amounts of assets
and liabilities and their related tax bases, and tax loss and tax
credit carryforwards. These amounts are measured at the tax rates
that are expected to apply in the period when the asset is realised
or the liability is settled.
'Tax assets' include the amount of all tax assets, which are broken
down into current\u00a0-amounts of tax to be recovered within the next
twelve\u00a0months- and deferred\u00a0-amounts of tax to be recovered in
future\u00a0years, including those arising from tax loss or tax credit
carryforwards.
Tax liabilities' includes the amount of all tax liabilities (except
provisions for taxes), which are broken down into current\u00a0-the
amount payable in respect of the income tax on the taxable profit
for the\u00a0year and other taxes in the next twelve\u00a0months- and
deferred\u00a0-the amount of income tax payable in future\u00a0years.
Deferred tax liabilities are recognised in respect of taxable
temporary differences associated with investments in subsidiaries,
associates or joint ventures, except when the Group is able to
control the timing of the reversal of the temporary difference and,
in addition, it is probable that the temporary difference will not
reverse in the foreseeable future. In this regard, no deferred tax
liabilities of EUR 321.9 million were recognised in relation to the
taxation that would arise from the undistributed earnings of
certain Group holding companies, in accordance with the
legislation applicable in those jurisdictions.
Deferred tax assets are only recognised for temporary differences
to the extent that it is considered probable that the consolidated
entities will have sufficient future taxable profits against which the
deferred tax assets can be utilised, and the deferred tax assets do
not arise from, in its initial recognition of (i)a business combination,
(ii) an operation that does not affect either the tax result or the
accounting result or (iii) on the date of the transaction, does not
generate deductible and taxable temporary differences for the
same amount (in which case assets and deferred tax liabilities).
Other deferred tax assets (tax loss and tax credit carryforwards)
are only recognised if it is considered probable that the
consolidated entities will have sufficient future taxable profits
against which they can be utilised.
Differences generated by the different accounting and tax
treatment of any of the income and expenses recorded directly in
equity to be paid or recovered in the future are accounted for as
temporary differences.
The deferred tax assets and liabilities are reassessed at the
reporting date in order to ascertain whether any adjustments need
to be made on the basis of the findings of the analyses performed.
Regarding taxes on profits arising from the application of tax laws
for the implementation of the Pillar Two model rules, including
those related to national minimum complementary taxes, the
Group applies the mandatory and temporary exception to the
recognition of deferred tax assets and liabilities derived from said
tax laws (see note 27.f).
y) Residual maturity periods
In note 51 it is provided an analysis of the maturities of the
balances of certain items in the consolidated balance sheet.
Santander Group has recorded as 'time liabilities' those recognised
financial liabilities in which the counterparty may require
payments.
Likewise, when Grupo Santander has committed to having
amounts available at different maturity periods, these amounts
have been recorded in the first year in which they may be required.
Additionally, for the financial guarantee contracts issued, the
Group has recorded the maximum amount of the financial
guarantee issued in the first year in which the guarantee can be
executed.
z) Consolidated statement of recognised income
and expense
This statement presents the income and expenses generated by
the Group as a result of its business activity in the year, and a
distinction is made between the income and expenses recognised
in the consolidated income statement for the year and the other
income and expenses recognised directly in consolidated equity.
Accordingly, this statement presents:
a.Consolidated profit for the year.
b.The net amount of the income and expenses recognised in 'Other
comprehensive income' under items that will not be reclassified
to profit or loss.
c.The net amount of the income and expenses recognised in Other
comprehensive income under items that may be reclassified
subsequently to profit or loss.
d.The income tax incurred in respect of the items indicated in b and
c above, except for the valuation adjustments arising from
investments in associates or joint ventures accounted for using
the equity method, which are presented net.
e.Total consolidated recognised income and expense, calculated
as the sum of a) to d) above, presenting separately the amount
attributable to the parent company and the amount relating to
non-controlling interests.
The statement presents the items separately by nature, grouping
together items that, in accordance with the applicable accounting
standards, will not be reclassified subsequently to profit and loss
since the requirements established by the corresponding
accounting standards are met.
aa) Statement of changes in total equity
This statement presents all the changes in equity, including those
arising from changes in accounting policies and from the correction
of errors. Accordingly, this statement presents a reconciliation of
the carrying amount at the beginning and end of the\u00a0year of all the
consolidated equity items, and the changes are grouped together
on the basis of their nature into the following items:
a.Adjustments due to changes in accounting policies and to errors:
include the changes in consolidated equity arising as a result of
the retrospective restatement of the balances in the
consolidated financial statements, distinguishing between those
resulting from changes in accounting policies and those relating
to the correction of errors.
b.Income and expense recognised in the year: includes, in
aggregate form, the total of the aforementioned items
recognised in the consolidated statement of recognised 'Income
and expense'.
c.Other changes in equity: includes the remaining items
recognised in equity, including, inter alia, increases and
decreases in capital, distribution of profit, transactions involving
own equity instruments, equity-instrument-based payments,
transfers between equity items and any other increases or
decreases in consolidated equity.
ab) Consolidated statement of cash flows
The following terms are used in the consolidated statements of
cash flows with the meanings specified:
\u2022 Cash flows: inflows and outflows of cash and cash equivalents,
which are short-term, highly liquid investments that are subject
to an insignificant risk of changes in value, irrespective of the
portfolio in which they are classified.
Grupo Santander classifies as cash and cash equivalents the
balances recognised under 'Cash, cash balances at central banks'
and 'Other deposits on demand' in the consolidated balance
sheet.
\u2022 Operating activities: the principal revenue-producing activities of
credit institutions and other activities that are not investing or
financing activities.
\u2022 Investing activities: the acquisition or disposal of long-term
assets and other investments not included in cash and cash
equivalents.
\u2022 Financing activities: activities that result in changes in the size
and composition of the equity and liabilities that are not
operating activities.
During 2025 Grupo Santander received interest amounting to EUR
109,840 million (EUR 117,046 and EUR 101,029 in 2024 and 2023,
respectively) and paid interest amounting to EUR 57,737 million
(EUR 61,091 and EUR 50,954 in 2024 and 2023, respectively).
Also, dividends received and paid by the Group are detailed in
notes 4, 28 and 40, including dividends paid to minority interests
(non-controlling interests
i. Basic earnings / loss per share
Basic earnings/loss per share are calculated by dividing the net
profit attributable to the Group, adjusted by the after-tax amount
of the remuneration of contingently convertible preference shares
(PPCC) recognised in equity and the capital perpetual preference
shares (PPCA) (see note\u00a023) , if applicable, by the weighted average
number of ordinary shares outstanding during that period,
excluding the average number of own shares held through that
period.
ii. Diluted earnings / loss per share
Diluted earnings/loss per share are calculated by dividing the net
profit attributable to the Group, adjusted by the after-tax amount
of the remuneration of contingently convertible preference shares
recognised in equity (PPCC) recognised in equity and the capital
perpetual preference shares (PPCA) (see note\u00a023) , by the weighted
average number of ordinary shares outstanding during the\u00a0year,
excluding the average number of treasury shares and adjusted for
all the dilutive effects inherent to potential ordinary shares (share
options, and convertible debt securities).
Grupo Santander bases segment reporting on financial information
presented to the chief operating decision maker, which excludes
certain statutory results items that distort year-on-year
comparisons and are not considered for management reporting.
This financial information (underlying basis) is computed by
adjusting reported results for the effects of certain gains and losses
(e.g. capital gains, write-downs, impairment of goodwill, etc.).
These gains and losses are items that management and investors
ordinarily identify and consider separately to better understand the
underlying trends in the business.
Grupo Santander has aligned the information in this note with the
underlying information used internally for management reporting
and with that presented in Grupo Santander's other public
documents.
Grupo Santander executive committee has been selected to be its
chief operating decision maker. Grupo Santander's operating
segments reflect its organizational and managerial structures.
Grupo Santander 's executive committee reviews internal reporting
based on these segments to assess performance and allocate
resources.
The segments are split by global business and country in which
profits are earned. Santander prepares the information by
aggregating the figures for Grupo Santander\u2019s global businesses
and countries, relating it to both the accounting data of the
business units integrated in each segment and that provided by
management information systems. The same general principles as
those used in Grupo Santander are applied.
The main changes, which have been applied to management
information for all periods included in the annual accounts, relate
to the following:
1. Investment platforms (Investment Platforms Unit) and certain
stakes in companies, mainly in the real estate sector, that were
previously recorded in Retail & Commercial Banking or
Corporate & Investment Banking have been incorporated into
Wealth Management & Insurance. Grupo Santander have
therefore incorporated a new vertical, Portfolio Investments,
focusing on the management of said investment platforms and
stakes that complement Wealth's traditional business.
2. Some profit sharing criteria between Retail & Commercial
Banking and Cards have been improved, aligning criteria across
the Group.
3. Grupo Santander has completed the usual annual adjustment of
the perimeter of the Global Customer Relationship Model
between Retail & Commercial Banking and Corporate &
Investment Banking and between Retail & Commercial Banking
and Wealth Management & Insurance.
4. In secondary segments, the board of directors approved the
dissolution of the regional structures. As a result, the Group will
no longer report regional information and the secondary
segments are structured into the 10 main units (nine countries
and DCB Europe), the Corporate Centre and 'Rest of the Group',
which includes everything that is not already included in the
mentioned units.
The above-mentioned changes have no impact on the Group\u2019s
reported consolidated financial statements.
The parties related to the Group are deemed to include, in addition
to its associates and joint ventures, the Bank's key management
personnel (the members of its board of directors and the senior
management, together with their close family members) and the
entities over which the key management personnel may exercise
significant influence or control.
Following below is the balance sheet balances and amounts of the
Group's income statement corresponding to operations with the
parties related to it, distinguishing between associates and joint
ventures, members of the Bank's board of directors, the Bank's
senior management, and other related parties. Related-party
transactions were made on terms equivalent to those that prevail
in arm's-length transactions or, when this was not the case, the
related compensation in kind was recognized.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1789": { "value": "
g) Events after the reporting period
On 9 January 2026, after obtaining the necessary regulatory
approvals and fulfilling the conditions for closing, the Group
completed the sale of 49% of the share capital of Santander Bank
Polska S.A. and 50% of the share capital of Santander
Towarzystwo Funduszy Inwestycyjnych S.A. (TFI, the asset
management business in Poland) to Erste Group Bank AG for a
total cash amount of approximately EUR 7,000 million. The
transaction generated a net capital gain of approximately EUR
1,900 million, which will be recognized in the consolidated income
statement for the 2026 financial year. Santander holds the 9.7% of
Santander Polska's share capital.
The transaction resulted in the loss of effective control over the
entity, and therefore, effective as of 9 January 2026, Santander
Bank Polska S.A. will cease to be consolidated using the global
integration method in the Group's consolidated financial
statements from that date forward.
Additionally, on 3 February 2026, Banco Santander, S.A.
('Santander') announced that it had reached an agreement to
acquire Webster Financial Corporation ('Webster'), the parent
company of Webster Bank, N.A., for approximately USD
12,200\u00a0million (around EUR 10,300\u00a0million). Webster shareholders
will receive USD 48.75 in cash and 2.0548 Santander shares for
each Webster share, resulting in a total consideration of USD 75
per Webster share. Completion of the transaction is expected to
take place in the second half of 2026 subject to the customary
conditions for this type of operations, including obtaining the
relevant regulatory approvals and the approvals of both Webster's
and Santander's shareholders.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1790": { "value": "
a) Foreign currency transactions
i. Presentation currency
Banco Santander\u2019s functional and presentation currency is the
euro. Also, the presentation currency of the Group is the euro.
ii. Translation of foreign currency balances
Foreign currency balances are translated to euros in two
consecutive stages:
\u2022 Translation of foreign currency to the functional currency
(currency of the main economic environment in which the entity
operates).
\u2022 Translation to euros of the balances held in the functional
currencies of entities whose functional currency is not the euro.
Translation of foreign currency to the functional currency
Foreign currency transactions performed by consolidated entities
(or entities accounted for using the equity method) not located in
European Monetary Union ('EMU') countries are initially recognised
in their respective currencies. Monetary items in foreign currency
are subsequently translated to their functional currencies using the
closing rate.
Furthermore:
\u2022 Non-monetary items measured at historical cost are translated
to the functional currency at the exchange rate at the date of
acquisition.
\u2022 Non-monetary items measured at fair value are translated at the
exchange rate at the date when the fair value was determined.
\u2022 Income and expenses are translated at the average exchange
rates for the\u00a0year for all the transactions performed during
the\u00a0year. When applying this criterion, the Group considers
whether there have been significant changes in the exchange
rates in the\u00a0year which, in view of their materiality with respect
to the consolidated financial statements taken as a whole, would
make it necessary to use the exchange rates at the transaction
date rather than the aforementioned average exchange rates.
\u2022 The balances arising from non-hedging forward foreign
currency/foreign currency and foreign currency/euro purchase
and sale transactions are translated at the closing rates
prevailing in the forward foreign currency market for the related
maturity.
Translation of functional currencies to euros
The balances in the financial statements of consolidated entities
(or entities accounted for using the equity method) whose
functional currency is not the euro are translated to euros as
follows:
- Assets and liabilities, at the closing rates.
- Income and expenses, at the average exchange rates for
the\u00a0year.
- Equity items, at the historical exchange rates.
iii. Recognition of exchange differences
The exchange differences arising on the translation of foreign
currency balances to the functional currency are generally
recognised at their net amount under 'Exchange differences, net' in
the consolidated income statement, except for exchange
differences arising on financial instruments at fair value through
profit or loss, which are recognised in the consolidated income
statement without distinguishing them from other changes in fair
value, and for exchange differences arising on non-monetary items
measured at fair value through equity, which are recognised under
'Other comprehensive income\u2013Items that may be reclassified to
profit or loss\u2013Exchange differences' except for exchange
differences on equity instruments, where the option to irrevocably
elect to be measured at fair value through changes in accumulated
other comprehensive income, which are recognised in accumulated
'Other Comprehensive Income - Items not to be reclassified to
profit or loss - Changes in fair value of equity instruments
measured at fair value' through other comprehensive income (see
note 29).
The exchange differences arising on the translation to euros of the
financial statements denominated in functional currencies other
than the euro are recognised in 'Other comprehensive income\u2013
Items that may be reclassified to profit or loss\u2013Exchange
differences' in the consolidated balance sheet, whereas those
arising on the translation to euros of the financial statements of
entities accounted for using the equity method are recognised in
equity under 'Other comprehensive income\u2013Items that may be
reclassified to profit or loss and Items not reclassified to profit or
loss\u2013Other recognised income and expense' of investments in
subsidiaries, joint ventures and associates (see note 29), until the
related item is derecognised, at which time they are recognised in
profit or loss.
Exchange differences arising on actuarial gains or losses when
converting to euros the financial statements denominated in the
functional currencies of entities whose functional currency is
different from the euro are recognised under equity 'Other
comprehensive income\u2013Items not reclassified to profit or loss\u2013
Actuarial gains or (-) losses' on defined benefit pension plans (see
note 29).
iv. Entities located in hyperinflationary economies
When a subsidiary operates in a country with hyperinflationary
economy, IAS 29 Financial Information in Hyperinflationary
Economies is applied, which means that:
\u2013 Historical cost of non-monetary assets and liabilities and of
the various items of equity have to be adjusted to reflect the
changes in the purchasing power of the currency due to
inflation from their date of acquisition or incorporation into
the consolidated balance sheet.
\u2013 The different items of the income statement are adjusted by
the inflationary index since their generation, with a balancing
entry in 'Other comprehensive income'.
\u2013 The loss on the net monetary position is recorded in the
income for the year against 'Accumulated Other
comprehensive income'.
\u2013 All components of the financial statements of the subsidiary
are translated at the closing exchange rate.
The deterioration of the economic situation in Argentina over the
last years caused, among other impacts, a significant increase in
inflation, which by the end of 2018 had reached 48% per year
(147% accumulated in three years). This led the Group to conclude
that it was necessary to apply IAS 29 Financial Information in
Hyperinflationary Economies to its activities in the country in
question in its consolidated financial statements from that year on.
In 2024, Grupo Santander decided to apply an alternative exchange
rate for the conversion of its Argentine business in the preparation
of its consolidated annual accounts. This decision stemmed from
the divergence observed between the official exchange rate and
certain macroeconomic variables, primarily inflation, coupled with
the fact that for certain transactions, such as the repatriation of
dividends, the exchange rate implied in orderly transactions
between market participants did not correspond to the official
exchange rate. As of 31 December 2024, the alternative exchange
rate used was based on the CCL dollar ('contado con liquidaci\u00f3n'),
which is the exchange rate resulting from the sale in US dollars of
local bonds denominated in Argentine pesos (bonds with dual peso
dollar/denomination). At that date, this rate did not differ
significantly from other market rates.
From the second quarter of 2025, and considering the
liberalization of the foreign exchange market and the elimination
of restrictions on the purchase of foreign currency by individuals,
and the value of this CCL dollar exchange rate did not differ
significantly from other market rates and the official exchange
rate, Grupo Santander started using the official exchange rate as a
reference once again.
Inflation during 2025, according to the national consumer price
index published by the National Statistics and Census Institute, was
31.5% for the year (117.8% at 31 December 2024). The official
exchange rate as 31 December 2025 was 1,706.38 Argentine
pesos per euro (1,071.16 Argentine pesos per euro at 31 December
2024). The exchange rate applied by the Group as at 31 December
2024 was 1,232.39 Argentine pesos per euro.
At 31 December 2025, no other country in which the consolidated
and associated entities of Grupo Santander are located is
considered to have a hyperinflationary economy in accordance with
the criteria established in this regard by the International Financial
Reporting Standards adopted by the European Union.
v. Exposure to foreign currency risk
Grupo Santander hedges a portion of its long-term foreign
currency positions using foreign exchange derivative financial
instruments (see note\u00a036). Also, the Group manages foreign
exchange risk dynamically by hedging its short-term position (with
a potential impact on profit or loss) in order to limit the impact of
currency depreciations while optimising the cost of financing the
hedges.
The following tables show the sensitivity of the consolidated
income statement and consolidated equity to percentage changes
of \u00b1 1% in the foreign exchange rate positions arising from
investments in Grupo Santander companies with currencies other
than the euro (with its hedges) and in their results (with its
hedges), in which the Group maintains significant balances.
The estimated effect on the consolidated equity attributable to
Grupo Santander and on consolidated profit and loss account of a
1% appreciation of the euro against the corresponding currency is
as follows:
EUR million
Effect\u00a0on\u00a0
consolidated\u00a0equity
Effect\u00a0on\u00a0
consolidated\u00a0profit
Currency
2025
2024
2023
2025
2024
2023
US dollar
(135.0)
(168.4)
(136.9)
(2.5)
(3.9)
(3.4)
Chilean peso
(8.8)
(15.3)
(35.3)
(4.3)
(2.1)
(2.3)
Pound
sterling
(88.1)
(96.5)
(79.1)
(7.6)
(4.4)
(3.1)
Mexican peso
(32.5)
(33.9)
(36.4)
(0.5)
(0.5)
(0.1)
Brazilian real
(141.2)
(144.1)
(175.7)
(0.8)
(4.3)
(6.5)
Polish zloty
(12.8)
(25.1)
(48.8)
\u2014
(0.4)
\u2014
Argentine
peso
(21.3)
(18.3)
(7.5)
(3.7)
(6.6)
(4.2)
Similarly, the estimated effect on the Group\u2019s consolidated equity
and on consolidated profit and loss account of a 1% depreciation of
the euro against the corresponding currency is as follows:
EUR million
Effect\u00a0on\u00a0
consolidated\u00a0equity
Effect\u00a0on\u00a0
consolidated\u00a0profit
Currency
2025
2024
2023
2025
2024
2023
US dollar
137.8
171.8
139.7
2.5
4.0
3.4
Chilean peso
9.0
15.6
36.0
4.4
2.2
2.3
Pound
sterling
89.9
98.4
80.7
7.7
4.5
3.1
Mexican peso
33.1
34.6
37.1
0.5
0.5
0.1
Brazilian real
144.0
147.0
179.3
0.9
4.3
6.6
Polish zloty
13.0
25.6
49.8
\u2014
0.4
\u2014
Argentine
peso
21.7
18.7
7.7
3.8
6.7
4.2
The above data were obtained as follows:
a)Effect on consolidated equity: in accordance with the accounting
policy detailed in note\u00a02.a.iii, foreign exchange rate impact
arising on the translation to euros of the financial statements in
the functional currencies of the Group entities whose functional
currency is not the euro are recognised in consolidated equity.
The potential effect that a change in the exchange rates of the
related currency would have on the Group\u2019s consolidated equity
was therefore determined by applying the aforementioned
change to the net value of each unit\u2019s assets and liabilities\u00a0-
including, where appropriate, the related goodwill- and by
taking into consideration the offsetting effect of the hedges of
net investments in foreign operations.
b)Effect on consolidated profit: the effect was determined by
applying the up and down movements in the average exchange
rates of the\u00a0year, as indicated in note\u00a02.a.ii (except in the case of
Argentina, which is a hyperinflationary economy and has applied
the closing exchange rate), to translate to euros the income and
expenses of the consolidated entities whose functional currency
is not the euro, taking into consideration, where appropriate, the
offsetting effect of the various hedging transactions in place.
The estimates used to obtain the foregoing data were performed
considering the effects of the changes in the exchange rate in
standalone basis not considering the effect of the performance of
other variables whose changes would affect equity and profit or
loss, such as variations in the interest rates of the reference
currencies or other market factors. Accordingly, all variables other
than the exchange rate variations were kept constant with respect
to their positions at 31 December 2025, 2024 and 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1791": { "value": "
i. Presentation currency
Banco Santander\u2019s functional and presentation currency is the
euro. Also, the presentation currency of the Group is the euro.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1792": { "value": "
iv. Entities located in hyperinflationary economies
When a subsidiary operates in a country with hyperinflationary
economy, IAS 29 Financial Information in Hyperinflationary
Economies is applied, which means that:
\u2013 Historical cost of non-monetary assets and liabilities and of
the various items of equity have to be adjusted to reflect the
changes in the purchasing power of the currency due to
inflation from their date of acquisition or incorporation into
the consolidated balance sheet.
\u2013 The different items of the income statement are adjusted by
the inflationary index since their generation, with a balancing
entry in 'Other comprehensive income'.
\u2013 The loss on the net monetary position is recorded in the
income for the year against 'Accumulated Other
comprehensive income'.
\u2013 All components of the financial statements of the subsidiary
are translated at the closing exchange rate.
The deterioration of the economic situation in Argentina over the
last years caused, among other impacts, a significant increase in
inflation, which by the end of 2018 had reached 48% per year
(147% accumulated in three years). This led the Group to conclude
that it was necessary to apply IAS 29 Financial Information in
Hyperinflationary Economies to its activities in the country in
question in its consolidated financial statements from that year on.
In 2024, Grupo Santander decided to apply an alternative exchange
rate for the conversion of its Argentine business in the preparation
of its consolidated annual accounts. This decision stemmed from
the divergence observed between the official exchange rate and
certain macroeconomic variables, primarily inflation, coupled with
the fact that for certain transactions, such as the repatriation of
dividends, the exchange rate implied in orderly transactions
between market participants did not correspond to the official
exchange rate. As of 31 December 2024, the alternative exchange
rate used was based on the CCL dollar ('contado con liquidaci\u00f3n'),
which is the exchange rate resulting from the sale in US dollars of
local bonds denominated in Argentine pesos (bonds with dual peso
dollar/denomination). At that date, this rate did not differ
significantly from other market rates.
From the second quarter of 2025, and considering the
liberalization of the foreign exchange market and the elimination
of restrictions on the purchase of foreign currency by individuals,
and the value of this CCL dollar exchange rate did not differ
significantly from other market rates and the official exchange
rate, Grupo Santander started using the official exchange rate as a
reference once again.
Inflation during 2025, according to the national consumer price
index published by the National Statistics and Census Institute, was
31.5% for the year (117.8% at 31 December 2024). The official
exchange rate as 31 December 2025 was 1,706.38 Argentine
pesos per euro (1,071.16 Argentine pesos per euro at 31 December
2024). The exchange rate applied by the Group as at 31 December
2024 was 1,232.39 Argentine pesos per euro.
At 31 December 2025, no other country in which the consolidated
and associated entities of Grupo Santander are located is
considered to have a hyperinflationary economy in accordance with
the criteria established in this regard by the International Financial
Reporting Standards adopted by the European Union.", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1793": { "value": "
v. Exposure to foreign currency risk
Grupo Santander hedges a portion of its long-term foreign
currency positions using foreign exchange derivative financial
instruments (see note\u00a036). Also, the Group manages foreign
exchange risk dynamically by hedging its short-term position (with
a potential impact on profit or loss) in order to limit the impact of
currency depreciations while optimising the cost of financing the
hedges.
The following tables show the sensitivity of the consolidated
income statement and consolidated equity to percentage changes
of \u00b1 1% in the foreign exchange rate positions arising from
investments in Grupo Santander companies with currencies other
than the euro (with its hedges) and in their results (with its
hedges), in which the Group maintains significant balances.
The estimated effect on the consolidated equity attributable to
Grupo Santander and on consolidated profit and loss account of a
1% appreciation of the euro against the corresponding currency is
as follows:
EUR million
Effect\u00a0on\u00a0
consolidated\u00a0equity
Effect\u00a0on\u00a0
consolidated\u00a0profit
Currency
2025
2024
2023
2025
2024
2023
US dollar
(135.0)
(168.4)
(136.9)
(2.5)
(3.9)
(3.4)
Chilean peso
(8.8)
(15.3)
(35.3)
(4.3)
(2.1)
(2.3)
Pound
sterling
(88.1)
(96.5)
(79.1)
(7.6)
(4.4)
(3.1)
Mexican peso
(32.5)
(33.9)
(36.4)
(0.5)
(0.5)
(0.1)
Brazilian real
(141.2)
(144.1)
(175.7)
(0.8)
(4.3)
(6.5)
Polish zloty
(12.8)
(25.1)
(48.8)
\u2014
(0.4)
\u2014
Argentine
peso
(21.3)
(18.3)
(7.5)
(3.7)
(6.6)
(4.2)
Similarly, the estimated effect on the Group\u2019s consolidated equity
and on consolidated profit and loss account of a 1% depreciation of
the euro against the corresponding currency is as follows:
EUR million
Effect\u00a0on\u00a0
consolidated\u00a0equity
Effect\u00a0on\u00a0
consolidated\u00a0profit
Currency
2025
2024
2023
2025
2024
2023
US dollar
137.8
171.8
139.7
2.5
4.0
3.4
Chilean peso
9.0
15.6
36.0
4.4
2.2
2.3
Pound
sterling
89.9
98.4
80.7
7.7
4.5
3.1
Mexican peso
33.1
34.6
37.1
0.5
0.5
0.1
Brazilian real
144.0
147.0
179.3
0.9
4.3
6.6
Polish zloty
13.0
25.6
49.8
\u2014
0.4
\u2014
Argentine
peso
21.7
18.7
7.7
3.8
6.7
4.2
The above data were obtained as follows:
a)Effect on consolidated equity: in accordance with the accounting
policy detailed in note\u00a02.a.iii, foreign exchange rate impact
arising on the translation to euros of the financial statements in
the functional currencies of the Group entities whose functional
currency is not the euro are recognised in consolidated equity.
The potential effect that a change in the exchange rates of the
related currency would have on the Group\u2019s consolidated equity
was therefore determined by applying the aforementioned
change to the net value of each unit\u2019s assets and liabilities\u00a0-
including, where appropriate, the related goodwill- and by
taking into consideration the offsetting effect of the hedges of
net investments in foreign operations.
b)Effect on consolidated profit: the effect was determined by
applying the up and down movements in the average exchange
rates of the\u00a0year, as indicated in note\u00a02.a.ii (except in the case of
Argentina, which is a hyperinflationary economy and has applied
the closing exchange rate), to translate to euros the income and
expenses of the consolidated entities whose functional currency
is not the euro, taking into consideration, where appropriate, the
offsetting effect of the various hedging transactions in place.
The estimates used to obtain the foregoing data were performed
considering the effects of the changes in the exchange rate in
standalone basis not considering the effect of the performance of
other variables whose changes would affect equity and profit or
loss, such as variations in the interest rates of the reference
currencies or other market factors. Accordingly, all variables other
than the exchange rate variations were kept constant with respect
to their positions at 31 December 2025, 2024 and 2023.
44. Exchange differences, net
Exchange differences shows basically the gains or losses on
currency dealings, the differences that arise on translations of
monetary items in foreign currencies to the functional currency.
Grupo Santander manages the currencies to which it is exposed
together with the arrangement of derivative instruments and,
accordingly, the changes in this line item should be analysed
together with those recognised under 'Gains/losses on financial
assets and liabilities' (see note\u00a043).", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1794": { "value": "
b) Basis of consolidation
i. Subsidiaries
Subsidiaries are defined as entities over which the Bank has the
capacity to exercise control. The Bank controls an entity when it is
exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns
through its power over the investee.
The financial statements of the subsidiaries are fully consolidated
with those of the Bank. Accordingly, all balances and effects of the
transactions between consolidated companies are eliminated on
consolidation.
On acquisition of control of a subsidiary, its assets, liabilities and
contingent liabilities are recognised at their acquisition-date fair
values. Any positive differences between the acquisition cost and
the fair values of the identifiable net assets acquired are
recognised as goodwill (see note\u00a017). Negative differences are
recognised in profit or loss on the date of acquisition.
Additionally, the share of third parties of Grupo Santander equity is
presented under 'Non-controlling interests' in the consolidated
balance sheet (see note\u00a028). Their share of the profit for the\u00a0year is
presented under 'Profit attributable to non-controlling interests' in
the consolidated income statement.
The results of subsidiaries acquired during the\u00a0year are included in
the consolidated income statement from the date of acquisition
to\u00a0year-end. Similarly, the results of subsidiaries for which control
is lost during the year are included in the consolidated income
statement from the beginning of the\u00a0year to the date of disposal.
At 31 December 2025, apart from the structured consolidated
entities, Grupo Santander does not control any company in which it
maintains a percentage of direct participation in its share capital of
less than 50% and in where other elements exist which, considered
together, would grant give it decision-making power over its
relevant activities.
The appendices contain significant information on the subsidiaries.
ii. Interests in joint ventures
Joint ventures are deemed to be entities that are not subsidiaries
but which are jointly controlled by two or more unrelated entities.
This is evidenced by contractual arrangements whereby two or
more parties have interests in entities so that decisions about the
relevant activities require the unanimous consent of all the parties
sharing control.
In the consolidated financial statements, investments in joint
ventures are accounted for using the equity method, i.e. at the
Group\u2019s share of net assets of the investee, after taking into
account the dividends received therefrom and other equity
eliminations. The profits and losses resulting from transactions
with a joint venture are eliminated to the extent of the Group\u2019s
interest therein.
The appendices contain relevant information on the joint ventures.
iii. Associates
Associates are entities over which Banco Santander is in a position
to exercise significant influence, but not control or joint control. It
is presumed that Banco Santander exercises significant influence if
it holds 20% or more of the voting power of the investee.
In the consolidated financial statements, investments in associates
are accounted for using the equity method, with the same criteria
applicable to shares in joint ventures.
There are certain investments in entities which, although Grupo
Santander owns 20% or more of their voting power, are not
considered to be associates because the Group is not in a position
to exercise significant influence over them. As of 31 December
2024 and 2023, the investment in Project Quasar Investments
2017, S.L. was in this situation, despite maintaining a 49% stake in
the share capital. The rest of the investments are not significant for
the Group.
There are also certain investments in associates where the Group
owns less than 20% of the voting rights, as it is determined that it
has the capacity to exercise significant influence over them. The
impact of these companies is immaterial in the Group's
consolidated financial statements.
The appendices contain significant information on the associates.
iv. Structured entities
In some cases, Grupo Santander incorporates entities, or holds
ownership interests therein, to enable its customers to access
certain investments, or for the transfer of risks or other purposes.
Those entities are called 'structured entities' and they are
characterized by the fact that since the voting, or similar power is
not a key factor in deciding who controls the entity. The control is
determined by using internal criteria and procedures and taking
into consideration the applicable legislation, as described above.
Specifically, for those entities to which this policy applies (mainly
investment funds and pension funds), the Group analyses the
following factors:
\u2022 Percentage of ownership held by Grupo Santander; 20% is
established as the general threshold.
\u2022 Identification of the fund manager, and verification as to whether
it is a company controlled by the Group since this could affect
Grupo Santander ability to direct the relevant activities.
\u2022 Existence of agreements between investors that might require
decisions to be taken jointly by the investors, rather than by the
fund manager.
\u2022 Existence of currently exercisable removal rights (possibility of
removing the manager from his position), since the existence of
such rights might limit the manager\u2019s power over the fund, and it
may be concluded that the manager is acting as an agent of the
investors.
\u2022 Analysis of the fund manager\u2019s remuneration regime, taking into
consideration that a remuneration regime that is proportionate
to the service rendered does not, generally, create exposure of
such importance as to indicate that the manager is acting as the
principal. Conversely, if the remuneration regime is not
proportionate to the service rendered, this might give rise to an
exposure that would lead the Group to a different conclusion.
These structured entities also include the securitisation special
purpose vehicles, which are consolidated in the case of the Special
Purpose Vehicles (SPVs) over which, being exposed to variable
yield, it is considered that the Group continues to exercise control.
The exposure associated with unconsolidated structured entities,
additional to investments in the equity of investment funds (note
8), are not material with respect to the Group\u2019s consolidated
financial statements.
v. Business combinations
A business combination is the bringing together of two or more
separate entities or economic units into one single entity or group
of entities.
Business combinations whereby Grupo Santander obtains control
over an entity or a business are recognised for accounting purposes
as follows:
\u2022 Grupo Santander measures the cost of the business combination,
which is normally the consideration transferred, defined as the
acquisition-date fair values of the assets transferred, the
liabilities incurred to the former owners of the acquiree and the
equity instruments issued, if any, by the acquirer. In cases where
the amount of the consideration to be transferred has not been
definitively established at the acquisition date, but rather
depends on future events, any contingent consideration is
recognised as part of the consideration transferred and
measured at its acquisition-date fair value. Moreover,
acquisition-related costs do not for these purposes form part of
the cost of the business combination.
\u2022 The fair values of the assets, liabilities and contingent liabilities
of the acquired entity or business, including any intangible assets
identified in the business combination which might not have
been recognised by the acquiree, are estimated and recognised in
the consolidated balance sheet; the Group also estimates the
amount of any non-controlling interests and the fair value of the
previously held equity interest in the acquiree.
\u2022 Any positive difference between the aforementioned items is
recognised as discussed in note\u00a02.m. Any negative difference is
recognised under 'Negative Goodwill' recognised in the
consolidated income statement.
Goodwill is only calculated and recognised once, when control of a
business or an entity is obtained.
vi. Changes in the levels of ownership interests in
subsidiaries
Acquisitions and disposals not giving rise to a change in control are
recognised as equity transactions, and no gain or loss is recognised
in the income statement and the initially recognised goodwill is not
remeasured. The difference between the consideration transferred
or received and the decrease or increase in non-controlling
interests, respectively, is recognised in reserves.
Similarly, when control over a subsidiary is lost, the assets,
liabilities and non-controlling interests and any other items
recognised in 'Other Comprehensive income' of that company are
derecognised from the consolidated balance sheet, and the fair
value of the consideration received and of any remaining equity
interest is recognised. The difference between these amounts is
recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1796": { "value": "
i. Subsidiaries
Subsidiaries are defined as entities over which the Bank has the
capacity to exercise control. The Bank controls an entity when it is
exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns
through its power over the investee.
The financial statements of the subsidiaries are fully consolidated
with those of the Bank. Accordingly, all balances and effects of the
transactions between consolidated companies are eliminated on
consolidation.
On acquisition of control of a subsidiary, its assets, liabilities and
contingent liabilities are recognised at their acquisition-date fair
values. Any positive differences between the acquisition cost and
the fair values of the identifiable net assets acquired are
recognised as goodwill (see note\u00a017). Negative differences are
recognised in profit or loss on the date of acquisition.
Additionally, the share of third parties of Grupo Santander equity is
presented under 'Non-controlling interests' in the consolidated
balance sheet (see note\u00a028). Their share of the profit for the\u00a0year is
presented under 'Profit attributable to non-controlling interests' in
the consolidated income statement.
The results of subsidiaries acquired during the\u00a0year are included in
the consolidated income statement from the date of acquisition
to\u00a0year-end. Similarly, the results of subsidiaries for which control
is lost during the year are included in the consolidated income
statement from the beginning of the\u00a0year to the date of disposal.
At 31 December 2025, apart from the structured consolidated
entities, Grupo Santander does not control any company in which it
maintains a percentage of direct participation in its share capital of
less than 50% and in where other elements exist which, considered
together, would grant give it decision-making power over its
relevant activities.
The appendices contain significant information on the subsidiaries.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1795": { "value": "
i. Subsidiaries
Subsidiaries are defined as entities over which the Bank has the
capacity to exercise control. The Bank controls an entity when it is
exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns
through its power over the investee.
The financial statements of the subsidiaries are fully consolidated
with those of the Bank. Accordingly, all balances and effects of the
transactions between consolidated companies are eliminated on
consolidation.
On acquisition of control of a subsidiary, its assets, liabilities and
contingent liabilities are recognised at their acquisition-date fair
values. Any positive differences between the acquisition cost and
the fair values of the identifiable net assets acquired are
recognised as goodwill (see note\u00a017). Negative differences are
recognised in profit or loss on the date of acquisition.
Additionally, the share of third parties of Grupo Santander equity is
presented under 'Non-controlling interests' in the consolidated
balance sheet (see note\u00a028). Their share of the profit for the\u00a0year is
presented under 'Profit attributable to non-controlling interests' in
the consolidated income statement.
The results of subsidiaries acquired during the\u00a0year are included in
the consolidated income statement from the date of acquisition
to\u00a0year-end. Similarly, the results of subsidiaries for which control
is lost during the year are included in the consolidated income
statement from the beginning of the\u00a0year to the date of disposal.
At 31 December 2025, apart from the structured consolidated
entities, Grupo Santander does not control any company in which it
maintains a percentage of direct participation in its share capital of
less than 50% and in where other elements exist which, considered
together, would grant give it decision-making power over its
relevant activities.
The appendices contain significant information on the subsidiaries
iv. Structured entities
In some cases, Grupo Santander incorporates entities, or holds
ownership interests therein, to enable its customers to access
certain investments, or for the transfer of risks or other purposes.
Those entities are called 'structured entities' and they are
characterized by the fact that since the voting, or similar power is
not a key factor in deciding who controls the entity. The control is
determined by using internal criteria and procedures and taking
into consideration the applicable legislation, as described above.
Specifically, for those entities to which this policy applies (mainly
investment funds and pension funds), the Group analyses the
following factors:
\u2022 Percentage of ownership held by Grupo Santander; 20% is
established as the general threshold.
\u2022 Identification of the fund manager, and verification as to whether
it is a company controlled by the Group since this could affect
Grupo Santander ability to direct the relevant activities.
\u2022 Existence of agreements between investors that might require
decisions to be taken jointly by the investors, rather than by the
fund manager.
\u2022 Existence of currently exercisable removal rights (possibility of
removing the manager from his position), since the existence of
such rights might limit the manager\u2019s power over the fund, and it
may be concluded that the manager is acting as an agent of the
investors.
\u2022 Analysis of the fund manager\u2019s remuneration regime, taking into
consideration that a remuneration regime that is proportionate
to the service rendered does not, generally, create exposure of
such importance as to indicate that the manager is acting as the
principal. Conversely, if the remuneration regime is not
proportionate to the service rendered, this might give rise to an
exposure that would lead the Group to a different conclusion.
These structured entities also include the securitisation special
purpose vehicles, which are consolidated in the case of the Special
Purpose Vehicles (SPVs) over which, being exposed to variable
yield, it is considered that the Group continues to exercise control.
The exposure associated with unconsolidated structured entities,
additional to investments in the equity of investment funds (note
8), are not material with respect to the Group\u2019s consolidated
financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1798": { "value": "
ii. Interests in joint ventures
Joint ventures are deemed to be entities that are not subsidiaries
but which are jointly controlled by two or more unrelated entities.
This is evidenced by contractual arrangements whereby two or
more parties have interests in entities so that decisions about the
relevant activities require the unanimous consent of all the parties
sharing control.
In the consolidated financial statements, investments in joint
ventures are accounted for using the equity method, i.e. at the
Group\u2019s share of net assets of the investee, after taking into
account the dividends received therefrom and other equity
eliminations. The profits and losses resulting from transactions
with a joint venture are eliminated to the extent of the Group\u2019s
interest therein.
The appendices contain relevant information on the joint ventures.
iii. Associates
Associates are entities over which Banco Santander is in a position
to exercise significant influence, but not control or joint control. It
is presumed that Banco Santander exercises significant influence if
it holds 20% or more of the voting power of the investee.
In the consolidated financial statements, investments in associates
are accounted for using the equity method, with the same criteria
applicable to shares in joint ventures.
There are certain investments in entities which, although Grupo
Santander owns 20% or more of their voting power, are not
considered to be associates because the Group is not in a position
to exercise significant influence over them. As of 31 December
2024 and 2023, the investment in Project Quasar Investments
2017, S.L. was in this situation, despite maintaining a 49% stake in
the share capital. The rest of the investments are not significant for
the Group.
There are also certain investments in associates where the Group
owns less than 20% of the voting rights, as it is determined that it
has the capacity to exercise significant influence over them. The
impact of these companies is immaterial in the Group's
consolidated financial statements.
The appendices contain significant information on the associates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1797": { "value": "
ii. Interests in joint ventures
Joint ventures are deemed to be entities that are not subsidiaries
but which are jointly controlled by two or more unrelated entities.
This is evidenced by contractual arrangements whereby two or
more parties have interests in entities so that decisions about the
relevant activities require the unanimous consent of all the parties
sharing control.
In the consolidated financial statements, investments in joint
ventures are accounted for using the equity method, i.e. at the
Group\u2019s share of net assets of the investee, after taking into
account the dividends received therefrom and other equity
eliminations. The profits and losses resulting from transactions
with a joint venture are eliminated to the extent of the Group\u2019s
interest therein.
The appendices contain relevant information on the joint ventures.
iii. Associates
Associates are entities over which Banco Santander is in a position
to exercise significant influence, but not control or joint control. It
is presumed that Banco Santander exercises significant influence if
it holds 20% or more of the voting power of the investee.
In the consolidated financial statements, investments in associates
are accounted for using the equity method, with the same criteria
applicable to shares in joint ventures.
There are certain investments in entities which, although Grupo
Santander owns 20% or more of their voting power, are not
considered to be associates because the Group is not in a position
to exercise significant influence over them. As of 31 December
2024 and 2023, the investment in Project Quasar Investments
2017, S.L. was in this situation, despite maintaining a 49% stake in
the share capital. The rest of the investments are not significant for
the Group.
There are also certain investments in associates where the Group
owns less than 20% of the voting rights, as it is determined that it
has the capacity to exercise significant influence over them. The
impact of these companies is immaterial in the Group's
consolidated financial statements.
The appendices contain significant information on the associates.
iv. Structured entities
In some cases, Grupo Santander incorporates entities, or holds
ownership interests therein, to enable its customers to access
certain investments, or for the transfer of risks or other purposes.
Those entities are called 'structured entities' and they are
characterized by the fact that since the voting, or similar power is
not a key factor in deciding who controls the entity. The control is
determined by using internal criteria and procedures and taking
into consideration the applicable legislation, as described above.
Specifically, for those entities to which this policy applies (mainly
investment funds and pension funds), the Group analyses the
following factors:
\u2022 Percentage of ownership held by Grupo Santander; 20% is
established as the general threshold.
\u2022 Identification of the fund manager, and verification as to whether
it is a company controlled by the Group since this could affect
Grupo Santander ability to direct the relevant activities.
\u2022 Existence of agreements between investors that might require
decisions to be taken jointly by the investors, rather than by the
fund manager.
\u2022 Existence of currently exercisable removal rights (possibility of
removing the manager from his position), since the existence of
such rights might limit the manager\u2019s power over the fund, and it
may be concluded that the manager is acting as an agent of the
investors.
\u2022 Analysis of the fund manager\u2019s remuneration regime, taking into
consideration that a remuneration regime that is proportionate
to the service rendered does not, generally, create exposure of
such importance as to indicate that the manager is acting as the
principal. Conversely, if the remuneration regime is not
proportionate to the service rendered, this might give rise to an
exposure that would lead the Group to a different conclusion.
These structured entities also include the securitisation special
purpose vehicles, which are consolidated in the case of the Special
Purpose Vehicles (SPVs) over which, being exposed to variable
yield, it is considered that the Group continues to exercise control.
The exposure associated with unconsolidated structured entities,
additional to investments in the equity of investment funds (note
8), are not material with respect to the Group\u2019s consolidated
financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1799": { "value": "
ii. Interests in joint ventures
Joint ventures are deemed to be entities that are not subsidiaries
but which are jointly controlled by two or more unrelated entities.
This is evidenced by contractual arrangements whereby two or
more parties have interests in entities so that decisions about the
relevant activities require the unanimous consent of all the parties
sharing control.
In the consolidated financial statements, investments in joint
ventures are accounted for using the equity method, i.e. at the
Group\u2019s share of net assets of the investee, after taking into
account the dividends received therefrom and other equity
eliminations. The profits and losses resulting from transactions
with a joint venture are eliminated to the extent of the Group\u2019s
interest therein.
The appendices contain relevant information on the joint ventures.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1800": { "value": "
iii. Associates
Associates are entities over which Banco Santander is in a position
to exercise significant influence, but not control or joint control. It
is presumed that Banco Santander exercises significant influence if
it holds 20% or more of the voting power of the investee.
In the consolidated financial statements, investments in associates
are accounted for using the equity method, with the same criteria
applicable to shares in joint ventures.
There are certain investments in entities which, although Grupo
Santander owns 20% or more of their voting power, are not
considered to be associates because the Group is not in a position
to exercise significant influence over them. As of 31 December
2024 and 2023, the investment in Project Quasar Investments
2017, S.L. was in this situation, despite maintaining a 49% stake in
the share capital. The rest of the investments are not significant for
the Group.
There are also certain investments in associates where the Group
owns less than 20% of the voting rights, as it is determined that it
has the capacity to exercise significant influence over them. The
impact of these companies is immaterial in the Group's
consolidated financial statements.
The appendices contain significant information on the associates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1801": { "value": "
v. Business combinations
A business combination is the bringing together of two or more
separate entities or economic units into one single entity or group
of entities.
Business combinations whereby Grupo Santander obtains control
over an entity or a business are recognised for accounting purposes
as follows:
\u2022 Grupo Santander measures the cost of the business combination,
which is normally the consideration transferred, defined as the
acquisition-date fair values of the assets transferred, the
liabilities incurred to the former owners of the acquiree and the
equity instruments issued, if any, by the acquirer. In cases where
the amount of the consideration to be transferred has not been
definitively established at the acquisition date, but rather
depends on future events, any contingent consideration is
recognised as part of the consideration transferred and
measured at its acquisition-date fair value. Moreover,
acquisition-related costs do not for these purposes form part of
the cost of the business combination.
\u2022 The fair values of the assets, liabilities and contingent liabilities
of the acquired entity or business, including any intangible assets
identified in the business combination which might not have
been recognised by the acquiree, are estimated and recognised in
the consolidated balance sheet; the Group also estimates the
amount of any non-controlling interests and the fair value of the
previously held equity interest in the acquiree.
\u2022 Any positive difference between the aforementioned items is
recognised as discussed in note\u00a02.m. Any negative difference is
recognised under 'Negative Goodwill' recognised in the
consolidated income statement.
Goodwill is only calculated and recognised once, when control of a
business or an entity is obtained.
i. Goodwill
Any excess of the cost of the investments in the consolidated
entities and entities accounted for using the equity method over
the corresponding underlying carrying amounts acquired, adjusted
at the date of first-time consolidation, is allocated as follows:
a. If it is attributable to specific assets and liabilities of the
companies acquired, by increasing the value of the assets (or
reducing the value of the liabilities) whose fair values were
higher (lower) than the carrying amounts at which they had
been recognised in the acquired entities\u2019 balance sheets.
b. If it is attributable to specific intangible assets, by recognising it
explicitly in the consolidated balance sheet provided that the
fair value of these assets within twelve months following the
date of acquisition can be measured reliably.
c. The remaining amount is recognised as goodwill, which is
allocated to one or more cash-generating units (CGU) (a cash-
generating unit is the smallest identifiable group of assets that,
as a result of continuing operation, generates cash inflows that
are largely independent of the cash inflows from other assets or
groups of assets). The cash-generating units represent the
Group\u2019s geographical and/or business segments.
Goodwill (only recognised when it has been acquired by
consideration) represents, therefore, a payment made by the
acquirer in anticipation of future economic benefits from assets of
the acquired entity that are not capable of being individually
identified and separately recognised.
At the end of each annual reporting period or whenever there is
any indication of impairment goodwill is reviewed for impairment
(i.e. a reduction in its recoverable amount to below its carrying
amount) and, if there is any impairment, the goodwill is written
down with a charge to 'Impairment or reversal of impairment on
non-financial assets, net - Intangible assets' in the consolidated
income statement.
An impairment loss recognised for goodwill is not reversed in a
subsequent period.
In the event of sale or departure of an activity that is part of a CGU,
the part of the goodwill that can be assigned to said activity would
be written-off, taking as a reference the relative value of the same
over the total of the CGU at the time of sale or abandonment. If
applicable, the distribution by currency of the remaining goodwill
will be performed based on the relative values of the remaining
activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1802": { "value": "
v. Business combinations
A business combination is the bringing together of two or more
separate entities or economic units into one single entity or group
of entities.
Business combinations whereby Grupo Santander obtains control
over an entity or a business are recognised for accounting purposes
as follows:
\u2022 Grupo Santander measures the cost of the business combination,
which is normally the consideration transferred, defined as the
acquisition-date fair values of the assets transferred, the
liabilities incurred to the former owners of the acquiree and the
equity instruments issued, if any, by the acquirer. In cases where
the amount of the consideration to be transferred has not been
definitively established at the acquisition date, but rather
depends on future events, any contingent consideration is
recognised as part of the consideration transferred and
measured at its acquisition-date fair value. Moreover,
acquisition-related costs do not for these purposes form part of
the cost of the business combination.
\u2022 The fair values of the assets, liabilities and contingent liabilities
of the acquired entity or business, including any intangible assets
identified in the business combination which might not have
been recognised by the acquiree, are estimated and recognised in
the consolidated balance sheet; the Group also estimates the
amount of any non-controlling interests and the fair value of the
previously held equity interest in the acquiree.
\u2022 Any positive difference between the aforementioned items is
recognised as discussed in note\u00a02.m. Any negative difference is
recognised under 'Negative Goodwill' recognised in the
consolidated income statement.
Goodwill is only calculated and recognised once, when control of a
business or an entity is obtained.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1803": { "value": "
c) Classification of financial instruments
A financial instrument is any contract that gives rise to a financial
asset of one entity and a financial liability or an equity instrument
of another entity.
The following transactions are not treated for accounting purposes
as financial instruments:
\u2022 Investments in associates and joint venture when accounted for
using the equity method in accordance with IAS 28 (see note\u00a013).
\u2022 Rights and obligations under employee benefit plans recognized
in accordance with IAS 19 (see note\u00a025).
\u2022 Insurance contracts and the rights and obligations directly arising
from them, within the scope of IFRS 17 (see note\u00a015).
\u2022 Contracts and obligations relating to employee remuneration
based on own equity instruments accounted for in accordance
with IFRS 2 (see note\u00a034).
i. Classification of financial assets for measurement
purposes
Financial assets are classified into the various categories used for
management and measurement purposes, unless they have to be
presented as 'Non-current assets held for sale' or they relate to
'Cash, cash balances at central banks and other deposits on
demand', 'Changes in the fair value of hedged items in portfolio
hedges of interest rate risk (asset side)', 'Hedging derivatives and
Investments', which are reported separately.
Classification of financial instruments: the classification criteria for
financial assets depends on the business model for their
management and the characteristics of their contractual flows.
Grupo Santander business models refer to the way in which it
manages its financial assets to generate cash flows. In defining
these models, the Group takes into account the following factors:
\u2022 How key entity staff are assessed and reported on the
performance of the business model and the financial assets held
in the business model.
\u2022 The risks that affect the performance of the business model (and
the financial assets held in the business model) and, specifically,
the way in which these risks are managed.
\u2022 The way in which business managers are remunerated.
\u2022 The frequency, the calendar and volume of sales in previous
years, as well as expectations of future sales and the reasons of
the sales.
The analysis of the characteristics of the contractual cash flows of
financial assets requires an assessment of the congruence of these
flows with a basic loan agreement. The Group determines if the
contractual cash flows of its financial assets that are only principal
and interest payments on the outstanding principal amount at the
beginning of the transaction. This analysis takes into consideration
four factors (performance, contractual clauses, contractually linked
products and currencies). Furthermore, among the most significant
judgements used by the Group in carrying out this analysis, the
following ones are included:
\u2022 The return on the financial asset, in particular in cases of periodic
interest rate adjustments where the term of the reference rate
does not coincide with the frequency of the adjustment. In these
cases, an assessment is made to determine whether or not the
contractual cash flows differ significantly from the flows without
this change in the time value of money, establishing a tolerance
level of 5%.
\u2022 When contractual clauses that may modify the cash flows of the
financial asset exist, the structure of the cash flows before and
after the activation of such clauses is analysed, regardless of the
probability of occurrence of the contingent event. The evaluation
of contractual flows of financial assets with characteristics
associated with ESG (Environmental, Social and Governance) is
included in this analysis.
\u2022 Financial assets whose cash flows have different priority for
payment due to a contractual link to underlying assets (e.g.
securitization instruments or similar structures) require a look-
through analysis by the Group so as to review that both the
financial asset and the underlying assets are only principal and
interest payments and that the exposure to credit risk of
analyzed segment does not exceed the average exposure of the
underlying assets of the instrument.
Depending on these factors, the financial assets classify for
measurement as: (i) at amortised cost, (ii) at fair value with
changes in other comprehensive income or (iii) at fair value with
changes through profit and loss. IFRS 9 also establishes an option
to irrevocably designate an instrument at fair value with changes in
profit or loss, when doing so eliminates or significantly reduces a
measurement or recognition inconsistency (sometimes referred to
as 'accounting asymmetry') that would otherwise arise from
measuring assets or liabilities or recognising gains and losses on
different bases.
Grupo Santander uses the following criteria for the classification of
the financial debt instruments:
\u2022 Amortised cost: financial instruments managed under a business
model whose objective is to hold the financial assets to collect
contractual principal and interest flows. This category includes
instruments for which there are no frequent or significant
unjustified sales and fair value is not a key element in the
management of these assets and contractual conditions they
give rise to cash flows on specific dates, which are only payments
of principal and interest on the outstanding principal amount. In
this sense, justified sales are considered to be those related to an
(i) increase in the credit risk of the asset, (ii) unanticipated
funding needs (stress case scenarios) and (iii) those close to
maturity . Additionally, the characteristics of its contractual flows
represent substantially a 'basic financing agreement'.
\u2022 Fair value with changes in other comprehensive income: financial
instruments held in a business model whose objective is to
collect principal and interest cash flows and the sale of these
assets, where fair value is a relevant factor in their management.
Additionally, the contractual cash flow characteristics
substantially represent a 'basic financing agreement'.
\u2022 Fair value with changes in profit or loss: financial instruments
included in a business model different from the above, where fair
value is a key element in the management of these assets, and
the contractual flows of the financial instruments do not
substantially represent a 'basic financing agreement'. In this
section it can be enclosed the portfolios classified under
'Financial assets held for trading', 'Non-trading financial assets
mandatorily at fair value through profit or loss' and 'Financial
assets at fair value through profit or loss'. In this regard, most of
the financial assets presented in the category of 'Financial assets
designated at value reasonable with change in results' are
instruments financial services that, not being part of the portfolio
of negotiation, are contracted jointly with other financial
instruments that are recorded in the category of 'held for
trading', and that by both are recorded at fair value with changes
in results, so your record in any other category would produce
accounting asymmetries.
Equity instruments will be classified at fair value under IFRS 9,
with changes in profit or loss, unless the Group decides, for non-
trading assets, to classify them at fair value with changes in other
comprehensive income (irrevocably) at initial recognition.
ii. Classification of financial assets for presentation
purposes
Financial assets are classified by nature into the following items in
the consolidated balance sheet:
\u2022 Cash, cash balances at Central Banks and other deposits on
demand: cash balances and balances receivable on demand
relating to deposits with central banks and other credit
institutions.
\u2022 Loans and advances: includes the debit balances of all credit and
loans granted by the Group, other than those represented by
securities or securitized, as well as the finance lease receivables
and other debit balances of a financial nature in favour of the
Group such as cheques drawn on credit institutions, balances
receivable from clearing houses and settlement agencies for
transactions on the stock exchange and organised markets,
bonds given in cash, capital calls, fees and commissions
receivable for financial guarantees and debit balances arising
from transactions not originating in banking transactions and
services, such as the collection of rentals and similar items. They
are classified, on the basis of the institutional sector to which the
debtor belongs, into:
\u2013 Central banks: credit of any nature, including deposits and
money market transactions received from the Bank of Spain
or other central banks.
\u2013 Credit institutions: credit of any nature, including deposits
and money market transactions, in the name of credit
institutions.
\u2013 Customers: includes the remaining credit, including money
market transactions through central counterparties.
\u2022 Debt securities: bonds and other securities that represent a debt
for their issuer, that that accrue interest or equivalent returns
implemented in securities or in book entries.
\u2022 Equity instruments: financial instruments issued by other
entities, such as shares, which have the nature of equity
instruments for the issuer, other than investments in
subsidiaries, joint ventures or associates. Investment fund units
are included in this item.
\u2022 Derivatives: includes the fair value in favour of the Group of
derivatives which do not form part of hedge accounting,
including embedded derivatives separated from hybrid financial
instruments.
\u2022 Repurchase agreements and reverse repurchase agreements:
Purchases of financial instruments under a non-optional resale
(repurchase) agreement at a fixed price (repos) are recognised in
the consolidated balance sheet as financing granted, based on
the nature of the debtor, under 'Loans and advances with central
banks', 'Loans and advances to credit institutions' or 'Loans and
advances to customers. Differences between the purchase and
sale prices are recognised as interest over the contract term.
\u2022 Changes in the fair value of hedged items in portfolio hedges of
interest rate risk: this item is the balancing entry for the amounts
credited to the consolidated income statement in respect of the
measurement of the portfolios of financial instruments which are
effectively hedged against interest rate risk through fair value
hedging derivatives.
\u2022 Hedging derivatives: Includes the fair value in favour of the
Group of derivatives, including embedded derivatives separated
from hybrid financial instruments, designated as hedging
instruments in hedge accounting.
iii. Classification of financial liabilities for measurement
purposes
Financial liabilities are initially classified into the various categories
used for management and measurement purposes, unless they
have to be presented as 'Liabilities associated with non-current
assets held for sale' or they relate to 'Hedging derivatives' or the
changes in the fair value of hedged items in portfolio hedges of
interest rate risk (liability side), which are reported separately.
In most cases, changes in the fair value of financial liabilities
designated at fair value through profit or loss, caused by the
entity's credit risk, are recognized in other comprehensive income,
unless this treatment results in an accounting asymmetry, in which
case the full effect is recognized in the profit or loss for the period.
Financial liabilities are included for measurement purposes in one
of the following categories:
\u2022 Financial liabilities held for trading (at fair value through profit or
loss): this category includes financial liabilities incurred for the
purpose of generating a profit in the near term from fluctuations
in their prices, financial derivatives not designated in accounting
hedging relationships, and financial liabilities arising from the
outright sale of financial assets temporarily acquired or received
on loan (short positions).
\u2022 Financial liabilities designated at fair value through profit or loss:
financial liabilities are included in this category when they
provide more relevant information, either because this
eliminates or significantly reduces recognition or measurement
inconsistencies (accounting mismatches) that would otherwise
arise from measuring assets or liabilities or recognising the gains
or losses on them on different bases, or because a group of
financial liabilities or financial assets and liabilities is managed
and its performance is evaluated on a fair value basis, in
accordance with a documented risk management or investment
strategy, and information about the group is provided on that
basis to the Group\u2019s key management personnel.
Liabilities may only be included in this category on the date when
they are incurred or originated.
\u2022 Financial liabilities at amortised cost: financial liabilities,
irrespective of their instrumentation and maturity, not included
in any of the above-mentioned categories which arise from the
ordinary borrowing activities carried on by financial institutions.
iv. Classification of financial liabilities for presentation
purposes
Financial liabilities are classified by nature into the following items
in the consolidated balance sheet:
\u2022 Deposits: includes all repayable balances received in cash by
Grupo Santander, other than those instrumented as marketable
securities and those having the substance of subordinated
liabilities (amount of the loans received, which for credit priority
purposes are after common creditors), except for the debt
instruments issued. This item also includes cash bonds and cash
consignments received the amount of which may be invested
without restriction. Deposits are classified on the basis of the
creditor\u2019s institutional sector into:
\u2013 Central banks: deposits of any nature, including credit received
and money market transactions received from the Bank of
Spain or other central banks.
\u2013 Credit institutions: deposits of any nature, including credit
received and money market transactions in the name of credit
institutions.
\u2013 Customer: includes the remaining deposits, including money
market transactions through central counterparties.
\u2022 Marketable debt securities: includes the amount of bonds,
debentures and other debt represented by marketable securities,
other than those having the substance of subordinated liabilities
(amount of the loans received, which for credit priority purposes
are after common creditors, and includes the amount of the
financial instruments issued by the Group which, having the legal
nature of capital, do not meet the requirements to qualify as
equity, such as certain preferred shares issued). This item
includes the component that has the consideration of financial
liability of the securities issued that are compound financial
instruments.
\u2022 Derivatives: includes the fair value, with a negative balance for
the Group, of derivatives, including embedded derivatives\u00a0
separated from the host contract, which do not form part of
hedge accounting.
\u2022 Short positions: includes the amount of financial liabilities arising
from the outright sale of financial assets acquired under reverse
repurchase agreements or borrowed.
\u2022 Other financial liabilities: includes the amount of payment
obligations having the nature of financial liabilities not included
in other items (includes, among others, the balance of lease
liabilities recognized in accordance with IFRS 16 ), and liabilities
under financial guarantee contracts, unless they have been
classified as non-performing.
\u2022 Repurchase agreements and reverse repurchase agreements:
Sales of financial instruments under a non-optional resale
(repurchase) agreement at a fixed price (repos) are recognised in
the consolidated balance sheet as financing received, based on
the nature of the creditor, under 'Deposits from central banks',
'Deposits from credit institutions' or 'Customer deposits'.
Differences between the purchase and sale prices is recorded as
interest accrued over the life of the contract, using the effective
interest rate method.
\u2022 Changes in the fair value of hedged items in portfolio hedges of
interest rate risk: this item is the balancing entry for the amounts
charged to the consolidated income statement in respect of the
measurement of the portfolios of financial instruments which are
effectively hedged against interest rate risk through fair value
hedging derivatives.
\u2022 Hedging derivatives: includes the fair value of the Group\u2019s
liability in respect of derivatives, including embedded derivatives
separated from hybrid financial instruments, designated as
hedging instruments in hedge accounting.
\u2022 The preference shares contingently convertible into ordinary
shares eligible as Additional Tier 1 capital (PPCC) -perpetual
shares, which may be repurchased by the issuer in certain
circumstances, the interest on which is discretionary, and would
convert into variable number of newly issued ordinary shares if
the capital ratio of the Bank or its consolidated group falls below
a given percentage (trigger event), as those two terms are
defined in the related issue prospectuses are recognised for
accounting purposes by the Group as compound instruments in
accordance with IAS 32. The liability component reflects the
issuer\u2019s obligation to deliver a variable number of shares and the
equity component reflects the issuer\u2019s discretion in relation to
the payment of the related coupons. In order to effect the initial
allocation, the Group estimates the fair value of the liability as
the amount that would have to be delivered if the trigger event
were to occur immediately and, accordingly, the equity
component, calculated as the residual amount, is zero. In view of
the aforementioned discretionary nature of the payment of the
coupons, they are deducted directly from equity.
\u2022 Capital perpetual preference shares (PPCA), with the possibility
of purchase by the issuer in certain circumstances, whose
remuneration is discretionary, and which will be amortised
permanently, totally or partially, in the event that the bank or its
consolidated group submits a capital ratio lesser than a certain
percentage (trigger event), as defined in the corresponding
prospectuses, are accounted for by the Group as equity
instruments.
\u2022 Derivatives embedded in other financial instruments or in other
host contracts are accounted for separately as derivatives if their
risks and characteristics are not closely related to those of the
host contracts, provided that the host contracts are not classified
as financial assets/liabilities designated at fair value through
profit or loss or as 'Financial assets/liabilities held for trading'.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1804": { "value": "
i. Classification of financial assets for measurement
purposes
Financial assets are classified into the various categories used for
management and measurement purposes, unless they have to be
presented as 'Non-current assets held for sale' or they relate to
'Cash, cash balances at central banks and other deposits on
demand', 'Changes in the fair value of hedged items in portfolio
hedges of interest rate risk (asset side)', 'Hedging derivatives and
Investments', which are reported separately.
Classification of financial instruments: the classification criteria for
financial assets depends on the business model for their
management and the characteristics of their contractual flows.
Grupo Santander business models refer to the way in which it
manages its financial assets to generate cash flows. In defining
these models, the Group takes into account the following factors:
\u2022 How key entity staff are assessed and reported on the
performance of the business model and the financial assets held
in the business model.
\u2022 The risks that affect the performance of the business model (and
the financial assets held in the business model) and, specifically,
the way in which these risks are managed.
\u2022 The way in which business managers are remunerated.
\u2022 The frequency, the calendar and volume of sales in previous
years, as well as expectations of future sales and the reasons of
the sales.
The analysis of the characteristics of the contractual cash flows of
financial assets requires an assessment of the congruence of these
flows with a basic loan agreement. The Group determines if the
contractual cash flows of its financial assets that are only principal
and interest payments on the outstanding principal amount at the
beginning of the transaction. This analysis takes into consideration
four factors (performance, contractual clauses, contractually linked
products and currencies). Furthermore, among the most significant
judgements used by the Group in carrying out this analysis, the
following ones are included:
\u2022 The return on the financial asset, in particular in cases of periodic
interest rate adjustments where the term of the reference rate
does not coincide with the frequency of the adjustment. In these
cases, an assessment is made to determine whether or not the
contractual cash flows differ significantly from the flows without
this change in the time value of money, establishing a tolerance
level of 5%.
\u2022 When contractual clauses that may modify the cash flows of the
financial asset exist, the structure of the cash flows before and
after the activation of such clauses is analysed, regardless of the
probability of occurrence of the contingent event. The evaluation
of contractual flows of financial assets with characteristics
associated with ESG (Environmental, Social and Governance) is
included in this analysis.
\u2022 Financial assets whose cash flows have different priority for
payment due to a contractual link to underlying assets (e.g.
securitization instruments or similar structures) require a look-
through analysis by the Group so as to review that both the
financial asset and the underlying assets are only principal and
interest payments and that the exposure to credit risk of
analyzed segment does not exceed the average exposure of the
underlying assets of the instrument.
Depending on these factors, the financial assets classify for
measurement as: (i) at amortised cost, (ii) at fair value with
changes in other comprehensive income or (iii) at fair value with
changes through profit and loss. IFRS 9 also establishes an option
to irrevocably designate an instrument at fair value with changes in
profit or loss, when doing so eliminates or significantly reduces a
measurement or recognition inconsistency (sometimes referred to
as 'accounting asymmetry') that would otherwise arise from
measuring assets or liabilities or recognising gains and losses on
different bases.
Grupo Santander uses the following criteria for the classification of
the financial debt instruments:
\u2022 Amortised cost: financial instruments managed under a business
model whose objective is to hold the financial assets to collect
contractual principal and interest flows. This category includes
instruments for which there are no frequent or significant
unjustified sales and fair value is not a key element in the
management of these assets and contractual conditions they
give rise to cash flows on specific dates, which are only payments
of principal and interest on the outstanding principal amount. In
this sense, justified sales are considered to be those related to an
(i) increase in the credit risk of the asset, (ii) unanticipated
funding needs (stress case scenarios) and (iii) those close to
maturity . Additionally, the characteristics of its contractual flows
represent substantially a 'basic financing agreement'.
\u2022 Fair value with changes in other comprehensive income: financial
instruments held in a business model whose objective is to
collect principal and interest cash flows and the sale of these
assets, where fair value is a relevant factor in their management.
Additionally, the contractual cash flow characteristics
substantially represent a 'basic financing agreement'.
\u2022 Fair value with changes in profit or loss: financial instruments
included in a business model different from the above, where fair
value is a key element in the management of these assets, and
the contractual flows of the financial instruments do not
substantially represent a 'basic financing agreement'. In this
section it can be enclosed the portfolios classified under
'Financial assets held for trading', 'Non-trading financial assets
mandatorily at fair value through profit or loss' and 'Financial
assets at fair value through profit or loss'. In this regard, most of
the financial assets presented in the category of 'Financial assets
designated at value reasonable with change in results' are
instruments financial services that, not being part of the portfolio
of negotiation, are contracted jointly with other financial
instruments that are recorded in the category of 'held for
trading', and that by both are recorded at fair value with changes
in results, so your record in any other category would produce
accounting asymmetries.
Equity instruments will be classified at fair value under IFRS 9,
with changes in profit or loss, unless the Group decides, for non-
trading assets, to classify them at fair value with changes in other
comprehensive income (irrevocably) at initial recognition.
ii. Classification of financial assets for presentation
purposes
Financial assets are classified by nature into the following items in
the consolidated balance sheet:
\u2022 Cash, cash balances at Central Banks and other deposits on
demand: cash balances and balances receivable on demand
relating to deposits with central banks and other credit
institutions.
\u2022 Loans and advances: includes the debit balances of all credit and
loans granted by the Group, other than those represented by
securities or securitized, as well as the finance lease receivables
and other debit balances of a financial nature in favour of the
Group such as cheques drawn on credit institutions, balances
receivable from clearing houses and settlement agencies for
transactions on the stock exchange and organised markets,
bonds given in cash, capital calls, fees and commissions
receivable for financial guarantees and debit balances arising
from transactions not originating in banking transactions and
services, such as the collection of rentals and similar items. They
are classified, on the basis of the institutional sector to which the
debtor belongs, into:
\u2013 Central banks: credit of any nature, including deposits and
money market transactions received from the Bank of Spain
or other central banks.
\u2013 Credit institutions: credit of any nature, including deposits
and money market transactions, in the name of credit
institutions.
\u2013 Customers: includes the remaining credit, including money
market transactions through central counterparties.
\u2022 Debt securities: bonds and other securities that represent a debt
for their issuer, that that accrue interest or equivalent returns
implemented in securities or in book entries.
\u2022 Equity instruments: financial instruments issued by other
entities, such as shares, which have the nature of equity
instruments for the issuer, other than investments in
subsidiaries, joint ventures or associates. Investment fund units
are included in this item.
\u2022 Derivatives: includes the fair value in favour of the Group of
derivatives which do not form part of hedge accounting,
including embedded derivatives separated from hybrid financial
instruments.
\u2022 Repurchase agreements and reverse repurchase agreements:
Purchases of financial instruments under a non-optional resale
(repurchase) agreement at a fixed price (repos) are recognised in
the consolidated balance sheet as financing granted, based on
the nature of the debtor, under 'Loans and advances with central
banks', 'Loans and advances to credit institutions' or 'Loans and
advances to customers. Differences between the purchase and
sale prices are recognised as interest over the contract term.
\u2022 Changes in the fair value of hedged items in portfolio hedges of
interest rate risk: this item is the balancing entry for the amounts
credited to the consolidated income statement in respect of the
measurement of the portfolios of financial instruments which are
effectively hedged against interest rate risk through fair value
hedging derivatives.
\u2022 Hedging derivatives: Includes the fair value in favour of the
Group of derivatives, including embedded derivatives separated
from hybrid financial instruments, designated as hedging
instruments in hedge accounting.
i. Measurement of financial assets
Financial assets are measured at fair value are valued mainly at
their fair value without deducting any transaction cost for their
sale.
The fair value of a financial instrument on a given date is taken to
be the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants. The most objective and common reference for the fair
value of a financial instrument is the price that would be paid for it
on an active, transparent and deep market (quoted price or market
price). At 31 December 2025 , there were no significant
investments in quoted financial instruments that had ceased to be
recognised at their quoted price because their market could not be
deemed to be active.
If there is no market price for a given financial instrument, its fair
value is estimated on the basis of the price established in recent
transactions involving similar instruments and, in the absence
thereof, of valuation techniques commonly used by the
international financial community, taking into account the specific
features of the instrument to be measured and, particularly, the
various types of risk associated with it.
All derivatives are recognised in the balance sheet at fair value
from the trade date. If the fair value is positive, they are recognised
as an asset and if the fair value is negative, they are recognised as a
liability. The fair value on the trade date is deemed, in the absence
of evidence to the contrary, to be the transaction price. The
changes in the fair value of derivatives from the trade date are
recorded in the consolidated income statement. Specifically, the
fair value of financial derivatives traded in organised markets
included in the portfolios of financial assets or liabilities held for
trading is deemed to be their daily quoted price and if, for
exceptional reasons, the quoted price cannot be determined on a
given date, these financial derivatives are measured using methods
similar to those used to measure derivatives.
The fair value of derivatives is taken to be the sum of the future
cash flows arising from the instrument, discounted to present
value at the date of measurement (present value or theoretical
close) using valuation techniques commonly used by the financial
markets: net present value, option pricing models and other
methods.
The amount of debt securities and loans and advances under a
business model whose objective is to collect the principal and
interest flows are valued at their amortised cost, as long as they
comply with the 'SPPI' (Solely Payments of Principal and Interest)
test, using the effective interest rate method in their
determination. Amortised cost refers to the acquisition cost of a
corrected financial asset or liability (more or less, as the case may
be) for repayments of principal and the part systematically charged
to the consolidated income statement of the difference between
the initial cost and the corresponding reimbursement value at
expiration. In the case of financial assets, the amortised cost
includes, in addition, the corrections to their value due to the
impairment. In the loans and advances covered in fair value
hedging transactions, the changes that occur in their fair value
related to the risk or the risks covered in these hedging
transactions are recorded.
The effective interest rate is the discount rate that exactly matches
the carrying amount of a financial instrument to all its estimated
cash flows of all kinds over its remaining life.
For fixed rate financial instruments, the effective interest rate
coincides with the contractual interest rate established on the
acquisition date plus, where applicable, the fees and transaction
costs that, because of their nature, form part of their financial
return. In the case of floating rate financial instruments, the
effective interest rate coincides with the rate of return prevailing in
all connections until the next benchmark interest reset date.
Equity instruments and contracts related with these instruments
are measured at fair value. However, in certain circumstances the
Group estimates cost value as a suitable estimate of the fair value.
This can happen if the recent event available information is not
enough to measure the fair value or if there is a broad range of
possible measures and the cost value represents the best
estimates of fair value within this range.
The amounts at which the financial assets are recognised
represent, in all material respects, the Group\u2019s maximum exposure
to credit risk at each reporting date. Also, Grupo Santander has
received collateral and other credit enhancements to mitigate its
exposure to credit risk, which consist mainly of mortgage
guarantees, cash collateral, equity instruments and personal
security, assets leased out under finance lease and full-service
lease agreements, assets acquired under repurchase agreements,
securities loans and credit derivatives.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1805": { "value": "Fair value with changes in profit or loss: financial instruments
included in a business model different from the above, where fair
value is a key element in the management of these assets, and
the contractual flows of the financial instruments do not
substantially represent a 'basic financing agreement'. In this
section it can be enclosed the portfolios classified under
'Financial assets held for trading', 'Non-trading financial assets
mandatorily at fair value through profit or loss' and 'Financial
assets at fair value through profit or loss'. In this regard, most of
the financial assets presented in the category of 'Financial assets
designated at value reasonable with change in results' are
instruments financial services that, not being part of the portfolio
of negotiation, are contracted jointly with other financial
instruments that are recorded in the category of 'held for
trading', and that by both are recorded at fair value with changes
in results, so your record in any other category would produce
accounting asymmetries.
Financial liabilities held for trading (at fair value through profit or
loss): this category includes financial liabilities incurred for the
purpose of generating a profit in the near term from fluctuations
in their prices, financial derivatives not designated in accounting
hedging relationships, and financial liabilities arising from the
outright sale of financial assets temporarily acquired or received
on loan (short positions).
\u2022 Financial liabilities designated at fair value through profit or loss:
financial liabilities are included in this category when they
provide more relevant information, either because this
eliminates or significantly reduces recognition or measurement
inconsistencies (accounting mismatches) that would otherwise
arise from measuring assets or liabilities or recognising the gains
or losses on them on different bases, or because a group of
financial liabilities or financial assets and liabilities is managed
and its performance is evaluated on a fair value basis, in
accordance with a documented risk management or investment
strategy, and information about the group is provided on that
basis to the Group\u2019s key management personnel.
Liabilities may only be included in this category on the date when
they are incurred or originated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1806": { "value": "Cash, cash balances at Central Banks and other deposits on
demand: cash balances and balances receivable on demand
relating to deposits with central banks and other credit
institutions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1807": { "value": "Repurchase agreements and reverse repurchase agreements:
Purchases of financial instruments under a non-optional resale
(repurchase) agreement at a fixed price (repos) are recognised in
the consolidated balance sheet as financing granted, based on
the nature of the debtor, under 'Loans and advances with central
banks', 'Loans and advances to credit institutions' or 'Loans and
advances to customers.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1808": { "value": "
iii. Classification of financial liabilities for measurement
purposes
Financial liabilities are initially classified into the various categories
used for management and measurement purposes, unless they
have to be presented as 'Liabilities associated with non-current
assets held for sale' or they relate to 'Hedging derivatives' or the
changes in the fair value of hedged items in portfolio hedges of
interest rate risk (liability side), which are reported separately.
In most cases, changes in the fair value of financial liabilities
designated at fair value through profit or loss, caused by the
entity's credit risk, are recognized in other comprehensive income,
unless this treatment results in an accounting asymmetry, in which
case the full effect is recognized in the profit or loss for the period.
Financial liabilities are included for measurement purposes in one
of the following categories:
\u2022 Financial liabilities held for trading (at fair value through profit or
loss): this category includes financial liabilities incurred for the
purpose of generating a profit in the near term from fluctuations
in their prices, financial derivatives not designated in accounting
hedging relationships, and financial liabilities arising from the
outright sale of financial assets temporarily acquired or received
on loan (short positions).
\u2022 Financial liabilities designated at fair value through profit or loss:
financial liabilities are included in this category when they
provide more relevant information, either because this
eliminates or significantly reduces recognition or measurement
inconsistencies (accounting mismatches) that would otherwise
arise from measuring assets or liabilities or recognising the gains
or losses on them on different bases, or because a group of
financial liabilities or financial assets and liabilities is managed
and its performance is evaluated on a fair value basis, in
accordance with a documented risk management or investment
strategy, and information about the group is provided on that
basis to the Group\u2019s key management personnel.
Liabilities may only be included in this category on the date when
they are incurred or originated.
\u2022 Financial liabilities at amortised cost: financial liabilities,
irrespective of their instrumentation and maturity, not included
in any of the above-mentioned categories which arise from the
ordinary borrowing activities carried on by financial institutions.
iv. Classification of financial liabilities for presentation
purposes
Financial liabilities are classified by nature into the following items
in the consolidated balance sheet:
\u2022 Deposits: includes all repayable balances received in cash by
Grupo Santander, other than those instrumented as marketable
securities and those having the substance of subordinated
liabilities (amount of the loans received, which for credit priority
purposes are after common creditors), except for the debt
instruments issued. This item also includes cash bonds and cash
consignments received the amount of which may be invested
without restriction. Deposits are classified on the basis of the
creditor\u2019s institutional sector into:
\u2013 Central banks: deposits of any nature, including credit received
and money market transactions received from the Bank of
Spain or other central banks.
\u2013 Credit institutions: deposits of any nature, including credit
received and money market transactions in the name of credit
institutions.
\u2013 Customer: includes the remaining deposits, including money
market transactions through central counterparties.
\u2022 Marketable debt securities: includes the amount of bonds,
debentures and other debt represented by marketable securities,
other than those having the substance of subordinated liabilities
(amount of the loans received, which for credit priority purposes
are after common creditors, and includes the amount of the
financial instruments issued by the Group which, having the legal
nature of capital, do not meet the requirements to qualify as
equity, such as certain preferred shares issued). This item
includes the component that has the consideration of financial
liability of the securities issued that are compound financial
instruments.
\u2022 Derivatives: includes the fair value, with a negative balance for
the Group, of derivatives, including embedded derivatives\u00a0
separated from the host contract, which do not form part of
hedge accounting.
\u2022 Short positions: includes the amount of financial liabilities arising
from the outright sale of financial assets acquired under reverse
repurchase agreements or borrowed.
\u2022 Other financial liabilities: includes the amount of payment
obligations having the nature of financial liabilities not included
in other items (includes, among others, the balance of lease
liabilities recognized in accordance with IFRS 16 ), and liabilities
under financial guarantee contracts, unless they have been
classified as non-performing.
\u2022 Repurchase agreements and reverse repurchase agreements:
Sales of financial instruments under a non-optional resale
(repurchase) agreement at a fixed price (repos) are recognised in
the consolidated balance sheet as financing received, based on
the nature of the creditor, under 'Deposits from central banks',
'Deposits from credit institutions' or 'Customer deposits'.
Differences between the purchase and sale prices is recorded as
interest accrued over the life of the contract, using the effective
interest rate method.
\u2022 Changes in the fair value of hedged items in portfolio hedges of
interest rate risk: this item is the balancing entry for the amounts
charged to the consolidated income statement in respect of the
measurement of the portfolios of financial instruments which are
effectively hedged against interest rate risk through fair value
hedging derivatives.
\u2022 Hedging derivatives: includes the fair value of the Group\u2019s
liability in respect of derivatives, including embedded derivatives
separated from hybrid financial instruments, designated as
hedging instruments in hedge accounting.
\u2022 The preference shares contingently convertible into ordinary
shares eligible as Additional Tier 1 capital (PPCC) -perpetual
shares, which may be repurchased by the issuer in certain
circumstances, the interest on which is discretionary, and would
convert into variable number of newly issued ordinary shares if
the capital ratio of the Bank or its consolidated group falls below
a given percentage (trigger event), as those two terms are
defined in the related issue prospectuses are recognised for
accounting purposes by the Group as compound instruments in
accordance with IAS 32. The liability component reflects the
issuer\u2019s obligation to deliver a variable number of shares and the
equity component reflects the issuer\u2019s discretion in relation to
the payment of the related coupons. In order to effect the initial
allocation, the Group estimates the fair value of the liability as
the amount that would have to be delivered if the trigger event
were to occur immediately and, accordingly, the equity
component, calculated as the residual amount, is zero. In view of
the aforementioned discretionary nature of the payment of the
coupons, they are deducted directly from equity.
\u2022 Capital perpetual preference shares (PPCA), with the possibility
of purchase by the issuer in certain circumstances, whose
remuneration is discretionary, and which will be amortised
permanently, totally or partially, in the event that the bank or its
consolidated group submits a capital ratio lesser than a certain
percentage (trigger event), as defined in the corresponding
prospectuses, are accounted for by the Group as equity
instruments.
\u2022 Derivatives embedded in other financial instruments or in other
host contracts are accounted for separately as derivatives if their
risks and characteristics are not closely related to those of the
host contracts, provided that the host contracts are not classified
as financial assets/liabilities designated at fair value through
profit or loss or as 'Financial assets/liabilities held for trading'.
ii. Measurement of financial liabilities
In general, financial liabilities are measured at amortised cost, as
defined above, except for those included under 'Financial liabilities
held for trading' and 'Financial liabilities designated at fair value
through profit or loss' and financial liabilities designated as hedged
items (or hedging instruments) in fair value hedges, which are
measured at fair value. The changes in credit risk arising from
financial liabilities designated at fair value through profit or loss
are recognised in accumulated other comprehensive income,
unless they generate or increase an accounting mismatch, in which
case changes in the fair value of the financial liability in all respects
are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1809": { "value": "Deposits: includes all repayable balances received in cash by
Grupo Santander, other than those instrumented as marketable
securities and those having the substance of subordinated
liabilities (amount of the loans received, which for credit priority
purposes are after common creditors), except for the debt
instruments issued. This item also includes cash bonds and cash
consignments received the amount of which may be invested
without restriction. Deposits are classified on the basis of the
creditor\u2019s institutional sector into:
\u2013 Central banks: deposits of any nature, including credit received
and money market transactions received from the Bank of
Spain or other central banks.
\u2013 Credit institutions: deposits of any nature, including credit
received and money market transactions in the name of credit
institutions.
\u2013 Customer: includes the remaining deposits, including money
market transactions through central counterparties.
\u2022", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1810": { "value": "
d) Measurement of financial assets and
liabilities and recognition of fair value changes
In general, financial assets and liabilities are initially recognised at
fair value which, in the absence of evidence to the contrary, is
deemed to be the transaction price.
In this regard, IFRS 9 states that regular way purchases or sales of
financial assets shall be recognised and derecognised on the trade
date or on the settlement date. Grupo Santander has opted to
make such recognition on the trading date or settlement date,
depending on the convention of each of the markets in which the
transactions are carried out. For example, in relation to the
purchase or sale of debt securities or equity instruments traded in
the Spanish market, securities market regulations stipulate their
effective transfer at the time of settlement and, therefore, the
same time has been established for the accounting record to be
made.
The fair value of instruments not measured at fair value through
profit and loss is adjusted by transaction costs. Subsequently, and
on the occasion of each accounting close, they are valued in
accordance with the following criteria:
i. Measurement of financial assets
Financial assets are measured at fair value are valued mainly at
their fair value without deducting any transaction cost for their
sale.
The fair value of a financial instrument on a given date is taken to
be the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants. The most objective and common reference for the fair
value of a financial instrument is the price that would be paid for it
on an active, transparent and deep market (quoted price or market
price). At 31 December 2025 , there were no significant
investments in quoted financial instruments that had ceased to be
recognised at their quoted price because their market could not be
deemed to be active.
If there is no market price for a given financial instrument, its fair
value is estimated on the basis of the price established in recent
transactions involving similar instruments and, in the absence
thereof, of valuation techniques commonly used by the
international financial community, taking into account the specific
features of the instrument to be measured and, particularly, the
various types of risk associated with it.
All derivatives are recognised in the balance sheet at fair value
from the trade date. If the fair value is positive, they are recognised
as an asset and if the fair value is negative, they are recognised as a
liability. The fair value on the trade date is deemed, in the absence
of evidence to the contrary, to be the transaction price. The
changes in the fair value of derivatives from the trade date are
recorded in the consolidated income statement. Specifically, the
fair value of financial derivatives traded in organised markets
included in the portfolios of financial assets or liabilities held for
trading is deemed to be their daily quoted price and if, for
exceptional reasons, the quoted price cannot be determined on a
given date, these financial derivatives are measured using methods
similar to those used to measure derivatives.
The fair value of derivatives is taken to be the sum of the future
cash flows arising from the instrument, discounted to present
value at the date of measurement (present value or theoretical
close) using valuation techniques commonly used by the financial
markets: net present value, option pricing models and other
methods.
The amount of debt securities and loans and advances under a
business model whose objective is to collect the principal and
interest flows are valued at their amortised cost, as long as they
comply with the 'SPPI' (Solely Payments of Principal and Interest)
test, using the effective interest rate method in their
determination. Amortised cost refers to the acquisition cost of a
corrected financial asset or liability (more or less, as the case may
be) for repayments of principal and the part systematically charged
to the consolidated income statement of the difference between
the initial cost and the corresponding reimbursement value at
expiration. In the case of financial assets, the amortised cost
includes, in addition, the corrections to their value due to the
impairment. In the loans and advances covered in fair value
hedging transactions, the changes that occur in their fair value
related to the risk or the risks covered in these hedging
transactions are recorded.
The effective interest rate is the discount rate that exactly matches
the carrying amount of a financial instrument to all its estimated
cash flows of all kinds over its remaining life.
For fixed rate financial instruments, the effective interest rate
coincides with the contractual interest rate established on the
acquisition date plus, where applicable, the fees and transaction
costs that, because of their nature, form part of their financial
return. In the case of floating rate financial instruments, the
effective interest rate coincides with the rate of return prevailing in
all connections until the next benchmark interest reset date.
Equity instruments and contracts related with these instruments
are measured at fair value. However, in certain circumstances the
Group estimates cost value as a suitable estimate of the fair value.
This can happen if the recent event available information is not
enough to measure the fair value or if there is a broad range of
possible measures and the cost value represents the best
estimates of fair value within this range.
The amounts at which the financial assets are recognised
represent, in all material respects, the Group\u2019s maximum exposure
to credit risk at each reporting date. Also, Grupo Santander has
received collateral and other credit enhancements to mitigate its
exposure to credit risk, which consist mainly of mortgage
guarantees, cash collateral, equity instruments and personal
security, assets leased out under finance lease and full-service
lease agreements, assets acquired under repurchase agreements,
securities loans and credit derivatives.
ii. Measurement of financial liabilities
In general, financial liabilities are measured at amortised cost, as
defined above, except for those included under 'Financial liabilities
held for trading' and 'Financial liabilities designated at fair value
through profit or loss' and financial liabilities designated as hedged
items (or hedging instruments) in fair value hedges, which are
measured at fair value. The changes in credit risk arising from
financial liabilities designated at fair value through profit or loss
are recognised in accumulated other comprehensive income,
unless they generate or increase an accounting mismatch, in which
case changes in the fair value of the financial liability in all respects
are recognised in the income statement.
iii. Valuation techniques
The financial instruments at fair value determined on the basis of
published price quotations in active markets (level 1) include
government debt securities, private-sector debt securities,
derivatives traded in organised markets, securitised assets, shares,
short positions and fixed-income securities issued.
In cases where price quotations cannot be observed, management
makes its best estimate of the price that the market would set,
using its own internal models, described in note 50. In most cases,
these internal models use data based on observable market
parameters as significant inputs (level 2) and, in cases, they use
significant inputs not observable in market data (level 3). In order
to make these estimates, various techniques are employed,
including the extrapolation of observable market data. The best
evidence of the fair value of a financial instrument on initial
recognition is the transaction price, unless the fair value of the
instrument can be obtained from other market transactions
performed with the same or similar instruments or can be
measured by using a valuation technique in which the variables
used include only observable market data, mainly interest rates.
iv. Recognition of fair value changes
As a general rule, changes in the carrying amount of financial
assets and liabilities are recognised in the consolidated income
statement. A distinction is made between the changes resulting
from the accrual of interest and similar items, (which are
recognised under Interest income or Interest expense, as
appropriate), and those arising for other reasons, which are
recognised at their net amount under 'Gains/losses on financial
assets and liabilities'.
Adjustments due to changes in fair value arising from:
\u2022 'Financial assets at fair value with changes in other
comprehensive income' are recorded temporarily, in the case of
debt instruments in 'Other comprehensive income - Elements
that can be reclassified to profit or loss - Financial assets at fair
value with changes in other comprehensive income', while in the
case of equity instruments are recorded in 'other comprehensive
income - Elements that will not be reclassified to line item -
Changes in the fair value of equity instruments valued at fair
value with changes in other comprehensive income'.
Exchange differences on debt instruments measured at fair value
with changes in other comprehensive income are recognised
under 'Exchange Differences, net' of the consolidated income
statement. Exchange differences on equity instruments, in which
the irrevocable option of being measured at fair value with
changes in other comprehensive income has been chosen, are
recognised in 'Other comprehensive income - Items that will not
be reclassified to profit or loss - Changes in the fair value of
equity instruments measured at fair value with changes in other
comprehensive income'.
\u2022 Items charged or credited to 'Items that may be reclassified to
profit or loss \u2013 Financial assets at fair value through other
comprehensive income' and 'Other comprehensive income \u2013
Items that may be reclassified to profit or loss \u2013 Exchange
differences in equity' remain in the Group's consolidated equity
until the asset giving rise to them is impaired or derecognised, at
which time they are recognised in the consolidated income
statement.
\u2022 Unrealized capital gains on financial assets at fair value through
other comprehensive income classified as 'Non-current assets
held for sale' because they form part of a disposal group or a
discontinued operation that\u00a0 are recorded in the equity balancing
entry 'Other accumulated comprehensive income - Items that
can be reclassified in income - Non-current assets as held for
sale.
v. Hedging transactions
The objective of hedge accounting is to represent in the financial
statements the effect of an entity's risk management activities
when it uses financial instruments to manage exposures arising
from specific risks that could affect profit or loss or other
comprehensive income (in the case of investments in equity
instruments for which the entity has opted to represent changes in
the fair value of other comprehensive income).
As described in Note 1.b, the Group has adopted IFRS 9 for hedge
accounting prospectively, while continuing to apply IAS 39 for fair
value hedges in portfolios where the hedged risk is interest rate
risk. This change has not resulted in any modifications to the
accounting treatment of hedges designated under IAS 39, which
remain unchanged in both their designation and accounting
treatment.
For a hedging relationship to meet the requirements set out in IFRS
9, it must meet the following conditions:
1.Instruments that can be designated as hedging instruments
include all derivative financial instruments or non-derivative
financial instruments measured at fair value through profit or
loss, or a combination thereof. In the case of foreign exchange
risk hedges, any type of non-derivative financial instrument can
also be designated, regardless of its measurement method.
2. Items that can be designated as covered items are all those that
are recognized assets or liabilities, firm commitments, highly
probable anticipated transactions, and net investments abroad.
3.At the start of coverage, a formal designation and
documentation of the hedging relationship must be made, which
will include the entity's risk management strategy and objective,
identification of the hedging instrument and the covered item,
the nature of the covered risk, the methodology for measuring
effectiveness, which includes an analysis of the sources of
ineffectiveness, and the coverage ratio.
The main sources of ineffectiveness based on the risk covered
are:
a. Interest rate risk: mismatches in time horizons, principal,
repricing and payment dates, time value of options,
modifications in the hedged item or the hedging instrument.
b. Exchange rate risk: in addition to the above, the difference
between the interest rates of the two currencies that
represents the net cost or benefit of switching cash flows
between two currencies with different interest rates.
4. The hedging relationship must be effective, for which there must
be an economic relationship between the hedged item and the
hedging instrument, credit risk must not have a dominant effect
on changes in the value of the economic relationship between
the hedging instrument and the hedged item, and the hedging
ratio must coincide with that used by the entity in its
management.
The Group assesses these effectiveness requirements, at the time
of designation and on each submission date, through:
\u2022 The economic relationship between the hedged item and the
hedging instrument is demonstrated through a qualitative test,
and in the event of non-compliance, through quantitative tests
that compare the market value of the hedged items\u2014
corresponding to the hedged risk\u2014and the hedging instruments.
Likewise, a quantitative analysis of variations in the market
values of the hedging instrument and the hedged item is
performed prospectively.
\u2022 The hedge ratio is determined based on the proportion between
the amount of the hedged item and the amount of the
instrument actually designated by the Group in each hedging
relationship.
\u2022 The credit risk domain assessment is performed through an
analysis of the credit exposure of the hedged items and the
hedging instruments.
Accounting hedges are classified and recorded according to the
type of risk they cover, based on the following criteria:
\u2022 Fair value hedges: These are hedges against exposure to changes
in the fair value of the hedged item, attributable to a specific risk.
The differences arising from both the hedging instruments and
the hedged items (due to the hedged risk) are recognized directly
in the consolidated profit and loss account.
When the fair value hedge is discontinued, the adjustments
previously recorded in the hedged item are charged to profit or loss
using the effective interest rate method recalculated at the date
the hedge ceases to be covered, and must be fully amortized at
maturity.
In fair value hedges of interest rate risk of a portfolio of financial
instruments (macro hedges), regulated by IAS 39, the gains or
losses arising from the valuation of the hedging instruments are
recognized directly in the consolidated profit and loss account,
while the gains or losses due to changes in the fair value of the
hedged amount (attributable to the hedged risk) are recognized in
the consolidated profit and loss account using as a counterpart the
headings 'Changes in the fair value of hedged items' of a portfolio
with interest rate risk hedge (asset or liability), as appropriate.
\u2022 Cash flow hedges: These are hedges against exposure to changes
in cash flows attributable to a specific risk associated with the
hedged item.
The effective portion of the change in the value of the hedging
instrument is temporarily recorded in the equity account 'Other
accumulated comprehensive income - Items that may be
reclassified in profit or loss - Hedging derivatives. Cash flow
hedges (effective portion)' until the hedged item affects profit or
loss. From that point onward, it will be recorded in the
consolidated profit or loss account for the same period as the
hedged item, except in cases where it is required to be included
in the cost of the non-financial asset or liability, or the
anticipated transactions are ultimately recognized as non-
financial assets or liabilities.
When cash flow hedges are discontinued, the accumulated result
of the hedging instrument recognized in the equity heading
'Other accumulated global result' (while the hedge was
effective) will continue to be recognized in that heading until the
hedged transaction occurs, at which time it will be recorded in
profit or loss, unless it is expected that the transaction will not
take place, in which case it is recorded immediately in profit or
loss.
\u2022 Net investment hedges of a foreign operation: This is a hedge of
the amount corresponding to the reporting entity's share of the
net assets of said operation.
The effective portion of the hedging instrument is temporarily
recorded in the equity account 'Other accumulated
comprehensive income - Items that may be reclassified in profit
or loss - Net investment hedges' in foreign operations until the
gains or losses on the hedged item are recognized in profit or
loss.
To measure ineffectiveness, the Group compares the valuation of
the hedging instrument with the valuation of the hedged item
based on the hedged risk, using different methodologies such as
the proxy method or the hypothetical derivative method. The
ineffective portion of the cash flow and net investment hedge
relationships in foreign operations is recorded directly in the
consolidated profit and loss account, under the heading 'Net gains
or losses from hedge accounting'.
The Group discontinues accounting for hedging relationships when
the hedging instrument expires, is sold, or when the hedging
relationship becomes ineffective because it is no longer aligned
with the risk management objective. In that case, the derivative is
then treated as a trading derivative.
If a hedging relationship ceases to meet the effectiveness
requirements, but the risk management objective remains, the
Group will assess whether to rebalance or adjust the hedging ratio
to meet the effectiveness requirements again without
discontinuing the hedging relationship.
A hedging instrument is generally designated in its entirety, as the
factors contributing to its fair value are interdependent. However,
IFRS 9 allows certain parts of a hedging instrument to be excluded
from its fair value:
a. Separating the intrinsic value and the time value of an option
and designating only the intrinsic element as the hedging
instrument, which is mandatory if the intrinsic value is
designated;
b. Separating the forward and spot elements of a forward contract
and designating only the spot element as the hedging
instrument, which will be determined for each hedging
relationship. and
c. Separate the foreign currency basis spread of a currency
derivative and exclude it from the designation of the hedging
instrument, as determined for each hedging relationship.
Separating these components will improve the effectiveness of the
hedge and allows for alternative accounting treatment for the
excluded component. This treatment consists of recording the
changes in value under the heading 'Other accumulated
comprehensive income \u2013 Undesignated items' and recording this
component in the consolidated profit or loss statement, depending
on the nature of the hedged item, either over a period of time or at
the time the hedged transaction occurs.
Additionally, if the entity manages the credit risk of all or part of a
financial instrument through the use of credit derivatives, there is
the option of designating a fair value credit exposure through profit
or loss, provided that the derivative matches the name and priority
of the financial instrument being hedged. This designation may be
made at the initial recognition of the designated financial
instrument or subsequently, with the designation being
documented. From its designation, fair value variations (for all its
risks, not exclusively credit risk) will be recorded in the
consolidated profit and loss account.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1811": { "value": "
iv. Recognition of fair value changes
As a general rule, changes in the carrying amount of financial
assets and liabilities are recognised in the consolidated income
statement. A distinction is made between the changes resulting
from the accrual of interest and similar items, (which are
recognised under Interest income or Interest expense, as
appropriate), and those arising for other reasons, which are
recognised at their net amount under 'Gains/losses on financial
assets and liabilities'.
Adjustments due to changes in fair value arising from:
\u2022 'Financial assets at fair value with changes in other
comprehensive income' are recorded temporarily, in the case of
debt instruments in 'Other comprehensive income - Elements
that can be reclassified to profit or loss - Financial assets at fair
value with changes in other comprehensive income', while in the
case of equity instruments are recorded in 'other comprehensive
income - Elements that will not be reclassified to line item -
Changes in the fair value of equity instruments valued at fair
value with changes in other comprehensive income'.
Exchange differences on debt instruments measured at fair value
with changes in other comprehensive income are recognised
under 'Exchange Differences, net' of the consolidated income
statement. Exchange differences on equity instruments, in which
the irrevocable option of being measured at fair value with
changes in other comprehensive income has been chosen, are
recognised in 'Other comprehensive income - Items that will not
be reclassified to profit or loss - Changes in the fair value of
equity instruments measured at fair value with changes in other
comprehensive income'.
\u2022 Items charged or credited to 'Items that may be reclassified to
profit or loss \u2013 Financial assets at fair value through other
comprehensive income' and 'Other comprehensive income \u2013
Items that may be reclassified to profit or loss \u2013 Exchange
differences in equity' remain in the Group's consolidated equity
until the asset giving rise to them is impaired or derecognised, at
which time they are recognised in the consolidated income
statement.
\u2022 Unrealized capital gains on financial assets at fair value through
other comprehensive income classified as 'Non-current assets
held for sale' because they form part of a disposal group or a
discontinued operation that\u00a0 are recorded in the equity balancing
entry 'Other accumulated comprehensive income - Items that
can be reclassified in income - Non-current assets as held for
sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1814": { "value": "
v. Hedging transactions
The objective of hedge accounting is to represent in the financial
statements the effect of an entity's risk management activities
when it uses financial instruments to manage exposures arising
from specific risks that could affect profit or loss or other
comprehensive income (in the case of investments in equity
instruments for which the entity has opted to represent changes in
the fair value of other comprehensive income).
As described in Note 1.b, the Group has adopted IFRS 9 for hedge
accounting prospectively, while continuing to apply IAS 39 for fair
value hedges in portfolios where the hedged risk is interest rate
risk. This change has not resulted in any modifications to the
accounting treatment of hedges designated under IAS 39, which
remain unchanged in both their designation and accounting
treatment.
For a hedging relationship to meet the requirements set out in IFRS
9, it must meet the following conditions:
1.Instruments that can be designated as hedging instruments
include all derivative financial instruments or non-derivative
financial instruments measured at fair value through profit or
loss, or a combination thereof. In the case of foreign exchange
risk hedges, any type of non-derivative financial instrument can
also be designated, regardless of its measurement method.
2. Items that can be designated as covered items are all those that
are recognized assets or liabilities, firm commitments, highly
probable anticipated transactions, and net investments abroad.
3.At the start of coverage, a formal designation and
documentation of the hedging relationship must be made, which
will include the entity's risk management strategy and objective,
identification of the hedging instrument and the covered item,
the nature of the covered risk, the methodology for measuring
effectiveness, which includes an analysis of the sources of
ineffectiveness, and the coverage ratio.
The main sources of ineffectiveness based on the risk covered
are:
a. Interest rate risk: mismatches in time horizons, principal,
repricing and payment dates, time value of options,
modifications in the hedged item or the hedging instrument.
b. Exchange rate risk: in addition to the above, the difference
between the interest rates of the two currencies that
represents the net cost or benefit of switching cash flows
between two currencies with different interest rates.
4. The hedging relationship must be effective, for which there must
be an economic relationship between the hedged item and the
hedging instrument, credit risk must not have a dominant effect
on changes in the value of the economic relationship between
the hedging instrument and the hedged item, and the hedging
ratio must coincide with that used by the entity in its
management.
The Group assesses these effectiveness requirements, at the time
of designation and on each submission date, through:
\u2022 The economic relationship between the hedged item and the
hedging instrument is demonstrated through a qualitative test,
and in the event of non-compliance, through quantitative tests
that compare the market value of the hedged items\u2014
corresponding to the hedged risk\u2014and the hedging instruments.
Likewise, a quantitative analysis of variations in the market
values of the hedging instrument and the hedged item is
performed prospectively.
\u2022 The hedge ratio is determined based on the proportion between
the amount of the hedged item and the amount of the
instrument actually designated by the Group in each hedging
relationship.
\u2022 The credit risk domain assessment is performed through an
analysis of the credit exposure of the hedged items and the
hedging instruments.
Accounting hedges are classified and recorded according to the
type of risk they cover, based on the following criteria:
\u2022 Fair value hedges: These are hedges against exposure to changes
in the fair value of the hedged item, attributable to a specific risk.
The differences arising from both the hedging instruments and
the hedged items (due to the hedged risk) are recognized directly
in the consolidated profit and loss account.
When the fair value hedge is discontinued, the adjustments
previously recorded in the hedged item are charged to profit or loss
using the effective interest rate method recalculated at the date
the hedge ceases to be covered, and must be fully amortized at
maturity.
In fair value hedges of interest rate risk of a portfolio of financial
instruments (macro hedges), regulated by IAS 39, the gains or
losses arising from the valuation of the hedging instruments are
recognized directly in the consolidated profit and loss account,
while the gains or losses due to changes in the fair value of the
hedged amount (attributable to the hedged risk) are recognized in
the consolidated profit and loss account using as a counterpart the
headings 'Changes in the fair value of hedged items' of a portfolio
with interest rate risk hedge (asset or liability), as appropriate.
\u2022 Cash flow hedges: These are hedges against exposure to changes
in cash flows attributable to a specific risk associated with the
hedged item.
The effective portion of the change in the value of the hedging
instrument is temporarily recorded in the equity account 'Other
accumulated comprehensive income - Items that may be
reclassified in profit or loss - Hedging derivatives. Cash flow
hedges (effective portion)' until the hedged item affects profit or
loss. From that point onward, it will be recorded in the
consolidated profit or loss account for the same period as the
hedged item, except in cases where it is required to be included
in the cost of the non-financial asset or liability, or the
anticipated transactions are ultimately recognized as non-
financial assets or liabilities.
When cash flow hedges are discontinued, the accumulated result
of the hedging instrument recognized in the equity heading
'Other accumulated global result' (while the hedge was
effective) will continue to be recognized in that heading until the
hedged transaction occurs, at which time it will be recorded in
profit or loss, unless it is expected that the transaction will not
take place, in which case it is recorded immediately in profit or
loss.
\u2022 Net investment hedges of a foreign operation: This is a hedge of
the amount corresponding to the reporting entity's share of the
net assets of said operation.
The effective portion of the hedging instrument is temporarily
recorded in the equity account 'Other accumulated
comprehensive income - Items that may be reclassified in profit
or loss - Net investment hedges' in foreign operations until the
gains or losses on the hedged item are recognized in profit or
loss.
To measure ineffectiveness, the Group compares the valuation of
the hedging instrument with the valuation of the hedged item
based on the hedged risk, using different methodologies such as
the proxy method or the hypothetical derivative method. The
ineffective portion of the cash flow and net investment hedge
relationships in foreign operations is recorded directly in the
consolidated profit and loss account, under the heading 'Net gains
or losses from hedge accounting'.
The Group discontinues accounting for hedging relationships when
the hedging instrument expires, is sold, or when the hedging
relationship becomes ineffective because it is no longer aligned
with the risk management objective. In that case, the derivative is
then treated as a trading derivative.
If a hedging relationship ceases to meet the effectiveness
requirements, but the risk management objective remains, the
Group will assess whether to rebalance or adjust the hedging ratio
to meet the effectiveness requirements again without
discontinuing the hedging relationship.
A hedging instrument is generally designated in its entirety, as the
factors contributing to its fair value are interdependent. However,
IFRS 9 allows certain parts of a hedging instrument to be excluded
from its fair value:
a. Separating the intrinsic value and the time value of an option
and designating only the intrinsic element as the hedging
instrument, which is mandatory if the intrinsic value is
designated;
b. Separating the forward and spot elements of a forward contract
and designating only the spot element as the hedging
instrument, which will be determined for each hedging
relationship. and
c. Separate the foreign currency basis spread of a currency
derivative and exclude it from the designation of the hedging
instrument, as determined for each hedging relationship.
Separating these components will improve the effectiveness of the
hedge and allows for alternative accounting treatment for the
excluded component. This treatment consists of recording the
changes in value under the heading 'Other accumulated
comprehensive income \u2013 Undesignated items' and recording this
component in the consolidated profit or loss statement, depending
on the nature of the hedged item, either over a period of time or at
the time the hedged transaction occurs.
Additionally, if the entity manages the credit risk of all or part of a
financial instrument through the use of credit derivatives, there is
the option of designating a fair value credit exposure through profit
or loss, provided that the derivative matches the name and priority
of the financial instrument being hedged. This designation may be
made at the initial recognition of the designated financial
instrument or subsequently, with the designation being
documented. From its designation, fair value variations (for all its
risks, not exclusively credit risk) will be recorded in the
consolidated profit and loss account.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1813": { "value": "
v. Hedging transactions
The objective of hedge accounting is to represent in the financial
statements the effect of an entity's risk management activities
when it uses financial instruments to manage exposures arising
from specific risks that could affect profit or loss or other
comprehensive income (in the case of investments in equity
instruments for which the entity has opted to represent changes in
the fair value of other comprehensive income).
As described in Note 1.b, the Group has adopted IFRS 9 for hedge
accounting prospectively, while continuing to apply IAS 39 for fair
value hedges in portfolios where the hedged risk is interest rate
risk. This change has not resulted in any modifications to the
accounting treatment of hedges designated under IAS 39, which
remain unchanged in both their designation and accounting
treatment.
For a hedging relationship to meet the requirements set out in IFRS
9, it must meet the following conditions:
1.Instruments that can be designated as hedging instruments
include all derivative financial instruments or non-derivative
financial instruments measured at fair value through profit or
loss, or a combination thereof. In the case of foreign exchange
risk hedges, any type of non-derivative financial instrument can
also be designated, regardless of its measurement method.
2. Items that can be designated as covered items are all those that
are recognized assets or liabilities, firm commitments, highly
probable anticipated transactions, and net investments abroad.
3.At the start of coverage, a formal designation and
documentation of the hedging relationship must be made, which
will include the entity's risk management strategy and objective,
identification of the hedging instrument and the covered item,
the nature of the covered risk, the methodology for measuring
effectiveness, which includes an analysis of the sources of
ineffectiveness, and the coverage ratio.
The main sources of ineffectiveness based on the risk covered
are:
a. Interest rate risk: mismatches in time horizons, principal,
repricing and payment dates, time value of options,
modifications in the hedged item or the hedging instrument.
b. Exchange rate risk: in addition to the above, the difference
between the interest rates of the two currencies that
represents the net cost or benefit of switching cash flows
between two currencies with different interest rates.
4. The hedging relationship must be effective, for which there must
be an economic relationship between the hedged item and the
hedging instrument, credit risk must not have a dominant effect
on changes in the value of the economic relationship between
the hedging instrument and the hedged item, and the hedging
ratio must coincide with that used by the entity in its
management.
The Group assesses these effectiveness requirements, at the time
of designation and on each submission date, through:
\u2022 The economic relationship between the hedged item and the
hedging instrument is demonstrated through a qualitative test,
and in the event of non-compliance, through quantitative tests
that compare the market value of the hedged items\u2014
corresponding to the hedged risk\u2014and the hedging instruments.
Likewise, a quantitative analysis of variations in the market
values of the hedging instrument and the hedged item is
performed prospectively.
\u2022 The hedge ratio is determined based on the proportion between
the amount of the hedged item and the amount of the
instrument actually designated by the Group in each hedging
relationship.
\u2022 The credit risk domain assessment is performed through an
analysis of the credit exposure of the hedged items and the
hedging instruments.
Accounting hedges are classified and recorded according to the
type of risk they cover, based on the following criteria:
\u2022 Fair value hedges: These are hedges against exposure to changes
in the fair value of the hedged item, attributable to a specific risk.
The differences arising from both the hedging instruments and
the hedged items (due to the hedged risk) are recognized directly
in the consolidated profit and loss account.
When the fair value hedge is discontinued, the adjustments
previously recorded in the hedged item are charged to profit or loss
using the effective interest rate method recalculated at the date
the hedge ceases to be covered, and must be fully amortized at
maturity.
In fair value hedges of interest rate risk of a portfolio of financial
instruments (macro hedges), regulated by IAS 39, the gains or
losses arising from the valuation of the hedging instruments are
recognized directly in the consolidated profit and loss account,
while the gains or losses due to changes in the fair value of the
hedged amount (attributable to the hedged risk) are recognized in
the consolidated profit and loss account using as a counterpart the
headings 'Changes in the fair value of hedged items' of a portfolio
with interest rate risk hedge (asset or liability), as appropriate.
\u2022 Cash flow hedges: These are hedges against exposure to changes
in cash flows attributable to a specific risk associated with the
hedged item.
The effective portion of the change in the value of the hedging
instrument is temporarily recorded in the equity account 'Other
accumulated comprehensive income - Items that may be
reclassified in profit or loss - Hedging derivatives. Cash flow
hedges (effective portion)' until the hedged item affects profit or
loss. From that point onward, it will be recorded in the
consolidated profit or loss account for the same period as the
hedged item, except in cases where it is required to be included
in the cost of the non-financial asset or liability, or the
anticipated transactions are ultimately recognized as non-
financial assets or liabilities.
When cash flow hedges are discontinued, the accumulated result
of the hedging instrument recognized in the equity heading
'Other accumulated global result' (while the hedge was
effective) will continue to be recognized in that heading until the
hedged transaction occurs, at which time it will be recorded in
profit or loss, unless it is expected that the transaction will not
take place, in which case it is recorded immediately in profit or
loss.
\u2022 Net investment hedges of a foreign operation: This is a hedge of
the amount corresponding to the reporting entity's share of the
net assets of said operation.
The effective portion of the hedging instrument is temporarily
recorded in the equity account 'Other accumulated
comprehensive income - Items that may be reclassified in profit
or loss - Net investment hedges' in foreign operations until the
gains or losses on the hedged item are recognized in profit or
loss.
To measure ineffectiveness, the Group compares the valuation of
the hedging instrument with the valuation of the hedged item
based on the hedged risk, using different methodologies such as
the proxy method or the hypothetical derivative method. The
ineffective portion of the cash flow and net investment hedge
relationships in foreign operations is recorded directly in the
consolidated profit and loss account, under the heading 'Net gains
or losses from hedge accounting'.
The Group discontinues accounting for hedging relationships when
the hedging instrument expires, is sold, or when the hedging
relationship becomes ineffective because it is no longer aligned
with the risk management objective. In that case, the derivative is
then treated as a trading derivative.
If a hedging relationship ceases to meet the effectiveness
requirements, but the risk management objective remains, the
Group will assess whether to rebalance or adjust the hedging ratio
to meet the effectiveness requirements again without
discontinuing the hedging relationship.
A hedging instrument is generally designated in its entirety, as the
factors contributing to its fair value are interdependent. However,
IFRS 9 allows certain parts of a hedging instrument to be excluded
from its fair value:
a. Separating the intrinsic value and the time value of an option
and designating only the intrinsic element as the hedging
instrument, which is mandatory if the intrinsic value is
designated;
b. Separating the forward and spot elements of a forward contract
and designating only the spot element as the hedging
instrument, which will be determined for each hedging
relationship. and
c. Separate the foreign currency basis spread of a currency
derivative and exclude it from the designation of the hedging
instrument, as determined for each hedging relationship.
Separating these components will improve the effectiveness of the
hedge and allows for alternative accounting treatment for the
excluded component. This treatment consists of recording the
changes in value under the heading 'Other accumulated
comprehensive income \u2013 Undesignated items' and recording this
component in the consolidated profit or loss statement, depending
on the nature of the hedged item, either over a period of time or at
the time the hedged transaction occurs.
Additionally, if the entity manages the credit risk of all or part of a
financial instrument through the use of credit derivatives, there is
the option of designating a fair value credit exposure through profit
or loss, provided that the derivative matches the name and priority
of the financial instrument being hedged. This designation may be
made at the initial recognition of the designated financial
instrument or subsequently, with the designation being
documented. From its designation, fair value variations (for all its
risks, not exclusively credit risk) will be recorded in the
consolidated profit and loss account.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1812": { "value": "
v. Hedging transactions
The objective of hedge accounting is to represent in the financial
statements the effect of an entity's risk management activities
when it uses financial instruments to manage exposures arising
from specific risks that could affect profit or loss or other
comprehensive income (in the case of investments in equity
instruments for which the entity has opted to represent changes in
the fair value of other comprehensive income).
As described in Note 1.b, the Group has adopted IFRS 9 for hedge
accounting prospectively, while continuing to apply IAS 39 for fair
value hedges in portfolios where the hedged risk is interest rate
risk. This change has not resulted in any modifications to the
accounting treatment of hedges designated under IAS 39, which
remain unchanged in both their designation and accounting
treatment.
For a hedging relationship to meet the requirements set out in IFRS
9, it must meet the following conditions:
1.Instruments that can be designated as hedging instruments
include all derivative financial instruments or non-derivative
financial instruments measured at fair value through profit or
loss, or a combination thereof. In the case of foreign exchange
risk hedges, any type of non-derivative financial instrument can
also be designated, regardless of its measurement method.
2. Items that can be designated as covered items are all those that
are recognized assets or liabilities, firm commitments, highly
probable anticipated transactions, and net investments abroad.
3.At the start of coverage, a formal designation and
documentation of the hedging relationship must be made, which
will include the entity's risk management strategy and objective,
identification of the hedging instrument and the covered item,
the nature of the covered risk, the methodology for measuring
effectiveness, which includes an analysis of the sources of
ineffectiveness, and the coverage ratio.
The main sources of ineffectiveness based on the risk covered
are:
a. Interest rate risk: mismatches in time horizons, principal,
repricing and payment dates, time value of options,
modifications in the hedged item or the hedging instrument.
b. Exchange rate risk: in addition to the above, the difference
between the interest rates of the two currencies that
represents the net cost or benefit of switching cash flows
between two currencies with different interest rates.
4. The hedging relationship must be effective, for which there must
be an economic relationship between the hedged item and the
hedging instrument, credit risk must not have a dominant effect
on changes in the value of the economic relationship between
the hedging instrument and the hedged item, and the hedging
ratio must coincide with that used by the entity in its
management.
The Group assesses these effectiveness requirements, at the time
of designation and on each submission date, through:
\u2022 The economic relationship between the hedged item and the
hedging instrument is demonstrated through a qualitative test,
and in the event of non-compliance, through quantitative tests
that compare the market value of the hedged items\u2014
corresponding to the hedged risk\u2014and the hedging instruments.
Likewise, a quantitative analysis of variations in the market
values of the hedging instrument and the hedged item is
performed prospectively.
\u2022 The hedge ratio is determined based on the proportion between
the amount of the hedged item and the amount of the
instrument actually designated by the Group in each hedging
relationship.
\u2022 The credit risk domain assessment is performed through an
analysis of the credit exposure of the hedged items and the
hedging instruments.
Accounting hedges are classified and recorded according to the
type of risk they cover, based on the following criteria:
\u2022 Fair value hedges: These are hedges against exposure to changes
in the fair value of the hedged item, attributable to a specific risk.
The differences arising from both the hedging instruments and
the hedged items (due to the hedged risk) are recognized directly
in the consolidated profit and loss account.
When the fair value hedge is discontinued, the adjustments
previously recorded in the hedged item are charged to profit or loss
using the effective interest rate method recalculated at the date
the hedge ceases to be covered, and must be fully amortized at
maturity.
In fair value hedges of interest rate risk of a portfolio of financial
instruments (macro hedges), regulated by IAS 39, the gains or
losses arising from the valuation of the hedging instruments are
recognized directly in the consolidated profit and loss account,
while the gains or losses due to changes in the fair value of the
hedged amount (attributable to the hedged risk) are recognized in
the consolidated profit and loss account using as a counterpart the
headings 'Changes in the fair value of hedged items' of a portfolio
with interest rate risk hedge (asset or liability), as appropriate.
\u2022 Cash flow hedges: These are hedges against exposure to changes
in cash flows attributable to a specific risk associated with the
hedged item.
The effective portion of the change in the value of the hedging
instrument is temporarily recorded in the equity account 'Other
accumulated comprehensive income - Items that may be
reclassified in profit or loss - Hedging derivatives. Cash flow
hedges (effective portion)' until the hedged item affects profit or
loss. From that point onward, it will be recorded in the
consolidated profit or loss account for the same period as the
hedged item, except in cases where it is required to be included
in the cost of the non-financial asset or liability, or the
anticipated transactions are ultimately recognized as non-
financial assets or liabilities.
When cash flow hedges are discontinued, the accumulated result
of the hedging instrument recognized in the equity heading
'Other accumulated global result' (while the hedge was
effective) will continue to be recognized in that heading until the
hedged transaction occurs, at which time it will be recorded in
profit or loss, unless it is expected that the transaction will not
take place, in which case it is recorded immediately in profit or
loss.
\u2022 Net investment hedges of a foreign operation: This is a hedge of
the amount corresponding to the reporting entity's share of the
net assets of said operation.
The effective portion of the hedging instrument is temporarily
recorded in the equity account 'Other accumulated
comprehensive income - Items that may be reclassified in profit
or loss - Net investment hedges' in foreign operations until the
gains or losses on the hedged item are recognized in profit or
loss.
To measure ineffectiveness, the Group compares the valuation of
the hedging instrument with the valuation of the hedged item
based on the hedged risk, using different methodologies such as
the proxy method or the hypothetical derivative method. The
ineffective portion of the cash flow and net investment hedge
relationships in foreign operations is recorded directly in the
consolidated profit and loss account, under the heading 'Net gains
or losses from hedge accounting'.
The Group discontinues accounting for hedging relationships when
the hedging instrument expires, is sold, or when the hedging
relationship becomes ineffective because it is no longer aligned
with the risk management objective. In that case, the derivative is
then treated as a trading derivative.
If a hedging relationship ceases to meet the effectiveness
requirements, but the risk management objective remains, the
Group will assess whether to rebalance or adjust the hedging ratio
to meet the effectiveness requirements again without
discontinuing the hedging relationship.
A hedging instrument is generally designated in its entirety, as the
factors contributing to its fair value are interdependent. However,
IFRS 9 allows certain parts of a hedging instrument to be excluded
from its fair value:
a. Separating the intrinsic value and the time value of an option
and designating only the intrinsic element as the hedging
instrument, which is mandatory if the intrinsic value is
designated;
b. Separating the forward and spot elements of a forward contract
and designating only the spot element as the hedging
instrument, which will be determined for each hedging
relationship. and
c. Separate the foreign currency basis spread of a currency
derivative and exclude it from the designation of the hedging
instrument, as determined for each hedging relationship.
Separating these components will improve the effectiveness of the
hedge and allows for alternative accounting treatment for the
excluded component. This treatment consists of recording the
changes in value under the heading 'Other accumulated
comprehensive income \u2013 Undesignated items' and recording this
component in the consolidated profit or loss statement, depending
on the nature of the hedged item, either over a period of time or at
the time the hedged transaction occurs.
Additionally, if the entity manages the credit risk of all or part of a
financial instrument through the use of credit derivatives, there is
the option of designating a fair value credit exposure through profit
or loss, provided that the derivative matches the name and priority
of the financial instrument being hedged. This designation may be
made at the initial recognition of the designated financial
instrument or subsequently, with the designation being
documented. From its designation, fair value variations (for all its
risks, not exclusively credit risk) will be recorded in the
consolidated profit and loss account.
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e) Derecognition of financial assets and
liabilities
The accounting treatment of transfers of financial assets depends
on the extent to which the risks and rewards associated with the
transferred assets are transferred to third parties:
1.If the Group transfers substantially all the risks and rewards to
third parties unconditional -sale of financial assets, sale of
financial assets under an agreement to repurchase them at their
fair value at the date of repurchase, sale of financial assets with
a purchased call option or written put option that is deeply out of
the money, securitisation of assets in which the transferor does
not retain a subordinated debt or grant any credit enhancement
to the new holders, and other similar cases-, the transferred
financial asset is derecognised and any rights or obligations
retained or created in the transfer are recognised
simultaneously.
2.If the Group retains substantially all the risks and rewards
associated with the transferred financial asset -sale of financial
assets under an agreement to repurchase them at a fixed price or
at the sale price plus interest, a securities lending agreement in
which the borrower undertakes to return the same or similar
assets, and other similar cases-, the transferred financial asset is
not derecognised and continues to be measured by the same
criteria as those used before the transfer. In this case, the
following items are recognised:
a. An associated financial liability, which is recognised for an
amount equal to the consideration received and is subsequently
measured at amortised cost, unless it meets the requirements
for classification under 'Financial liabilities designated at fair
value through profit or loss'.
b. The income from the transferred financial asset not
derecognised and any expense incurred on the new financial
liability, without offsetting.
3.If the Group neither transfers nor retains substantially all the
risks and rewards associated with the transferred financial asset
-sale of financial assets with a purchased call option or written
put option that is not deeply in or out of the money,
securitisation of assets in which the transferor retains a
subordinated debt or other type of credit enhancement for a
portion of the transferred asset, and other similar cases- the
following distinction is made:
a. If the transferor does not retain control of the transferred
financial asset, the asset is derecognised and any rights or
obligations retained or created in the transfer are recognised.
b. If the transferor retains control of the transferred financial
asset, it continues to recognise it for an amount equal to its
exposure to changes in value and recognises a financial liability
associated with the transferred financial asset. The net carrying
amount of the transferred asset and the associated liability is
the amortised cost of the rights and obligations retained, if the
transferred asset is measured at amortised cost, or the fair
value of the rights and obligations retained, if the transferred
asset is measured at fair value.
Accordingly, financial assets are only derecognised when the rights
to the cash flows they generate have expired or when substantially
all the inherent risks and rewards have been transferred to third
parties. Similarly, financial liabilities are only derecognised when
the obligations they generate have been extinguished or when
they are acquired with the intention either to cancel them or to
resell them.
Regarding contractual modifications of financial assets, Grupo
Santander distinguishes two main categories depending on
whether the new conditions result in the disposal of the asset (and
recognition of a new one) or imply the continuation of the original
instrument with the new modified terms:
\u2022 Contractual modifications for commercial or market reasons,
which are generally carried out at the request of the debtor to
apply current market conditions to the debt. The new contract is
considered a new transaction and, consequently, it is necessary
to derecognize the original financial asset and recognize a new
financial asset subject to the classification and measurement
requirements established by IFRS 9. The new financial asset will
be recorded at fair value and, if applicable, the difference
between the carrying amount of the asset derecognized and the
fair value of the new asset will be recognized in profit or loss.
\u2022 Modifications due to refinancing or restructuring, in which the
payment conditions are modified to allow a customer that is
experiencing financial difficulties (current or foreseeable) to
meet its payment obligations and that, if such modification had
not been made, it would be reasonably certain that it would not
be able to meet such payment obligations. In this case, the
modification does not result in the derecognition of the financial
asset, but rather the original financial asset is maintained and
does not require a new assessment of its classification and
measurement. When assessing credit impairment, the current
credit risk (considering the modified cash flows) should be
compared with the credit risk at initial recognition. The gross
carrying amount of the financial asset (the present value of the
renegotiated or modified contractual cash flows that are
discounted at the original effective interest rate of the financial
asset) should be recalculated, with a gain or loss recognized in
profit or loss for the difference.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1816": { "value": "
f) Offsetting of financial instruments
Financial asset and liability balances are offset, i.e. reported in the
consolidated balance sheet at their net amount, only if the Group
entities currently have a legally enforceable right to set off the
recognised amounts and intend either to settle on a net basis, or to
realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1818": { "value": "
g) Impairment of financial assets
i. Definition
Grupo Santander associates an impairment in the value to financial
assets measured at amortised cost, debt instruments measured at
fair value with changes in other comprehensive income, lease
receivables, assets from contracts and loan commitments and the
financial guarantees issued that are not measured at fair value
through profit or loss.
The impairment for expected credit losses is recorded with a
charge to the consolidated income statement for the period in
which the impairment arises. In the event of occurrence, the
recoveries of previously recognised impairment losses are
recorded in the consolidated income statement for the period in
which the impairment no longer exists or is reduced.
In the case of purchased or originated credit-impaired assets, the
Group only recognizes at the reporting date the changes in the
expected credit losses during the life of the asset since the initial
recognition as a credit loss. In the case of assets measured at fair
value with changes in other comprehensive income, the changes in
the fair value due to expected credit losses are charged in the
consolidated income statement of the year where the change
happened, reflecting the rest of the valuation in other
comprehensive income.
As a rule, the expected credit loss is estimated as the difference
between the contractual cash flows to be recovered and the
expected cash flows discounted using the original effective interest
rate. In the case of purchased or originated credit-impaired assets,
this difference is discounted using the effective interest rate
adjusted by credit rating.
Depending on the classification of financial instruments, which is
mentioned in the following sections, the expected credit losses
may be along 12 months or during the life of the financial
instrument:
\u2022 12-month expected credit losses: arising from the potential
default events, as defined in the following sections that are
estimated to be likely to occur within the 12 months following
the reporting date. These losses will be associated with financial
assets classified as 'normal risk' as defined in the following
sections.
\u2022 Expected credit losses over the life of the financial instrument:
arising from the potential default events that are estimated to be
likely to occur throughout the life of the financial instruments.
These losses are associated with financial assets classified as
'normal risk under watchlist' or 'doubtful risk'.
With the purpose of estimating the expected life of the financial
instrument all the contractual terms have been taken into account
(e.g. prepayments, duration, purchase options, etc.), being the
contractual period (including extension options) the maximum
period considered to measure the expected credit losses. In the
case of financial instruments with an uncertain maturity period and
a component of undrawn commitment (e.g.: credit cards), the
expected life is estimated through quantitative analyses to
determine the period during which the entity is exposed to credit
risk, also considering the effectiveness of management procedures
that mitigate such exposure (e.g. the ability to unilaterally cancel
such financial instruments, etc.).
The following constitute effective guarantees:
a)Mortgage guarantees on housing as long as they are first duly
constituted and registered in favour of the entity. The properties
include:
i. Buildings and building elements, distinguishing among:
\u2013 Houses.
\u2013 Offices, stores and multi-purpose premises.
\u2013 Rest of buildings such as non-multi-purpose premises and
hotels.
ii. Urban and developable ordered land.
iii. Rest of properties that classify as: buildings and building
elements under construction, such as property development in
progress and halted development, and the rest of land types,
such as rustic lands.
b)Collateral guarantees on financial instruments in the form of
cash deposits, debt securities or equity instruments issued by
creditworthy issuers.
c)Other types of real guarantees, including properties received in
guarantee and second and subsequent mortgages on properties,
as long as the entity demonstrates its effectiveness. When
assessing the effectiveness of the second and subsequent
mortgages on properties the entity will implement particularly
restrictive criteria. It will take into account, among others,
whether the previous charges are in favour of the entity itself or
not and the relationship between the risk guaranteed by them
and the property value.
d)Personal guarantees, as well as the incorporation of new
owners, covering the entire amount of the financial instruments
and implying direct and joint liability to the entity of persons or
other entities whose solvency is sufficiently proven to ensure the
repayment of the loan on the agreed terms.
The different aspects that the Group considers for the evaluation of
effective guarantees are set out below in relation to the individual
analysis.
ii. Financial instruments presentation
For the purposes of estimating the impairment amount, and in
accordance with its internal policies, the Group classifies its
financial instruments (financial assets, commitments and
guarantees) measured at amortised cost or fair value through
other comprehensive income in one of the following categories:
\u2022 Normal Risk ('stage 1'): includes all instruments that do not meet
the requirements to be classified in the rest of the categories.
\u2022 Normal risk under watchlist ('stage 2'): includes all instruments
that, without meeting the criteria for classification as doubtful or
default risk, have experienced significant increases in credit risk
since initial recognition.
In order to determine whether a financial instrument has increased
its credit risk since initial recognition and is to be classified in stage
2, the Group considers the following criteria:
Quantitative
criteria
Changes in the risk of a default occurring through the
expected life of the financial instrument are analysed
and quantified with respect to its credit level in its initial
recognition.
With the purpose of determining if such changes are
considered as significant, with the consequent
classification into stage 2, each Group unit has defined
the quantitative thresholds to consider in each of its
portfolios taking into account corporate guidelines
ensuring a consistent interpretation in all units.
Within the quantitative thresholds, two types are
considered: A relative threshold is those that compare
current credit quality with credit quality at the time of
origination in percentage terms of change. In addition,
an absolute threshold compares both references in total
terms, calculating the difference between the two.
These absolute/relative concepts are used
homogeneously (with different values) in all
geographies. The use of one type of threshold or
another (or both) is determined in accordance with the
process described in note 54, below, and is marked by
the type of portfolio and characteristics such as the
starting point of the average credit quality of the
portfolio.
Qualitative
criteria
In addition to the quantitative criteria indicated, various
indicators are used that are aligned with those used by
the Group in the normal management of credit risk.
Irregular positions of more than 30 days and renewals
are common criteria in all Group units. In addition, each
unit can define other qualitative indicators, for each of
its portfolios, according to the particularities and normal
management practices in line with the policies currently
in force (i.e. use of management alerts, etc.).
The use of these qualitative criteria is complemented
with the use of an expert judgement, under the
corresponding governance.
In the case of forbearances, instruments classified as 'normal risk
under watchlist' may be generally reclassified to 'normal risk' in
the following circumstances: at least two years have elapsed from
the date of reclassification to that category or from its forbearance
date, the client has paid the accrued principal and interest balance,
and the client has no other instruments with more than 30 days
past due balances.
\u2022 Doubtful Risk ('stage 3'): includes financial instruments, overdue
or not, in which, without meeting the circumstances to classify
them in the category of default risk, there are reasonable doubts
about their total repayment (principal and interests) by the client
in the terms contractually agreed. Likewise, off-balance-sheet
exposures whose payment is probable and their recovery
doubtful are considered in stage 3. Within this category, two
situations are differentiated:
\u2013 Doubtful risk for non-performing loans: financial
instruments, irrespective of the client and guarantee, with
balances more than 90 consecutive days on material arrears
for principal, interest or expenses contractually agreed.
This category also includes all loan balances for a client\u00a0
when the operations with more than 90 consecutive days on
material arrears are greater than 20% of the amounts
pending collection.
These instruments may be reclassified to other categories if,
as a result of the collection of part of the past due balances,
the reasons for their classification in this category do not
remain and the client does not have balances more than 90
consecutive days on material arrears in other loans.
\u2013 Doubtful risk for reasons other than non-performing loans:
this category includes doubtful recovery financial
instruments that are not more than 90 consecutive days on
material arrears.
Grupo Santander considers that a financial instrument to be
doubtful for reasons other than delinquency when one or more
combined events have occurred with a negative impact on the
estimated future cash flows of the financial instrument. To this
end, the following indicators, among others, are considered:
a) Negative net equity or decrease because of losses of the client's
net equity by at least 50% during the last financial year.
b) Continued losses or significant decrease in revenue or, in
general, in the client's recurring cash flows.
c) Generalised delay in payments or insufficient cash flows to
service debts.
d) Significantly inadequate economic or financial structure or
inability to obtain additional financing by the client.
e) Existence of an internal or external credit rating showing that
the client is in default.
f) Existence of overdue customer commitments with a significant
amount to public institutions or employees.
These financial instruments may be reclassified to other categories
if, as a result of an individualised study, reasonable doubts do not
remain about the total repayment under the contractually agreed
terms and the client does not have balances of 90 days on material
arrears.
In the case of forbearances, instruments classified as doubtful risk
may be reclassified to the category of 'normal risk under watchlist'
when the following circumstances are present: a minimum period
of one year has elapsed from the forbearance date, the client has
paid the accrued principal and interest amounts, and the client has
no other loan balances of 90 days on material arrears.
\u2022 Default Risk: includes all financial assets, or part of them, for
which, after an individualised analysis, their recovery is
considered remote due to a notorious and irrecoverable
deterioration of their solvency.
In any event, except in the case of financial instruments with
effective collateral covering a substantial portion of the
transaction amount, the Group generally consider as remote the
following:
- Those operations that, after an individualized analysis, are
categorized as unsustainable debt, assuming an
irrecoverability of such debt.
- Transactions classified as doubtful due to non-performing
loans with recovery costs that exceed the amounts receivable.
- The operations on which the award is executed. The queue of
these operations shall be included under default risk, as the
recovery of the flows, provided that no further guarantees
associated with the operation remain after the award of the
property.
- Those operations on which a deduction is made, the portion of
the operation corresponding to that deduction, will be given
as a balance at the time of signature.
A financial asset amount is maintained in the balance sheet until
they are considered as a 'default risk', either all or a part of it, and
the write-off is registered against the balance sheet.
In the case of operations that have only been partially
derecognised, for forgiveness reasons or because part of the total
balance is considered unrecoverable, the remaining amount shall
be fully classified in the category of 'doubtful risk', except where
duly justified.
The classification of a financial asset, or part of it, as a 'default risk'
does not involve the disruption of negotiations and legal
proceedings to recover the amount.
iii. Impairment valuation assessment
Grupo Santander has policies, methods and procedures in place to
hedge its credit risk, both due to the insolvency attributable to
counterparties and its residence in a specific country.
These policies, methods and procedures are applied in the
concession, study and documentation of financial assets,
commitments and guarantees, as well as in the identification of
their impairment and in the calculation of the amounts needed to
cover their credit risk.
The impairment represents the best estimation of the financial
assets expected credit losses at the balance sheet date, assessed
both individually and collectively.
\u2022 Individually: for the purposes of estimating the provisions for
credit risk arising from the insolvency of a financial instrument,
the Group individually assesses impairment by estimating the
expected credit losses on those financial instruments that are
considered to be significant and with sufficient information to
make such an estimate.
Therefore, this classification mostly includes wholesale banking
customers \u2014Corporations, specialised financing\u2014 as well as
some of the largest companies \u2014Chartered and real estate
developers\u2014 from retail banking. The determination of the
perimeter in which the individualised estimate is applied is
detailed in a later section.
The individually assessed impairment estimate is equal to the
difference between the gross carrying amount of the financial
instrument and the estimated value of the expected cash flows
receivable discounted using the original effective interest rate of
the transaction. The estimate of these cash flows takes into
account all available information on the financial asset and the
effective guarantees associated with that asset. This estimation
process is detailed below.
\u2022 Collectively: the Group also assesses impairment by estimating
the expected credit losses collectively in cases where they are
not assessed on an individual basis. This includes, for example,
loans with individuals, sole proprietors or businesses in retail
banking\u00a0 subject to a standardised risk management.
For the purposes of the collective assessment of expected credit
losses, the Group has consistent and reliable internal models. For
the development of these models, instruments with similar
credit risk characteristics that are indicative of the debtors'
capacity to pay are considered.
The credit risk characteristics used to group the instruments are,
among others: type of instrument, debtor's sector of activity,
geographical area of activity, type of guarantee, aging of past
due balances and any other factor relevant to estimating the
future cash flows.
Grupo Santander performs retrospective and monitoring tests to
evaluate the reasonableness of the collective estimate.
On the other hand, the methodology required to estimate the
expected credit loss due to credit events is based on an unbiased
and weighted consideration by the probability of occurrence of a
series of scenarios, considering a range of three to five possible
future scenarios, depending on the characteristics of each unit,
which could have an impact on the collection of contractual cash
flows, always taking into account the time value of money, as well
as all available, reasonable and sustainable information on past
events, current conditions and forecasts of the evolution of
macroeconomic scenarios that are shown to be relevant for the
estimation of this amount (for example: GDP (Gross Domestic
Product), housing price, unemployment rate, etc.).
The estimation of expected losses requires expert judgment and
the support of historical, current and future information. The
probability of loss is measured considering past events, the present
situation and future trends of macroeconomic scenarios.
Grupo Santander uses forward-looking information in both internal
risk management and prudential regulation processes, so that for
the calculation of the impairment loss allowance, various scenarios
are incorporated that take advantage of the experience with such
information, thus ensuring consistency in obtaining the expected
loss.
The complexity of the estimation in this exercise has been derived
from the current macroeconomic scenario as a consequence of the
complex geopolitical situation, as well changes in inflations levels
and interest rates, which has generated uncertainty in economic
evolution.
Grupo Santander has internally ensured the criteria to be followed
for guarantees received from government bodies, both through
credit lines and other public guarantees, so that when they are
adequately reflected in each of the contracts, they are recognised
as mitigating factors of the potential expected losses, and
therefore of the provisions to be recognised, based on the
provisions of the applicable standard (IFRS 9 Par. B5.5.55).
Furthermore, where applicable, these guarantees are appropriately
reflected in the mitigation of the significant increase in risk,
considering their nature as personal guarantees.
For the estimation of the parameters used in the estimation of
impairment provisions -EAD (exposure at default), PD (probability
of default), LGD (loss given default)-, the Group based its
experience in developing internal models for the estimation of
parameters both in the regulatory area and for management
purposes, adapting the development of the impairment provision
models under IFRS 9.
\u2022 Exposure at default: is the amount of estimated risk incurred at
the time of the counterparty's analysis.
\u2022 Probability of default: is the estimated probability that the
counterparty will default on its principal and/or interest payment
obligations.
\u2022 Loss given default: is the estimate of the severity of the loss
incurred in the event of non-compliance. It depends mainly on
the updating of the guarantees associated with the operation and
the future cash flows that are expected to be recovered.
In any case, when estimating the flows expected to be recovered,
portfolio sales are included. It should be noted that due to the
Group's recovery policy and the experience observed in relation to
the prices of past sales of assets classified as stage 3 and/or
default risk, there is no substantial divergence between the flows
obtained from recoveries after performing recovery management
of the assets with those obtained from the sale of portfolios of
assets discounting structural expenses and other costs incurred.
The definition of default implemented by the Group for the
purpose of calculating the impairment provision models is based
on the definition in Article 178 of Regulation 575/2013 of the
European Union (CRR), which is fully aligned with the requirements
of IFRS 9, which considers that a 'default' exists in relation to a
specific customer/contract when at least one of the following
circumstances exists: the entity considers that there are reasonable
doubts about the payment of all its credit obligations or that the
customer/contract is in an irregular situation for more than 90
consecutive days past due material balances with respect to any
significant credit obligation.
Grupo Santander aligned partially and voluntarily during 2022 the
accounting definition of Stage 3, as well as the calculation of
impairment provision models, to the New Definition of Default,
incorporating the criteria defined by the EBA in its implementation
guide of the definition of default, capturing the economic
deterioration of the operations (days in default - on a daily basis -
and materiality thresholds - minimum amount in arrears). The
alignment of criteria was done taking into account the criteria of
IFRS 9 as well as the accounting principles of unbiased
presentation of financial information. Grupo Santander registered
an increase in the default rate at around 19 basis points, with no
material impact on the provision figures for credit risk.
In addition, the Group considers the risk generated in all cross-
border transactions due to circumstances other than the usual
commercial risk of insolvency (sovereign risk, transfer risk or risks
arising from international financial activity, such as wars, natural
catastrophes, balance of payments crisis, etc.).
IFRS 9 includes a series of practical solutions that can be
implemented by entities, with the aim of facilitating its
implementation. In order to achieve a complete and high-level
implementation of the standard, and following the best practices
of the industry, the Group applies these practical solutions
adapting them to their own characteristics and circumstances:
\u2013 Rebuttable presumption that the credit risk has increased
significantly, when payments are more than 30 days past
due: this threshold is used as an additional, but not primary,
indicator of significant risk increase.
\u2013 Assets with low credit risk at the reporting date: the Group
adopts this practice prioritizing its reduced and punctual use
and its systematic and periodic justification through
quantitative evidence.
This information is provided in more detail in note 54.b.
iv. Detail of individual estimate of impairment
For the individual estimate of the assessment for impairment of
the financial asset, the Group has a specific methodology to
estimate the value of the cash flows expected to be collected:
\u2022 Recovery through the debtor's ordinary activities (going
approach).
\u2022 Recovery through the execution and sale of the collateral
guaranteeing the operations (gone approach).
Gone approach:
a. Evaluation of the effectiveness of guarantees
Grupo Santander assesses the effectiveness of all the guarantees
associated considering the following:
\u2022 The time required to execute these guarantees.
\u2022 Grupo Santander's ability to enforce or assert these guarantees
in its favour.
\u2022 The existence of limitations imposed by each local unit\u00b4s
regulation on the foreclosure of collateral.
Under no circumstances the Group considers that a guarantee is
effective if its effectiveness depends substantially on the solvency
of the debtor, as could be the case:
\u2022 Promises of shares or other securities of the debtor himself when
their valuation may be significantly affected by a debtor's
default.
\u2022 Personal cross-collateralisation: when the guarantor of a
transaction is, at the same time, guaranteed by the holder of that
transaction.
The different types of effective guarantees have been detailed in
section i. Definition
b. Valuation of guarantees
Grupo Santander assesses the guarantees on the basis of their
nature in accordance with the following:
\u2022 Mortgage guarantees on properties associated with financial
instruments, using complete individual valuations carried out by
independent valuation experts and under generally accepted
valuation standards. If this is not possible, alternative valuations
are used with duly documented and approved internal valuation
models.
\u2022 Personal guarantees are valued individually on the basis of the
guarantor\u00b4s updated information.
\u2022 The rest of the guarantees are valued based on current market
values.
c. Adjustments to the value of guarantees and estimation of future
cash flow inflows and outflows
Grupo Santander applies a series of adjustments to the value of the
guarantees in order to improve the reference values:
\u2022 Adjustments based on the historical sales experience of local
units for certain types of assets.
\u2022 Individual expert adjustments based on additional management
information.
Likewise, to adjust the value of the guarantees, the time value of
money is taken into account based on the historical experience of
each of the units, estimating:
\u2022 Period of adjudication.
\u2022 Estimated time of sale of the asset.
In addition, the Group takes into account all those cash inflows and
outflows linked to that guarantee until it is sold:
\u2022 Possible future income commitments in favour of the borrower
which will available after the asset is awarded.
\u2022 Estimated foreclosure costs.
\u2022 Asset maintenance costs, taxes and community costs.
\u2022 Estimated marketing or sales costs.
Finally, since it is considered that the guarantee will be sold in the
future, the Group applies an additional adjustment ('index
forward') in order to adjust the value of the guarantees to future
valuation expectations.
v. Impairment individual assessment scope
Grupo Santander determines the perimeter over which it makes an
estimate of the assessment for impairment on an individual basis
based on a relevance threshold set by each of the geographical
areas and the stage in which the operations are located. In general,
the Group applies the individualised calculation of expected losses
to the significant exposures classified in stage 3, although Banco
Santander, S.A. has also extended its analyses to some of the
exposures classified in stage 2.
It should be noted that, in any case and irrespective of the stage in
which their transactions are carried out, for customers who do not
receive standardised treatment, a relational risk management
model is applied, with individualised treatment and monitoring by
the assigned risk analyst. In addition to wholesale customers
(Santander Corporate & Investment Banking or SCIB) and large
companies, this relational management model also includes other
segments of smaller companies for which there is information and
capacity for more personalised and expert analysis and monitoring.\u00a0
As indicated in the Group's wholesale credit model, the individual
treatment of the client facilitates the continuous updating of
information. The risk assumed must be followed and monitored
throughout its life cycle, enabling anticipation and action to be
taken in the event of possible impairments. In this way, the
customer's credit quality is analysed individually, taking into
account specific aspects such as his competitive position, financial
performance, management, etc. In the wholesale risk
management model, every customer with a credit risk position is
assigned a rating, which has an associated probability of customer
default.
Thus, individual analysis of the debtor triggers a specific rating for
each customer, which determines the appropriate parameters for
calculating the expected loss, so that it is the rating itself that
initially modulates the necessary coverage, adjusting the severity
of the possible loss to the guarantees and other mitigating factors
that the customer may have available. In addition, if as a result of
this individualised monitoring of the customer, the analyst finally
considers that his coverage is not sufficient, he has the necessary
mechanisms to adjust it under his expert judgement, always under
the appropriate governance.
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g) Impairment of financial assets
i. Definition
Grupo Santander associates an impairment in the value to financial
assets measured at amortised cost, debt instruments measured at
fair value with changes in other comprehensive income, lease
receivables, assets from contracts and loan commitments and the
financial guarantees issued that are not measured at fair value
through profit or loss.
The impairment for expected credit losses is recorded with a
charge to the consolidated income statement for the period in
which the impairment arises. In the event of occurrence, the
recoveries of previously recognised impairment losses are
recorded in the consolidated income statement for the period in
which the impairment no longer exists or is reduced.
In the case of purchased or originated credit-impaired assets, the
Group only recognizes at the reporting date the changes in the
expected credit losses during the life of the asset since the initial
recognition as a credit loss. In the case of assets measured at fair
value with changes in other comprehensive income, the changes in
the fair value due to expected credit losses are charged in the
consolidated income statement of the year where the change
happened, reflecting the rest of the valuation in other
comprehensive income.
As a rule, the expected credit loss is estimated as the difference
between the contractual cash flows to be recovered and the
expected cash flows discounted using the original effective interest
rate. In the case of purchased or originated credit-impaired assets,
this difference is discounted using the effective interest rate
adjusted by credit rating.
Depending on the classification of financial instruments, which is
mentioned in the following sections, the expected credit losses
may be along 12 months or during the life of the financial
instrument:
\u2022 12-month expected credit losses: arising from the potential
default events, as defined in the following sections that are
estimated to be likely to occur within the 12 months following
the reporting date. These losses will be associated with financial
assets classified as 'normal risk' as defined in the following
sections.
\u2022 Expected credit losses over the life of the financial instrument:
arising from the potential default events that are estimated to be
likely to occur throughout the life of the financial instruments.
These losses are associated with financial assets classified as
'normal risk under watchlist' or 'doubtful risk'.
With the purpose of estimating the expected life of the financial
instrument all the contractual terms have been taken into account
(e.g. prepayments, duration, purchase options, etc.), being the
contractual period (including extension options) the maximum
period considered to measure the expected credit losses. In the
case of financial instruments with an uncertain maturity period and
a component of undrawn commitment (e.g.: credit cards), the
expected life is estimated through quantitative analyses to
determine the period during which the entity is exposed to credit
risk, also considering the effectiveness of management procedures
that mitigate such exposure (e.g. the ability to unilaterally cancel
such financial instruments, etc.).
The following constitute effective guarantees:
a)Mortgage guarantees on housing as long as they are first duly
constituted and registered in favour of the entity. The properties
include:
i. Buildings and building elements, distinguishing among:
\u2013 Houses.
\u2013 Offices, stores and multi-purpose premises.
\u2013 Rest of buildings such as non-multi-purpose premises and
hotels.
ii. Urban and developable ordered land.
iii. Rest of properties that classify as: buildings and building
elements under construction, such as property development in
progress and halted development, and the rest of land types,
such as rustic lands.
b)Collateral guarantees on financial instruments in the form of
cash deposits, debt securities or equity instruments issued by
creditworthy issuers.
c)Other types of real guarantees, including properties received in
guarantee and second and subsequent mortgages on properties,
as long as the entity demonstrates its effectiveness. When
assessing the effectiveness of the second and subsequent
mortgages on properties the entity will implement particularly
restrictive criteria. It will take into account, among others,
whether the previous charges are in favour of the entity itself or
not and the relationship between the risk guaranteed by them
and the property value.
d)Personal guarantees, as well as the incorporation of new
owners, covering the entire amount of the financial instruments
and implying direct and joint liability to the entity of persons or
other entities whose solvency is sufficiently proven to ensure the
repayment of the loan on the agreed terms.
The different aspects that the Group considers for the evaluation of
effective guarantees are set out below in relation to the individual
analysis.
ii. Financial instruments presentation
For the purposes of estimating the impairment amount, and in
accordance with its internal policies, the Group classifies its
financial instruments (financial assets, commitments and
guarantees) measured at amortised cost or fair value through
other comprehensive income in one of the following categories:
\u2022 Normal Risk ('stage 1'): includes all instruments that do not meet
the requirements to be classified in the rest of the categories.
\u2022 Normal risk under watchlist ('stage 2'): includes all instruments
that, without meeting the criteria for classification as doubtful or
default risk, have experienced significant increases in credit risk
since initial recognition.
In order to determine whether a financial instrument has increased
its credit risk since initial recognition and is to be classified in stage
2, the Group considers the following criteria:
Quantitative
criteria
Changes in the risk of a default occurring through the
expected life of the financial instrument are analysed
and quantified with respect to its credit level in its initial
recognition.
With the purpose of determining if such changes are
considered as significant, with the consequent
classification into stage 2, each Group unit has defined
the quantitative thresholds to consider in each of its
portfolios taking into account corporate guidelines
ensuring a consistent interpretation in all units.
Within the quantitative thresholds, two types are
considered: A relative threshold is those that compare
current credit quality with credit quality at the time of
origination in percentage terms of change. In addition,
an absolute threshold compares both references in total
terms, calculating the difference between the two.
These absolute/relative concepts are used
homogeneously (with different values) in all
geographies. The use of one type of threshold or
another (or both) is determined in accordance with the
process described in note 54, below, and is marked by
the type of portfolio and characteristics such as the
starting point of the average credit quality of the
portfolio.
Qualitative
criteria
In addition to the quantitative criteria indicated, various
indicators are used that are aligned with those used by
the Group in the normal management of credit risk.
Irregular positions of more than 30 days and renewals
are common criteria in all Group units. In addition, each
unit can define other qualitative indicators, for each of
its portfolios, according to the particularities and normal
management practices in line with the policies currently
in force (i.e. use of management alerts, etc.).
The use of these qualitative criteria is complemented
with the use of an expert judgement, under the
corresponding governance.
In the case of forbearances, instruments classified as 'normal risk
under watchlist' may be generally reclassified to 'normal risk' in
the following circumstances: at least two years have elapsed from
the date of reclassification to that category or from its forbearance
date, the client has paid the accrued principal and interest balance,
and the client has no other instruments with more than 30 days
past due balances.
\u2022 Doubtful Risk ('stage 3'): includes financial instruments, overdue
or not, in which, without meeting the circumstances to classify
them in the category of default risk, there are reasonable doubts
about their total repayment (principal and interests) by the client
in the terms contractually agreed. Likewise, off-balance-sheet
exposures whose payment is probable and their recovery
doubtful are considered in stage 3. Within this category, two
situations are differentiated:
\u2013 Doubtful risk for non-performing loans: financial
instruments, irrespective of the client and guarantee, with
balances more than 90 consecutive days on material arrears
for principal, interest or expenses contractually agreed.
This category also includes all loan balances for a client\u00a0
when the operations with more than 90 consecutive days on
material arrears are greater than 20% of the amounts
pending collection.
These instruments may be reclassified to other categories if,
as a result of the collection of part of the past due balances,
the reasons for their classification in this category do not
remain and the client does not have balances more than 90
consecutive days on material arrears in other loans.
\u2013 Doubtful risk for reasons other than non-performing loans:
this category includes doubtful recovery financial
instruments that are not more than 90 consecutive days on
material arrears.
Grupo Santander considers that a financial instrument to be
doubtful for reasons other than delinquency when one or more
combined events have occurred with a negative impact on the
estimated future cash flows of the financial instrument. To this
end, the following indicators, among others, are considered:
a) Negative net equity or decrease because of losses of the client's
net equity by at least 50% during the last financial year.
b) Continued losses or significant decrease in revenue or, in
general, in the client's recurring cash flows.
c) Generalised delay in payments or insufficient cash flows to
service debts.
d) Significantly inadequate economic or financial structure or
inability to obtain additional financing by the client.
e) Existence of an internal or external credit rating showing that
the client is in default.
f) Existence of overdue customer commitments with a significant
amount to public institutions or employees.
These financial instruments may be reclassified to other categories
if, as a result of an individualised study, reasonable doubts do not
remain about the total repayment under the contractually agreed
terms and the client does not have balances of 90 days on material
arrears.
In the case of forbearances, instruments classified as doubtful risk
may be reclassified to the category of 'normal risk under watchlist'
when the following circumstances are present: a minimum period
of one year has elapsed from the forbearance date, the client has
paid the accrued principal and interest amounts, and the client has
no other loan balances of 90 days on material arrears.
\u2022 Default Risk: includes all financial assets, or part of them, for
which, after an individualised analysis, their recovery is
considered remote due to a notorious and irrecoverable
deterioration of their solvency.
In any event, except in the case of financial instruments with
effective collateral covering a substantial portion of the
transaction amount, the Group generally consider as remote the
following:
- Those operations that, after an individualized analysis, are
categorized as unsustainable debt, assuming an
irrecoverability of such debt.
- Transactions classified as doubtful due to non-performing
loans with recovery costs that exceed the amounts receivable.
- The operations on which the award is executed. The queue of
these operations shall be included under default risk, as the
recovery of the flows, provided that no further guarantees
associated with the operation remain after the award of the
property.
- Those operations on which a deduction is made, the portion of
the operation corresponding to that deduction, will be given
as a balance at the time of signature.
A financial asset amount is maintained in the balance sheet until
they are considered as a 'default risk', either all or a part of it, and
the write-off is registered against the balance sheet.
In the case of operations that have only been partially
derecognised, for forgiveness reasons or because part of the total
balance is considered unrecoverable, the remaining amount shall
be fully classified in the category of 'doubtful risk', except where
duly justified.
The classification of a financial asset, or part of it, as a 'default risk'
does not involve the disruption of negotiations and legal
proceedings to recover the amount.
iii. Impairment valuation assessment
Grupo Santander has policies, methods and procedures in place to
hedge its credit risk, both due to the insolvency attributable to
counterparties and its residence in a specific country.
These policies, methods and procedures are applied in the
concession, study and documentation of financial assets,
commitments and guarantees, as well as in the identification of
their impairment and in the calculation of the amounts needed to
cover their credit risk.
The impairment represents the best estimation of the financial
assets expected credit losses at the balance sheet date, assessed
both individually and collectively.
\u2022 Individually: for the purposes of estimating the provisions for
credit risk arising from the insolvency of a financial instrument,
the Group individually assesses impairment by estimating the
expected credit losses on those financial instruments that are
considered to be significant and with sufficient information to
make such an estimate.
Therefore, this classification mostly includes wholesale banking
customers \u2014Corporations, specialised financing\u2014 as well as
some of the largest companies \u2014Chartered and real estate
developers\u2014 from retail banking. The determination of the
perimeter in which the individualised estimate is applied is
detailed in a later section.
The individually assessed impairment estimate is equal to the
difference between the gross carrying amount of the financial
instrument and the estimated value of the expected cash flows
receivable discounted using the original effective interest rate of
the transaction. The estimate of these cash flows takes into
account all available information on the financial asset and the
effective guarantees associated with that asset. This estimation
process is detailed below.
\u2022 Collectively: the Group also assesses impairment by estimating
the expected credit losses collectively in cases where they are
not assessed on an individual basis. This includes, for example,
loans with individuals, sole proprietors or businesses in retail
banking\u00a0 subject to a standardised risk management.
For the purposes of the collective assessment of expected credit
losses, the Group has consistent and reliable internal models. For
the development of these models, instruments with similar
credit risk characteristics that are indicative of the debtors'
capacity to pay are considered.
The credit risk characteristics used to group the instruments are,
among others: type of instrument, debtor's sector of activity,
geographical area of activity, type of guarantee, aging of past
due balances and any other factor relevant to estimating the
future cash flows.
Grupo Santander performs retrospective and monitoring tests to
evaluate the reasonableness of the collective estimate.
On the other hand, the methodology required to estimate the
expected credit loss due to credit events is based on an unbiased
and weighted consideration by the probability of occurrence of a
series of scenarios, considering a range of three to five possible
future scenarios, depending on the characteristics of each unit,
which could have an impact on the collection of contractual cash
flows, always taking into account the time value of money, as well
as all available, reasonable and sustainable information on past
events, current conditions and forecasts of the evolution of
macroeconomic scenarios that are shown to be relevant for the
estimation of this amount (for example: GDP (Gross Domestic
Product), housing price, unemployment rate, etc.).
The estimation of expected losses requires expert judgment and
the support of historical, current and future information. The
probability of loss is measured considering past events, the present
situation and future trends of macroeconomic scenarios.
Grupo Santander uses forward-looking information in both internal
risk management and prudential regulation processes, so that for
the calculation of the impairment loss allowance, various scenarios
are incorporated that take advantage of the experience with such
information, thus ensuring consistency in obtaining the expected
loss.
The complexity of the estimation in this exercise has been derived
from the current macroeconomic scenario as a consequence of the
complex geopolitical situation, as well changes in inflations levels
and interest rates, which has generated uncertainty in economic
evolution.
Grupo Santander has internally ensured the criteria to be followed
for guarantees received from government bodies, both through
credit lines and other public guarantees, so that when they are
adequately reflected in each of the contracts, they are recognised
as mitigating factors of the potential expected losses, and
therefore of the provisions to be recognised, based on the
provisions of the applicable standard (IFRS 9 Par. B5.5.55).
Furthermore, where applicable, these guarantees are appropriately
reflected in the mitigation of the significant increase in risk,
considering their nature as personal guarantees.
For the estimation of the parameters used in the estimation of
impairment provisions -EAD (exposure at default), PD (probability
of default), LGD (loss given default)-, the Group based its
experience in developing internal models for the estimation of
parameters both in the regulatory area and for management
purposes, adapting the development of the impairment provision
models under IFRS 9.
\u2022 Exposure at default: is the amount of estimated risk incurred at
the time of the counterparty's analysis.
\u2022 Probability of default: is the estimated probability that the
counterparty will default on its principal and/or interest payment
obligations.
\u2022 Loss given default: is the estimate of the severity of the loss
incurred in the event of non-compliance. It depends mainly on
the updating of the guarantees associated with the operation and
the future cash flows that are expected to be recovered.
In any case, when estimating the flows expected to be recovered,
portfolio sales are included. It should be noted that due to the
Group's recovery policy and the experience observed in relation to
the prices of past sales of assets classified as stage 3 and/or
default risk, there is no substantial divergence between the flows
obtained from recoveries after performing recovery management
of the assets with those obtained from the sale of portfolios of
assets discounting structural expenses and other costs incurred.
The definition of default implemented by the Group for the
purpose of calculating the impairment provision models is based
on the definition in Article 178 of Regulation 575/2013 of the
European Union (CRR), which is fully aligned with the requirements
of IFRS 9, which considers that a 'default' exists in relation to a
specific customer/contract when at least one of the following
circumstances exists: the entity considers that there are reasonable
doubts about the payment of all its credit obligations or that the
customer/contract is in an irregular situation for more than 90
consecutive days past due material balances with respect to any
significant credit obligation.
Grupo Santander aligned partially and voluntarily during 2022 the
accounting definition of Stage 3, as well as the calculation of
impairment provision models, to the New Definition of Default,
incorporating the criteria defined by the EBA in its implementation
guide of the definition of default, capturing the economic
deterioration of the operations (days in default - on a daily basis -
and materiality thresholds - minimum amount in arrears). The
alignment of criteria was done taking into account the criteria of
IFRS 9 as well as the accounting principles of unbiased
presentation of financial information. Grupo Santander registered
an increase in the default rate at around 19 basis points, with no
material impact on the provision figures for credit risk.
In addition, the Group considers the risk generated in all cross-
border transactions due to circumstances other than the usual
commercial risk of insolvency (sovereign risk, transfer risk or risks
arising from international financial activity, such as wars, natural
catastrophes, balance of payments crisis, etc.).
IFRS 9 includes a series of practical solutions that can be
implemented by entities, with the aim of facilitating its
implementation. In order to achieve a complete and high-level
implementation of the standard, and following the best practices
of the industry, the Group applies these practical solutions
adapting them to their own characteristics and circumstances:
\u2013 Rebuttable presumption that the credit risk has increased
significantly, when payments are more than 30 days past
due: this threshold is used as an additional, but not primary,
indicator of significant risk increase.
\u2013 Assets with low credit risk at the reporting date: the Group
adopts this practice prioritizing its reduced and punctual use
and its systematic and periodic justification through
quantitative evidence.
This information is provided in more detail in note 54.b.
iv. Detail of individual estimate of impairment
For the individual estimate of the assessment for impairment of
the financial asset, the Group has a specific methodology to
estimate the value of the cash flows expected to be collected:
\u2022 Recovery through the debtor's ordinary activities (going
approach).
\u2022 Recovery through the execution and sale of the collateral
guaranteeing the operations (gone approach).
Gone approach:
a. Evaluation of the effectiveness of guarantees
Grupo Santander assesses the effectiveness of all the guarantees
associated considering the following:
\u2022 The time required to execute these guarantees.
\u2022 Grupo Santander's ability to enforce or assert these guarantees
in its favour.
\u2022 The existence of limitations imposed by each local unit\u00b4s
regulation on the foreclosure of collateral.
Under no circumstances the Group considers that a guarantee is
effective if its effectiveness depends substantially on the solvency
of the debtor, as could be the case:
\u2022 Promises of shares or other securities of the debtor himself when
their valuation may be significantly affected by a debtor's
default.
\u2022 Personal cross-collateralisation: when the guarantor of a
transaction is, at the same time, guaranteed by the holder of that
transaction.
The different types of effective guarantees have been detailed in
section i. Definition
b. Valuation of guarantees
Grupo Santander assesses the guarantees on the basis of their
nature in accordance with the following:
\u2022 Mortgage guarantees on properties associated with financial
instruments, using complete individual valuations carried out by
independent valuation experts and under generally accepted
valuation standards. If this is not possible, alternative valuations
are used with duly documented and approved internal valuation
models.
\u2022 Personal guarantees are valued individually on the basis of the
guarantor\u00b4s updated information.
\u2022 The rest of the guarantees are valued based on current market
values.
c. Adjustments to the value of guarantees and estimation of future
cash flow inflows and outflows
Grupo Santander applies a series of adjustments to the value of the
guarantees in order to improve the reference values:
\u2022 Adjustments based on the historical sales experience of local
units for certain types of assets.
\u2022 Individual expert adjustments based on additional management
information.
Likewise, to adjust the value of the guarantees, the time value of
money is taken into account based on the historical experience of
each of the units, estimating:
\u2022 Period of adjudication.
\u2022 Estimated time of sale of the asset.
In addition, the Group takes into account all those cash inflows and
outflows linked to that guarantee until it is sold:
\u2022 Possible future income commitments in favour of the borrower
which will available after the asset is awarded.
\u2022 Estimated foreclosure costs.
\u2022 Asset maintenance costs, taxes and community costs.
\u2022 Estimated marketing or sales costs.
Finally, since it is considered that the guarantee will be sold in the
future, the Group applies an additional adjustment ('index
forward') in order to adjust the value of the guarantees to future
valuation expectations.
v. Impairment individual assessment scope
Grupo Santander determines the perimeter over which it makes an
estimate of the assessment for impairment on an individual basis
based on a relevance threshold set by each of the geographical
areas and the stage in which the operations are located. In general,
the Group applies the individualised calculation of expected losses
to the significant exposures classified in stage 3, although Banco
Santander, S.A. has also extended its analyses to some of the
exposures classified in stage 2.
It should be noted that, in any case and irrespective of the stage in
which their transactions are carried out, for customers who do not
receive standardised treatment, a relational risk management
model is applied, with individualised treatment and monitoring by
the assigned risk analyst. In addition to wholesale customers
(Santander Corporate & Investment Banking or SCIB) and large
companies, this relational management model also includes other
segments of smaller companies for which there is information and
capacity for more personalised and expert analysis and monitoring.\u00a0
As indicated in the Group's wholesale credit model, the individual
treatment of the client facilitates the continuous updating of
information. The risk assumed must be followed and monitored
throughout its life cycle, enabling anticipation and action to be
taken in the event of possible impairments. In this way, the
customer's credit quality is analysed individually, taking into
account specific aspects such as his competitive position, financial
performance, management, etc. In the wholesale risk
management model, every customer with a credit risk position is
assigned a rating, which has an associated probability of customer
default.
Thus, individual analysis of the debtor triggers a specific rating for
each customer, which determines the appropriate parameters for
calculating the expected loss, so that it is the rating itself that
initially modulates the necessary coverage, adjusting the severity
of the possible loss to the guarantees and other mitigating factors
that the customer may have available. In addition, if as a result of
this individualised monitoring of the customer, the analyst finally
considers that his coverage is not sufficient, he has the necessary
mechanisms to adjust it under his expert judgement, always under
the appropriate governance.
j) Tangible assets
Tangible assets includes the amount of buildings, land, furniture,
vehicles, computer hardware and other fixtures owned by the
consolidated entities or acquired under finance leases. Tangible
assets are classified by use as follows:
i. Property, plant and equipment for own use
Property, plant and equipment for own use\u00a0\u2013 including tangible
assets received by the consolidated entities in full or partial
satisfaction of financial assets representing receivables from third
parties which are intended to be held for continuing use and
tangible assets acquired under finance leases\u2013 are presented at
acquisition cost, less the related accumulated depreciation and any
estimated impairment losses (carrying amount higher than
recoverable amount).
Depreciation is calculated, using the straight-line method, on the
basis of the acquisition cost of the assets less their residual value.
The land on which the buildings and other structures stand has an
indefinite life and, therefore, is not depreciated.
The annual tangible asset depreciation charge is recognised in the
consolidated income statement and are essentially equivalent to
the following amortization percentages (determined based on the
years of estimated useful life, on average, of the different
elements):
Average
annual\u00a0rate
Buildings for own use
2.4%
Furniture
9.5%
Fixtures
9.5%
Office and IT equipment
23.6%
Lease use rights
Less than the lease
term or the useful life
of the underlying asset
At the end of each reporting period, consolidated entities assess
whether there is any indication that the carrying amount of an
asset exceeds its recoverable amount, in which case they write
down the carrying amount of the asset to its recoverable amount
and adjust future depreciation charges in proportion to its adjusted
carrying amount and to its new remaining useful life, if the useful
life needs to be re-estimated.
Similarly, if there is an indication of a recovery in the value of a
tangible asset, the consolidated entities recognise the reversal of
the impairment loss recognised in prior periods and adjust the
future depreciation charges accordingly. In no circumstances may
the reversal of an impairment loss on an asset raise its carrying
amount above that which it would have if no impairment losses
had been recognised in prior years.
The estimated useful lives of the items of property, plant and
equipment for own use are reviewed at least at the end of the
reporting period with a view to detecting significant changes
therein. If changes are detected, the useful lives of the assets are
adjusted by correcting the depreciation charge to be recognised in
the consolidated income statement in future years on the basis of
the new useful lives.
Upkeep and maintenance expenses relating to property, plant and
equipment for own use are recognised as an expense in the period
in which they are incurred, since they do not increase the useful
lives of the assets.
ii. Investment property
'Investment property' reflects the net values of the land, buildings
and other structures held either to earn rentals or for obtaining
profits by sales due to future increase in market prices.
The criteria used to recognise the acquisition cost of investment
property, to calculate its depreciation and its estimated useful life
and to recognise any impairment losses thereon are consistent
with those described in relation to property, plant and equipment
for own use.
In the case of investment properties that support obligations to pay
a return directly linked to fair value, or to the returns of certain
assets including the investment property itself, such properties are
measured using the fair value model.
In order to evaluate the possible impairment Grupo Santander
determines periodically the fair value of its investment property so
that, at the end of the reporting period, the fair value reflects the
market conditions of the investment property at that date. This fair
value is determined annually, taking as benchmarks the valuations
performed by independent experts. The methodology used to
determine the fair value of investment property is selected based
on the status of the asset in question; thus, for properties
earmarked for lease, the valuations are performed using the sales
comparison approach, whereas for leased properties the valuations
are made primarily using the income capitalisation approach and,
exceptionally, the sales comparison approach.
In the sales comparison approach, the property market segment
for comparable properties is analysed, inter alia, and, based on
specific information on actual transactions and firm offers, current
prices are obtained for cash sales of those properties. The
valuations performed using this approach are considered as Level 2
valuations.
In the income capitalisation approach, the cash flows estimated to
be obtained over the useful life of the property are discounted
taking into account factors that may influence the amount and
actual obtainment thereof, such as: (i) the payments that are
normally received on comparable properties; (ii) current and
probable future occupancy; (iii) the current or foreseeable default
rate on payments. The valuations performed using this approach
are considered as Level 3 valuations, since significant unobservable
inputs are used, such as current and probable future occupancy
and/or the current or foreseeable default rate on payments.
iii. Assets leased out under an operating lease
'Property, plant and equipment'\u00a0- Leased out under an operating
lease reflects the amount of the tangible assets, other than land
and buildings, leased out by the Group under an operating lease.
The criteria used to recognise the acquisition cost of assets leased
out under operating leases, to calculate their depreciation and their
respective estimated useful lives and to recognise the impairment
losses thereon are consistent with those described in relation to
property, plant and equipment for own use.
l) Intangible assets
Intangible assets are identifiable non-monetary assets (separable
from other assets) without physical substance which arise as a
result of a legal transaction or which are developed internally by
the consolidated entities.
Only assets whose cost can be measured reliably and it is likely
that the consolidated entities obtain future economic benefits are
recognised.
Intangible assets are recognised initially at acquisition or
production cost and are subsequently measured at cost less any
accumulated amortisation and any accumulated impairment
losses.
i. Goodwill
Any excess of the cost of the investments in the consolidated
entities and entities accounted for using the equity method over
the corresponding underlying carrying amounts acquired, adjusted
at the date of first-time consolidation, is allocated as follows:
a. If it is attributable to specific assets and liabilities of the
companies acquired, by increasing the value of the assets (or
reducing the value of the liabilities) whose fair values were
higher (lower) than the carrying amounts at which they had
been recognised in the acquired entities\u2019 balance sheets.
b. If it is attributable to specific intangible assets, by recognising it
explicitly in the consolidated balance sheet provided that the
fair value of these assets within twelve months following the
date of acquisition can be measured reliably.
c. The remaining amount is recognised as goodwill, which is
allocated to one or more cash-generating units (CGU) (a cash-
generating unit is the smallest identifiable group of assets that,
as a result of continuing operation, generates cash inflows that
are largely independent of the cash inflows from other assets or
groups of assets). The cash-generating units represent the
Group\u2019s geographical and/or business segments.
Goodwill (only recognised when it has been acquired by
consideration) represents, therefore, a payment made by the
acquirer in anticipation of future economic benefits from assets of
the acquired entity that are not capable of being individually
identified and separately recognised.
At the end of each annual reporting period or whenever there is
any indication of impairment goodwill is reviewed for impairment
(i.e. a reduction in its recoverable amount to below its carrying
amount) and, if there is any impairment, the goodwill is written
down with a charge to 'Impairment or reversal of impairment on
non-financial assets, net - Intangible assets' in the consolidated
income statement.
An impairment loss recognised for goodwill is not reversed in a
subsequent period.
In the event of sale or departure of an activity that is part of a CGU,
the part of the goodwill that can be assigned to said activity would
be written-off, taking as a reference the relative value of the same
over the total of the CGU at the time of sale or abandonment. If
applicable, the distribution by currency of the remaining goodwill
will be performed based on the relative values of the remaining
activities.
ii. Other intangible assets
Other intangible assets includes the amount of identifiable
intangible assets, such as purchased customer lists and computer
software.
Other intangible assets can have an indefinite useful life\u00a0-when,
based on an analysis of all the relevant factors, it is concluded that
there is no foreseeable limit to the period over which the asset is
expected to generate net cash inflows for the consolidated
entities- or a finite useful life, in all other cases.
Intangible assets with indefinite useful lives are not amortised, but
rather at the end of each reporting period or whenever there is any
indication of impairment the consolidated entities review the
remaining useful lives of the assets in order to determine whether
they continue to be indefinite and, if this is not the case, to take the
appropriate steps.
Intangible assets with finite useful lives are amortised over those
useful lives using methods similar to those used to depreciate
tangible assets.
The intangible asset amortisation charge is recognised under
'Depreciation and amortisation' in the consolidated income
statement.
In both cases the consolidated entities recognise any impairment
loss on the carrying amount of these assets with a charge to
'Impairment or reversal of impairment on non-financial assets, net
- Intangible assets in the consolidated' income statement.
The criteria used to recognise the impairment losses on these
assets and, where applicable, the reversal of impairment losses
recognised in prior years are similar to those used for tangible
assets (see note 2.k).
Internally developed computer software
Internally developed computer software is recognised as an
intangible asset if, among other requisites (basically the Group\u2019s
ability to use or sell it), it can be identified and its ability to
generate future economic benefits can be demonstrated.
Expenditure on research activities is recognised as an expense in
the year in which it is incurred and cannot be subsequently
capitalised into the carrying amount of the intangible asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1819": { "value": "
i. Definition
Grupo Santander associates an impairment in the value to financial
assets measured at amortised cost, debt instruments measured at
fair value with changes in other comprehensive income, lease
receivables, assets from contracts and loan commitments and the
financial guarantees issued that are not measured at fair value
through profit or loss.
The impairment for expected credit losses is recorded with a
charge to the consolidated income statement for the period in
which the impairment arises. In the event of occurrence, the
recoveries of previously recognised impairment losses are
recorded in the consolidated income statement for the period in
which the impairment no longer exists or is reduced.
In the case of purchased or originated credit-impaired assets, the
Group only recognizes at the reporting date the changes in the
expected credit losses during the life of the asset since the initial
recognition as a credit loss. In the case of assets measured at fair
value with changes in other comprehensive income, the changes in
the fair value due to expected credit losses are charged in the
consolidated income statement of the year where the change
happened, reflecting the rest of the valuation in other
comprehensive income.
As a rule, the expected credit loss is estimated as the difference
between the contractual cash flows to be recovered and the
expected cash flows discounted using the original effective interest
rate. In the case of purchased or originated credit-impaired assets,
this difference is discounted using the effective interest rate
adjusted by credit rating.
Depending on the classification of financial instruments, which is
mentioned in the following sections, the expected credit losses
may be along 12 months or during the life of the financial
instrument:
\u2022 12-month expected credit losses: arising from the potential
default events, as defined in the following sections that are
estimated to be likely to occur within the 12 months following
the reporting date. These losses will be associated with financial
assets classified as 'normal risk' as defined in the following
sections.
\u2022 Expected credit losses over the life of the financial instrument:
arising from the potential default events that are estimated to be
likely to occur throughout the life of the financial instruments.
These losses are associated with financial assets classified as
'normal risk under watchlist' or 'doubtful risk'.
With the purpose of estimating the expected life of the financial
instrument all the contractual terms have been taken into account
(e.g. prepayments, duration, purchase options, etc.), being the
contractual period (including extension options) the maximum
period considered to measure the expected credit losses. In the
case of financial instruments with an uncertain maturity period and
a component of undrawn commitment (e.g.: credit cards), the
expected life is estimated through quantitative analyses to
determine the period during which the entity is exposed to credit
risk, also considering the effectiveness of management procedures
that mitigate such exposure (e.g. the ability to unilaterally cancel
such financial instruments, etc.).
The following constitute effective guarantees:
a)Mortgage guarantees on housing as long as they are first duly
constituted and registered in favour of the entity. The properties
include:
i. Buildings and building elements, distinguishing among:
\u2013 Houses.
\u2013 Offices, stores and multi-purpose premises.
\u2013 Rest of buildings such as non-multi-purpose premises and
hotels.
ii. Urban and developable ordered land.
iii. Rest of properties that classify as: buildings and building
elements under construction, such as property development in
progress and halted development, and the rest of land types,
such as rustic lands.
b)Collateral guarantees on financial instruments in the form of
cash deposits, debt securities or equity instruments issued by
creditworthy issuers.
c)Other types of real guarantees, including properties received in
guarantee and second and subsequent mortgages on properties,
as long as the entity demonstrates its effectiveness. When
assessing the effectiveness of the second and subsequent
mortgages on properties the entity will implement particularly
restrictive criteria. It will take into account, among others,
whether the previous charges are in favour of the entity itself or
not and the relationship between the risk guaranteed by them
and the property value.
d)Personal guarantees, as well as the incorporation of new
owners, covering the entire amount of the financial instruments
and implying direct and joint liability to the entity of persons or
other entities whose solvency is sufficiently proven to ensure the
repayment of the loan on the agreed terms.
The different aspects that the Group considers for the evaluation of
effective guarantees are set out below in relation to the individual
analysis.
iv. Detail of individual estimate of impairment
For the individual estimate of the assessment for impairment of
the financial asset, the Group has a specific methodology to
estimate the value of the cash flows expected to be collected:
\u2022 Recovery through the debtor's ordinary activities (going
approach).
\u2022 Recovery through the execution and sale of the collateral
guaranteeing the operations (gone approach).
Gone approach:
a. Evaluation of the effectiveness of guarantees
Grupo Santander assesses the effectiveness of all the guarantees
associated considering the following:
\u2022 The time required to execute these guarantees.
\u2022 Grupo Santander's ability to enforce or assert these guarantees
in its favour.
\u2022 The existence of limitations imposed by each local unit\u00b4s
regulation on the foreclosure of collateral.
Under no circumstances the Group considers that a guarantee is
effective if its effectiveness depends substantially on the solvency
of the debtor, as could be the case:
\u2022 Promises of shares or other securities of the debtor himself when
their valuation may be significantly affected by a debtor's
default.
\u2022 Personal cross-collateralisation: when the guarantor of a
transaction is, at the same time, guaranteed by the holder of that
transaction.
The different types of effective guarantees have been detailed in
section i. Definition
b. Valuation of guarantees
Grupo Santander assesses the guarantees on the basis of their
nature in accordance with the following:
\u2022 Mortgage guarantees on properties associated with financial
instruments, using complete individual valuations carried out by
independent valuation experts and under generally accepted
valuation standards. If this is not possible, alternative valuations
are used with duly documented and approved internal valuation
models.
\u2022 Personal guarantees are valued individually on the basis of the
guarantor\u00b4s updated information.
\u2022 The rest of the guarantees are valued based on current market
values.
c. Adjustments to the value of guarantees and estimation of future
cash flow inflows and outflows
Grupo Santander applies a series of adjustments to the value of the
guarantees in order to improve the reference values:
\u2022 Adjustments based on the historical sales experience of local
units for certain types of assets.
\u2022 Individual expert adjustments based on additional management
information.
Likewise, to adjust the value of the guarantees, the time value of
money is taken into account based on the historical experience of
each of the units, estimating:
\u2022 Period of adjudication.
\u2022 Estimated time of sale of the asset.
In addition, the Group takes into account all those cash inflows and
outflows linked to that guarantee until it is sold:
\u2022 Possible future income commitments in favour of the borrower
which will available after the asset is awarded.
\u2022 Estimated foreclosure costs.
\u2022 Asset maintenance costs, taxes and community costs.
\u2022 Estimated marketing or sales costs.
Finally, since it is considered that the guarantee will be sold in the
future, the Group applies an additional adjustment ('index
forward') in order to adjust the value of the guarantees to future
valuation expectations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1822": { "value": "
h) 'Non-current assets' and 'liabilities associated
with non-current assets held for sale'
Non-current assets held for sale' includes the carrying amount of
individual items, disposal groups or items forming part of a
business unit earmarked for disposal (discontinued operations),
whose sale in their present condition is highly likely to be
completed within one\u00a0year from the reporting date. Therefore, the
recovery of the carrying amount of these items\u00a0-which can be of a
financial nature or otherwise- will foreseeably be effected through
the proceeds from their disposal.
Specifically, property or other non-current assets received by the
consolidated entities as total or partial settlement of their debtors\u2019
payment obligations to them are deemed to be 'Non-current assets
held for sale', unless the consolidated entities have decided to
make continuing use of these assets.
'Liabilities associated with non-current assets held for sale'
includes the balances payable arising from the assets held for sale
or disposal groups and from discontinued operations.
'Non-current assets and disposal groups of items that have been
classified as held for sale' are generally recognised at the date of
their allocation to this category and are subsequently valued at the
lower of their fair value less costs to sell or its book value. 'Non-
current assets and disposal groups of items that are classified as
held for sale' are not amortised as long as they remain in this
category.
The valuation of the portfolio of non-current assets held for sale
has been made in compliance with the requirements of
International Financial Reporting Standards in relation to the
estimate of the fair value of tangible assets and the value-in-use of
financial assets.
The value of the portfolio is determined as the sum of the values of
the individual elements that compose the portfolio, without
considering any total or batch grouping in order to correct the
individual values.
For the purposes of its consideration in initial recognition, the
Group obtains, at the time of award, the fair value of the
corresponding asset by requesting an appraisal from external
valuation agencies.
Grupo Santander has in place a corporate policy that ensures the
professional competence and the independence and objectivity of
the external appraisal agencies, in accordance with the regulations,
which require appraisal agencies to meet independence, neutrality
and credibility requirements, so that the use of their estimates
does not reduce the reliability of its valuations.
This policy establishes that all the appraisal companies and
agencies with which the Group works in Spain should be registered
in the Official Register of the Bank of Spain and that the appraisals
performed by them should follow the methodology established in
Order ECO/805/2003, of 27 March. The main appraisal companies
and agencies with which the Group worked in Spain in 2025 are as
follows: Tinsa Tasaciones Inmobiliarias, S.A.U., Sociedad de
Tasaci\u00f3n, S.A., Global Valuation, S.A.U., Instituto de Valoraciones,
S.A., Euroevaluaciones, S.A. and Valoraciones Mediterr\u00e1neo, S.A.
Also, this policy establishes that the various subsidiaries abroad
work with appraisal companies that have recent experience in the
area and the type of asset under appraisal and meet the
independence requirements established in the corporate policy.
They should verify, inter alia, that the appraisal company is not a
party related to the Group and that its billings to the Group in the
last twelve\u00a0months do not exceed 15% of the appraisal company\u2019s
total billings.
At 31 December 2025 the fair value less costs to sell of non-
current assets held for sale exceeded their carrying amount by EUR
551 million (EUR 553 million at 31 December 2024); however, in
accordance with the accounting standards, this unrealised gain
could not be recognised.
Banco Santander, in compliance with Bank of Spain Circular
4/2017, and subsequent amendments, on public and private
financial reporting standards and financial statement models, has
developed a methodology that enables it to estimate the fair value
and costs of sale of assets foreclosed or received in payment of
debts. This methodology is based on the classification of the
portfolio of foreclosed assets into different segments.
Segmentation enables the intrinsic characteristics of Banco
Santander's portfolio of foreclosed assets to be differentiated, so
that assets with homogeneous characteristics are grouped by
segment.
Thus, the portfolio is segmented into (i) finished assets of a
residential and tertiary nature, (ii) developments in progress and
(iii) land.1
In determining the critical segments in the overall portfolio, assets
are classified on the basis of the nature of the asset and its stage of
development. This segmentation is made in order to seek the
liquidation of the asset (which should be carried out in the shortest
possible time).
When making decisions, the situation and/or characteristics of the
asset are fundamentally taken into account, as well as the
evaluation of all the determining factors that favour the recovery
of the debt. For them, the following aspects are analyzed, among
others:
\u2022 The time that has elapsed since the adjudication.
\u2022 The transferability and contingencies of the foreclosed asset.
\u2022 The economic viability from the real estate point of view with the
necessary investment estimate.
\u2022 The expenses that may arise from the marketing process.
\u2022 The offers received, as well as the difficulties in finding buyers.
In the case of real estate assets foreclosed in Spain, which
represent 76% of the Group\u2019s total non-current assets held for
sale, the valuation of the portfolio is carried out by applying the
following models:
\u2022 Market Value Model used in the valuation of finished properties
of a residential nature (mainly homes and car parks) and
properties of a tertiary nature (offices, commercial premises and
multipurpose buildings). For the valuation of finished assets
whose availability for sale is immediate, a market sale value
provided by a third party external to Banco Santander is
considered, calculated under the AVM methodology by the
comparable properties method adjusted by our experience in
selling similar assets, given the term, price, volume, trend in the
value of these assets and the time elapsing until their sale and
discounting the estimated costs of sale.
The market value is determined on the basis of the definition
established by the International Valuation Standards drawn up
by the IVSC (International Valuation Standards Council),
understood as the estimated amount for which an asset or a
liability should be exchanged on the measurement date between
a willing buyer and a willing seller, in an arm's length
transaction, after appropriate marketing, and in which the parties
have acted with sufficient information, prudently and without
coercion.
The current market value of the properties is estimated on the
basis of automated valuations obtained by taking comparable
properties as a reference; simulating the procedure carried out by
an appraiser in a physical valuation according to Order ECO
805/2003: selection of properties and obtaining the unit value by
applying homogenisation adjustments. The selection of the
properties is carried out by location within the same real estate
cluster and according to the characteristics of the properties,
filtering by type2, surface area range and age. The model enables
a distinction to be made within the municipality under study as to
which areas are similar and comparable and therefore have a
similar value in the property market, discriminating between
which properties are good comparators and which are not.
Adjustments to homogenize the properties are made according
to: (i) the age of the property according to the age of the property
to be valued, (ii) the deviation of the built area from the common
area with respect to the property to be valued and (iii) by age of
the date of capture of the property according to the price
evolution index of the real estate market.
In addition, for individually significant assets, complete individual
valuations are carried out, including a visit to the asset, market
analysis (data relating to supply, demand, current sale or rental
price ranges and supply-demand and revaluation expectations)
and an estimate of expected income and costs.
1. The assets in a situation of 'stopped development' are included under 'land
2. Assets qualified as protected housing are taken into account. The maximum legal value of these assets is determined by the VPO module, obtained from the result of
multiplying the State Basic Module (MBE) by a zone coefficient determined by each autonomous community. To carry out the valuation of a protected property, the useful
surface area is used in accordance with current regulations.
For this segmentation of assets, when they are completed, the real
costs are known and the actual expenses for the marketing and
sale of the asset must be taken into account. Therefore, Banco
Santander uses the actual costs in its calculation engine or, failing
that, those estimated on the basis of its observed experience.
\u2022 Market Value Model according to Evolution of Market Values
used to update the valuation of developments in progress. The
valuation model estimates the current market value of the
properties based on complete individual valuations by third
parties, calculated from the values of the feasibility studies and
development costs of the promotion, as well as the selling costs,
distinguishing by location, size and type of property. The inputs
used in the valuation model for residential assets under
construction are actual revenues and costs.
For this purpose, in order to calculate the investment flows,
Banco Santander considers, on the basis of the feasibility studies,
the expenditure required for construction, the professional fees
relating to the project and to project management, the premiums
for mandatory building insurance, the developer's administrative
expenses, licenses, taxes on new construction and fees, and
urban development charges.
With respect to the calculation of income flows, Banco Santander
takes into account the square metres built, the number of homes
under construction and the estimated selling price over 1.5 years.
The market value will be the result of the difference between the
income flows and the investment flows estimated at each
moment.
\u2022 Land Valuation model. The methodology followed by the Group
regarding land valuation consists of updating the individual
reference valuation of each of the land on an annual basis,
through updated valuation valuations carried out by independent
professionals and following the methodology established in the
Order ECO/805/2003, of 27 March, whose main verifications in
the case of land valuation, regardless of the degree of
urbanisation of the land, correspond to:
\u2013 Visual verification of the assessed property.
\u2013 Registry description.
\u2013 Urban planning.
\u2013 Visible easements.
\u2013 Visible state of occupation, possession, use and exploitation.
\u2013 Protection regime.
\u2013 Apparent state of preservation.
\u2013 Correspondence with cadastral property.
\u2013 Existence of expropriation procedure, expropriation plan or
project, administrative resolution or file that may lead to
expropriation.
\u2013 Expiry of the urbanization or building deadlines.
\u2013 Existence of a procedure for failure to comply with
obligations.
\u2013 Verification of surfaces.
For the purposes of valuation, the land will be classified in the
following levels:
\u2013 Level I: It will include all the lands that do not belong to level
II.
\u2013 Level II: It shall include land classified as undeveloped where
building is not allowed for uses other than agriculture,
forestry, livestock or linked to an economic exploitation
permitted by the regulations in force. Also included are lands
classified as developable that are not included in a
development area of urban planning or that, in such an area,
the conditions for its development have not been defined.
In those cases where the Group does not have an updated
reference value through an ECO valuation for the current
year, we use as a reference value the latest available ECO
valuation reduced or corrected by the average annual
coverage ratio of the land on which we have obtained an
updated reference value, through an ECO valuation.
Grupo Santander applies a discount to the aforementioned
reference values that takes into account both the discount on
the reference value in the sales process and the estimated
costs of marketing or selling the land; discount on reference
value = % discount on sales + % marketing costs being:
\u2013 % discount on Sales: = 100 - (sales price / updated appraisal
value).
\u2013 marketing costs: calculated on the basis of our historical
experience in sales and in accordance with the marketing
management fees negotiated with our suppliers of this type
of service.
In this way the Group obtains the corrected market value, an
amount that we compare with the net cost of each piece of land to
determine its correct valuation and conclude with our valuation
process.
In addition, in relation to the previously mentioned valuations, less
costs to sell, are contrasted with the sales experience of each type
of asset in order to confirm that there is no significant difference
between the sale price and the valuation.
Impairment losses on an asset or disposal group arising from a
reduction in its carrying amount to its fair value (less costs to sell)
are recognised under 'Gains or (losses) on non-current assets held
for sale not classified as discontinued operations' in the
consolidated income statement.
The gains on a non-current asset held for sale resulting from
subsequent increases in fair value (less costs to sell) increase its
carrying amount and are recognised in the consolidated income
statement up to an amount equal to the impairment losses
previously recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1821": { "value": "
h) 'Non-current assets' and 'liabilities associated
with non-current assets held for sale'
Non-current assets held for sale' includes the carrying amount of
individual items, disposal groups or items forming part of a
business unit earmarked for disposal (discontinued operations),
whose sale in their present condition is highly likely to be
completed within one\u00a0year from the reporting date. Therefore, the
recovery of the carrying amount of these items\u00a0-which can be of a
financial nature or otherwise- will foreseeably be effected through
the proceeds from their disposal.
Specifically, property or other non-current assets received by the
consolidated entities as total or partial settlement of their debtors\u2019
payment obligations to them are deemed to be 'Non-current assets
held for sale', unless the consolidated entities have decided to
make continuing use of these assets.
'Liabilities associated with non-current assets held for sale'
includes the balances payable arising from the assets held for sale
or disposal groups and from discontinued operations.
'Non-current assets and disposal groups of items that have been
classified as held for sale' are generally recognised at the date of
their allocation to this category and are subsequently valued at the
lower of their fair value less costs to sell or its book value. 'Non-
current assets and disposal groups of items that are classified as
held for sale' are not amortised as long as they remain in this
category.
The valuation of the portfolio of non-current assets held for sale
has been made in compliance with the requirements of
International Financial Reporting Standards in relation to the
estimate of the fair value of tangible assets and the value-in-use of
financial assets.
The value of the portfolio is determined as the sum of the values of
the individual elements that compose the portfolio, without
considering any total or batch grouping in order to correct the
individual values.
For the purposes of its consideration in initial recognition, the
Group obtains, at the time of award, the fair value of the
corresponding asset by requesting an appraisal from external
valuation agencies.
Grupo Santander has in place a corporate policy that ensures the
professional competence and the independence and objectivity of
the external appraisal agencies, in accordance with the regulations,
which require appraisal agencies to meet independence, neutrality
and credibility requirements, so that the use of their estimates
does not reduce the reliability of its valuations.
This policy establishes that all the appraisal companies and
agencies with which the Group works in Spain should be registered
in the Official Register of the Bank of Spain and that the appraisals
performed by them should follow the methodology established in
Order ECO/805/2003, of 27 March. The main appraisal companies
and agencies with which the Group worked in Spain in 2025 are as
follows: Tinsa Tasaciones Inmobiliarias, S.A.U., Sociedad de
Tasaci\u00f3n, S.A., Global Valuation, S.A.U., Instituto de Valoraciones,
S.A., Euroevaluaciones, S.A. and Valoraciones Mediterr\u00e1neo, S.A.
Also, this policy establishes that the various subsidiaries abroad
work with appraisal companies that have recent experience in the
area and the type of asset under appraisal and meet the
independence requirements established in the corporate policy.
They should verify, inter alia, that the appraisal company is not a
party related to the Group and that its billings to the Group in the
last twelve\u00a0months do not exceed 15% of the appraisal company\u2019s
total billings.
At 31 December 2025 the fair value less costs to sell of non-
current assets held for sale exceeded their carrying amount by EUR
551 million (EUR 553 million at 31 December 2024); however, in
accordance with the accounting standards, this unrealised gain
could not be recognised.
Banco Santander, in compliance with Bank of Spain Circular
4/2017, and subsequent amendments, on public and private
financial reporting standards and financial statement models, has
developed a methodology that enables it to estimate the fair value
and costs of sale of assets foreclosed or received in payment of
debts. This methodology is based on the classification of the
portfolio of foreclosed assets into different segments.
Segmentation enables the intrinsic characteristics of Banco
Santander's portfolio of foreclosed assets to be differentiated, so
that assets with homogeneous characteristics are grouped by
segment.
Thus, the portfolio is segmented into (i) finished assets of a
residential and tertiary nature, (ii) developments in progress and
(iii) land.1
In determining the critical segments in the overall portfolio, assets
are classified on the basis of the nature of the asset and its stage of
development. This segmentation is made in order to seek the
liquidation of the asset (which should be carried out in the shortest
possible time).
When making decisions, the situation and/or characteristics of the
asset are fundamentally taken into account, as well as the
evaluation of all the determining factors that favour the recovery
of the debt. For them, the following aspects are analyzed, among
others:
\u2022 The time that has elapsed since the adjudication.
\u2022 The transferability and contingencies of the foreclosed asset.
\u2022 The economic viability from the real estate point of view with the
necessary investment estimate.
\u2022 The expenses that may arise from the marketing process.
\u2022 The offers received, as well as the difficulties in finding buyers.
In the case of real estate assets foreclosed in Spain, which
represent 76% of the Group\u2019s total non-current assets held for
sale, the valuation of the portfolio is carried out by applying the
following models:
\u2022 Market Value Model used in the valuation of finished properties
of a residential nature (mainly homes and car parks) and
properties of a tertiary nature (offices, commercial premises and
multipurpose buildings). For the valuation of finished assets
whose availability for sale is immediate, a market sale value
provided by a third party external to Banco Santander is
considered, calculated under the AVM methodology by the
comparable properties method adjusted by our experience in
selling similar assets, given the term, price, volume, trend in the
value of these assets and the time elapsing until their sale and
discounting the estimated costs of sale.
The market value is determined on the basis of the definition
established by the International Valuation Standards drawn up
by the IVSC (International Valuation Standards Council),
understood as the estimated amount for which an asset or a
liability should be exchanged on the measurement date between
a willing buyer and a willing seller, in an arm's length
transaction, after appropriate marketing, and in which the parties
have acted with sufficient information, prudently and without
coercion.
The current market value of the properties is estimated on the
basis of automated valuations obtained by taking comparable
properties as a reference; simulating the procedure carried out by
an appraiser in a physical valuation according to Order ECO
805/2003: selection of properties and obtaining the unit value by
applying homogenisation adjustments. The selection of the
properties is carried out by location within the same real estate
cluster and according to the characteristics of the properties,
filtering by type2, surface area range and age. The model enables
a distinction to be made within the municipality under study as to
which areas are similar and comparable and therefore have a
similar value in the property market, discriminating between
which properties are good comparators and which are not.
Adjustments to homogenize the properties are made according
to: (i) the age of the property according to the age of the property
to be valued, (ii) the deviation of the built area from the common
area with respect to the property to be valued and (iii) by age of
the date of capture of the property according to the price
evolution index of the real estate market.
In addition, for individually significant assets, complete individual
valuations are carried out, including a visit to the asset, market
analysis (data relating to supply, demand, current sale or rental
price ranges and supply-demand and revaluation expectations)
and an estimate of expected income and costs.
1. The assets in a situation of 'stopped development' are included under 'land
2. Assets qualified as protected housing are taken into account. The maximum legal value of these assets is determined by the VPO module, obtained from the result of
multiplying the State Basic Module (MBE) by a zone coefficient determined by each autonomous community. To carry out the valuation of a protected property, the useful
surface area is used in accordance with current regulations.
For this segmentation of assets, when they are completed, the real
costs are known and the actual expenses for the marketing and
sale of the asset must be taken into account. Therefore, Banco
Santander uses the actual costs in its calculation engine or, failing
that, those estimated on the basis of its observed experience.
\u2022 Market Value Model according to Evolution of Market Values
used to update the valuation of developments in progress. The
valuation model estimates the current market value of the
properties based on complete individual valuations by third
parties, calculated from the values of the feasibility studies and
development costs of the promotion, as well as the selling costs,
distinguishing by location, size and type of property. The inputs
used in the valuation model for residential assets under
construction are actual revenues and costs.
For this purpose, in order to calculate the investment flows,
Banco Santander considers, on the basis of the feasibility studies,
the expenditure required for construction, the professional fees
relating to the project and to project management, the premiums
for mandatory building insurance, the developer's administrative
expenses, licenses, taxes on new construction and fees, and
urban development charges.
With respect to the calculation of income flows, Banco Santander
takes into account the square metres built, the number of homes
under construction and the estimated selling price over 1.5 years.
The market value will be the result of the difference between the
income flows and the investment flows estimated at each
moment.
\u2022 Land Valuation model. The methodology followed by the Group
regarding land valuation consists of updating the individual
reference valuation of each of the land on an annual basis,
through updated valuation valuations carried out by independent
professionals and following the methodology established in the
Order ECO/805/2003, of 27 March, whose main verifications in
the case of land valuation, regardless of the degree of
urbanisation of the land, correspond to:
\u2013 Visual verification of the assessed property.
\u2013 Registry description.
\u2013 Urban planning.
\u2013 Visible easements.
\u2013 Visible state of occupation, possession, use and exploitation.
\u2013 Protection regime.
\u2013 Apparent state of preservation.
\u2013 Correspondence with cadastral property.
\u2013 Existence of expropriation procedure, expropriation plan or
project, administrative resolution or file that may lead to
expropriation.
\u2013 Expiry of the urbanization or building deadlines.
\u2013 Existence of a procedure for failure to comply with
obligations.
\u2013 Verification of surfaces.
For the purposes of valuation, the land will be classified in the
following levels:
\u2013 Level I: It will include all the lands that do not belong to level
II.
\u2013 Level II: It shall include land classified as undeveloped where
building is not allowed for uses other than agriculture,
forestry, livestock or linked to an economic exploitation
permitted by the regulations in force. Also included are lands
classified as developable that are not included in a
development area of urban planning or that, in such an area,
the conditions for its development have not been defined.
In those cases where the Group does not have an updated
reference value through an ECO valuation for the current
year, we use as a reference value the latest available ECO
valuation reduced or corrected by the average annual
coverage ratio of the land on which we have obtained an
updated reference value, through an ECO valuation.
Grupo Santander applies a discount to the aforementioned
reference values that takes into account both the discount on
the reference value in the sales process and the estimated
costs of marketing or selling the land; discount on reference
value = % discount on sales + % marketing costs being:
\u2013 % discount on Sales: = 100 - (sales price / updated appraisal
value).
\u2013 marketing costs: calculated on the basis of our historical
experience in sales and in accordance with the marketing
management fees negotiated with our suppliers of this type
of service.
In this way the Group obtains the corrected market value, an
amount that we compare with the net cost of each piece of land to
determine its correct valuation and conclude with our valuation
process.
In addition, in relation to the previously mentioned valuations, less
costs to sell, are contrasted with the sales experience of each type
of asset in order to confirm that there is no significant difference
between the sale price and the valuation.
Impairment losses on an asset or disposal group arising from a
reduction in its carrying amount to its fair value (less costs to sell)
are recognised under 'Gains or (losses) on non-current assets held
for sale not classified as discontinued operations' in the
consolidated income statement.
The gains on a non-current asset held for sale resulting from
subsequent increases in fair value (less costs to sell) increase its
carrying amount and are recognised in the consolidated income
statement up to an amount equal to the impairment losses
previously recognised.
j) Tangible assets
Tangible assets includes the amount of buildings, land, furniture,
vehicles, computer hardware and other fixtures owned by the
consolidated entities or acquired under finance leases. Tangible
assets are classified by use as follows:
i. Property, plant and equipment for own use
Property, plant and equipment for own use\u00a0\u2013 including tangible
assets received by the consolidated entities in full or partial
satisfaction of financial assets representing receivables from third
parties which are intended to be held for continuing use and
tangible assets acquired under finance leases\u2013 are presented at
acquisition cost, less the related accumulated depreciation and any
estimated impairment losses (carrying amount higher than
recoverable amount).
Depreciation is calculated, using the straight-line method, on the
basis of the acquisition cost of the assets less their residual value.
The land on which the buildings and other structures stand has an
indefinite life and, therefore, is not depreciated.
The annual tangible asset depreciation charge is recognised in the
consolidated income statement and are essentially equivalent to
the following amortization percentages (determined based on the
years of estimated useful life, on average, of the different
elements):
Average
annual\u00a0rate
Buildings for own use
2.4%
Furniture
9.5%
Fixtures
9.5%
Office and IT equipment
23.6%
Lease use rights
Less than the lease
term or the useful life
of the underlying asset
At the end of each reporting period, consolidated entities assess
whether there is any indication that the carrying amount of an
asset exceeds its recoverable amount, in which case they write
down the carrying amount of the asset to its recoverable amount
and adjust future depreciation charges in proportion to its adjusted
carrying amount and to its new remaining useful life, if the useful
life needs to be re-estimated.
Similarly, if there is an indication of a recovery in the value of a
tangible asset, the consolidated entities recognise the reversal of
the impairment loss recognised in prior periods and adjust the
future depreciation charges accordingly. In no circumstances may
the reversal of an impairment loss on an asset raise its carrying
amount above that which it would have if no impairment losses
had been recognised in prior years.
The estimated useful lives of the items of property, plant and
equipment for own use are reviewed at least at the end of the
reporting period with a view to detecting significant changes
therein. If changes are detected, the useful lives of the assets are
adjusted by correcting the depreciation charge to be recognised in
the consolidated income statement in future years on the basis of
the new useful lives.
Upkeep and maintenance expenses relating to property, plant and
equipment for own use are recognised as an expense in the period
in which they are incurred, since they do not increase the useful
lives of the assets.
ii. Investment property
'Investment property' reflects the net values of the land, buildings
and other structures held either to earn rentals or for obtaining
profits by sales due to future increase in market prices.
The criteria used to recognise the acquisition cost of investment
property, to calculate its depreciation and its estimated useful life
and to recognise any impairment losses thereon are consistent
with those described in relation to property, plant and equipment
for own use.
In the case of investment properties that support obligations to pay
a return directly linked to fair value, or to the returns of certain
assets including the investment property itself, such properties are
measured using the fair value model.
In order to evaluate the possible impairment Grupo Santander
determines periodically the fair value of its investment property so
that, at the end of the reporting period, the fair value reflects the
market conditions of the investment property at that date. This fair
value is determined annually, taking as benchmarks the valuations
performed by independent experts. The methodology used to
determine the fair value of investment property is selected based
on the status of the asset in question; thus, for properties
earmarked for lease, the valuations are performed using the sales
comparison approach, whereas for leased properties the valuations
are made primarily using the income capitalisation approach and,
exceptionally, the sales comparison approach.
In the sales comparison approach, the property market segment
for comparable properties is analysed, inter alia, and, based on
specific information on actual transactions and firm offers, current
prices are obtained for cash sales of those properties. The
valuations performed using this approach are considered as Level 2
valuations.
In the income capitalisation approach, the cash flows estimated to
be obtained over the useful life of the property are discounted
taking into account factors that may influence the amount and
actual obtainment thereof, such as: (i) the payments that are
normally received on comparable properties; (ii) current and
probable future occupancy; (iii) the current or foreseeable default
rate on payments. The valuations performed using this approach
are considered as Level 3 valuations, since significant unobservable
inputs are used, such as current and probable future occupancy
and/or the current or foreseeable default rate on payments.
iii. Assets leased out under an operating lease
'Property, plant and equipment'\u00a0- Leased out under an operating
lease reflects the amount of the tangible assets, other than land
and buildings, leased out by the Group under an operating lease.
The criteria used to recognise the acquisition cost of assets leased
out under operating leases, to calculate their depreciation and their
respective estimated useful lives and to recognise the impairment
losses thereon are consistent with those described in relation to
property, plant and equipment for own use.
l) Intangible assets
Intangible assets are identifiable non-monetary assets (separable
from other assets) without physical substance which arise as a
result of a legal transaction or which are developed internally by
the consolidated entities.
Only assets whose cost can be measured reliably and it is likely
that the consolidated entities obtain future economic benefits are
recognised.
Intangible assets are recognised initially at acquisition or
production cost and are subsequently measured at cost less any
accumulated amortisation and any accumulated impairment
losses.
i. Goodwill
Any excess of the cost of the investments in the consolidated
entities and entities accounted for using the equity method over
the corresponding underlying carrying amounts acquired, adjusted
at the date of first-time consolidation, is allocated as follows:
a. If it is attributable to specific assets and liabilities of the
companies acquired, by increasing the value of the assets (or
reducing the value of the liabilities) whose fair values were
higher (lower) than the carrying amounts at which they had
been recognised in the acquired entities\u2019 balance sheets.
b. If it is attributable to specific intangible assets, by recognising it
explicitly in the consolidated balance sheet provided that the
fair value of these assets within twelve months following the
date of acquisition can be measured reliably.
c. The remaining amount is recognised as goodwill, which is
allocated to one or more cash-generating units (CGU) (a cash-
generating unit is the smallest identifiable group of assets that,
as a result of continuing operation, generates cash inflows that
are largely independent of the cash inflows from other assets or
groups of assets). The cash-generating units represent the
Group\u2019s geographical and/or business segments.
Goodwill (only recognised when it has been acquired by
consideration) represents, therefore, a payment made by the
acquirer in anticipation of future economic benefits from assets of
the acquired entity that are not capable of being individually
identified and separately recognised.
At the end of each annual reporting period or whenever there is
any indication of impairment goodwill is reviewed for impairment
(i.e. a reduction in its recoverable amount to below its carrying
amount) and, if there is any impairment, the goodwill is written
down with a charge to 'Impairment or reversal of impairment on
non-financial assets, net - Intangible assets' in the consolidated
income statement.
An impairment loss recognised for goodwill is not reversed in a
subsequent period.
In the event of sale or departure of an activity that is part of a CGU,
the part of the goodwill that can be assigned to said activity would
be written-off, taking as a reference the relative value of the same
over the total of the CGU at the time of sale or abandonment. If
applicable, the distribution by currency of the remaining goodwill
will be performed based on the relative values of the remaining
activities.
ii. Other intangible assets
Other intangible assets includes the amount of identifiable
intangible assets, such as purchased customer lists and computer
software.
Other intangible assets can have an indefinite useful life\u00a0-when,
based on an analysis of all the relevant factors, it is concluded that
there is no foreseeable limit to the period over which the asset is
expected to generate net cash inflows for the consolidated
entities- or a finite useful life, in all other cases.
Intangible assets with indefinite useful lives are not amortised, but
rather at the end of each reporting period or whenever there is any
indication of impairment the consolidated entities review the
remaining useful lives of the assets in order to determine whether
they continue to be indefinite and, if this is not the case, to take the
appropriate steps.
Intangible assets with finite useful lives are amortised over those
useful lives using methods similar to those used to depreciate
tangible assets.
The intangible asset amortisation charge is recognised under
'Depreciation and amortisation' in the consolidated income
statement.
In both cases the consolidated entities recognise any impairment
loss on the carrying amount of these assets with a charge to
'Impairment or reversal of impairment on non-financial assets, net
- Intangible assets in the consolidated' income statement.
The criteria used to recognise the impairment losses on these
assets and, where applicable, the reversal of impairment losses
recognised in prior years are similar to those used for tangible
assets (see note 2.k).
Internally developed computer software
Internally developed computer software is recognised as an
intangible asset if, among other requisites (basically the Group\u2019s
ability to use or sell it), it can be identified and its ability to
generate future economic benefits can be demonstrated.
Expenditure on research activities is recognised as an expense in
the year in which it is incurred and cannot be subsequently
capitalised into the carrying amount of the intangible asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1820": { "value": "
h) 'Non-current assets' and 'liabilities associated
with non-current assets held for sale'
Non-current assets held for sale' includes the carrying amount of
individual items, disposal groups or items forming part of a
business unit earmarked for disposal (discontinued operations),
whose sale in their present condition is highly likely to be
completed within one\u00a0year from the reporting date. Therefore, the
recovery of the carrying amount of these items\u00a0-which can be of a
financial nature or otherwise- will foreseeably be effected through
the proceeds from their disposal.
Specifically, property or other non-current assets received by the
consolidated entities as total or partial settlement of their debtors\u2019
payment obligations to them are deemed to be 'Non-current assets
held for sale', unless the consolidated entities have decided to
make continuing use of these assets.
'Liabilities associated with non-current assets held for sale'
includes the balances payable arising from the assets held for sale
or disposal groups and from discontinued operations.
'Non-current assets and disposal groups of items that have been
classified as held for sale' are generally recognised at the date of
their allocation to this category and are subsequently valued at the
lower of their fair value less costs to sell or its book value. 'Non-
current assets and disposal groups of items that are classified as
held for sale' are not amortised as long as they remain in this
category.
The valuation of the portfolio of non-current assets held for sale
has been made in compliance with the requirements of
International Financial Reporting Standards in relation to the
estimate of the fair value of tangible assets and the value-in-use of
financial assets.
The value of the portfolio is determined as the sum of the values of
the individual elements that compose the portfolio, without
considering any total or batch grouping in order to correct the
individual values.
For the purposes of its consideration in initial recognition, the
Group obtains, at the time of award, the fair value of the
corresponding asset by requesting an appraisal from external
valuation agencies.
Grupo Santander has in place a corporate policy that ensures the
professional competence and the independence and objectivity of
the external appraisal agencies, in accordance with the regulations,
which require appraisal agencies to meet independence, neutrality
and credibility requirements, so that the use of their estimates
does not reduce the reliability of its valuations.
This policy establishes that all the appraisal companies and
agencies with which the Group works in Spain should be registered
in the Official Register of the Bank of Spain and that the appraisals
performed by them should follow the methodology established in
Order ECO/805/2003, of 27 March. The main appraisal companies
and agencies with which the Group worked in Spain in 2025 are as
follows: Tinsa Tasaciones Inmobiliarias, S.A.U., Sociedad de
Tasaci\u00f3n, S.A., Global Valuation, S.A.U., Instituto de Valoraciones,
S.A., Euroevaluaciones, S.A. and Valoraciones Mediterr\u00e1neo, S.A.
Also, this policy establishes that the various subsidiaries abroad
work with appraisal companies that have recent experience in the
area and the type of asset under appraisal and meet the
independence requirements established in the corporate policy.
They should verify, inter alia, that the appraisal company is not a
party related to the Group and that its billings to the Group in the
last twelve\u00a0months do not exceed 15% of the appraisal company\u2019s
total billings.
At 31 December 2025 the fair value less costs to sell of non-
current assets held for sale exceeded their carrying amount by EUR
551 million (EUR 553 million at 31 December 2024); however, in
accordance with the accounting standards, this unrealised gain
could not be recognised.
Banco Santander, in compliance with Bank of Spain Circular
4/2017, and subsequent amendments, on public and private
financial reporting standards and financial statement models, has
developed a methodology that enables it to estimate the fair value
and costs of sale of assets foreclosed or received in payment of
debts. This methodology is based on the classification of the
portfolio of foreclosed assets into different segments.
Segmentation enables the intrinsic characteristics of Banco
Santander's portfolio of foreclosed assets to be differentiated, so
that assets with homogeneous characteristics are grouped by
segment.
Thus, the portfolio is segmented into (i) finished assets of a
residential and tertiary nature, (ii) developments in progress and
(iii) land.1
In determining the critical segments in the overall portfolio, assets
are classified on the basis of the nature of the asset and its stage of
development. This segmentation is made in order to seek the
liquidation of the asset (which should be carried out in the shortest
possible time).
When making decisions, the situation and/or characteristics of the
asset are fundamentally taken into account, as well as the
evaluation of all the determining factors that favour the recovery
of the debt. For them, the following aspects are analyzed, among
others:
\u2022 The time that has elapsed since the adjudication.
\u2022 The transferability and contingencies of the foreclosed asset.
\u2022 The economic viability from the real estate point of view with the
necessary investment estimate.
\u2022 The expenses that may arise from the marketing process.
\u2022 The offers received, as well as the difficulties in finding buyers.
In the case of real estate assets foreclosed in Spain, which
represent 76% of the Group\u2019s total non-current assets held for
sale, the valuation of the portfolio is carried out by applying the
following models:
\u2022 Market Value Model used in the valuation of finished properties
of a residential nature (mainly homes and car parks) and
properties of a tertiary nature (offices, commercial premises and
multipurpose buildings). For the valuation of finished assets
whose availability for sale is immediate, a market sale value
provided by a third party external to Banco Santander is
considered, calculated under the AVM methodology by the
comparable properties method adjusted by our experience in
selling similar assets, given the term, price, volume, trend in the
value of these assets and the time elapsing until their sale and
discounting the estimated costs of sale.
The market value is determined on the basis of the definition
established by the International Valuation Standards drawn up
by the IVSC (International Valuation Standards Council),
understood as the estimated amount for which an asset or a
liability should be exchanged on the measurement date between
a willing buyer and a willing seller, in an arm's length
transaction, after appropriate marketing, and in which the parties
have acted with sufficient information, prudently and without
coercion.
The current market value of the properties is estimated on the
basis of automated valuations obtained by taking comparable
properties as a reference; simulating the procedure carried out by
an appraiser in a physical valuation according to Order ECO
805/2003: selection of properties and obtaining the unit value by
applying homogenisation adjustments. The selection of the
properties is carried out by location within the same real estate
cluster and according to the characteristics of the properties,
filtering by type2, surface area range and age. The model enables
a distinction to be made within the municipality under study as to
which areas are similar and comparable and therefore have a
similar value in the property market, discriminating between
which properties are good comparators and which are not.
Adjustments to homogenize the properties are made according
to: (i) the age of the property according to the age of the property
to be valued, (ii) the deviation of the built area from the common
area with respect to the property to be valued and (iii) by age of
the date of capture of the property according to the price
evolution index of the real estate market.
In addition, for individually significant assets, complete individual
valuations are carried out, including a visit to the asset, market
analysis (data relating to supply, demand, current sale or rental
price ranges and supply-demand and revaluation expectations)
and an estimate of expected income and costs.
1. The assets in a situation of 'stopped development' are included under 'land
2. Assets qualified as protected housing are taken into account. The maximum legal value of these assets is determined by the VPO module, obtained from the result of
multiplying the State Basic Module (MBE) by a zone coefficient determined by each autonomous community. To carry out the valuation of a protected property, the useful
surface area is used in accordance with current regulations.
For this segmentation of assets, when they are completed, the real
costs are known and the actual expenses for the marketing and
sale of the asset must be taken into account. Therefore, Banco
Santander uses the actual costs in its calculation engine or, failing
that, those estimated on the basis of its observed experience.
\u2022 Market Value Model according to Evolution of Market Values
used to update the valuation of developments in progress. The
valuation model estimates the current market value of the
properties based on complete individual valuations by third
parties, calculated from the values of the feasibility studies and
development costs of the promotion, as well as the selling costs,
distinguishing by location, size and type of property. The inputs
used in the valuation model for residential assets under
construction are actual revenues and costs.
For this purpose, in order to calculate the investment flows,
Banco Santander considers, on the basis of the feasibility studies,
the expenditure required for construction, the professional fees
relating to the project and to project management, the premiums
for mandatory building insurance, the developer's administrative
expenses, licenses, taxes on new construction and fees, and
urban development charges.
With respect to the calculation of income flows, Banco Santander
takes into account the square metres built, the number of homes
under construction and the estimated selling price over 1.5 years.
The market value will be the result of the difference between the
income flows and the investment flows estimated at each
moment.
\u2022 Land Valuation model. The methodology followed by the Group
regarding land valuation consists of updating the individual
reference valuation of each of the land on an annual basis,
through updated valuation valuations carried out by independent
professionals and following the methodology established in the
Order ECO/805/2003, of 27 March, whose main verifications in
the case of land valuation, regardless of the degree of
urbanisation of the land, correspond to:
\u2013 Visual verification of the assessed property.
\u2013 Registry description.
\u2013 Urban planning.
\u2013 Visible easements.
\u2013 Visible state of occupation, possession, use and exploitation.
\u2013 Protection regime.
\u2013 Apparent state of preservation.
\u2013 Correspondence with cadastral property.
\u2013 Existence of expropriation procedure, expropriation plan or
project, administrative resolution or file that may lead to
expropriation.
\u2013 Expiry of the urbanization or building deadlines.
\u2013 Existence of a procedure for failure to comply with
obligations.
\u2013 Verification of surfaces.
For the purposes of valuation, the land will be classified in the
following levels:
\u2013 Level I: It will include all the lands that do not belong to level
II.
\u2013 Level II: It shall include land classified as undeveloped where
building is not allowed for uses other than agriculture,
forestry, livestock or linked to an economic exploitation
permitted by the regulations in force. Also included are lands
classified as developable that are not included in a
development area of urban planning or that, in such an area,
the conditions for its development have not been defined.
In those cases where the Group does not have an updated
reference value through an ECO valuation for the current
year, we use as a reference value the latest available ECO
valuation reduced or corrected by the average annual
coverage ratio of the land on which we have obtained an
updated reference value, through an ECO valuation.
Grupo Santander applies a discount to the aforementioned
reference values that takes into account both the discount on
the reference value in the sales process and the estimated
costs of marketing or selling the land; discount on reference
value = % discount on sales + % marketing costs being:
\u2013 % discount on Sales: = 100 - (sales price / updated appraisal
value).
\u2013 marketing costs: calculated on the basis of our historical
experience in sales and in accordance with the marketing
management fees negotiated with our suppliers of this type
of service.
In this way the Group obtains the corrected market value, an
amount that we compare with the net cost of each piece of land to
determine its correct valuation and conclude with our valuation
process.
In addition, in relation to the previously mentioned valuations, less
costs to sell, are contrasted with the sales experience of each type
of asset in order to confirm that there is no significant difference
between the sale price and the valuation.
Impairment losses on an asset or disposal group arising from a
reduction in its carrying amount to its fair value (less costs to sell)
are recognised under 'Gains or (losses) on non-current assets held
for sale not classified as discontinued operations' in the
consolidated income statement.
The gains on a non-current asset held for sale resulting from
subsequent increases in fair value (less costs to sell) increase its
carrying amount and are recognised in the consolidated income
statement up to an amount equal to the impairment losses
previously recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1824": { "value": "
i) Assets under reinsurance contracts and
Liabilities under insurance contracts
The Group has prepared the accounting policy that establishes the
criteria for recording insurance contracts, in accordance with IFRS
17. This standard defines insurance contracts as contracts under
which one party accepts a significant insurance risk from another
party by agreeing to compensate the policyholder if a specific
uncertain future event negatively affects the policyholder.
IFRS 17 requires a level of aggregation of contracts that the Group
identifies in portfolios of contracts with similar risks and that are
managed jointly. The Group then divides each portfolio into a
minimum of three groups: (i) contracts that are onerous on initial
recognition; (ii) contracts that, upon initial recognition, have no
significant possibility of subsequently becoming onerous; and (iii)
any remaining contract.
For contracts that are considered not to be onerous, a profit margin
is recognized in the profit and loss account (referred to as
'Contractual Service Margin' or 'CSM') throughout the period in
which the entity performs the service. However, if at the time of
initial recognition, or during the period in which the entity performs
the service, the contract is onerous, the entity recognizes the loss
in the income statement.
Contract limits define the term up to which compliance cash flows
must be considered in order to measure an insurance contract.
Fulfilment cash flows comprise an unbiased, probability-weighted
estimate of future cash flows, a discount adjustment to the present
value to reflect the time value of money for monetary and financial
risks, and a risk adjustment for non-fulfilment risks. financial. The
identification of the contractual limit under IFRS 17 is essential not
only for measuring the fulfilment cash flows of a group of
contracts, but also for determining the applicable measurement
model, in case the contractual limits are identified in a year or
more.
Cash flows are within the contractual limit of an insurance contract
if they arise from substantial rights and obligations that exist
during the reporting period, in which the entity can obligate the
insurance policyholder to pay premiums or in which the entity has
a substantive obligation to provide services to the insured.
The Group has carried out an analysis of the limits of insurance and
reinsurance contracts under IFRS 17, separately, generally applying
the General Model (Building Block Approach) to all contracts,
except those eligible to be valued by the Simplified Model
(Premium Allocation Approach), or the Variable Commission
Approach ('VCA' or Variable Fee Approach).
The general model measures a group of contracts as the sum of
the fulfilment cash flows and the Contractual Service Margin. The
CSM represents benefits not yet recorded that the entity will
recognize as providing services under the insurance contract.
Insurance contracts with direct participation apply the VCA as a
modified version of the General Model. This should reduce the
volatility of results due to the asymmetry between the accounting
treatment of the profit and losses of the underlying items
attributable to the policyholders and the accounting treatment of
the liability owed to those policyholders.
Another aspect considered in measuring the present value of the
future cash flows of a group of insurance contracts is the discount
rate applied to reflect the time value of money and the financial
risks related to those cash flows. The Group has established a
generally chosen methodology and guarantees that the calculation
components have a homogeneous basis, previously approved by
the Group, establishing the base curves provided by the Group and
allowing adjustments to these curves based on the expert criteria
of each local address.
Likewise, measuring compliance cash flows requires a risk
adjustment for non-financial risk. Risk adjustment for non-financial
risk is the compensation necessary to withstand uncertainty about
the amount and timing of cash flows arising from non-financial
risks. If a change in the assumptions occurs, it could affect the
income statement or the Other comprehensive income, depending
on its nature. The risks covered by the risk adjustment for non-
financial risk are insurance risk and other non-financial risks, such
as interruption risk and expense risk.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1823": { "value": "
i) Assets under reinsurance contracts and
Liabilities under insurance contracts
The Group has prepared the accounting policy that establishes the
criteria for recording insurance contracts, in accordance with IFRS
17. This standard defines insurance contracts as contracts under
which one party accepts a significant insurance risk from another
party by agreeing to compensate the policyholder if a specific
uncertain future event negatively affects the policyholder.
IFRS 17 requires a level of aggregation of contracts that the Group
identifies in portfolios of contracts with similar risks and that are
managed jointly. The Group then divides each portfolio into a
minimum of three groups: (i) contracts that are onerous on initial
recognition; (ii) contracts that, upon initial recognition, have no
significant possibility of subsequently becoming onerous; and (iii)
any remaining contract.
For contracts that are considered not to be onerous, a profit margin
is recognized in the profit and loss account (referred to as
'Contractual Service Margin' or 'CSM') throughout the period in
which the entity performs the service. However, if at the time of
initial recognition, or during the period in which the entity performs
the service, the contract is onerous, the entity recognizes the loss
in the income statement.
Contract limits define the term up to which compliance cash flows
must be considered in order to measure an insurance contract.
Fulfilment cash flows comprise an unbiased, probability-weighted
estimate of future cash flows, a discount adjustment to the present
value to reflect the time value of money for monetary and financial
risks, and a risk adjustment for non-fulfilment risks. financial. The
identification of the contractual limit under IFRS 17 is essential not
only for measuring the fulfilment cash flows of a group of
contracts, but also for determining the applicable measurement
model, in case the contractual limits are identified in a year or
more.
Cash flows are within the contractual limit of an insurance contract
if they arise from substantial rights and obligations that exist
during the reporting period, in which the entity can obligate the
insurance policyholder to pay premiums or in which the entity has
a substantive obligation to provide services to the insured.
The Group has carried out an analysis of the limits of insurance and
reinsurance contracts under IFRS 17, separately, generally applying
the General Model (Building Block Approach) to all contracts,
except those eligible to be valued by the Simplified Model
(Premium Allocation Approach), or the Variable Commission
Approach ('VCA' or Variable Fee Approach).
The general model measures a group of contracts as the sum of
the fulfilment cash flows and the Contractual Service Margin. The
CSM represents benefits not yet recorded that the entity will
recognize as providing services under the insurance contract.
Insurance contracts with direct participation apply the VCA as a
modified version of the General Model. This should reduce the
volatility of results due to the asymmetry between the accounting
treatment of the profit and losses of the underlying items
attributable to the policyholders and the accounting treatment of
the liability owed to those policyholders.
Another aspect considered in measuring the present value of the
future cash flows of a group of insurance contracts is the discount
rate applied to reflect the time value of money and the financial
risks related to those cash flows. The Group has established a
generally chosen methodology and guarantees that the calculation
components have a homogeneous basis, previously approved by
the Group, establishing the base curves provided by the Group and
allowing adjustments to these curves based on the expert criteria
of each local address.
Likewise, measuring compliance cash flows requires a risk
adjustment for non-financial risk. Risk adjustment for non-financial
risk is the compensation necessary to withstand uncertainty about
the amount and timing of cash flows arising from non-financial
risks. If a change in the assumptions occurs, it could affect the
income statement or the Other comprehensive income, depending
on its nature. The risks covered by the risk adjustment for non-
financial risk are insurance risk and other non-financial risks, such
as interruption risk and expense risk.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1826": { "value": "
j) Tangible assets
Tangible assets includes the amount of buildings, land, furniture,
vehicles, computer hardware and other fixtures owned by the
consolidated entities or acquired under finance leases. Tangible
assets are classified by use as follows:
i. Property, plant and equipment for own use
Property, plant and equipment for own use\u00a0\u2013 including tangible
assets received by the consolidated entities in full or partial
satisfaction of financial assets representing receivables from third
parties which are intended to be held for continuing use and
tangible assets acquired under finance leases\u2013 are presented at
acquisition cost, less the related accumulated depreciation and any
estimated impairment losses (carrying amount higher than
recoverable amount).
Depreciation is calculated, using the straight-line method, on the
basis of the acquisition cost of the assets less their residual value.
The land on which the buildings and other structures stand has an
indefinite life and, therefore, is not depreciated.
The annual tangible asset depreciation charge is recognised in the
consolidated income statement and are essentially equivalent to
the following amortization percentages (determined based on the
years of estimated useful life, on average, of the different
elements):
Average
annual\u00a0rate
Buildings for own use
2.4%
Furniture
9.5%
Fixtures
9.5%
Office and IT equipment
23.6%
Lease use rights
Less than the lease
term or the useful life
of the underlying asset
At the end of each reporting period, consolidated entities assess
whether there is any indication that the carrying amount of an
asset exceeds its recoverable amount, in which case they write
down the carrying amount of the asset to its recoverable amount
and adjust future depreciation charges in proportion to its adjusted
carrying amount and to its new remaining useful life, if the useful
life needs to be re-estimated.
Similarly, if there is an indication of a recovery in the value of a
tangible asset, the consolidated entities recognise the reversal of
the impairment loss recognised in prior periods and adjust the
future depreciation charges accordingly. In no circumstances may
the reversal of an impairment loss on an asset raise its carrying
amount above that which it would have if no impairment losses
had been recognised in prior years.
The estimated useful lives of the items of property, plant and
equipment for own use are reviewed at least at the end of the
reporting period with a view to detecting significant changes
therein. If changes are detected, the useful lives of the assets are
adjusted by correcting the depreciation charge to be recognised in
the consolidated income statement in future years on the basis of
the new useful lives.
Upkeep and maintenance expenses relating to property, plant and
equipment for own use are recognised as an expense in the period
in which they are incurred, since they do not increase the useful
lives of the assets.
ii. Investment property
'Investment property' reflects the net values of the land, buildings
and other structures held either to earn rentals or for obtaining
profits by sales due to future increase in market prices.
The criteria used to recognise the acquisition cost of investment
property, to calculate its depreciation and its estimated useful life
and to recognise any impairment losses thereon are consistent
with those described in relation to property, plant and equipment
for own use.
In the case of investment properties that support obligations to pay
a return directly linked to fair value, or to the returns of certain
assets including the investment property itself, such properties are
measured using the fair value model.
In order to evaluate the possible impairment Grupo Santander
determines periodically the fair value of its investment property so
that, at the end of the reporting period, the fair value reflects the
market conditions of the investment property at that date. This fair
value is determined annually, taking as benchmarks the valuations
performed by independent experts. The methodology used to
determine the fair value of investment property is selected based
on the status of the asset in question; thus, for properties
earmarked for lease, the valuations are performed using the sales
comparison approach, whereas for leased properties the valuations
are made primarily using the income capitalisation approach and,
exceptionally, the sales comparison approach.
In the sales comparison approach, the property market segment
for comparable properties is analysed, inter alia, and, based on
specific information on actual transactions and firm offers, current
prices are obtained for cash sales of those properties. The
valuations performed using this approach are considered as Level 2
valuations.
In the income capitalisation approach, the cash flows estimated to
be obtained over the useful life of the property are discounted
taking into account factors that may influence the amount and
actual obtainment thereof, such as: (i) the payments that are
normally received on comparable properties; (ii) current and
probable future occupancy; (iii) the current or foreseeable default
rate on payments. The valuations performed using this approach
are considered as Level 3 valuations, since significant unobservable
inputs are used, such as current and probable future occupancy
and/or the current or foreseeable default rate on payments.
iii. Assets leased out under an operating lease
'Property, plant and equipment'\u00a0- Leased out under an operating
lease reflects the amount of the tangible assets, other than land
and buildings, leased out by the Group under an operating lease.
The criteria used to recognise the acquisition cost of assets leased
out under operating leases, to calculate their depreciation and their
respective estimated useful lives and to recognise the impairment
losses thereon are consistent with those described in relation to
property, plant and equipment for own use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1825": { "value": "
j) Tangible assets
Tangible assets includes the amount of buildings, land, furniture,
vehicles, computer hardware and other fixtures owned by the
consolidated entities or acquired under finance leases. Tangible
assets are classified by use as follows:
i. Property, plant and equipment for own use
Property, plant and equipment for own use\u00a0\u2013 including tangible
assets received by the consolidated entities in full or partial
satisfaction of financial assets representing receivables from third
parties which are intended to be held for continuing use and
tangible assets acquired under finance leases\u2013 are presented at
acquisition cost, less the related accumulated depreciation and any
estimated impairment losses (carrying amount higher than
recoverable amount).
Depreciation is calculated, using the straight-line method, on the
basis of the acquisition cost of the assets less their residual value.
The land on which the buildings and other structures stand has an
indefinite life and, therefore, is not depreciated.
The annual tangible asset depreciation charge is recognised in the
consolidated income statement and are essentially equivalent to
the following amortization percentages (determined based on the
years of estimated useful life, on average, of the different
elements):
Average
annual\u00a0rate
Buildings for own use
2.4%
Furniture
9.5%
Fixtures
9.5%
Office and IT equipment
23.6%
Lease use rights
Less than the lease
term or the useful life
of the underlying asset
At the end of each reporting period, consolidated entities assess
whether there is any indication that the carrying amount of an
asset exceeds its recoverable amount, in which case they write
down the carrying amount of the asset to its recoverable amount
and adjust future depreciation charges in proportion to its adjusted
carrying amount and to its new remaining useful life, if the useful
life needs to be re-estimated.
Similarly, if there is an indication of a recovery in the value of a
tangible asset, the consolidated entities recognise the reversal of
the impairment loss recognised in prior periods and adjust the
future depreciation charges accordingly. In no circumstances may
the reversal of an impairment loss on an asset raise its carrying
amount above that which it would have if no impairment losses
had been recognised in prior years.
The estimated useful lives of the items of property, plant and
equipment for own use are reviewed at least at the end of the
reporting period with a view to detecting significant changes
therein. If changes are detected, the useful lives of the assets are
adjusted by correcting the depreciation charge to be recognised in
the consolidated income statement in future years on the basis of
the new useful lives.
Upkeep and maintenance expenses relating to property, plant and
equipment for own use are recognised as an expense in the period
in which they are incurred, since they do not increase the useful
lives of the assets.
ii. Investment property
'Investment property' reflects the net values of the land, buildings
and other structures held either to earn rentals or for obtaining
profits by sales due to future increase in market prices.
The criteria used to recognise the acquisition cost of investment
property, to calculate its depreciation and its estimated useful life
and to recognise any impairment losses thereon are consistent
with those described in relation to property, plant and equipment
for own use.
In the case of investment properties that support obligations to pay
a return directly linked to fair value, or to the returns of certain
assets including the investment property itself, such properties are
measured using the fair value model.
In order to evaluate the possible impairment Grupo Santander
determines periodically the fair value of its investment property so
that, at the end of the reporting period, the fair value reflects the
market conditions of the investment property at that date. This fair
value is determined annually, taking as benchmarks the valuations
performed by independent experts. The methodology used to
determine the fair value of investment property is selected based
on the status of the asset in question; thus, for properties
earmarked for lease, the valuations are performed using the sales
comparison approach, whereas for leased properties the valuations
are made primarily using the income capitalisation approach and,
exceptionally, the sales comparison approach.
In the sales comparison approach, the property market segment
for comparable properties is analysed, inter alia, and, based on
specific information on actual transactions and firm offers, current
prices are obtained for cash sales of those properties. The
valuations performed using this approach are considered as Level 2
valuations.
In the income capitalisation approach, the cash flows estimated to
be obtained over the useful life of the property are discounted
taking into account factors that may influence the amount and
actual obtainment thereof, such as: (i) the payments that are
normally received on comparable properties; (ii) current and
probable future occupancy; (iii) the current or foreseeable default
rate on payments. The valuations performed using this approach
are considered as Level 3 valuations, since significant unobservable
inputs are used, such as current and probable future occupancy
and/or the current or foreseeable default rate on payments.
iii. Assets leased out under an operating lease
'Property, plant and equipment'\u00a0- Leased out under an operating
lease reflects the amount of the tangible assets, other than land
and buildings, leased out by the Group under an operating lease.
The criteria used to recognise the acquisition cost of assets leased
out under operating leases, to calculate their depreciation and their
respective estimated useful lives and to recognise the impairment
losses thereon are consistent with those described in relation to
property, plant and equipment for own use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1827": { "value": "
ii. Investment property
'Investment property' reflects the net values of the land, buildings
and other structures held either to earn rentals or for obtaining
profits by sales due to future increase in market prices.
The criteria used to recognise the acquisition cost of investment
property, to calculate its depreciation and its estimated useful life
and to recognise any impairment losses thereon are consistent
with those described in relation to property, plant and equipment
for own use.
In the case of investment properties that support obligations to pay
a return directly linked to fair value, or to the returns of certain
assets including the investment property itself, such properties are
measured using the fair value model.
In order to evaluate the possible impairment Grupo Santander
determines periodically the fair value of its investment property so
that, at the end of the reporting period, the fair value reflects the
market conditions of the investment property at that date. This fair
value is determined annually, taking as benchmarks the valuations
performed by independent experts. The methodology used to
determine the fair value of investment property is selected based
on the status of the asset in question; thus, for properties
earmarked for lease, the valuations are performed using the sales
comparison approach, whereas for leased properties the valuations
are made primarily using the income capitalisation approach and,
exceptionally, the sales comparison approach.
In the sales comparison approach, the property market segment
for comparable properties is analysed, inter alia, and, based on
specific information on actual transactions and firm offers, current
prices are obtained for cash sales of those properties. The
valuations performed using this approach are considered as Level 2
valuations.
In the income capitalisation approach, the cash flows estimated to
be obtained over the useful life of the property are discounted
taking into account factors that may influence the amount and
actual obtainment thereof, such as: (i) the payments that are
normally received on comparable properties; (ii) current and
probable future occupancy; (iii) the current or foreseeable default
rate on payments. The valuations performed using this approach
are considered as Level 3 valuations, since significant unobservable
inputs are used, such as current and probable future occupancy
and/or the current or foreseeable default rate on payments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1828": { "value": "
k) Accounting for leases
The main aspects contained in the regulation (IFRS 16) adopted by
the Group are included below:
When the Group acts as lessee, it recognises a right-of-use asset
representing its right to use the underlying leased asset with a
corresponding lease liability on the date on which the leased asset
is available for use by the Group.
Each lease payment is allocated between liability and finance
charge. The finance charge is allocated to the income statement
during the term of the lease in such a way as to produce a constant
periodic interest rate on the remaining balance of the liability for
each year.
The right-of-use asset is depreciated over the useful life of the
asset or the lease term, whichever is shorter, on a straight-line
basis. If the Group is reasonably certain to exercise a purchase
option, the right-of-use asset is amortized over the useful life of
the underlying asset.
Assets and liabilities arising from a lease are initially measured at
present value. Lease liabilities include the net present value of the
following lease payments:
\u2013 Fixed payments (including inflation-linked payments), less
any lease incentive receivable.
\u2013 Variable lease payments that depend on an index or rate.
\u2013 The amounts expected to be paid by the lessee under
residual value guarantees.
\u2013 The exercise price of a purchase option if the lessee is
reasonably certain that it will exercise that option.
\u2013 Lease termination penalty payments, if the term of the lease
reflects the lessee's exercise of that option.
Lease payments are discounted using the interest rate implicit in
the lease. When this interest rate cannot be obtained, the interest
rate used in these cases, is the lessee's incremental borrowing rate
at the related date. For this purpose, the entity has calculated this
incremental borrowing rate taking as reference the listed debt
instruments issued by the Group; in this regard, the Group has
estimated different interest rate curves depending on the currency
and economic environment in which the contracts are located.
In order to construct the incremental borrowing rate, a
methodology has been developed at the corporate level. This
methodology is based on the need for each entity to consider its
economic and financial situation, for which the following factors
must be considered:
\u2013 Economic and political situation (country risk).
\u2013 Credit risk of the company.
\u2013 Monetary policy.
\u2013 Volume and seniority of the company\u2019s debt instrument
issues.
The incremental borrowing rate is defined as the interest rate that
a lessee would have to pay for borrowing, given a similar period to
the duration of the lease and with similar security, the funds
necessary to obtain an asset of similar value to the right-of-use
asset in a similar economic environment. The Group entities have a
wide stock and variety of financing instruments issued in different
currencies to that of the euro (pound, dollar, etc.) that provide
sufficient information to be able to determine an 'all in
rate' (reference rate plus adjustment for credit spread at different
terms and in different currencies). In circumstances, where the
leasing company has its own financing, this has been used as the
starting point for determining the incremental borrowing rate. On
the other hand, for those Grupo Santander entities that do not have
their own financing, the information from the financing of the
consolidated subgroup to which they belong was used as the
starting point for estimating the entity's curve, analysing other
factors to assess whether it is necessary to make any type of
negative or positive adjustment to the initially estimated credit
spread.
Right-of-use assets are valued at cost which includes the
following:
\u2013 The amount of the initial measurement of the lease liability.
\u2013 Any lease payment made at or before the commencement
date less any lease incentive received.
\u2013 Any initial direct costs.
\u2013 Restoration costs.
The Group recognises the payments associated with short-term
leases and leases of low-value assets on a straight-line basis as an
expense in the income statement. Short-term leases are leases
with a lease term less than or equal to 12 months (a lease that
contains a purchase option is not a short term lease).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1829": { "value": "
l) Intangible assets
Intangible assets are identifiable non-monetary assets (separable
from other assets) without physical substance which arise as a
result of a legal transaction or which are developed internally by
the consolidated entities.
Only assets whose cost can be measured reliably and it is likely
that the consolidated entities obtain future economic benefits are
recognised.
Intangible assets are recognised initially at acquisition or
production cost and are subsequently measured at cost less any
accumulated amortisation and any accumulated impairment
losses.
i. Goodwill
Any excess of the cost of the investments in the consolidated
entities and entities accounted for using the equity method over
the corresponding underlying carrying amounts acquired, adjusted
at the date of first-time consolidation, is allocated as follows:
a. If it is attributable to specific assets and liabilities of the
companies acquired, by increasing the value of the assets (or
reducing the value of the liabilities) whose fair values were
higher (lower) than the carrying amounts at which they had
been recognised in the acquired entities\u2019 balance sheets.
b. If it is attributable to specific intangible assets, by recognising it
explicitly in the consolidated balance sheet provided that the
fair value of these assets within twelve months following the
date of acquisition can be measured reliably.
c. The remaining amount is recognised as goodwill, which is
allocated to one or more cash-generating units (CGU) (a cash-
generating unit is the smallest identifiable group of assets that,
as a result of continuing operation, generates cash inflows that
are largely independent of the cash inflows from other assets or
groups of assets). The cash-generating units represent the
Group\u2019s geographical and/or business segments.
Goodwill (only recognised when it has been acquired by
consideration) represents, therefore, a payment made by the
acquirer in anticipation of future economic benefits from assets of
the acquired entity that are not capable of being individually
identified and separately recognised.
At the end of each annual reporting period or whenever there is
any indication of impairment goodwill is reviewed for impairment
(i.e. a reduction in its recoverable amount to below its carrying
amount) and, if there is any impairment, the goodwill is written
down with a charge to 'Impairment or reversal of impairment on
non-financial assets, net - Intangible assets' in the consolidated
income statement.
An impairment loss recognised for goodwill is not reversed in a
subsequent period.
In the event of sale or departure of an activity that is part of a CGU,
the part of the goodwill that can be assigned to said activity would
be written-off, taking as a reference the relative value of the same
over the total of the CGU at the time of sale or abandonment. If
applicable, the distribution by currency of the remaining goodwill
will be performed based on the relative values of the remaining
activities.
ii. Other intangible assets
Other intangible assets includes the amount of identifiable
intangible assets, such as purchased customer lists and computer
software.
Other intangible assets can have an indefinite useful life\u00a0-when,
based on an analysis of all the relevant factors, it is concluded that
there is no foreseeable limit to the period over which the asset is
expected to generate net cash inflows for the consolidated
entities- or a finite useful life, in all other cases.
Intangible assets with indefinite useful lives are not amortised, but
rather at the end of each reporting period or whenever there is any
indication of impairment the consolidated entities review the
remaining useful lives of the assets in order to determine whether
they continue to be indefinite and, if this is not the case, to take the
appropriate steps.
Intangible assets with finite useful lives are amortised over those
useful lives using methods similar to those used to depreciate
tangible assets.
The intangible asset amortisation charge is recognised under
'Depreciation and amortisation' in the consolidated income
statement.
In both cases the consolidated entities recognise any impairment
loss on the carrying amount of these assets with a charge to
'Impairment or reversal of impairment on non-financial assets, net
- Intangible assets in the consolidated' income statement.
The criteria used to recognise the impairment losses on these
assets and, where applicable, the reversal of impairment losses
recognised in prior years are similar to those used for tangible
assets (see note 2.k).
Internally developed computer software
Internally developed computer software is recognised as an
intangible asset if, among other requisites (basically the Group\u2019s
ability to use or sell it), it can be identified and its ability to
generate future economic benefits can be demonstrated.
Expenditure on research activities is recognised as an expense in
the year in which it is incurred and cannot be subsequently
capitalised into the carrying amount of the intangible asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1830": { "value": "
i. Goodwill
Any excess of the cost of the investments in the consolidated
entities and entities accounted for using the equity method over
the corresponding underlying carrying amounts acquired, adjusted
at the date of first-time consolidation, is allocated as follows:
a. If it is attributable to specific assets and liabilities of the
companies acquired, by increasing the value of the assets (or
reducing the value of the liabilities) whose fair values were
higher (lower) than the carrying amounts at which they had
been recognised in the acquired entities\u2019 balance sheets.
b. If it is attributable to specific intangible assets, by recognising it
explicitly in the consolidated balance sheet provided that the
fair value of these assets within twelve months following the
date of acquisition can be measured reliably.
c. The remaining amount is recognised as goodwill, which is
allocated to one or more cash-generating units (CGU) (a cash-
generating unit is the smallest identifiable group of assets that,
as a result of continuing operation, generates cash inflows that
are largely independent of the cash inflows from other assets or
groups of assets). The cash-generating units represent the
Group\u2019s geographical and/or business segments.
Goodwill (only recognised when it has been acquired by
consideration) represents, therefore, a payment made by the
acquirer in anticipation of future economic benefits from assets of
the acquired entity that are not capable of being individually
identified and separately recognised.
At the end of each annual reporting period or whenever there is
any indication of impairment goodwill is reviewed for impairment
(i.e. a reduction in its recoverable amount to below its carrying
amount) and, if there is any impairment, the goodwill is written
down with a charge to 'Impairment or reversal of impairment on
non-financial assets, net - Intangible assets' in the consolidated
income statement.
An impairment loss recognised for goodwill is not reversed in a
subsequent period.
In the event of sale or departure of an activity that is part of a CGU,
the part of the goodwill that can be assigned to said activity would
be written-off, taking as a reference the relative value of the same
over the total of the CGU at the time of sale or abandonment. If
applicable, the distribution by currency of the remaining goodwill
will be performed based on the relative values of the remaining
activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1831": { "value": "
ii. Other intangible assets
Other intangible assets includes the amount of identifiable
intangible assets, such as purchased customer lists and computer
software.
Other intangible assets can have an indefinite useful life\u00a0-when,
based on an analysis of all the relevant factors, it is concluded that
there is no foreseeable limit to the period over which the asset is
expected to generate net cash inflows for the consolidated
entities- or a finite useful life, in all other cases.
Intangible assets with indefinite useful lives are not amortised, but
rather at the end of each reporting period or whenever there is any
indication of impairment the consolidated entities review the
remaining useful lives of the assets in order to determine whether
they continue to be indefinite and, if this is not the case, to take the
appropriate steps.
Intangible assets with finite useful lives are amortised over those
useful lives using methods similar to those used to depreciate
tangible assets.
The intangible asset amortisation charge is recognised under
'Depreciation and amortisation' in the consolidated income
statement.
In both cases the consolidated entities recognise any impairment
loss on the carrying amount of these assets with a charge to
'Impairment or reversal of impairment on non-financial assets, net
- Intangible assets in the consolidated' income statement.
The criteria used to recognise the impairment losses on these
assets and, where applicable, the reversal of impairment losses
recognised in prior years are similar to those used for tangible
assets (see note 2.k).
Internally developed computer software
Internally developed computer software is recognised as an
intangible asset if, among other requisites (basically the Group\u2019s
ability to use or sell it), it can be identified and its ability to
generate future economic benefits can be demonstrated.
Expenditure on research activities is recognised as an expense in
the year in which it is incurred and cannot be subsequently
capitalised into the carrying amount of the intangible asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1832": { "value": "Inventories: this item includes the amount of assets, other than
financial instruments, that are held for sale in the ordinary course
of business, that are in the process of production, construction or
development for such purpose, or that are to be consumed in the
production process or in the provision of services. Inventories
include land and other property held for sale in the property
development business.
Inventories are measured at the lower of cost and net realisable
value, which is the estimated selling price of the inventories in
the ordinary course of business, less the estimated costs of
completion and the estimated costs required to make the sale.
Any write-downs of inventories -such as those due to damage,
obsolescence or reduction of selling price- to net realisable
value and other impairment losses are recognised as expenses
for the year in which the impairment or loss occurs. Subsequent
reversals are recognised in the consolidated income statement
for the year in which they occur.
The carrying amount of inventories is derecognised and
recognised as an expense in the period in which the revenue
from their sale is recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1833": { "value": "Other: this item includes the balance of all prepayments and
accrued income (excluding accrued interest, fees and
commissions), the net amount of the difference between
pension plan obligations and the value of the plan assets with a
balance in the entity\u2019s favour, when this net amount is to be
reported in the consolidated balance sheet, and the amount of
any other assets not included in other items.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1834": { "value": "
n) Other liabilities
'Other liabilities' includes the balance of all accrued expenses and
deferred income, excluding those related to interests and fees on
financial instruments, as well as the amount of any other liabilities
not included in other categories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1836": { "value": "
o) Provisions and contingent liabilities (assets)
When preparing the financial statements of the consolidated
entities, Banco Santander makes a distinction between:
\u2022 Provisions: credit balances covering present obligations at the
reporting date arising from past events which could give rise to a
loss for the consolidated entities, which is considered to be likely
to occur and certain as to its nature but uncertain as to its
amount and/or timing.
\u2022 Contingent liabilities: possible obligations that arise from past
events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more future events not
wholly within the control of the consolidated entities. They
include the present obligations of the consolidated entities when
it is not probable that an outflow of resources embodying
economic benefits will be required to settle them. The Group
does not recognise the contingent liability. The Group will
disclose a contingent liability, unless the possibility of an outflow
of resources embodying economic benefits is remote.\u00a0
Irrevocable contingent payments (ICPs), corresponding to
payment facilities allowed under the annual contributions of
certain levies, are recorded in accordance with the definitions
mentioned above. In this regard, on 14 November 2025, the
Group learned that the CJEU had definitively resolved the dispute
concerning the CPI contributions made by a financial institution
to the Single Resolution Fund, upholding the judgment of the
General Court of 25 October 2023, which ruled against said
financial institution regarding its request for the return of
guarantees linked to irrevocable payment commitments for a
Group entity whose license had been withdrawn. In light of this
ruling, it was concluded that it was not necessary to modify the
accounting entries that the Santander Group has made when
using these facilities to make contributions corresponding to this
levy or to other similar levies that also allow for such
contributions.
\u2022 Contingent assets: possible assets that arise from past events
and whose existence is conditional on, and will be confirmed
only by, the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the
Group. Contingent assets are not recognised in the consolidated
balance sheet or in the consolidated income statement, but
rather are disclosed in the notes, provided that it is probable that
these assets will give rise to an increase in resources embodying
economic benefits.
Grupo Santander\u2019s consolidated financial statements include all
the material provisions with respect to which it is considered that it
is more likely than not the obligation will have to be settled. In
accordance with accounting standards, contingent liabilities must
not be recognised in the consolidated financial statements, but
must rather be disclosed in the Notes.
Provisions (which are quantified on the basis of the best
information available on the consequences of the event giving rise
to them and are reviewed and adjusted at the end of each year) are
used to cater for the specific obligations for which they were
originally recognised. Provisions are fully or partially reversed
when such obligations cease to exist or are reduced.
Provisions are classified according to the obligations covered as
follows (see note 25):
\u25aa Provision for pensions and similar obligations: includes the
amount of all the provisions made to cover post-employment
benefits, including obligations to pre-retirees and similar
obligations.
\u25aa Provisions for contingent liabilities and commitments: include
the amount of the provisions made to cover contingent
liabilities\u00a0-defined as those transactions in which the Group
guarantees the obligations of a third party, arising as a result of
financial guarantees granted or contracts of another kind- and
contingent commitments\u00a0-defined as irrevocable commitments
that may give rise to the recognition of financial assets.
\u25aa Provisions for taxes and other legal contingencies and Other
provisions: include the amount of the provisions recognised to
cover tax and legal contingencies and litigation and the other
provisions recognised by the consolidated entities. Other
provisions includes, inter alia, any provisions for restructuring
costs and environmental measures.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1835": { "value": "
o) Provisions and contingent liabilities (assets)
When preparing the financial statements of the consolidated
entities, Banco Santander makes a distinction between:
\u2022 Provisions: credit balances covering present obligations at the
reporting date arising from past events which could give rise to a
loss for the consolidated entities, which is considered to be likely
to occur and certain as to its nature but uncertain as to its
amount and/or timing.
\u2022 Contingent liabilities: possible obligations that arise from past
events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more future events not
wholly within the control of the consolidated entities. They
include the present obligations of the consolidated entities when
it is not probable that an outflow of resources embodying
economic benefits will be required to settle them. The Group
does not recognise the contingent liability. The Group will
disclose a contingent liability, unless the possibility of an outflow
of resources embodying economic benefits is remote.\u00a0
Irrevocable contingent payments (ICPs), corresponding to
payment facilities allowed under the annual contributions of
certain levies, are recorded in accordance with the definitions
mentioned above. In this regard, on 14 November 2025, the
Group learned that the CJEU had definitively resolved the dispute
concerning the CPI contributions made by a financial institution
to the Single Resolution Fund, upholding the judgment of the
General Court of 25 October 2023, which ruled against said
financial institution regarding its request for the return of
guarantees linked to irrevocable payment commitments for a
Group entity whose license had been withdrawn. In light of this
ruling, it was concluded that it was not necessary to modify the
accounting entries that the Santander Group has made when
using these facilities to make contributions corresponding to this
levy or to other similar levies that also allow for such
contributions.
\u2022 Contingent assets: possible assets that arise from past events
and whose existence is conditional on, and will be confirmed
only by, the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the
Group. Contingent assets are not recognised in the consolidated
balance sheet or in the consolidated income statement, but
rather are disclosed in the notes, provided that it is probable that
these assets will give rise to an increase in resources embodying
economic benefits.
Grupo Santander\u2019s consolidated financial statements include all
the material provisions with respect to which it is considered that it
is more likely than not the obligation will have to be settled. In
accordance with accounting standards, contingent liabilities must
not be recognised in the consolidated financial statements, but
must rather be disclosed in the Notes.
Provisions (which are quantified on the basis of the best
information available on the consequences of the event giving rise
to them and are reviewed and adjusted at the end of each year) are
used to cater for the specific obligations for which they were
originally recognised. Provisions are fully or partially reversed
when such obligations cease to exist or are reduced.
Provisions are classified according to the obligations covered as
follows (see note 25):
\u25aa Provision for pensions and similar obligations: includes the
amount of all the provisions made to cover post-employment
benefits, including obligations to pre-retirees and similar
obligations.
\u25aa Provisions for contingent liabilities and commitments: include
the amount of the provisions made to cover contingent
liabilities\u00a0-defined as those transactions in which the Group
guarantees the obligations of a third party, arising as a result of
financial guarantees granted or contracts of another kind- and
contingent commitments\u00a0-defined as irrevocable commitments
that may give rise to the recognition of financial assets.
\u25aa Provisions for taxes and other legal contingencies and Other
provisions: include the amount of the provisions recognised to
cover tax and legal contingencies and litigation and the other
provisions recognised by the consolidated entities. Other
provisions includes, inter alia, any provisions for restructuring
costs and environmental measures.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1839": { "value": "Contingent liabilities: possible obligations that arise from past
events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more future events not
wholly within the control of the consolidated entities. They
include the present obligations of the consolidated entities when
it is not probable that an outflow of resources embodying
economic benefits will be required to settle them. The Group
does not recognise the contingent liability. The Group will
disclose a contingent liability, unless the possibility of an outflow
of resources embodying economic benefits is remote.\u00a0
Irrevocable contingent payments (ICPs), corresponding to
payment facilities allowed under the annual contributions of
certain levies, are recorded in accordance with the definitions
mentioned above. In this regard, on 14 November 2025, the
Group learned that the CJEU had definitively resolved the dispute
concerning the CPI contributions made by a financial institution
to the Single Resolution Fund, upholding the judgment of the
General Court of 25 October 2023, which ruled against said
financial institution regarding its request for the return of
guarantees linked to irrevocable payment commitments for a
Group entity whose license had been withdrawn. In light of this
ruling, it was concluded that it was not necessary to modify the
accounting entries that the Santander Group has made when
using these facilities to make contributions corresponding to this
levy or to other similar levies that also allow for such
contributions.
e) Litigation and other matters
i. Tax-related litigation
At 31 December 2025 the main tax-related proceedings concerning
the Group were as follows:
\u2022 Legal actions filed by Banco Santander (Brasil) S.A. and other
Group entities to avoid the application of Law 9.718/98, which
modifies the basis to calculate Programa de Integra\u00e7ao Social
(PIS) and Contribui\u00e7\u00e3o para Financiamento da Seguridade Social
(COFINS), extending it to all the entities income, and not only to
the income from the provision of services. In relation of Banco
Santander (Brasil) S.A. process, in 2015 the Federal Supreme
Court (FSC) admitted the extraordinary appeal filed by the
Federal Union regarding PIS, and dismissed the extraordinary
appeal lodged by the Brazilian Public Prosecutor's Office
regarding COFINS contribution, confirming the decision of
Federal Regional Court favourable to Banco Santander (Brasil)
S.A. of August 2007. The Federal Supreme Court also admitted
the appeals related to the other Group entities both for PIS and
COFINS. On June 13, 2023, the Federal Supreme Court ruled
unfavorably 2 cases through General Repercussion (Theme 372),
including Banco Santander (Brasil) S.A. case. The Bank has filed a
new appeal, considering the possible loss as a contingent
liability. The cases of the other Group entities are no longer
susceptible of appeal and a provision has been recognized for the
amount of the estimated loss.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil have appealed against the assessments issued by the
Brazilian tax authorities questioning the deduction of loan losses
in their income tax returns (Imposto sobre a Renda das Pessoas
Jur\u00eddicas - IRPJ - and Contribu\u00e7ao Social sobre o Lucro Liquido -
CSLL-) in relation to different administrative processes of various
years on the ground that the requirements under the applicable
legislation were not met. The appeals, which involves several
cases, are pending decision in different administrative and
judicial instances. No provision was recognised in connection
with the amount considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil are involved in administrative and legal proceedings
against several municipalities that demand payment of the
Service Tax on certain items of income from transactions not
classified as provisions of services. There are several cases in
different judicial instances. A provision was recognised in
connection with the amount of the estimated loss.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil are involved in administrative and legal proceedings
against the tax authorities in connection with the taxation for
social security purposes of certain items which are not
considered to be employee remuneration. There are several
cases in different judicial instances. A provision was recognised in
connection with the amount of the estimated loss.
\u2022 In May 2003 the Brazilian tax authorities issued separate
infringement notices against Santander Distribuidora de T\u00edtulos e
Valores Mobiliarios, Ltda. (DTVM, actually Santander Brasil
Tecnolog\u00eda S.A.) and Banco Santander (Brasil) S.A. in relation to
the Provisional Tax on Financial Movements (Contribui\u00e7\u00e3o
Provis\u00f3ria sobre Movimenta\u00e7\u00e3o Financeira) of the years 2000 to
2002. The administrative discussion ended unfavourably for both
companies, and on July 3, 2015, filed a lawsuit requesting the
cancellation of both tax assessments. The lawsuit was judged
unfavourably in first instance. Therefore, both plaintiffs appealed
to the court of second instance. In December 2020, the appeal
was decided unfavourably and the judgement was appealed
before the higher courts. This case fell within the scope of the
Comprehensive Transaction Programme (Programa de Transa\u00e7ao
Integral) established by the Ministry of Finance, and in 2025 a
final settlement was reached. The amounts paid under the terms
of the Transaction were fully provisioned.
\u2022 In December 2010 the Brazilian tax authorities issued an
infringement notice against Santander Seguros S.A. (Brasil),
(currently Zurich Santander Brasil Seguros e Previd\u00eancia S.A.), as
the successor by merger to ABN AMRO Brasil dois Participa\u00e7\u00f5es
S.A., in relation to income tax (IRPJ and CSLL) for 2005,
questioning the tax treatment applied to a sale of shares of Real
Seguros, S.A. The administrative discussion ended unfavourably,
and the CARF decision has been appealed at the Federal Justice.
As the former parent of Santander Seguros S.A. (Brasil) (currently
Zurich Santander Brasil Seguros e Previd\u00eancia S.A.), Banco
Santander (Brasil) S.A. is liable in the event of any adverse
outcome of this proceeding. No provision was recognised in
connection with this proceeding as it is considered to be a
contingent liability.
\u2022 In November 2014 the Brazilian tax authorities issued an
infringement notice against Banco Santander (Brasil) S.A. in
relation to corporate income tax (IRPJ and CSLL) for 2009
questioning the tax-deductibility of the amortisation of the
goodwill of Banco ABN AMRO Real S.A. performed prior to the
absorption of this bank by Banco Santander (Brasil) S.A., but
accepting the amortisation performed after the merger. The Bank
appealed before the Higher Chamber of CARF, and a final
favourable decision was obtained in April 2024. No provision was
recognised in connection with this proceeding as it was
considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. has also appealed against
infringement notices issued by the tax authorities questioning
the tax deductibility of the amortisation of the goodwill arising
on the acquisition of Banco Comercial e de Investimento
Sudameris S.A from years 2007 to 2012. In May and October
2024, the appeal related to period 2009 to 2012 was finally
rejected by the CARF and the resolution was appealed at the
Federal Justice. No provision was recognised in connection with
this matter as it was considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. and other companies of the Group
in Brazil are undergoing administrative and judicial procedures
against Brazilian tax authorities for not admitting tax
compensation with credits derived from other tax concepts, not
having registered a provision for the amount considered to be a
contingent liability.
\u2022 Banco Santander (Brasil) S.A. is involved in appeals in relation to
infringement notices initiated by tax authorities regarding the
offsetting of tax losses in the CSLL of year 2009 and 2019. The
appeals are pending decision at the administrative level. No
provision was recognised in connection with this matter as it is
considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. filed a suspensive judicial measure
aiming to avoid the withholding income tax (Imposto sobre a
Renda Retido na Fonte - IRRF), on payments derived from
technology services provided by Group foreign entities. A
favorable decision was handed down and an appeal was filed by
the tax authority at the Federal Regional Court, where it awaits
judgment. No provision was recognized as it is considered to be a
contingent liability.
\u2022 Brazilian tax authorities have issued infringement notices against
Getnet Adquir\u00eancia e Servi\u00e7os para Meios de Pagamento S.A and
Banco Santander (Brasil) S.A. as jointly liable in relation to
corporate income tax (IRPJ and CSLL) for 2014 to 2018
questioning the tax-deductibility of the amortization of the
goodwill from the acquisition of Getnet Tecnologia\u00a0 Proces S.A.,
considering that\u00a0 the company would not have complied with the
legal requirements for such amortization. The tax assessment
notices were appealed to the CARF. In 2024, the CARF issued a
favourable partial decision on both infraction notices. In
December 2024, the tax authorities issued a new infringement
notice for 2019 and 2020. No provision was recognized as it is
considered to be a contingent liability.
The total amount for the aforementioned Brazil lawsuits that are
fully provisioned is EUR 553 million, and for lawsuits that qualify
as contingent liabilities is EUR 5,040\u00a0million.
At the date of approval of these consolidated annual accounts,
there are other less significant tax disputes.
ii. Non-tax-related proceedings
At 31 December 2025 the main non-tax-related proceedings
concerning the Group were as follows:
\u2022 Payment Protection Insurance (PPI): AXA France IARD and AXA
France Vie (former GE Capital Corporation Group entities, known
as Financial Insurance Company Ltd (FICL) and Financial
Assurance Company Ltd (FACL), acquired by AXA SA in 2015)
(together, AXA France) brought a claim against (i) Santander
Cards UK Limited (formerly known as GE Capital Bank Limited
(GECB), which was acquired by Banco Santander, S.A. in 2008
and subsequently transferred to Santander UK plc); and (ii)
Santander Insurance Services UK Limited (a Banco Santander,
S.A. subsidiary) (SISUK and together with GECB the Santander
Entities). The claim relates to the allocation of liability for
compensation and associated costs in respect of a large number
of PPI policies distributed by GECB pre-2005, which were
underwritten by FICL and FACL.
On 25 July 2025, the Commercial Court of England and Wales
handed down its judgment in relation to the claim brought by
AXA France (the Judgment). It found against SISUK in relation to
AXA France\u2019s claim pursuant to an indemnity in an agency
agreement entered into between GECB, FICL and FACL in 2000
and novated by GECB to SISUK in 2010.\u00a0 It also found GECB
negligent in the sale of PPI policies, but this element of the claim
was time barred to PPI policies sold in the period between 2002
and 2005 and overlaps with the indemnity claim. The Judgment
required the Santander Entities to pay GBP 515\u00a0million plus
interest of GBP 162\u00a0million.
In October 2025 the Santander Entities obtained permission to
appeal the findings in the Judgment relating to the application of
the indemnity arising from PPI sales occurring before the
indemnity had been agreed in December 2000 (Santander
Appeal).\u00a0 In January 2026, AXA France obtained permission to
cross-appeal the Commercial Court\u2019s rejection of AXA France\u2019s
contribution claim made under the Civil Liability (Contribution)
Act 1978 (the AXA France\u2019s cross appeal). A decision on the
Santander Appeal and AXA France\u2019s cross appeal is expected in
the second half of 2026.
With respect to the Santander Appeal and AXA France\u2019s cross-
appeal, there are points of legal interpretation to be resolved
and, in the case of the cross-appeal, factual points to be
determined. The significant uncertainties make it difficult to
predict the timing or the final impact of the resolution of the
appeals for the Group.
No customers have suffered loss as a consequence of the claim
brought by AXA France or the Judgment, nor does it impact upon
past redress paid to customers for PPI complaints.
\u2022 Motor Finance Broker Commissions: following the Financial
Conduct Authority\u2019s (FCA) Motor Market review in 2019 which
resulted in a change in rules in January 2021, Santander
Consumer (UK) plc (SCUK) has received several of county court
claims and complaints in respect of its historical use of
discretionary commission arrangements (DCAs) prior to the 2021
rule changes. In January 2024, the FCA commenced a review of
the use of DCAs between lenders and credit brokers (the FCA
Review). Pending the conclusion of its review, the FCA paused
the handling of motor finance commission related complaints.
The pause is currently in place until 31 May 2026, reflecting the
extended timeline of the FCA's Review and subsequent
Consultation (see below).
After the Court of Appeal's decision rendered on 25 October 2024
within the judicial proceedings followed against DCAs of other
financial entities, as of 31 December 2024, the Santander UK
group Holdings recognised a provision of GBP 293.0\u00a0million (EUR
353.3\u00a0million). This provision was determined based upon the
information then available. It included estimates for operational
and legal costs and potential awards based on various scenarios
and used a range of assumptions, including the possible outcome
of the appeal to the Supreme Court in 2025 of the Court of
Appeal's decision. On 1 August 2025, the Supreme Court handed
down its judgment stating that motor dealers acting as credit
brokers do not owe fiduciary or disinterested duties to their
customers and, as a consequence, commission payments by
lenders to motor dealers would not be unlawful on that basis. In
addition, the Supreme Court held that an unfair relationship
under s.140A of the Consumer Credit Act 1974 had arisen in one
of the cases on its facts and awarded the amount of the
commission paid by the lender plus interest at a commercial rate
as the remedy. It also confirmed that the test for unfairness of
the relationship with borrower was highly fact sensitive and it
outlined a series of non-exhaustive factors to consider in
assessing unfair relationships in this context (indicating that no
or partial disclosure was not necessarily enough on its own to
constitute an unfair relationship).
Following the Supreme Court\u2019s judgment, on 3 August 2025, the
FCA announced that it aimed to publish a consultation on an
industry wide redress scheme in early October (the
Consultation). Further to the publication of the FCA\u2019s
Consultation on\u00a07 October 2025, the Santander UK group
submitted its comments on 12 December 2025 and continues to
engage constructively with the FCA. The FCA has stated that its
intention is to publish the industry wide redress scheme no later
than in March 2026.
In light of the proposed sectoral scheme and taking into account
the objections raised and the uncertainty surrounding both the
final decision to be adopted by the FCA and the outcome of any
potential legal challenges, the Santander UK group has reviewed
the potential impact on SCUK in relation to the vehicle finance
market. The range of scenarios has been updated, which has
resulted in an additional estimated charge of GBP 183\u00a0million
(EUR 213.6\u00a0million). As of 31 December 2025, the total provision
amounts to GBP 461\u00a0million (EUR 528.1\u00a0million). This continues
to include estimates for operational and legal costs and potential
awards reflecting an increased likelihood of a higher number of
cases than had previously been predicted as eligible for redress
as well as an increased possibility that a remedy is sought to be
imposed which extends beyond reversing any damaging financial
consequences caused by any unfair relationships. The provision is
based on various scenarios using a range of assumptions,
including potential changes to the proposed scheme following
responses to the Consultation or publication of the FCA\u2019s final
scheme rules.
There continue to be significant uncertainties as to the nature,
extent and timing of redress payments. Therefore, while the
ultimate financial impact of this matter could materially differ
from the amount of the provision as of this date, such impact is
not expected to be material for the Group as of the date of these
financial statements.
\u2022 Delforca: dispute arising from equity swaps entered into by
Gaesco (now Delforca 2008, S.A. (Delforca)) on shares of
Inmobiliaria Colonial, S.A. Banco Santander, S.A. is claiming to
Delforca before the Court of Barcelona in charge of the
bankruptcy proceedings, a total of EUR 66\u00a0million from the
liquidation resulting from the early termination of financial
transactions due to Delforca's non-payment of the equity swaps.
In the same bankruptcy proceedings, Delforca and Mobiliaria
Monesa, S.A., parent of Delforca (Monesa) have in turn claimed
the Bank to repay EUR 57\u00a0million, which the Bank received for
the enforcement of the agreed guarantee, as a result of the
aforementioned liquidation. On 16 September 2021 the
Commercial Court Number 10 of Barcelona has ordered Delforca
to pay the Bank EUR 66\u00a0million plus EUR 11\u00a0million in interest
and has dismissed the claims filed by Delforca. This decision was
appealed by Delforca, Monesa and the bankruptcy administrator.
On 15 November 2023 the Provincial Court of Barcelona
rendered a judgment dismissing the appeals filed by Delforca,
Monesa and the bankruptcy administrator. Delforca and Monesa
(not the bankruptcy administrator) filed an appeal in cassation,
that was rejected in November 2025 by the First Chamber of
Supreme Court and, as a result, the appeal and first instance
judgments in favor of the Bank have been confirmed.
Separately, Monesa, filed in 2009 a civil procedure with the
Courts of Santander against the Bank claiming damages that
have not been specified to date. The procedure is suspended.
\u2022 'Planos Econ\u00f3micos': like the rest of the banking system in Brazil,
Santander Brazil has been the target of customer complaints and
collective civil suits stemming mainly from legislative changes
and its application to the retribution of bank deposits (economic
plans). At the end of 2017, an agreement was reached between
regulatory entities and the Brazilian Federation of Banks
(Febraban) with the purpose of closing the lawsuits and was
approved by the Supremo Tribunal Federal (the STF and the
Collective Agreement). Discussions focused on specifying the
amount to be paid to each affected client according to the
balance in their notebook at the time of the application of the
plan. Finally, the total value of the payments will depend on the
number of adhesions there may be and the number of savers
who have proved the existence of the account and its balance on
the date the indexes were changed. In November 2018, the STF
ordered the suspension of all economic plan proceedings for two
years from May 2018. On 29 May 2020,\u00a0 STF approved the
extension of the Collective Agreement for 5 additional years
starting from 3 June 2020. Condition for this extension was to
include in the Collective Agreement actions related to the 'Collor
I Plan'. On May 2025, the STF issued the judgment recognizing
the constitutionality of the Bresser, Ver\u00e3o, Collor I and II plans,
guaranteeing savers the receipt of the amounts established in
the Collective Agreement and setting a deadline of 24 months for
new adhesions. As of 31 December 2025, the provision recorded
for the economic plan proceedings amounts to EUR
155.3\u00a0million.
\u2022 Banco Popular\u00b4s acquisition: after the declaration of the
resolution of Banco Popular, some investors filed claims against
the EU\u2019s Single Resolution Board decision, and the FROB's
resolution executed in accordance with the aforementioned
decision. Likewise, numerous civil lawsuits were filed against
Banco Santander, S.A. alleging that the information provided by
Banco Popular was erroneous and requesting from Banco
Santander, S.A. the restitution of the price paid for the acquisition
of the investment instruments or, where appropriate, the
corresponding compensation.
In relation to the direct appeals filed before the General Court of
the European Union (EGC) and the Court of Justice of the
European Union (CJEU), all appeals were either dismissed or
discontinued. Currently there are no ongoing appeals. On 4
February 2026, the National Court issued its first rulings
dismissing the actions brought against the FROB\u2019s decision, in
application of the judgments of the EGC and the CJEU.
In the civil proceedings, several Spanish judges referred to the
CJEU a number of preliminary questions that have already been
resolved. In particular, in the judgments of 5 May 2022
(C-410/20) and 5 September 2024 (C-775/22, C-779/22,
C-794/22), the CJEU stated that Directive 2014/59/EU on bank
resolution prevents shareholders, subordinated debt holders,
and holders of equity instruments converted into shares bringing
actions against a financial institution subject to a resolution
proceeding or against its successor after the resolution, claiming
liability for the information contained in the prospectus, under
Directive 2003/71/EC, or actions seeking the nullity of the
contract of subscription of capital instruments, which, given its
retroactive effects, would result in the refund of the value of
such securities, plus the interest accrued as of the date of
execution of the contract. In its 11 September 2025 resolution
(C-687/23), the CJEU declared that the above referred TJUE
resolutions do not apply to actions pursued prior to the entity\u2019s
resolution. There are currently no other preliminary questions
under consideration.
On 4 March 2024, in the context of preliminary proceedings
42/2017, the Central Court of Instruction No. 4 issued a ruling
transforming the proceedings into Summary Proceedings and
terminating the investigation phase. This ruling considers that
the circumstantial evidence resulting from the investigation
which could constitute a crime is basically the following: (i) an
alleged misrepresentation in the prospectus of the 2016 capital
increase of Banco Popular; (ii) an alleged misrepresentation in
the annual accounts of Banco Popular for 2015, the interim
financial statements for 2016 and the annual accounts for 2016;
and (iii) the offer to the market of a distorted amount of
regulatory capital, after the capital increase of 2016 (for
allegedly having been granted by Banco Popular financing to
clients for the subscription of shares in the aforementioned
capital increase, without discounting it from the regulatory
capital). According to the aforementioned ruling, these facts
could constitute the crimes of fraud of investors (art. 282 of the
Criminal Code) and accounting falsehood (art. 290 of the
Criminal Code). All appeals filed against the ruling have been
dismissed.
The accusing parties, including the Public Prosecutor's Office,
filed their indictment briefs on 28 October 2024, which included
requests for compensation for civil liability and the request that
not only the defendants but also several entities are held liable
for such compensation, including Banco Santander, S.A., the
auditing firm and several insurance companies. Following the
filing of the indictment briefs, on 22 November 2024, the Court
(Investigating Judge) issued an order for the opening of the oral
trial against the defendants and civil liability parties, including
Banco Santander, S.A. as a possible civil liable party. However, in
line with what was determined by the Spanish National Court
and confirmed by the Supreme Court concerning the hypothetical
succession of Banco Popular by Banco Santander, S.A., the oral
trial has not been opened against the Bank as possible direct civil
liable party.
The order to open the oral trial states that the plaintiffs have
requested compensation for civil liability for a total amount of
EUR 2,277.65. Additionally, the order rejects the imposition of
the guarantee requested by several of the accusing parties,
considering that it is unnecessary to secure the outcome of the
trial. The defendants and potential civil liable parties submitted
their defense writs on 4 February 2025. After that, the
proceedings will be forwarded to the Criminal Chamber of the
National Court for the oral trial.
Regarding civil liability, the Bank considers that it has no
subsidiary civil liability in light of the CJEU\u2019s judgments of 5 May
2022 (C-410/20), 5 September 2024 (C-775/22, C-779/22,
C-794/22) and 11 September 2025 (C-687/23 and C-447/23).
Notwithstanding the foregoing, the Spanish National Court has
stated that this issue shall be resolved within the ongoing
proceedings.
The estimated cost of any compensation to shareholders and
bondholders of Banco Popular recognized in the 2017 accounts
amounted to EUR 680\u00a0million, of which EUR 535\u00a0million were
applied to the commercial loyalty program. On 15 December
2024, Banco Santander, S.A., proceeded to redeem in advance
voluntarily all bonds in circulation regarding such commercial
action. The CJEU judgements of 5 May 2022 (C-410/20), 5
September 2024 (C-775/22, C-779/22, C-794/22) and 11
September 2025 (C-687/23 and C-447/23) referred above,
represented a very significant reduction in the risk associated
with these claims.
\u2022 German shares investigation: the Cologne Public Prosecution
Office is conducting an investigation against the Bank and other
group entities based in the UK - Santander UK plc, Santander
Financial Services Plc and Cater Allen International Limited -, in
relation to a particular type of tax dividend linked transactions
known as cum-ex transactions.
The Group is cooperating with the German authorities. According
to the state of the investigations, the result, and the effects for
the Group, which may potentially include the imposition of
material financial consequences (penalties, and/or
disgorgement of proceeds) cannot be anticipated. For this
reason, the Bank has not recognized any provisions in relation to
the potential imposition of financial liabilities.
\u2022 Banco Santander, S.A. was sued in a legal proceeding in which
the plaintiff alleges that the Bank breached his contract as CEO
of the institution: in the lawsuit, the claimant mainly requested a
declaratory ruling upholding the existence, validity and
effectiveness of such contract and its enforcement together with
the payment of certain amounts. For the case that the main
request is not granted, the claimant sought a compensation for a
total amount of approximately EUR 112\u00a0million or, an alternative
relief for other minor amounts. Banco Santander, S.A. answered
to the legal action stating that the conditions to which the
appointment of that position was subject to were not met; that
the executive services contract required by law was not
concluded; and that in any case, the parties could terminate the
contract without any justified cause. On 17 May 2021, the
plaintiff reduced his claims for compensation to EUR 61.9\u00a0million.
On 9 December 2021, the Court upheld the claim and ordered
the Bank to compensate the claimant in the amount of EUR
67.8\u00a0million. By court order of 13 January 2022, the Court
corrected and supplemented its judgment, reducing the total
amount to be paid by the Bank to EUR 51.4\u00a0million and clarifying
that part of this amount (buy out) was to be paid under the terms
of the offer letter, i.e., entirely in Banco Santander shares, within
the deferral period for this type of remuneration at the plaintiff's
former employer and subject to the performance metrics or
parameters of the plan in force at the Bank, which was that of
2018. As explained in note 5 of the report of the consolidated
annual accounts of the year 2022, the degree of performance of
these objectives was 33.3%.
The Bank filed an appeal against the judgment before the Madrid
Court of Appeal, which was opposed by the plaintiff. At the same
time, the plaintiff filed an application for provisional
enforcement of the judgment in the First Instance Court. A court
order was issued ordering enforcement of the judgment, and the
Bank deposited in the court bank account the full amount
provisionally awarded to the claimant, including interest, for an
approximate sum of EUR 35.5\u00a0million, within the voluntary
compliance period.
On 6 February 2023, Banco Santander was notified with the
judgment of 20 January 2023 by which the Madrid Court of
Appeal partially upheld the appeal filed by the Bank. The
judgment has reduced the amount to be paid by EUR 8\u00a0million,
which, to the extent that this amount was already paid in the
provisional partial enforcement of the judgement of First
Instance Court, must be returned to the Bank together with other
amounts for interest, which the appeal judgement also rejects.
The plaintiff deposited circa EUR 9.6\u00a0million. This amount was
received by the Bank on 11 July 2023.
On 11 April 2023, the Bank filed an extraordinary appeal for
procedural infringement and an appeal in cassation against the
Madrid Court of Appeal\u2019s judgment before Spanish Supreme
Court. The extraordinary and cassation appeals submitted by the
Bank were accepted on 26 March 2025 and are pending to be
resolved. Existing provisions cover the estimated risk of loss.
\u2022 CHF Polish Mortgage Loans: In\u00a0 October 2019, the CJEU rendered
its decision in relation to the effects of the potential unfairness of
certain contractual clauses in CHF-Indexed loan agreements. The
CJEU established that it for the national courts to determine the
invalidity of a contract where it cannot be maintained without
the clause declared unfair and where no supplementary
provisions exist that would allow the contract to be maintained.
Subsequently, in\u00a0 June 2023, the CJEU confirmed that the effects
of such invalidity must be determined in accordance with
national law, interpreted in the light of Directive 93/13/EEC, and
that claims by financial institutions exceeding the
reimbursement of the loan principal and, where applicable,
default interest, are contrary to the objectives of that Directive.\u00a0
In April 2024, the Civil Chamber of the Polish Supreme Court
issued a judgment confirming that clauses relating to the
mechanism for determining the exchange rate declared abusive
cannot be replaced by alternative provisions and that, in the
absence of a binding exchange rate, the contract is not
enforceable for the parties. With regard to the effects of
invalidity, the Supreme Court confirmed the existence of
independent restitution claims for each party and ruled out the
possibility of claiming interest or other amounts for the use of
the funds. Nevertheless, certain aspects of this judgment have
been subject to internal debate within the Supreme Court itself,
reflecting the complexity and evolving nature of the
jurisprudential framework
In this context, Santander Bank Polska S.A. and Santander
Consumer Bank S.A. estimate legal risk using a model that
considers different possible outcomes and regularly review court
rulings on this matter in order to assess changes in case law,
including the impact of the aforementioned Supreme Court
judgment. Settlements are being reached both with customers
who have already initiated legal proceedings and with customers
who have not yet filed a claim. The model used to calculate
provisions for legal risks considers the evolution and expected
development of such settlements.
As of 31 December 2025, the total amount adjusted against the
gross carrying amount of loans in accordance with IFRS 9,
together with the provisions recognised under IAS 37, amounts
to PLN 5,874.3\u00a0million (EUR 1,391.9\u00a0million), of which
PLN3,191.7 million (EUR 756.3\u00a0million) corresponds to
adjustments to the gross carrying amount under IFRS 9 and PLN
2,682.6\u00a0million (EUR 635.6\u00a0million) to provisions recognised
under IAS 37. The adjustment to gross carrying amount in
accordance with IFRS9 during 2025 amounted to PLN
99.7\u00a0million (EUR 23.6\u00a0million), and the additional provisions
recognised under IAS 37 amounted to PLN 1245.3\u00a0million (EUR
293.8\u00a0million). Other costs related to the dispute amounted to
PLN 730.5\u00a0million (EUR 172.4\u00a0million). IAS 37.
As of the same date, Santander Bank Polska S.A. held a portfolio
of mortgages denominated in or indexed to CHF amounting to
approximately PLN 2,642.0\u00a0million (EUR 626.0\u00a0million) and
recognised provisions of PLN 4,766.4\u00a0million (EUR
1,129.4\u00a0million) to cover the CHF mortgage portfolio. Santander
Consumer Bank S.A. (Poland), in turn, held a portfolio of
mortgages denominated in or indexed to CHF amounting to
approximately PLN 735.9\u00a0million (EUR 174.4\u00a0million) and
recognised provisions of PLN 1,107.9\u00a0million (EUR 262.5\u00a0million)
to cover this portfolio.
Notwithstanding the above, as detailed in Note 3 b), in January
2026 the Group sold a 49% stake in Santander Bank Polska S.A.,
which ceased to be consolidated within the Group\u2019s perimeter as
of that date.
The Group continues to monitor the evolution of legal
proceedings and to periodically review the adequacy of the
provisions recognised, which represent the best estimate of the
risk existing as of the reporting date.
\u2022 Banco Santander Mexico: dispute regarding a testamentary trust
constituted in 1994 by Mr. Roberto Garza Sada in Banca Serfin
(currently Santander Mexico) in favor of his four sons in which he
affected shares of Alfa, S.A.B. de C.V. (respectively, Alfa and the
Trust). During 1999, Mr. Roberto Garza Sada instructed
Santander M\u00e9xico in its capacity as trustee to transfer
36,700,000 shares from the Trust's assets to his sons and
daughters and himself. These instructions were ratified in 2004
by Mr. Roberto Garza Sada before a Notary Public.
Mr. Roberto Garza Sada passed away on 14 August 2010 and
subsequently, in 2012, his daughters filed a complaint against
Santander Mexico alleging it had been negligent in its trustee
role. The lawsuit was dismissed at first instance in April 2017 and
on appeal in 2018. In May 2018, the plaintiffs filed an appeal
(recurso de amparo) before the First Collegiate Court of the
Fourth Circuit based in Nuevo Le\u00f3n, which ruled in favor of the
plaintiffs on 7 May 2021, annulling the 2018 appeal judgment
and condemning Santander Mexico to the petitions claimed,
consisting of the recovery of the amount of 36,700,000 Alfa
shares, together with dividends, interest and damages.
Since 2021, Santander Mexico has filed before the Supreme
Court of Justice of the Nation a constitutional review challenge
(recurso de revisi\u00f3n constitucional) against the referred decision
which was initially rejected by the Supreme Court; and several
appeals (recursos de reclamaci\u00f3n) against such rejection. On 25
June 2025, one of the appeals filed by the Bank was accepted,
and this decision was extended to a remaining one, which will
now be resolved. In case that these appeals are resolved
favorably to the Bank, the Supreme Court will decide on the
merits of the constitutional review against the judgment which
condemned the Bank.
In parallel to the foregoing, the Bank also filed an amparo
against the judgment favorable to the plaintiffs rendered by the
First District Court in the State of Nuevo Le\u00f3n before the
Collegiate Courts if such State, and in 2024, the Bank requested
the Supreme Court of Justice of the Nation to take up and resolve
the matter through the faculty of attraction, what is pending.
The challenges and appeals filed by the Bank imply that the
judgment rendered in favour of the plaintiffs is not final, and
Santander M\u00e9xico believes that the actions taken should prevail
and reverse the decision against it. The impact of a potential
unfavorable resolution for Santander M\u00e9xico will be determined
in a subsequent proceeding and will also depend on the
additional actions that Santander M\u00e9xico may take in its defense,
so it is not possible to determine it at this time. At the current
stage of the proceedings, the provisions recorded are considered
sufficient to cover the risks deriving from this claim.
\u2022 Mortgage Expenses: in December 2015 the Spanish Supreme
Court ruled that mortgage clauses relating to the payment of
fees associated to formalizing the mortgage were abusive. On 27
November 2018, the Supreme Court agreed that the taxpayer of
the documented legal acts stamp duty tax (IAJD) on the
mortgage loans should be the borrower. On 9 November 2018,
RDL 17/2018 came into force and modified the Law of the IAJD,
establishing that the taxpayer is the Bank. On 23 January 2019,
the Supreme Court ruled the distribution of the same must be
50% between the Bank and the borrower in public notary
expenses and agency expenses.\u00a0 The Supreme Court also ruled
that the Bank must pay 100% of the Registry. On 26 October
2020, the Supreme Court ruled that the Bank is fully responsible
for the management expenses; and on 27 January 2021, the
Supreme Court ruled that the Bank is also responsible for the
valuation expenses.
In relation to the statute of limitations, on 25 April 2024, two\u00a0
judgments were rendered (cases C-561/21 and C-484/21) in
which the Court of Justice of the European Union (CJEU) stated
that the commencement of the statute of limitations for the
reimbursement action of the mortgage expenses derived from
the annulment of the clause, shall be fixed on the moment when
the consumer has an effective knowledge of the abusive nature
of the clause and its effects and that this date must not be fixed
(a) on the date of payment of such expense nor of the execution
of the agreement; (b) when the Supreme Court has handed down
judgments stating the abusive nature of a clause similar to the
one included in the consumer contract; nor (c) when the CJEU has
handed down judgments confirming that the statute of
limitations for the reimbursement action of the amounts derived
from the annulment of contractual provisions is valid subject to
its compliance with the principles of equivalence and
effectiveness.
The Supreme Court has confirmed this criterion in its 14 June
2024 judgment, establishing that the public dissemination of
case-law declaring the abusive nature of a clause does not
necessarily give rise to the limitation period of the
reimbursement action derived from similar clauses. However,
the 4 July 2024 judgment, rendered in the case C-450/22, the
CJEU has established that it cannot be excluded a priori that, as a
consequence of the occurrence of an objective event or of a
notorious event, such as the amendment of the applicable
legislation or a widely disseminated and debated development of
jurisprudence, the court considers that the average consumer's
overall perception of the floor clause has changed during the
reference period and has enabled him to become aware of the
potentially significant economic consequences arising from such
clause. A further preliminary question concerning the statute of
limitations of the reimbursement action derived from the
annulment of mortgage expenses has been raised before the
CJEU by the First Instance Court No 8 of La Coru\u00f1a.
In December in 2024, the Supreme Court handed down two
additional judgments regarding statute of limitations, in which it
determines that the date to be considered for the purposes of the
application of Directive 93/1994 and, consequently, the statute
of limitations detailed in its previous judgments, is 31 December
1994 (i.e. the date when the deadline for its transposition
ended). This is based on the principle of interpretation in
accordance with directives not transposed (applicable once their
transposition period has expired). The recorded provision
includes the best estimate of Group\u2019s liability for this matter.
Banco Santander and the other Group companies are subject to
claims and, therefore, are party to certain judicial and
administrative proceedings incidental to the normal course of their
business including those in connection with lending activities,
relationships with employees and other commercial or tax matters
additional to those referred to here.
With the information available to it, the Group considers that, at 31
December 2025, it had reliably estimated the obligations
associated with each proceeding and had recognized, where
necessary, sufficient provisions to cover reasonably any liabilities
that may arise as a result of these tax and legal risks. Disputes in
which risk and/or provisions have been registered but are not
disclosed is justified on the basis that it would be prejudicial to the
proper defense of the Group. Subject to the qualifications made, it
also believes that any liability arising from such claims and
proceedings will not have, overall, a material adverse effect on the
Group\u2019s business, financial position, or results of operations.
35. Memorandum items
Memorandum items relates to balances representing rights,
obligations and other legal situations that in the future may have
an impact on net assets, as well as any other balances needed to
reflect all transactions performed by the consolidated entities
although they may not impinge on their net assets.
a) Guarantees and contingent commitments
granted
Contingent liabilities includes all transactions under which an
entity guarantees the obligations of a third party and which result
from financial guarantees granted by the entity or from other types
of contracts. The detail is as follows:
2025
2024
2023
Loans commitment granted
321,234
302,861
279,589
Of which impaired
345
511
406
Financial guarantees granted
17,449
16,901
15,435
Of which impaired
332
217
578
Financial guarantees
17,437
16,887
15,400
Credit derivatives sold
12
14
35
Other commitments granted
148,118
134,493
113,273
Of which impaired
668
793
542
Technical guarantees
62,161
61,551
57,363
Other
85,957
72,942
55,910
The breakdown as at 31 December 2025 of the exposures and the
provision fund out of balance sheet by impairment stage is EUR
464,215 million and EUR 338 million (EUR 435,147 million and
EUR 305 million in 2024 and EUR 398,243\u00a0million and EUR
302\u00a0million in 2023) in stage 1, EUR 21,241 million and EUR
206\u00a0million (EUR 17,587 million and EUR 192 million in 2024 and
EUR 8,528\u00a0million and EUR 174\u00a0million in 2023) in stage 2 and EUR
1,345 million and EUR 169 million (EUR 1,521 million and EUR 213
million in 2024 and EUR 1,526\u00a0million and EUR 226\u00a0million in
2023) in stage 3, respectively.
Income from guarantee instruments is recognised under 'Fee and
commission income' in the consolidated income statements and is
calculated by applying the rate established in the related contract
to the nominal amount of the guarantee.
i. Loan commitments granted
Loan commitments granted: firm commitments of grating of credit
under predefined terms and conditions, except for those that
comply with the definition of derivatives as these can be settled in
cash or through the delivery of issuance of another financial
instrument. They include stand-by credit lines and long-term
deposits.
ii. Financial guarantees granted
Financial guarantees includes, inter alia, financial guarantee
contracts such as financial bank guarantees, credit derivatives sold,
and risks arising from derivatives arranged for the account of third
parties.
iii. Other commitments granted
Other contingent liabilities include all commitments that could
give rise to the recognition of financial assets not included in the
above items, such as technical guarantees and guarantees for the
import and export of goods and services.
b) Memorandum items
i. Off-balance-sheet funds under management
The detail of off-balance-sheet funds managed by the Group and
by joint ventures is as follows:
EUR million
2025
2024
2023
Investment funds
197,346
178,840
165,174
Pension funds
16,112
15,646
14,831
Assets under management
43,974
35,999
29,732
257,432
230,485
209,737
ii. Non-managed marketed funds
Additionally, at 31 December 2025 there are non-managed
marketed funds totalling EUR 73,173 million (EUR 62,002 million
and EUR 50,036 million at 31 December 2024 and 2023,
respectively).
c) Third-party securities held in custody
At 31 December 2025 the Group held in custody debt securities
and equity instruments totalling EUR 306,723 million (EUR
292,216 million and EUR 268,338 million at 31 December 2024
and 2023 , respectively) entrusted to it by third parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1838": { "value": "Contingent liabilities: possible obligations that arise from past
events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more future events not
wholly within the control of the consolidated entities. They
include the present obligations of the consolidated entities when
it is not probable that an outflow of resources embodying
economic benefits will be required to settle them. The Group
does not recognise the contingent liability. The Group will
disclose a contingent liability, unless the possibility of an outflow
of resources embodying economic benefits is remote.\u00a0
Irrevocable contingent payments (ICPs), corresponding to
payment facilities allowed under the annual contributions of
certain levies, are recorded in accordance with the definitions
mentioned above. In this regard, on 14 November 2025, the
Group learned that the CJEU had definitively resolved the dispute
concerning the CPI contributions made by a financial institution
to the Single Resolution Fund, upholding the judgment of the
General Court of 25 October 2023, which ruled against said
financial institution regarding its request for the return of
guarantees linked to irrevocable payment commitments for a
Group entity whose license had been withdrawn. In light of this
ruling, it was concluded that it was not necessary to modify the
accounting entries that the Santander Group has made when
using these facilities to make contributions corresponding to this
levy or to other similar levies that also allow for such
contributions.
e) Litigation and other matters
i. Tax-related litigation
At 31 December 2025 the main tax-related proceedings concerning
the Group were as follows:
\u2022 Legal actions filed by Banco Santander (Brasil) S.A. and other
Group entities to avoid the application of Law 9.718/98, which
modifies the basis to calculate Programa de Integra\u00e7ao Social
(PIS) and Contribui\u00e7\u00e3o para Financiamento da Seguridade Social
(COFINS), extending it to all the entities income, and not only to
the income from the provision of services. In relation of Banco
Santander (Brasil) S.A. process, in 2015 the Federal Supreme
Court (FSC) admitted the extraordinary appeal filed by the
Federal Union regarding PIS, and dismissed the extraordinary
appeal lodged by the Brazilian Public Prosecutor's Office
regarding COFINS contribution, confirming the decision of
Federal Regional Court favourable to Banco Santander (Brasil)
S.A. of August 2007. The Federal Supreme Court also admitted
the appeals related to the other Group entities both for PIS and
COFINS. On June 13, 2023, the Federal Supreme Court ruled
unfavorably 2 cases through General Repercussion (Theme 372),
including Banco Santander (Brasil) S.A. case. The Bank has filed a
new appeal, considering the possible loss as a contingent
liability. The cases of the other Group entities are no longer
susceptible of appeal and a provision has been recognized for the
amount of the estimated loss.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil have appealed against the assessments issued by the
Brazilian tax authorities questioning the deduction of loan losses
in their income tax returns (Imposto sobre a Renda das Pessoas
Jur\u00eddicas - IRPJ - and Contribu\u00e7ao Social sobre o Lucro Liquido -
CSLL-) in relation to different administrative processes of various
years on the ground that the requirements under the applicable
legislation were not met. The appeals, which involves several
cases, are pending decision in different administrative and
judicial instances. No provision was recognised in connection
with the amount considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil are involved in administrative and legal proceedings
against several municipalities that demand payment of the
Service Tax on certain items of income from transactions not
classified as provisions of services. There are several cases in
different judicial instances. A provision was recognised in
connection with the amount of the estimated loss.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil are involved in administrative and legal proceedings
against the tax authorities in connection with the taxation for
social security purposes of certain items which are not
considered to be employee remuneration. There are several
cases in different judicial instances. A provision was recognised in
connection with the amount of the estimated loss.
\u2022 In May 2003 the Brazilian tax authorities issued separate
infringement notices against Santander Distribuidora de T\u00edtulos e
Valores Mobiliarios, Ltda. (DTVM, actually Santander Brasil
Tecnolog\u00eda S.A.) and Banco Santander (Brasil) S.A. in relation to
the Provisional Tax on Financial Movements (Contribui\u00e7\u00e3o
Provis\u00f3ria sobre Movimenta\u00e7\u00e3o Financeira) of the years 2000 to
2002. The administrative discussion ended unfavourably for both
companies, and on July 3, 2015, filed a lawsuit requesting the
cancellation of both tax assessments. The lawsuit was judged
unfavourably in first instance. Therefore, both plaintiffs appealed
to the court of second instance. In December 2020, the appeal
was decided unfavourably and the judgement was appealed
before the higher courts. This case fell within the scope of the
Comprehensive Transaction Programme (Programa de Transa\u00e7ao
Integral) established by the Ministry of Finance, and in 2025 a
final settlement was reached. The amounts paid under the terms
of the Transaction were fully provisioned.
\u2022 In December 2010 the Brazilian tax authorities issued an
infringement notice against Santander Seguros S.A. (Brasil),
(currently Zurich Santander Brasil Seguros e Previd\u00eancia S.A.), as
the successor by merger to ABN AMRO Brasil dois Participa\u00e7\u00f5es
S.A., in relation to income tax (IRPJ and CSLL) for 2005,
questioning the tax treatment applied to a sale of shares of Real
Seguros, S.A. The administrative discussion ended unfavourably,
and the CARF decision has been appealed at the Federal Justice.
As the former parent of Santander Seguros S.A. (Brasil) (currently
Zurich Santander Brasil Seguros e Previd\u00eancia S.A.), Banco
Santander (Brasil) S.A. is liable in the event of any adverse
outcome of this proceeding. No provision was recognised in
connection with this proceeding as it is considered to be a
contingent liability.
\u2022 In November 2014 the Brazilian tax authorities issued an
infringement notice against Banco Santander (Brasil) S.A. in
relation to corporate income tax (IRPJ and CSLL) for 2009
questioning the tax-deductibility of the amortisation of the
goodwill of Banco ABN AMRO Real S.A. performed prior to the
absorption of this bank by Banco Santander (Brasil) S.A., but
accepting the amortisation performed after the merger. The Bank
appealed before the Higher Chamber of CARF, and a final
favourable decision was obtained in April 2024. No provision was
recognised in connection with this proceeding as it was
considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. has also appealed against
infringement notices issued by the tax authorities questioning
the tax deductibility of the amortisation of the goodwill arising
on the acquisition of Banco Comercial e de Investimento
Sudameris S.A from years 2007 to 2012. In May and October
2024, the appeal related to period 2009 to 2012 was finally
rejected by the CARF and the resolution was appealed at the
Federal Justice. No provision was recognised in connection with
this matter as it was considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. and other companies of the Group
in Brazil are undergoing administrative and judicial procedures
against Brazilian tax authorities for not admitting tax
compensation with credits derived from other tax concepts, not
having registered a provision for the amount considered to be a
contingent liability.
\u2022 Banco Santander (Brasil) S.A. is involved in appeals in relation to
infringement notices initiated by tax authorities regarding the
offsetting of tax losses in the CSLL of year 2009 and 2019. The
appeals are pending decision at the administrative level. No
provision was recognised in connection with this matter as it is
considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. filed a suspensive judicial measure
aiming to avoid the withholding income tax (Imposto sobre a
Renda Retido na Fonte - IRRF), on payments derived from
technology services provided by Group foreign entities. A
favorable decision was handed down and an appeal was filed by
the tax authority at the Federal Regional Court, where it awaits
judgment. No provision was recognized as it is considered to be a
contingent liability.
\u2022 Brazilian tax authorities have issued infringement notices against
Getnet Adquir\u00eancia e Servi\u00e7os para Meios de Pagamento S.A and
Banco Santander (Brasil) S.A. as jointly liable in relation to
corporate income tax (IRPJ and CSLL) for 2014 to 2018
questioning the tax-deductibility of the amortization of the
goodwill from the acquisition of Getnet Tecnologia\u00a0 Proces S.A.,
considering that\u00a0 the company would not have complied with the
legal requirements for such amortization. The tax assessment
notices were appealed to the CARF. In 2024, the CARF issued a
favourable partial decision on both infraction notices. In
December 2024, the tax authorities issued a new infringement
notice for 2019 and 2020. No provision was recognized as it is
considered to be a contingent liability.
The total amount for the aforementioned Brazil lawsuits that are
fully provisioned is EUR 553 million, and for lawsuits that qualify
as contingent liabilities is EUR 5,040\u00a0million.
At the date of approval of these consolidated annual accounts,
there are other less significant tax disputes.
ii. Non-tax-related proceedings
At 31 December 2025 the main non-tax-related proceedings
concerning the Group were as follows:
\u2022 Payment Protection Insurance (PPI): AXA France IARD and AXA
France Vie (former GE Capital Corporation Group entities, known
as Financial Insurance Company Ltd (FICL) and Financial
Assurance Company Ltd (FACL), acquired by AXA SA in 2015)
(together, AXA France) brought a claim against (i) Santander
Cards UK Limited (formerly known as GE Capital Bank Limited
(GECB), which was acquired by Banco Santander, S.A. in 2008
and subsequently transferred to Santander UK plc); and (ii)
Santander Insurance Services UK Limited (a Banco Santander,
S.A. subsidiary) (SISUK and together with GECB the Santander
Entities). The claim relates to the allocation of liability for
compensation and associated costs in respect of a large number
of PPI policies distributed by GECB pre-2005, which were
underwritten by FICL and FACL.
On 25 July 2025, the Commercial Court of England and Wales
handed down its judgment in relation to the claim brought by
AXA France (the Judgment). It found against SISUK in relation to
AXA France\u2019s claim pursuant to an indemnity in an agency
agreement entered into between GECB, FICL and FACL in 2000
and novated by GECB to SISUK in 2010.\u00a0 It also found GECB
negligent in the sale of PPI policies, but this element of the claim
was time barred to PPI policies sold in the period between 2002
and 2005 and overlaps with the indemnity claim. The Judgment
required the Santander Entities to pay GBP 515\u00a0million plus
interest of GBP 162\u00a0million.
In October 2025 the Santander Entities obtained permission to
appeal the findings in the Judgment relating to the application of
the indemnity arising from PPI sales occurring before the
indemnity had been agreed in December 2000 (Santander
Appeal).\u00a0 In January 2026, AXA France obtained permission to
cross-appeal the Commercial Court\u2019s rejection of AXA France\u2019s
contribution claim made under the Civil Liability (Contribution)
Act 1978 (the AXA France\u2019s cross appeal). A decision on the
Santander Appeal and AXA France\u2019s cross appeal is expected in
the second half of 2026.
With respect to the Santander Appeal and AXA France\u2019s cross-
appeal, there are points of legal interpretation to be resolved
and, in the case of the cross-appeal, factual points to be
determined. The significant uncertainties make it difficult to
predict the timing or the final impact of the resolution of the
appeals for the Group.
No customers have suffered loss as a consequence of the claim
brought by AXA France or the Judgment, nor does it impact upon
past redress paid to customers for PPI complaints.
\u2022 Motor Finance Broker Commissions: following the Financial
Conduct Authority\u2019s (FCA) Motor Market review in 2019 which
resulted in a change in rules in January 2021, Santander
Consumer (UK) plc (SCUK) has received several of county court
claims and complaints in respect of its historical use of
discretionary commission arrangements (DCAs) prior to the 2021
rule changes. In January 2024, the FCA commenced a review of
the use of DCAs between lenders and credit brokers (the FCA
Review). Pending the conclusion of its review, the FCA paused
the handling of motor finance commission related complaints.
The pause is currently in place until 31 May 2026, reflecting the
extended timeline of the FCA's Review and subsequent
Consultation (see below).
After the Court of Appeal's decision rendered on 25 October 2024
within the judicial proceedings followed against DCAs of other
financial entities, as of 31 December 2024, the Santander UK
group Holdings recognised a provision of GBP 293.0\u00a0million (EUR
353.3\u00a0million). This provision was determined based upon the
information then available. It included estimates for operational
and legal costs and potential awards based on various scenarios
and used a range of assumptions, including the possible outcome
of the appeal to the Supreme Court in 2025 of the Court of
Appeal's decision. On 1 August 2025, the Supreme Court handed
down its judgment stating that motor dealers acting as credit
brokers do not owe fiduciary or disinterested duties to their
customers and, as a consequence, commission payments by
lenders to motor dealers would not be unlawful on that basis. In
addition, the Supreme Court held that an unfair relationship
under s.140A of the Consumer Credit Act 1974 had arisen in one
of the cases on its facts and awarded the amount of the
commission paid by the lender plus interest at a commercial rate
as the remedy. It also confirmed that the test for unfairness of
the relationship with borrower was highly fact sensitive and it
outlined a series of non-exhaustive factors to consider in
assessing unfair relationships in this context (indicating that no
or partial disclosure was not necessarily enough on its own to
constitute an unfair relationship).
Following the Supreme Court\u2019s judgment, on 3 August 2025, the
FCA announced that it aimed to publish a consultation on an
industry wide redress scheme in early October (the
Consultation). Further to the publication of the FCA\u2019s
Consultation on\u00a07 October 2025, the Santander UK group
submitted its comments on 12 December 2025 and continues to
engage constructively with the FCA. The FCA has stated that its
intention is to publish the industry wide redress scheme no later
than in March 2026.
In light of the proposed sectoral scheme and taking into account
the objections raised and the uncertainty surrounding both the
final decision to be adopted by the FCA and the outcome of any
potential legal challenges, the Santander UK group has reviewed
the potential impact on SCUK in relation to the vehicle finance
market. The range of scenarios has been updated, which has
resulted in an additional estimated charge of GBP 183\u00a0million
(EUR 213.6\u00a0million). As of 31 December 2025, the total provision
amounts to GBP 461\u00a0million (EUR 528.1\u00a0million). This continues
to include estimates for operational and legal costs and potential
awards reflecting an increased likelihood of a higher number of
cases than had previously been predicted as eligible for redress
as well as an increased possibility that a remedy is sought to be
imposed which extends beyond reversing any damaging financial
consequences caused by any unfair relationships. The provision is
based on various scenarios using a range of assumptions,
including potential changes to the proposed scheme following
responses to the Consultation or publication of the FCA\u2019s final
scheme rules.
There continue to be significant uncertainties as to the nature,
extent and timing of redress payments. Therefore, while the
ultimate financial impact of this matter could materially differ
from the amount of the provision as of this date, such impact is
not expected to be material for the Group as of the date of these
financial statements.
\u2022 Delforca: dispute arising from equity swaps entered into by
Gaesco (now Delforca 2008, S.A. (Delforca)) on shares of
Inmobiliaria Colonial, S.A. Banco Santander, S.A. is claiming to
Delforca before the Court of Barcelona in charge of the
bankruptcy proceedings, a total of EUR 66\u00a0million from the
liquidation resulting from the early termination of financial
transactions due to Delforca's non-payment of the equity swaps.
In the same bankruptcy proceedings, Delforca and Mobiliaria
Monesa, S.A., parent of Delforca (Monesa) have in turn claimed
the Bank to repay EUR 57\u00a0million, which the Bank received for
the enforcement of the agreed guarantee, as a result of the
aforementioned liquidation. On 16 September 2021 the
Commercial Court Number 10 of Barcelona has ordered Delforca
to pay the Bank EUR 66\u00a0million plus EUR 11\u00a0million in interest
and has dismissed the claims filed by Delforca. This decision was
appealed by Delforca, Monesa and the bankruptcy administrator.
On 15 November 2023 the Provincial Court of Barcelona
rendered a judgment dismissing the appeals filed by Delforca,
Monesa and the bankruptcy administrator. Delforca and Monesa
(not the bankruptcy administrator) filed an appeal in cassation,
that was rejected in November 2025 by the First Chamber of
Supreme Court and, as a result, the appeal and first instance
judgments in favor of the Bank have been confirmed.
Separately, Monesa, filed in 2009 a civil procedure with the
Courts of Santander against the Bank claiming damages that
have not been specified to date. The procedure is suspended.
\u2022 'Planos Econ\u00f3micos': like the rest of the banking system in Brazil,
Santander Brazil has been the target of customer complaints and
collective civil suits stemming mainly from legislative changes
and its application to the retribution of bank deposits (economic
plans). At the end of 2017, an agreement was reached between
regulatory entities and the Brazilian Federation of Banks
(Febraban) with the purpose of closing the lawsuits and was
approved by the Supremo Tribunal Federal (the STF and the
Collective Agreement). Discussions focused on specifying the
amount to be paid to each affected client according to the
balance in their notebook at the time of the application of the
plan. Finally, the total value of the payments will depend on the
number of adhesions there may be and the number of savers
who have proved the existence of the account and its balance on
the date the indexes were changed. In November 2018, the STF
ordered the suspension of all economic plan proceedings for two
years from May 2018. On 29 May 2020,\u00a0 STF approved the
extension of the Collective Agreement for 5 additional years
starting from 3 June 2020. Condition for this extension was to
include in the Collective Agreement actions related to the 'Collor
I Plan'. On May 2025, the STF issued the judgment recognizing
the constitutionality of the Bresser, Ver\u00e3o, Collor I and II plans,
guaranteeing savers the receipt of the amounts established in
the Collective Agreement and setting a deadline of 24 months for
new adhesions. As of 31 December 2025, the provision recorded
for the economic plan proceedings amounts to EUR
155.3\u00a0million.
\u2022 Banco Popular\u00b4s acquisition: after the declaration of the
resolution of Banco Popular, some investors filed claims against
the EU\u2019s Single Resolution Board decision, and the FROB's
resolution executed in accordance with the aforementioned
decision. Likewise, numerous civil lawsuits were filed against
Banco Santander, S.A. alleging that the information provided by
Banco Popular was erroneous and requesting from Banco
Santander, S.A. the restitution of the price paid for the acquisition
of the investment instruments or, where appropriate, the
corresponding compensation.
In relation to the direct appeals filed before the General Court of
the European Union (EGC) and the Court of Justice of the
European Union (CJEU), all appeals were either dismissed or
discontinued. Currently there are no ongoing appeals. On 4
February 2026, the National Court issued its first rulings
dismissing the actions brought against the FROB\u2019s decision, in
application of the judgments of the EGC and the CJEU.
In the civil proceedings, several Spanish judges referred to the
CJEU a number of preliminary questions that have already been
resolved. In particular, in the judgments of 5 May 2022
(C-410/20) and 5 September 2024 (C-775/22, C-779/22,
C-794/22), the CJEU stated that Directive 2014/59/EU on bank
resolution prevents shareholders, subordinated debt holders,
and holders of equity instruments converted into shares bringing
actions against a financial institution subject to a resolution
proceeding or against its successor after the resolution, claiming
liability for the information contained in the prospectus, under
Directive 2003/71/EC, or actions seeking the nullity of the
contract of subscription of capital instruments, which, given its
retroactive effects, would result in the refund of the value of
such securities, plus the interest accrued as of the date of
execution of the contract. In its 11 September 2025 resolution
(C-687/23), the CJEU declared that the above referred TJUE
resolutions do not apply to actions pursued prior to the entity\u2019s
resolution. There are currently no other preliminary questions
under consideration.
On 4 March 2024, in the context of preliminary proceedings
42/2017, the Central Court of Instruction No. 4 issued a ruling
transforming the proceedings into Summary Proceedings and
terminating the investigation phase. This ruling considers that
the circumstantial evidence resulting from the investigation
which could constitute a crime is basically the following: (i) an
alleged misrepresentation in the prospectus of the 2016 capital
increase of Banco Popular; (ii) an alleged misrepresentation in
the annual accounts of Banco Popular for 2015, the interim
financial statements for 2016 and the annual accounts for 2016;
and (iii) the offer to the market of a distorted amount of
regulatory capital, after the capital increase of 2016 (for
allegedly having been granted by Banco Popular financing to
clients for the subscription of shares in the aforementioned
capital increase, without discounting it from the regulatory
capital). According to the aforementioned ruling, these facts
could constitute the crimes of fraud of investors (art. 282 of the
Criminal Code) and accounting falsehood (art. 290 of the
Criminal Code). All appeals filed against the ruling have been
dismissed.
The accusing parties, including the Public Prosecutor's Office,
filed their indictment briefs on 28 October 2024, which included
requests for compensation for civil liability and the request that
not only the defendants but also several entities are held liable
for such compensation, including Banco Santander, S.A., the
auditing firm and several insurance companies. Following the
filing of the indictment briefs, on 22 November 2024, the Court
(Investigating Judge) issued an order for the opening of the oral
trial against the defendants and civil liability parties, including
Banco Santander, S.A. as a possible civil liable party. However, in
line with what was determined by the Spanish National Court
and confirmed by the Supreme Court concerning the hypothetical
succession of Banco Popular by Banco Santander, S.A., the oral
trial has not been opened against the Bank as possible direct civil
liable party.
The order to open the oral trial states that the plaintiffs have
requested compensation for civil liability for a total amount of
EUR 2,277.65. Additionally, the order rejects the imposition of
the guarantee requested by several of the accusing parties,
considering that it is unnecessary to secure the outcome of the
trial. The defendants and potential civil liable parties submitted
their defense writs on 4 February 2025. After that, the
proceedings will be forwarded to the Criminal Chamber of the
National Court for the oral trial.
Regarding civil liability, the Bank considers that it has no
subsidiary civil liability in light of the CJEU\u2019s judgments of 5 May
2022 (C-410/20), 5 September 2024 (C-775/22, C-779/22,
C-794/22) and 11 September 2025 (C-687/23 and C-447/23).
Notwithstanding the foregoing, the Spanish National Court has
stated that this issue shall be resolved within the ongoing
proceedings.
The estimated cost of any compensation to shareholders and
bondholders of Banco Popular recognized in the 2017 accounts
amounted to EUR 680\u00a0million, of which EUR 535\u00a0million were
applied to the commercial loyalty program. On 15 December
2024, Banco Santander, S.A., proceeded to redeem in advance
voluntarily all bonds in circulation regarding such commercial
action. The CJEU judgements of 5 May 2022 (C-410/20), 5
September 2024 (C-775/22, C-779/22, C-794/22) and 11
September 2025 (C-687/23 and C-447/23) referred above,
represented a very significant reduction in the risk associated
with these claims.
\u2022 German shares investigation: the Cologne Public Prosecution
Office is conducting an investigation against the Bank and other
group entities based in the UK - Santander UK plc, Santander
Financial Services Plc and Cater Allen International Limited -, in
relation to a particular type of tax dividend linked transactions
known as cum-ex transactions.
The Group is cooperating with the German authorities. According
to the state of the investigations, the result, and the effects for
the Group, which may potentially include the imposition of
material financial consequences (penalties, and/or
disgorgement of proceeds) cannot be anticipated. For this
reason, the Bank has not recognized any provisions in relation to
the potential imposition of financial liabilities.
\u2022 Banco Santander, S.A. was sued in a legal proceeding in which
the plaintiff alleges that the Bank breached his contract as CEO
of the institution: in the lawsuit, the claimant mainly requested a
declaratory ruling upholding the existence, validity and
effectiveness of such contract and its enforcement together with
the payment of certain amounts. For the case that the main
request is not granted, the claimant sought a compensation for a
total amount of approximately EUR 112\u00a0million or, an alternative
relief for other minor amounts. Banco Santander, S.A. answered
to the legal action stating that the conditions to which the
appointment of that position was subject to were not met; that
the executive services contract required by law was not
concluded; and that in any case, the parties could terminate the
contract without any justified cause. On 17 May 2021, the
plaintiff reduced his claims for compensation to EUR 61.9\u00a0million.
On 9 December 2021, the Court upheld the claim and ordered
the Bank to compensate the claimant in the amount of EUR
67.8\u00a0million. By court order of 13 January 2022, the Court
corrected and supplemented its judgment, reducing the total
amount to be paid by the Bank to EUR 51.4\u00a0million and clarifying
that part of this amount (buy out) was to be paid under the terms
of the offer letter, i.e., entirely in Banco Santander shares, within
the deferral period for this type of remuneration at the plaintiff's
former employer and subject to the performance metrics or
parameters of the plan in force at the Bank, which was that of
2018. As explained in note 5 of the report of the consolidated
annual accounts of the year 2022, the degree of performance of
these objectives was 33.3%.
The Bank filed an appeal against the judgment before the Madrid
Court of Appeal, which was opposed by the plaintiff. At the same
time, the plaintiff filed an application for provisional
enforcement of the judgment in the First Instance Court. A court
order was issued ordering enforcement of the judgment, and the
Bank deposited in the court bank account the full amount
provisionally awarded to the claimant, including interest, for an
approximate sum of EUR 35.5\u00a0million, within the voluntary
compliance period.
On 6 February 2023, Banco Santander was notified with the
judgment of 20 January 2023 by which the Madrid Court of
Appeal partially upheld the appeal filed by the Bank. The
judgment has reduced the amount to be paid by EUR 8\u00a0million,
which, to the extent that this amount was already paid in the
provisional partial enforcement of the judgement of First
Instance Court, must be returned to the Bank together with other
amounts for interest, which the appeal judgement also rejects.
The plaintiff deposited circa EUR 9.6\u00a0million. This amount was
received by the Bank on 11 July 2023.
On 11 April 2023, the Bank filed an extraordinary appeal for
procedural infringement and an appeal in cassation against the
Madrid Court of Appeal\u2019s judgment before Spanish Supreme
Court. The extraordinary and cassation appeals submitted by the
Bank were accepted on 26 March 2025 and are pending to be
resolved. Existing provisions cover the estimated risk of loss.
\u2022 CHF Polish Mortgage Loans: In\u00a0 October 2019, the CJEU rendered
its decision in relation to the effects of the potential unfairness of
certain contractual clauses in CHF-Indexed loan agreements. The
CJEU established that it for the national courts to determine the
invalidity of a contract where it cannot be maintained without
the clause declared unfair and where no supplementary
provisions exist that would allow the contract to be maintained.
Subsequently, in\u00a0 June 2023, the CJEU confirmed that the effects
of such invalidity must be determined in accordance with
national law, interpreted in the light of Directive 93/13/EEC, and
that claims by financial institutions exceeding the
reimbursement of the loan principal and, where applicable,
default interest, are contrary to the objectives of that Directive.\u00a0
In April 2024, the Civil Chamber of the Polish Supreme Court
issued a judgment confirming that clauses relating to the
mechanism for determining the exchange rate declared abusive
cannot be replaced by alternative provisions and that, in the
absence of a binding exchange rate, the contract is not
enforceable for the parties. With regard to the effects of
invalidity, the Supreme Court confirmed the existence of
independent restitution claims for each party and ruled out the
possibility of claiming interest or other amounts for the use of
the funds. Nevertheless, certain aspects of this judgment have
been subject to internal debate within the Supreme Court itself,
reflecting the complexity and evolving nature of the
jurisprudential framework
In this context, Santander Bank Polska S.A. and Santander
Consumer Bank S.A. estimate legal risk using a model that
considers different possible outcomes and regularly review court
rulings on this matter in order to assess changes in case law,
including the impact of the aforementioned Supreme Court
judgment. Settlements are being reached both with customers
who have already initiated legal proceedings and with customers
who have not yet filed a claim. The model used to calculate
provisions for legal risks considers the evolution and expected
development of such settlements.
As of 31 December 2025, the total amount adjusted against the
gross carrying amount of loans in accordance with IFRS 9,
together with the provisions recognised under IAS 37, amounts
to PLN 5,874.3\u00a0million (EUR 1,391.9\u00a0million), of which
PLN3,191.7 million (EUR 756.3\u00a0million) corresponds to
adjustments to the gross carrying amount under IFRS 9 and PLN
2,682.6\u00a0million (EUR 635.6\u00a0million) to provisions recognised
under IAS 37. The adjustment to gross carrying amount in
accordance with IFRS9 during 2025 amounted to PLN
99.7\u00a0million (EUR 23.6\u00a0million), and the additional provisions
recognised under IAS 37 amounted to PLN 1245.3\u00a0million (EUR
293.8\u00a0million). Other costs related to the dispute amounted to
PLN 730.5\u00a0million (EUR 172.4\u00a0million). IAS 37.
As of the same date, Santander Bank Polska S.A. held a portfolio
of mortgages denominated in or indexed to CHF amounting to
approximately PLN 2,642.0\u00a0million (EUR 626.0\u00a0million) and
recognised provisions of PLN 4,766.4\u00a0million (EUR
1,129.4\u00a0million) to cover the CHF mortgage portfolio. Santander
Consumer Bank S.A. (Poland), in turn, held a portfolio of
mortgages denominated in or indexed to CHF amounting to
approximately PLN 735.9\u00a0million (EUR 174.4\u00a0million) and
recognised provisions of PLN 1,107.9\u00a0million (EUR 262.5\u00a0million)
to cover this portfolio.
Notwithstanding the above, as detailed in Note 3 b), in January
2026 the Group sold a 49% stake in Santander Bank Polska S.A.,
which ceased to be consolidated within the Group\u2019s perimeter as
of that date.
The Group continues to monitor the evolution of legal
proceedings and to periodically review the adequacy of the
provisions recognised, which represent the best estimate of the
risk existing as of the reporting date.
\u2022 Banco Santander Mexico: dispute regarding a testamentary trust
constituted in 1994 by Mr. Roberto Garza Sada in Banca Serfin
(currently Santander Mexico) in favor of his four sons in which he
affected shares of Alfa, S.A.B. de C.V. (respectively, Alfa and the
Trust). During 1999, Mr. Roberto Garza Sada instructed
Santander M\u00e9xico in its capacity as trustee to transfer
36,700,000 shares from the Trust's assets to his sons and
daughters and himself. These instructions were ratified in 2004
by Mr. Roberto Garza Sada before a Notary Public.
Mr. Roberto Garza Sada passed away on 14 August 2010 and
subsequently, in 2012, his daughters filed a complaint against
Santander Mexico alleging it had been negligent in its trustee
role. The lawsuit was dismissed at first instance in April 2017 and
on appeal in 2018. In May 2018, the plaintiffs filed an appeal
(recurso de amparo) before the First Collegiate Court of the
Fourth Circuit based in Nuevo Le\u00f3n, which ruled in favor of the
plaintiffs on 7 May 2021, annulling the 2018 appeal judgment
and condemning Santander Mexico to the petitions claimed,
consisting of the recovery of the amount of 36,700,000 Alfa
shares, together with dividends, interest and damages.
Since 2021, Santander Mexico has filed before the Supreme
Court of Justice of the Nation a constitutional review challenge
(recurso de revisi\u00f3n constitucional) against the referred decision
which was initially rejected by the Supreme Court; and several
appeals (recursos de reclamaci\u00f3n) against such rejection. On 25
June 2025, one of the appeals filed by the Bank was accepted,
and this decision was extended to a remaining one, which will
now be resolved. In case that these appeals are resolved
favorably to the Bank, the Supreme Court will decide on the
merits of the constitutional review against the judgment which
condemned the Bank.
In parallel to the foregoing, the Bank also filed an amparo
against the judgment favorable to the plaintiffs rendered by the
First District Court in the State of Nuevo Le\u00f3n before the
Collegiate Courts if such State, and in 2024, the Bank requested
the Supreme Court of Justice of the Nation to take up and resolve
the matter through the faculty of attraction, what is pending.
The challenges and appeals filed by the Bank imply that the
judgment rendered in favour of the plaintiffs is not final, and
Santander M\u00e9xico believes that the actions taken should prevail
and reverse the decision against it. The impact of a potential
unfavorable resolution for Santander M\u00e9xico will be determined
in a subsequent proceeding and will also depend on the
additional actions that Santander M\u00e9xico may take in its defense,
so it is not possible to determine it at this time. At the current
stage of the proceedings, the provisions recorded are considered
sufficient to cover the risks deriving from this claim.
\u2022 Mortgage Expenses: in December 2015 the Spanish Supreme
Court ruled that mortgage clauses relating to the payment of
fees associated to formalizing the mortgage were abusive. On 27
November 2018, the Supreme Court agreed that the taxpayer of
the documented legal acts stamp duty tax (IAJD) on the
mortgage loans should be the borrower. On 9 November 2018,
RDL 17/2018 came into force and modified the Law of the IAJD,
establishing that the taxpayer is the Bank. On 23 January 2019,
the Supreme Court ruled the distribution of the same must be
50% between the Bank and the borrower in public notary
expenses and agency expenses.\u00a0 The Supreme Court also ruled
that the Bank must pay 100% of the Registry. On 26 October
2020, the Supreme Court ruled that the Bank is fully responsible
for the management expenses; and on 27 January 2021, the
Supreme Court ruled that the Bank is also responsible for the
valuation expenses.
In relation to the statute of limitations, on 25 April 2024, two\u00a0
judgments were rendered (cases C-561/21 and C-484/21) in
which the Court of Justice of the European Union (CJEU) stated
that the commencement of the statute of limitations for the
reimbursement action of the mortgage expenses derived from
the annulment of the clause, shall be fixed on the moment when
the consumer has an effective knowledge of the abusive nature
of the clause and its effects and that this date must not be fixed
(a) on the date of payment of such expense nor of the execution
of the agreement; (b) when the Supreme Court has handed down
judgments stating the abusive nature of a clause similar to the
one included in the consumer contract; nor (c) when the CJEU has
handed down judgments confirming that the statute of
limitations for the reimbursement action of the amounts derived
from the annulment of contractual provisions is valid subject to
its compliance with the principles of equivalence and
effectiveness.
The Supreme Court has confirmed this criterion in its 14 June
2024 judgment, establishing that the public dissemination of
case-law declaring the abusive nature of a clause does not
necessarily give rise to the limitation period of the
reimbursement action derived from similar clauses. However,
the 4 July 2024 judgment, rendered in the case C-450/22, the
CJEU has established that it cannot be excluded a priori that, as a
consequence of the occurrence of an objective event or of a
notorious event, such as the amendment of the applicable
legislation or a widely disseminated and debated development of
jurisprudence, the court considers that the average consumer's
overall perception of the floor clause has changed during the
reference period and has enabled him to become aware of the
potentially significant economic consequences arising from such
clause. A further preliminary question concerning the statute of
limitations of the reimbursement action derived from the
annulment of mortgage expenses has been raised before the
CJEU by the First Instance Court No 8 of La Coru\u00f1a.
In December in 2024, the Supreme Court handed down two
additional judgments regarding statute of limitations, in which it
determines that the date to be considered for the purposes of the
application of Directive 93/1994 and, consequently, the statute
of limitations detailed in its previous judgments, is 31 December
1994 (i.e. the date when the deadline for its transposition
ended). This is based on the principle of interpretation in
accordance with directives not transposed (applicable once their
transposition period has expired). The recorded provision
includes the best estimate of Group\u2019s liability for this matter.
Banco Santander and the other Group companies are subject to
claims and, therefore, are party to certain judicial and
administrative proceedings incidental to the normal course of their
business including those in connection with lending activities,
relationships with employees and other commercial or tax matters
additional to those referred to here.
With the information available to it, the Group considers that, at 31
December 2025, it had reliably estimated the obligations
associated with each proceeding and had recognized, where
necessary, sufficient provisions to cover reasonably any liabilities
that may arise as a result of these tax and legal risks. Disputes in
which risk and/or provisions have been registered but are not
disclosed is justified on the basis that it would be prejudicial to the
proper defense of the Group. Subject to the qualifications made, it
also believes that any liability arising from such claims and
proceedings will not have, overall, a material adverse effect on the
Group\u2019s business, financial position, or results of operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1837": { "value": "Contingent liabilities: possible obligations that arise from past
events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more future events not
wholly within the control of the consolidated entities. They
include the present obligations of the consolidated entities when
it is not probable that an outflow of resources embodying
economic benefits will be required to settle them. The Group
does not recognise the contingent liability. The Group will
disclose a contingent liability, unless the possibility of an outflow
of resources embodying economic benefits is remote.\u00a0
Irrevocable contingent payments (ICPs), corresponding to
payment facilities allowed under the annual contributions of
certain levies, are recorded in accordance with the definitions
mentioned above. In this regard, on 14 November 2025, the
Group learned that the CJEU had definitively resolved the dispute
concerning the CPI contributions made by a financial institution
to the Single Resolution Fund, upholding the judgment of the
General Court of 25 October 2023, which ruled against said
financial institution regarding its request for the return of
guarantees linked to irrevocable payment commitments for a
Group entity whose license had been withdrawn. In light of this
ruling, it was concluded that it was not necessary to modify the
accounting entries that the Santander Group has made when
using these facilities to make contributions corresponding to this
levy or to other similar levies that also allow for such
contributions.
e) Litigation and other matters
i. Tax-related litigation
At 31 December 2025 the main tax-related proceedings concerning
the Group were as follows:
\u2022 Legal actions filed by Banco Santander (Brasil) S.A. and other
Group entities to avoid the application of Law 9.718/98, which
modifies the basis to calculate Programa de Integra\u00e7ao Social
(PIS) and Contribui\u00e7\u00e3o para Financiamento da Seguridade Social
(COFINS), extending it to all the entities income, and not only to
the income from the provision of services. In relation of Banco
Santander (Brasil) S.A. process, in 2015 the Federal Supreme
Court (FSC) admitted the extraordinary appeal filed by the
Federal Union regarding PIS, and dismissed the extraordinary
appeal lodged by the Brazilian Public Prosecutor's Office
regarding COFINS contribution, confirming the decision of
Federal Regional Court favourable to Banco Santander (Brasil)
S.A. of August 2007. The Federal Supreme Court also admitted
the appeals related to the other Group entities both for PIS and
COFINS. On June 13, 2023, the Federal Supreme Court ruled
unfavorably 2 cases through General Repercussion (Theme 372),
including Banco Santander (Brasil) S.A. case. The Bank has filed a
new appeal, considering the possible loss as a contingent
liability. The cases of the other Group entities are no longer
susceptible of appeal and a provision has been recognized for the
amount of the estimated loss.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil have appealed against the assessments issued by the
Brazilian tax authorities questioning the deduction of loan losses
in their income tax returns (Imposto sobre a Renda das Pessoas
Jur\u00eddicas - IRPJ - and Contribu\u00e7ao Social sobre o Lucro Liquido -
CSLL-) in relation to different administrative processes of various
years on the ground that the requirements under the applicable
legislation were not met. The appeals, which involves several
cases, are pending decision in different administrative and
judicial instances. No provision was recognised in connection
with the amount considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil are involved in administrative and legal proceedings
against several municipalities that demand payment of the
Service Tax on certain items of income from transactions not
classified as provisions of services. There are several cases in
different judicial instances. A provision was recognised in
connection with the amount of the estimated loss.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil are involved in administrative and legal proceedings
against the tax authorities in connection with the taxation for
social security purposes of certain items which are not
considered to be employee remuneration. There are several
cases in different judicial instances. A provision was recognised in
connection with the amount of the estimated loss.
\u2022 In May 2003 the Brazilian tax authorities issued separate
infringement notices against Santander Distribuidora de T\u00edtulos e
Valores Mobiliarios, Ltda. (DTVM, actually Santander Brasil
Tecnolog\u00eda S.A.) and Banco Santander (Brasil) S.A. in relation to
the Provisional Tax on Financial Movements (Contribui\u00e7\u00e3o
Provis\u00f3ria sobre Movimenta\u00e7\u00e3o Financeira) of the years 2000 to
2002. The administrative discussion ended unfavourably for both
companies, and on July 3, 2015, filed a lawsuit requesting the
cancellation of both tax assessments. The lawsuit was judged
unfavourably in first instance. Therefore, both plaintiffs appealed
to the court of second instance. In December 2020, the appeal
was decided unfavourably and the judgement was appealed
before the higher courts. This case fell within the scope of the
Comprehensive Transaction Programme (Programa de Transa\u00e7ao
Integral) established by the Ministry of Finance, and in 2025 a
final settlement was reached. The amounts paid under the terms
of the Transaction were fully provisioned.
\u2022 In December 2010 the Brazilian tax authorities issued an
infringement notice against Santander Seguros S.A. (Brasil),
(currently Zurich Santander Brasil Seguros e Previd\u00eancia S.A.), as
the successor by merger to ABN AMRO Brasil dois Participa\u00e7\u00f5es
S.A., in relation to income tax (IRPJ and CSLL) for 2005,
questioning the tax treatment applied to a sale of shares of Real
Seguros, S.A. The administrative discussion ended unfavourably,
and the CARF decision has been appealed at the Federal Justice.
As the former parent of Santander Seguros S.A. (Brasil) (currently
Zurich Santander Brasil Seguros e Previd\u00eancia S.A.), Banco
Santander (Brasil) S.A. is liable in the event of any adverse
outcome of this proceeding. No provision was recognised in
connection with this proceeding as it is considered to be a
contingent liability.
\u2022 In November 2014 the Brazilian tax authorities issued an
infringement notice against Banco Santander (Brasil) S.A. in
relation to corporate income tax (IRPJ and CSLL) for 2009
questioning the tax-deductibility of the amortisation of the
goodwill of Banco ABN AMRO Real S.A. performed prior to the
absorption of this bank by Banco Santander (Brasil) S.A., but
accepting the amortisation performed after the merger. The Bank
appealed before the Higher Chamber of CARF, and a final
favourable decision was obtained in April 2024. No provision was
recognised in connection with this proceeding as it was
considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. has also appealed against
infringement notices issued by the tax authorities questioning
the tax deductibility of the amortisation of the goodwill arising
on the acquisition of Banco Comercial e de Investimento
Sudameris S.A from years 2007 to 2012. In May and October
2024, the appeal related to period 2009 to 2012 was finally
rejected by the CARF and the resolution was appealed at the
Federal Justice. No provision was recognised in connection with
this matter as it was considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. and other companies of the Group
in Brazil are undergoing administrative and judicial procedures
against Brazilian tax authorities for not admitting tax
compensation with credits derived from other tax concepts, not
having registered a provision for the amount considered to be a
contingent liability.
\u2022 Banco Santander (Brasil) S.A. is involved in appeals in relation to
infringement notices initiated by tax authorities regarding the
offsetting of tax losses in the CSLL of year 2009 and 2019. The
appeals are pending decision at the administrative level. No
provision was recognised in connection with this matter as it is
considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. filed a suspensive judicial measure
aiming to avoid the withholding income tax (Imposto sobre a
Renda Retido na Fonte - IRRF), on payments derived from
technology services provided by Group foreign entities. A
favorable decision was handed down and an appeal was filed by
the tax authority at the Federal Regional Court, where it awaits
judgment. No provision was recognized as it is considered to be a
contingent liability.
\u2022 Brazilian tax authorities have issued infringement notices against
Getnet Adquir\u00eancia e Servi\u00e7os para Meios de Pagamento S.A and
Banco Santander (Brasil) S.A. as jointly liable in relation to
corporate income tax (IRPJ and CSLL) for 2014 to 2018
questioning the tax-deductibility of the amortization of the
goodwill from the acquisition of Getnet Tecnologia\u00a0 Proces S.A.,
considering that\u00a0 the company would not have complied with the
legal requirements for such amortization. The tax assessment
notices were appealed to the CARF. In 2024, the CARF issued a
favourable partial decision on both infraction notices. In
December 2024, the tax authorities issued a new infringement
notice for 2019 and 2020. No provision was recognized as it is
considered to be a contingent liability.
The total amount for the aforementioned Brazil lawsuits that are
fully provisioned is EUR 553 million, and for lawsuits that qualify
as contingent liabilities is EUR 5,040\u00a0million.
At the date of approval of these consolidated annual accounts,
there are other less significant tax disputes.
ii. Non-tax-related proceedings
At 31 December 2025 the main non-tax-related proceedings
concerning the Group were as follows:
\u2022 Payment Protection Insurance (PPI): AXA France IARD and AXA
France Vie (former GE Capital Corporation Group entities, known
as Financial Insurance Company Ltd (FICL) and Financial
Assurance Company Ltd (FACL), acquired by AXA SA in 2015)
(together, AXA France) brought a claim against (i) Santander
Cards UK Limited (formerly known as GE Capital Bank Limited
(GECB), which was acquired by Banco Santander, S.A. in 2008
and subsequently transferred to Santander UK plc); and (ii)
Santander Insurance Services UK Limited (a Banco Santander,
S.A. subsidiary) (SISUK and together with GECB the Santander
Entities). The claim relates to the allocation of liability for
compensation and associated costs in respect of a large number
of PPI policies distributed by GECB pre-2005, which were
underwritten by FICL and FACL.
On 25 July 2025, the Commercial Court of England and Wales
handed down its judgment in relation to the claim brought by
AXA France (the Judgment). It found against SISUK in relation to
AXA France\u2019s claim pursuant to an indemnity in an agency
agreement entered into between GECB, FICL and FACL in 2000
and novated by GECB to SISUK in 2010.\u00a0 It also found GECB
negligent in the sale of PPI policies, but this element of the claim
was time barred to PPI policies sold in the period between 2002
and 2005 and overlaps with the indemnity claim. The Judgment
required the Santander Entities to pay GBP 515\u00a0million plus
interest of GBP 162\u00a0million.
In October 2025 the Santander Entities obtained permission to
appeal the findings in the Judgment relating to the application of
the indemnity arising from PPI sales occurring before the
indemnity had been agreed in December 2000 (Santander
Appeal).\u00a0 In January 2026, AXA France obtained permission to
cross-appeal the Commercial Court\u2019s rejection of AXA France\u2019s
contribution claim made under the Civil Liability (Contribution)
Act 1978 (the AXA France\u2019s cross appeal). A decision on the
Santander Appeal and AXA France\u2019s cross appeal is expected in
the second half of 2026.
With respect to the Santander Appeal and AXA France\u2019s cross-
appeal, there are points of legal interpretation to be resolved
and, in the case of the cross-appeal, factual points to be
determined. The significant uncertainties make it difficult to
predict the timing or the final impact of the resolution of the
appeals for the Group.
No customers have suffered loss as a consequence of the claim
brought by AXA France or the Judgment, nor does it impact upon
past redress paid to customers for PPI complaints.
\u2022 Motor Finance Broker Commissions: following the Financial
Conduct Authority\u2019s (FCA) Motor Market review in 2019 which
resulted in a change in rules in January 2021, Santander
Consumer (UK) plc (SCUK) has received several of county court
claims and complaints in respect of its historical use of
discretionary commission arrangements (DCAs) prior to the 2021
rule changes. In January 2024, the FCA commenced a review of
the use of DCAs between lenders and credit brokers (the FCA
Review). Pending the conclusion of its review, the FCA paused
the handling of motor finance commission related complaints.
The pause is currently in place until 31 May 2026, reflecting the
extended timeline of the FCA's Review and subsequent
Consultation (see below).
After the Court of Appeal's decision rendered on 25 October 2024
within the judicial proceedings followed against DCAs of other
financial entities, as of 31 December 2024, the Santander UK
group Holdings recognised a provision of GBP 293.0\u00a0million (EUR
353.3\u00a0million). This provision was determined based upon the
information then available. It included estimates for operational
and legal costs and potential awards based on various scenarios
and used a range of assumptions, including the possible outcome
of the appeal to the Supreme Court in 2025 of the Court of
Appeal's decision. On 1 August 2025, the Supreme Court handed
down its judgment stating that motor dealers acting as credit
brokers do not owe fiduciary or disinterested duties to their
customers and, as a consequence, commission payments by
lenders to motor dealers would not be unlawful on that basis. In
addition, the Supreme Court held that an unfair relationship
under s.140A of the Consumer Credit Act 1974 had arisen in one
of the cases on its facts and awarded the amount of the
commission paid by the lender plus interest at a commercial rate
as the remedy. It also confirmed that the test for unfairness of
the relationship with borrower was highly fact sensitive and it
outlined a series of non-exhaustive factors to consider in
assessing unfair relationships in this context (indicating that no
or partial disclosure was not necessarily enough on its own to
constitute an unfair relationship).
Following the Supreme Court\u2019s judgment, on 3 August 2025, the
FCA announced that it aimed to publish a consultation on an
industry wide redress scheme in early October (the
Consultation). Further to the publication of the FCA\u2019s
Consultation on\u00a07 October 2025, the Santander UK group
submitted its comments on 12 December 2025 and continues to
engage constructively with the FCA. The FCA has stated that its
intention is to publish the industry wide redress scheme no later
than in March 2026.
In light of the proposed sectoral scheme and taking into account
the objections raised and the uncertainty surrounding both the
final decision to be adopted by the FCA and the outcome of any
potential legal challenges, the Santander UK group has reviewed
the potential impact on SCUK in relation to the vehicle finance
market. The range of scenarios has been updated, which has
resulted in an additional estimated charge of GBP 183\u00a0million
(EUR 213.6\u00a0million). As of 31 December 2025, the total provision
amounts to GBP 461\u00a0million (EUR 528.1\u00a0million). This continues
to include estimates for operational and legal costs and potential
awards reflecting an increased likelihood of a higher number of
cases than had previously been predicted as eligible for redress
as well as an increased possibility that a remedy is sought to be
imposed which extends beyond reversing any damaging financial
consequences caused by any unfair relationships. The provision is
based on various scenarios using a range of assumptions,
including potential changes to the proposed scheme following
responses to the Consultation or publication of the FCA\u2019s final
scheme rules.
There continue to be significant uncertainties as to the nature,
extent and timing of redress payments. Therefore, while the
ultimate financial impact of this matter could materially differ
from the amount of the provision as of this date, such impact is
not expected to be material for the Group as of the date of these
financial statements.
\u2022 Delforca: dispute arising from equity swaps entered into by
Gaesco (now Delforca 2008, S.A. (Delforca)) on shares of
Inmobiliaria Colonial, S.A. Banco Santander, S.A. is claiming to
Delforca before the Court of Barcelona in charge of the
bankruptcy proceedings, a total of EUR 66\u00a0million from the
liquidation resulting from the early termination of financial
transactions due to Delforca's non-payment of the equity swaps.
In the same bankruptcy proceedings, Delforca and Mobiliaria
Monesa, S.A., parent of Delforca (Monesa) have in turn claimed
the Bank to repay EUR 57\u00a0million, which the Bank received for
the enforcement of the agreed guarantee, as a result of the
aforementioned liquidation. On 16 September 2021 the
Commercial Court Number 10 of Barcelona has ordered Delforca
to pay the Bank EUR 66\u00a0million plus EUR 11\u00a0million in interest
and has dismissed the claims filed by Delforca. This decision was
appealed by Delforca, Monesa and the bankruptcy administrator.
On 15 November 2023 the Provincial Court of Barcelona
rendered a judgment dismissing the appeals filed by Delforca,
Monesa and the bankruptcy administrator. Delforca and Monesa
(not the bankruptcy administrator) filed an appeal in cassation,
that was rejected in November 2025 by the First Chamber of
Supreme Court and, as a result, the appeal and first instance
judgments in favor of the Bank have been confirmed.
Separately, Monesa, filed in 2009 a civil procedure with the
Courts of Santander against the Bank claiming damages that
have not been specified to date. The procedure is suspended.
\u2022 'Planos Econ\u00f3micos': like the rest of the banking system in Brazil,
Santander Brazil has been the target of customer complaints and
collective civil suits stemming mainly from legislative changes
and its application to the retribution of bank deposits (economic
plans). At the end of 2017, an agreement was reached between
regulatory entities and the Brazilian Federation of Banks
(Febraban) with the purpose of closing the lawsuits and was
approved by the Supremo Tribunal Federal (the STF and the
Collective Agreement). Discussions focused on specifying the
amount to be paid to each affected client according to the
balance in their notebook at the time of the application of the
plan. Finally, the total value of the payments will depend on the
number of adhesions there may be and the number of savers
who have proved the existence of the account and its balance on
the date the indexes were changed. In November 2018, the STF
ordered the suspension of all economic plan proceedings for two
years from May 2018. On 29 May 2020,\u00a0 STF approved the
extension of the Collective Agreement for 5 additional years
starting from 3 June 2020. Condition for this extension was to
include in the Collective Agreement actions related to the 'Collor
I Plan'. On May 2025, the STF issued the judgment recognizing
the constitutionality of the Bresser, Ver\u00e3o, Collor I and II plans,
guaranteeing savers the receipt of the amounts established in
the Collective Agreement and setting a deadline of 24 months for
new adhesions. As of 31 December 2025, the provision recorded
for the economic plan proceedings amounts to EUR
155.3\u00a0million.
\u2022 Banco Popular\u00b4s acquisition: after the declaration of the
resolution of Banco Popular, some investors filed claims against
the EU\u2019s Single Resolution Board decision, and the FROB's
resolution executed in accordance with the aforementioned
decision. Likewise, numerous civil lawsuits were filed against
Banco Santander, S.A. alleging that the information provided by
Banco Popular was erroneous and requesting from Banco
Santander, S.A. the restitution of the price paid for the acquisition
of the investment instruments or, where appropriate, the
corresponding compensation.
In relation to the direct appeals filed before the General Court of
the European Union (EGC) and the Court of Justice of the
European Union (CJEU), all appeals were either dismissed or
discontinued. Currently there are no ongoing appeals. On 4
February 2026, the National Court issued its first rulings
dismissing the actions brought against the FROB\u2019s decision, in
application of the judgments of the EGC and the CJEU.
In the civil proceedings, several Spanish judges referred to the
CJEU a number of preliminary questions that have already been
resolved. In particular, in the judgments of 5 May 2022
(C-410/20) and 5 September 2024 (C-775/22, C-779/22,
C-794/22), the CJEU stated that Directive 2014/59/EU on bank
resolution prevents shareholders, subordinated debt holders,
and holders of equity instruments converted into shares bringing
actions against a financial institution subject to a resolution
proceeding or against its successor after the resolution, claiming
liability for the information contained in the prospectus, under
Directive 2003/71/EC, or actions seeking the nullity of the
contract of subscription of capital instruments, which, given its
retroactive effects, would result in the refund of the value of
such securities, plus the interest accrued as of the date of
execution of the contract. In its 11 September 2025 resolution
(C-687/23), the CJEU declared that the above referred TJUE
resolutions do not apply to actions pursued prior to the entity\u2019s
resolution. There are currently no other preliminary questions
under consideration.
On 4 March 2024, in the context of preliminary proceedings
42/2017, the Central Court of Instruction No. 4 issued a ruling
transforming the proceedings into Summary Proceedings and
terminating the investigation phase. This ruling considers that
the circumstantial evidence resulting from the investigation
which could constitute a crime is basically the following: (i) an
alleged misrepresentation in the prospectus of the 2016 capital
increase of Banco Popular; (ii) an alleged misrepresentation in
the annual accounts of Banco Popular for 2015, the interim
financial statements for 2016 and the annual accounts for 2016;
and (iii) the offer to the market of a distorted amount of
regulatory capital, after the capital increase of 2016 (for
allegedly having been granted by Banco Popular financing to
clients for the subscription of shares in the aforementioned
capital increase, without discounting it from the regulatory
capital). According to the aforementioned ruling, these facts
could constitute the crimes of fraud of investors (art. 282 of the
Criminal Code) and accounting falsehood (art. 290 of the
Criminal Code). All appeals filed against the ruling have been
dismissed.
The accusing parties, including the Public Prosecutor's Office,
filed their indictment briefs on 28 October 2024, which included
requests for compensation for civil liability and the request that
not only the defendants but also several entities are held liable
for such compensation, including Banco Santander, S.A., the
auditing firm and several insurance companies. Following the
filing of the indictment briefs, on 22 November 2024, the Court
(Investigating Judge) issued an order for the opening of the oral
trial against the defendants and civil liability parties, including
Banco Santander, S.A. as a possible civil liable party. However, in
line with what was determined by the Spanish National Court
and confirmed by the Supreme Court concerning the hypothetical
succession of Banco Popular by Banco Santander, S.A., the oral
trial has not been opened against the Bank as possible direct civil
liable party.
The order to open the oral trial states that the plaintiffs have
requested compensation for civil liability for a total amount of
EUR 2,277.65. Additionally, the order rejects the imposition of
the guarantee requested by several of the accusing parties,
considering that it is unnecessary to secure the outcome of the
trial. The defendants and potential civil liable parties submitted
their defense writs on 4 February 2025. After that, the
proceedings will be forwarded to the Criminal Chamber of the
National Court for the oral trial.
Regarding civil liability, the Bank considers that it has no
subsidiary civil liability in light of the CJEU\u2019s judgments of 5 May
2022 (C-410/20), 5 September 2024 (C-775/22, C-779/22,
C-794/22) and 11 September 2025 (C-687/23 and C-447/23).
Notwithstanding the foregoing, the Spanish National Court has
stated that this issue shall be resolved within the ongoing
proceedings.
The estimated cost of any compensation to shareholders and
bondholders of Banco Popular recognized in the 2017 accounts
amounted to EUR 680\u00a0million, of which EUR 535\u00a0million were
applied to the commercial loyalty program. On 15 December
2024, Banco Santander, S.A., proceeded to redeem in advance
voluntarily all bonds in circulation regarding such commercial
action. The CJEU judgements of 5 May 2022 (C-410/20), 5
September 2024 (C-775/22, C-779/22, C-794/22) and 11
September 2025 (C-687/23 and C-447/23) referred above,
represented a very significant reduction in the risk associated
with these claims.
\u2022 German shares investigation: the Cologne Public Prosecution
Office is conducting an investigation against the Bank and other
group entities based in the UK - Santander UK plc, Santander
Financial Services Plc and Cater Allen International Limited -, in
relation to a particular type of tax dividend linked transactions
known as cum-ex transactions.
The Group is cooperating with the German authorities. According
to the state of the investigations, the result, and the effects for
the Group, which may potentially include the imposition of
material financial consequences (penalties, and/or
disgorgement of proceeds) cannot be anticipated. For this
reason, the Bank has not recognized any provisions in relation to
the potential imposition of financial liabilities.
\u2022 Banco Santander, S.A. was sued in a legal proceeding in which
the plaintiff alleges that the Bank breached his contract as CEO
of the institution: in the lawsuit, the claimant mainly requested a
declaratory ruling upholding the existence, validity and
effectiveness of such contract and its enforcement together with
the payment of certain amounts. For the case that the main
request is not granted, the claimant sought a compensation for a
total amount of approximately EUR 112\u00a0million or, an alternative
relief for other minor amounts. Banco Santander, S.A. answered
to the legal action stating that the conditions to which the
appointment of that position was subject to were not met; that
the executive services contract required by law was not
concluded; and that in any case, the parties could terminate the
contract without any justified cause. On 17 May 2021, the
plaintiff reduced his claims for compensation to EUR 61.9\u00a0million.
On 9 December 2021, the Court upheld the claim and ordered
the Bank to compensate the claimant in the amount of EUR
67.8\u00a0million. By court order of 13 January 2022, the Court
corrected and supplemented its judgment, reducing the total
amount to be paid by the Bank to EUR 51.4\u00a0million and clarifying
that part of this amount (buy out) was to be paid under the terms
of the offer letter, i.e., entirely in Banco Santander shares, within
the deferral period for this type of remuneration at the plaintiff's
former employer and subject to the performance metrics or
parameters of the plan in force at the Bank, which was that of
2018. As explained in note 5 of the report of the consolidated
annual accounts of the year 2022, the degree of performance of
these objectives was 33.3%.
The Bank filed an appeal against the judgment before the Madrid
Court of Appeal, which was opposed by the plaintiff. At the same
time, the plaintiff filed an application for provisional
enforcement of the judgment in the First Instance Court. A court
order was issued ordering enforcement of the judgment, and the
Bank deposited in the court bank account the full amount
provisionally awarded to the claimant, including interest, for an
approximate sum of EUR 35.5\u00a0million, within the voluntary
compliance period.
On 6 February 2023, Banco Santander was notified with the
judgment of 20 January 2023 by which the Madrid Court of
Appeal partially upheld the appeal filed by the Bank. The
judgment has reduced the amount to be paid by EUR 8\u00a0million,
which, to the extent that this amount was already paid in the
provisional partial enforcement of the judgement of First
Instance Court, must be returned to the Bank together with other
amounts for interest, which the appeal judgement also rejects.
The plaintiff deposited circa EUR 9.6\u00a0million. This amount was
received by the Bank on 11 July 2023.
On 11 April 2023, the Bank filed an extraordinary appeal for
procedural infringement and an appeal in cassation against the
Madrid Court of Appeal\u2019s judgment before Spanish Supreme
Court. The extraordinary and cassation appeals submitted by the
Bank were accepted on 26 March 2025 and are pending to be
resolved. Existing provisions cover the estimated risk of loss.
\u2022 CHF Polish Mortgage Loans: In\u00a0 October 2019, the CJEU rendered
its decision in relation to the effects of the potential unfairness of
certain contractual clauses in CHF-Indexed loan agreements. The
CJEU established that it for the national courts to determine the
invalidity of a contract where it cannot be maintained without
the clause declared unfair and where no supplementary
provisions exist that would allow the contract to be maintained.
Subsequently, in\u00a0 June 2023, the CJEU confirmed that the effects
of such invalidity must be determined in accordance with
national law, interpreted in the light of Directive 93/13/EEC, and
that claims by financial institutions exceeding the
reimbursement of the loan principal and, where applicable,
default interest, are contrary to the objectives of that Directive.\u00a0
In April 2024, the Civil Chamber of the Polish Supreme Court
issued a judgment confirming that clauses relating to the
mechanism for determining the exchange rate declared abusive
cannot be replaced by alternative provisions and that, in the
absence of a binding exchange rate, the contract is not
enforceable for the parties. With regard to the effects of
invalidity, the Supreme Court confirmed the existence of
independent restitution claims for each party and ruled out the
possibility of claiming interest or other amounts for the use of
the funds. Nevertheless, certain aspects of this judgment have
been subject to internal debate within the Supreme Court itself,
reflecting the complexity and evolving nature of the
jurisprudential framework
In this context, Santander Bank Polska S.A. and Santander
Consumer Bank S.A. estimate legal risk using a model that
considers different possible outcomes and regularly review court
rulings on this matter in order to assess changes in case law,
including the impact of the aforementioned Supreme Court
judgment. Settlements are being reached both with customers
who have already initiated legal proceedings and with customers
who have not yet filed a claim. The model used to calculate
provisions for legal risks considers the evolution and expected
development of such settlements.
As of 31 December 2025, the total amount adjusted against the
gross carrying amount of loans in accordance with IFRS 9,
together with the provisions recognised under IAS 37, amounts
to PLN 5,874.3\u00a0million (EUR 1,391.9\u00a0million), of which
PLN3,191.7 million (EUR 756.3\u00a0million) corresponds to
adjustments to the gross carrying amount under IFRS 9 and PLN
2,682.6\u00a0million (EUR 635.6\u00a0million) to provisions recognised
under IAS 37. The adjustment to gross carrying amount in
accordance with IFRS9 during 2025 amounted to PLN
99.7\u00a0million (EUR 23.6\u00a0million), and the additional provisions
recognised under IAS 37 amounted to PLN 1245.3\u00a0million (EUR
293.8\u00a0million). Other costs related to the dispute amounted to
PLN 730.5\u00a0million (EUR 172.4\u00a0million). IAS 37.
As of the same date, Santander Bank Polska S.A. held a portfolio
of mortgages denominated in or indexed to CHF amounting to
approximately PLN 2,642.0\u00a0million (EUR 626.0\u00a0million) and
recognised provisions of PLN 4,766.4\u00a0million (EUR
1,129.4\u00a0million) to cover the CHF mortgage portfolio. Santander
Consumer Bank S.A. (Poland), in turn, held a portfolio of
mortgages denominated in or indexed to CHF amounting to
approximately PLN 735.9\u00a0million (EUR 174.4\u00a0million) and
recognised provisions of PLN 1,107.9\u00a0million (EUR 262.5\u00a0million)
to cover this portfolio.
Notwithstanding the above, as detailed in Note 3 b), in January
2026 the Group sold a 49% stake in Santander Bank Polska S.A.,
which ceased to be consolidated within the Group\u2019s perimeter as
of that date.
The Group continues to monitor the evolution of legal
proceedings and to periodically review the adequacy of the
provisions recognised, which represent the best estimate of the
risk existing as of the reporting date.
\u2022 Banco Santander Mexico: dispute regarding a testamentary trust
constituted in 1994 by Mr. Roberto Garza Sada in Banca Serfin
(currently Santander Mexico) in favor of his four sons in which he
affected shares of Alfa, S.A.B. de C.V. (respectively, Alfa and the
Trust). During 1999, Mr. Roberto Garza Sada instructed
Santander M\u00e9xico in its capacity as trustee to transfer
36,700,000 shares from the Trust's assets to his sons and
daughters and himself. These instructions were ratified in 2004
by Mr. Roberto Garza Sada before a Notary Public.
Mr. Roberto Garza Sada passed away on 14 August 2010 and
subsequently, in 2012, his daughters filed a complaint against
Santander Mexico alleging it had been negligent in its trustee
role. The lawsuit was dismissed at first instance in April 2017 and
on appeal in 2018. In May 2018, the plaintiffs filed an appeal
(recurso de amparo) before the First Collegiate Court of the
Fourth Circuit based in Nuevo Le\u00f3n, which ruled in favor of the
plaintiffs on 7 May 2021, annulling the 2018 appeal judgment
and condemning Santander Mexico to the petitions claimed,
consisting of the recovery of the amount of 36,700,000 Alfa
shares, together with dividends, interest and damages.
Since 2021, Santander Mexico has filed before the Supreme
Court of Justice of the Nation a constitutional review challenge
(recurso de revisi\u00f3n constitucional) against the referred decision
which was initially rejected by the Supreme Court; and several
appeals (recursos de reclamaci\u00f3n) against such rejection. On 25
June 2025, one of the appeals filed by the Bank was accepted,
and this decision was extended to a remaining one, which will
now be resolved. In case that these appeals are resolved
favorably to the Bank, the Supreme Court will decide on the
merits of the constitutional review against the judgment which
condemned the Bank.
In parallel to the foregoing, the Bank also filed an amparo
against the judgment favorable to the plaintiffs rendered by the
First District Court in the State of Nuevo Le\u00f3n before the
Collegiate Courts if such State, and in 2024, the Bank requested
the Supreme Court of Justice of the Nation to take up and resolve
the matter through the faculty of attraction, what is pending.
The challenges and appeals filed by the Bank imply that the
judgment rendered in favour of the plaintiffs is not final, and
Santander M\u00e9xico believes that the actions taken should prevail
and reverse the decision against it. The impact of a potential
unfavorable resolution for Santander M\u00e9xico will be determined
in a subsequent proceeding and will also depend on the
additional actions that Santander M\u00e9xico may take in its defense,
so it is not possible to determine it at this time. At the current
stage of the proceedings, the provisions recorded are considered
sufficient to cover the risks deriving from this claim.
\u2022 Mortgage Expenses: in December 2015 the Spanish Supreme
Court ruled that mortgage clauses relating to the payment of
fees associated to formalizing the mortgage were abusive. On 27
November 2018, the Supreme Court agreed that the taxpayer of
the documented legal acts stamp duty tax (IAJD) on the
mortgage loans should be the borrower. On 9 November 2018,
RDL 17/2018 came into force and modified the Law of the IAJD,
establishing that the taxpayer is the Bank. On 23 January 2019,
the Supreme Court ruled the distribution of the same must be
50% between the Bank and the borrower in public notary
expenses and agency expenses.\u00a0 The Supreme Court also ruled
that the Bank must pay 100% of the Registry. On 26 October
2020, the Supreme Court ruled that the Bank is fully responsible
for the management expenses; and on 27 January 2021, the
Supreme Court ruled that the Bank is also responsible for the
valuation expenses.
In relation to the statute of limitations, on 25 April 2024, two\u00a0
judgments were rendered (cases C-561/21 and C-484/21) in
which the Court of Justice of the European Union (CJEU) stated
that the commencement of the statute of limitations for the
reimbursement action of the mortgage expenses derived from
the annulment of the clause, shall be fixed on the moment when
the consumer has an effective knowledge of the abusive nature
of the clause and its effects and that this date must not be fixed
(a) on the date of payment of such expense nor of the execution
of the agreement; (b) when the Supreme Court has handed down
judgments stating the abusive nature of a clause similar to the
one included in the consumer contract; nor (c) when the CJEU has
handed down judgments confirming that the statute of
limitations for the reimbursement action of the amounts derived
from the annulment of contractual provisions is valid subject to
its compliance with the principles of equivalence and
effectiveness.
The Supreme Court has confirmed this criterion in its 14 June
2024 judgment, establishing that the public dissemination of
case-law declaring the abusive nature of a clause does not
necessarily give rise to the limitation period of the
reimbursement action derived from similar clauses. However,
the 4 July 2024 judgment, rendered in the case C-450/22, the
CJEU has established that it cannot be excluded a priori that, as a
consequence of the occurrence of an objective event or of a
notorious event, such as the amendment of the applicable
legislation or a widely disseminated and debated development of
jurisprudence, the court considers that the average consumer's
overall perception of the floor clause has changed during the
reference period and has enabled him to become aware of the
potentially significant economic consequences arising from such
clause. A further preliminary question concerning the statute of
limitations of the reimbursement action derived from the
annulment of mortgage expenses has been raised before the
CJEU by the First Instance Court No 8 of La Coru\u00f1a.
In December in 2024, the Supreme Court handed down two
additional judgments regarding statute of limitations, in which it
determines that the date to be considered for the purposes of the
application of Directive 93/1994 and, consequently, the statute
of limitations detailed in its previous judgments, is 31 December
1994 (i.e. the date when the deadline for its transposition
ended). This is based on the principle of interpretation in
accordance with directives not transposed (applicable once their
transposition period has expired). The recorded provision
includes the best estimate of Group\u2019s liability for this matter.
Banco Santander and the other Group companies are subject to
claims and, therefore, are party to certain judicial and
administrative proceedings incidental to the normal course of their
business including those in connection with lending activities,
relationships with employees and other commercial or tax matters
additional to those referred to here.
With the information available to it, the Group considers that, at 31
December 2025, it had reliably estimated the obligations
associated with each proceeding and had recognized, where
necessary, sufficient provisions to cover reasonably any liabilities
that may arise as a result of these tax and legal risks. Disputes in
which risk and/or provisions have been registered but are not
disclosed is justified on the basis that it would be prejudicial to the
proper defense of the Group. Subject to the qualifications made, it
also believes that any liability arising from such claims and
proceedings will not have, overall, a material adverse effect on the
Group\u2019s business, financial position, or results of operations.
a) Guarantees and contingent commitments
granted
Contingent liabilities includes all transactions under which an
entity guarantees the obligations of a third party and which result
from financial guarantees granted by the entity or from other types
of contracts. The detail is as follows:
2025
2024
2023
Loans commitment granted
321,234
302,861
279,589
Of which impaired
345
511
406
Financial guarantees granted
17,449
16,901
15,435
Of which impaired
332
217
578
Financial guarantees
17,437
16,887
15,400
Credit derivatives sold
12
14
35
Other commitments granted
148,118
134,493
113,273
Of which impaired
668
793
542
Technical guarantees
62,161
61,551
57,363
Other
85,957
72,942
55,910
The breakdown as at 31 December 2025 of the exposures and the
provision fund out of balance sheet by impairment stage is EUR
464,215 million and EUR 338 million (EUR 435,147 million and
EUR 305 million in 2024 and EUR 398,243\u00a0million and EUR
302\u00a0million in 2023) in stage 1, EUR 21,241 million and EUR
206\u00a0million (EUR 17,587 million and EUR 192 million in 2024 and
EUR 8,528\u00a0million and EUR 174\u00a0million in 2023) in stage 2 and EUR
1,345 million and EUR 169 million (EUR 1,521 million and EUR 213
million in 2024 and EUR 1,526\u00a0million and EUR 226\u00a0million in
2023) in stage 3, respectively.
Income from guarantee instruments is recognised under 'Fee and
commission income' in the consolidated income statements and is
calculated by applying the rate established in the related contract
to the nominal amount of the guarantee.
i. Loan commitments granted
Loan commitments granted: firm commitments of grating of credit
under predefined terms and conditions, except for those that
comply with the definition of derivatives as these can be settled in
cash or through the delivery of issuance of another financial
instrument. They include stand-by credit lines and long-term
deposits.
ii. Financial guarantees granted
Financial guarantees includes, inter alia, financial guarantee
contracts such as financial bank guarantees, credit derivatives sold,
and risks arising from derivatives arranged for the account of third
parties.
iii. Other commitments granted
Other contingent liabilities include all commitments that could
give rise to the recognition of financial assets not included in the
above items, such as technical guarantees and guarantees for the
import and export of goods and services.
b) Memorandum items
i. Off-balance-sheet funds under management
The detail of off-balance-sheet funds managed by the Group and
by joint ventures is as follows:
EUR million
2025
2024
2023
Investment funds
197,346
178,840
165,174
Pension funds
16,112
15,646
14,831
Assets under management
43,974
35,999
29,732
257,432
230,485
209,737
ii. Non-managed marketed funds
Additionally, at 31 December 2025 there are non-managed
marketed funds totalling EUR 73,173 million (EUR 62,002 million
and EUR 50,036 million at 31 December 2024 and 2023,
respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1841": { "value": "
p) Own equity instruments
Own equity instruments are those meeting both of the following
conditions:
\u25aa The instruments do not include any contractual obligation for
the issuer (i)\u00a0to deliver cash or another financial asset to a third
party; or (ii)\u00a0to exchange financial assets or financial liabilities
with a third party under conditions that are potentially
unfavourable to the issuer.
\u25aa The instruments will or may be settled in the issuer\u2019s own equity
instruments and are: (i)\u00a0a non-derivative that includes no
contractual obligation for the issuer to deliver a variable number
of its own equity instruments; or (ii)\u00a0a derivative that will be
settled by the issuer through the exchange of a fixed amount of
cash or another financial asset for a fixed number of its own
equity instruments.
Transactions involving own equity instruments, including their
issuance and cancellation, are charged directly to equity.
Changes in the value of instruments classified as own equity
instruments are not recognised in the consolidated financial
statements. Consideration received or paid in exchange for such
instruments, including the coupons on preference shares
contingently convertible into ordinary shares and the coupons
associated with CCPP, is directly added to or deducted from equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1840": { "value": "
p) Own equity instruments
Own equity instruments are those meeting both of the following
conditions:
\u25aa The instruments do not include any contractual obligation for
the issuer (i)\u00a0to deliver cash or another financial asset to a third
party; or (ii)\u00a0to exchange financial assets or financial liabilities
with a third party under conditions that are potentially
unfavourable to the issuer.
\u25aa The instruments will or may be settled in the issuer\u2019s own equity
instruments and are: (i)\u00a0a non-derivative that includes no
contractual obligation for the issuer to deliver a variable number
of its own equity instruments; or (ii)\u00a0a derivative that will be
settled by the issuer through the exchange of a fixed amount of
cash or another financial asset for a fixed number of its own
equity instruments.
Transactions involving own equity instruments, including their
issuance and cancellation, are charged directly to equity.
Changes in the value of instruments classified as own equity
instruments are not recognised in the consolidated financial
statements. Consideration received or paid in exchange for such
instruments, including the coupons on preference shares
contingently convertible into ordinary shares and the coupons
associated with CCPP, is directly added to or deducted from equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1842": { "value": "
q) Equity-instrument-based employee
remuneration
Own equity instruments delivered to employees in consideration
for their services, if the instruments are delivered once the specific
period of service has ended, are recognised as an expense for
services (with the corresponding increase in equity) as the services
are rendered by employees during the service period. At the grant
date the services received (and the related increase in equity) are
measured\u00a0at the fair value of the equity instruments granted. If the
equity instruments granted are vested immediately, Grupo
Santander recognises in full, at the grant date, the expense for the
services received.
When the requirements stipulated in the remuneration agreement
include external market conditions (such as equity instruments
reaching a certain quoted price), the amount ultimately to be
recognised in equity will depend on the other conditions being met
by the employees (normally length of service requirements),
irrespective of whether the market conditions are satisfied.
If the conditions of the agreement are met but the external market
conditions are not satisfied, the amounts previously recognised in
equity are not reversed, even if the employees do not exercise their
right to receive the equity instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1846": { "value": "
r) Recognition of income and expenses
The most significant criteria used by Grupo Santander to recognise
its income and expenses are summarised as follows:
i. Interest income, interest expenses and similar items
Interest income, interest expenses and similar items are generally
recognised on an accrual basis using the effective interest method.
Dividends received from other companies are recognised as income
when the consolidated entities\u2019 right to receive them arises.
ii. Commissions, fees and similar items
Fee and commission income and expenses are recognised in the
consolidated income statement using criteria that vary according to
their nature. The main criteria are as follows:
\u25aa Fee and commission income and expenses relating to financial
assets and financial liabilities measured at fair value through
profit or loss are recognised when paid.
\u25aa Those arising from transactions or services that are performed
over a period of time are recognised over the life of these
transactions or services.
\u25aa Those relating to services provided in a single act are recognised
when the single act is carried out.
iii. Non-finance income and expenses
They are recognised for accounting purposes when the good is
delivered or the non-financial service is rendered. To determine the
amount and timing of recognition, a five-step model is followed:
identification of the contract with the customer, identification of
the separate obligations of the contract, determination of the
transaction price, distribution of the transaction price among the
identified obligations and finally recording of income as the
obligations are satisfied.
iv. Deferred collections and payments
These are recognised for accounting purposes at the amount
resulting from discounting the expected cash flows at market
rates.
v. Loan arrangement fees
Loan arrangement fees, mainly loan origination, application and
information fees, are accrued and recognised in income over the
term of the loan.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1843": { "value": "
r) Recognition of income and expenses
The most significant criteria used by Grupo Santander to recognise
its income and expenses are summarised as follows:
i. Interest income, interest expenses and similar items
Interest income, interest expenses and similar items are generally
recognised on an accrual basis using the effective interest method.
Dividends received from other companies are recognised as income
when the consolidated entities\u2019 right to receive them arises.
ii. Commissions, fees and similar items
Fee and commission income and expenses are recognised in the
consolidated income statement using criteria that vary according to
their nature. The main criteria are as follows:
\u25aa Fee and commission income and expenses relating to financial
assets and financial liabilities measured at fair value through
profit or loss are recognised when paid.
\u25aa Those arising from transactions or services that are performed
over a period of time are recognised over the life of these
transactions or services.
\u25aa Those relating to services provided in a single act are recognised
when the single act is carried out.
iii. Non-finance income and expenses
They are recognised for accounting purposes when the good is
delivered or the non-financial service is rendered. To determine the
amount and timing of recognition, a five-step model is followed:
identification of the contract with the customer, identification of
the separate obligations of the contract, determination of the
transaction price, distribution of the transaction price among the
identified obligations and finally recording of income as the
obligations are satisfied.
iv. Deferred collections and payments
These are recognised for accounting purposes at the amount
resulting from discounting the expected cash flows at market
rates.
v. Loan arrangement fees
Loan arrangement fees, mainly loan origination, application and
information fees, are accrued and recognised in income over the
term of the loan.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1845": { "value": "
r) Recognition of income and expenses
The most significant criteria used by Grupo Santander to recognise
its income and expenses are summarised as follows:
i. Interest income, interest expenses and similar items
Interest income, interest expenses and similar items are generally
recognised on an accrual basis using the effective interest method.
Dividends received from other companies are recognised as income
when the consolidated entities\u2019 right to receive them arises.
ii. Commissions, fees and similar items
Fee and commission income and expenses are recognised in the
consolidated income statement using criteria that vary according to
their nature. The main criteria are as follows:
\u25aa Fee and commission income and expenses relating to financial
assets and financial liabilities measured at fair value through
profit or loss are recognised when paid.
\u25aa Those arising from transactions or services that are performed
over a period of time are recognised over the life of these
transactions or services.
\u25aa Those relating to services provided in a single act are recognised
when the single act is carried out.
iv. Deferred collections and payments
These are recognised for accounting purposes at the amount
resulting from discounting the expected cash flows at market
rates.
v. Loan arrangement fees
Loan arrangement fees, mainly loan origination, application and
information fees, are accrued and recognised in income over the
term of the loan.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1844": { "value": "
r) Recognition of income and expenses
The most significant criteria used by Grupo Santander to recognise
its income and expenses are summarised as follows:
i. Interest income, interest expenses and similar items
Interest income, interest expenses and similar items are generally
recognised on an accrual basis using the effective interest method.
Dividends received from other companies are recognised as income
when the consolidated entities\u2019 right to receive them arises.
ii. Commissions, fees and similar items
Fee and commission income and expenses are recognised in the
consolidated income statement using criteria that vary according to
their nature. The main criteria are as follows:
\u25aa Fee and commission income and expenses relating to financial
assets and financial liabilities measured at fair value through
profit or loss are recognised when paid.
\u25aa Those arising from transactions or services that are performed
over a period of time are recognised over the life of these
transactions or services.
\u25aa Those relating to services provided in a single act are recognised
when the single act is carried out.
iv. Deferred collections and payments
These are recognised for accounting purposes at the amount
resulting from discounting the expected cash flows at market
rates.
v. Loan arrangement fees
Loan arrangement fees, mainly loan origination, application and
information fees, are accrued and recognised in income over the
term of the loan.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1848": { "value": "
i. Interest income, interest expenses and similar items
Interest income, interest expenses and similar items are generally
recognised on an accrual basis using the effective interest method.
Dividends received from other companies are recognised as income
when the consolidated entities\u2019 right to receive them arises.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1847": { "value": "
i. Interest income, interest expenses and similar items
Interest income, interest expenses and similar items are generally
recognised on an accrual basis using the effective interest method.
Dividends received from other companies are recognised as income
when the consolidated entities\u2019 right to receive them arises.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1849": { "value": "
ii. Commissions, fees and similar items
Fee and commission income and expenses are recognised in the
consolidated income statement using criteria that vary according to
their nature. The main criteria are as follows:
\u25aa Fee and commission income and expenses relating to financial
assets and financial liabilities measured at fair value through
profit or loss are recognised when paid.
\u25aa Those arising from transactions or services that are performed
over a period of time are recognised over the life of these
transactions or services.
\u25aa Those relating to services provided in a single act are recognised
when the single act is carried out.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1850": { "value": "
s) Financial guarantees
Financial guarantees are considered contracts that require the
issuer to make specific payments to reimburse the creditor for the
loss it incurs when a specific debtor defaults on its due date
payment obligation in accordance with the original or modified
conditions of debt instrument, regardless of its legal form, which
may be, among others, a deposit, financial guarantee, insurance
contract or credit derivative.
Grupo Santander initially recognises the financial guarantees
provided on the liability side of the consolidated balance sheet at
fair value, which is generally the present value of the fees,
commissions and interest receivable from these contracts over the
term thereof, and simultaneously the Group recognises the
amount of the fees, commissions and similar interest received at
the inception of the transactions and a credit on the asset side of
the consolidated balance sheet for the present value of the fees,
commissions and interest outstanding.
Financial guarantees, regardless of the guarantor, instrumentation
or other circumstances, are reviewed periodically so as to
determine the credit risk to which they are exposed and, if
appropriate, to consider whether a provision is required. The credit
risk is determined by application of criteria similar to those
established for quantifying impairment losses on debt instruments
carried at amortised cost (described in note 2.g above).
The provisions made for these transactions are recognised under
'Provisions - Provisions for commitments and guarantees given in
the consolidated balance sheet' (see note 25). These provisions are
recognised and reversed with a charge or credit, respectively, to
'Provisions or reversal of provisions', net, in the consolidated
income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1851": { "value": "
u) Post-employment benefits
Under the collective agreements currently in force and other
arrangements, the Spanish banks included in the Group and certain
other Spanish and foreign consolidated entities have undertaken to
supplement the public social security system benefits accruing to
certain employees, and to their beneficiary right holders, for
retirement, permanent disability or death, and the post-
employment welfare benefits.
Grupo Santander's post-employment obligations to its employees
are deemed to be defined contribution plans when the Group
makes pre-determined contributions (recognised under Personnel
expenses in the consolidated income statement) to a separate
entity and will have no legal or effective obligation to make further
contributions if the separate entity cannot pay the employee
benefits relating to the service rendered in the current and prior
periods. Post-employment obligations that do not meet the
aforementioned conditions are classified as defined benefit plans
(see note 25).
Defined contribution plans
The contributions made in this connection in each year are
recognised under 'Personnel expenses' in the consolidated income
statement.
The amounts not yet contributed at each year-end are recognised,
at their present value, under 'Provisions - Provision for pensions'
and similar obligations on the liability side of the consolidated
balance sheet.
Defined benefit plans
Grupo Santander recognises under 'Provisions\u00a0- Provision for
pensions and similar obligations on the liability side of the
consolidated balance sheet' (or under 'Other assets' on the asset
side, as appropriate) the present value of its defined benefit post-
employment obligations, net of the fair value of the plan assets.
Plan assets are defined as those that will be directly used to settle
obligations and that meet the following conditions:
\u25aa They are not owned by the consolidated entities, but by a legally
separate third party that is not a party related to the Group.
\u25aa They are only available to pay or fund post-employment benefits
and they cannot be returned to the consolidated entities unless
the assets remaining in the plan are sufficient to meet all the
benefit obligations of the plan and of the entity to current and
former employees, or they are returned to reimburse employee
benefits already paid by Grupo Santander.
If Grupo Santander can look to an insurer to pay part or all of the
expenditure required to settle a defined benefit obligation, and it is
practically certain that said insurer will reimburse some or all of
the expenditure required to settle that obligation, but the
insurance policy does not qualify as a plan asset, the Group
recognises its right to reimbursement -which, in all other respects,
is treated as a plan asset- under 'Insurance contracts linked to
pensions' on the asset side of the consolidated balance sheet.
Grupo Santander will recognise the following items in the income
statement:
\u2022 Current service cost, (the increase in the present value of the
obligations resulting from employee service in the current
period), is recognised under 'Staff costs'.
\u2022 The past service cost, which arises from changes to existing post-
employment benefits or from the introduction of new benefits
and includes the cost of reductions, is recognised under
'Provisions or reversal of provisions'.
\u2022 Any gain or loss arising from a liquidation of the plan is included
in the 'Provisions or reversion of provisions'.
\u2022 Net interest on the net defined benefit liability (asset), i.e. the
change during the period in the net defined benefit liability
(asset) that arises from the passage of time, is recognised under
'Interest expense' and similar charges ('Interest and similar
income' if it constitutes income) in the consolidated income
statement.
The remeasurement of the net defined benefit liability (asset) is
recognised in 'Other comprehensive income' under Items not
reclassified to profit or loss and includes:
\u25aa Actuarial gains and losses generated in the\u00a0year, arising from the
differences between the previous actuarial assumptions and
what has actually occurred and from the effects of changes in
actuarial assumptions.
\u25aa The return on plan assets, excluding amounts included in net
interest on the net defined benefit liability (asset).
\u25aa Any change in the effect of the asset ceiling, excluding amounts
included in net interest on the net defined benefit liability
(asset).
v) Other long-term employee benefits
Other long-term employee benefits, defined as obligations to pre-
retirees\u00a0-taken to be those who have ceased to render services at
the entity but who, without being legally retired, continue to have
economic rights vis-\u00e0-vis the entity until they acquire the legal
status of retiree-, long-service bonuses, obligations for death of
spouse or disability before retirement that depend on the
employee\u2019s length of service at the entity and other similar items,
are treated for accounting purposes, where applicable, as
established above for defined benefit post-employment plans,
except that actuarial gains and losses are recognised under
'Provisions or reversal of provisions', net, in the consolidated
income statement (see note\u00a025).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1852": { "value": "
w) Termination benefits
Termination benefits are recognised when there is a detailed
formal plan identifying the basic changes to be made, provided
that implementation of the plan has begun, its main features have
been publicly announced or objective facts concerning its
implementation have been disclosed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1854": { "value": "
x) Income tax
The expense for Spanish income tax and other similar taxes
applicable to the foreign consolidated entities is recognised in the
consolidated income statement, except when they arise from a
transaction whose results are recognised directly in equity, in
which case the related tax effect is recognised in equity.
The current income tax expense is calculated as the sum of the
current tax resulting from application of the appropriate tax rate to
the taxable profit for the year (net of any deductions allowable for
tax purposes), and of the changes in deferred tax assets and
liabilities recognised in the consolidated income statement.
'Deferred tax assets' and liabilities include temporary differences,
which are identified as the amounts expected to be payable or
recoverable on differences between the carrying amounts of assets
and liabilities and their related tax bases, and tax loss and tax
credit carryforwards. These amounts are measured at the tax rates
that are expected to apply in the period when the asset is realised
or the liability is settled.
'Tax assets' include the amount of all tax assets, which are broken
down into current\u00a0-amounts of tax to be recovered within the next
twelve\u00a0months- and deferred\u00a0-amounts of tax to be recovered in
future\u00a0years, including those arising from tax loss or tax credit
carryforwards.
Tax liabilities' includes the amount of all tax liabilities (except
provisions for taxes), which are broken down into current\u00a0-the
amount payable in respect of the income tax on the taxable profit
for the\u00a0year and other taxes in the next twelve\u00a0months- and
deferred\u00a0-the amount of income tax payable in future\u00a0years.
Deferred tax liabilities are recognised in respect of taxable
temporary differences associated with investments in subsidiaries,
associates or joint ventures, except when the Group is able to
control the timing of the reversal of the temporary difference and,
in addition, it is probable that the temporary difference will not
reverse in the foreseeable future. In this regard, no deferred tax
liabilities of EUR 321.9 million were recognised in relation to the
taxation that would arise from the undistributed earnings of
certain Group holding companies, in accordance with the
legislation applicable in those jurisdictions.
Deferred tax assets are only recognised for temporary differences
to the extent that it is considered probable that the consolidated
entities will have sufficient future taxable profits against which the
deferred tax assets can be utilised, and the deferred tax assets do
not arise from, in its initial recognition of (i)a business combination,
(ii) an operation that does not affect either the tax result or the
accounting result or (iii) on the date of the transaction, does not
generate deductible and taxable temporary differences for the
same amount (in which case assets and deferred tax liabilities).
Other deferred tax assets (tax loss and tax credit carryforwards)
are only recognised if it is considered probable that the
consolidated entities will have sufficient future taxable profits
against which they can be utilised.
Differences generated by the different accounting and tax
treatment of any of the income and expenses recorded directly in
equity to be paid or recovered in the future are accounted for as
temporary differences.
The deferred tax assets and liabilities are reassessed at the
reporting date in order to ascertain whether any adjustments need
to be made on the basis of the findings of the analyses performed.
Regarding taxes on profits arising from the application of tax laws
for the implementation of the Pillar Two model rules, including
those related to national minimum complementary taxes, the
Group applies the mandatory and temporary exception to the
recognition of deferred tax assets and liabilities derived from said
tax laws (see note 27.f).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1853": { "value": "
x) Income tax
The expense for Spanish income tax and other similar taxes
applicable to the foreign consolidated entities is recognised in the
consolidated income statement, except when they arise from a
transaction whose results are recognised directly in equity, in
which case the related tax effect is recognised in equity.
The current income tax expense is calculated as the sum of the
current tax resulting from application of the appropriate tax rate to
the taxable profit for the year (net of any deductions allowable for
tax purposes), and of the changes in deferred tax assets and
liabilities recognised in the consolidated income statement.
'Deferred tax assets' and liabilities include temporary differences,
which are identified as the amounts expected to be payable or
recoverable on differences between the carrying amounts of assets
and liabilities and their related tax bases, and tax loss and tax
credit carryforwards. These amounts are measured at the tax rates
that are expected to apply in the period when the asset is realised
or the liability is settled.
'Tax assets' include the amount of all tax assets, which are broken
down into current\u00a0-amounts of tax to be recovered within the next
twelve\u00a0months- and deferred\u00a0-amounts of tax to be recovered in
future\u00a0years, including those arising from tax loss or tax credit
carryforwards.
Tax liabilities' includes the amount of all tax liabilities (except
provisions for taxes), which are broken down into current\u00a0-the
amount payable in respect of the income tax on the taxable profit
for the\u00a0year and other taxes in the next twelve\u00a0months- and
deferred\u00a0-the amount of income tax payable in future\u00a0years.
Deferred tax liabilities are recognised in respect of taxable
temporary differences associated with investments in subsidiaries,
associates or joint ventures, except when the Group is able to
control the timing of the reversal of the temporary difference and,
in addition, it is probable that the temporary difference will not
reverse in the foreseeable future. In this regard, no deferred tax
liabilities of EUR 321.9 million were recognised in relation to the
taxation that would arise from the undistributed earnings of
certain Group holding companies, in accordance with the
legislation applicable in those jurisdictions.
Deferred tax assets are only recognised for temporary differences
to the extent that it is considered probable that the consolidated
entities will have sufficient future taxable profits against which the
deferred tax assets can be utilised, and the deferred tax assets do
not arise from, in its initial recognition of (i)a business combination,
(ii) an operation that does not affect either the tax result or the
accounting result or (iii) on the date of the transaction, does not
generate deductible and taxable temporary differences for the
same amount (in which case assets and deferred tax liabilities).
Other deferred tax assets (tax loss and tax credit carryforwards)
are only recognised if it is considered probable that the
consolidated entities will have sufficient future taxable profits
against which they can be utilised.
Differences generated by the different accounting and tax
treatment of any of the income and expenses recorded directly in
equity to be paid or recovered in the future are accounted for as
temporary differences.
The deferred tax assets and liabilities are reassessed at the
reporting date in order to ascertain whether any adjustments need
to be made on the basis of the findings of the analyses performed.
Regarding taxes on profits arising from the application of tax laws
for the implementation of the Pillar Two model rules, including
those related to national minimum complementary taxes, the
Group applies the mandatory and temporary exception to the
recognition of deferred tax assets and liabilities derived from said
tax laws (see note 27.f).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1855": { "value": "
ab) Consolidated statement of cash flows
The following terms are used in the consolidated statements of
cash flows with the meanings specified:
\u2022 Cash flows: inflows and outflows of cash and cash equivalents,
which are short-term, highly liquid investments that are subject
to an insignificant risk of changes in value, irrespective of the
portfolio in which they are classified.
Grupo Santander classifies as cash and cash equivalents the
balances recognised under 'Cash, cash balances at central banks'
and 'Other deposits on demand' in the consolidated balance
sheet.
\u2022 Operating activities: the principal revenue-producing activities of
credit institutions and other activities that are not investing or
financing activities.
\u2022 Investing activities: the acquisition or disposal of long-term
assets and other investments not included in cash and cash
equivalents.
\u2022 Financing activities: activities that result in changes in the size
and composition of the equity and liabilities that are not
operating activities.
During 2025 Grupo Santander received interest amounting to EUR
109,840 million (EUR 117,046 and EUR 101,029 in 2024 and 2023,
respectively) and paid interest amounting to EUR 57,737 million
(EUR 61,091 and EUR 50,954 in 2024 and 2023, respectively).
Also, dividends received and paid by the Group are detailed in
notes 4, 28 and 40, including dividends paid to minority interests
(non-controlling interests", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1856": { "value": "
3. Grupo Santander
a) Banco Santander, S.A., and international
Group structure
The growth of Grupo Santander in the last decades has led Banco
Santander to also act, in practice, as a holding entity of the shares
of the various companies in its Group, and its results are becoming
progressively less representative of the performance and earnings
of the Group. Therefore, each\u00a0year the bank determines the
amount of the dividends to be distributed to its shareholders on the
basis of the consolidated net profit, while maintaining the Group\u2019s
objectives of capitalisation and taking into account that the
transactions of the Bank and of the rest of the Group are managed
on a consolidated basis (notwithstanding the allocation to each
company of the related net worth effect).
At the international level, the various banks and other subsidiaries,
joint ventures and associates of the Group are integrated in a
corporate structure comprising various holding companies which
are the ultimate shareholders of the banks and subsidiaries abroad.
The purpose of this structure, all of which is controlled Banco
Santander, is to optimise the international organisation from the
strategic, economic, financial and tax standpoints, since it makes it
possible to define the most appropriate units to be entrusted with
acquiring, selling or holding stakes in other international entities,
the most appropriate financing method for these transactions and
the most appropriate means of remitting the profits obtained by
the group\u2019s various operating units to Spain.
The Appendices provide relevant data on the consolidated group
companies and on the companies accounted for using the equity
method.
b) Acquisitions and disposals
Following is a summary of the main acquisitions and disposals of
ownership interests in the share capital of other entities and other
significant corporate transactions performed in the last three years
or pending to be completed:
i. Agreement for the sale of 49% of Santander Bank Polska
S.A. and accelerated placement of ordinary shares
On 5 May 2025, Banco Santander announced an agreement to sell
approximately 49% of the share capital of Santander Bank Polska
S.A. (Santander Polska) to Erste Group Bank AG at a price of 584
zlotys per share, as well as the 50% of Santander Towarzystwo
Funduszy Inwestycyjnych S.A. (TFI, the asset management
business in Poland) owned directly by Banco Santander, S.A., for a
total amount of approximately EUR 7,000\u00a0million. Following the
transaction and the accelerated placement of ordinary shares
announced on 2 December 2025, of 3,576,626 ordinary shares of
Santander Polska, representing approximately 3.5% of its share
capital, for a total import of EUR 407\u00a0million, Santander will hold
9.7% of Santander Polska's share capital (58.7% as of 31
December 2025). The transaction was completed on 9 January
2026 (see Note 1.g. Introduction, basis of presentation of the
consolidated annual accounts, and other information, subsequent
events).
As a result of the agreement, the Group has reclassified the assets
of Santander Polska and TFI in the consolidated balance sheet as of
31 December 2025, to the heading 'Non-current assets held for
sale', and their liabilities to the heading 'Liabilities associated with
non-current assets held for sale'. Furthermore, the effect of these
businesses on the profit and loss account for the 2025 financial
year has been classified under the heading 'Profit/(loss) after tax
from discontinued operations' (see Note 12), with the same
classification being applied for comparative purposes in the profit
and loss accounts for the 2024 and 2023 financial years.
As part of this transaction, on 23 December 2025, Santander
Consumer, S.A. acquired 60% of Santander Consumer Bank Polska,
which was owned by Santander Polska, for PLN 3,105 million (EUR
726 million). This transaction had no significant impact on the
Group's consolidated financial statements.
ii. Agreement for the acquisition of TSB Banking Group plc
On 1 July 2025, Banco Santander announced an agreement with
Banco de Sabadell, S.A. for the acquisition of TSB Banking Group
plc for approximately GBP 2,650\u00a0million (EUR 3,100\u00a0million) plus
the results generated by this business between 31 March 2025,
and the closing of the transaction.
The completion of the transaction is subject to the usual conditions
for this type of deal, including obtaining the relevant regulatory
authorizations.
iii. Agreement for the sale of the stake in Caceis
On 19 December 2024, Grupo Santander signed an agreement
with Cr\u00e9dit Agricole S.A. for the sale of its 30.5% stake in the share
capital of CACEIS. As a result of the above, as of 31 December
2024, this participation was reclassified, at its carrying value, from
the line item 'investments' to the line item 'Non-current assets
held for sale' in the balance sheet (see Note 6). The transaction
was formalized in 2025 after obtaining the relevant regulatory
approvals, generating a profit before taxes of EUR 231\u00a0million
registered in the line item 'Gains or losses on non-current assets
held for sale not classified as discontinued operations' of the
income statement. Following the completion of the planned
transaction, Cr\u00e9dit Agricole S.A. holds the 100% of CACEIS\u2019s share
capital.
The joint depositary, custody and related asset servicing services of
Santander and CACEIS in Latin America is not included in the scope
of the transaction and continues to be jointly controlled by
Santander and CACEIS.
iv. Accelerated placement of ordinary shares of Santander
Bank Polska
On 10 September 2024, Banco Santander, S.A. announced an
accelerated placement of 5,320,000 ordinary shares of its
subsidiary Santander Bank Polska S.A., representing approximately
5.2% of its share capital, at a price of PLN 463 (EUR 108) per
ordinary share. The transaction was settled on September 13, with
the total transaction amounting to PLN 2,463\u00a0million (EUR
575\u00a0million). Banco Santander will continue to hold a majority
stake in Santander Bank Polska S.A. of 62.2% of the share capital
(prior to this transaction, the percentage of participation was
67.4%).
This sale has resulted in an increase in reserves and valuation
adjustments of EUR 158\u00a0million and EUR 57\u00a0million, respectively,
and an increase in minority equity of EUR 360\u00a0million.
v. Tender offers for shares of Banco Santander M\u00e9xico,
S.A., Instituci\u00f3n de Banca M\u00faltiple, Grupo Financiero
Santander M\u00e9xico
On 21 October 2022, Banco Santander, S.A. ('Banco Santander')
announced that it intends to make concurrent cash tender offers to
acquire all of the shares of Banco Santander M\u00e9xico, S.A.,
Instituci\u00f3n de Banca M\u00faltiple, Grupo Financiero Santander M\u00e9xico
('Santander Mexico') in Mexico (Shares) and United States
(American Depositary Shares ('ADSs')) which were not owned by
Grupo Santander, which amount to approximately\u00a0 3.76% of
Santander Mexico\u2019s share capital.
The offers were launched on 7 February 2023 and were originally
scheduled to close on 8 March 2023. On 1 March 2023, Banco
Santander announced its decision to extend the expiration date of
the offers so that they could be concluded on 10 April 2023.
Finally, after the offers' closing, 3.6% of the capital accepted the
offer, which raised the Group's stake in Santander M\u00e9xico from
96.2% to 99.8% .will be settled on 13 March 2023.
Shareholders who participated in the offerings received 24.52
Mexican pesos (approximately EUR 1.20) per Share and USD
6.6876 in cash for each ADS (i.e., the equivalent in United States
dollars of 122.6 Mexican pesos in cash for each ADS at the US
dollar/Mexican peso exchange rate on the expiration date of 10
April 2023),which corresponded to the book value of the Santander
M\u00e9xico share according to the quarterly report of Santander
M\u00e9xico corresponding to the fourth quarter of the year 2022 in
accordance with applicable legislation, with a total disbursement
by Banco Santander of approximately EUR 300\u00a0million.
The operation led to an increase of EUR 13\u00a0million in Reserves and
a decrease of EUR 313\u00a0million in minority interests.
Once the offers were concluded and settled, Banco Santander
proceeded to: (i) withdraw the ADSs from the listing on the New
York Stock Exchange ('NYSE') and the Shares from the registry
before the Securities and Exchange Commission ('SEC') in the
United States and; (ii) cancel the registration of the Shares in the
National Securities Registry of the National Banking and Securities
Commission ('CNBV') and withdraw the listing of the Shares in the
Mexican Stock Exchange, S.A.B. de C.V. ('BMV'). Said cancellation
was approved by the extraordinary general shareholders' meeting
of Santander M\u00e9xico held on 30 November 2022, with the
favourable vote of the holders of the shares that represent more
than 95% of the shares of Santander Mexico, as required by the
Mexican Securities Market Law.
Pursuant to Mexican law, on 12 May 2023, Banco Santander and
Santander M\u00e9xico established a trust (the 'Repurchase Trust'), to
which the holders of the Shares that remain outstanding after the
conclusion of the offers, to sell said Shares to the repurchase trust,
at the same cash price that would have been paid to them in the
Mexican offer with respect to the same. At the end of the year, said
trust was liquidated and the Group's effective participation
amounts to 99.98%.
c) Offshore entities
Spanish regulation
According to current Spanish regulation (Law 11/2021, of 9 July;
Royal Decree 1080/1991, of 5 July; and Order HFP/115/2023, of 9
February), at year-end 2025 Grupo Santander has three branches
in the non-cooperative jurisdictions of Jersey, the Isle of Man and
the Cayman Islands (offshore entities). The Group also has a
subsidiary in Guernsey, which is in the process of being wound up
and is tax resident in the United Kingdom, and is therefore subject
to its tax regime.
i. Offshore branches
As previously mentioned, Grupo Santander has three offshore
branches in the non-cooperative jurisdictions of the Cayman
Islands, the Isle of Man and Jersey. They report to, and consolidate
balance sheets and income statements with, their respective
foreign headquarters. They are taxed either with their
headquarters (the Cayman Islands branch in Brazil) or in the
territories they are located (Jersey and the Isle of Man, pertain to
the UK).
These three offshore branches have a total of 147 employees as of
December 2025.
ii. Subsidiaries in non-cooperative jurisdictions that are tax
resident in the United Kingdom (UK)
Grupo Santander also has a subsidiary incorporated in the non-
cooperative jurisdiction of Guernsey, which is not deemed an
offshore entity because it operated exclusively from the UK and is
tax resident there, and is therefore subject to UK tax law. This
subsidiary is in the process of being liquidated as of December 31,
2025.
Additionally, during 2025 a subsidiary incorporated in Bermuda\u00a0
and tax resident in the United Kingdom, was liquidated.
iii. Other offshore holdings
From Brazil, Grupo Santander manages Santander Brazil Global
Investment Fund SPC, a segregated portfolio company located in
the Cayman Islands. The Group also holds minority, non-
controlling financial interests in entities located in non-cooperative
jurisdictions, including, among others, Klar Holdings Limited in the
Cayman Islands.
The European Union (EU)
Santander has no presence in any of the 11 jurisdictions included
on the EU Council\u2019s blacklist of non-cooperative jurisdictions for tax
purposes as of 31 December 2025. Additionally, the EU grey list
comprises another 11 jurisdictions which have sufficiently
committed to fully adapting their legislation to international tax
standards, subject to monitoring by the EU. Within these grey-list
jurisdictions, Santander operates only in Morocco through one
subsidiary and holds a minority interest in a financial institution tax
resident in that jurisdiction.
Organization for Economic Cooperation and Development
(OECD)
Grupo Santander has no presence in any jurisdictions non-
compliant with both OECD standards on transparency and
exchange of information for tax purposes (the automatic exchange
of information AEOI standard and the exchange of information on
request EOIR standard), according to the last annual reports of the
OECD Global Forum on Transparency and Exchange of Information
for Tax Purposes, released on 2 December 2025.
However, Vietnam \u2014a jurisdiction where Santander has a
subsidiary\u2014 does not comply with the EOIR standard. Meanwhile,
The Bahamas and Chile \u2014jurisdictions where Santander is also
present\u2014, although they have complete legal and regulatory
frameworks in place for the implementation of the AEOI standard,
they still need to improve the effectiveness of this standard.
Santander presence in offshore territories at the end of 2025 is as
follows:
Group presence in non-cooperative jurisdictions
Regulatory framework
Group presence in non-
cooperative jurisdictions
Subsidiaries
Branches
Spanish legislationa
\u2014
3b
Council of the EU blacklist
\u2014
\u2014
OECDc
\u2014
\u2014
2025
\u2014
3
2024
\u2014
3
a Additionally, there is one subsidiary constituted in Guernsey (in the process of
winding up), but resident for tax purposes in the UK.
b The Group has three branches in Jersey, the Isle of Man and the Cayman
Islands. These jurisdictions are not included in the European Union\u2019s October
2025 blacklist and fully comply with both OECD international standards on
transparency and exchange of information for tax purposes (AEOI and EOIR).
c Jurisdictions non-compliant with both OECD standards (AEOI and EOIR).
Grupo Santander has the right mechanisms (risk management,
supervision, verification and review plans, and regular reporting) to
prevent reputational, tax and legal risks in entities resident in non-
cooperative jurisdictions. Grupo Santander also maintains its policy
of limiting and reducing its presence in non-cooperative
jurisdictions when possible.
PwC member firms audited the financial statements of Grupo
Santander\u2019s offshore entities in 2025, 2024 and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1857": { "value": "1821000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-1858": { "value": "0.115", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-1859": { "value": "0.125", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-1860": { "value": "0.115", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-1861": { "value": "0.125", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-1862": { "value": "
b) Earnings/loss per share from continuing and
discontinued operations
i. Basic earnings / loss per share
Basic earnings/loss per share are calculated by dividing the net
profit attributable to the Group, adjusted by the after-tax amount
of the remuneration of contingently convertible preference shares
(PPCC) recognised in equity and the capital perpetual preference
shares (PPCA) (see note\u00a023) , if applicable, by the weighted average
number of ordinary shares outstanding during that period,
excluding the average number of own shares held through that
period.
Accordingly:
2025
2024
2023
Profit (Loss) attributable
to the Parent (EUR
million)
14,101
12,574
11,076
Remuneration of PPCC
and PPCA (EUR million)
(note 23)
(622)
(620)
(492)
13,479
11,954
10,584
Of which:
Profit (Loss) from
discontinued
operations (non
controlling interest
net) (EUR million)
962
822
717
Profit (Loss) from
continuing
operations (non-
controlling interest
and PPCC and PPCA
net)
(EUR million)
12,517
11,132
9,867
Weighted average
number of shares
outstanding
14,890,304,840
15,497,607,269
16,172,084,714
Basic earnings (Loss)
per share (euros)
0.905
0.771
0.654
Of which, from
discounted operations
(euros)
0.065
0.053
0.044
Basic earnings (Loss)
per share from
continuing operations
(euros)
0.840
0.718
0.610
ii. Diluted earnings / loss per share
Diluted earnings/loss per share are calculated by dividing the net
profit attributable to the Group, adjusted by the after-tax amount
of the remuneration of contingently convertible preference shares
recognised in equity (PPCC) recognised in equity and the capital
perpetual preference shares (PPCA) (see note\u00a023) , by the weighted
average number of ordinary shares outstanding during the\u00a0year,
excluding the average number of treasury shares and adjusted for
all the dilutive effects inherent to potential ordinary shares (share
options, and convertible debt securities).
Accordingly, diluted earnings/loss per share were determined as
follows:
2025
2024
2023
Profit (Loss) attributable
to the Parent (EUR
million)
14,101
12,574
11,076
Remuneration of PPCC
and PPCA (EUR million)
(Note 23)
(622)
(620)
(492)
Dilutive effect of
changes in profit for the
period arising from
potential conversion of
ordinary shares
\u2014
\u2014
\u2014
13,479
11,954
10,584
Of which:
Profit (Loss) from
discontinued
operations (net of
non-controlling
interests) (EUR
million)
962
822
717
Profit (Loss) from
continuing
operations (net of
non-controlling
interests and PPCC
and PPCA) (EUR
million)
12,517
11,132
9,867
Weighted average
number of shares
outstanding
14,890,304,840
15,497,607,269
16,172,084,714
Dilutive effect of
options/rights on shares
85,269,647
70,110,570
75,180,407
Adjusted number of
shares
14,975,574,487
15,567,717,839
16,247,265,121
Diluted earnings (Loss)
per share (euros)
0.900
0.768
0.651
Of which, from
discounted operations
(euros)
0.064
0.053
0.044
Diluted earnings (Loss)
per share from
continuing operations
(euros)
0.836
0.715
0.607
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1863": { "value": "
i. Basic earnings / loss per share
Basic earnings/loss per share are calculated by dividing the net
profit attributable to the Group, adjusted by the after-tax amount
of the remuneration of contingently convertible preference shares
(PPCC) recognised in equity and the capital perpetual preference
shares (PPCA) (see note\u00a023) , if applicable, by the weighted average
number of ordinary shares outstanding during that period,
excluding the average number of own shares held through that
period.
ii. Diluted earnings / loss per share
Diluted earnings/loss per share are calculated by dividing the net
profit attributable to the Group, adjusted by the after-tax amount
of the remuneration of contingently convertible preference shares
recognised in equity (PPCC) recognised in equity and the capital
perpetual preference shares (PPCA) (see note\u00a023) , by the weighted
average number of ordinary shares outstanding during the\u00a0year,
excluding the average number of treasury shares and adjusted for
all the dilutive effects inherent to potential ordinary shares (share
options, and convertible debt securities).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1865": { "value": "
5. Remuneration and other benefits paid
to the Bank\u2019s directors and senior
managers
The following section contains qualitative and quantitative
disclosures on the remuneration paid to the members of the board
of directors \u2014both executive and non-executive directors\u2014 and
senior managers for 2025 and 2024
a) Remuneration of Directors
i. Bylaw-stipulated emoluments
The annual general meeting held on 22 March 2013 approved an
amendment to the Bylaws, whereby the remuneration of directors
in their capacity as board members became an annual fixed
amount determined by the annual general meeting. This amount
shall remain in effect unless the shareholders resolve to change it
at a general meeting. However, the board of directors may elect to
reduce the amount in any years in which it deems such action
justified.
The maximum remuneration established by the annual general
meeting was EUR 6\u00a0million in 2025 (EUR 6\u00a0million in 2024), with
two components: (a)\u00a0an annual emolument and (b)\u00a0attendance
fees.
The specific amount payable for the above-mentioned items to
each of the directors is determined by the board of directors. For
such purpose, it takes into consideration the positions held by each
director on the board, their membership of the board and the board
committees and their attendance to the meetings thereof, and any
other objective circumstances considered by the board.
The total Bylaw-stipulated emoluments earned by the directors in
2025 amounted to EUR 5.3\u00a0million (EUR 5.4\u00a0million in 2024).
Annual allotment
For 2025, the board of directors, upon recommendation of the
remuneration committee, approved a 3% increase in the annual
allotments payable to the chair and members of the board and its
committees (including the executive committee), as well as to the
lead independent director and the non-executive Vice Chair .\u00a0
Accordingly, each director received, in respect of 2024 and 2025,
the amounts corresponding to their service on the board and its
committees, with such amounts determined by the specific
position held, as detailed in the table below.
Amount per director in euros
2025
2024
Members of the board of directors
100,940
98,000
Members of the executive committee
175,100
170,000
Members of the audit committee
44,290
43,000
Members of the appointments committee
28,840
28,000
Members of the remuneration committee
28,840
28,000
Members of the risk supervision, regulation and
compliance committee
44,290
43,000
Members of the responsible banking,
sustainability and culture committee
28,840
28,000
Members of the innovation and technology
committee
28,840
28,000
Chair of the audit committee
72,100
70,000
Chair of the appointments committee
51,500
50,000
Chair of the remuneration committee
51,500
50,000
Chair of the risk supervision, regulation and
compliance committee
72,100
70,000
Chair of the responsible banking, sustainability
and culture committee
51,500
50,000
Chair of the innovation and technology committee
72,100
70,000
Lead independent\u00a0 directorA
113,300
110,000
Non-executive Vice Chair
30,900
30,000
A. Glenn Hutchins has been allocated EUR 700,000 (including annual allowances
and attendance fees) in minimum total annual pay set for the required time and
dedication to perform his roles.
Attendance fees
The directors receive fees for attending board and committee
meetings, excluding executive committee meetings, where no
attendace fees are received.
In line with the adjustment to the annual allotments, the board of
directors approved a 3% increase for 2025 in attendance fees
compared with 2024.
Accordingly, attendance fees for meetings of the board and its
committees (with the exception of the Executive Committee, for
which no attendance fees are payable) amounted, for the last two
years, to the totals set out in the table below:
Attendance fees per director per meeting in euros
2025
2024
Board of directors
2,785
2,704
Audit committee and risk supervision, regulation
and compliance committee
1,821
1,768
Other committees (excluding executive committee)
1,606
1,560
ii. Salaries
The executive directors receive salaries. In accordance with the
policy approved by the annual general meeting, salaries are
composed of a fixed annual remuneration and a variable one,
which consists in a unique incentive, which is a deferred variable
remuneration plan linked to multi-year objectives, which
establishes the following payment scheme:
\u2022 40% of the variable remuneration amount, determined at year-
end on the basis of the achievement of the established
objectives, is paid immediately.
\u2022 The remaining 60% is deferred over five years, provided that the
conditions of permanence in the Group and non-concurrence of
the malus clauses are met, and subject to long term metrics,
taking into account the following accrual scheme:
\u2013 The accrual of the first and second portion (20% of total
variable compensation, paid in 2027 and 2028) will be
conditional on none of the malus clauses being triggered.
\u2013 The accrual of the third, fourth and fifth portion (40% of total
variable compensation and paid in 2029, 2030 and 2031), is
linked to objectives related to the period 2025\u20142027 and
the metrics and scales associated with these objectives. The
fulfilment of the objectives determines the percentage to be
paid of the deferred amount in these three annuities, and
these targets can reduce these amounts and the number of
deferred instruments, or increase them up to a maximum
achievement ratio of 125%, so executives have the incentive
to exceed their targets.
In accordance with current remuneration policies, the amounts
already paid will be subject to a possible recovery (clawback) by
the Bank during the period set out in the policy in force at each
moment.
Payment of the approved incentive is paid 40% in cash and the
remaining 60% in instruments, consisting of Banco Santander\u00a0
shares and restricted stock units (RSUs) of PagoNxt, split as:
\u25e6 the amount of PagoNxt RSUs set for each year; and
\u25e6 the rest, all in shares of Banco Santander.
Comparative of executive remuneration (Chair and CEO)
The target bonus of the Executive Chair and the CEO for 2025
remains unchanged compared to 2024.
Variable contributions to pensions were not modified in 2025, so
the amounts are the 22% of the 30% of the last three assigned
bonus' average.
In assessing individual performance, the Board considered the
Grupo Santander\u2019s strong results for 2025, reflecting continued
delivery of our strategic plan. Attributable profit reached EUR
14,101\u00a0million in 2025, up 12% year-on-year (or +16% in constant
euros), with a TSR during the year of 132% (+60% in relative terms
vs. our peer group).
The Board also evaluated the leadership of the Executive Chair and
the Chief Executive Officer in delivering these results and
advancing the Group\u2019s strategic priorities. Taking these factors into
account, it determined that both executives achieved an
'Exceptional' level of performance and approved the corresponding
variable remuneration.
Moreover, the ratio of executive directors\u2019 total remuneration to
underlying attributable profit fell to 0.17% from 0.18% in 2024.
iii. Detail by director
The detail, by bank director, of the short-term (immediate) and deferred (not subject to long-term goals) remuneration for 2025 and 2024 is
provided below:
EUR thousand
2025
Bylaw-stipulated emoluments
Annual emolument
BoardF
Executive
committee
Audit
committee
Nomination
committee
Remuneration
committee1
Risk
supervision,
regulation
and
compliance
oversight
committee2
Responsible
banking,
sustainability
and culture
committee
Innovation
and
technology
committee
Attendance
fees and
commissions
Ana Bot\u00edn
101
175
\u2014
\u2014
\u2014
\u2014
\u2014
29
44
H\u00e9ctor Grisi
101
175
\u2014
\u2014
\u2014
\u2014
\u2014
29
44
Jos\u00e9 Antonio
\u00c1lvarez
132
175
\u2014
\u2014
\u2014
44
\u2014
29
67
Glenn Hutchins
412
\u2014
\u2014
29
80
\u2014
\u2014
101
78
Homaira Akbari
101
\u2014
44
\u2014
\u2014
\u2014
29
29
81
Javier Bot\u00ednA
101
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
36
Sol Daurella
101
\u2014
\u2014
29
29
\u2014
80
\u2014
75
Henrique de Castro
101
\u2014
44
\u2014
29
\u2014
\u2014
29
80
Gina D\u00edez
101
\u2014
\u2014
29
\u2014
\u2014
29
\u2014
63
Luis Isasi
101
175
\u2014
\u2014
29
44
\u2014
\u2014
74
Bel\u00e9n Romana
101
175
44
80
\u2014
44
\u2014
29
107
Pamela Walkden
101
\u2014
44
\u2014
\u2014
116
29
\u2014
93
Germ\u00e1n de la
Fuente
101
\u2014
116
\u2014
\u2014
44
\u2014
\u2014
83
Carlos Barrab\u00e9s B
101
\u2014
\u2014
29
\u2014
\u2014
29
29
71
Antonio WeissC
101
\u2014
\u2014
\u2014
29
\u2014
\u2014
\u2014
50
Bruce Carnegie-
Brown D
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ramiro MatoE
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total 2025
1,857
875
292
196
196
292
196
304
1,047
Total 2024
1,791
933
306
183
168
263
190
280
1,240
A. All amounts received were reimbursed to Fundaci\u00f3n Bot\u00edn.
B. Director and member of the nomination committee, responsible banking, sustainability and culture committee and innovation and technology committee since 27 June
2024.
C. Director since 27 June 2024.
D. Stepped down as director on 22 March 2024.
E. Stepped down as director on 27 June 2024.
F. Also includes emoluments for other roles in the board.
Changes in the chairship or membership of the committees:
1. Antonio Weiss was appointed member of the remuneration committee on 1 January 2025.
2. Jos\u00e9 Antonio \u00c1lvarez was appointed member of the risk supervision, regulation and compliance oversight committee on 1 January 2025.
\u00a0 \u00a0 Other remuneration includes EUR 1,000\u00a0thousand for the role as non-executive Chair of the Santander Espa\u00f1a business unit and for attending its board and committee
meetings for Luis Isasi. For Jos\u00e9 Antonio \u00c1lvarez, this amount includes remuneration as strategic advisor of Grupo Santander, life and health insurance contributions (EUR
678\u00a0thousand) and part of the former supplement for having waived the death and disability policy (EUR 12\u00a0thousand).
2025
2024
Short-term and deferred (not subject to long-term goals) salaries of
executive directors
Fixed
Variable - immediate
payment
Deferred variable
In cash
In
instruments
In cash
In
instruments
Total
Pension
contribution
Other
remuneration
Total
Total
Ana Bot\u00edn
3,435
2,003
2,003
1,001
1,002
9,444
1,341
843
11,977
12,127
H\u00e9ctor Grisi
3,150
1,384
1,384
692
692
7,302
1,120
718
9,489
9,137
Jos\u00e9 Antonio \u00c1lvarez
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2,440
2,887
3,698
Glenn Hutchins
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
700
700
Homaira Akbari
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
284
285
Javier Bot\u00edn A
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
137
144
Sol Daurella
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
314
292
Henrique de Castro
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
283
300
Gina D\u00edez
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
222
225
Luis Isasi
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,000
1,423
1,440
Bel\u00e9n Romana
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
581
599
Pamela Walkden
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
383
381
Germ\u00e1n de la Fuente
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
344
338
Carlos Barrab\u00e9sB
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
259
128
Antonio Weiss C
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
180
72
Bruce Carnegie-
Brown D
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
78
Ramiro Mato E
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
271
Total 2025
6,585
3,387
3,387
1,693
1,694
16,746
2,461
5,001
29,462
\u2014
Total 2024
6,585
3,130
3,130
1,877
1,879
16,601
2,444
5,815
\u2014
30,214
Footnotes in previous table.
Following is the detail by executive director of the salaries linked to
multi-year objectives at their fair Value, which will only be received
if the conditions of permanence in the Group, non-applicability of
malus clauses and achievement of the established objectives are
met (or, as the case may be, of the minimum thresholds thereof,
with the consequent reduction of amount agreed-upon at the end
of the\u00a0year) in the terms described in Note\u00a046.
EUR thousand
2025
2024
Variable subject to long-
term
objectives 1
In cash
In
shares
In RSUs
Total
Total
Ana Bot\u00edn
701
1,893
210
2,804
2,332
H\u00e9ctor Grisi
484
1,277
176
1,938
1,611
Total
1,185
3,170
386
4,742
3,943
1. Corresponds with the fair value of the maximum amount they are entitled to in
a total of 3 years: 2029, 2030 and 2031, subject to conditions of continued
service, with the exceptions provided, and to the non-applicability of malus
clauses and achievement of the objectives established . The face value of the
three aforementioned deferred amounts is EUR 6,774 thousand for 2025 (EUR
4,006 thousand for Ana Bot\u00edn and EUR 2,768 thousand for H\u00e9ctor Grisi).
The fair value has been determined at the grant date based on the
valuation report of an independent expert, Willis Towers Watson.
Based on the design of the plan for 2025 and the levels of
achievement of similar plans in comparable entities, the fair value
considered is 70% of the variable remuneration subject to long-
term objectives. (see note 46).
Note 5.e below includes disclosures on the shares delivered from
the deferred remuneration schemes in place in previous years and
for which delivery conditions were met, as well as on the
maximum number of shares that may be received in future years in
connection with the aforementioned 2025 and 2024 variable
remuneration plans.
b) Remuneration of the board members as
representatives of the Bank
By resolution of the executive committee, all the remuneration
received by the Bank\u2019s directors who represent the Bank on the
boards of directors of listed companies in which the Bank has a
stake, paid by those companies and relating to appointments made
on or after 18 March 2002 , accrues to the Group. In 2025 the
Bank\u2019s directors did not receive any remuneration in respect of
these representative duties.
On the other hand, in their personal capacity, in 2025 Homaira
Akbari was paid USD 100\u00a0thousand (EUR 85\u00a0thousand ) as member
of the board of Santander Consumer USA Holdings, Inc. and EUR
200\u00a0thousand as member of the board of PagoNxt S.L., and Jos\u00e9
Antonio \u00c1lvarez and Henrique de Castro were each paid the same
EUR 200\u00a0thousand as members of the board of PagoNxt S.L.
(Henrique de Castro also received EUR 15\u00a0thousand as member of
the nomination committee of PagoNxt, S.L.). Likewise, Pamela
Walkden was paid GBP 100\u00a0thousand (EUR 115\u00a0thousand ) as
member of Santander UK plc and Santander UK Group Holdings;
and Bel\u00e9n Romana EUR 157\u00a0thousand as member of the Board of
Santander Insurance, S.L.
Likewise, Luis Isasi was paid EUR 1,000\u00a0thousand as non-executive
Chair of the Santander Espa\u00f1a business unit and for attending its
board and committee meetings (amounts paid by Banco
Santander, S.A.).
And finally, Jos\u00e9 Antonio \u00c1lvarez, as strategic adviser of Grupo
Santander, received fixed remuneration of EUR 1,750\u00a0thousand. In
addition, he received the life and health insurance contributions,
and the part of the former supplement for having waived the death
and disability policy.
c) Post-employment and other long-term
benefits
In 2012, the contracts of Ana Bot\u00edn and other members of the
Bank's senior management with defined benefit pension
commitments were modified to transform these commitments into
a defined contribution system, which covers the contingencies of
retirement, disability and death. From that moment on, the Bank
makes annual contributions to their pension system for their
benefit.
This system gives them the right to receive benefits upon
retirement, regardless of whether or not they are active at the
Bank at such time, based on contributions to the system, and
replaced their previous right to receive a pension supplement in the
event of retirement.
The initial balance for Ana Bot\u00edn in the new defined benefits
system corresponded to the market value of the assets from which
the provisions corresponding to the respective accrued obligations
had materialised on the date on which the old pension
commitments were transferred into the new benefits system.
Since 2013, the Bank has made annual contributions to the
benefits system for executive directors and other members of
executive team, in proportion to their respective pensionable
bases, until they leave Grupo Santander or until their retirement
within the Group, death, or disability.
The benefit plan system is outsourced to Santander Seguros y
Reaseguros, Compa\u00f1\u00eda Aseguradora, S.A., and the economic rights
of the foregoing directors under this plan belong to them
regardless of whether or not they are active at the Bank at the time
of their retirement, death or disability.
In accordance with the provisions of the remuneration regulations,
contributions made calculated on variable remuneration are
subject to the discretionary pension benefits regime. Under this
regime, contributions are subject to malus clauses and clawback
according to the policy in force at any given time and during the
same period in which the variable remuneration is deferred.
Furthermore, they must be invested in bank shares for a period of
five years from the date when the executive director leaves the
Group, regardless of whether or not they leave to retire. Once that
period has elapsed, the amount invested in shares will be
reinvested, along with the remainder of the cumulative balance
corresponding to the executive director, or it will be paid to the
executive director or to their beneficiaries in the event of a
contingency covered by the benefits system.
As per the director\u00b4s remuneration policy approved at the 23 March
2018 general shareholder\u00b4s meeting, the system was changed with
a focus on:
\u2022 Aligning the annual contributions with practices of comparable
institutions.
\u2022 Reducing future liabilities by eliminating the supplementary
benefits scheme in the event of death (death of spouse or parent)
and permanent disability of serving directors.
\u2022 Not increasing total costs for the Bank.
The changes to the system were the following:
\u2022 Fixed and variable pension contributions were reduced to 22% of
the respective pensionable bases. The gross annual salaries and
the benchmark variable remuneration were increased in the
corresponding amount with no increase in total costs for the
Bank. The pensionable base for the purposes of the annual
contributions for the executive directors is the sum of fixed
remuneration plus 30% of the average of their last three variable
remuneration amounts. This means complying with Circular
2/2016 of the Bank of Spain, standard 41, on pension benefits, by
which a part of not less than 15% of the total contribution must
be based on variable components.
\u2022 The death and disability supplementary benefits were eliminated
since 1 April 2018. A fixed remuneration supplement (included in
other remuneration in section a.iii in this note) was implemented
the same date. During 2025, this fixed remuneration supplement
has expired both for Ana Bot\u00edn and Jos\u00e9 Antonio \u00c1lvarez, in line
with the age of 65 initially set at the time this remuneration
component was approved.
\u2022 The total amount insured for life and accident insurance was
increased.
The provisions recognised in 2025 and 2024 for retirement
pensions were as follows:
EUR thousand
2025
2024
Ana Bot\u00edn
1,341
1,339
H\u00e9ctor Grisi
1,120
1,105
Total
2,461
2,445
Following is a detail of the balances relating to each of the
directors under the welfare system as of\u00a0 31 December 2025 and
2024:
EUR thousand
2025
2024
Ana Bot\u00edn
65,027
54,731
H\u00e9ctor Grisi
2,033
1,299
Jos\u00e9 Antonio \u00c1lvarez
23,178
20,326
Total
90,238
76,356
d) Insurance
The Group pays for life insurance policies for the Bank\u2019s directors,
who will be entitled to receive benefits if they are declared
disabled. In the event of death, the benefits will be payable to their
heirs. The premiums paid by the Group are included in the 'Other
remuneration' column of the table shown in Note 5.a.iii above.
Also, the following table provides information on the sums insured
for the Bank\u2019s directors:
Insured capital
EUR thousand
2025
2024
Ana Bot\u00edn
20,659
21,525
H\u00e9ctor Grisi
12,600
12,600
Jos\u00e9 Antonio \u00c1lvarez
10,500
11,215
Total
43,759
45,340
The insured capital has been modified in 2018 for Ana Bot\u00edn\u00a0 as
part of the pension systems transformation set out in note 5.c)
above, which has encompassed the elimination of the
supplementary benefits systems (death of spouse and death of
parent) and the increase of the life and accident insurance
annuities.
During 2025 and 2024, the Group has disbursed a total amount of
EUR 8.3 million and EUR 13.5\u00a0million, respectively, for the payment
of civil-liability insurance premiums. These premiums correspond
to several civil-liability insurance policies that hedge, among
others, directors, senior management and other managers and
employees of the Group and the Bank itself, as well as its
subsidiaries, in light of certain types of potential claims of third
parties. For this reason, it is not possible to disaggregate or
individualize the amount that correspond to the directors and
executives.
As of 31 December 2025 and 2024, no life insurance commitments
exist for the Group in respect of any other directors.
e) Deferred variable remuneration systems
The following information relates to the maximum number of
shares to which the executive directors are entitled at the
beginning and end of 2025 and 2024 due to their participation in
the deferred variable remuneration systems, which instrumented a
portion of their variable remuneration relating to 2025 and prior
years, as well as on the deliveries, in shares or in cash, made to
them in 2025 and 2024 once the conditions for the receipt thereof
had been met (see Note 46):
i) Deferred variable compensation plan linked to
multiannual objectives
In the annual shareholders meeting of 18 March 2016, with the
aim of simplifying the remuneration structure, improving the ex-
ante risk adjustment and increasing the incidence of long-term
objectives, the bonus plan (deferred and conditioned variable
compensation plan) and ILP were replaced by one single plan.
The variable remuneration of executive directors and certain
executives (including senior management) corresponding to 2025
has been approved by the board of directors and implemented
through the tenth cycle of the deferred variable remuneration plan
linked to multi-year objectives. The application of the plan was
authorised by the annual general meeting of shareholders, as it
entails the delivery of shares to the beneficiaries.
As indicated in section a.ii of this note, 60% of the variable
remuneration amount is deferred over five years for executive
directors, to be paid, where appropriate, provided that the
conditions of permanence in the Group, according to the following
accrual scheme:
\u2022 The accrual of the first and second parts (instalments in 2027
and 2028) is conditional on none of the malus clauses being
triggered.
\u2022 The accrual of the third, fourth and fifth parts (instalments in
2029, 2030 and 2031) is linked to non-concurrence of malus
clauses and the fulfilment of certain objectives related to the
2025\u2011 2027 period. These objectives and their respective weights
are:
\u2013 Banco Santander\u2019s consolidated Return on tangible equity
(RoTE) target in 2027 (weight of 30%).
\u2013 Relative performance of Banco Santander's total shareholder
return (TSR) in 2025-2027 in respect of the weighted TSR of a
peer group comprising 9 credit institutions, with the
appropriate TSR ratio based on the group\u2019s TSR among its
peers (weight of 50%).
\u2013 Four sustainability metrics, which have different weighting
(with a total weight of 20%).
The degree of compliance with the above objectives determines
the\u00a0percentage to be applied to the deferred amount in these three
annuities, with a maximum achievement ratio of 125%, so
executives have the incentive to exceed their targets.
Both the immediate payment and the two first deferrals (short-
term part) are paid 50% in cash and the remaining 50% in
instruments. The last three deferrals (conditioned to long-term
metrics) are paid 25% in cash and 75% in instruments.
The accrual of deferred amounts (whether or not subject to
performance measures) is conditioned, in addition to the
permanence of the beneficiary in the Group, to non-occurrence,
during the period prior to each of the deliveries, of any the
circumstances giving rise to the application of malus as set out in
the Group\u2019s remuneration policy in its chapter related to malus and
clawback. Likewise, the amounts already paid of the incentive will
be subject to clawback by the Bank in the cases and during the
term foreseen in said policy,\u00a0 and in accordance with the terms and
conditions foreseen in it.
Malus and clawback clauses are triggered by poor financial
performance of Banco Santander, a division or area, or exposures
from staff as a result of an executive(s)\u2019s management of, at least,
one of these factors:
i. Significant failures in risk management committed by the
entity, or by a business unit or risk control.
ii. The increase suffered by the entity or by a business unit of its
capital needs, not foreseen at the time of generation of the
exposures.
iii. Regulatory sanctions or judicial sentences from events that
could be attributable to the unit or the personnel responsible
for those. Also, the breach of internal codes of conduct of the
entity.
iv. Irregular conduct, whether individual or collective. In this
regard, the negative effects derived from the marketing of
inappropriate products and the responsibilities of the people or
bodies that made those decisions will be specially considered.
In addition to the existing policy on malus and clawback clauses of
our remuneration policy, the addendum to our remuneration policy
entitled 'Financial Statement Restatement Compensation'
regulates the recoupment of compensation received by the
executive directors of Banco Santander, S.A., and senior
management, in the event of a financial restatement (according to
the regulation) resulting from material noncompliance with
financial reporting requirements under US federal securities laws.
The maximum amount of shares to be delivered under the plan is
within the maximum amount of the award to be delivered in shares
(EUR 11.5\u00a0million) approved at the 2025 AGM for executive
directors. At its meeting on 25 November 2025 and pursuant to the
powers granted by shareholders at the 2025 AGM, the board
agreed to amend the calculation period used to determine the
number of shares to be delivered from 50 to 30 trading sessions
(under no circumstances may the number of shares exceed the
maximum approved at the AGM), as the board considered that this
better reflects market practice and enables us to offset share price
volatility. Thus, the number of shares to be delivered under the
2025 policy has been calculated with the weighted average daily
volume of weighted average listing prices of Banco Santander
shares in the 30 trading sessions prior to the Friday (not inclusive)
before 4 February 2025 (the date on which the board approved the
2025 bonus for executive directors), which was EUR 10.261 per
share. According to an independent experts' valuation, the price
per PagoNxt, S.L. RSU equals EUR 61.07.
ii) Shares assigned by deferred variable remuneration
plans
The following table shows the number of Santander shares
assigned to each director already in service and pending delivery as
of 1 January 2024, 31 December 2024 and 31 December 2025, as
well as the gross shares that were delivered to them in 2024 and
2025, either in the form of an immediate payment or a deferred
payment. In this case after having been appraised by the board, at
the proposal of the remuneration committee, that the
corresponding one-fifth of each plan had accrued. They come from
the deferred conditional and linked to multi-year objectives in
2019, 2020, 2021, 2022, 2023, 2024 and 2025 were formalized.
Share-based variable
remuneration
Maximum
number of shares
to be delivered at
January 1,2024
Shares delivered
in 2024
(immediate
payment 2023
variable
remuneration)
Shares delivered
in 2024
(deferred
payment 2022
variable
remuneration)
Shares delivered
in 2024
(deferred
payment 2021
variable
remuneration)
Shares delivered
in 2024
(deferred
payment 2020
variable
remuneration)
Shares delivered
in 2024
(deferred
payment 2019
variable
remuneration)
Variable
remuneration
2024
(Maximum
number of
shares to be
delivered)
2019 variable remuneration
Ana Bot\u00edn
70,905
\u2014
\u2014
\u2014
\u2014
(35,452)
\u2014
Jos\u00e9 Antonio \u00c1lvarez
47,386
\u2014
\u2014
\u2014
\u2014
(23,693)
\u2014
118,290
\u2014
\u2014
\u2014
\u2014
(59,145)
\u2014
2020 variable remuneration
Ana Bot\u00edn
93,146
\u2014
\u2014
\u2014
(31,049)
\u2014
\u2014
Jos\u00e9 Antonio \u00c1lvarez
50,594
\u2014
\u2014
\u2014
(16,865)
\u2014
\u2014
143,740
\u2014
\u2014
\u2014
(47,914)
\u2014
\u2014
2021 variable remuneration
Ana Bot\u00edn
710,698
\u2014
\u2014
(177,675)
\u2014
\u2014
\u2014
Jos\u00e9 Antonio \u00c1lvarez
479,644
\u2014
\u2014
(119,911)
\u2014
\u2014
\u2014
1,190,342
\u2014
\u2014
(297,586)
\u2014
\u2014
\u2014
2022 variable remuneration
Ana Bot\u00edn
358,419
\u2014
(62,334)
\u2014
\u2014
\u2014
\u2014
Jos\u00e9 Antonio \u00c1lvarez
241,954
\u2014
(42,079)
\u2014
\u2014
\u2014
\u2014
600,374
\u2014
(104,413)
\u2014
\u2014
\u2014
\u2014
2023 variable remuneration
Ana Bot\u00edn
1,127,209
(469,286)
\u2014
\u2014
\u2014
\u2014
\u2014
H\u00e9ctor Grisi
749,143
(321,645)
\u2014
\u2014
\u2014
\u2014
\u2014
1,876,352
(790,931)
\u2014
\u2014
\u2014
\u2014
\u2014
2024 variable remuneration
Ana Bot\u00edn
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
976,463
H\u00e9ctor Grisi
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
656,033
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,632,496
2025 variable remuneration 1
Ana Bot\u00edn
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
H\u00e9ctor Grisi
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1. For each director, 40% of the shares indicated correspond to the short-term variable (or immediate payment). The remaining 60% is deferred for delivery, where
appropriate, in the next five years, the last three being subject to the fulfilment of multiannual objectives. Maximum opportunity subject to regulatory ratio compliance.
Maximum
number of
shares to be
delivered at
December 31,
2024
Instruments
matured but
not
consolidated
at January 1,
2025 2
Shares
delivered in
2025
(immediate
payment 2024
variable
remuneration)
Shares
delivered in
2025
(deferred
payment 2023
variable
remuneration)
Shares
delivered in
2025
(deferred
payment 2022
variable
remuneration)
Shares
delivered in
2025
(deferred
payment 2021
variable
remuneration)
Shares
delivered in
2025
(deferred
payment 2020
variable
remuneration)
Shares
delivered in
2025 (deferred
payment 2019
variable
remuneration)
Variable
remuneration
2025
(Maximum
number of
shares to be
delivered)
Maximum
number of
shares to be
delivered at
December
31, 2025
35,452
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(35,452)
\u2014
\u2014
23,693
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(23,693)
\u2014
\u2014
59,145
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(59,145)
\u2014
\u2014
62,097
\u2014
\u2014
\u2014
\u2014
\u2014
(31,049)
\u2014
\u2014
31,048
33,729
\u2014
\u2014
\u2014
\u2014
\u2014
(16,865)
\u2014
\u2014
16,864
95,826
\u2014
\u2014
\u2014
\u2014
\u2014
(47,914)
\u2014
\u2014
47,912
533,023
(44,774)
\u2014
\u2014
\u2014
(162,750)
\u2014
\u2014
\u2014
325,499
359,733
(30,218)
\u2014
\u2014
\u2014
(109,838)
\u2014
\u2014
\u2014
219,677
892,756
(74,992)
\u2014
\u2014
\u2014
(272,588)
\u2014
\u2014
\u2014
545,176
296,085
\u2014
\u2014
\u2014
(62,334)
\u2014
\u2014
\u2014
\u2014
233,751
199,875
\u2014
\u2014
\u2014
(42,079)
\u2014
\u2014
\u2014
\u2014
157,796
495,961
\u2014
\u2014
\u2014
(104,413)
\u2014
\u2014
\u2014
\u2014
391,548
657,923
\u2014
\u2014
(114,421)
\u2014
\u2014
\u2014
\u2014
\u2014
543,502
427,498
\u2014
\u2014
(74,347)
\u2014
\u2014
\u2014
\u2014
\u2014
353,151
1,085,421
\u2014
\u2014
(188,768)
\u2014
\u2014
\u2014
\u2014
\u2014
896,653
976,463
\u2014
(404,447)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
572,016
656,033
\u2014
(279,480)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
376,553
1,632,496
\u2014
(683,927)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
948,569
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
602,746
602,746
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
408,159
408,159
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,010,904
1,010,904
2. The levels of achievement of the multi-year metrics of the long-term variable remuneration plans:
\u00a0 \u00a0 1) Seventh cycle of the deferred multi-year objectives variable remuneration plan (2022): 115.2% of achievement for the period 2022-2024.
a. RoTE metric for 2024 year-end period at 150%. Weight of 40.0%.
b. Relative TSR metric in 2022-2024 period at 83% of achievement. Weight of 40.0%.
c. Sustainability metrics at 25% of achievement. Weight of 20.0%.
\u00a0 \u00a0
\u00a0 \u00a0 2) Sixth cycle of the deferred multi-year objectives variable remuneration plan (2021): 91.6% of achievement for the period 2021- 2023.
a. CET1 metric at 100% of achievement for 2023 year-end period (target 12.00%). Weight of 33.3%.
b. Underlying BPA growth at 150% of achievement (target growth of 100%). Weight of 33.3%.
c. TSR metric at 25% of achievement (target of 33 to 66 percentile). Weight of 33.3%.
3) Fifth cycle of the deferred multi-year objectives variable remuneration plan (2020): 83.0% of achievement for the period 2020-2022.
a. CET1 metric at 100% of achievement for 2022 year-end period (target 12.00%). Weight of 33.3%.
b. Underlying BPA growth at 150% of achievement (target growth of 10%). Weight of 33.3%.
c. TSR metric at 0% of achievement (minimum target of 33% not reached). Weight of 33.3%
Furthermore, the maximum number of RSUs of PagoNxt, S.L. to be
delivered under the current plan (and subject to regulatory ratio
compliance) is 9,415 and 7,909 units for Ana Bot\u00edn and H\u00e9ctor
Grisi, respectively.
In addition, the table below shows the cash delivered in 2025 and
2024, by way of either immediate payment or deferred payment,
in the latter case once the Board had determined, at the proposal
of the remuneration committee, that one deferral relating to each
plan had accrued:
EUR thousand
2025
2024
Cash paid (immediate
payment 2024
variable
remuneration)
Cash paid (deferred
payments from 2023,
2022, 2021 and 2020
variable
remuneration)
Cash paid (immediate
payment 2023
variable
remuneration)
Cash paid (deferred
payments from 2022,
2021, 2020 and 2019
variable
remuneration)
Ana Bot\u00edn
1,851
1,759
1,780
1,419
H\u00e9ctor Grisi
1,279
366
1,220
863
Jos\u00e9 Antonio \u00c1lvarez
\u2014
815
\u2014
945
Total
3,130
2,940
3,000
3,228
iii) Information on former members of the board of
directors
The chart below includes\u00a0 information on the maximum number of
shares to which former members of the board of directors, are
entitled for their participation in the various deferred variable
remuneration systems, which instrumented a portion of their
variable remuneration relating to the years in which they were
executive directors. Also set forth below is information on the
deliveries, whether in shares or in cash, made in 2025 and 2024 to
former board members, upon achievement of the conditions for
the receipt thereof (see note 46):
Maximum number of shares to be delivered
2025
2024
Deferred conditional variable remuneration plan and linked to objectives (2019)
\u2014
24,490
Deferred conditional variable remuneration plan and linked to objectives (2020)
35,511
71,024
Deferred conditional variable remuneration plan and linked to objectives (2021)
137,400
206,100
Number of shares delivered
2025
2024
Deferred conditional variable remuneration plan and linked to objectives (2018)
\u2014
29,860
Deferred conditional variable remuneration plan and linked to objectives (2019)
24,490
24,490
Deferred conditional variable remuneration plan and linked to objectives (2020)
35,512
35,512
Deferred conditional variable remuneration plan and linked to objectives (2021)
68,700
12,911
In addition, EUR 724 thousand and EUR 650\u00a0thousand relating to
the deferred portion payable in cash of the aforementioned plans
were paid each in 2025 and 2024.
f) Loans
Grupo Santander\u2019s direct risk exposure to the bank\u2019s directors and
the guarantees provided for them are detailed below. These
transactions were made on terms equivalent to those that prevail
in arm\u2019s-length transactions or the related compensation in kind
was recognized:
EUR thousand
2025
2024
Loans and
credits
Guarantees
Total
Loans and
credits
Guarantees
Total
Ana Bot\u00edn
3
\u2014
3
\u2014
\u2014
\u2014
H\u00e9ctor Grisi
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Jos\u00e9 Antonio \u00c1lvarez
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Glenn Hutchins
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Antonio Francesco Weiss B
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Bel\u00e9n Romana
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Bruce Carnegie-Brown A
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Germ\u00e1n de la Fuente
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Gina D\u00edez Barroso
\u2014
\u2014
\u2014
5
\u2014
5
Henrique de Castro
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Homaira Akbari
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Javier Bot\u00edn
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Juan Carlos Barrab\u00e9s\u00a0 C
137
\u2014
137
138
\u2014
138
Luis Isasi
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Pamela Walkden
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ramiro Mato D
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Sol Daurella
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
140
\u2014
140
143
\u2014
143
A. Ceased as director of Banco Santander, S.A. on 22 March 2024.
B. Director since 27 June 2024.
C. Director since 27 June 2024.
D. Ceased as director of Banco Santander, S.A. on 27 June 2024 .
g) Senior management
The table below includes the amounts relating to the short-term
remuneration of the members of senior management at 31
December 2025 and those at 31 December 2024, excluding the
remuneration of the executive directors, which is detailed above.
EUR thousand
Short-term salaries and deferred remuneration
Variable remuneration
(bonus) - Immediate
payment
Deferred variable
remuneration
Year
Number\u00a0of
persons
Fixed
In cash
In
instruments 2
In cash
In
instruments 3
Pensions
Other
remuneration1
Total
2025
15
19,255
9,179
9,180
4,306
4,306
4,910
6,456
57,592
2024
14
16,466
7,376
7,377
3,319
3,320
4,520
7,153
49,531
1.Includes other remuneration items such as life and medical insurance premiums and localization aids and lastly RSUs from PagoNxt S.L., for the work of one director in
said entity.
2.The amount of immediate payment for 2024 is 894,587 shares (1,611,965 Santander shares in 2024).
3.The deferred amount in instruments not linked to long-term objectives for 2024 is 416,410 shares ( 725,399 Santander shares in 2024).
In addition to the amounts reflected in the table, salary
remunerations amounting to EUR 4,118 thousand were granted in
the form of buyouts and sign-on awards, related to the recruitment
of new members who joined this employee group during the year.
In 2025, the ratio of variable to fixed pay components was 134% of
the total for senior managers, well within the maximum limit of
200% set by 2024 AGM.
Also, the detail of the breakdown of the remuneration linked to
long-term objectives of the members of senior management at 31
December 2025 and 31 December 2024 is provided below. These
remuneration payments shall be received, as the case may be, in
the corresponding deferral periods, upon achievement of the
conditions stipulated for each payment (see note\u00a046):
EUR thousand
Variable remuneration
subject to long-term
objectives 1
Year
Number\u00a0of
\u00a0people
Cash\u00a0
payment
Instrument
payment
Total
2025
15
4,521
4,522
9,043
2024
14
3,485
3,486
6,971
1.Relates to the fair value of the maximum annual amounts for years 2029, 2030
and 2031 of the tenth cycle of the deferred conditional variable remuneration
plan (2028, 2029 and 2030 for the ninth cycle of the deferred variable
compensation plan linked to annual objectives for the year 2024). The face
value of the three aforementioned deferred amounts is EUR 12,919\u00a0thousand
for 2025.
Additionally, members of senior management who stepped down
from their roles in 2025 consolidated salary remuneration and
other remuneration for a total amount of EUR 2,905 thousand (EUR
12,303\u00a0thousand in 2024). In 2025 rights regarding variable
pay subject to long-term objectives amounted to EUR 342
thousand (EUR 633 thousand were generated in 2024 for this
collective).
The maximum number of Santander shares that the members of
senior management at each plan grant date (excluding executive
directors) were entitled to receive as of 31 December 2025 and 31
December 2024 relating to the deferred portion under the various
plans then in force is the following (see note\u00a046):
Maximum number of shares to be delivered
2025
2024
Deferred conditional variable remuneration
plan and linked to objectives (2019)
\u2014
71,294
Deferred conditional variable remuneration
plan and linked to objectives (2020)
145,704
370,522
Deferred conditional variable remuneration
plan and linked to objectives (2021)
486,863
966,680
Deferred conditional variable remuneration
plan and linked to objectives (2022)
891,305
1,430,464
Deferred conditional variable remuneration
plan and linked to objectives (2023)
934,609
1,395,815
Deferred conditional variable remuneration
plan and linked to objectives (2024)
1,601,213
\u2014
Since the conditions established in the corresponding deferred
share-based remuneration schemes for prior years had been met,
the following number of Santander shares was delivered in 2025
and 2024 to the senior management, in addition to the payment of
the related cash amounts:
Number\u00a0of\u00a0shares\u00a0delivered
2025
2024
Deferred conditional variable remuneration
plan and linked to objectives (2018)
\u2014
57,730
Deferred conditional variable remuneration
plan and linked to objectives (2019)
54,249
71,294
Deferred conditional variable remuneration
plan and linked to objectives (2020)
145,704
185,261
Deferred conditional variable remuneration
plan and linked to objectives (2021)
243,433
351,777
Deferred conditional variable remuneration
plan and linked to objectives (2022)
266,390
357,615
Deferred conditional variable remuneration
plan and linked to objectives (2023)
233,652
1,212,984
Deferred conditional variable remuneration
plan and linked to objectives (2024)
1,399,679
\u2014
As indicated in note 5.c above, senior management participate in
the benefit system created in 2012, which covers the contingencies
of retirement, disability and death. Banco Santander makes annual
contributions to the benefit plans of its senior managers. In 2012,
the contracts of the senior managers with benefit pension
commitments were amended to transform them into a
contribution system. The system, which is outsourced to Santander
Seguros y Reaseguros, Compa\u00f1\u00eda Aseguradora, S.A., gives senior
managers the right to receive benefits upon retirement, regardless
of whether or not they are active at Banco Santander at such time,
based on contributions to the system. This new system replaced
their previous right to receive a pension supplement in the event of
retirement. In the event of pre-retirement, and up to the
retirement date, senior managers appointed prior to September
2015 are entitled to receive an annual allowance.
In addition, further to applicable remuneration regulations, from
2016 (inclusive), a discretionary pension benefit component of at
least 15% of total remuneration\u00a0 in contributions to the pension
system has been included. Under the regime corresponding to
these discretionary benefits, the contributions that are calculated
on variable remunerations are subject to malus and clawback
clauses, subject to policies applicable at each time, and during the
same period in which the variable remuneration is deferred.
Likewise, the annual contributions calculated on variable
remunerations must be invested in Bank shares for a period of five
years from the date that the senior manager leaves the Group,
regardless of whether or not they leave to retire. Once that period
has elapsed, the amount invested in shares will be reinvested,
along with the remainder of the cumulative balance corresponding
to the senior manager, or it will be paid to the senior manager or to
their beneficiaries in the event of a contingency covered by the
benefits system.
The contracts of some members of senior management were
modified at the beginning of 2018 with the same objective and
changes indicated in section c of this note for Ana Bot\u00edn. The
modifications, which are aimed at aligning the annual
contributions with the practices of comparable institutions and
reducing the risk of future obligations by eliminating the
supplementary scheme for death (widowhood and orphanhood)
and permanent disability in service without increasing the costs to
the bank, are as follows:
\u2022 Contributions to the pensionable bases were reduced. Gross
annual salaries were increased in the corresponding amount.
\u2022 The death and disability supplementary benefits were eliminated
since 1 January 2018 for some members of senior management
and since 1 April 2018 for executive directors. A fixed
remuneration supplement reflected in other remuneration in the
table above was implemented on the same date.
\u2022 The amounts insured for life and accident insurance were
increased.
All of the above was done without an increase in total cost for the
Bank.
The balance as of 31 December 2025 in the pension system for
those who were part of senior management at year end amounted
to EUR 51\u00a0million (EUR 51\u00a0million at 31 December 2024).
The net charge to income corresponding to pension amounted to
EUR 4.9\u00a0million\u00a0 in 2025 (EUR 4.5\u00a0million in 31 December 2024).
In 2025 and 2024 there have been no payments in the form of a
single payment of the annual voluntary pre-retirement allowance.
Additionally, the capital insured by life and accident insurance at 31
December 2025 of this group amounts to EUR 78\u00a0million (EUR
83\u00a0million at 31 December 2024).
h) Post-employment benefits to former directors
and former senior executive vice presidents
The post-employment benefits and settlements paid in 2025 to
former directors of the Bank, other than those detailed in note\u00a05.c
amounted to EUR 5.6\u00a0million and EUR 5.6\u00a0million in 2024,
respectively. Also, the post-employment benefits and settlements
paid in 2025 to former executive vice presidents amounted to EUR
16\u00a0million and EUR 12.7\u00a0million\u00a0 in 2024, respectively.
Contributions to insurance policies that hedge pensions to previous
members of the Bank\u2019s board of directors, amounted to EUR
0.17\u00a0million in 2025 (EUR 0.17\u00a0million in 2024). Likewise,
contributions to insurance policies that hedge pensions for
previous senior managers amounted to EUR 1.3\u00a0million in 2025
(EUR 2.3\u00a0million in 2024).
No releases or charges were recorded in the consolidated income
statement for pension commitments and similar obligations held
by the Group with previous former members of the bank's board of
directors or former members of senior management in 2025 and
2024.
In addition, 'Provisions\u00a0- Pension Fund and similar obligations' in
the consolidated balance sheet as at 31 December 2025 included
EUR 43\u00a0million in respect of the post-employment benefit
obligations to former Directors of the Bank (EUR 46\u00a0million at 31
December 2024) and EUR 108\u00a0million corresponding to former
members of senior management (EUR 96\u00a0million at 31 December
2024).
i) Pre-retirement and retirement
The board of directors approved an amendment to the contracts of
executive directors whereby they ceased to have the right to pre-
retire in case of termination of his contract.
j) Contract termination
The executive directors and members of senior management have
indefinite-term employment contracts. Executive directors or
senior managers whose contracts are terminated voluntarily or due
to breach of duties are not entitled to receive any economic
compensation. If Banco Santander terminates the contract for any
other reason, they will be entitled to the corresponding legally-
stipulated termination benefit, without prejudice to any
compensation that may\u00a0 for non-competition obligations, as
detailed in the directors' remuneration policy.
If Banco Santander were to terminate her contract, Ana Bot\u00edn
would have to remain at Banco Santander\u2019s disposal for a period of
4 months in order to ensure an adequate transition, and would
receive her fixed salary during that period.
k) Information on investments held by the
directors in other companies and conflicts of
interest
None of the members of the board of directors have declared that
they or persons related to them may have a direct or indirect
conflict of interest with the interests of Banco Santander, S.A., as
set forth in article 229 of the Corporate Enterprises Act.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1864": { "value": "
5. Remuneration and other benefits paid
to the Bank\u2019s directors and senior
managers
The following section contains qualitative and quantitative
disclosures on the remuneration paid to the members of the board
of directors \u2014both executive and non-executive directors\u2014 and
senior managers for 2025 and 2024
a) Remuneration of Directors
i. Bylaw-stipulated emoluments
The annual general meeting held on 22 March 2013 approved an
amendment to the Bylaws, whereby the remuneration of directors
in their capacity as board members became an annual fixed
amount determined by the annual general meeting. This amount
shall remain in effect unless the shareholders resolve to change it
at a general meeting. However, the board of directors may elect to
reduce the amount in any years in which it deems such action
justified.
The maximum remuneration established by the annual general
meeting was EUR 6\u00a0million in 2025 (EUR 6\u00a0million in 2024), with
two components: (a)\u00a0an annual emolument and (b)\u00a0attendance
fees.
The specific amount payable for the above-mentioned items to
each of the directors is determined by the board of directors. For
such purpose, it takes into consideration the positions held by each
director on the board, their membership of the board and the board
committees and their attendance to the meetings thereof, and any
other objective circumstances considered by the board.
The total Bylaw-stipulated emoluments earned by the directors in
2025 amounted to EUR 5.3\u00a0million (EUR 5.4\u00a0million in 2024).
Annual allotment
For 2025, the board of directors, upon recommendation of the
remuneration committee, approved a 3% increase in the annual
allotments payable to the chair and members of the board and its
committees (including the executive committee), as well as to the
lead independent director and the non-executive Vice Chair .\u00a0
Accordingly, each director received, in respect of 2024 and 2025,
the amounts corresponding to their service on the board and its
committees, with such amounts determined by the specific
position held, as detailed in the table below.
Amount per director in euros
2025
2024
Members of the board of directors
100,940
98,000
Members of the executive committee
175,100
170,000
Members of the audit committee
44,290
43,000
Members of the appointments committee
28,840
28,000
Members of the remuneration committee
28,840
28,000
Members of the risk supervision, regulation and
compliance committee
44,290
43,000
Members of the responsible banking,
sustainability and culture committee
28,840
28,000
Members of the innovation and technology
committee
28,840
28,000
Chair of the audit committee
72,100
70,000
Chair of the appointments committee
51,500
50,000
Chair of the remuneration committee
51,500
50,000
Chair of the risk supervision, regulation and
compliance committee
72,100
70,000
Chair of the responsible banking, sustainability
and culture committee
51,500
50,000
Chair of the innovation and technology committee
72,100
70,000
Lead independent\u00a0 directorA
113,300
110,000
Non-executive Vice Chair
30,900
30,000
A. Glenn Hutchins has been allocated EUR 700,000 (including annual allowances
and attendance fees) in minimum total annual pay set for the required time and
dedication to perform his roles.
Attendance fees
The directors receive fees for attending board and committee
meetings, excluding executive committee meetings, where no
attendace fees are received.
In line with the adjustment to the annual allotments, the board of
directors approved a 3% increase for 2025 in attendance fees
compared with 2024.
Accordingly, attendance fees for meetings of the board and its
committees (with the exception of the Executive Committee, for
which no attendance fees are payable) amounted, for the last two
years, to the totals set out in the table below:
Attendance fees per director per meeting in euros
2025
2024
Board of directors
2,785
2,704
Audit committee and risk supervision, regulation
and compliance committee
1,821
1,768
Other committees (excluding executive committee)
1,606
1,560
ii. Salaries
The executive directors receive salaries. In accordance with the
policy approved by the annual general meeting, salaries are
composed of a fixed annual remuneration and a variable one,
which consists in a unique incentive, which is a deferred variable
remuneration plan linked to multi-year objectives, which
establishes the following payment scheme:
\u2022 40% of the variable remuneration amount, determined at year-
end on the basis of the achievement of the established
objectives, is paid immediately.
\u2022 The remaining 60% is deferred over five years, provided that the
conditions of permanence in the Group and non-concurrence of
the malus clauses are met, and subject to long term metrics,
taking into account the following accrual scheme:
\u2013 The accrual of the first and second portion (20% of total
variable compensation, paid in 2027 and 2028) will be
conditional on none of the malus clauses being triggered.
\u2013 The accrual of the third, fourth and fifth portion (40% of total
variable compensation and paid in 2029, 2030 and 2031), is
linked to objectives related to the period 2025\u20142027 and
the metrics and scales associated with these objectives. The
fulfilment of the objectives determines the percentage to be
paid of the deferred amount in these three annuities, and
these targets can reduce these amounts and the number of
deferred instruments, or increase them up to a maximum
achievement ratio of 125%, so executives have the incentive
to exceed their targets.
In accordance with current remuneration policies, the amounts
already paid will be subject to a possible recovery (clawback) by
the Bank during the period set out in the policy in force at each
moment.
Payment of the approved incentive is paid 40% in cash and the
remaining 60% in instruments, consisting of Banco Santander\u00a0
shares and restricted stock units (RSUs) of PagoNxt, split as:
\u25e6 the amount of PagoNxt RSUs set for each year; and
\u25e6 the rest, all in shares of Banco Santander.
Comparative of executive remuneration (Chair and CEO)
The target bonus of the Executive Chair and the CEO for 2025
remains unchanged compared to 2024.
Variable contributions to pensions were not modified in 2025, so
the amounts are the 22% of the 30% of the last three assigned
bonus' average.
In assessing individual performance, the Board considered the
Grupo Santander\u2019s strong results for 2025, reflecting continued
delivery of our strategic plan. Attributable profit reached EUR
14,101\u00a0million in 2025, up 12% year-on-year (or +16% in constant
euros), with a TSR during the year of 132% (+60% in relative terms
vs. our peer group).
The Board also evaluated the leadership of the Executive Chair and
the Chief Executive Officer in delivering these results and
advancing the Group\u2019s strategic priorities. Taking these factors into
account, it determined that both executives achieved an
'Exceptional' level of performance and approved the corresponding
variable remuneration.
Moreover, the ratio of executive directors\u2019 total remuneration to
underlying attributable profit fell to 0.17% from 0.18% in 2024.
iii. Detail by director
The detail, by bank director, of the short-term (immediate) and deferred (not subject to long-term goals) remuneration for 2025 and 2024 is
provided below:
EUR thousand
2025
Bylaw-stipulated emoluments
Annual emolument
BoardF
Executive
committee
Audit
committee
Nomination
committee
Remuneration
committee1
Risk
supervision,
regulation
and
compliance
oversight
committee2
Responsible
banking,
sustainability
and culture
committee
Innovation
and
technology
committee
Attendance
fees and
commissions
Ana Bot\u00edn
101
175
\u2014
\u2014
\u2014
\u2014
\u2014
29
44
H\u00e9ctor Grisi
101
175
\u2014
\u2014
\u2014
\u2014
\u2014
29
44
Jos\u00e9 Antonio
\u00c1lvarez
132
175
\u2014
\u2014
\u2014
44
\u2014
29
67
Glenn Hutchins
412
\u2014
\u2014
29
80
\u2014
\u2014
101
78
Homaira Akbari
101
\u2014
44
\u2014
\u2014
\u2014
29
29
81
Javier Bot\u00ednA
101
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
36
Sol Daurella
101
\u2014
\u2014
29
29
\u2014
80
\u2014
75
Henrique de Castro
101
\u2014
44
\u2014
29
\u2014
\u2014
29
80
Gina D\u00edez
101
\u2014
\u2014
29
\u2014
\u2014
29
\u2014
63
Luis Isasi
101
175
\u2014
\u2014
29
44
\u2014
\u2014
74
Bel\u00e9n Romana
101
175
44
80
\u2014
44
\u2014
29
107
Pamela Walkden
101
\u2014
44
\u2014
\u2014
116
29
\u2014
93
Germ\u00e1n de la
Fuente
101
\u2014
116
\u2014
\u2014
44
\u2014
\u2014
83
Carlos Barrab\u00e9s B
101
\u2014
\u2014
29
\u2014
\u2014
29
29
71
Antonio WeissC
101
\u2014
\u2014
\u2014
29
\u2014
\u2014
\u2014
50
Bruce Carnegie-
Brown D
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ramiro MatoE
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total 2025
1,857
875
292
196
196
292
196
304
1,047
Total 2024
1,791
933
306
183
168
263
190
280
1,240
A. All amounts received were reimbursed to Fundaci\u00f3n Bot\u00edn.
B. Director and member of the nomination committee, responsible banking, sustainability and culture committee and innovation and technology committee since 27 June
2024.
C. Director since 27 June 2024.
D. Stepped down as director on 22 March 2024.
E. Stepped down as director on 27 June 2024.
F. Also includes emoluments for other roles in the board.
Changes in the chairship or membership of the committees:
1. Antonio Weiss was appointed member of the remuneration committee on 1 January 2025.
2. Jos\u00e9 Antonio \u00c1lvarez was appointed member of the risk supervision, regulation and compliance oversight committee on 1 January 2025.
\u00a0 \u00a0 Other remuneration includes EUR 1,000\u00a0thousand for the role as non-executive Chair of the Santander Espa\u00f1a business unit and for attending its board and committee
meetings for Luis Isasi. For Jos\u00e9 Antonio \u00c1lvarez, this amount includes remuneration as strategic advisor of Grupo Santander, life and health insurance contributions (EUR
678\u00a0thousand) and part of the former supplement for having waived the death and disability policy (EUR 12\u00a0thousand).
2025
2024
Short-term and deferred (not subject to long-term goals) salaries of
executive directors
Fixed
Variable - immediate
payment
Deferred variable
In cash
In
instruments
In cash
In
instruments
Total
Pension
contribution
Other
remuneration
Total
Total
Ana Bot\u00edn
3,435
2,003
2,003
1,001
1,002
9,444
1,341
843
11,977
12,127
H\u00e9ctor Grisi
3,150
1,384
1,384
692
692
7,302
1,120
718
9,489
9,137
Jos\u00e9 Antonio \u00c1lvarez
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2,440
2,887
3,698
Glenn Hutchins
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
700
700
Homaira Akbari
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
284
285
Javier Bot\u00edn A
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
137
144
Sol Daurella
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
314
292
Henrique de Castro
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
283
300
Gina D\u00edez
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
222
225
Luis Isasi
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,000
1,423
1,440
Bel\u00e9n Romana
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
581
599
Pamela Walkden
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
383
381
Germ\u00e1n de la Fuente
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
344
338
Carlos Barrab\u00e9sB
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
259
128
Antonio Weiss C
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
180
72
Bruce Carnegie-
Brown D
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
78
Ramiro Mato E
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
271
Total 2025
6,585
3,387
3,387
1,693
1,694
16,746
2,461
5,001
29,462
\u2014
Total 2024
6,585
3,130
3,130
1,877
1,879
16,601
2,444
5,815
\u2014
30,214
Footnotes in previous table.
Following is the detail by executive director of the salaries linked to
multi-year objectives at their fair Value, which will only be received
if the conditions of permanence in the Group, non-applicability of
malus clauses and achievement of the established objectives are
met (or, as the case may be, of the minimum thresholds thereof,
with the consequent reduction of amount agreed-upon at the end
of the\u00a0year) in the terms described in Note\u00a046.
EUR thousand
2025
2024
Variable subject to long-
term
objectives 1
In cash
In
shares
In RSUs
Total
Total
Ana Bot\u00edn
701
1,893
210
2,804
2,332
H\u00e9ctor Grisi
484
1,277
176
1,938
1,611
Total
1,185
3,170
386
4,742
3,943
1. Corresponds with the fair value of the maximum amount they are entitled to in
a total of 3 years: 2029, 2030 and 2031, subject to conditions of continued
service, with the exceptions provided, and to the non-applicability of malus
clauses and achievement of the objectives established . The face value of the
three aforementioned deferred amounts is EUR 6,774 thousand for 2025 (EUR
4,006 thousand for Ana Bot\u00edn and EUR 2,768 thousand for H\u00e9ctor Grisi).
The fair value has been determined at the grant date based on the
valuation report of an independent expert, Willis Towers Watson.
Based on the design of the plan for 2025 and the levels of
achievement of similar plans in comparable entities, the fair value
considered is 70% of the variable remuneration subject to long-
term objectives. (see note 46).
Note 5.e below includes disclosures on the shares delivered from
the deferred remuneration schemes in place in previous years and
for which delivery conditions were met, as well as on the
maximum number of shares that may be received in future years in
connection with the aforementioned 2025 and 2024 variable
remuneration plans.
b) Remuneration of the board members as
representatives of the Bank
By resolution of the executive committee, all the remuneration
received by the Bank\u2019s directors who represent the Bank on the
boards of directors of listed companies in which the Bank has a
stake, paid by those companies and relating to appointments made
on or after 18 March 2002 , accrues to the Group. In 2025 the
Bank\u2019s directors did not receive any remuneration in respect of
these representative duties.
On the other hand, in their personal capacity, in 2025 Homaira
Akbari was paid USD 100\u00a0thousand (EUR 85\u00a0thousand ) as member
of the board of Santander Consumer USA Holdings, Inc. and EUR
200\u00a0thousand as member of the board of PagoNxt S.L., and Jos\u00e9
Antonio \u00c1lvarez and Henrique de Castro were each paid the same
EUR 200\u00a0thousand as members of the board of PagoNxt S.L.
(Henrique de Castro also received EUR 15\u00a0thousand as member of
the nomination committee of PagoNxt, S.L.). Likewise, Pamela
Walkden was paid GBP 100\u00a0thousand (EUR 115\u00a0thousand ) as
member of Santander UK plc and Santander UK Group Holdings;
and Bel\u00e9n Romana EUR 157\u00a0thousand as member of the Board of
Santander Insurance, S.L.
Likewise, Luis Isasi was paid EUR 1,000\u00a0thousand as non-executive
Chair of the Santander Espa\u00f1a business unit and for attending its
board and committee meetings (amounts paid by Banco
Santander, S.A.).
And finally, Jos\u00e9 Antonio \u00c1lvarez, as strategic adviser of Grupo
Santander, received fixed remuneration of EUR 1,750\u00a0thousand. In
addition, he received the life and health insurance contributions,
and the part of the former supplement for having waived the death
and disability policy.
c) Post-employment and other long-term
benefits
In 2012, the contracts of Ana Bot\u00edn and other members of the
Bank's senior management with defined benefit pension
commitments were modified to transform these commitments into
a defined contribution system, which covers the contingencies of
retirement, disability and death. From that moment on, the Bank
makes annual contributions to their pension system for their
benefit.
This system gives them the right to receive benefits upon
retirement, regardless of whether or not they are active at the
Bank at such time, based on contributions to the system, and
replaced their previous right to receive a pension supplement in the
event of retirement.
The initial balance for Ana Bot\u00edn in the new defined benefits
system corresponded to the market value of the assets from which
the provisions corresponding to the respective accrued obligations
had materialised on the date on which the old pension
commitments were transferred into the new benefits system.
Since 2013, the Bank has made annual contributions to the
benefits system for executive directors and other members of
executive team, in proportion to their respective pensionable
bases, until they leave Grupo Santander or until their retirement
within the Group, death, or disability.
The benefit plan system is outsourced to Santander Seguros y
Reaseguros, Compa\u00f1\u00eda Aseguradora, S.A., and the economic rights
of the foregoing directors under this plan belong to them
regardless of whether or not they are active at the Bank at the time
of their retirement, death or disability.
In accordance with the provisions of the remuneration regulations,
contributions made calculated on variable remuneration are
subject to the discretionary pension benefits regime. Under this
regime, contributions are subject to malus clauses and clawback
according to the policy in force at any given time and during the
same period in which the variable remuneration is deferred.
Furthermore, they must be invested in bank shares for a period of
five years from the date when the executive director leaves the
Group, regardless of whether or not they leave to retire. Once that
period has elapsed, the amount invested in shares will be
reinvested, along with the remainder of the cumulative balance
corresponding to the executive director, or it will be paid to the
executive director or to their beneficiaries in the event of a
contingency covered by the benefits system.
As per the director\u00b4s remuneration policy approved at the 23 March
2018 general shareholder\u00b4s meeting, the system was changed with
a focus on:
\u2022 Aligning the annual contributions with practices of comparable
institutions.
\u2022 Reducing future liabilities by eliminating the supplementary
benefits scheme in the event of death (death of spouse or parent)
and permanent disability of serving directors.
\u2022 Not increasing total costs for the Bank.
The changes to the system were the following:
\u2022 Fixed and variable pension contributions were reduced to 22% of
the respective pensionable bases. The gross annual salaries and
the benchmark variable remuneration were increased in the
corresponding amount with no increase in total costs for the
Bank. The pensionable base for the purposes of the annual
contributions for the executive directors is the sum of fixed
remuneration plus 30% of the average of their last three variable
remuneration amounts. This means complying with Circular
2/2016 of the Bank of Spain, standard 41, on pension benefits, by
which a part of not less than 15% of the total contribution must
be based on variable components.
\u2022 The death and disability supplementary benefits were eliminated
since 1 April 2018. A fixed remuneration supplement (included in
other remuneration in section a.iii in this note) was implemented
the same date. During 2025, this fixed remuneration supplement
has expired both for Ana Bot\u00edn and Jos\u00e9 Antonio \u00c1lvarez, in line
with the age of 65 initially set at the time this remuneration
component was approved.
\u2022 The total amount insured for life and accident insurance was
increased.
The provisions recognised in 2025 and 2024 for retirement
pensions were as follows:
EUR thousand
2025
2024
Ana Bot\u00edn
1,341
1,339
H\u00e9ctor Grisi
1,120
1,105
Total
2,461
2,445
Following is a detail of the balances relating to each of the
directors under the welfare system as of\u00a0 31 December 2025 and
2024:
EUR thousand
2025
2024
Ana Bot\u00edn
65,027
54,731
H\u00e9ctor Grisi
2,033
1,299
Jos\u00e9 Antonio \u00c1lvarez
23,178
20,326
Total
90,238
76,356
d) Insurance
The Group pays for life insurance policies for the Bank\u2019s directors,
who will be entitled to receive benefits if they are declared
disabled. In the event of death, the benefits will be payable to their
heirs. The premiums paid by the Group are included in the 'Other
remuneration' column of the table shown in Note 5.a.iii above.
Also, the following table provides information on the sums insured
for the Bank\u2019s directors:
Insured capital
EUR thousand
2025
2024
Ana Bot\u00edn
20,659
21,525
H\u00e9ctor Grisi
12,600
12,600
Jos\u00e9 Antonio \u00c1lvarez
10,500
11,215
Total
43,759
45,340
The insured capital has been modified in 2018 for Ana Bot\u00edn\u00a0 as
part of the pension systems transformation set out in note 5.c)
above, which has encompassed the elimination of the
supplementary benefits systems (death of spouse and death of
parent) and the increase of the life and accident insurance
annuities.
During 2025 and 2024, the Group has disbursed a total amount of
EUR 8.3 million and EUR 13.5\u00a0million, respectively, for the payment
of civil-liability insurance premiums. These premiums correspond
to several civil-liability insurance policies that hedge, among
others, directors, senior management and other managers and
employees of the Group and the Bank itself, as well as its
subsidiaries, in light of certain types of potential claims of third
parties. For this reason, it is not possible to disaggregate or
individualize the amount that correspond to the directors and
executives.
As of 31 December 2025 and 2024, no life insurance commitments
exist for the Group in respect of any other directors.
e) Deferred variable remuneration systems
The following information relates to the maximum number of
shares to which the executive directors are entitled at the
beginning and end of 2025 and 2024 due to their participation in
the deferred variable remuneration systems, which instrumented a
portion of their variable remuneration relating to 2025 and prior
years, as well as on the deliveries, in shares or in cash, made to
them in 2025 and 2024 once the conditions for the receipt thereof
had been met (see Note 46):
i) Deferred variable compensation plan linked to
multiannual objectives
In the annual shareholders meeting of 18 March 2016, with the
aim of simplifying the remuneration structure, improving the ex-
ante risk adjustment and increasing the incidence of long-term
objectives, the bonus plan (deferred and conditioned variable
compensation plan) and ILP were replaced by one single plan.
The variable remuneration of executive directors and certain
executives (including senior management) corresponding to 2025
has been approved by the board of directors and implemented
through the tenth cycle of the deferred variable remuneration plan
linked to multi-year objectives. The application of the plan was
authorised by the annual general meeting of shareholders, as it
entails the delivery of shares to the beneficiaries.
As indicated in section a.ii of this note, 60% of the variable
remuneration amount is deferred over five years for executive
directors, to be paid, where appropriate, provided that the
conditions of permanence in the Group, according to the following
accrual scheme:
\u2022 The accrual of the first and second parts (instalments in 2027
and 2028) is conditional on none of the malus clauses being
triggered.
\u2022 The accrual of the third, fourth and fifth parts (instalments in
2029, 2030 and 2031) is linked to non-concurrence of malus
clauses and the fulfilment of certain objectives related to the
2025\u2011 2027 period. These objectives and their respective weights
are:
\u2013 Banco Santander\u2019s consolidated Return on tangible equity
(RoTE) target in 2027 (weight of 30%).
\u2013 Relative performance of Banco Santander's total shareholder
return (TSR) in 2025-2027 in respect of the weighted TSR of a
peer group comprising 9 credit institutions, with the
appropriate TSR ratio based on the group\u2019s TSR among its
peers (weight of 50%).
\u2013 Four sustainability metrics, which have different weighting
(with a total weight of 20%).
The degree of compliance with the above objectives determines
the\u00a0percentage to be applied to the deferred amount in these three
annuities, with a maximum achievement ratio of 125%, so
executives have the incentive to exceed their targets.
Both the immediate payment and the two first deferrals (short-
term part) are paid 50% in cash and the remaining 50% in
instruments. The last three deferrals (conditioned to long-term
metrics) are paid 25% in cash and 75% in instruments.
The accrual of deferred amounts (whether or not subject to
performance measures) is conditioned, in addition to the
permanence of the beneficiary in the Group, to non-occurrence,
during the period prior to each of the deliveries, of any the
circumstances giving rise to the application of malus as set out in
the Group\u2019s remuneration policy in its chapter related to malus and
clawback. Likewise, the amounts already paid of the incentive will
be subject to clawback by the Bank in the cases and during the
term foreseen in said policy,\u00a0 and in accordance with the terms and
conditions foreseen in it.
Malus and clawback clauses are triggered by poor financial
performance of Banco Santander, a division or area, or exposures
from staff as a result of an executive(s)\u2019s management of, at least,
one of these factors:
i. Significant failures in risk management committed by the
entity, or by a business unit or risk control.
ii. The increase suffered by the entity or by a business unit of its
capital needs, not foreseen at the time of generation of the
exposures.
iii. Regulatory sanctions or judicial sentences from events that
could be attributable to the unit or the personnel responsible
for those. Also, the breach of internal codes of conduct of the
entity.
iv. Irregular conduct, whether individual or collective. In this
regard, the negative effects derived from the marketing of
inappropriate products and the responsibilities of the people or
bodies that made those decisions will be specially considered.
In addition to the existing policy on malus and clawback clauses of
our remuneration policy, the addendum to our remuneration policy
entitled 'Financial Statement Restatement Compensation'
regulates the recoupment of compensation received by the
executive directors of Banco Santander, S.A., and senior
management, in the event of a financial restatement (according to
the regulation) resulting from material noncompliance with
financial reporting requirements under US federal securities laws.
The maximum amount of shares to be delivered under the plan is
within the maximum amount of the award to be delivered in shares
(EUR 11.5\u00a0million) approved at the 2025 AGM for executive
directors. At its meeting on 25 November 2025 and pursuant to the
powers granted by shareholders at the 2025 AGM, the board
agreed to amend the calculation period used to determine the
number of shares to be delivered from 50 to 30 trading sessions
(under no circumstances may the number of shares exceed the
maximum approved at the AGM), as the board considered that this
better reflects market practice and enables us to offset share price
volatility. Thus, the number of shares to be delivered under the
2025 policy has been calculated with the weighted average daily
volume of weighted average listing prices of Banco Santander
shares in the 30 trading sessions prior to the Friday (not inclusive)
before 4 February 2025 (the date on which the board approved the
2025 bonus for executive directors), which was EUR 10.261 per
share. According to an independent experts' valuation, the price
per PagoNxt, S.L. RSU equals EUR 61.07.
ii) Shares assigned by deferred variable remuneration
plans
The following table shows the number of Santander shares
assigned to each director already in service and pending delivery as
of 1 January 2024, 31 December 2024 and 31 December 2025, as
well as the gross shares that were delivered to them in 2024 and
2025, either in the form of an immediate payment or a deferred
payment. In this case after having been appraised by the board, at
the proposal of the remuneration committee, that the
corresponding one-fifth of each plan had accrued. They come from
the deferred conditional and linked to multi-year objectives in
2019, 2020, 2021, 2022, 2023, 2024 and 2025 were formalized.
Share-based variable
remuneration
Maximum
number of shares
to be delivered at
January 1,2024
Shares delivered
in 2024
(immediate
payment 2023
variable
remuneration)
Shares delivered
in 2024
(deferred
payment 2022
variable
remuneration)
Shares delivered
in 2024
(deferred
payment 2021
variable
remuneration)
Shares delivered
in 2024
(deferred
payment 2020
variable
remuneration)
Shares delivered
in 2024
(deferred
payment 2019
variable
remuneration)
Variable
remuneration
2024
(Maximum
number of
shares to be
delivered)
2019 variable remuneration
Ana Bot\u00edn
70,905
\u2014
\u2014
\u2014
\u2014
(35,452)
\u2014
Jos\u00e9 Antonio \u00c1lvarez
47,386
\u2014
\u2014
\u2014
\u2014
(23,693)
\u2014
118,290
\u2014
\u2014
\u2014
\u2014
(59,145)
\u2014
2020 variable remuneration
Ana Bot\u00edn
93,146
\u2014
\u2014
\u2014
(31,049)
\u2014
\u2014
Jos\u00e9 Antonio \u00c1lvarez
50,594
\u2014
\u2014
\u2014
(16,865)
\u2014
\u2014
143,740
\u2014
\u2014
\u2014
(47,914)
\u2014
\u2014
2021 variable remuneration
Ana Bot\u00edn
710,698
\u2014
\u2014
(177,675)
\u2014
\u2014
\u2014
Jos\u00e9 Antonio \u00c1lvarez
479,644
\u2014
\u2014
(119,911)
\u2014
\u2014
\u2014
1,190,342
\u2014
\u2014
(297,586)
\u2014
\u2014
\u2014
2022 variable remuneration
Ana Bot\u00edn
358,419
\u2014
(62,334)
\u2014
\u2014
\u2014
\u2014
Jos\u00e9 Antonio \u00c1lvarez
241,954
\u2014
(42,079)
\u2014
\u2014
\u2014
\u2014
600,374
\u2014
(104,413)
\u2014
\u2014
\u2014
\u2014
2023 variable remuneration
Ana Bot\u00edn
1,127,209
(469,286)
\u2014
\u2014
\u2014
\u2014
\u2014
H\u00e9ctor Grisi
749,143
(321,645)
\u2014
\u2014
\u2014
\u2014
\u2014
1,876,352
(790,931)
\u2014
\u2014
\u2014
\u2014
\u2014
2024 variable remuneration
Ana Bot\u00edn
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
976,463
H\u00e9ctor Grisi
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
656,033
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,632,496
2025 variable remuneration 1
Ana Bot\u00edn
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
H\u00e9ctor Grisi
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1. For each director, 40% of the shares indicated correspond to the short-term variable (or immediate payment). The remaining 60% is deferred for delivery, where
appropriate, in the next five years, the last three being subject to the fulfilment of multiannual objectives. Maximum opportunity subject to regulatory ratio compliance.
Maximum
number of
shares to be
delivered at
December 31,
2024
Instruments
matured but
not
consolidated
at January 1,
2025 2
Shares
delivered in
2025
(immediate
payment 2024
variable
remuneration)
Shares
delivered in
2025
(deferred
payment 2023
variable
remuneration)
Shares
delivered in
2025
(deferred
payment 2022
variable
remuneration)
Shares
delivered in
2025
(deferred
payment 2021
variable
remuneration)
Shares
delivered in
2025
(deferred
payment 2020
variable
remuneration)
Shares
delivered in
2025 (deferred
payment 2019
variable
remuneration)
Variable
remuneration
2025
(Maximum
number of
shares to be
delivered)
Maximum
number of
shares to be
delivered at
December
31, 2025
35,452
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(35,452)
\u2014
\u2014
23,693
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(23,693)
\u2014
\u2014
59,145
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(59,145)
\u2014
\u2014
62,097
\u2014
\u2014
\u2014
\u2014
\u2014
(31,049)
\u2014
\u2014
31,048
33,729
\u2014
\u2014
\u2014
\u2014
\u2014
(16,865)
\u2014
\u2014
16,864
95,826
\u2014
\u2014
\u2014
\u2014
\u2014
(47,914)
\u2014
\u2014
47,912
533,023
(44,774)
\u2014
\u2014
\u2014
(162,750)
\u2014
\u2014
\u2014
325,499
359,733
(30,218)
\u2014
\u2014
\u2014
(109,838)
\u2014
\u2014
\u2014
219,677
892,756
(74,992)
\u2014
\u2014
\u2014
(272,588)
\u2014
\u2014
\u2014
545,176
296,085
\u2014
\u2014
\u2014
(62,334)
\u2014
\u2014
\u2014
\u2014
233,751
199,875
\u2014
\u2014
\u2014
(42,079)
\u2014
\u2014
\u2014
\u2014
157,796
495,961
\u2014
\u2014
\u2014
(104,413)
\u2014
\u2014
\u2014
\u2014
391,548
657,923
\u2014
\u2014
(114,421)
\u2014
\u2014
\u2014
\u2014
\u2014
543,502
427,498
\u2014
\u2014
(74,347)
\u2014
\u2014
\u2014
\u2014
\u2014
353,151
1,085,421
\u2014
\u2014
(188,768)
\u2014
\u2014
\u2014
\u2014
\u2014
896,653
976,463
\u2014
(404,447)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
572,016
656,033
\u2014
(279,480)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
376,553
1,632,496
\u2014
(683,927)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
948,569
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
602,746
602,746
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
408,159
408,159
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,010,904
1,010,904
2. The levels of achievement of the multi-year metrics of the long-term variable remuneration plans:
\u00a0 \u00a0 1) Seventh cycle of the deferred multi-year objectives variable remuneration plan (2022): 115.2% of achievement for the period 2022-2024.
a. RoTE metric for 2024 year-end period at 150%. Weight of 40.0%.
b. Relative TSR metric in 2022-2024 period at 83% of achievement. Weight of 40.0%.
c. Sustainability metrics at 25% of achievement. Weight of 20.0%.
\u00a0 \u00a0
\u00a0 \u00a0 2) Sixth cycle of the deferred multi-year objectives variable remuneration plan (2021): 91.6% of achievement for the period 2021- 2023.
a. CET1 metric at 100% of achievement for 2023 year-end period (target 12.00%). Weight of 33.3%.
b. Underlying BPA growth at 150% of achievement (target growth of 100%). Weight of 33.3%.
c. TSR metric at 25% of achievement (target of 33 to 66 percentile). Weight of 33.3%.
3) Fifth cycle of the deferred multi-year objectives variable remuneration plan (2020): 83.0% of achievement for the period 2020-2022.
a. CET1 metric at 100% of achievement for 2022 year-end period (target 12.00%). Weight of 33.3%.
b. Underlying BPA growth at 150% of achievement (target growth of 10%). Weight of 33.3%.
c. TSR metric at 0% of achievement (minimum target of 33% not reached). Weight of 33.3%
Furthermore, the maximum number of RSUs of PagoNxt, S.L. to be
delivered under the current plan (and subject to regulatory ratio
compliance) is 9,415 and 7,909 units for Ana Bot\u00edn and H\u00e9ctor
Grisi, respectively.
In addition, the table below shows the cash delivered in 2025 and
2024, by way of either immediate payment or deferred payment,
in the latter case once the Board had determined, at the proposal
of the remuneration committee, that one deferral relating to each
plan had accrued:
EUR thousand
2025
2024
Cash paid (immediate
payment 2024
variable
remuneration)
Cash paid (deferred
payments from 2023,
2022, 2021 and 2020
variable
remuneration)
Cash paid (immediate
payment 2023
variable
remuneration)
Cash paid (deferred
payments from 2022,
2021, 2020 and 2019
variable
remuneration)
Ana Bot\u00edn
1,851
1,759
1,780
1,419
H\u00e9ctor Grisi
1,279
366
1,220
863
Jos\u00e9 Antonio \u00c1lvarez
\u2014
815
\u2014
945
Total
3,130
2,940
3,000
3,228
iii) Information on former members of the board of
directors
The chart below includes\u00a0 information on the maximum number of
shares to which former members of the board of directors, are
entitled for their participation in the various deferred variable
remuneration systems, which instrumented a portion of their
variable remuneration relating to the years in which they were
executive directors. Also set forth below is information on the
deliveries, whether in shares or in cash, made in 2025 and 2024 to
former board members, upon achievement of the conditions for
the receipt thereof (see note 46):
Maximum number of shares to be delivered
2025
2024
Deferred conditional variable remuneration plan and linked to objectives (2019)
\u2014
24,490
Deferred conditional variable remuneration plan and linked to objectives (2020)
35,511
71,024
Deferred conditional variable remuneration plan and linked to objectives (2021)
137,400
206,100
Number of shares delivered
2025
2024
Deferred conditional variable remuneration plan and linked to objectives (2018)
\u2014
29,860
Deferred conditional variable remuneration plan and linked to objectives (2019)
24,490
24,490
Deferred conditional variable remuneration plan and linked to objectives (2020)
35,512
35,512
Deferred conditional variable remuneration plan and linked to objectives (2021)
68,700
12,911
In addition, EUR 724 thousand and EUR 650\u00a0thousand relating to
the deferred portion payable in cash of the aforementioned plans
were paid each in 2025 and 2024.
f) Loans
Grupo Santander\u2019s direct risk exposure to the bank\u2019s directors and
the guarantees provided for them are detailed below. These
transactions were made on terms equivalent to those that prevail
in arm\u2019s-length transactions or the related compensation in kind
was recognized:
EUR thousand
2025
2024
Loans and
credits
Guarantees
Total
Loans and
credits
Guarantees
Total
Ana Bot\u00edn
3
\u2014
3
\u2014
\u2014
\u2014
H\u00e9ctor Grisi
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Jos\u00e9 Antonio \u00c1lvarez
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Glenn Hutchins
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Antonio Francesco Weiss B
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Bel\u00e9n Romana
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Bruce Carnegie-Brown A
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Germ\u00e1n de la Fuente
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Gina D\u00edez Barroso
\u2014
\u2014
\u2014
5
\u2014
5
Henrique de Castro
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Homaira Akbari
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Javier Bot\u00edn
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Juan Carlos Barrab\u00e9s\u00a0 C
137
\u2014
137
138
\u2014
138
Luis Isasi
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Pamela Walkden
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ramiro Mato D
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Sol Daurella
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
140
\u2014
140
143
\u2014
143
A. Ceased as director of Banco Santander, S.A. on 22 March 2024.
B. Director since 27 June 2024.
C. Director since 27 June 2024.
D. Ceased as director of Banco Santander, S.A. on 27 June 2024 .
g) Senior management
The table below includes the amounts relating to the short-term
remuneration of the members of senior management at 31
December 2025 and those at 31 December 2024, excluding the
remuneration of the executive directors, which is detailed above.
EUR thousand
Short-term salaries and deferred remuneration
Variable remuneration
(bonus) - Immediate
payment
Deferred variable
remuneration
Year
Number\u00a0of
persons
Fixed
In cash
In
instruments 2
In cash
In
instruments 3
Pensions
Other
remuneration1
Total
2025
15
19,255
9,179
9,180
4,306
4,306
4,910
6,456
57,592
2024
14
16,466
7,376
7,377
3,319
3,320
4,520
7,153
49,531
1.Includes other remuneration items such as life and medical insurance premiums and localization aids and lastly RSUs from PagoNxt S.L., for the work of one director in
said entity.
2.The amount of immediate payment for 2024 is 894,587 shares (1,611,965 Santander shares in 2024).
3.The deferred amount in instruments not linked to long-term objectives for 2024 is 416,410 shares ( 725,399 Santander shares in 2024).
In addition to the amounts reflected in the table, salary
remunerations amounting to EUR 4,118 thousand were granted in
the form of buyouts and sign-on awards, related to the recruitment
of new members who joined this employee group during the year.
In 2025, the ratio of variable to fixed pay components was 134% of
the total for senior managers, well within the maximum limit of
200% set by 2024 AGM.
Also, the detail of the breakdown of the remuneration linked to
long-term objectives of the members of senior management at 31
December 2025 and 31 December 2024 is provided below. These
remuneration payments shall be received, as the case may be, in
the corresponding deferral periods, upon achievement of the
conditions stipulated for each payment (see note\u00a046):
EUR thousand
Variable remuneration
subject to long-term
objectives 1
Year
Number\u00a0of
\u00a0people
Cash\u00a0
payment
Instrument
payment
Total
2025
15
4,521
4,522
9,043
2024
14
3,485
3,486
6,971
1.Relates to the fair value of the maximum annual amounts for years 2029, 2030
and 2031 of the tenth cycle of the deferred conditional variable remuneration
plan (2028, 2029 and 2030 for the ninth cycle of the deferred variable
compensation plan linked to annual objectives for the year 2024). The face
value of the three aforementioned deferred amounts is EUR 12,919\u00a0thousand
for 2025.
Additionally, members of senior management who stepped down
from their roles in 2025 consolidated salary remuneration and
other remuneration for a total amount of EUR 2,905 thousand (EUR
12,303\u00a0thousand in 2024). In 2025 rights regarding variable
pay subject to long-term objectives amounted to EUR 342
thousand (EUR 633 thousand were generated in 2024 for this
collective).
The maximum number of Santander shares that the members of
senior management at each plan grant date (excluding executive
directors) were entitled to receive as of 31 December 2025 and 31
December 2024 relating to the deferred portion under the various
plans then in force is the following (see note\u00a046):
Maximum number of shares to be delivered
2025
2024
Deferred conditional variable remuneration
plan and linked to objectives (2019)
\u2014
71,294
Deferred conditional variable remuneration
plan and linked to objectives (2020)
145,704
370,522
Deferred conditional variable remuneration
plan and linked to objectives (2021)
486,863
966,680
Deferred conditional variable remuneration
plan and linked to objectives (2022)
891,305
1,430,464
Deferred conditional variable remuneration
plan and linked to objectives (2023)
934,609
1,395,815
Deferred conditional variable remuneration
plan and linked to objectives (2024)
1,601,213
\u2014
Since the conditions established in the corresponding deferred
share-based remuneration schemes for prior years had been met,
the following number of Santander shares was delivered in 2025
and 2024 to the senior management, in addition to the payment of
the related cash amounts:
Number\u00a0of\u00a0shares\u00a0delivered
2025
2024
Deferred conditional variable remuneration
plan and linked to objectives (2018)
\u2014
57,730
Deferred conditional variable remuneration
plan and linked to objectives (2019)
54,249
71,294
Deferred conditional variable remuneration
plan and linked to objectives (2020)
145,704
185,261
Deferred conditional variable remuneration
plan and linked to objectives (2021)
243,433
351,777
Deferred conditional variable remuneration
plan and linked to objectives (2022)
266,390
357,615
Deferred conditional variable remuneration
plan and linked to objectives (2023)
233,652
1,212,984
Deferred conditional variable remuneration
plan and linked to objectives (2024)
1,399,679
\u2014
As indicated in note 5.c above, senior management participate in
the benefit system created in 2012, which covers the contingencies
of retirement, disability and death. Banco Santander makes annual
contributions to the benefit plans of its senior managers. In 2012,
the contracts of the senior managers with benefit pension
commitments were amended to transform them into a
contribution system. The system, which is outsourced to Santander
Seguros y Reaseguros, Compa\u00f1\u00eda Aseguradora, S.A., gives senior
managers the right to receive benefits upon retirement, regardless
of whether or not they are active at Banco Santander at such time,
based on contributions to the system. This new system replaced
their previous right to receive a pension supplement in the event of
retirement. In the event of pre-retirement, and up to the
retirement date, senior managers appointed prior to September
2015 are entitled to receive an annual allowance.
In addition, further to applicable remuneration regulations, from
2016 (inclusive), a discretionary pension benefit component of at
least 15% of total remuneration\u00a0 in contributions to the pension
system has been included. Under the regime corresponding to
these discretionary benefits, the contributions that are calculated
on variable remunerations are subject to malus and clawback
clauses, subject to policies applicable at each time, and during the
same period in which the variable remuneration is deferred.
Likewise, the annual contributions calculated on variable
remunerations must be invested in Bank shares for a period of five
years from the date that the senior manager leaves the Group,
regardless of whether or not they leave to retire. Once that period
has elapsed, the amount invested in shares will be reinvested,
along with the remainder of the cumulative balance corresponding
to the senior manager, or it will be paid to the senior manager or to
their beneficiaries in the event of a contingency covered by the
benefits system.
The contracts of some members of senior management were
modified at the beginning of 2018 with the same objective and
changes indicated in section c of this note for Ana Bot\u00edn. The
modifications, which are aimed at aligning the annual
contributions with the practices of comparable institutions and
reducing the risk of future obligations by eliminating the
supplementary scheme for death (widowhood and orphanhood)
and permanent disability in service without increasing the costs to
the bank, are as follows:
\u2022 Contributions to the pensionable bases were reduced. Gross
annual salaries were increased in the corresponding amount.
\u2022 The death and disability supplementary benefits were eliminated
since 1 January 2018 for some members of senior management
and since 1 April 2018 for executive directors. A fixed
remuneration supplement reflected in other remuneration in the
table above was implemented on the same date.
\u2022 The amounts insured for life and accident insurance were
increased.
All of the above was done without an increase in total cost for the
Bank.
The balance as of 31 December 2025 in the pension system for
those who were part of senior management at year end amounted
to EUR 51\u00a0million (EUR 51\u00a0million at 31 December 2024).
The net charge to income corresponding to pension amounted to
EUR 4.9\u00a0million\u00a0 in 2025 (EUR 4.5\u00a0million in 31 December 2024).
In 2025 and 2024 there have been no payments in the form of a
single payment of the annual voluntary pre-retirement allowance.
Additionally, the capital insured by life and accident insurance at 31
December 2025 of this group amounts to EUR 78\u00a0million (EUR
83\u00a0million at 31 December 2024).
h) Post-employment benefits to former directors
and former senior executive vice presidents
The post-employment benefits and settlements paid in 2025 to
former directors of the Bank, other than those detailed in note\u00a05.c
amounted to EUR 5.6\u00a0million and EUR 5.6\u00a0million in 2024,
respectively. Also, the post-employment benefits and settlements
paid in 2025 to former executive vice presidents amounted to EUR
16\u00a0million and EUR 12.7\u00a0million\u00a0 in 2024, respectively.
Contributions to insurance policies that hedge pensions to previous
members of the Bank\u2019s board of directors, amounted to EUR
0.17\u00a0million in 2025 (EUR 0.17\u00a0million in 2024). Likewise,
contributions to insurance policies that hedge pensions for
previous senior managers amounted to EUR 1.3\u00a0million in 2025
(EUR 2.3\u00a0million in 2024).
No releases or charges were recorded in the consolidated income
statement for pension commitments and similar obligations held
by the Group with previous former members of the bank's board of
directors or former members of senior management in 2025 and
2024.
In addition, 'Provisions\u00a0- Pension Fund and similar obligations' in
the consolidated balance sheet as at 31 December 2025 included
EUR 43\u00a0million in respect of the post-employment benefit
obligations to former Directors of the Bank (EUR 46\u00a0million at 31
December 2024) and EUR 108\u00a0million corresponding to former
members of senior management (EUR 96\u00a0million at 31 December
2024).
i) Pre-retirement and retirement
The board of directors approved an amendment to the contracts of
executive directors whereby they ceased to have the right to pre-
retire in case of termination of his contract.
j) Contract termination
The executive directors and members of senior management have
indefinite-term employment contracts. Executive directors or
senior managers whose contracts are terminated voluntarily or due
to breach of duties are not entitled to receive any economic
compensation. If Banco Santander terminates the contract for any
other reason, they will be entitled to the corresponding legally-
stipulated termination benefit, without prejudice to any
compensation that may\u00a0 for non-competition obligations, as
detailed in the directors' remuneration policy.
If Banco Santander were to terminate her contract, Ana Bot\u00edn
would have to remain at Banco Santander\u2019s disposal for a period of
4 months in order to ensure an adequate transition, and would
receive her fixed salary during that period.
k) Information on investments held by the
directors in other companies and conflicts of
interest
None of the members of the board of directors have declared that
they or persons related to them may have a direct or indirect
conflict of interest with the interests of Banco Santander, S.A., as
set forth in article 229 of the Corporate Enterprises Act.
a) Breakdown
The detail of Staff costs is as follows:
EUR million
2025
2024
2023
Wages and salaries
10,328
10,541
10,018
Social Security costs
1,680
1,644
1,576
Additions to provisions for defined benefit
pension plans (note\u00a025)
41
45
42
Contributions to defined contribution
pension funds
332
354
307
Other Staff costs
1,252
1,241
1,332
13,633
13,825
13,275
c) Share-based payments
The main share-based payments granted by the Group in force at
31 December,\u00a02025, 2024 and 2023 are described below.
i. Bank
The variable remuneration policy for the Bank\u2019s executive directors
and certain executive personnel of the Bank and of other Group
companies includes Bank share-based payments, the
implementation of which requires, in conformity with the law and
the Bank\u2019s Bylaws, specific resolutions to be adopted by the
general meeting.
Were it necessary or advisable for legal, regulatory or other similar
reasons, the delivery mechanisms described below may be
adapted in specific cases without altering the maximum number of
shares linked to the plan or the essential conditions to which the
delivery thereof is subject.
These adaptations may involve replacing the delivery of shares
with the delivery of cash amounts of an equal value.
The plans that include share-based payments are as follows:
(i)\u00a0Deferred and Conditional Variable Remuneration Plan;
(ii)\u00a0Deferred Multiyear Objectives Variable Remuneration Plan;
(iii)\u00a0Digital Transformation Award, (iv) Digital Transformation
Award 2022, Digital Transformation Award 2023 and (vi) PagoNxt
incentive Plan 2024 and 2025 for Santander executives. The
characteristics of the plans are set forth below:
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(i) Deferred and
conditional
variable
remuneration
plan (2015,
2016, 2017,
2018, 2019,
2020, 2021,\u00a0
2022, 2023,
2024 and 2025)
The purpose of these cycles is to
defer a portion of the variable
remuneration of the beneficiaries
over a period of three years for the
sixth cycles, over three or five years
for the fifth, seventh, eighth, ninth,
tenth and eleventh cycles, and over
four or five years for the twelfth
cycle, for it to be paid, where
appropriate, in cash and in
Santander shares. The other portion
of the variable remuneration is also
to be paid in cash and Santander
shares, upon commencement of the
cycles, in accordance with the rules
set forth below.
Beneficiaries:
\u2022 Executive directors and certain
executives (including senior
management) and employees
who assume risk, who perform
control functions or receive an
overall remuneration which puts
them on the same remuneration
level as executives and employees
who assume risks (fifth cycle).
\u2022 In the case of the sixth, seventh,
eighth, ninth, tenth, eleventh
twelfth, thirteenth, fourteenth
and fifteenth cycle the
beneficiaries are Material Risk
Takers (Identified staff) that are
not beneficiaries of the Deferred
Multiyear Objectives Variable
Remuneration Plan.
For the fifth and sixth cycles (2015 to 2016), the
accrual of the deferred compensation is conditioned, in
addition to the requirement that the beneficiary
remains in the Group's employ, with the exceptions
included in the plan regulations on none of the
following circumstances existing during the period
prior to each delivery, pursuant to the provisions set
forth in each case in the plan regulations:
\u2022 Poor financial performance of the Group.
\u2022 Breach by the beneficiary of internal regulations,
including, in particular, those relating to risks.
\u2022 Material restatement of the Group's consolidated
financial statements, except when it is required
pursuant to a change in accounting standards.
\u2022 Significant changes in the Group\u2019s economic capital
or risk profile
In the case of the seventh, eighth, ninth, tenth,
eleventh, twelfth, thirteenth, fourteenth and fifteenth
cycles, the accrual of deferred compensation is
conditioned, in addition to the permanence of the
beneficiary in the Group, with the exceptions contained
in the plan's regulations, to non-occurrence of a poor
performance of the entity as a whole or of a specific
division or area of the entity or of the exposures
generated by the personnel:
i. significant failures in risk management by the
entity , or by a business unit or risk control unit.
ii. the increase suffered by the entity or by a business
unit of its capital needs, not foreseen at the time
of generation of the exposures.
iii. Regulatory sanctions or judicial sentences for
events that could be attributable to the unit or the
personnel responsible for those. Also, the breach
of internal codes of conduct of the entity.
iv. Irregular behaviours, whether individual or
collective, considering in particular the negative
effects derived from the marketing of
inappropriate products and the responsibilities of
the persons or bodies that made those decisions.
Fifth cycle (2015):
\u2022 Executive directors and members of the Identified
Staff with total variable remuneration higher than
2.6 million euros: 40% paid immediately and 60%
deferred over 5 years deferral period.
\u2022 Division managers, country heads (of countries
which represent at least 1% of Group's economic
capital), other executives of the Group with a similar
profile and members of the Identified Staff\u00a0 with
total variable remuneration between 1.7 million
euros (1.8 million in fourth cycle) and 2.6 million
euros: 50% paid immediately and 50% deferred over\u00a0
5 years (fifth cycle)
\u2022 Other beneficiaries: 60% paid immediately and 40%
deferred over 3 years.
Sixth cycle (2016):
\u2022 60% of bonus will be paid immediately and 40%\u00a0
deferred over a three year period.
Seventh, eighth, ninth, tenth and eleventh cycle (2017,
2018, 2019, 2020 and 2021):
\u2022 Beneficiaries of these plans with target total variable
remuneration higher or equal to 2.7 million euros:
40%\u00a0 paid immediately and 60% deferred over 5
years
\u2022 Beneficiaries of these plans with target total variable
remuneration between 1.7 million euros and 2.7
million euros: 50% paid immediately and 50%paid
over 5 years
\u2022 Other beneficiaries of these plans: 60% paid
immediately and 40% deferred over 3 years.
Twelfth (2022), thirteenth (2023),fourteenth (2024)
and fifteenth (2025) cycle:
\u2022 Beneficiaries of these plans with target total variable
remuneration higher or equal to 2.7 million euros:
40% paid immediately and 60% deferred over 5
years
\u2022 Beneficiaries of these plans with target total variable
remuneration between 1.7 million euros and 2.7
million euros: 50% paid immediately and 50% paid
over 5 years
\u2022 Other beneficiaries of these plans: 60% paid
immediately and 40% deferred over 4 years .
T
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(ii)Deferred
Multiyear
Objectives
Variable
Remuneration
Plan (2016,
2017, 2018,
2019, 2020,
2021, 2022,
2023, 2024 and
2025)
The aim is simplifying the
remuneration structure, improving
the ex ante risk adjustment and
increasing the impact of the long-
term objectives on the Group\u2019s most
relevant roles. The purpose of these
cycles is to defer a portion of the
variable remuneration of the
beneficiaries over a period of three
or five years (four or five years for
the seventh cycle) for it to be paid,
where appropriate, in cash and in
Santander shares; the other portion
of the variable remuneration is also
to be paid in cash and Santander
shares (regarding the instruments
part, executive directors in the
seventh cycle have the opportunity
to choose all in share options or half
in share options and half in shares),
upon commencement of the cycles,
in accordance with the rules set
forth below. The accrual of the last
third of the deferral (in the case of 3
years deferral), the last 2 fourths (in
the case of 4 years deferral) and the
last three fifths (in the case of 5
years deferral) is also subject to
long-term objectives.
Beneficiaries
Executive directors, senior
management and certain executives
of the Group\u2019s first lines of
responsibility.
In 2016 the accrual is conditioned, in addition to the
permanence of the beneficiary in the Group, with the
exceptions contained in the plan\u2019s regulations, to non-
occurrence of the following circumstances during the
period prior to each of the deliveries in the terms set
forth in each case in the plan\u2019s regulations:
i. Poor performance of the Group.
ii. Breach by the beneficiary of the internal
regulations, including in particular that relating to
risks.
iii. Material restatement of the Group\u2019s consolidated
financial statements, except when appropriate
under a change in accounting regulations.
iv. Significant changes in the Group\u2019s economic
capital or risk profile.
In 2017, 2018, 2019, 2020 and 2021 the accrual is
conditioned, in addition to the beneficiary' permanence
in the Group, with the exceptions contained in the
plan\u2019s regulations, to the non-occurrence of poor
financial performance from the entity as a whole or of
a specific division or area thereof or of the exposures
generated by the personnel, taking into account the
following factors:
v. Significant failures in risk management committed
by the entity, or by a business unit or risk control
unit.
vi. the increase suffered by the entity or by a business
unit of its capital needs, not foreseen at the time
of generation of the exposures.
vii. Regulatory sanctions or court rulings for events
that could be attributable to the unit or the\u00a0
personnel responsible for those. Also, the breach\u00a0
of internal codes of conduct of the entity.
viii. Irregular behaviours, whether individual or
collective, considering in particular negative
effects derived from the marketing of
inappropriate products and responsibilities of
persons or bodies that made those decisions.
Paid half in cash and half in shares. In the seventh
cycle, and only for executive directors: half in cash and
25% in share options and 25% in shares (unless the
director chooses to receive options only). The
maximum number of shares to be delivered is
calculated by taking into account the weighted average
daily volume of weighted average prices for the fifteen
trading sessions prior to the previous Friday (excluding)
on the date on which the board decides the bonus for
the Executive directors of the Bank.
In the eighth cycle, and for all Identified Staff: half in
cash and 25% in shares and 25% in share options, or
half in cash and half in shares, according to each
executive\u00b4s choice.
In the ninth and tenth cycle, half in cash and\u00a0 half in
shares.
First cycle (2016):
\u2022 Executive directors and members of the Identified
Staff with total variable remuneration higher than or
equal to 2.7 million euros: 40% paid immediately
and 60% deferred over a 5\u00a0 year period.
\u2022 Senior managers, country heads of countries
representing at least 1% of the Group\u00b4s capital and
other members of the identified staff whose total
variable remuneration is between 1.7 million and 2.7
million euros: 50% paid immediately and 50%
deferred over a 5 year period.
\u2022 Other beneficiaries: 60% paid immediately and 40%
deferred over a 3 year period.
The second, third, fourth, fifth and sixth cycles (2017,
2018, 2019,2020 and 2021 respectively) are under the
aforementioned deferral rules, except that the\u00a0 variable
remuneration considered is the target for each
executive and not the actual award.
In 2016 the metrics for the deferred portion subject to
long-term objectives (last third or last three fifths,
respectively, for the cases of three years and five years
deferrals) are:
\u2022 Earnings per share (EPS) growth in 2018 over 2015.
\u2022 Relative Total Shareholder Return (TSR) in the
2016-2018 period measured against a group of
credit institutions.
\u2022 Compliance with the fully-loaded common equity
tier 1 ('CET1') ratio target for financial year 2018.
\u2022 Compliance with Grupo Santander\u2019s underlying
return on risk-weighted assets ('RoRWA') growth
target for financial year 2018 compared to financial
year 2015.
In the second, third, fourth, fifth and sixth cycle (2017,
2018, 2019, 2020 and 2021) the metrics for the
deferred portion subject to long-term objectives (last
third or last three fifths, respectively, for the cases of
three years and five years deferrals) are:
\u2022 EPS growth in 2019, 2020, 2021, 2022 and 2023
(over 2016, 2017, 2018, 2019 and 2020, for each
respective cycle)
\u2022 Relative Total Shareholder Return (TSR) measured
against a group of 17 credit institutions (second and
third cycles) in the periods 2017-2019 and
2018-2019, respectively, and against a group of 9
entities (fourth, fifth and sixth cycle) for the
2019-2021, 2020-2022 and 2010-2023\u00a0 period.
\u2022 Compliance with the fully-loaded common equity
tier 1 ('CET1') ratio target for financial years 2019,
2020, 2021,2022 and 2023, respectively.
In the seventh (2022), eighth cycle (2023), ninth (2025)
and tenth cycle (2025), the metrics for the deferred
portion subject to long-term objectives (two last
fourths and last three fifths, for the cases of four years
and five years deferrals) are:
\u2022 Banco Santander's consolidated Return on tangible
equity (RoTE) target in 2024 (7th cycle),\u00a0 2025 (8th
cycle), 2026 (9th cycle) and 2027 (10th cycle).
\u2022 Relative Total Shareholder Return (TSR) measured
against a group of 9 credit institutions for the period
2022-2024 (7th cycle), 2023-2025 (8th cycle),
2024-2026 (9th cycle) and 2025-2027 (10th cycle).
\u2022 Progress level\u00a0 in the\u00a0 public targets of our
Sustainability agenda.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(iii) Digital
Transformation
Award (2019,
2020 and 2021)
The 2019, 2020 and 2021 Digital
Transformation Incentive (the
'Digital Incentive') is a variable
remuneration system that includes
the delivery of Santander shares and
share options.
The aim of the Digital Incentive is to
attract and retain the critical skill
sets to support and accelerate the
digital transformation of the Group.
By means of this program, the Group
offers a remuneration element
which is competitive with the
remuneration systems offered\u00a0 by
other market operators who also
compete for digital talent.
The number of beneficiaries is
limited to a maximum of 250
employees and the total amount of
the incentive is limited to 30 million
euros.
The funding of this incentive is subject to meeting
important milestones that are aligned with the Group\u00b4s
digital roadmap and have been approved by the board
of directors, taking into account the digitalization
strategy of the Group, with the aim of becoming the
best open, responsible global financial services
platform.
Performance of 2019 incentive was measured based on
achievement of the following milestones: (i) Launch of
a Global Trade Services (GTS) platform; (ii) launch of a
Global Merchant Services (GMS) platform; (iii)
migration of our fully digital bank, OpenBank, to a 'next
generation' platform and launch in 3 markets; (iv)
extension of SuperDigital in Brazil to at least one other
country; (v) and launch of our international payments
app based on blockchain Pago FX to non-Santander
customers.
The milestones for the 2020 Digital Transformation
Award were: (i) rolling out the global merchant services
(GMS) platform in 3 new geographies, enhancing the
platform functionality and achieving volume targets for
transactions and participating merchants; (ii) doing the
commercial rollout of the global trade services (GTS)
platform in 8 new geographies, enhancing platform
functionality, and achieving\u00a0 volume targets for on-
boarded clients and monthly active users; (iii)
launching OpenBank in a new market and migrating
the retail banking infrastructure to 'new-mode' bank;
(iv) launch the global platform SuperDigital in at least 4
countries, driving target active user growth; (v)
deploying machine learning across pre-defined
markets for 4 priority use cases, rolling out Conversion
Rate Optimization (Digital marketing) for at least 40
sales programs, delivering profit targets, and driving
reduction of agent handled calls in contact centers; (vi)
successfully implementing initiatives related to on-
board and identity services, common API (application
programming interface) layer, payment hubs, mobile
app for SMEs and virtual assistant services; and (vii)
launching the PagoFX global platform in at least 4
countries.
The milestones for 2021 were: (i)in relation to Pago Nxt
Consumer payment platform: implementation of
Superdigital platform in seven countries, acquisition of
over 1.5 million active customer base and accelerating
growth through B2B (business to business) and B2B2C
(business to business to customer) partnerships,
acquiring more than 50% of the new customers
through these channels, which are more cost-effective;
(ii)in relation to Digital Consumer Bank: launching
online API for checkout lending in the European Union
and completion of controllable items for Openbank
launch in USA; (iii)in relation to One Santander
strategy: implementation in Europe of One Common
Mobile Experience and, specifically, implementation of
Europe ONE app for individual customers in at least
three of the four countries by December 2021; and be
among the three-top rated entities in terms of Mobile
NetPromoter Score (Mobile NPS) in at least two of the
four countries by December 2021; (iv) In relation to
cloud adoption: host 75% of migratable virtual
machines on cloud technology (either public cloud or
OHE) by December 2021. For these purposes,
mainframes, physical servers and servers with non-x86
operating systems will be considered non-migratable.
The Digital Incentive is structured 50% in Santander
shares and 50% in options over Santander shares,
taking into account the fair value of the option at the
moment in which they are granted. For Material Risk
Takers subject to five years deferrals, the Digital
Incentive (shares and options over shares) shall be
delivered in thirds, on the third, fourth and fifth
anniversary from their granting. For Material Risk
Takers subject to three years deferrals and employees
not subject to deferrals, delivery shall be done on the
third anniversary from their granting.
Any delivery of shares, either directly or via exercise of
options overs shares, will be subject generally to the
Group\u2019s general malus & clawback provisions as
described in the Group\u2019s remuneration policy and to the
continuity of the beneficiary within the Grupo
Santander. In this regard, the board may define specific
rules for non-Identified Staff.
Vested share options can be exercised until maturity,
with all options lapsing after ten years (for granting the
2019 incentive) and eight years (for granting the 2020
and 2021 incentive).
The total achievement for 2021 Digital Incentive was
77.5% (85% en 2020 and 83% en 2019).
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(iv) Digital
Transformation
Award (2022)
The board of directors approved the
2022 Digital
Transformation Incentive. It is a variable
remuneration scheme
splits in two different blocks:
\u2022 The first one, with the same
mechanism than previous years,
that delivers Santander shares and
share options if the group hits major
milestones on its digital roadmap. This
is aimed at a group of up to 250 (is
limited to 30 million euros)employees
whose functions are deemed essential
to Santander\u2019s growth.
\u2022 And the second one, which delivers
PagoNxt, S.L. RSUs and premium prices
options (PPOs), and is aimed at up to 50
employees (and limited to 15 million
euros) whose roles are considered key
to PagoNxt\u2019s success.
The aim of the Digital Incentive is to
attract and retain the critical skill sets to
support and accelerate the digital
transformation of the Group. By means
of this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
Performance of the first block of the\u00a0 incentive shall be
measured based on achievement of the following
milestones:
i. Edelweiss: Our Santander future retail architecture
EDELWEISS will mean moving from our current Core
centric banking architecture towards a Customer and
Data-Centric Core supported by lean Record
Processing engines.
ii. Simplification: Speed up the simplification of our
technology platform and business model by Reducing
the total number of applications in production and
reducing number of products in the regions.
iii. Agile: Agile ways of working enable a better and
faster reaction to customers\u2019 needs and is based on a
value-driven delivery that increases efficiency by
reducing time-to-market and development costs, and
increasing quality. People working in Agile are more
collaborative, engaged, empowered and creative.
iv. In Digital Consumer Bank:
a) To create the BNPL platform connected to at least
one merchant in Netherlands and Germany, and to
make sure the platform is ready to connect in Spain.
b) To support the definition of Openbank US\u2019s IT digital
strategy and achieve 2022 milestones in it.
c) To have the new leasing platform connected to
dealers in Italy.
d) To expand the Wabi B2B online business to
Germany. To execute the first B2B deal with an
Original Equipment Manufacturer or mobility player in
at least one country. To expand coches.com business
and platform to Portugal.
And in regard to the second block of digital incentive:
the consolidation of PagoNxt Core Perimeter.
The first block of thee Digital Incentive is structured
50% in Santander shares and 50% in options over
Santander shares, taking into account the fair value
of the option at the moment in which they are
granted. For Material Risk Takers subject to five
years deferrals, the Digital Incentive (shares and
options over shares) shall be delivered in thirds, on
the third, fourth and fifth anniversary from their
granting. For Material Risk Takers subject to three
years deferrals and employees not subject to
deferrals, delivery shall be done on the third
anniversary from their granting.
Any delivery of shares, either directly or via exercise
of options overs shares, will be subject generally to
the Group\u2019s general malus & clawback provisions as
described in the Group\u2019s remuneration policy and to
the continuity of the beneficiary within the Grupo
Santander. In this regard, the board may define
specific rules for non-Identified Staff.
Vested share options can be exercised until maturity,
with all options lapsing after ten years .
The total achievement for 2022 Digital Incentive
was 96.5% .
The second block of Digital Incentive is structures in
restricted stock units (RSUs) and premium priced
Options (PPOs) of PagoNxt S.L. in a percentage
determined by the internal category of the
beneficiary. The total achievement for 2022 was
100%.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(v) Digital
Transformation
Award (2023)
The board of directors approved the
2023 Digital
Transformation Incentive. It is a variable
remuneration scheme\u00a0 which delivers
PagoNxt, S.L. RSUs and premium prices
options (PPOs), and is aimed at up to 50
employees (and limited to 15 million
euros) whose roles are considered key
to PagoNxt\u2019s success.
With this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
And the performance conditions were focus on key
digital projects related with PagoNxt's main
businesses (Trade, Merchant and Payments) in its core
geographies.
This incentive\u00a0 is structures in restricted stock units
(RSUs) and premium priced Options (PPOs) of
PagoNxt S.L. in a percentage determined by the
internal category of the beneficiary. The average
achievement for 2023 was 88%.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(vi) PagoNxt
incentive Plan
2024 and 2025
for Santander
executives)
The board of directors approved the
PagoNxt incentive Plan 2024 and 2025
Incentive. It is a variable remuneration
scheme\u00a0 which delivers PagoNxt, S.L.
RSUs, and is aimed at approximately\u00a0 to
50 - 60 employees whose roles are
considered key to PagoNxt\u2019s success.
With this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
And the performance conditions were focus on key
digital projects related with PagoNxt's main
businesses (Trade, Merchant and Payments) in its core
geographies.
This incentive\u00a0 is structures in restricted stock units
(RSUs) of PagoNxt S.L. in a percentage determined
by the internal category of the beneficiary. The
average achievement for 2024 was 77% and 85% in
2025.
ii. Santander UK plc
The long-term incentive plans on shares of the Bank granted by
management of Santander UK plc to its employees are as follows:
Number of
shares (in
thousand)
Exercise
price\u00a0in
pounds
sterlingA
Year
granted
Employee
group
Number
of
personsB
Date of
commencement
of\u00a0exercise
period
Date of
expiry of
exercise
period
Plans outstanding at 01/01/2023
29,988
Options granted (sharesave)
7,175
2.78
2023
Employees
4,752
01/11/23
01/11/26
01/11/23
01/11/28
Options exercised
(5,980)
1.7
Options cancelled (net) or not exercised
(4,044)
2.53
Plans outstanding at 31/12/2023
27,139
Options granted (sharesave)
4,991
3.36
2024
Employees
4,107
01/11/24
01/11/27
01/11/24
01/11/29
Options exercised
(4,004)
2.29
Options cancelled (net) or not exercised
(2,437)
2.37
Plans outstanding at 31/12/2024
25,689
Options granted (sharesave)
3,324
6.35
2025
Employees
4,637
01/11/25
01/11/28
Options exercised
(9,966)
1.9
Options cancelled (net) or not exercised
(1,554)
2.88
Plans outstanding at 31/12/2025
17,493
A. At\u00a0 31 December,\u00a02025, 2024 and 2023, the euro/pound sterling exchange rate was 1.15, 1.21 and 1.15 , respectively.
B. Number of accounts/contracts. A single employee may have more than one account/contract.
In 2008 the Group launched a voluntary savings scheme for
Santander UK employees (Sharesave Scheme) whereby employees
who join the scheme see deducted between GBP 5 and GBP 500
from their net\u00a0monthly pay over a period of three or five years. At
the end of the chosen period, the employee may choose between
collecting the amount contributed, the interest accrued and a
bonus (tax-exempt in the United Kingdom) or exercising options on
shares of the Bank in an amount equal to the sum of such three
amounts at a fixed price. The exercise price will be the result of
reducing by up to 20% the average purchase and sale prices of the
Bank shares in the three trading sessions prior to the approval of
the scheme by the UK tax authorities (HMRC). This approval must
be received within 21 to 41 days following the publication of the
Group\u2019s results for the first half of the year. This scheme was
approved by the board of directors, at the proposal of the
appointments and remuneration committee, and, since it involved
the delivery of Bank shares, its application was authorized by the
Annual General Meeting held on June 21, 2008. Also, the scheme
was authorized by the UK tax authorities (HMRC) and commenced
in September\u00a02008. In subsequent years, at the Annual General
Meetings held on June 19, 2009, June 11, 2010, June 17, 2011,
March 30, 2012, March 22, 2013, March 28, 2014, March 27, 2015,
March 18, 2016, April 7, 2017, March\u00a023, 2018, April 12, 2019,\u00a0
April 3, 2020 and March 26, 2021, respectively, the shareholders
approved the application of schemes previously approved by the
board and with similar features to the scheme approved in 2008.
iii. Fair value
The fair value of the performance share plans was calculated as
follows:
a) Deferred variable compensation plan linked to multi-year
objectives 2023, 2024 and 2025:
The Group calculates at the grant date the fair value of the plan
based on the valuation report of an independent expert, Willis
Towers Watson. According to the design of the plan for 2023, 2024
and 2025 and the levels of achievement of similar plans in
comparable entities, it has been considered that the fair value is
70%.
b) Santander UK sharesave plans:
The fair value of each option at the date of grant is estimated using
an analytical model that also reflects the correlation between EUR
and GBP. This model uses assumptions on the share price, the EUR/
GBP FX rate, the EUR/GBP risk-free interest rate, dividend yields,
the expected volatilities of both the underlying shares and EUR/
GBP for the expected lives of options granted. The weighted
average grant-date fair value of options granted during the year
was GBP 0.44 (GBP 0.23 and GBP 0.33 reported in 2024 and 2023,
respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1866": { "value": "
ii) Shares assigned by deferred variable remuneration
plans
The following table shows the number of Santander shares
assigned to each director already in service and pending delivery as
of 1 January 2024, 31 December 2024 and 31 December 2025, as
well as the gross shares that were delivered to them in 2024 and
2025, either in the form of an immediate payment or a deferred
payment. In this case after having been appraised by the board, at
the proposal of the remuneration committee, that the
corresponding one-fifth of each plan had accrued. They come from
the deferred conditional and linked to multi-year objectives in
2019, 2020, 2021, 2022, 2023, 2024 and 2025 were formalized.
Share-based variable
remuneration
Maximum
number of shares
to be delivered at
January 1,2024
Shares delivered
in 2024
(immediate
payment 2023
variable
remuneration)
Shares delivered
in 2024
(deferred
payment 2022
variable
remuneration)
Shares delivered
in 2024
(deferred
payment 2021
variable
remuneration)
Shares delivered
in 2024
(deferred
payment 2020
variable
remuneration)
Shares delivered
in 2024
(deferred
payment 2019
variable
remuneration)
Variable
remuneration
2024
(Maximum
number of
shares to be
delivered)
2019 variable remuneration
Ana Bot\u00edn
70,905
\u2014
\u2014
\u2014
\u2014
(35,452)
\u2014
Jos\u00e9 Antonio \u00c1lvarez
47,386
\u2014
\u2014
\u2014
\u2014
(23,693)
\u2014
118,290
\u2014
\u2014
\u2014
\u2014
(59,145)
\u2014
2020 variable remuneration
Ana Bot\u00edn
93,146
\u2014
\u2014
\u2014
(31,049)
\u2014
\u2014
Jos\u00e9 Antonio \u00c1lvarez
50,594
\u2014
\u2014
\u2014
(16,865)
\u2014
\u2014
143,740
\u2014
\u2014
\u2014
(47,914)
\u2014
\u2014
2021 variable remuneration
Ana Bot\u00edn
710,698
\u2014
\u2014
(177,675)
\u2014
\u2014
\u2014
Jos\u00e9 Antonio \u00c1lvarez
479,644
\u2014
\u2014
(119,911)
\u2014
\u2014
\u2014
1,190,342
\u2014
\u2014
(297,586)
\u2014
\u2014
\u2014
2022 variable remuneration
Ana Bot\u00edn
358,419
\u2014
(62,334)
\u2014
\u2014
\u2014
\u2014
Jos\u00e9 Antonio \u00c1lvarez
241,954
\u2014
(42,079)
\u2014
\u2014
\u2014
\u2014
600,374
\u2014
(104,413)
\u2014
\u2014
\u2014
\u2014
2023 variable remuneration
Ana Bot\u00edn
1,127,209
(469,286)
\u2014
\u2014
\u2014
\u2014
\u2014
H\u00e9ctor Grisi
749,143
(321,645)
\u2014
\u2014
\u2014
\u2014
\u2014
1,876,352
(790,931)
\u2014
\u2014
\u2014
\u2014
\u2014
2024 variable remuneration
Ana Bot\u00edn
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
976,463
H\u00e9ctor Grisi
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
656,033
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,632,496
2025 variable remuneration 1
Ana Bot\u00edn
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
H\u00e9ctor Grisi
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1. For each director, 40% of the shares indicated correspond to the short-term variable (or immediate payment). The remaining 60% is deferred for delivery, where
appropriate, in the next five years, the last three being subject to the fulfilment of multiannual objectives. Maximum opportunity subject to regulatory ratio compliance.
Maximum
number of
shares to be
delivered at
December 31,
2024
Instruments
matured but
not
consolidated
at January 1,
2025 2
Shares
delivered in
2025
(immediate
payment 2024
variable
remuneration)
Shares
delivered in
2025
(deferred
payment 2023
variable
remuneration)
Shares
delivered in
2025
(deferred
payment 2022
variable
remuneration)
Shares
delivered in
2025
(deferred
payment 2021
variable
remuneration)
Shares
delivered in
2025
(deferred
payment 2020
variable
remuneration)
Shares
delivered in
2025 (deferred
payment 2019
variable
remuneration)
Variable
remuneration
2025
(Maximum
number of
shares to be
delivered)
Maximum
number of
shares to be
delivered at
December
31, 2025
35,452
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(35,452)
\u2014
\u2014
23,693
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(23,693)
\u2014
\u2014
59,145
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(59,145)
\u2014
\u2014
62,097
\u2014
\u2014
\u2014
\u2014
\u2014
(31,049)
\u2014
\u2014
31,048
33,729
\u2014
\u2014
\u2014
\u2014
\u2014
(16,865)
\u2014
\u2014
16,864
95,826
\u2014
\u2014
\u2014
\u2014
\u2014
(47,914)
\u2014
\u2014
47,912
533,023
(44,774)
\u2014
\u2014
\u2014
(162,750)
\u2014
\u2014
\u2014
325,499
359,733
(30,218)
\u2014
\u2014
\u2014
(109,838)
\u2014
\u2014
\u2014
219,677
892,756
(74,992)
\u2014
\u2014
\u2014
(272,588)
\u2014
\u2014
\u2014
545,176
296,085
\u2014
\u2014
\u2014
(62,334)
\u2014
\u2014
\u2014
\u2014
233,751
199,875
\u2014
\u2014
\u2014
(42,079)
\u2014
\u2014
\u2014
\u2014
157,796
495,961
\u2014
\u2014
\u2014
(104,413)
\u2014
\u2014
\u2014
\u2014
391,548
657,923
\u2014
\u2014
(114,421)
\u2014
\u2014
\u2014
\u2014
\u2014
543,502
427,498
\u2014
\u2014
(74,347)
\u2014
\u2014
\u2014
\u2014
\u2014
353,151
1,085,421
\u2014
\u2014
(188,768)
\u2014
\u2014
\u2014
\u2014
\u2014
896,653
976,463
\u2014
(404,447)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
572,016
656,033
\u2014
(279,480)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
376,553
1,632,496
\u2014
(683,927)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
948,569
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
602,746
602,746
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
408,159
408,159
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,010,904
1,010,904
2. The levels of achievement of the multi-year metrics of the long-term variable remuneration plans:
\u00a0 \u00a0 1) Seventh cycle of the deferred multi-year objectives variable remuneration plan (2022): 115.2% of achievement for the period 2022-2024.
a. RoTE metric for 2024 year-end period at 150%. Weight of 40.0%.
b. Relative TSR metric in 2022-2024 period at 83% of achievement. Weight of 40.0%.
c. Sustainability metrics at 25% of achievement. Weight of 20.0%.
\u00a0 \u00a0
\u00a0 \u00a0 2) Sixth cycle of the deferred multi-year objectives variable remuneration plan (2021): 91.6% of achievement for the period 2021- 2023.
a. CET1 metric at 100% of achievement for 2023 year-end period (target 12.00%). Weight of 33.3%.
b. Underlying BPA growth at 150% of achievement (target growth of 100%). Weight of 33.3%.
c. TSR metric at 25% of achievement (target of 33 to 66 percentile). Weight of 33.3%.
3) Fifth cycle of the deferred multi-year objectives variable remuneration plan (2020): 83.0% of achievement for the period 2020-2022.
a. CET1 metric at 100% of achievement for 2022 year-end period (target 12.00%). Weight of 33.3%.
b. Underlying BPA growth at 150% of achievement (target growth of 10%). Weight of 33.3%.
c. TSR metric at 0% of achievement (minimum target of 33% not reached). Weight of 33.3%
Furthermore, the maximum number of RSUs of PagoNxt, S.L. to be
delivered under the current plan (and subject to regulatory ratio
compliance) is 9,415 and 7,909 units for Ana Bot\u00edn and H\u00e9ctor
Grisi, respectively.
In addition, the table below shows the cash delivered in 2025 and
2024, by way of either immediate payment or deferred payment,
in the latter case once the Board had determined, at the proposal
of the remuneration committee, that one deferral relating to each
plan had accrued:
EUR thousand
2025
2024
Cash paid (immediate
payment 2024
variable
remuneration)
Cash paid (deferred
payments from 2023,
2022, 2021 and 2020
variable
remuneration)
Cash paid (immediate
payment 2023
variable
remuneration)
Cash paid (deferred
payments from 2022,
2021, 2020 and 2019
variable
remuneration)
Ana Bot\u00edn
1,851
1,759
1,780
1,419
H\u00e9ctor Grisi
1,279
366
1,220
863
Jos\u00e9 Antonio \u00c1lvarez
\u2014
815
\u2014
945
Total
3,130
2,940
3,000
3,228
c) Share-based payments
The main share-based payments granted by the Group in force at
31 December,\u00a02025, 2024 and 2023 are described below.
i. Bank
The variable remuneration policy for the Bank\u2019s executive directors
and certain executive personnel of the Bank and of other Group
companies includes Bank share-based payments, the
implementation of which requires, in conformity with the law and
the Bank\u2019s Bylaws, specific resolutions to be adopted by the
general meeting.
Were it necessary or advisable for legal, regulatory or other similar
reasons, the delivery mechanisms described below may be
adapted in specific cases without altering the maximum number of
shares linked to the plan or the essential conditions to which the
delivery thereof is subject.
These adaptations may involve replacing the delivery of shares
with the delivery of cash amounts of an equal value.
The plans that include share-based payments are as follows:
(i)\u00a0Deferred and Conditional Variable Remuneration Plan;
(ii)\u00a0Deferred Multiyear Objectives Variable Remuneration Plan;
(iii)\u00a0Digital Transformation Award, (iv) Digital Transformation
Award 2022, Digital Transformation Award 2023 and (vi) PagoNxt
incentive Plan 2024 and 2025 for Santander executives. The
characteristics of the plans are set forth below:
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(i) Deferred and
conditional
variable
remuneration
plan (2015,
2016, 2017,
2018, 2019,
2020, 2021,\u00a0
2022, 2023,
2024 and 2025)
The purpose of these cycles is to
defer a portion of the variable
remuneration of the beneficiaries
over a period of three years for the
sixth cycles, over three or five years
for the fifth, seventh, eighth, ninth,
tenth and eleventh cycles, and over
four or five years for the twelfth
cycle, for it to be paid, where
appropriate, in cash and in
Santander shares. The other portion
of the variable remuneration is also
to be paid in cash and Santander
shares, upon commencement of the
cycles, in accordance with the rules
set forth below.
Beneficiaries:
\u2022 Executive directors and certain
executives (including senior
management) and employees
who assume risk, who perform
control functions or receive an
overall remuneration which puts
them on the same remuneration
level as executives and employees
who assume risks (fifth cycle).
\u2022 In the case of the sixth, seventh,
eighth, ninth, tenth, eleventh
twelfth, thirteenth, fourteenth
and fifteenth cycle the
beneficiaries are Material Risk
Takers (Identified staff) that are
not beneficiaries of the Deferred
Multiyear Objectives Variable
Remuneration Plan.
For the fifth and sixth cycles (2015 to 2016), the
accrual of the deferred compensation is conditioned, in
addition to the requirement that the beneficiary
remains in the Group's employ, with the exceptions
included in the plan regulations on none of the
following circumstances existing during the period
prior to each delivery, pursuant to the provisions set
forth in each case in the plan regulations:
\u2022 Poor financial performance of the Group.
\u2022 Breach by the beneficiary of internal regulations,
including, in particular, those relating to risks.
\u2022 Material restatement of the Group's consolidated
financial statements, except when it is required
pursuant to a change in accounting standards.
\u2022 Significant changes in the Group\u2019s economic capital
or risk profile
In the case of the seventh, eighth, ninth, tenth,
eleventh, twelfth, thirteenth, fourteenth and fifteenth
cycles, the accrual of deferred compensation is
conditioned, in addition to the permanence of the
beneficiary in the Group, with the exceptions contained
in the plan's regulations, to non-occurrence of a poor
performance of the entity as a whole or of a specific
division or area of the entity or of the exposures
generated by the personnel:
i. significant failures in risk management by the
entity , or by a business unit or risk control unit.
ii. the increase suffered by the entity or by a business
unit of its capital needs, not foreseen at the time
of generation of the exposures.
iii. Regulatory sanctions or judicial sentences for
events that could be attributable to the unit or the
personnel responsible for those. Also, the breach
of internal codes of conduct of the entity.
iv. Irregular behaviours, whether individual or
collective, considering in particular the negative
effects derived from the marketing of
inappropriate products and the responsibilities of
the persons or bodies that made those decisions.
Fifth cycle (2015):
\u2022 Executive directors and members of the Identified
Staff with total variable remuneration higher than
2.6 million euros: 40% paid immediately and 60%
deferred over 5 years deferral period.
\u2022 Division managers, country heads (of countries
which represent at least 1% of Group's economic
capital), other executives of the Group with a similar
profile and members of the Identified Staff\u00a0 with
total variable remuneration between 1.7 million
euros (1.8 million in fourth cycle) and 2.6 million
euros: 50% paid immediately and 50% deferred over\u00a0
5 years (fifth cycle)
\u2022 Other beneficiaries: 60% paid immediately and 40%
deferred over 3 years.
Sixth cycle (2016):
\u2022 60% of bonus will be paid immediately and 40%\u00a0
deferred over a three year period.
Seventh, eighth, ninth, tenth and eleventh cycle (2017,
2018, 2019, 2020 and 2021):
\u2022 Beneficiaries of these plans with target total variable
remuneration higher or equal to 2.7 million euros:
40%\u00a0 paid immediately and 60% deferred over 5
years
\u2022 Beneficiaries of these plans with target total variable
remuneration between 1.7 million euros and 2.7
million euros: 50% paid immediately and 50%paid
over 5 years
\u2022 Other beneficiaries of these plans: 60% paid
immediately and 40% deferred over 3 years.
Twelfth (2022), thirteenth (2023),fourteenth (2024)
and fifteenth (2025) cycle:
\u2022 Beneficiaries of these plans with target total variable
remuneration higher or equal to 2.7 million euros:
40% paid immediately and 60% deferred over 5
years
\u2022 Beneficiaries of these plans with target total variable
remuneration between 1.7 million euros and 2.7
million euros: 50% paid immediately and 50% paid
over 5 years
\u2022 Other beneficiaries of these plans: 60% paid
immediately and 40% deferred over 4 years .
T
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(ii)Deferred
Multiyear
Objectives
Variable
Remuneration
Plan (2016,
2017, 2018,
2019, 2020,
2021, 2022,
2023, 2024 and
2025)
The aim is simplifying the
remuneration structure, improving
the ex ante risk adjustment and
increasing the impact of the long-
term objectives on the Group\u2019s most
relevant roles. The purpose of these
cycles is to defer a portion of the
variable remuneration of the
beneficiaries over a period of three
or five years (four or five years for
the seventh cycle) for it to be paid,
where appropriate, in cash and in
Santander shares; the other portion
of the variable remuneration is also
to be paid in cash and Santander
shares (regarding the instruments
part, executive directors in the
seventh cycle have the opportunity
to choose all in share options or half
in share options and half in shares),
upon commencement of the cycles,
in accordance with the rules set
forth below. The accrual of the last
third of the deferral (in the case of 3
years deferral), the last 2 fourths (in
the case of 4 years deferral) and the
last three fifths (in the case of 5
years deferral) is also subject to
long-term objectives.
Beneficiaries
Executive directors, senior
management and certain executives
of the Group\u2019s first lines of
responsibility.
In 2016 the accrual is conditioned, in addition to the
permanence of the beneficiary in the Group, with the
exceptions contained in the plan\u2019s regulations, to non-
occurrence of the following circumstances during the
period prior to each of the deliveries in the terms set
forth in each case in the plan\u2019s regulations:
i. Poor performance of the Group.
ii. Breach by the beneficiary of the internal
regulations, including in particular that relating to
risks.
iii. Material restatement of the Group\u2019s consolidated
financial statements, except when appropriate
under a change in accounting regulations.
iv. Significant changes in the Group\u2019s economic
capital or risk profile.
In 2017, 2018, 2019, 2020 and 2021 the accrual is
conditioned, in addition to the beneficiary' permanence
in the Group, with the exceptions contained in the
plan\u2019s regulations, to the non-occurrence of poor
financial performance from the entity as a whole or of
a specific division or area thereof or of the exposures
generated by the personnel, taking into account the
following factors:
v. Significant failures in risk management committed
by the entity, or by a business unit or risk control
unit.
vi. the increase suffered by the entity or by a business
unit of its capital needs, not foreseen at the time
of generation of the exposures.
vii. Regulatory sanctions or court rulings for events
that could be attributable to the unit or the\u00a0
personnel responsible for those. Also, the breach\u00a0
of internal codes of conduct of the entity.
viii. Irregular behaviours, whether individual or
collective, considering in particular negative
effects derived from the marketing of
inappropriate products and responsibilities of
persons or bodies that made those decisions.
Paid half in cash and half in shares. In the seventh
cycle, and only for executive directors: half in cash and
25% in share options and 25% in shares (unless the
director chooses to receive options only). The
maximum number of shares to be delivered is
calculated by taking into account the weighted average
daily volume of weighted average prices for the fifteen
trading sessions prior to the previous Friday (excluding)
on the date on which the board decides the bonus for
the Executive directors of the Bank.
In the eighth cycle, and for all Identified Staff: half in
cash and 25% in shares and 25% in share options, or
half in cash and half in shares, according to each
executive\u00b4s choice.
In the ninth and tenth cycle, half in cash and\u00a0 half in
shares.
First cycle (2016):
\u2022 Executive directors and members of the Identified
Staff with total variable remuneration higher than or
equal to 2.7 million euros: 40% paid immediately
and 60% deferred over a 5\u00a0 year period.
\u2022 Senior managers, country heads of countries
representing at least 1% of the Group\u00b4s capital and
other members of the identified staff whose total
variable remuneration is between 1.7 million and 2.7
million euros: 50% paid immediately and 50%
deferred over a 5 year period.
\u2022 Other beneficiaries: 60% paid immediately and 40%
deferred over a 3 year period.
The second, third, fourth, fifth and sixth cycles (2017,
2018, 2019,2020 and 2021 respectively) are under the
aforementioned deferral rules, except that the\u00a0 variable
remuneration considered is the target for each
executive and not the actual award.
In 2016 the metrics for the deferred portion subject to
long-term objectives (last third or last three fifths,
respectively, for the cases of three years and five years
deferrals) are:
\u2022 Earnings per share (EPS) growth in 2018 over 2015.
\u2022 Relative Total Shareholder Return (TSR) in the
2016-2018 period measured against a group of
credit institutions.
\u2022 Compliance with the fully-loaded common equity
tier 1 ('CET1') ratio target for financial year 2018.
\u2022 Compliance with Grupo Santander\u2019s underlying
return on risk-weighted assets ('RoRWA') growth
target for financial year 2018 compared to financial
year 2015.
In the second, third, fourth, fifth and sixth cycle (2017,
2018, 2019, 2020 and 2021) the metrics for the
deferred portion subject to long-term objectives (last
third or last three fifths, respectively, for the cases of
three years and five years deferrals) are:
\u2022 EPS growth in 2019, 2020, 2021, 2022 and 2023
(over 2016, 2017, 2018, 2019 and 2020, for each
respective cycle)
\u2022 Relative Total Shareholder Return (TSR) measured
against a group of 17 credit institutions (second and
third cycles) in the periods 2017-2019 and
2018-2019, respectively, and against a group of 9
entities (fourth, fifth and sixth cycle) for the
2019-2021, 2020-2022 and 2010-2023\u00a0 period.
\u2022 Compliance with the fully-loaded common equity
tier 1 ('CET1') ratio target for financial years 2019,
2020, 2021,2022 and 2023, respectively.
In the seventh (2022), eighth cycle (2023), ninth (2025)
and tenth cycle (2025), the metrics for the deferred
portion subject to long-term objectives (two last
fourths and last three fifths, for the cases of four years
and five years deferrals) are:
\u2022 Banco Santander's consolidated Return on tangible
equity (RoTE) target in 2024 (7th cycle),\u00a0 2025 (8th
cycle), 2026 (9th cycle) and 2027 (10th cycle).
\u2022 Relative Total Shareholder Return (TSR) measured
against a group of 9 credit institutions for the period
2022-2024 (7th cycle), 2023-2025 (8th cycle),
2024-2026 (9th cycle) and 2025-2027 (10th cycle).
\u2022 Progress level\u00a0 in the\u00a0 public targets of our
Sustainability agenda.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(iii) Digital
Transformation
Award (2019,
2020 and 2021)
The 2019, 2020 and 2021 Digital
Transformation Incentive (the
'Digital Incentive') is a variable
remuneration system that includes
the delivery of Santander shares and
share options.
The aim of the Digital Incentive is to
attract and retain the critical skill
sets to support and accelerate the
digital transformation of the Group.
By means of this program, the Group
offers a remuneration element
which is competitive with the
remuneration systems offered\u00a0 by
other market operators who also
compete for digital talent.
The number of beneficiaries is
limited to a maximum of 250
employees and the total amount of
the incentive is limited to 30 million
euros.
The funding of this incentive is subject to meeting
important milestones that are aligned with the Group\u00b4s
digital roadmap and have been approved by the board
of directors, taking into account the digitalization
strategy of the Group, with the aim of becoming the
best open, responsible global financial services
platform.
Performance of 2019 incentive was measured based on
achievement of the following milestones: (i) Launch of
a Global Trade Services (GTS) platform; (ii) launch of a
Global Merchant Services (GMS) platform; (iii)
migration of our fully digital bank, OpenBank, to a 'next
generation' platform and launch in 3 markets; (iv)
extension of SuperDigital in Brazil to at least one other
country; (v) and launch of our international payments
app based on blockchain Pago FX to non-Santander
customers.
The milestones for the 2020 Digital Transformation
Award were: (i) rolling out the global merchant services
(GMS) platform in 3 new geographies, enhancing the
platform functionality and achieving volume targets for
transactions and participating merchants; (ii) doing the
commercial rollout of the global trade services (GTS)
platform in 8 new geographies, enhancing platform
functionality, and achieving\u00a0 volume targets for on-
boarded clients and monthly active users; (iii)
launching OpenBank in a new market and migrating
the retail banking infrastructure to 'new-mode' bank;
(iv) launch the global platform SuperDigital in at least 4
countries, driving target active user growth; (v)
deploying machine learning across pre-defined
markets for 4 priority use cases, rolling out Conversion
Rate Optimization (Digital marketing) for at least 40
sales programs, delivering profit targets, and driving
reduction of agent handled calls in contact centers; (vi)
successfully implementing initiatives related to on-
board and identity services, common API (application
programming interface) layer, payment hubs, mobile
app for SMEs and virtual assistant services; and (vii)
launching the PagoFX global platform in at least 4
countries.
The milestones for 2021 were: (i)in relation to Pago Nxt
Consumer payment platform: implementation of
Superdigital platform in seven countries, acquisition of
over 1.5 million active customer base and accelerating
growth through B2B (business to business) and B2B2C
(business to business to customer) partnerships,
acquiring more than 50% of the new customers
through these channels, which are more cost-effective;
(ii)in relation to Digital Consumer Bank: launching
online API for checkout lending in the European Union
and completion of controllable items for Openbank
launch in USA; (iii)in relation to One Santander
strategy: implementation in Europe of One Common
Mobile Experience and, specifically, implementation of
Europe ONE app for individual customers in at least
three of the four countries by December 2021; and be
among the three-top rated entities in terms of Mobile
NetPromoter Score (Mobile NPS) in at least two of the
four countries by December 2021; (iv) In relation to
cloud adoption: host 75% of migratable virtual
machines on cloud technology (either public cloud or
OHE) by December 2021. For these purposes,
mainframes, physical servers and servers with non-x86
operating systems will be considered non-migratable.
The Digital Incentive is structured 50% in Santander
shares and 50% in options over Santander shares,
taking into account the fair value of the option at the
moment in which they are granted. For Material Risk
Takers subject to five years deferrals, the Digital
Incentive (shares and options over shares) shall be
delivered in thirds, on the third, fourth and fifth
anniversary from their granting. For Material Risk
Takers subject to three years deferrals and employees
not subject to deferrals, delivery shall be done on the
third anniversary from their granting.
Any delivery of shares, either directly or via exercise of
options overs shares, will be subject generally to the
Group\u2019s general malus & clawback provisions as
described in the Group\u2019s remuneration policy and to the
continuity of the beneficiary within the Grupo
Santander. In this regard, the board may define specific
rules for non-Identified Staff.
Vested share options can be exercised until maturity,
with all options lapsing after ten years (for granting the
2019 incentive) and eight years (for granting the 2020
and 2021 incentive).
The total achievement for 2021 Digital Incentive was
77.5% (85% en 2020 and 83% en 2019).
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(iv) Digital
Transformation
Award (2022)
The board of directors approved the
2022 Digital
Transformation Incentive. It is a variable
remuneration scheme
splits in two different blocks:
\u2022 The first one, with the same
mechanism than previous years,
that delivers Santander shares and
share options if the group hits major
milestones on its digital roadmap. This
is aimed at a group of up to 250 (is
limited to 30 million euros)employees
whose functions are deemed essential
to Santander\u2019s growth.
\u2022 And the second one, which delivers
PagoNxt, S.L. RSUs and premium prices
options (PPOs), and is aimed at up to 50
employees (and limited to 15 million
euros) whose roles are considered key
to PagoNxt\u2019s success.
The aim of the Digital Incentive is to
attract and retain the critical skill sets to
support and accelerate the digital
transformation of the Group. By means
of this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
Performance of the first block of the\u00a0 incentive shall be
measured based on achievement of the following
milestones:
i. Edelweiss: Our Santander future retail architecture
EDELWEISS will mean moving from our current Core
centric banking architecture towards a Customer and
Data-Centric Core supported by lean Record
Processing engines.
ii. Simplification: Speed up the simplification of our
technology platform and business model by Reducing
the total number of applications in production and
reducing number of products in the regions.
iii. Agile: Agile ways of working enable a better and
faster reaction to customers\u2019 needs and is based on a
value-driven delivery that increases efficiency by
reducing time-to-market and development costs, and
increasing quality. People working in Agile are more
collaborative, engaged, empowered and creative.
iv. In Digital Consumer Bank:
a) To create the BNPL platform connected to at least
one merchant in Netherlands and Germany, and to
make sure the platform is ready to connect in Spain.
b) To support the definition of Openbank US\u2019s IT digital
strategy and achieve 2022 milestones in it.
c) To have the new leasing platform connected to
dealers in Italy.
d) To expand the Wabi B2B online business to
Germany. To execute the first B2B deal with an
Original Equipment Manufacturer or mobility player in
at least one country. To expand coches.com business
and platform to Portugal.
And in regard to the second block of digital incentive:
the consolidation of PagoNxt Core Perimeter.
The first block of thee Digital Incentive is structured
50% in Santander shares and 50% in options over
Santander shares, taking into account the fair value
of the option at the moment in which they are
granted. For Material Risk Takers subject to five
years deferrals, the Digital Incentive (shares and
options over shares) shall be delivered in thirds, on
the third, fourth and fifth anniversary from their
granting. For Material Risk Takers subject to three
years deferrals and employees not subject to
deferrals, delivery shall be done on the third
anniversary from their granting.
Any delivery of shares, either directly or via exercise
of options overs shares, will be subject generally to
the Group\u2019s general malus & clawback provisions as
described in the Group\u2019s remuneration policy and to
the continuity of the beneficiary within the Grupo
Santander. In this regard, the board may define
specific rules for non-Identified Staff.
Vested share options can be exercised until maturity,
with all options lapsing after ten years .
The total achievement for 2022 Digital Incentive
was 96.5% .
The second block of Digital Incentive is structures in
restricted stock units (RSUs) and premium priced
Options (PPOs) of PagoNxt S.L. in a percentage
determined by the internal category of the
beneficiary. The total achievement for 2022 was
100%.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(v) Digital
Transformation
Award (2023)
The board of directors approved the
2023 Digital
Transformation Incentive. It is a variable
remuneration scheme\u00a0 which delivers
PagoNxt, S.L. RSUs and premium prices
options (PPOs), and is aimed at up to 50
employees (and limited to 15 million
euros) whose roles are considered key
to PagoNxt\u2019s success.
With this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
And the performance conditions were focus on key
digital projects related with PagoNxt's main
businesses (Trade, Merchant and Payments) in its core
geographies.
This incentive\u00a0 is structures in restricted stock units
(RSUs) and premium priced Options (PPOs) of
PagoNxt S.L. in a percentage determined by the
internal category of the beneficiary. The average
achievement for 2023 was 88%.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(vi) PagoNxt
incentive Plan
2024 and 2025
for Santander
executives)
The board of directors approved the
PagoNxt incentive Plan 2024 and 2025
Incentive. It is a variable remuneration
scheme\u00a0 which delivers PagoNxt, S.L.
RSUs, and is aimed at approximately\u00a0 to
50 - 60 employees whose roles are
considered key to PagoNxt\u2019s success.
With this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
And the performance conditions were focus on key
digital projects related with PagoNxt's main
businesses (Trade, Merchant and Payments) in its core
geographies.
This incentive\u00a0 is structures in restricted stock units
(RSUs) of PagoNxt S.L. in a percentage determined
by the internal category of the beneficiary. The
average achievement for 2024 was 77% and 85% in
2025.
ii. Santander UK plc
The long-term incentive plans on shares of the Bank granted by
management of Santander UK plc to its employees are as follows:
Number of
shares (in
thousand)
Exercise
price\u00a0in
pounds
sterlingA
Year
granted
Employee
group
Number
of
personsB
Date of
commencement
of\u00a0exercise
period
Date of
expiry of
exercise
period
Plans outstanding at 01/01/2023
29,988
Options granted (sharesave)
7,175
2.78
2023
Employees
4,752
01/11/23
01/11/26
01/11/23
01/11/28
Options exercised
(5,980)
1.7
Options cancelled (net) or not exercised
(4,044)
2.53
Plans outstanding at 31/12/2023
27,139
Options granted (sharesave)
4,991
3.36
2024
Employees
4,107
01/11/24
01/11/27
01/11/24
01/11/29
Options exercised
(4,004)
2.29
Options cancelled (net) or not exercised
(2,437)
2.37
Plans outstanding at 31/12/2024
25,689
Options granted (sharesave)
3,324
6.35
2025
Employees
4,637
01/11/25
01/11/28
Options exercised
(9,966)
1.9
Options cancelled (net) or not exercised
(1,554)
2.88
Plans outstanding at 31/12/2025
17,493
A. At\u00a0 31 December,\u00a02025, 2024 and 2023, the euro/pound sterling exchange rate was 1.15, 1.21 and 1.15 , respectively.
B. Number of accounts/contracts. A single employee may have more than one account/contract.
In 2008 the Group launched a voluntary savings scheme for
Santander UK employees (Sharesave Scheme) whereby employees
who join the scheme see deducted between GBP 5 and GBP 500
from their net\u00a0monthly pay over a period of three or five years. At
the end of the chosen period, the employee may choose between
collecting the amount contributed, the interest accrued and a
bonus (tax-exempt in the United Kingdom) or exercising options on
shares of the Bank in an amount equal to the sum of such three
amounts at a fixed price. The exercise price will be the result of
reducing by up to 20% the average purchase and sale prices of the
Bank shares in the three trading sessions prior to the approval of
the scheme by the UK tax authorities (HMRC). This approval must
be received within 21 to 41 days following the publication of the
Group\u2019s results for the first half of the year. This scheme was
approved by the board of directors, at the proposal of the
appointments and remuneration committee, and, since it involved
the delivery of Bank shares, its application was authorized by the
Annual General Meeting held on June 21, 2008. Also, the scheme
was authorized by the UK tax authorities (HMRC) and commenced
in September\u00a02008. In subsequent years, at the Annual General
Meetings held on June 19, 2009, June 11, 2010, June 17, 2011,
March 30, 2012, March 22, 2013, March 28, 2014, March 27, 2015,
March 18, 2016, April 7, 2017, March\u00a023, 2018, April 12, 2019,\u00a0
April 3, 2020 and March 26, 2021, respectively, the shareholders
approved the application of schemes previously approved by the
board and with similar features to the scheme approved in 2008.
iii. Fair value
The fair value of the performance share plans was calculated as
follows:
a) Deferred variable compensation plan linked to multi-year
objectives 2023, 2024 and 2025:
The Group calculates at the grant date the fair value of the plan
based on the valuation report of an independent expert, Willis
Towers Watson. According to the design of the plan for 2023, 2024
and 2025 and the levels of achievement of similar plans in
comparable entities, it has been considered that the fair value is
70%.
b) Santander UK sharesave plans:
The fair value of each option at the date of grant is estimated using
an analytical model that also reflects the correlation between EUR
and GBP. This model uses assumptions on the share price, the EUR/
GBP FX rate, the EUR/GBP risk-free interest rate, dividend yields,
the expected volatilities of both the underlying shares and EUR/
GBP for the expected lives of options granted. The weighted
average grant-date fair value of options granted during the year
was GBP 0.44 (GBP 0.23 and GBP 0.33 reported in 2024 and 2023,
respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1874": { "value": "
6. Loans and advances to central banks
and credit institutions
The detail, by classification, type and currency, of Loans and
advances to central banks and credit institutions in the
consolidated balance sheets is as follows:
EUR million
CENTRAL BANKS
2025
2024
2023
Classification
Financial assets held for trading
14,632
12,966
17,717
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value
through other comprehensive income
\u2014
\u2014
\u2014
Financial assets at amortised cost
15,986
16,179
20,082
30,618
29,145
37,799
Type
Time deposits
15,986
16,179
17,747
Reverse repurchase agreements
14,632
12,966
20,052
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
\u2014
\u2014
\u2014
30,618
29,145
37,799
CREDIT INSTITUTIONS
Classification
Financial assets held for trading
25,967
27,314
14,061
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
413
408
459
Financial assets designated at fair value
through other comprehensive income
1,120
363
313
Financial assets at amortised cost
61,513
55,537
57,917
89,013
83,622
72,750
Type
Time deposits
10,665
9,036
8,560
Reverse repurchase agreements
52,365
48,932
35,846
Non- loans advances
25,987
25,659
28,353
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
(4)
(5)
(9)
89,013
83,622
72,750
CURRENCY
Euro
43,697
43,347
34,229
Pound sterling
5,147
2,424
3,539
US dollar
23,320
22,539
17,602
Brazilian real
43,577
39,379
47,151
Other currencies
3,890
5,078
8,028
TOTAL
119,631
112,767
110,549
The loans and advances to credit institutions classified under
'Financial assets at amortised' cost are mainly time accounts and
deposits.
Note 51 contains a detail of their residual maturity periods.
This line item also includes irrevocable payment commitments to
the Single Resolution Fund made in accordance with article 70.3 of
Regulation 806/2014, which establishes uniform rules and a
uniform procedure for the resolution of credit institutions and
certain security service companies. investment within the
framework of a Single Resolution Mechanism and a Single
Resolution Fund, for which, in accordance with the standard, no
provision has been recorded, these commitments have not been
significant regarding the consolidated annual accounts.
At 31 December 2025 the gross exposure by impairment stage of
the assets accounted subject to impairment for amounts to EUR
78,623 million, EUR 0 million and EUR 0 million (EUR 72,084, EUR
0 million and EUR 0 million in 2024 and EUR 78,321 million, EUR 0
million and EUR 0 million in 2023 ), and the loan loss provision by
impairment stage amounts to EUR 4 million, EUR 0 million and EUR
0 million (EUR 5 million, EUR 0 million and EUR 0 million in 2024
and EUR 9 million, EUR 0 million and EUR 0 million in 2023 ) in
stage 1, stage 2 and stage 3, respectively.
7. Debt securities
a) Detail
The detail, by classification, type and currency, of Debt securities in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Classification
Financial assets held for trading
98,568
82,646
62,124
Non-trading financial assets mandatorily at fair value through profit or loss
245
447
860
Financial assets designated at fair value through profit or loss
2,894
2,897
3,095
Financial assets designated at fair value through other comprehensive income
58,305
76,558
73,565
Financial assets at amortised cost
140,014
120,949
103,559
300,026
283,497
243,203
Type
Spanish government debt securities
63,742
56,919
40,321
Foreign government debt securities
172,468
164,747
145,732
Issued by financial institutions
17,465
16,776
14,681
Other fixed-income securities
46,029
44,703
42,294
Impaired financial assets
842
701
461
Impairment losses
(520)
(349)
(286)
300,026
283,497
243,203
Currency
Euro
142,969
118,456
90,857
Pound sterling
14,114
15,630
9,284
US dollar
50,671
48,189
38,161
Brazilian real
48,231
44,432
46,190
Other currencies
44,561
57,139
58,997
Debt securities excluding impairment adjustments
300,546
283,846
243,489
Impairment losses
(520)
(349)
(286)
300,026
283,497
243,203
The increase in the year of the debt securities portfolio under the
heading\u00a0 'Financial assets at fair value with changes in other
comprehensive income' is mainly due to the increase in exposure
to sovereign debt, as a result of greater activity in the markets
business, both its own and for distribution to clients.
Likewise, the increase in the debt securities portfolio under the
heading 'Financial assets at amortized cost' is due to the
continuation of the strategy started in year 2022 in which two new
business models were created for the optimization of excess
liquidity and the management of the maturity of the balance sheet
credit and deposit portfolios.
At 31 December 2025 , 2024 and 2023 the gross exposure by
impairment stage of the book assets amounted to EUR 196,509
million, EUR 196,514 million and EUR 176,697 million in stage 1;
EUR 1,480 million, EUR 597 million and EUR 203 million in stage 2,
and EUR 842 million, EUR 701 million and EUR 461 million in stage
3, respectively.
In addition, at 31 December 2025, the Group had EUR 8 million
(EUR 44\u00a0million at 31 December 2024) of exposure in assets
purchased with impairments, which correspond mainly to the
business combinations carried out by the Group with any additional
impairment signs.
8. Equity instruments
a) Breakdown
The detail, by classification and type, of Equity instruments in the
consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Classification
Financial assets held for trading
22,030
16,636
15,057
Non-trading financial assets
mandatorily at fair value through
profit or loss
5,815
4,641
4,068
Financial assets designated at fair
value through other
comprehensive income
2,281
2,193
1,761
30,126
23,470
20,886
Type
Shares of Spanish companies
5,083
3,730
3,540
Shares of foreign companies
21,633
17,153
15,185
Shares of investment funds
3,410
2,587
2,161
30,126
23,470
20,886
Note 29 contains a detail of the 'Other comprehensive income',
recognised in equity, on 'Financial assets designated at fair value
through other comprehensive income'.
10. Loans and advances to customers
a) Detail
The detail, by classification, of Loans and advances to customers in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Financial assets held for trading
32,766
26,591
11,634
Non-trading financial assets
mandatorily at fair value through
profit or loss
1,701
1,042
982
Financial assets designated at fair
value through profit or loss
4,739
4,610
6,219
Financial assets at fair value
through other comprehensive
income
12,906
10,784
7,669
Financial assets at amortized cost
985,176
1,011,042
1,009,845
Of which:
Impairment losses
(21,158)
(22,125)
(22,788)
1,037,288
1,054,069
1,036,349
Loans and advances to
customers disregarding
impairment losses
1,058,446
1,076,194
1,059,137
Note 51 contains a detail of the residual maturity periods of
'Financial assets at amortized cost'.
Note\u00a054 shows the Group\u2019s total exposure, by geographical origin
of the issuer.
There are no loans and advances to customers for material
amounts without fixed maturity dates.
20. Deposits from central banks and
credit institutions
The detail, by classification, counterparty, type and currency, of
'Deposits from central banks' and 'Deposits from credit institutions'
in the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
CENTRAL BANKS
Classification
Financial liabilities held for trading
12,385
13,300
7,808
Financial liabilities designated at fair
value through profit or loss
3,086
1,774
1,209
Financial liabilities at amortized cost
18,542
24,882
48,782
34,013
39,956
57,799
Type
Deposits on demand
856
405
117
Time deposits
14,709
18,488
43,853
Reverse repurchase agreements
18,448
21,063
13,829
34,013
39,956
57,799
CREDIT INSTITUTIONS
Classification
Financial liabilities held for trading
27,058
26,284
17,862
Financial liabilities designated at fair
value through profit or loss
1,424
1,625
1,735
Financial liabilities at amortized cost
74,692
90,012
81,246
103,174
117,921
100,843
Type
Deposits on demand
5,005
6,657
5,468
Time deposits
42,718
54,716
54,402
Reverse repurchase agreements
55,186
56,273
40,689
Subordinated deposits
265
275
284
103,174
117,921
100,843
Currency
Euro
54,588
53,779
53,921
Pound sterling
13,625
21,853
27,697
US dollar
43,466
57,992
49,447
Brazilian real
6,783
7,459
7,997
Other currencies
18,725
16,794
19,580
TOTAL
137,187
157,877
158,642
At 31 December 2025 and 2024, no conditional long-term
financing of the European Central Bank (TLTRO- Targeted Long-
Term Refinancing Operation-) was outstanding. As of 2023, the
balance of such financing amounted to EUR 11,583 million, all
corresponding to the TLTRO III financing program.
At 31 December 2025, no expense has been recognized in the
consolidated income statement corresponding to TLTRO III
(expenses of EUR 158 million and EUR 659 million at 31 December
2024 and 2023, respectively, as a result of the conditions of the
financing programme).
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost .
21. Customer deposits
The detail, by classification, geographical area and type, of
Customer deposits is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities held for trading
36,120
18,984
19,837
Financial liabilities designated at
fair value through profit or loss
25,930
25,407
32,052
Financial liabilities
at amortized cost
979,150
1,011,545
995,280
1,041,200
1,055,936
1,047,169
Geographical areaA
Spain
437,855
395,479
388,736
Rest of Europe
323,854
377,057
366,165
of which: United Kingdom
228,810
233,192
235,698
Rest of America
279,491
283,400
292,268
of which: United States
82,321
88,712
83,555
Rest of the world
\u2014
\u2014
\u2014
1,041,200
1,055,936
1,047,169
Type
Demand deposits-
646,125
677,818
661,262
Time deposits-
296,797
298,276
305,296
Deposits redeemable at notice
1,487
1,525
1,789
Repurchase agreements
96,791
78,317
78,822
1,041,200
1,055,936
1,047,169
A. According to the geography of the legal entity.
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost.
22. Marketable debt securities
a) Breakdown
The detail, by classification and type, of Marketable debt securities
is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities
held for trading
\u2014
\u2014
\u2014
Financial liabilities designated
at fair value through profit or loss
11,686
7,554
5,371
Financial liabilities
at amortized cost
312,704
317,967
303,208
324,390
325,521
308,579
Type
Bonds and debentures outstanding
253,893
252,765
231,880
Subordinated
28,859
35,461
30,529
Notes\u00a0and other securities
41,638
37,295
46,170
324,390
325,521
308,579
The distribution of the book value of debt securities issued by
contractual maturity at 31 December 2025 is shown below:
EUR million
Within 3
months
3 to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Subordinated debt
\u2014
798
1,760
2,277
24,024
28,859
Senior unsecured debt
10,509
13,643
51,461
34,465
35,618
145,696
Senior secured debt
11,529
12,308
43,661
28,106
12,593
108,197
Promissory notes and other securities
17,747
23,060
335
170
326
41,638
Debt securities issued
39,785
49,809
97,217
65,018
72,561
324,390
The distribution by contractual maturity of the notional amounts of
these debt securities issued at 31 December 2025 is as follows:
EUR million
Within 3
months
3 to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Subordinated debt
\u2014
790
1,744
2,255
22,926
27,715
Senior unsecured debt
10,056
12,654
50,189
34,089
36,469
143,457
Senior secured debt
11,038
12,110
43,467
28,116
12,513
107,244
Promissory notes and other securities
17,709
23,042
299
154
312
41,516
Debt securities issued
38,803
48,596
95,699
64,614
72,220
319,932
b) Financial assets and liabilities at fair value
through profit or loss
The detail of the amount of the asset balances is as follows:
EUR million
2025
2024
2023
Loans and receivables:
80,218
72,931
51,072
Central banks
14,632
12,966
17,717
Credit institutions
26,380
27,722
14,520
Customers
39,206
32,243
18,835
Debt instruments
101,707
85,990
66,079
Equity instruments
27,845
21,277
19,125
Derivatives
58,355
64,100
56,328
268,125
244,298
192,604
Grupo Santander mitigates and reduces this exposure as follows:
\u2022 With respect to derivatives, the Group has entered into
framework agreements with a large number of credit institutions
and customers for the netting-off of asset positions and the
provision of collateral for non-payment.
At 31 December 2025 the exposure to credit risk of the
derivatives presented in the balance sheet is not significant
because they are subject to netting and collateral agreements
(see note 51.d).
\u2022 Loans and advances to credit institutions and Loans and advances
includes reverse repos amounting to EUR 71,129 million at 31
December 2025.
Also, mortgage-backed assets totalled EUR 1,597 million.
\u2022 Debt instruments include EUR 80,908 million of Spanish and
foreign government securities.
At 31 December 2025 the amount of the change in the\u00a0year in
the fair value of financial assets at fair value through profit or
loss attributable to variations in their credit risk (spread) was not
material.
The detail of the amount of the liability balances is as follows:
EUR million
2025
2024
2023
Deposits
106,003
87,374
80,503
Central banks
15,471
15,074
9,017
Credit institutions
28,482
27,909
19,597
Customer
62,050
44,391
51,889
Marketable debt securities
11,686
7,554
5,371
Short positions
44,015
35,830
26,174
Derivatives
51,968
57,753
50,589
Other financial liabilities
22
\u2014
\u2014
213,694
188,511
162,637
At 31 December 2025, the amount of the change in the fair value
of financial liabilities at fair value through profit or loss attributable
to changes in their credit risk during the\u00a0year is not material.
In relation to liabilities designated at fair value through profit or
loss where it has been determined at initial recognition that the
credit risk is recorded in accumulated 'Other comprehensive
income' (see 'Statement of recognised income and expense')\u00a0the
amount that the Group would be contractually obliged to pay on
maturity of these liabilities at 31 December 2025 is EUR 1,281
million higher than their carrying amount (EUR 1,851 million
higher at 31 December 2024 and EUR 866 million higher at 31
December 2023, no significant impact on results as its fair value is
covered by hedging operations.
Within Deposits, there are repurchase agreements amounting to
EUR 75,562 million at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1873": { "value": "
6. Loans and advances to central banks
and credit institutions
The detail, by classification, type and currency, of Loans and
advances to central banks and credit institutions in the
consolidated balance sheets is as follows:
EUR million
CENTRAL BANKS
2025
2024
2023
Classification
Financial assets held for trading
14,632
12,966
17,717
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value
through other comprehensive income
\u2014
\u2014
\u2014
Financial assets at amortised cost
15,986
16,179
20,082
30,618
29,145
37,799
Type
Time deposits
15,986
16,179
17,747
Reverse repurchase agreements
14,632
12,966
20,052
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
\u2014
\u2014
\u2014
30,618
29,145
37,799
CREDIT INSTITUTIONS
Classification
Financial assets held for trading
25,967
27,314
14,061
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
413
408
459
Financial assets designated at fair value
through other comprehensive income
1,120
363
313
Financial assets at amortised cost
61,513
55,537
57,917
89,013
83,622
72,750
Type
Time deposits
10,665
9,036
8,560
Reverse repurchase agreements
52,365
48,932
35,846
Non- loans advances
25,987
25,659
28,353
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
(4)
(5)
(9)
89,013
83,622
72,750
CURRENCY
Euro
43,697
43,347
34,229
Pound sterling
5,147
2,424
3,539
US dollar
23,320
22,539
17,602
Brazilian real
43,577
39,379
47,151
Other currencies
3,890
5,078
8,028
TOTAL
119,631
112,767
110,549
The loans and advances to credit institutions classified under
'Financial assets at amortised' cost are mainly time accounts and
deposits.
Note 51 contains a detail of their residual maturity periods.
This line item also includes irrevocable payment commitments to
the Single Resolution Fund made in accordance with article 70.3 of
Regulation 806/2014, which establishes uniform rules and a
uniform procedure for the resolution of credit institutions and
certain security service companies. investment within the
framework of a Single Resolution Mechanism and a Single
Resolution Fund, for which, in accordance with the standard, no
provision has been recorded, these commitments have not been
significant regarding the consolidated annual accounts.
At 31 December 2025 the gross exposure by impairment stage of
the assets accounted subject to impairment for amounts to EUR
78,623 million, EUR 0 million and EUR 0 million (EUR 72,084, EUR
0 million and EUR 0 million in 2024 and EUR 78,321 million, EUR 0
million and EUR 0 million in 2023 ), and the loan loss provision by
impairment stage amounts to EUR 4 million, EUR 0 million and EUR
0 million (EUR 5 million, EUR 0 million and EUR 0 million in 2024
and EUR 9 million, EUR 0 million and EUR 0 million in 2023 ) in
stage 1, stage 2 and stage 3, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1872": { "value": "
6. Loans and advances to central banks
and credit institutions
The detail, by classification, type and currency, of Loans and
advances to central banks and credit institutions in the
consolidated balance sheets is as follows:
EUR million
CENTRAL BANKS
2025
2024
2023
Classification
Financial assets held for trading
14,632
12,966
17,717
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value
through other comprehensive income
\u2014
\u2014
\u2014
Financial assets at amortised cost
15,986
16,179
20,082
30,618
29,145
37,799
Type
Time deposits
15,986
16,179
17,747
Reverse repurchase agreements
14,632
12,966
20,052
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
\u2014
\u2014
\u2014
30,618
29,145
37,799
CREDIT INSTITUTIONS
Classification
Financial assets held for trading
25,967
27,314
14,061
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
413
408
459
Financial assets designated at fair value
through other comprehensive income
1,120
363
313
Financial assets at amortised cost
61,513
55,537
57,917
89,013
83,622
72,750
Type
Time deposits
10,665
9,036
8,560
Reverse repurchase agreements
52,365
48,932
35,846
Non- loans advances
25,987
25,659
28,353
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
(4)
(5)
(9)
89,013
83,622
72,750
CURRENCY
Euro
43,697
43,347
34,229
Pound sterling
5,147
2,424
3,539
US dollar
23,320
22,539
17,602
Brazilian real
43,577
39,379
47,151
Other currencies
3,890
5,078
8,028
TOTAL
119,631
112,767
110,549
The loans and advances to credit institutions classified under
'Financial assets at amortised' cost are mainly time accounts and
deposits.
Note 51 contains a detail of their residual maturity periods.
This line item also includes irrevocable payment commitments to
the Single Resolution Fund made in accordance with article 70.3 of
Regulation 806/2014, which establishes uniform rules and a
uniform procedure for the resolution of credit institutions and
certain security service companies. investment within the
framework of a Single Resolution Mechanism and a Single
Resolution Fund, for which, in accordance with the standard, no
provision has been recorded, these commitments have not been
significant regarding the consolidated annual accounts.
At 31 December 2025 the gross exposure by impairment stage of
the assets accounted subject to impairment for amounts to EUR
78,623 million, EUR 0 million and EUR 0 million (EUR 72,084, EUR
0 million and EUR 0 million in 2024 and EUR 78,321 million, EUR 0
million and EUR 0 million in 2023 ), and the loan loss provision by
impairment stage amounts to EUR 4 million, EUR 0 million and EUR
0 million (EUR 5 million, EUR 0 million and EUR 0 million in 2024
and EUR 9 million, EUR 0 million and EUR 0 million in 2023 ) in
stage 1, stage 2 and stage 3, respectively.
a) Detail
The detail, by classification, of Loans and advances to customers in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Financial assets held for trading
32,766
26,591
11,634
Non-trading financial assets
mandatorily at fair value through
profit or loss
1,701
1,042
982
Financial assets designated at fair
value through profit or loss
4,739
4,610
6,219
Financial assets at fair value
through other comprehensive
income
12,906
10,784
7,669
Financial assets at amortized cost
985,176
1,011,042
1,009,845
Of which:
Impairment losses
(21,158)
(22,125)
(22,788)
1,037,288
1,054,069
1,036,349
Loans and advances to
customers disregarding
impairment losses
1,058,446
1,076,194
1,059,137
Note 51 contains a detail of the residual maturity periods of
'Financial assets at amortized cost'.
Note\u00a054 shows the Group\u2019s total exposure, by geographical origin
of the issuer.
There are no loans and advances to customers for material
amounts without fixed maturity dates.
b) Breakdown
Following is a breakdown of the loans and advances granted to the
Group's customers, which reflect the Group's exposure to credit
risk in its main activity, without considering the balance of value
adjustments for impairment, taking into account the type and
situation of the transactions, the geographical area of their
residence and the type of interest rate on the transactions:
EUR million
2025
2024
2023
Loan type and status
Commercial credit
51,110
53,209
55,628
Secured loans
530,749
557,463
554,375
Reverse repurchase agreements
73,980
59,648
44,184
Other term loans
295,998
296,339
295,485
Finance leases
38,540
40,120
38,723
Receivable on demand
10,313
10,756
12,277
Credit cards receivables
26,179
24,928
24,371
Impaired assets
31,577
33,731
34,094
1,058,446
1,076,194
1,059,137
Geographical area
Spain
198,894
198,164
203,680
Rest of Europe
467,697
502,664
489,706
of which United Kingdom
258,739
266,934
263,808
The Americas
374,739
359,264
350,873
of which USA
135,088
136,054
126,529
of which Brazil
90,951
91,066
100,758
Rest of the world
17,116
16,102
14,878
1,058,446
1,076,194
1,059,137
Interest rate formula
Fixed rate
694,332
678,994
647,349
Floating rate
364,114
397,200
411,788
1,058,446
1,076,194
1,059,137
At 31 December 2025, 2024 and 2023 the Group had granted loans
amounting to EUR 18,127 million, EUR 16,562 million and EUR
15,544 million to Spanish public sector agencies which had a rating
at 31 December 2025 of A (ratings of A at 31 December 2024 and
31 December 2023 ), and EUR 16,248 million, EUR 13,593 million,
and EUR 11,530 million to the public sector in other countries (at
31 December 2025, the breakdown of this amount by issuer rating
was as follows: 3.6% AAA, 26.4% AA, 25.6% A, 27.5% BBB, 16.4%
below BBB and 0.5% without rating).
Without considering the public administrations, the amount of the
loans and advances at 31 December 2025, 2024 and 2023
amounts to EUR 1,024,071 million, EUR 1,046,039 million and EUR
1,032,063 million, of which, EUR 954,533 million, EUR 1,012,389
million and EUR 998,010 million are classified as performing,
respectively.
Following is a detail, by activity, of the loans to customers at 31
December 2025, net of impairment losses:
EUR million
Secured loans
Net exposure
Loan to value ratioC
Total
Without
collateral
Of\u00a0which
property
collateral
Of\u00a0which
other
collateral
Less than
or\u00a0equal
to 40%
More
than
40%\u00a0and
less\u00a0than
or\u00a0equal
to 60%
More
than
60%\u00a0and
less\u00a0than
or\u00a0equal
to 80%
More
than
80%\u00a0and
less\u00a0than
or\u00a0equal
to 100%
More
than
100%
Public sector
29,607
28,423
153
1,031
157
168
251
334
274
Other financial institutions (financial
business activity)
124,684
42,687
1,959
80,038
2,045
995
424
77,935
598
Non-financial corporations and individual
entrepreneurs (non-financial business
activity) (broken down by purpose)
318,284
179,529
63,124
75,631
23,917
26,942
19,168
45,306
23,422
Of which:
Construction and property
development
17,118
1,294
15,594
230
4,963
6,921
1,890
1,164
886
Civil engineering construction
2,522
1,732
19
771
93
84
39
470
104
Large companies
181,870
128,502
17,718
35,650
7,177
6,666
6,157
25,459
7,909
SMEs and individual entrepreneurs
116,774
48,001
29,793
38,980
11,684
13,271
11,082
18,213
14,523
Households\u00a0\u2013 other (broken down by
purpose)
542,623
108,903
338,778
94,942
100,584
126,917
113,075
55,214
37,930
Of which:
Residential
332,931
1,149
331,655
127
90,170
116,264
97,858
25,944
1,546
Consumer loans
192,576
104,388
1,667
86,521
5,909
8,063
13,297
24,977
35,942
Other purposes
17,116
3,366
5,456
8,294
4,505
2,590
1,920
4,293
442
TotalA
1,015,198
359,542
404,014
251,642
126,703
155,022
132,918
178,789
62,224
Memorandum item
Refinanced and restructured transactionsB
18,151
5,546
6,896
5,709
2,347
2,381
2,037
2,457
3,383
A. In addition, the Group has granted advances to customers am ounting to EUR 22,090 million, bringing the total of loans and advances to EUR 1,037,288 million.
B. Includes the net balance of the impairment of the accumulated value or accumulated losses in the fair value due to credit risk.
C. The ratio is the carrying amount of the transactions at 31 December 2025 provided by the latest available appraisal value of the collateral.
Note\u00a054 contains information relating to the forborne loan
portfolio.
Following is the movement of the gross exposure broken down by
impairment stage of loans and advances to customers recognised
under 'Financial assets at amortised cost' and 'Financial assets at
fair value through other comprehensive income' during 2025, 2024
and 2023:
2025
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning
of year
925,413
84,455
33,568
1,043,436
Movements
Transfers
To stage 2 from stage 1
(39,015)
39,015
\u2014
To stage 3 from stage 1
(12,097)
12,097
\u2014
To stage 3 from stage 2
(8,266)
8,266
\u2014
To stage 1 from stage 2
16,079
(16,079)
\u2014
To stage 2 from stage 3
1,764
(1,764)
\u2014
To stage 1 from stage 3
441
(441)
\u2014
Net changes on financial
assets
69,819
(12,940)
(4,436)
52,443
Write-offs
\u2014
\u2014
(13,266)
(13,266)
Exchange differences and
others
(54,818)
(6,369)
(2,493)
(63,680)
Balance at the end of the
year
905,822
81,580
31,531
1,018,933
2024
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning
of year
929,133
76,654
33,821
1,039,608
Movements
Transfers
To stage 2 from stage 1
(49,316)
49,316
\u2014
To stage 3 from stage 1
(11,517)
11,517
\u2014
To stage 3 from stage 2
(10,083)
10,083
\u2014
To stage 1 from stage 2
21,475
(21,475)
\u2014
To stage 2 from stage 3
2,358
(2,358)
\u2014
To stage 1 from stage 3
447
(447)
\u2014
Net changes on financial
assets
43,281
(11,616)
(4,889)
26,776
Write-offs
\u2014
\u2014
(13,212)
(13,212)
Exchange differences and
others
(8,090)
(699)
(947)
(9,736)
Balance at the end of the
year
925,413
84,455
33,568
1,043,436
2023
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning of
year
942,861
66,696
32,617
1,042,174
Movements
Transfers
To stage 2 from stage 1
(43,278)
43,278
\u2014
To stage 3 from stage 1
(12,636)
12,636
\u2014
To stage 3 from stage 2
(9,915)
9,915
\u2014
To stage 1 from stage 2
15,180
(15,180)
\u2014
To stage 2 from stage 3
2,899
(2,899)
\u2014
To stage 1 from stage 3
488
(488)
\u2014
Net changes on financial
assets
29,696
(10,673)
(4,218)
14,805
Write-offs
\u2014
\u2014
(13,847)
(13,847)
Exchange differences and
others
(3,178)
(451)
105
(3,524)
Balance at the end of the
year
929,133
76,654
33,821
1,039,608
In addition, at 31 December 2025 , the Group had E UR 307 million
(EUR 515 million at 31 December 2024 and EUR 694\u00a0 million at 31
December 2023) of exposure in assets purchased with impairment
of which EUR 46 million still show signs of additional impairment,
which correspond mainly to the business combinations carried out
by the Group.
20. Deposits from central banks and
credit institutions
The detail, by classification, counterparty, type and currency, of
'Deposits from central banks' and 'Deposits from credit institutions'
in the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
CENTRAL BANKS
Classification
Financial liabilities held for trading
12,385
13,300
7,808
Financial liabilities designated at fair
value through profit or loss
3,086
1,774
1,209
Financial liabilities at amortized cost
18,542
24,882
48,782
34,013
39,956
57,799
Type
Deposits on demand
856
405
117
Time deposits
14,709
18,488
43,853
Reverse repurchase agreements
18,448
21,063
13,829
34,013
39,956
57,799
CREDIT INSTITUTIONS
Classification
Financial liabilities held for trading
27,058
26,284
17,862
Financial liabilities designated at fair
value through profit or loss
1,424
1,625
1,735
Financial liabilities at amortized cost
74,692
90,012
81,246
103,174
117,921
100,843
Type
Deposits on demand
5,005
6,657
5,468
Time deposits
42,718
54,716
54,402
Reverse repurchase agreements
55,186
56,273
40,689
Subordinated deposits
265
275
284
103,174
117,921
100,843
Currency
Euro
54,588
53,779
53,921
Pound sterling
13,625
21,853
27,697
US dollar
43,466
57,992
49,447
Brazilian real
6,783
7,459
7,997
Other currencies
18,725
16,794
19,580
TOTAL
137,187
157,877
158,642
At 31 December 2025 and 2024, no conditional long-term
financing of the European Central Bank (TLTRO- Targeted Long-
Term Refinancing Operation-) was outstanding. As of 2023, the
balance of such financing amounted to EUR 11,583 million, all
corresponding to the TLTRO III financing program.
At 31 December 2025, no expense has been recognized in the
consolidated income statement corresponding to TLTRO III
(expenses of EUR 158 million and EUR 659 million at 31 December
2024 and 2023, respectively, as a result of the conditions of the
financing programme).
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost .
21. Customer deposits
The detail, by classification, geographical area and type, of
Customer deposits is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities held for trading
36,120
18,984
19,837
Financial liabilities designated at
fair value through profit or loss
25,930
25,407
32,052
Financial liabilities
at amortized cost
979,150
1,011,545
995,280
1,041,200
1,055,936
1,047,169
Geographical areaA
Spain
437,855
395,479
388,736
Rest of Europe
323,854
377,057
366,165
of which: United Kingdom
228,810
233,192
235,698
Rest of America
279,491
283,400
292,268
of which: United States
82,321
88,712
83,555
Rest of the world
\u2014
\u2014
\u2014
1,041,200
1,055,936
1,047,169
Type
Demand deposits-
646,125
677,818
661,262
Time deposits-
296,797
298,276
305,296
Deposits redeemable at notice
1,487
1,525
1,789
Repurchase agreements
96,791
78,317
78,822
1,041,200
1,055,936
1,047,169
A. According to the geography of the legal entity.
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1871": { "value": "
6. Loans and advances to central banks
and credit institutions
The detail, by classification, type and currency, of Loans and
advances to central banks and credit institutions in the
consolidated balance sheets is as follows:
EUR million
CENTRAL BANKS
2025
2024
2023
Classification
Financial assets held for trading
14,632
12,966
17,717
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value
through other comprehensive income
\u2014
\u2014
\u2014
Financial assets at amortised cost
15,986
16,179
20,082
30,618
29,145
37,799
Type
Time deposits
15,986
16,179
17,747
Reverse repurchase agreements
14,632
12,966
20,052
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
\u2014
\u2014
\u2014
30,618
29,145
37,799
CREDIT INSTITUTIONS
Classification
Financial assets held for trading
25,967
27,314
14,061
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
413
408
459
Financial assets designated at fair value
through other comprehensive income
1,120
363
313
Financial assets at amortised cost
61,513
55,537
57,917
89,013
83,622
72,750
Type
Time deposits
10,665
9,036
8,560
Reverse repurchase agreements
52,365
48,932
35,846
Non- loans advances
25,987
25,659
28,353
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
(4)
(5)
(9)
89,013
83,622
72,750
CURRENCY
Euro
43,697
43,347
34,229
Pound sterling
5,147
2,424
3,539
US dollar
23,320
22,539
17,602
Brazilian real
43,577
39,379
47,151
Other currencies
3,890
5,078
8,028
TOTAL
119,631
112,767
110,549
The loans and advances to credit institutions classified under
'Financial assets at amortised' cost are mainly time accounts and
deposits.
Note 51 contains a detail of their residual maturity periods.
This line item also includes irrevocable payment commitments to
the Single Resolution Fund made in accordance with article 70.3 of
Regulation 806/2014, which establishes uniform rules and a
uniform procedure for the resolution of credit institutions and
certain security service companies. investment within the
framework of a Single Resolution Mechanism and a Single
Resolution Fund, for which, in accordance with the standard, no
provision has been recorded, these commitments have not been
significant regarding the consolidated annual accounts.
At 31 December 2025 the gross exposure by impairment stage of
the assets accounted subject to impairment for amounts to EUR
78,623 million, EUR 0 million and EUR 0 million (EUR 72,084, EUR
0 million and EUR 0 million in 2024 and EUR 78,321 million, EUR 0
million and EUR 0 million in 2023 ), and the loan loss provision by
impairment stage amounts to EUR 4 million, EUR 0 million and EUR
0 million (EUR 5 million, EUR 0 million and EUR 0 million in 2024
and EUR 9 million, EUR 0 million and EUR 0 million in 2023 ) in
stage 1, stage 2 and stage 3, respectively.
a) Detail
The detail, by classification, type and currency, of Debt securities in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Classification
Financial assets held for trading
98,568
82,646
62,124
Non-trading financial assets mandatorily at fair value through profit or loss
245
447
860
Financial assets designated at fair value through profit or loss
2,894
2,897
3,095
Financial assets designated at fair value through other comprehensive income
58,305
76,558
73,565
Financial assets at amortised cost
140,014
120,949
103,559
300,026
283,497
243,203
Type
Spanish government debt securities
63,742
56,919
40,321
Foreign government debt securities
172,468
164,747
145,732
Issued by financial institutions
17,465
16,776
14,681
Other fixed-income securities
46,029
44,703
42,294
Impaired financial assets
842
701
461
Impairment losses
(520)
(349)
(286)
300,026
283,497
243,203
Currency
Euro
142,969
118,456
90,857
Pound sterling
14,114
15,630
9,284
US dollar
50,671
48,189
38,161
Brazilian real
48,231
44,432
46,190
Other currencies
44,561
57,139
58,997
Debt securities excluding impairment adjustments
300,546
283,846
243,489
Impairment losses
(520)
(349)
(286)
300,026
283,497
243,203
The increase in the year of the debt securities portfolio under the
heading\u00a0 'Financial assets at fair value with changes in other
comprehensive income' is mainly due to the increase in exposure
to sovereign debt, as a result of greater activity in the markets
business, both its own and for distribution to clients.
Likewise, the increase in the debt securities portfolio under the
heading 'Financial assets at amortized cost' is due to the
continuation of the strategy started in year 2022 in which two new
business models were created for the optimization of excess
liquidity and the management of the maturity of the balance sheet
credit and deposit portfolios.
At 31 December 2025 , 2024 and 2023 the gross exposure by
impairment stage of the book assets amounted to EUR 196,509
million, EUR 196,514 million and EUR 176,697 million in stage 1;
EUR 1,480 million, EUR 597 million and EUR 203 million in stage 2,
and EUR 842 million, EUR 701 million and EUR 461 million in stage
3, respectively.
In addition, at 31 December 2025, the Group had EUR 8 million
(EUR 44\u00a0million at 31 December 2024) of exposure in assets
purchased with impairments, which correspond mainly to the
business combinations carried out by the Group with any additional
impairment signs.
8. Equity instruments
a) Breakdown
The detail, by classification and type, of Equity instruments in the
consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Classification
Financial assets held for trading
22,030
16,636
15,057
Non-trading financial assets
mandatorily at fair value through
profit or loss
5,815
4,641
4,068
Financial assets designated at fair
value through other
comprehensive income
2,281
2,193
1,761
30,126
23,470
20,886
Type
Shares of Spanish companies
5,083
3,730
3,540
Shares of foreign companies
21,633
17,153
15,185
Shares of investment funds
3,410
2,587
2,161
30,126
23,470
20,886
Note 29 contains a detail of the 'Other comprehensive income',
recognised in equity, on 'Financial assets designated at fair value
through other comprehensive income'.
9. Trading derivatives (assets and
liabilities) and short positions
a) Trading Derivatives
The detail, by type of inherent risk, of the fair value of the trading
derivatives arranged by the Group is as follows (see note\u00a011):
EUR million
2025
2024
2023
Debit
balance
Credit
balance
Debit
balance
Credit
balance
Debit
balance
Credit
balance
Interest
rate risk
29,550
23,728
30,834
24,754
31,480
26,014
Currency
risk
24,755
20,508
29,395
29,110
22,834
23,094
Price risk
1,858
2,279
1,765
1,632
1,279
904
Other
risks
2,192
5,453
2,106
2,257
735
577
58,355
51,968
64,100
57,753
56,328
50,589
b) Short positions
Following is a breakdown of the short positions (liabilities):
EUR million
2025
2024
2023
Borrowed securities
Debt instruments
2,938
2,566
3,263
Of which:
Banco Santander, S.A.
1,555
1,347
1,383
Banco Santander M\u00e9xico, S.A.,
Instituci\u00f3n de Banca M\u00faltiple,
Grupo Financiero Santander
M\u00e9xico
1,358
1,199
1,881
Equity instruments
690
538
546
Of which:
Banco Santander, S.A.
429
358
312
Short sales
Debt instruments
40,387
32,726
22,365
Of which:
Banco Santander, S.A.
28,710
23,813
16,143
Banco Santander (Brasil) S.A.
7,417
5,950
3,462
Santander US Capital Markets
LLC
3,396
2,382
2,442
44,015
35,830
26,174
a) Detail
The detail, by classification, of Loans and advances to customers in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Financial assets held for trading
32,766
26,591
11,634
Non-trading financial assets
mandatorily at fair value through
profit or loss
1,701
1,042
982
Financial assets designated at fair
value through profit or loss
4,739
4,610
6,219
Financial assets at fair value
through other comprehensive
income
12,906
10,784
7,669
Financial assets at amortized cost
985,176
1,011,042
1,009,845
Of which:
Impairment losses
(21,158)
(22,125)
(22,788)
1,037,288
1,054,069
1,036,349
Loans and advances to
customers disregarding
impairment losses
1,058,446
1,076,194
1,059,137
Note 51 contains a detail of the residual maturity periods of
'Financial assets at amortized cost'.
Note\u00a054 shows the Group\u2019s total exposure, by geographical origin
of the issuer.
There are no loans and advances to customers for material
amounts without fixed maturity dates.
11.\u00a0 Trading derivatives
The detail of the notional amounts and the market values of the
trading derivatives held by the Group in 2025 , 2024 and 2023 is as
follows:
EUR million
2025
2024
2023
Notional
amount
Market
value
Notional
amount
Market
value
Notional
amount
Market
value
Trading derivatives
Interest rate risk
Forward rate agreements
1,995,070
(32)
1,992,413
13
829,913
3
Interest rate swaps
6,166,278
6,324
6,127,812
6,364
5,381,966
5,514
Options, futures and other derivatives
470,659
(472)
377,285
(297)
398,519
(51)
Credit risk
Credit default swaps
64,924
(3,135)
41,111
(572)
22,462
(86)
Foreign currency risk
Foreign currency purchases and sales
611,850
1,282
514,268
595
471,955
33
Foreign currency options
160,421
441
221,159
528
77,934
288
Currency swaps
682,350
2,526
625,765
(838)
586,405
(581)
Securities and commodities derivatives and other
98,588
(547)
78,328
554
68,664
619
Total
10,250,140
6,387
9,978,141
6,347
7,837,818
5,739
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1870": { "value": "
6. Loans and advances to central banks
and credit institutions
The detail, by classification, type and currency, of Loans and
advances to central banks and credit institutions in the
consolidated balance sheets is as follows:
EUR million
CENTRAL BANKS
2025
2024
2023
Classification
Financial assets held for trading
14,632
12,966
17,717
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value
through other comprehensive income
\u2014
\u2014
\u2014
Financial assets at amortised cost
15,986
16,179
20,082
30,618
29,145
37,799
Type
Time deposits
15,986
16,179
17,747
Reverse repurchase agreements
14,632
12,966
20,052
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
\u2014
\u2014
\u2014
30,618
29,145
37,799
CREDIT INSTITUTIONS
Classification
Financial assets held for trading
25,967
27,314
14,061
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
413
408
459
Financial assets designated at fair value
through other comprehensive income
1,120
363
313
Financial assets at amortised cost
61,513
55,537
57,917
89,013
83,622
72,750
Type
Time deposits
10,665
9,036
8,560
Reverse repurchase agreements
52,365
48,932
35,846
Non- loans advances
25,987
25,659
28,353
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
(4)
(5)
(9)
89,013
83,622
72,750
CURRENCY
Euro
43,697
43,347
34,229
Pound sterling
5,147
2,424
3,539
US dollar
23,320
22,539
17,602
Brazilian real
43,577
39,379
47,151
Other currencies
3,890
5,078
8,028
TOTAL
119,631
112,767
110,549
The loans and advances to credit institutions classified under
'Financial assets at amortised' cost are mainly time accounts and
deposits.
Note 51 contains a detail of their residual maturity periods.
This line item also includes irrevocable payment commitments to
the Single Resolution Fund made in accordance with article 70.3 of
Regulation 806/2014, which establishes uniform rules and a
uniform procedure for the resolution of credit institutions and
certain security service companies. investment within the
framework of a Single Resolution Mechanism and a Single
Resolution Fund, for which, in accordance with the standard, no
provision has been recorded, these commitments have not been
significant regarding the consolidated annual accounts.
At 31 December 2025 the gross exposure by impairment stage of
the assets accounted subject to impairment for amounts to EUR
78,623 million, EUR 0 million and EUR 0 million (EUR 72,084, EUR
0 million and EUR 0 million in 2024 and EUR 78,321 million, EUR 0
million and EUR 0 million in 2023 ), and the loan loss provision by
impairment stage amounts to EUR 4 million, EUR 0 million and EUR
0 million (EUR 5 million, EUR 0 million and EUR 0 million in 2024
and EUR 9 million, EUR 0 million and EUR 0 million in 2023 ) in
stage 1, stage 2 and stage 3, respectively.
7. Debt securities
a) Detail
The detail, by classification, type and currency, of Debt securities in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Classification
Financial assets held for trading
98,568
82,646
62,124
Non-trading financial assets mandatorily at fair value through profit or loss
245
447
860
Financial assets designated at fair value through profit or loss
2,894
2,897
3,095
Financial assets designated at fair value through other comprehensive income
58,305
76,558
73,565
Financial assets at amortised cost
140,014
120,949
103,559
300,026
283,497
243,203
Type
Spanish government debt securities
63,742
56,919
40,321
Foreign government debt securities
172,468
164,747
145,732
Issued by financial institutions
17,465
16,776
14,681
Other fixed-income securities
46,029
44,703
42,294
Impaired financial assets
842
701
461
Impairment losses
(520)
(349)
(286)
300,026
283,497
243,203
Currency
Euro
142,969
118,456
90,857
Pound sterling
14,114
15,630
9,284
US dollar
50,671
48,189
38,161
Brazilian real
48,231
44,432
46,190
Other currencies
44,561
57,139
58,997
Debt securities excluding impairment adjustments
300,546
283,846
243,489
Impairment losses
(520)
(349)
(286)
300,026
283,497
243,203
The increase in the year of the debt securities portfolio under the
heading\u00a0 'Financial assets at fair value with changes in other
comprehensive income' is mainly due to the increase in exposure
to sovereign debt, as a result of greater activity in the markets
business, both its own and for distribution to clients.
Likewise, the increase in the debt securities portfolio under the
heading 'Financial assets at amortized cost' is due to the
continuation of the strategy started in year 2022 in which two new
business models were created for the optimization of excess
liquidity and the management of the maturity of the balance sheet
credit and deposit portfolios.
At 31 December 2025 , 2024 and 2023 the gross exposure by
impairment stage of the book assets amounted to EUR 196,509
million, EUR 196,514 million and EUR 176,697 million in stage 1;
EUR 1,480 million, EUR 597 million and EUR 203 million in stage 2,
and EUR 842 million, EUR 701 million and EUR 461 million in stage
3, respectively.
In addition, at 31 December 2025, the Group had EUR 8 million
(EUR 44\u00a0million at 31 December 2024) of exposure in assets
purchased with impairments, which correspond mainly to the
business combinations carried out by the Group with any additional
impairment signs.
8. Equity instruments
a) Breakdown
The detail, by classification and type, of Equity instruments in the
consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Classification
Financial assets held for trading
22,030
16,636
15,057
Non-trading financial assets
mandatorily at fair value through
profit or loss
5,815
4,641
4,068
Financial assets designated at fair
value through other
comprehensive income
2,281
2,193
1,761
30,126
23,470
20,886
Type
Shares of Spanish companies
5,083
3,730
3,540
Shares of foreign companies
21,633
17,153
15,185
Shares of investment funds
3,410
2,587
2,161
30,126
23,470
20,886
Note 29 contains a detail of the 'Other comprehensive income',
recognised in equity, on 'Financial assets designated at fair value
through other comprehensive income'.
9. Trading derivatives (assets and
liabilities) and short positions
a) Trading Derivatives
The detail, by type of inherent risk, of the fair value of the trading
derivatives arranged by the Group is as follows (see note\u00a011):
EUR million
2025
2024
2023
Debit
balance
Credit
balance
Debit
balance
Credit
balance
Debit
balance
Credit
balance
Interest
rate risk
29,550
23,728
30,834
24,754
31,480
26,014
Currency
risk
24,755
20,508
29,395
29,110
22,834
23,094
Price risk
1,858
2,279
1,765
1,632
1,279
904
Other
risks
2,192
5,453
2,106
2,257
735
577
58,355
51,968
64,100
57,753
56,328
50,589
b) Short positions
Following is a breakdown of the short positions (liabilities):
EUR million
2025
2024
2023
Borrowed securities
Debt instruments
2,938
2,566
3,263
Of which:
Banco Santander, S.A.
1,555
1,347
1,383
Banco Santander M\u00e9xico, S.A.,
Instituci\u00f3n de Banca M\u00faltiple,
Grupo Financiero Santander
M\u00e9xico
1,358
1,199
1,881
Equity instruments
690
538
546
Of which:
Banco Santander, S.A.
429
358
312
Short sales
Debt instruments
40,387
32,726
22,365
Of which:
Banco Santander, S.A.
28,710
23,813
16,143
Banco Santander (Brasil) S.A.
7,417
5,950
3,462
Santander US Capital Markets
LLC
3,396
2,382
2,442
44,015
35,830
26,174
10. Loans and advances to customers
a) Detail
The detail, by classification, of Loans and advances to customers in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Financial assets held for trading
32,766
26,591
11,634
Non-trading financial assets
mandatorily at fair value through
profit or loss
1,701
1,042
982
Financial assets designated at fair
value through profit or loss
4,739
4,610
6,219
Financial assets at fair value
through other comprehensive
income
12,906
10,784
7,669
Financial assets at amortized cost
985,176
1,011,042
1,009,845
Of which:
Impairment losses
(21,158)
(22,125)
(22,788)
1,037,288
1,054,069
1,036,349
Loans and advances to
customers disregarding
impairment losses
1,058,446
1,076,194
1,059,137
Note 51 contains a detail of the residual maturity periods of
'Financial assets at amortized cost'.
Note\u00a054 shows the Group\u2019s total exposure, by geographical origin
of the issuer.
There are no loans and advances to customers for material
amounts without fixed maturity dates.
11.\u00a0 Trading derivatives
The detail of the notional amounts and the market values of the
trading derivatives held by the Group in 2025 , 2024 and 2023 is as
follows:
EUR million
2025
2024
2023
Notional
amount
Market
value
Notional
amount
Market
value
Notional
amount
Market
value
Trading derivatives
Interest rate risk
Forward rate agreements
1,995,070
(32)
1,992,413
13
829,913
3
Interest rate swaps
6,166,278
6,324
6,127,812
6,364
5,381,966
5,514
Options, futures and other derivatives
470,659
(472)
377,285
(297)
398,519
(51)
Credit risk
Credit default swaps
64,924
(3,135)
41,111
(572)
22,462
(86)
Foreign currency risk
Foreign currency purchases and sales
611,850
1,282
514,268
595
471,955
33
Foreign currency options
160,421
441
221,159
528
77,934
288
Currency swaps
682,350
2,526
625,765
(838)
586,405
(581)
Securities and commodities derivatives and other
98,588
(547)
78,328
554
68,664
619
Total
10,250,140
6,387
9,978,141
6,347
7,837,818
5,739
20. Deposits from central banks and
credit institutions
The detail, by classification, counterparty, type and currency, of
'Deposits from central banks' and 'Deposits from credit institutions'
in the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
CENTRAL BANKS
Classification
Financial liabilities held for trading
12,385
13,300
7,808
Financial liabilities designated at fair
value through profit or loss
3,086
1,774
1,209
Financial liabilities at amortized cost
18,542
24,882
48,782
34,013
39,956
57,799
Type
Deposits on demand
856
405
117
Time deposits
14,709
18,488
43,853
Reverse repurchase agreements
18,448
21,063
13,829
34,013
39,956
57,799
CREDIT INSTITUTIONS
Classification
Financial liabilities held for trading
27,058
26,284
17,862
Financial liabilities designated at fair
value through profit or loss
1,424
1,625
1,735
Financial liabilities at amortized cost
74,692
90,012
81,246
103,174
117,921
100,843
Type
Deposits on demand
5,005
6,657
5,468
Time deposits
42,718
54,716
54,402
Reverse repurchase agreements
55,186
56,273
40,689
Subordinated deposits
265
275
284
103,174
117,921
100,843
Currency
Euro
54,588
53,779
53,921
Pound sterling
13,625
21,853
27,697
US dollar
43,466
57,992
49,447
Brazilian real
6,783
7,459
7,997
Other currencies
18,725
16,794
19,580
TOTAL
137,187
157,877
158,642
At 31 December 2025 and 2024, no conditional long-term
financing of the European Central Bank (TLTRO- Targeted Long-
Term Refinancing Operation-) was outstanding. As of 2023, the
balance of such financing amounted to EUR 11,583 million, all
corresponding to the TLTRO III financing program.
At 31 December 2025, no expense has been recognized in the
consolidated income statement corresponding to TLTRO III
(expenses of EUR 158 million and EUR 659 million at 31 December
2024 and 2023, respectively, as a result of the conditions of the
financing programme).
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost .
21. Customer deposits
The detail, by classification, geographical area and type, of
Customer deposits is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities held for trading
36,120
18,984
19,837
Financial liabilities designated at
fair value through profit or loss
25,930
25,407
32,052
Financial liabilities
at amortized cost
979,150
1,011,545
995,280
1,041,200
1,055,936
1,047,169
Geographical areaA
Spain
437,855
395,479
388,736
Rest of Europe
323,854
377,057
366,165
of which: United Kingdom
228,810
233,192
235,698
Rest of America
279,491
283,400
292,268
of which: United States
82,321
88,712
83,555
Rest of the world
\u2014
\u2014
\u2014
1,041,200
1,055,936
1,047,169
Type
Demand deposits-
646,125
677,818
661,262
Time deposits-
296,797
298,276
305,296
Deposits redeemable at notice
1,487
1,525
1,789
Repurchase agreements
96,791
78,317
78,822
1,041,200
1,055,936
1,047,169
A. According to the geography of the legal entity.
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost.
22. Marketable debt securities
a) Breakdown
The detail, by classification and type, of Marketable debt securities
is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities
held for trading
\u2014
\u2014
\u2014
Financial liabilities designated
at fair value through profit or loss
11,686
7,554
5,371
Financial liabilities
at amortized cost
312,704
317,967
303,208
324,390
325,521
308,579
Type
Bonds and debentures outstanding
253,893
252,765
231,880
Subordinated
28,859
35,461
30,529
Notes\u00a0and other securities
41,638
37,295
46,170
324,390
325,521
308,579
The distribution of the book value of debt securities issued by
contractual maturity at 31 December 2025 is shown below:
EUR million
Within 3
months
3 to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Subordinated debt
\u2014
798
1,760
2,277
24,024
28,859
Senior unsecured debt
10,509
13,643
51,461
34,465
35,618
145,696
Senior secured debt
11,529
12,308
43,661
28,106
12,593
108,197
Promissory notes and other securities
17,747
23,060
335
170
326
41,638
Debt securities issued
39,785
49,809
97,217
65,018
72,561
324,390
The distribution by contractual maturity of the notional amounts of
these debt securities issued at 31 December 2025 is as follows:
EUR million
Within 3
months
3 to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Subordinated debt
\u2014
790
1,744
2,255
22,926
27,715
Senior unsecured debt
10,056
12,654
50,189
34,089
36,469
143,457
Senior secured debt
11,038
12,110
43,467
28,116
12,513
107,244
Promissory notes and other securities
17,709
23,042
299
154
312
41,516
Debt securities issued
38,803
48,596
95,699
64,614
72,220
319,932
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1869": { "value": "
6. Loans and advances to central banks
and credit institutions
The detail, by classification, type and currency, of Loans and
advances to central banks and credit institutions in the
consolidated balance sheets is as follows:
EUR million
CENTRAL BANKS
2025
2024
2023
Classification
Financial assets held for trading
14,632
12,966
17,717
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value
through other comprehensive income
\u2014
\u2014
\u2014
Financial assets at amortised cost
15,986
16,179
20,082
30,618
29,145
37,799
Type
Time deposits
15,986
16,179
17,747
Reverse repurchase agreements
14,632
12,966
20,052
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
\u2014
\u2014
\u2014
30,618
29,145
37,799
CREDIT INSTITUTIONS
Classification
Financial assets held for trading
25,967
27,314
14,061
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
413
408
459
Financial assets designated at fair value
through other comprehensive income
1,120
363
313
Financial assets at amortised cost
61,513
55,537
57,917
89,013
83,622
72,750
Type
Time deposits
10,665
9,036
8,560
Reverse repurchase agreements
52,365
48,932
35,846
Non- loans advances
25,987
25,659
28,353
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
(4)
(5)
(9)
89,013
83,622
72,750
CURRENCY
Euro
43,697
43,347
34,229
Pound sterling
5,147
2,424
3,539
US dollar
23,320
22,539
17,602
Brazilian real
43,577
39,379
47,151
Other currencies
3,890
5,078
8,028
TOTAL
119,631
112,767
110,549
The loans and advances to credit institutions classified under
'Financial assets at amortised' cost are mainly time accounts and
deposits.
Note 51 contains a detail of their residual maturity periods.
This line item also includes irrevocable payment commitments to
the Single Resolution Fund made in accordance with article 70.3 of
Regulation 806/2014, which establishes uniform rules and a
uniform procedure for the resolution of credit institutions and
certain security service companies. investment within the
framework of a Single Resolution Mechanism and a Single
Resolution Fund, for which, in accordance with the standard, no
provision has been recorded, these commitments have not been
significant regarding the consolidated annual accounts.
At 31 December 2025 the gross exposure by impairment stage of
the assets accounted subject to impairment for amounts to EUR
78,623 million, EUR 0 million and EUR 0 million (EUR 72,084, EUR
0 million and EUR 0 million in 2024 and EUR 78,321 million, EUR 0
million and EUR 0 million in 2023 ), and the loan loss provision by
impairment stage amounts to EUR 4 million, EUR 0 million and EUR
0 million (EUR 5 million, EUR 0 million and EUR 0 million in 2024
and EUR 9 million, EUR 0 million and EUR 0 million in 2023 ) in
stage 1, stage 2 and stage 3, respectively.
7. Debt securities
a) Detail
The detail, by classification, type and currency, of Debt securities in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Classification
Financial assets held for trading
98,568
82,646
62,124
Non-trading financial assets mandatorily at fair value through profit or loss
245
447
860
Financial assets designated at fair value through profit or loss
2,894
2,897
3,095
Financial assets designated at fair value through other comprehensive income
58,305
76,558
73,565
Financial assets at amortised cost
140,014
120,949
103,559
300,026
283,497
243,203
Type
Spanish government debt securities
63,742
56,919
40,321
Foreign government debt securities
172,468
164,747
145,732
Issued by financial institutions
17,465
16,776
14,681
Other fixed-income securities
46,029
44,703
42,294
Impaired financial assets
842
701
461
Impairment losses
(520)
(349)
(286)
300,026
283,497
243,203
Currency
Euro
142,969
118,456
90,857
Pound sterling
14,114
15,630
9,284
US dollar
50,671
48,189
38,161
Brazilian real
48,231
44,432
46,190
Other currencies
44,561
57,139
58,997
Debt securities excluding impairment adjustments
300,546
283,846
243,489
Impairment losses
(520)
(349)
(286)
300,026
283,497
243,203
The increase in the year of the debt securities portfolio under the
heading\u00a0 'Financial assets at fair value with changes in other
comprehensive income' is mainly due to the increase in exposure
to sovereign debt, as a result of greater activity in the markets
business, both its own and for distribution to clients.
Likewise, the increase in the debt securities portfolio under the
heading 'Financial assets at amortized cost' is due to the
continuation of the strategy started in year 2022 in which two new
business models were created for the optimization of excess
liquidity and the management of the maturity of the balance sheet
credit and deposit portfolios.
At 31 December 2025 , 2024 and 2023 the gross exposure by
impairment stage of the book assets amounted to EUR 196,509
million, EUR 196,514 million and EUR 176,697 million in stage 1;
EUR 1,480 million, EUR 597 million and EUR 203 million in stage 2,
and EUR 842 million, EUR 701 million and EUR 461 million in stage
3, respectively.
In addition, at 31 December 2025, the Group had EUR 8 million
(EUR 44\u00a0million at 31 December 2024) of exposure in assets
purchased with impairments, which correspond mainly to the
business combinations carried out by the Group with any additional
impairment signs.
b) Breakdown
The breakdown, by origin of the issuer, of debt securities at 31
December 2025, 2024 and 2023, net of impairment losses, is as
follows:
EUR million
2025
2024
2023
Private
fixed-
income
Public
fixed-
income
Total
%
Private
fixed-
income
Public
fixed-
income
Total
%
Private
fixed-
income
Public
fixed-
income
Total
%
Spain
2,528
63,742
66,270
22.09%
1,901
56,919
58,820
20.75%
2,525
40,321
42,846
17.62%
United Kingdom
2,336
9,227
11,563
3.85%
3,077
9,903
12,980
4.58%
2,816
4,748
7,564
3.11%
Portugal
3,212
5,627
8,839
2.95%
3,224
5,138
8,362
2.95%
2,826
4,815
7,641
3.14%
Italy
2,821
24,215
27,036
9.01%
3,072
22,954
26,026
9.18%
2,968
12,945
15,913
6.54%
Ireland
4,239
42
4,281
1.43%
4,557
14
4,571
1.61%
5,632
11
5,643
2.32%
Poland
22
1,465
1,487
0.50%
2,472
15,224
17,696
6.24%
2,937
12,482
15,419
6.34%
Other European
countries
12,682
25,894
38,576
12.86%
11,593
12,702
24,295
8.57%
9,797
15,495
25,292
10.40%
United States
14,941
29,199
44,140
14.71%
12,475
27,811
40,286
14.21%
8,959
22,992
31,951
13.14%
Brazil
13,518
33,908
47,426
15.81%
12,738
32,645
45,383
16.01%
13,551
32,342
45,893
18.87%
Mexico
3,001
25,113
28,114
9.37%
2,190
20,822
23,012
8.12%
1,969
20,738
22,707
9.34%
Chile
137
8,567
8,704
2.90%
96
6,982
7,078
2.50%
49
11,995
12,044
4.95%
Other American
countries
3,254
5,954
9,208
3.07%
3,336
4,502
7,838
2.76%
2,315
2,546
4,861
2.00%
Rest of the world
1,125
3,257
4,382
1.45%
1,100
6,050
7,150
2.52%
806
4,623
5,429
2.23%
63,816
236,210
300,026
100%
61,831
221,666
283,497
100%
57,150
186,053
243,203
100%
The detail, by issuer rating, of Debt securities at 31 December
2025 , 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Private
fixed-
income
Public
fixed-
income
Total
%
Private
fixed-
income
Public
fixed-
income
Total
%
Private
fixed-
income
Public
fixed-
income
Total
%
AAA
15,952
9,320
25,272
8.42%
16,889
6,440
23,329
8.23%
15,152
7,887
23,039
9.47%
AA
19,598
42,451
62,049
20.68%
16,972
47,254
64,226
22.65%
15,142
36,704
51,846
21.32%
A
13,206
95,537
108,743
36.24%
10,056
87,814
97,870
34.53%
11,175
68,112
79,287
32.60%
BBB
6,872
50,066
56,938
18.98%
8,900
44,483
53,383
18.83%
7,749
39,173
46,922
19.29%
Below BBB
5,052
38,836
43,888
14.63%
5,543
35,675
41,218
14.54%
4,654
34,177
38,831
15.97%
Unrated
3,136
\u2014
3,136
1.05%
3,471
\u2014
3,471
1.22%
3,278
\u2014
3,278
1.35%
63,816
236,210
300,026
100%
61,831
221,666
283,497
100%
57,150
186,053
243,203
100%
During 2025, France's rating for sovereign issuances has been
modified from AA- to A+. During 2024, Portugal's rating for
sovereign issuances was modified from BBB+ to A-. For the year
2023, the distribution of the exposure by rating level of the
previous table was not affected by ratings reviews of the sovereign
issuers.
The detail, by type of financial instrument, of private fixed-income
securities at 31 December 2025 , 2024 and 2023, net of
impairment losses, is as follows:
EUR million
2025
2024
2023
Securitised mortgage bonds
10,514
10,709
9,310
Other asset-backed bonds
14,073
11,624
10,243
Floating rate debt
18,721
17,323
15,376
Fixed rate debt
20,508
22,175
22,221
Total
63,816
61,831
57,150
c) Impairment losses
The changes in the impairment losses on debt securities are
summarised below:
EUR million
2025
2024
2023
Balance at beginning of\u00a0year
349
286
226
Net impairment losses for the\u00a0yearA
182
226
24
Of which:
Impairment losses charged to
income
238
234
36
Impairment losses reversed with a
credit to income
(56)
(8)
(12)
Assets written off
\u2014
(131)
0
Exchange differences and other items
(11)
(32)
36
Balance at end of\u00a0year
520
349
286
Of which:
By geographical location of risk:
European Union
26
23
22
America
494
326
264
A. Of the EUR 182 million corresponding to net provisions for the year ended 31
December 2025 (EUR 226 million and EUR 24 million at 31 December 2024 and
2023, respectively), EUR 182 million relates to financial assets at amortized cost
(EUR 227 million and EUR 23 million at 31 December 2024 and 2023,
respectively) and EUR 0 million relates to financial assets designated at fair
value through other comprehensive income (EUR -1 million and EUR 1 million at
31 December 2024 and 2023 , respectively).
At 31 December 2025, 2024 and 2023 the loan loss provision by
impairment stage of the assets accounted for under IFRS9
amounted to EUR 62 million, EUR 39 million and EUR 30 million in
stage 1, EUR 66 million, EUR 9 million and EUR 8 million in stage 2,
and EUR 392 million, EUR 301 million and EUR 248 million in stage
3, respectively.
8. Equity instruments
a) Breakdown
The detail, by classification and type, of Equity instruments in the
consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Classification
Financial assets held for trading
22,030
16,636
15,057
Non-trading financial assets
mandatorily at fair value through
profit or loss
5,815
4,641
4,068
Financial assets designated at fair
value through other
comprehensive income
2,281
2,193
1,761
30,126
23,470
20,886
Type
Shares of Spanish companies
5,083
3,730
3,540
Shares of foreign companies
21,633
17,153
15,185
Shares of investment funds
3,410
2,587
2,161
30,126
23,470
20,886
Note 29 contains a detail of the 'Other comprehensive income',
recognised in equity, on 'Financial assets designated at fair value
through other comprehensive income'.
b) Changes
The changes in 'Financial assets at fair value through other
comprehensive income' were as follows:
EUR million
2025
2024
2023
Balance at beginning of\u00a0the year
2,193
1,761
1,941
Net additions (disposals)
(81)
(35)
11
Changes in the fair value of equity
instruments measured at fair value
through other comprehensive
income (EIGR)A
245
447
(162)
Changes in the RV hedged with
micro-hedging transactions
(76)
20
(29)
Balance at end of\u00a0year
2,281
2,193
1,761
A. They do not include fair value movements for currency risk hedged with hedging
instruments.
c) Notifications of acquisitions of investments
The notifications of the acquisitions and disposals of holdings in
investees made by the Bank in 2025 , in compliance with Article
155 of the Spanish Limited Liability Companies Law and Article 105
of Spanish Securities Market Law 24/1998, are listed in appendix
IV.
9. Trading derivatives (assets and
liabilities) and short positions
a) Trading Derivatives
The detail, by type of inherent risk, of the fair value of the trading
derivatives arranged by the Group is as follows (see note\u00a011):
EUR million
2025
2024
2023
Debit
balance
Credit
balance
Debit
balance
Credit
balance
Debit
balance
Credit
balance
Interest
rate risk
29,550
23,728
30,834
24,754
31,480
26,014
Currency
risk
24,755
20,508
29,395
29,110
22,834
23,094
Price risk
1,858
2,279
1,765
1,632
1,279
904
Other
risks
2,192
5,453
2,106
2,257
735
577
58,355
51,968
64,100
57,753
56,328
50,589
b) Short positions
Following is a breakdown of the short positions (liabilities):
EUR million
2025
2024
2023
Borrowed securities
Debt instruments
2,938
2,566
3,263
Of which:
Banco Santander, S.A.
1,555
1,347
1,383
Banco Santander M\u00e9xico, S.A.,
Instituci\u00f3n de Banca M\u00faltiple,
Grupo Financiero Santander
M\u00e9xico
1,358
1,199
1,881
Equity instruments
690
538
546
Of which:
Banco Santander, S.A.
429
358
312
Short sales
Debt instruments
40,387
32,726
22,365
Of which:
Banco Santander, S.A.
28,710
23,813
16,143
Banco Santander (Brasil) S.A.
7,417
5,950
3,462
Santander US Capital Markets
LLC
3,396
2,382
2,442
44,015
35,830
26,174
10. Loans and advances to customers
a) Detail
The detail, by classification, of Loans and advances to customers in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Financial assets held for trading
32,766
26,591
11,634
Non-trading financial assets
mandatorily at fair value through
profit or loss
1,701
1,042
982
Financial assets designated at fair
value through profit or loss
4,739
4,610
6,219
Financial assets at fair value
through other comprehensive
income
12,906
10,784
7,669
Financial assets at amortized cost
985,176
1,011,042
1,009,845
Of which:
Impairment losses
(21,158)
(22,125)
(22,788)
1,037,288
1,054,069
1,036,349
Loans and advances to
customers disregarding
impairment losses
1,058,446
1,076,194
1,059,137
Note 51 contains a detail of the residual maturity periods of
'Financial assets at amortized cost'.
Note\u00a054 shows the Group\u2019s total exposure, by geographical origin
of the issuer.
There are no loans and advances to customers for material
amounts without fixed maturity dates.
b) Breakdown
Following is a breakdown of the loans and advances granted to the
Group's customers, which reflect the Group's exposure to credit
risk in its main activity, without considering the balance of value
adjustments for impairment, taking into account the type and
situation of the transactions, the geographical area of their
residence and the type of interest rate on the transactions:
EUR million
2025
2024
2023
Loan type and status
Commercial credit
51,110
53,209
55,628
Secured loans
530,749
557,463
554,375
Reverse repurchase agreements
73,980
59,648
44,184
Other term loans
295,998
296,339
295,485
Finance leases
38,540
40,120
38,723
Receivable on demand
10,313
10,756
12,277
Credit cards receivables
26,179
24,928
24,371
Impaired assets
31,577
33,731
34,094
1,058,446
1,076,194
1,059,137
Geographical area
Spain
198,894
198,164
203,680
Rest of Europe
467,697
502,664
489,706
of which United Kingdom
258,739
266,934
263,808
The Americas
374,739
359,264
350,873
of which USA
135,088
136,054
126,529
of which Brazil
90,951
91,066
100,758
Rest of the world
17,116
16,102
14,878
1,058,446
1,076,194
1,059,137
Interest rate formula
Fixed rate
694,332
678,994
647,349
Floating rate
364,114
397,200
411,788
1,058,446
1,076,194
1,059,137
At 31 December 2025, 2024 and 2023 the Group had granted loans
amounting to EUR 18,127 million, EUR 16,562 million and EUR
15,544 million to Spanish public sector agencies which had a rating
at 31 December 2025 of A (ratings of A at 31 December 2024 and
31 December 2023 ), and EUR 16,248 million, EUR 13,593 million,
and EUR 11,530 million to the public sector in other countries (at
31 December 2025, the breakdown of this amount by issuer rating
was as follows: 3.6% AAA, 26.4% AA, 25.6% A, 27.5% BBB, 16.4%
below BBB and 0.5% without rating).
Without considering the public administrations, the amount of the
loans and advances at 31 December 2025, 2024 and 2023
amounts to EUR 1,024,071 million, EUR 1,046,039 million and EUR
1,032,063 million, of which, EUR 954,533 million, EUR 1,012,389
million and EUR 998,010 million are classified as performing,
respectively.
Following is a detail, by activity, of the loans to customers at 31
December 2025, net of impairment losses:
EUR million
Secured loans
Net exposure
Loan to value ratioC
Total
Without
collateral
Of\u00a0which
property
collateral
Of\u00a0which
other
collateral
Less than
or\u00a0equal
to 40%
More
than
40%\u00a0and
less\u00a0than
or\u00a0equal
to 60%
More
than
60%\u00a0and
less\u00a0than
or\u00a0equal
to 80%
More
than
80%\u00a0and
less\u00a0than
or\u00a0equal
to 100%
More
than
100%
Public sector
29,607
28,423
153
1,031
157
168
251
334
274
Other financial institutions (financial
business activity)
124,684
42,687
1,959
80,038
2,045
995
424
77,935
598
Non-financial corporations and individual
entrepreneurs (non-financial business
activity) (broken down by purpose)
318,284
179,529
63,124
75,631
23,917
26,942
19,168
45,306
23,422
Of which:
Construction and property
development
17,118
1,294
15,594
230
4,963
6,921
1,890
1,164
886
Civil engineering construction
2,522
1,732
19
771
93
84
39
470
104
Large companies
181,870
128,502
17,718
35,650
7,177
6,666
6,157
25,459
7,909
SMEs and individual entrepreneurs
116,774
48,001
29,793
38,980
11,684
13,271
11,082
18,213
14,523
Households\u00a0\u2013 other (broken down by
purpose)
542,623
108,903
338,778
94,942
100,584
126,917
113,075
55,214
37,930
Of which:
Residential
332,931
1,149
331,655
127
90,170
116,264
97,858
25,944
1,546
Consumer loans
192,576
104,388
1,667
86,521
5,909
8,063
13,297
24,977
35,942
Other purposes
17,116
3,366
5,456
8,294
4,505
2,590
1,920
4,293
442
TotalA
1,015,198
359,542
404,014
251,642
126,703
155,022
132,918
178,789
62,224
Memorandum item
Refinanced and restructured transactionsB
18,151
5,546
6,896
5,709
2,347
2,381
2,037
2,457
3,383
A. In addition, the Group has granted advances to customers am ounting to EUR 22,090 million, bringing the total of loans and advances to EUR 1,037,288 million.
B. Includes the net balance of the impairment of the accumulated value or accumulated losses in the fair value due to credit risk.
C. The ratio is the carrying amount of the transactions at 31 December 2025 provided by the latest available appraisal value of the collateral.
Note\u00a054 contains information relating to the forborne loan
portfolio.
Following is the movement of the gross exposure broken down by
impairment stage of loans and advances to customers recognised
under 'Financial assets at amortised cost' and 'Financial assets at
fair value through other comprehensive income' during 2025, 2024
and 2023:
2025
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning
of year
925,413
84,455
33,568
1,043,436
Movements
Transfers
To stage 2 from stage 1
(39,015)
39,015
\u2014
To stage 3 from stage 1
(12,097)
12,097
\u2014
To stage 3 from stage 2
(8,266)
8,266
\u2014
To stage 1 from stage 2
16,079
(16,079)
\u2014
To stage 2 from stage 3
1,764
(1,764)
\u2014
To stage 1 from stage 3
441
(441)
\u2014
Net changes on financial
assets
69,819
(12,940)
(4,436)
52,443
Write-offs
\u2014
\u2014
(13,266)
(13,266)
Exchange differences and
others
(54,818)
(6,369)
(2,493)
(63,680)
Balance at the end of the
year
905,822
81,580
31,531
1,018,933
2024
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning
of year
929,133
76,654
33,821
1,039,608
Movements
Transfers
To stage 2 from stage 1
(49,316)
49,316
\u2014
To stage 3 from stage 1
(11,517)
11,517
\u2014
To stage 3 from stage 2
(10,083)
10,083
\u2014
To stage 1 from stage 2
21,475
(21,475)
\u2014
To stage 2 from stage 3
2,358
(2,358)
\u2014
To stage 1 from stage 3
447
(447)
\u2014
Net changes on financial
assets
43,281
(11,616)
(4,889)
26,776
Write-offs
\u2014
\u2014
(13,212)
(13,212)
Exchange differences and
others
(8,090)
(699)
(947)
(9,736)
Balance at the end of the
year
925,413
84,455
33,568
1,043,436
2023
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning of
year
942,861
66,696
32,617
1,042,174
Movements
Transfers
To stage 2 from stage 1
(43,278)
43,278
\u2014
To stage 3 from stage 1
(12,636)
12,636
\u2014
To stage 3 from stage 2
(9,915)
9,915
\u2014
To stage 1 from stage 2
15,180
(15,180)
\u2014
To stage 2 from stage 3
2,899
(2,899)
\u2014
To stage 1 from stage 3
488
(488)
\u2014
Net changes on financial
assets
29,696
(10,673)
(4,218)
14,805
Write-offs
\u2014
\u2014
(13,847)
(13,847)
Exchange differences and
others
(3,178)
(451)
105
(3,524)
Balance at the end of the
year
929,133
76,654
33,821
1,039,608
In addition, at 31 December 2025 , the Group had E UR 307 million
(EUR 515 million at 31 December 2024 and EUR 694\u00a0 million at 31
December 2023) of exposure in assets purchased with impairment
of which EUR 46 million still show signs of additional impairment,
which correspond mainly to the business combinations carried out
by the Group.
c) Impairment losses on loans and advances to
customers at amortised cost and at fair value
through other comprehensive income
The changes in the impairment losses on the assets making up the
balances of financial assets at amortised cost and at fair value
through other comprehensive income - Loans and advances -
Customers:
EUR million
2025
2024
2023
Amount at beginning of the year
22,125
22,788
22,684
Impairment losses charged to income
for the year
14,144
13,428
13,805
Of which:
Impairment losses charged to profit
or loss
24,935
22,761
20,608
Impairment losses reversed with a
credit to profit or loss
(10,791)
(9,333)
(6,803)
Change of perimeter
\u2014
\u2014
(48)
Write-off of impaired balances against
recorded impairment allowance
(13,266)
(13,212)
(13,847)
Exchange differences and other
changes
(1,845)
(879)
194
Amount at end of the year
21,158
22,125
22,788
Which correspond to:
Impaired assets
13,527
14,088
14,238
Other assets
7,631
8,037
8,550
Of which:
Individually calculated
2,359
2,258
2,951
Collective calculated
18,799
19,867
19,837
In addition, provisions for debt securities amounting to EUR 182
million were recorded at 31 December 2025 (provisions amounting
to EUR 226 million and EUR 24 million as of 31 December 2024
and 2023, respectively), written-off assets recoveries have been
recorded in the\u00a0year amounting to EUR 1,791 million at 31
December 2025 (EUR 1,600 million and EUR 1,587 million at 31
December 2024 and 2023, respectively).
With this, the impairment recorded in Impairment or reversal of
impairment at financial assets not measured at fair value through\u00a0
profit or loss and net gains and losses from changes: 'Financial
assets at fair value through other comprehensive income' and
'Financial assets at amortised cost (IFRS 9) and, Loans and
receivables (IAS 39)'; amounts EUR 12,535 million at 31 December
2025 (EUR 12,136 million and EUR 12,298 million at 31 December
2024 and 2023, respectively).
Following is the movement of the loan loss provision broken down
by impairment stage of loans and advances to customers during
2025, 2024 and 2023:
2025
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,293
4,744
14,088
22,125
Transfers
To stage 2 from stage 1
(847)
2,734
1,887
To stage 3 from stage 1
(701)
4,931
4,230
To stage 3 from stage 2
(1,189)
2,760
1,571
To stage 1 from stage 2
82
(466)
(384)
To stage 2 from stage 3
177
(344)
(167)
To stage 1 from stage 3
16
(59)
(43)
Net changes of the
exposure and modifications
in the credit risk
1,269
(800)
6,581
7,050
Write-offs
\u2014
\u2014
(13,266)
(13,266)
FX and other movements
(112)
(569)
(1,164)
(1,845)
Loss allowance at the end
of the year
3,000
4,631
13,527
21,158
2024
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,596
4,954
14,238
22,788
Transfers
To stage 2 from stage 1
(626)
2,676
2,050
To stage 3 from stage 1
(385)
4,548
4,163
To stage 3 from stage 2
(1,591)
3,444
1,853
To stage 1 from stage 2
109
(725)
(616)
To stage 2 from stage 3
278
(693)
(415)
To stage 1 from stage 3
23
(156)
(133)
Net changes of the exposure
and modifications in the
credit risk
755
(704)
6,655
6,706
Write-offs
\u2014
\u2014
(13,212)
(13,212)
FX and other movements
(179)
(144)
(736)
(1,059)
Loss allowance at the end
of the year
3,293
4,744
14,088
22,125
2023
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,626
5,127
13,931
22,684
Transfers
To stage 2 from stage 1
(696)
2,954
2,258
To stage 3 from stage 1
(405)
4,278
3,873
To stage 3 from stage 2
(1,820)
3,721
1,901
To stage 1 from stage 2
149
(905)
(756)
To stage 2 from stage 3
282
(920)
(638)
To stage 1 from stage 3
27
(184)
(157)
Net changes of the exposure
and modifications in the
credit risk
875
(557)
7,212
7,530
Write-offs
\u2014
\u2014
(13,847)
(13,847)
FX and other movements
20
(127)
47
(60)
Loss allowance at the end
of the year
3,596
4,954
14,238
22,788
d) Impaired assets and assets with unpaid past-
due amounts
The detail of the changes in the balance of the financial assets
classified as 'Financial assets Loans to customers' considered to be
impaired due to credit risk is as follows:
EUR million
2025
2024
2023
Balance at beginning of year
33,731
34,094
32,888
Net additions
13,648
13,779
14,944
Written-off assets
(13,266)
(13,212)
(13,847)
Changes in the scope of
consolidation
\u2014
17
(59)
Exchange differences and other
(2,536)
(947)
168
Balance at end of year
31,577
33,731
34,094
This amount, after deducting the related allowances, represents
the Group\u2019s best estimate of the discounted value of the flows that
are expected to be recovered from the impaired assets.
At 31 December 2025, the Group\u2019s written-off assets totalled EUR
51,435 million (EUR 49,939 million and EUR 48,138 million at 31
December 2024 and 2023, respectively).
Set forth below for each class of impaired asset are the gross
amount, associated allowances and information relating to the
collateral and/or other credit enhancements obtained at 31
December 2025:
EUR million
Gross
amount
Allowance
recognised
Estimated
collateral
valueA
Without associated real
collateral
13,846
8,133
\u2014
With real estate collateral
7,777
1,759
5,657
With other collateral
9,954
3,635
5,424
Total
31,577
13,527
11,081
A. Including the estimated value of the collateral associated with each loan.
Accordingly, any other cash flows that may be obtained, such as those arising
from borrowers\u2019 personal guarantees, are not included.
When classifying assets in the previous table, the main factors
considered by the Group to determine whether an asset has
become impaired are the existence of amounts past due\u00a0\u2014assets
impaired due to arrears\u2014 or other circumstances that may arise
which will not result in all contractual cash flows being recovered,
such as a deterioration of the borrower\u2019s financial situation, the
worsening of its capacity to generate funds or difficulties
experienced by it in accessing credit.
e) Transferred credits
'Loans and advances to customers' includes, inter alia, the
securitised loans transferred to third parties on which the Group
has\u00a0retained\u00a0the risks and rewards, albeit partially, and which
therefore, in accordance with the applicable accounting standards,
cannot be derecognised. This is mainly due to mortgage loans,
loans to companies and consumer loans in which the group retains
subordinate financing and/or grants some kind of credit
enhancement to new holders.
Securitisation is used as a tool for the management of regulatory
capital and as a means of diversifying the Group's liquidity sources.
The breakdown of securitized loans held on the balance sheet,
according to the nature of the financial instrument in which they
are originated, is shown below:
EUR million
2025
2024
2023
Retained on the balance sheet
80,072
80,824
75,738
Of which
Securitised mortgage assets
19,640
17,782
16,994
Of which: UK assets
10,236
9,034
6,096
Other securitised assets
60,432
63,042
58,744
TotalA
80,072
80,824
75,738
A. Note 22 details the liabilities associated with these securitisation transactions.
At 31 December 2025, Grupo Santander had loans that had been
fully derecognised and for which it retained servicing amounting to
EUR 12,174 million (EUR 14,919 million and EUR 13,923 million at
31 December 2024 and 2023, respectively).
11.\u00a0 Trading derivatives
The detail of the notional amounts and the market values of the
trading derivatives held by the Group in 2025 , 2024 and 2023 is as
follows:
EUR million
2025
2024
2023
Notional
amount
Market
value
Notional
amount
Market
value
Notional
amount
Market
value
Trading derivatives
Interest rate risk
Forward rate agreements
1,995,070
(32)
1,992,413
13
829,913
3
Interest rate swaps
6,166,278
6,324
6,127,812
6,364
5,381,966
5,514
Options, futures and other derivatives
470,659
(472)
377,285
(297)
398,519
(51)
Credit risk
Credit default swaps
64,924
(3,135)
41,111
(572)
22,462
(86)
Foreign currency risk
Foreign currency purchases and sales
611,850
1,282
514,268
595
471,955
33
Foreign currency options
160,421
441
221,159
528
77,934
288
Currency swaps
682,350
2,526
625,765
(838)
586,405
(581)
Securities and commodities derivatives and other
98,588
(547)
78,328
554
68,664
619
Total
10,250,140
6,387
9,978,141
6,347
7,837,818
5,739
20. Deposits from central banks and
credit institutions
The detail, by classification, counterparty, type and currency, of
'Deposits from central banks' and 'Deposits from credit institutions'
in the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
CENTRAL BANKS
Classification
Financial liabilities held for trading
12,385
13,300
7,808
Financial liabilities designated at fair
value through profit or loss
3,086
1,774
1,209
Financial liabilities at amortized cost
18,542
24,882
48,782
34,013
39,956
57,799
Type
Deposits on demand
856
405
117
Time deposits
14,709
18,488
43,853
Reverse repurchase agreements
18,448
21,063
13,829
34,013
39,956
57,799
CREDIT INSTITUTIONS
Classification
Financial liabilities held for trading
27,058
26,284
17,862
Financial liabilities designated at fair
value through profit or loss
1,424
1,625
1,735
Financial liabilities at amortized cost
74,692
90,012
81,246
103,174
117,921
100,843
Type
Deposits on demand
5,005
6,657
5,468
Time deposits
42,718
54,716
54,402
Reverse repurchase agreements
55,186
56,273
40,689
Subordinated deposits
265
275
284
103,174
117,921
100,843
Currency
Euro
54,588
53,779
53,921
Pound sterling
13,625
21,853
27,697
US dollar
43,466
57,992
49,447
Brazilian real
6,783
7,459
7,997
Other currencies
18,725
16,794
19,580
TOTAL
137,187
157,877
158,642
At 31 December 2025 and 2024, no conditional long-term
financing of the European Central Bank (TLTRO- Targeted Long-
Term Refinancing Operation-) was outstanding. As of 2023, the
balance of such financing amounted to EUR 11,583 million, all
corresponding to the TLTRO III financing program.
At 31 December 2025, no expense has been recognized in the
consolidated income statement corresponding to TLTRO III
(expenses of EUR 158 million and EUR 659 million at 31 December
2024 and 2023, respectively, as a result of the conditions of the
financing programme).
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost .
21. Customer deposits
The detail, by classification, geographical area and type, of
Customer deposits is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities held for trading
36,120
18,984
19,837
Financial liabilities designated at
fair value through profit or loss
25,930
25,407
32,052
Financial liabilities
at amortized cost
979,150
1,011,545
995,280
1,041,200
1,055,936
1,047,169
Geographical areaA
Spain
437,855
395,479
388,736
Rest of Europe
323,854
377,057
366,165
of which: United Kingdom
228,810
233,192
235,698
Rest of America
279,491
283,400
292,268
of which: United States
82,321
88,712
83,555
Rest of the world
\u2014
\u2014
\u2014
1,041,200
1,055,936
1,047,169
Type
Demand deposits-
646,125
677,818
661,262
Time deposits-
296,797
298,276
305,296
Deposits redeemable at notice
1,487
1,525
1,789
Repurchase agreements
96,791
78,317
78,822
1,041,200
1,055,936
1,047,169
A. According to the geography of the legal entity.
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost.
22. Marketable debt securities
a) Breakdown
The detail, by classification and type, of Marketable debt securities
is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities
held for trading
\u2014
\u2014
\u2014
Financial liabilities designated
at fair value through profit or loss
11,686
7,554
5,371
Financial liabilities
at amortized cost
312,704
317,967
303,208
324,390
325,521
308,579
Type
Bonds and debentures outstanding
253,893
252,765
231,880
Subordinated
28,859
35,461
30,529
Notes\u00a0and other securities
41,638
37,295
46,170
324,390
325,521
308,579
The distribution of the book value of debt securities issued by
contractual maturity at 31 December 2025 is shown below:
EUR million
Within 3
months
3 to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Subordinated debt
\u2014
798
1,760
2,277
24,024
28,859
Senior unsecured debt
10,509
13,643
51,461
34,465
35,618
145,696
Senior secured debt
11,529
12,308
43,661
28,106
12,593
108,197
Promissory notes and other securities
17,747
23,060
335
170
326
41,638
Debt securities issued
39,785
49,809
97,217
65,018
72,561
324,390
The distribution by contractual maturity of the notional amounts of
these debt securities issued at 31 December 2025 is as follows:
EUR million
Within 3
months
3 to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Subordinated debt
\u2014
790
1,744
2,255
22,926
27,715
Senior unsecured debt
10,056
12,654
50,189
34,089
36,469
143,457
Senior secured debt
11,038
12,110
43,467
28,116
12,513
107,244
Promissory notes and other securities
17,709
23,042
299
154
312
41,516
Debt securities issued
38,803
48,596
95,699
64,614
72,220
319,932
b) Bonds and debentures outstanding
The detail, by currency of issue, of\u00a0 'Bonds and debentures
outstanding' is as follows:
EUR million
2025
Currency of issue
2025
2024
2023
Outstanding issue
amount in foreign
currency (Million)
Annual
interest rate
(%)
Euro
117,350
110,973
101,657
117,350
2.72%
US dollar
71,140
79,740
70,229
83,632
4.73%
Pound sterling
25,548
23,961
20,520
22,301
5.14%
Brazilian real
21,848
18,683
21,861
141,089
14.21%
Chilean peso
4,697
4,579
4,921
4,977,648
3.61%
Other currencies
13,310
14,829
12,692
Balance at end of year
253,893
252,765
231,880
The changes in 'Bonds and debentures outstanding' were as follows:
EUR million
2025
2024
2023
Balance at beginning of year
252,765
231,880
211,597
Net inclusion of entities in the Group
\u2014
(1,224)
(1,467)
Of which:
SPIRE SA Compartment 2023-374
\u2014
(1,224)
\u2014
Auto ABS UK Loans PLC
\u2014
\u2014
(841)
PSA Bank Deutschland GmbH
\u2014
\u2014
(626)
Issues
72,014
77,921
68,568
Of which:
Banco Santander, S.A.
12,682
20,559
19,706
Banco Santander (Brasil) S.A.
11,827
8,039
12,781
Santander Group UK
11,450
9,884
6,002
Santander Consumer USA Holdings Inc.
8,705
8,949
7,309
Santander International Products, Plc.
5,071
2,752
1,054
Stellantis Financial Services Italia S.p.A.
2,020
2,021
761
Santander Consumer Bank S.p.A.
1,799
1,001
1,460
Santander Holdings USA, Inc.
1,772
3,004
1,850
Fondo de Titulizaci\u00f3n, Santander Consumo 8
1,523
\u2014
\u2014
Fondo de Titulizaci\u00f3n, Santander Consumo 9
1,421
\u2014
\u2014
Banco Santander - Chile
1,204
1,171
814
Santander Consumer Finance, S.A.
1,181
2,271
2,557
Banco Santander Totta, S.A.
1,069
1,129
1,734
Santander Bank, National Association
853
4,133
1,346
SC Germany S.A., Compartment Consumer 2025-2
850
\u2014
\u2014
SC Austria S.\u00e0 r.l., Compartment Consumer 2025-1
803
\u2014
\u2014
Secucor Finance 2025-1 Designated Activity Company
801
\u2014
\u2014
Banco Santander M\u00e9xico, S.A., Instituci\u00f3n de Banca M\u00faltiple, Grupo Financiero Santander M\u00e9xico
787
875
634
Hyundai Capital Bank Europe GmbH Italy
749
\u2014
\u2014
Banque Stellantis France
728
897
1,145
Santander Consumer Bank AG
\u2014
180
1,256
SC Germany S.A., Compartment Consumer 2024-1
\u2014
1,500
\u2014
Santander Consumo 6, F.T.
\u2014
1,230
\u2014
Santander Consumo 7, F.T.
\u2014
1,218
\u2014
Santander Bank Polska S.A.
\u2014
1,002
1,102
SC Germany S.A., Compartment Consumer 2024-2
\u2014
1,000
\u2014
Redemptions and repurchases
(60,335)
(57,676)
(48,825)
Of which:
Banco Santander, S.A.
(14,854)
(15,888)
(7,889)
Banco Santander (Brasil) S.A.
(9,430)
(6,919)
(10,542)
Santander Consumer USA Holdings Inc.
(7,905)
(10,806)
(14,466)
Santander Group UK
(4,936)
(7,764)
(6,185)
Santander Consumer Finance, S.A.
(2,743)
(2,900)
(1,800)
Santander Holdings USA, Inc.
(2,693)
(1,387)
\u2014
Santander Bank, National Association
(2,648)
(1,440)
(567)
Banco Santander M\u00e9xico, S.A., Instituci\u00f3n de Banca M\u00faltiple, Grupo Financiero Santander M\u00e9xico
(2,084)
(122)
(140)
Banco Santander - Chile
(1,930)
(1,486)
(575)
Santander International Products, Plc.
(1,327)
(584)
(728)
Santander Consumer Bank S.p.A.
(1,327)
(233)
(266)
Santander Consumer Bank AS
(1,174)
(839)
(681)
Banque Stellantis France
(746)
(565)
(813)
Stellantis Financial Services Italia S.p.A.
(698)
(22)
\u2014
Banco Santander Totta, S.A.
(223)
(1,055)
(108)
Exchange differences and other movements
(10,551)
1,864
2,007
Balance at\u00a0year-end
253,893
252,765
231,880
c) Notes and other securities
The notes of the Group (see Note 22.a) were issued basically by
Santander Consumer Finance, S.A., Santander UK plc, Banco
Santander (M\u00e9xico), S.A. Instituci\u00f3n de Banca M\u00faltiple, Grupo
Financiero Santander M\u00e9xico, Banco Santander, S.A., Santander
Consumer Bank AG, Banque Stellantis France, Banco Santander -
Chile and Banco Santander S.A. - Uruguay.
d) Guarantees
Set forth below is information on the liabilities secured by assets:
EUR million
2025
2024
2023
Asset-backed securities
55,031
49,723
37,717
Of which, mortgage-backed
securities
5,961
4,377
3,019
Other mortgage securities
51,438
50,141
49,478
Of which: mortgage-backed bonds
22,624
22,631
24,619
Covered bonds (non mortgage and
export financing)
1,728
995
764
108,197
100,859
87,959
The main characteristics of the assets securing the aforementioned
financial liabilities are as follows:
1. Asset-backed securities
a. Mortgage-backed securities- these securities are secured by
mortgage assets (see Note\u00a010.e) with average maturities of
more than ten years that must: be a first mortgage for
acquisition of principal or second residence, be current in
payments, have a loan-to-value ratio below 80% and have a
liability insurance policy in force covering at least the appraisal
value. The value of the financial liabilities broken down in the
foregoing table is lower than the balance of the assets securing
them\u00a0\u2014securitised assets retained on the balance sheet\u2014
mainly because the Group repurchases a portion of the bonds
issued, and in such cases they are not recognised on the liability
side of the consolidated balance sheet.
b. Other asset\u00a0- backed securities: includes asset-backed
securities, notes issued by securitization funds collateralized
mainly by mortgage loans that do not meet the above
requirements and other loans (mainly personal loans with an
average maturity of five years and loans to SMEs with average
maturities of seven years) and private issues of Santander
Consumer USA Holdings Inc. collateralized by vehicles assigned
under operating leases.
2. Other mortgage securities include mainly:
a. Mortgage-backed bonds with average maturities of more than
ten years that are secured by a portfolio of mortgage loans and
credits (included in secured loans\u00a0 \u2014see note\u00a010.b\u2014) which
must: not be classified as of procedural stage; have available
appraisals performed by specialised entities; have a loan-to-
value (LTV) ratio below 80% in the case of home loans and
below 60% for loans for other assets and have sufficient
liability insurance.
b. Other debt securities issued as part of the Group\u2019s liquidity
strategy in the UK, mainly covered bonds in the UK secured by
mortgage loans and other assets.
Grupo Santander has a balance corresponding to mortgage bonds
at 31 December 2025 of EUR 22,624 million (all of them issued in
euros), which correspond to issues of Banco Santander, S.A. (with
an outstanding face value of EUR 22,360 million).
The issuing entity may repay the mortgage bonds early, if this has
been expressly established in the final conditions of the issue in
question and in the conditions established there.
None of the mortgage bonds issued by Banco Santander have
replacement assets involved.
During 2023, the Bank of Spain has published Circular 1/2023 of 4
February , which modifies Circular 4/2017, repealing the
breakdown in the annual accounts and the information related to
internal accounting development and management control.
Additionally, Banco Santander, S.A. issues internationalization
certificates, which are securities whose capital and interest are
guaranteed by loans and credits that are linked to the financing of
export contracts or the internationalization of companies.
The fair value of the guarantees received by the Group (financial
and non-financial assets) which the Group is authorised to sell or
pledge even if the owner of the guarantee has not defaulted is
scantly material taking into account the Consolidated financial
statements as a whole.
50. Fair value of financial instruments
a) Details\u00a0
The following table summarises the fair values, at the end of each
of the years indicated, of the financial assets and liabilities listed
below, classified according to the different valuation
methodologies used by the Group to determine their fair value:
EUR million
2025
2024
2023
Published
price
quotations
in active
markets
(level 1)
Internal
Models
(level 2
and 3)
Total
Published
price
quotations
in active
markets
(level 1)
Internal
Models
(level 2
and 3)
Total
Published
price
quotations
in active
markets
(level 1)
Internal
Models
(level 2
and 3)
Total
Financial assets held for trading
106,560
145,758
252,318
88,147
142,106
230,253
67,842
109,079
176,921
Non-trading financial assets mandatorily at
fair value through profit or loss
2,407
5,354
7,761
2,037
4,093
6,130
1,765
4,145
5,910
Financial assets designated at fair value
through profit or loss
2,860
5,186
8,046
2,744
5,171
7,915
2,746
7,027
9,773
Financial assets at fair value through other
comprehensive income
52,589
22,023
74,612
67,680
22,218
89,898
64,631
18,677
83,308
Hedging derivatives (assets)
\u2014
3,931
3,931
\u2014
5,672
5,672
\u2014
5,297
5,297
Financial liabilities held for trading
37,192
134,354
171,546
29,974
122,177
152,151
20,298
101,972
122,270
Financial liabilities designated at fair value
through profit or loss
\u2014
42,148
42,148
\u2014
36,360
36,360
25
40,342
40,367
Hedging derivatives (liabilities)
\u2014
4,248
4,248
\u2014
4,752
4,752
\u2014
7,656
7,656
Liabilities under insurance contracts
\u2014
18,737
18,737
\u2014
17,829
17,829
\u2014
17,799
17,799
Grupo Santander has developed a formal process for the
systematic valuation and management of financial instruments,
which has been implemented worldwide across all the Group\u2019s
units. The governance scheme for this process distributes
responsibilities between two independent divisions: Treasury
(development, marketing and daily management of financial
products) and Risk (on a\u00a0periodic basis, validation of pricing models
and daily risk certification of market data, computation of risk
metrics, new transaction approval policies, management control\u00a0
of market risk and implementation of fair value adjustment
policies).
The approval of new products follows a sequence of steps
(request, development, validation, integration in corporate
systems and quality assurance) before the product is brought into
production. This process ensures that pricing systems have been
properly reviewed and are stable before they are used.
The following subsections set forth the most important products
and families of derivatives, and the related valuation techniques
and inputs, by asset class:
Interest rate and inflation
The fixed income asset class includes basic instruments such as
interest rate forwards, interest rate swaps and cross currency
swaps, which are valued using the net present value of the
estimated future cash flows discounted taking into account basis
(swap and cross currency spreads) determined on the basis of the
payment frequency and currency of each leg of the derivative.
Vanilla options, including caps, floors and swaptions, are priced
using the Black-Scholes model, which is one of the benchmark
industry models. More exotic derivatives are priced using more
complex models which are generally accepted as standard across
institutions.
These pricing models are fed with observable market data such as
deposit interest rates, futures rates, cross currency swap and
constant maturity swap rates, and basis spreads, on the basis of
which different yield curves, depending on the payment frequency,
and discounting curves are calculated for each currency. In the case
of options, implied volatilities are also used as model inputs. These
volatilities are observable in the market for cap and floor options
and swaptions, and interpolation and extrapolation of volatilities
from the quoted ranges are carried out using generally accepted
industry models. The pricing of more exotic derivatives may require
the use of non-observable data or parameters, such as correlation
(among interest rates and cross-asset), mean reversion rates and
prepayment rates, which are usually defined from historical data or
through calibration.
Inflation-related assets include zero-coupon or\u00a0year-on-year
inflation-linked bonds and swaps, valued with the present value
method using forward estimation and discounting. Derivatives on
inflation indices are priced using standard or more complex
internal models. Valuation inputs of these models consider
inflation-linked swap spreads observable in the market and
estimations of inflation seasonality, on the basis of which a
forward inflation curve is calculated. Also, implied volatilities taken
from zero-coupon and\u00a0year-on-year inflation options are also
inputs for the pricing of more complex derivatives.
Equity and foreign exchange
The most important products in these asset classes are forward
and futures contracts; they also include vanilla, listed and OTC
(Over-The-Counter) derivatives on single underlying assets and
baskets of assets. Vanilla options are priced using the standard
Black-Scholes model and more exotic derivatives involving forward
returns, average performance, or digital, barrier or callable
features are priced using generally accepted industry models or
internal models, as appropriate. For derivatives on illiquid stocks,
hedging takes into account the liquidity constraints in models.
The inputs of equity models consider yield curves, spot prices,
dividends, asset funding costs (repo margin spreads), implied
volatilities, correlation among equity stocks and indices, and cross-
asset correlation. Implied volatilities are obtained from market
quotes of European and American-style vanilla call and put
options. Various interpolation and extrapolation techniques are
used to obtain continuous volatility for illiquid stocks. Dividends
are usually estimated for the mid and long term. Correlations are
implied, when possible, from market quotes of correlation-
dependent products. In all other cases, proxies are used for
correlations between benchmark underlyings or correlations are
obtained from historical data.
The inputs of foreign exchange models include the yield curve for
each currency, the spot foreign exchange rate, the implied
volatilities and the correlation among assets of this class.
Volatilities are obtained from European call and put options which
are quoted in markets as of-the-money, risk reversal or butterfly
options. Illiquid currency pairs are usually handled by using the
data of the liquid pairs from which the illiquid currency can be
derived. For more exotic products, unobservable model parameters
may be estimated by fitting to reference prices provided by other
non-quoted market sources.
Credit
The most common instrument in this asset class is the credit
default swap (CDS), which is used to hedge credit exposure to third
parties. In addition, models for first-to-default (FTD), n-to-default
(NTD) and single-tranche collateralised debt obligation (CDO)
products\u00a0are\u00a0also available. These products are valued with
standard industry models, which estimate the probability of
default of a single issuer (for CDS) or the joint probability of default
of more than one issuer for FTD, NTD and CDO.
Valuation inputs are the yield curve, the CDS spread curve and the
recovery rate. For indices and important individual issuers, the CDS
spread curve is obtained in the market. For less liquid issuers, this
spread curve is estimated using proxies or other credit-dependent
instruments. Recovery rates are usually set to standard values. For
listed single-tranche CDO, the correlation of joint default of several
issuers is implied from the market. For FTD, NTD and internal CDO,
the correlation is estimated from proxies or historical data when no
other option is available.
Valuation adjustment for counterparty risk or default risk
The Credit valuation adjustment (CVA) is a valuation adjustment to
over-the-counter (OTC) derivatives as a result of the risk associated
with the credit exposure assumed to each counterparty.
The CVA is calculated taking into account potential exposure to
each counterparty in each future period. The CVA for a specific
counterparty is equal to the sum of the CVA for all the periods. The
following inputs are used to calculate the CVA:
\u2022 Expected exposure: including for each transaction the mark-to-
market (MtM) value plus an add-on for the potential future
exposure for each period. Mitigating factors such as collateral
and netting agreements are taken into account, as well as a
temporary impairment factor for derivatives with interim
payments.
\u2022 Severity:\u00a0percentage of final loss assumed in a counterparty
credit event/default.
\u2022 Probability of default: for cases where there is no market
information (the CDS quoted spread curve, etc.), proxies based on
companies holding exchange-listed CDS, in the same industry
and with the same external rating as the counterparty, are used.
\u2022 Discount factor curve.
The Debit Valuation Adjustment (DVA) is a valuation adjustment
similar to the CVA but, in this case, it arises as a result of the
Group\u2019s own risk assumed by its counterparties in OTC derivatives.
The CVA at 31 December 2025 amounted to EUR 224 million
(resulting in a decrease of 17.6% compared to 31 December 2024)
and DVA amounted to EUR 285 million (resulting in a decrease of
10.1% compared to 31 December 2024). These decreases are
primarily due to the performance of credit markets, with lower
spreads compared to December 2024, and secondarily to changes
in the composition of certain derivatives portfolios. Furthermore,
the observed reduction in CVA is influenced by changes in the
calculation models applicable to certain clients.
The CVA at 31 December 2024 amounted to EUR 272\u00a0million
(resulting in a decrease of 7.2% compared to 31 December 2023)
and DVA amounted to EUR 317\u00a0million (resulting in a decrease of
3.9% compared to 31 December 2023). These decreases are
mainly due to the declines in the EUR and USD interest rate
markets, lower inflation and the movements in credit markets
whose spread levels have reduced moderately compared to those
of December 2023.
The CVA at 31 December 2023 amounted to EUR 293\u00a0million
(decrease of 16.5% compared to 31 December 2022) and DVA
amounted EUR 330\u00a0million (decrease of 9.3% compared to 31
December 2022). These decreases are mainly due to movements
in credit markets whose spread levels have reduced moderately
compared to those of December 2022, partially offset by the
upward movement in interest rates.
In addition, the Group amounts the funding fair value adjustment
(FFVA) is calculated by applying future market funding spreads to
the expected future funding exposure of any uncollateralised
component of the OTC derivative portfolio. This includes the
uncollateralised component of collateralised derivatives in addition
to derivatives that are fully uncollateralised. The expected future
funding exposure is calculated by a simulation methodology,
where available. The FFVA impact is not material for the
consolidated annual accounts as of 31 December 2025, 2024 and
2023.
During 2025, the Group has continued to apply the criteria for
classifying financial instruments within the levels of the fair value
hierarchy established to comply with regulatory expectations.
These criteria, based on information from the price contributors
and real market transactions, represent a significant reduction in
the use of expert judgement to determine observability and allow
the measurement of the significance of non-observable valuation
inputs based on objective criteria.
There has been an increase in instruments classified as Level 3,
especially during the last quarter of the year. This increase is due to
higher holding volumes of some of these instruments in the
portfolio due to new trading activity. No significant reclassifications
were detected due to changes in the market observability of the
valuation inputs for the remaining positions. The main increases
include long-term repo/reverse repo transactions, illiquid equities
in non-trading portfolios, and syndicated loans with an HTC&S
business model for which there is no observable market price
based on the criteria used.
Valuation adjustments due to model risk
The valuation models described above do not involve a significant
level of subjectivity, since they can be adjusted and recalibrated,
where appropriate, through internal calculation of the fair value
and subsequent comparison with the related actively traded price.
However, valuation adjustments may be necessary when market
quoted prices are not available for comparison purposes.
The sources of risk are associated with uncertain model
parameters, illiquid underlying issuers, and poor quality market
data or missing risk factors (sometimes the best available option is
to use limited models with controllable risk). In these situations,
the Group calculates and applies valuation adjustments in
accordance with common industry practice. The main sources of
model risk are described below:
\u2022 In the interest rate markets, the sources of model risk include
interest rate indexes correlations, basis spread modelling, the
risk of calibrating model parameters and the treatment of near-
zero or negative interest rates. Other sources of risk arise from
the estimation of market data, such as volatilities or yield curves,
whether used for estimation or cash flow discounting purposes.
\u2022 In the stock markets, the sources of model risk include forward
skew modelling, the impact of stochastic interest rates,
correlation and multi-curve modelling. Other sources of risk arise
from managing hedges of digital callable and barrier option
payments. Also worthy of consideration as sources of risk are the
estimation of market data such as dividends and correlation for
quanto and composite basket options.
\u2022 For specific financial instruments relating to home mortgage
loans secured by financial institutions in the UK (which are
regulated and partially financed by the Government) and
property asset derivatives, the main input is the Halifax House
Price Index (HPI). In these cases, risk assumptions include
estimations of the future growth and the volatility of the HPI, the
mortality rate and the implied credit spreads.
\u2022 Inflation markets are exposed to model risk resulting from
uncertainty around modelling the correlation structure among
various Consumer Price Index (CPI) rates. Another source of risk
may arise from the bid-offer spread of inflation-linked swaps.
\u2022 The currency markets are exposed to model risk resulting from
forward skew modelling and the impact of stochastic interest
rate and correlation modelling for multi-asset instruments. Risk
may also arise from market data, due to the existence of specific
illiquid foreign exchange pairs.
\u2022 The most important source of model risk for credit derivatives
relates to the estimation of the correlation between the
probabilities of default of different underlying issuers. For illiquid
underlying issuers, the CDS spread may not be well defined.
Set forth below are the financial instruments at fair value whose
measurement was based on internal models (levels 2 and 3) at 31
December 2025 , 2024 and 2023:
EUR million
Fair\u00a0values\u00a0calculated
using internal models at
2025A
Level\u00a02
Level\u00a03
Valuation\u00a0techniques
Main assumptions
ASSETS
163,796
18,487
Financial assets held for trading
139,293
6,496
Central banksB
14,191
441
Present value method
Yield curves, FX market prices
Credit institutionsB
25,815
152
Present value method
Yield curves, FX market prices
CustomersB
27,986
4,592
Present value method
Yield curves, FX market prices
Debt and equity instruments
14,470
340
Present value method
Yield curves, FX market prices
Derivatives
56,831
971
Swaps
39,716
551
Present value method, Gaussian
CopulaC
Yield curves, FX market prices, HPI,
Basis, Liquidity
Exchange rate options
1,332
39
Black-Scholes Model
Yield curves, Volatility surfaces, FX
market prices, Liquidity
Interest rate options
1,490
39
Black's Model, multifactorial
advanced models interest rate
Yield curves, Volatility surfaces, FX
market prices, Liquidity
Interest rate forwards
177
\u2014
Present value method
Yield curves, FX market prices
Index and securities options
439
120
Black's Model, multifactorial
advanced models interest rate
Yield curves, Volatility surfaces, FX
& EQ market prices, Dividends,\u00a0
Liquidity
Other
13,677
222
Present value method, Advanced
stochastic volatility models and
other
Yield curves, Volatility surfaces, FX
and EQ market prices, Dividends,
Correlation, HPI, Credit, Others
Hedging derivatives
3,924
7
Swaps
3,690
7
Present value method
Yield curves, FX market prices, Basis
Interest rate options
91
\u2014
Black's Model
Yield curves, FX market prices,
Volatility surfaces
Other
143
\u2014
Present value method, Advanced
stochastic volatility models and
other
Yield curves, Volatility surfaces, FX
market prices, Credit, Liquidity,
Others
Non-trading financial assets mandatorily at
fair value through profit or loss
2,465
2,889
Equity instruments
899
2,543
Present value method
Market price, Interest rates curves,
Dividends and Others
Debt securities
54
175
Present value method
Yield curves
Loans and receivables
1,512
171
Present value method, swap
asset model & CDS
Yield curves and Credit curves
Financial assets designated at fair value
through profit or loss
5,152
34
Central banks
\u2014
\u2014
Present value method
Yield curves, FX market prices
Credit institutions
413
\u2014
Present value method
Yield curves, FX market prices, HPI
Customers
4,725
14
Present value method
Yield curves, FX market prices
Debt securities
14
20
Present value method
Yield curves, FX market prices
Financial assets\u00a0 at fair value through other
comprehensive\u00a0 income
12,962
9,061
Equity instrumentsC
19
272
Present value method
Yield curves, Market price,
Dividends and Others
Debt securities
6,819
887
Present value method
Yield curves, FX market prices
Loans and receivablesC
6,124
7,902
Present value method
Yield curves, FX market prices and
Credit curves
EUR million
Fair\u00a0values\u00a0calculated
using internal models at
2025A
Level\u00a02
Level\u00a03
Valuation\u00a0techniques
Main assumptions
LIABILITIES
198,377
1,110
Financial liabilities held for trading
133,490
864
Central banksB
12,385
\u2014
Present value method
FX market prices, Yield curves
Credit institutionsB
27,058
\u2014
Present value method
FX market prices, Yield curves
Customers
36,120
\u2014
Present value methodC
FX market prices, Yield curves
Derivatives
50,248
864
Swaps
33,597
418
Present value method, Gaussian
Copula
Yield curves, FX market prices,
Basis, Liquidity, HPI
Exchange rate options
903
34
Black's Model, multifactorial
advanced models interest rate
Yield curves, Volatility surfaces,
FX & EQ market prices, Dividends,\u00a0
Liquidity
Forwards on interest rate and variable
income
1,951
95
Black-Scholes Model
Yield curves, Volatility surfaces,
FX market prices
Index and securities options
1,094
151
Black-Scholes Model
Yield curves, FX market prices,
Liquidity
Interest rate and equity futures
121
\u2014
Present value method
Yield curves, Volatility surfaces,
FX & EQ market prices, Dividends,
Correlation, Liquidity, HPI
Other
12,582
166
Present value method, Advanced
stochastic volatility models and
others
Yield curves, Volatility surfaces,
FX & EQ market prices, Dividends,
Correlation, HPI, Credit, Others
Short positions
7,679
\u2014
Present value method
Yield curves ,FX market prices,
Equity
Hedging derivatives
4,229
19
SwapsD
4,191
19
Present value method
Yield curves, FX market prices
Interest rate options
\u2014
\u2014
Black's Model
Yield curves , Volatility surfaces,
FX market prices and Liquidity
Other
38
\u2014
Present value method, Advanced
stochastic volatility models and
other
Yield curves , Volatility surfaces,
FX market prices, Credit,
Liquidity, Other
Financial liabilities designated at fair value
through profit or loss
42,148
\u2014
Present value method
Yield curves, FX market prices
Liabilities under insurance contracts
18,510
227
Present Value Method with
actuarial techniques
Mortality tables and interest
rate curves
A. Level 2 internal models use data based on observable market parameters, while level 3 internal models use significant non-observable inputs in market data.
B. Includes mainly temporary acquisitions/disposals of assets with corporate clients and, to a lesser extent, with central banks.
C. Includes mainly syndicated loans under the HTC&S business model.
D. It mainly includes short-term deposits that are managed based on their fair value.
EUR million
Fair values calculated
using internal models at
Fair values calculated
using internal models at
2024A
2023A
Level 2
Level 3
Level 2
Level 3
Valuation techniques
ASSETS
163,941
15,319
133,874
10,351
Financial assets held for trading
138,176
3,930
106,993
2,086
Central banksB
12,966
\u2014
17,717
\u2014
Present value method
Credit institutionsB
26,546
769
14,061
\u2014
Present Value method
CustomersB
24,602
1,801
11,418
24
Present Value method
Debt and equity instruments
11,115
413
8,683
915
Present Value method
Derivatives
62,947
947
55,114
1,147
Swaps
47,519
556
44,987
577
Present Value method, Gaussian Copula
Exchange rate options
1,583
2
836
9
Black-Scholes Model
Interest rate options
1,879
30
2,210
153
Black's Model, advanced multifactor
interest rate models
Interest rate forwards
1,445
\u2014
33
\u2014
Present Value method
Index and securities options
465
241
126
235
Black's Model, advanced multifactor
interest rate models
Other
10,056
118
6,922
173
Present Value method, Advanced
stochastic volatility models and other
Hedging derivatives
5,652
20
5,297
\u2014
Swaps
5,390
20
4,665
\u2014
Present Value method
Interest rate options
2
\u2014
2
\u2014
Black\u2019s Model
Other
260
\u2014
630
\u2014
Present Value method, Advanced
stochastic volatility models and other
Non-trading financial assets mandatorily at
fair value through profit or loss
1,505
2,588
2,050
2,095
Equity instruments
763
1,841
815
1,495
Present Value method
Debt securities issued
205
242
539
313
Present Value method
Loans and receivables
537
505
696
287
Present Value method, swap asset model
& CDS
Financial assets designated at fair value
through profit or loss
5,065
106
6,846
181
Credit institutions
408
\u2014
459
\u2014
Present Value method
Customers
4,590
20
6,189
31
Present Value method
Debt securities
67
86
198
150
Present Value method
Financial assets\u00a0 at fair value through other
comprehensive\u00a0 income
13,543
8,675
12,688
5,989
Equity instruments
5
375
5
492
Present Value method
Debt securities
9,644
1,047
9,638
559
Present Value method
Loans and receivablesC
3,894
7,253
3,045
4,938
Present Value method
EUR million
Fair values calculated
using internal models at
Fair values calculated
using internal models at
2024A
2023A
Level 2
Level 3
Level 2
Level 3
Valuation techniques
LIABILITIES
179,766
1,352
166,542
1,227
Financial liabilities held for trading
121,243
934
101,103
869
Central banksB
13,300
\u2014
7,808
\u2014
Present Value method
Credit institutionsB
26,284
\u2014
17,862
\u2014
Present Value method
Customers
18,984
\u2014
19,837
\u2014
Present Value method
Derivatives
56,205
934
49,380
869
Swaps
41,283
479
39,395
388
Present Value method, Gaussian Copula
Interest rate options
2,295
79
2,207
139
Black's Model, advanced multifactor
interest rate models
Exchange rate options
1,057
\u2014
549
8
Black-Scholes Model
Index and securities options
1,160
294
466
187
Black's Model, advanced multifactor
interest rate models
Forwards on interest rate and variable
income
1,276
\u2014
101
\u2014
Present Value method
Other
9,134
82
6,662
147
Present Value method, Advanced
stochastic volatility models and other
Short positions
6,470
\u2014
6,216
\u2014
Present Value method
Hedging derivatives
4,740
12
7,650
6
Swaps
4,618
12
6,866
6
Present Value method
Interest rate options
3
\u2014
1
\u2014
Black\u2019s Model
Other
119
\u2014
783
\u2014
Present Value method, Advanced
stochastic volatility models and other
Financial liabilities designated at fair value
through profit or loss D
36,200
160
40,313
29
Present Value method
Liabilities under insurance contracts
17,583
246
17,476
323
Present Value method with actuarial
techniques
A. Level 2 internal models use data based on observable market parameters, while level 3 internal models use significant non-observable inputs in market data.
B. Includes mainly temporary acquisitions/disposals of assets with corporate clients and, to a lesser extent, with central banks.
C. Includes mainly syndicated loans under the HTC&S business model.
D. Includes, mainly, short-term deposits that are managed based on their fair value.
b) Financial Instruments (level 3)
Set forth below are the Group\u2019s main financial instruments
measured using unobservable market data as significant inputs of
the internal models (level 3):
\u2022 HTC&S (Held to collect and sale) syndicated loans classified in
the fair value category with changes in other comprehensive
income, where the cost of liquidity is not directly observable in
the market, as well as the prepayment option in favour of the
borrower.
\u2022 Repos and reverse repos classified as financial assets held for
trading, whose valuation uses significant unobservable inputs,
mainly associated with credit adjustments, liquidity and certain
specific characteristics of the counterparty and the collateral.
\u2022 Illiquid equity in non-trading portfolios, classified at fair value
through profit or loss and at fair value through equity.
\u2022 Instruments in Santander UK\u2019s portfolio (loans, debt securities
and derivatives) linked to the House Price Index (HPI). Even if the
valuation techniques used for these instruments may be the
same as those used to value similar products (present value in
the case of loans and debt securities, and the Black-Scholes
model for derivatives), the main factors used in the valuation of
these instruments are the HPI spot rate, the growth and volatility
thereof, and the mortality rates, which are not always observable
in the market and, accordingly, these instruments are considered
illiquid.
\u2022 Callable interest rate derivatives (Bermudan-style options)
where the main unobservable input is mean reversion of interest
rates.
\u2022 Trading derivatives on interest rates, taking as an underlying
asset titling and with the amortization rate (CPR, Conditional
prepayment rate) as unobservable main entry.
\u2022 Derivatives from trading on inflation in Spain, where volatility is
not observable in the market.
\u2022 Equity volatility derivatives, specifically indices and equities,
where volatility is not observable in the long term.
\u2022 Derivatives on long-term interest rate and FX in some units
(mainly South America) where for certain underlyings it is not
possible to demonstrate observability to these terms.
\u2022 Debt instruments referenced to certain illiquid interest rates, for
which there is no reasonable market observability.
The measurements obtained using the internal models might have
been different if other methods or assumptions had been used
with respect to interest rate risk, to credit risk, market risk and
foreign currency risk spreads, or to their related correlations and
volatilities. Nevertheless, the Bank considers that the fair value of
the financial assets and liabilities recognised in the consolidated
balance sheet and the gains and losses arising from these financial
instruments are reasonable.
The net amount recognised in profit and loss in 2025 arising from
models whose significant inputs are unobservable market data
(level 3) amounted to EUR 469 profit (EUR 523\u00a0million and EUR
404\u00a0million profit in 2024 and 2023, respectively).
1. Valuation techniques
The table below shows the effect, at 31 December 2025, 2024 and
2023 on the fair value of the main financial instruments classified
as level 3 of a reasonable change in the assumptions used in the
valuation. This effect was determined by applying the probable
valuation ranges of the main unobservable inputs detailed in the
following table:
2025
Portfolio/Instrument
Valuation technique
Main unobservable inputs
Range
Weighted
average
Impacts (EUR million)
(Level 3)
Unfavourable
scenario
Favourable
scenario
Financial assets held for trading
Loans and advances to
customers
Repos/Reverse repos
Market proxy
Price / Credit spread
n.a.
n.a.
(10.50)
10.50
Debt securities
Corporate debt
Discounted Cash Flows
Credit spread
0% - 10%
5.10%
(2.24)
2.29
Government debt
Discounted Cash Flows
Discount curve
0% - 8%
4.00%
(9.21)
9.24
Others
Discounted Cash Flows
Credit spread
10% - 90%
35.50%
(1.32)
0.62
Derivatives
Cap&Floor
Modelo de Black Scholes
Volatility
(6.50)bps - 6.50bps
1.00bps
(0.38)
0.52
CCS
Discounted Cash Flows
Credit spread
146.3% - 148.3%
147.30%
(0.01)
0.01
EQ Options
EQ option pricing model
Volatility
0% - 70%
40.50%
(0.17)
0.24
EQ Options
Local volatility
Volatility
10% - 90%
50.00%
(18.86)
18.86
Fx Options
Fx option pricing model
Volatility
0% - 40%
19.80%
(0.5)
0.49
FX Forward
Forward estimation
Swap Rate
0% - 15%
8.10%
(0.01)
0.02
Inflation Derivatives
Asset Swap model
Inflation Swap Rate
2% - 8%
4.90%
(0.18)
0.17
IR Options
IR option pricing model
Volatility
0% - 30%
14.80%
(0.19)
0.19
IR Options
INF option pricing model
Volatility
0% - 30%
14.90%
(0.63)
0.63
IRS
Others
Others
5% - n.a.
n.a.
(11.24)
8.23
IRS
Discounted Cash Flows
Credit spread
19.6% - 127.5%
50.50%
(2.1)
0.84
IRS
Discounted Cash Flows
Inflation Swap Rate
1.0% - 99.0%
99.00%
\u2014
1.41
Others
Forward estimation
Price
60bps - 300bps
179.80bps
(3.48)
3.47
Property derivatives
Option pricing model
Growth rate
(5)% - 5%
0.00%
(2.64)
2.64
Securitisation Swap
Discounted Cash Flows
Constant prepayment rates
10% - 90%
50.00%
\u2014
\u2014
Financial assets designated at
fair value through profit or loss
Loans and advances to
customers
Loans
Discounted Cash Flows
Credit spreads
0.1% - 3%
1.60%
(0.12)
0.12
Mortgage portfolio
Black Scholes model
Growth rate
(5)% - 5%
0.00%
(0.23)
0.23
Debt securities
Other debt securities
Others
Inflation Swap Rate
0% - 8%
4.10%
\u2014
\u2014
2025
Portfolio/Instrument
Valuation technique
Main unobservable inputs
Range
Weighted
average
Impacts (EUR million)
(Level 3)
Unfavourable
scenario
Favourable
scenario
Non-trading financial assets
mandatorily at fair value
through profit or loss
Debt securities
Property securities
Probability weighting
Growth rate
(5)% - 5%
0.00%
(0.11)
0.11
Equity instruments
Equities
Price Based
Price
90% - 110%
100.00%
(254.29)
254.29
Financial assets at fair value
through other comprehensive
income
Loans and advances to
customers
Loans
Discounted Cash Flows
Credit spread
n.a.
n.a.
(2.33)
2.33
Loans
Discounted Cash Flows
Interest rate curve
6.1% - 7.2%
6.60%
\u2014
\u2014
Loans
Discounted Cash Flows
Margin of a reference portfolio
3% - 7%
5%
(0.25)
0.25
Loans
Present value method
Credit spread
121.9bps - 174.7 bps
121.9bps
(1.6)
\u2014
Loans
Market price
Market price
(0.3)% - 0.1%
(0.30%)
(2.70)
0.54
Debt securities
Mortgage Letters
Discounted Cash Flows
Mortgage Letters
3.4% - 5.5%
4.50%
\u2014
\u2014
Equity instruments
Equities
Price Based
Price
90% - 110%
100.00%
(27.16)
27.16
Financial liabilities held for
trading
Derivatives
Cap&Floor
Volatility option model
Volatility
10% - 90%
43.80%
(0.09)
0.07
FX Options
Volatility option model
Volatility
10% - 90%
42.30%
(0.33)
0.22
IRS
Discounted Cash Flows
Inflation Swap Rate
1% - 99%
50.40%
(1.38)
1.40
IRS
Discounted Cash Flows
Credit Spread
8.4bps - 19.2bps
10.70bps
(2.42)
0.66
2024
Portfolio/Instrument
Valuation technique
Main unobservable inputs
Range
Weighted
average
Impacts (EUR million)
(Level 3)
Unfavourable
scenario
Favourable
scenario
Financial assets held for trading
Loans and advances to
customers
Repos/Reverse repos
Other
Long-term repo spread
n.a.
n.a.
(0.05)
\u2014
Debt securities
Corporate debt
Discounted Cash Flows
Credit spread
0% - 10%
5.10%
(2.24)
2.29
Government debt
Discounted Cash Flows
Discount curve
0% - 8%
4.00%
(9.21)
9.24
Others
Discounted Cash Flows
Credit spread
10% - 90%
35.50%
(1.32)
0.62
Derivatives
Cap&Floor
Forward estimation
Interest rate
(2)bps - 2bps
0.00bps
\u2014
\u2014
CCS
Discounted Cash Flows
Credit spread
158% - 165%
161.50%
(0.01)
0.01
CDS
Price
Credit spread
100% - 250%
178.83%
(0.09)
0.10
EQ Options
EQ option pricing model
Volatility
0% - 70%
41.25%
(0.48)
0.69
EQ Options
Local volatility
Volatility
10% - 90%
50.00%
(21.54)
21.54
FX Forward
Forward estimation
Swap Rate
0% - 15%
8.08%
(0.06)
0.07
FX Options
FX option pricing model
Volatility
0% - 40%
20.10%
(0.65)
0.66
Inflation Derivatives
Asset Swap model
Inflation Swap Rate
2% - 8%
4.78%
(0.21)
0.18
IR Options
IR option pricing model
Volatility
0% - 30%
17.34%
(0.16)
0.22
IRS
Others
Others
5% - n.a.
n.a.
(4.09)
\u2014
IRS
Discounted Cash Flows
Credit spread
47.8% - 273.4%
155.36%
(1.91)
1.74
IRS
Discounted Cash Flows
Swap rate
1% - 99%
49.58%
(2.45)
2.41
Others
Forward estimation
Price
60bps - 300bps
181.50bps
(3.00)
3.08
Property derivatives
Option pricing model
Growth rate
(5)% - 5%
0.00%
(3.39)
3.39
Securitisation Swap
Discounted Cash Flows
Constant prepayment rates
10% - 90%
50.00%
(0.63)
0.63
Financial assets designated at
fair value through profit or loss
Loans and advances to
customers
Loans
Discounted Cash Flows
Credit spreads
0.1% - 2.0%
1.05%
(0.15)
0.15
Mortgage portfolio
Black Scholes model
Growth rate
(5)% - 5%
0.00%
(0.24)
0.24
Debt securities
Other debt securities
Others
Inflation Swap Rate
0% - 8%
3.96%
(3.63)
3.55
2024
Portfolio/Instrument
Valuation technique
Main unobservable inputs
Range
Weighted
average
Impacts (EUR million)
(Level 3)
Unfavourable
scenario
Favourable
scenario
Non-trading financial assets
mandatorily at fair value
through profit or loss
Debt securities
Property securities
Probability weighting
Growth rate
(5)% - 5%
0.00%
(0.24)
0.24
Equity instruments
Equities
Price Based
Price
90% - 110%
100.00%
(183.98)
183.98
Financial assets at fair value
through other comprehensive
income
Loans and advances to
customers
Loans
Discounted Cash Flows
Credit spread
n.a.
n.a.
(18.61)
\u2014
Loans
Discounted Cash Flows
Interest rate curve
3.4% - 6.5%
4.95%
(0.17)
0.17
Loans
Discounted Cash Flows
Margin of a reference portfolio
(1)bps - 1bps
0bp
(30.36)
30.36
Loans
Forward estimation
Credit spread
150bps - 232bps
150bps
(1.96)
\u2014
Loans
Market price
Market price
(5)% - 20%
0.01%
(4.91)
1.23
Debt securities
Corporate debt
Discounted Cash Flows
Margin of a reference portfolio
(0.01)% - 0.01%
0.00%
(0.09)
0.09
Mortgage Letters
Discounted Cash Flows
Mortgage Letters
1.6% - 5.2%
3.40%
\u2014
\u2014
Equity instruments
Equities
Price Based
Price
90% - 110%
100.00%
(37.56)
37.56
Financial liabilities held for
trading
Derivatives
Cap&Floor
Volatility option model
Volatility
10% - 90%
42.20%
(0.11)
0.07
FX Options
Volatility option model
Volatility
10% - 90%
45.30%
(0.03)
0.02
IRS
Discounted Cash Flows
Inflation Swap Rate
1% - 99%
47.12%
(4.77)
4.24
IRS
Discounted Cash Flows
Credit spread
34bps - 68bps
44bps
(4.09)
1.65
A. For each instrument, the valuation technique, the unobservable inputs are shown in the 'Main observable inputs' column under probable scenarios, variation range,
average value and impact resulting from valuing the position in the established maximum and minimum range.
B. The breakdown of impacts is shown by type of instrument and unobservable
inputs.
C. The estimation of the range of variation of the unobservable inputs has been
carried out taking into account plausible movements of said parameters
depending on the type of instrument.
D. Zero impacts from fully hedged or back-to-back transactions have not been
included in this exercise.
2023
Portfolio/Instrument
Valuation technique
Main unobservable inputs
Range
Weighted
average
Impacts (EUR million)
(Level 3)
Unfavourable
scenario
Favourable
scenario
Financial assets held for trading
Loans and advances to
customers
Repos/Reverse repos
Other
Long-term repo spread
n.a.
n.a.
(0.05)
\u2014
Debt securities
Corporate debt
Discounted Cash Flows
Credit spread
0% - 10%
5.06%
(4.50)
4.61
Government debt
Discounted Cash Flows
Discount curve
0% - 8%
3.99%
(8.07)
8.02
Derivatives
CCS
Forward estimation
Interest rate
(6)bps - 6bps
0.40bps
(0.90)
1.03
CDS
Credit default models
Illiquid credit default spread curves
100bps - 200bps
149.14bps
(0.14)
0.14
EQ Options
EQ option pricing model
Volatility
0% - 70%
41.25%
(0.48)
0.69
EQ Options
Local volatility
Volatility
10% - 90%
50.00%
(21.54)
21.54
FX Options
FX option pricing model
Volatility
0% - 40%
20.10%
(0.65)
0.66
Inflation Derivatives
Asset Swap model
Inflation Swap Rate
2% - 8%
4.78%
(0.21)
0.18
IR Options
IR option pricing model
Volatility
0.0% - 30.0%
17.34%
(0.16)
0.22
IRS
Others
Others
5% - n.a.
n.a.
(4.09)
\u2014
IRS
Discounted Cash Flows
Credit spread
47.8% - 273.4%
155.36%
(1.91)
1.74
IRS
Discounted Cash Flows
Swap rate
1.0% - 99.0%
49.58%
(2.45)
2.41
IRS
Forward estimation
Interest rate
(5.2)bps - 5.2bps
0.09bps
(0.03)
0.03
IRS
Prepayment modelling
Prepayment rate
2.5% - 9.0%
8.92%
\u2014
0.05
Property derivatives
Option pricing model
Growth rate
(5)% - 5%
0.00%
(3.39)
3.39
Securitisation Swap
Discounted Cash Flows
Constant prepayment rates
10.00% - 90.00%
50.00%
(0.63)
0.63
Structured notes
Price based
Price
(10)% - 10%
0.00%
(1.53)
1.53
Financial assets designated at
fair value through profit or loss
Loans and advances to
customers
Loans
Discounted Cash Flows
Credit spreads
0.1% - 2%
1.05%
(0.15)
0.15
Mortgage portfolio
Black Scholes model
Growth rate
(5)% - 5%
0.00%
(0.24)
0.24
Debt securities
Other debt securities
Others
Inflation Swap Rate
0% - 8%
3.96%
(3.63)
3.55
2023
Portfolio/Instrument
Valuation technique
Main unobservable inputs
Range
Weighted
average
Impacts (EUR million)
(Level 3)
Unfavourable
scenario
Favourable
scenario
Non-trading financial assets
mandatorily at fair value
through profit or loss
Debt securities
Property securities
Probability weighting
Growth rate
(5)% - 5%
0.00%
(0.24)
0.24
Equity instruments
Equities
Price Based
Price
90% - 110%
100.00%
(183.98)
183.98
Financial assets at fair value
through other comprehensive
income
Loans and advances to
customers
Loans
Discounted Cash Flows
Credit spread
n.a.
n.a.
(18.61)
\u2014
Loans
Discounted Cash Flows
Interest rate curve
3.4% - 6.5%
4.95%
(0.17)
0.17
Loans
Discounted Cash Flows
Margin of a reference portfolio
(1)bp - 1bp
0bp
(30.36)
30.36
Loans
Forward estimation
Credit spread
150.0bps - 232.0bps
150.00bps
(1.96)
\u2014
Loans
Market price
Market price
(5)% - 20%
0.01%
(4.91)
1.23
Debt securities
Corporate debt
Discounted Cash Flows
Margin of a reference portfolio
(0.01)% - 0.01%
0.00%
(0.09)
0.09
Government debt
Discounted Cash Flows
Interest rate
0% - 2%
0.99%
\u2014
\u2014
Equity instruments
Equities
Price Based
Price
90% - 110%
100.00%
(37.56)
37.56
Financial liabilities held for
trading
Derivatives
Cap&Floor
Volatility option model
Volatility
10% - 90%
42.20%
(0.11)
0.07
CMS
Discounted Cash Flows
Volatility
10% - 90%
47.66%
\u2014
\u2014
FX Options
Volatility option model
Volatility
10% - 90%
45.30%
(0.03)
0.02
IRS
Discounted Cash Flows
Inflation Swap Rate
10% - 90%
39.03%
(4.09)
1.65
Swaptions
Volatility option model
Volatility
10% - 90%
35.55%
(0.21)
0.10
A. For each instrument, the valuation technique, the unobservable inputs are shown in the 'Main observable inputs' column under probable scenarios, variation range,
average value and impact resulting from valuing the position in the established maximum and minimum range.
B. The breakdown of impacts is shown by type of instrument and unobservable inputs.
C. The estimation of the range of variation of the unobservable inputs has been carried out taking into account plausible movements of said parameters depending on the
type of instrument.
D. Zero impacts from fully hedged or back-to-back transactions have not been included in this exercise.
2. Movement of financial instruments classified as Level 3
Lastly, the changes in the financial instruments classified as Level 3
in 2025, 2024 and 2023 were as follows:
01/01/2025
Changes
31/12/2025
EUR million
Fair value
calculated
using
internal
models
(Level 3)
Purchases/
Issuances
Sales/
Settlements
Changes in
fair value
recognised
in profit or
loss
Changes in
fair value
recognised
in equity
Level
reclassifications
Other
Fair value
calculated
using
internal
models
(level\u00a03)
Financial assets held for trading
3,930
5,353
(2,748)
57
\u2014
(9)
(87)
6,496
Central Banks
\u2014
437
\u2014
4
\u2014
\u2014
\u2014
441
Credit entities
769
128
(744)
\u2014
\u2014
\u2014
(1)
152
Customers
1,801
4,450
(1,711)
52
\u2014
2
(2)
4,592
Debt securities
413
110
(112)
(13)
\u2014
(21)
(37)
340
Trading derivatives
947
228
(181)
14
\u2014
10
(47)
971
Swaps
556
1
(81)
(30)
\u2014
(21)
126
551
Exchange rate options
2
\u2014
\u2014
5
\u2014
19
13
39
Interest rate options
30
6
\u2014
1
\u2014
20
(18)
39
Index and securities options
241
1
(41)
37
\u2014
(5)
(113)
120
Interest rate futures
\u2014
\u2014
(14)
\u2014
\u2014
(6)
20
\u2014
Other
118
220
(45)
1
\u2014
3
(75)
222
Hedging derivatives (Assets)
20
\u2014
\u2014
(7)
\u2014
(4)
(2)
7
Swaps
20
\u2014
\u2014
(7)
\u2014
(4)
(2)
7
Financial assets at fair value
through profit or loss
106
33
(100)
(5)
\u2014
\u2014
\u2014
34
Loans and advances to customers
20
\u2014
\u2014
(5)
\u2014
\u2014
(1)
14
Debt securities
86
33
(100)
\u2014
\u2014
\u2014
1
20
Non-trading financial assets
mandatorily at fair value through
profit or loss
2,588
324
(191)
360
\u2014
(266)
74
2,889
Customers
505
\u2014
\u2014
(36)
\u2014
(266)
(32)
171
Debt instruments
242
24
(40)
(27)
\u2014
\u2014
(24)
175
Equity instruments
1,841
300
(151)
423
\u2014
\u2014
130
2,543
Financial assets at fair value
through other comprehensive
income
8,675
7,635
(6,159)
\u2014
(73)
57
(1,074)
9,061
Loans and advances
7,253
7,259
(5,621)
\u2014
(87)
97
(999)
7,902
Debt securities
1,047
360
(530)
\u2014
16
(40)
34
887
Equity instruments
375
16
(8)
\u2014
(2)
\u2014
(109)
272
TOTAL ASSETS
15,319
13,345
(9,198)
405
(73)
(222)
(1,089)
18,487
Financial liabilities held for
trading
934
160
(206)
(59)
\u2014
16
19
864
Trading derivatives
934
160
(206)
(59)
\u2014
16
19
864
Swaps
479
1
(88)
(90)
\u2014
19
97
418
Exchange rate options
\u2014
\u2014
(1)
2
\u2014
18
15
34
Interest rate options
79
\u2014
(25)
17
\u2014
(3)
27
95
Index and securities options
294
1
(83)
6
\u2014
(4)
(63)
151
Securities and interest rate
futures
\u2014
\u2014
\u2014
\u2014
\u2014
(19)
19
\u2014
Others
82
158
(9)
6
\u2014
5
(76)
166
Hedging derivatives (Liabilities)
12
\u2014
(1)
14
\u2014
(6)
\u2014
19
Swaps
12
\u2014
\u2014
14
\u2014
(6)
(1)
19
Interest rate options
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
1
\u2014
Financial liabilities designated at
fair value through profit or loss
160
\u2014
(49)
\u2014
\u2014
(111)
\u2014
\u2014
Liabilities under insurance
contracts
246
\u2014
\u2014
(19)
\u2014
\u2014
\u2014
227
TOTAL LIABILITIES
1,352
160
(256)
(64)
\u2014
(101)
19
1,110
01/01/2024
Changes
31/12/2024
EUR million
Fair value
calculated
using
internal
models
(level\u00a03)
Purchases
/Issuances
Sales/
Settlements
Changes in
fair value
recognized
in profit or
loss
Changes in
fair value
recognized
in equity
Level
reclassifications
Other
Fair value
calculated
using
internal
models
(level\u00a03)
Financial assets held for trading
2,086
3,205
(813)
302
\u2014
(715)
(135)
3,930
Credit entities
\u2014
770
\u2014
(1)
\u2014
\u2014
\u2014
769
Customers
24
1,808
(24)
(7)
\u2014
\u2014
\u2014
1,801
Debt securities
914
355
(384)
(39)
\u2014
(377)
(56)
413
Equity instruments
1
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
Trading derivatives
1,147
272
(405)
350
\u2014
(338)
(79)
947
Swaps
577
184
(278)
186
\u2014
(152)
39
556
Exchange rate options
9
\u2014
(1)
\u2014
\u2014
(6)
\u2014
2
Interest rate options
153
13
(42)
(20)
\u2014
(74)
\u2014
30
Index and securities options
235
42
(44)
128
\u2014
(106)
(14)
241
Other
173
33
(40)
56
\u2014
\u2014
(104)
118
Hedging derivatives (Assets)
\u2014
\u2014
\u2014
15
\u2014
(1)
6
20
Swaps
\u2014
\u2014
\u2014
15
\u2014
(1)
6
20
Financial assets at fair value
through profit or loss
181
417
(300)
13
\u2014
(201)
(4)
106
Loans and advances to customers
31
\u2014
\u2014
(5)
\u2014
(23)
17
20
Debt securities
150
417
(300)
18
\u2014
(178)
(21)
86
Non-trading financial assets
mandatorily at fair value through
profit or loss
2,095
719
(349)
73
\u2014
132
(82)
2,588
Customers
287
390
(128)
(31)
\u2014
41
(54)
505
Debt instruments
313
4
(96)
10
\u2014
11
\u2014
242
Equity instruments
1,495
325
(125)
94
\u2014
80
(28)
1,841
Financial assets at fair value
through other comprehensive
income
5,989
6,707
(3,781)
\u2014
(136)
6
(110)
8,675
Loans and advances
4,938
5,962
(3,685)
\u2014
43
\u2014
(5)
7,253
Debt securities
559
743
(81)
\u2014
(74)
6
(106)
1,047
Equity instruments
492
2
(15)
\u2014
(105)
\u2014
1
375
TOTAL ASSETS
10,351
11,048
(5,243)
403
(136)
(779)
(325)
15,319
Financial liabilities held for
trading
869
472
(200)
(95)
\u2014
(266)
154
934
Trading derivatives
869
472
(200)
(95)
\u2014
(266)
154
934
Swaps
388
371
(20)
(205)
\u2014
(105)
50
479
Exchange rate options
8
\u2014
(5)
\u2014
\u2014
(3)
\u2014
\u2014
Interest rate options
139
\u2014
(54)
3
\u2014
(10)
1
79
Index and securities options
187
54
(14)
113
\u2014
(40)
(6)
294
Others
147
47
(107)
(6)
\u2014
(108)
109
82
Hedging derivatives (Liabilities)
6
\u2014
\u2014
\u2014
\u2014
\u2014
6
12
Swaps
6
\u2014
\u2014
\u2014
\u2014
\u2014
6
12
Financial liabilities designated at
fair value through profit or loss
29
41
(5)
1
\u2014
94
\u2014
160
Liabilities under insurance
contracts
323
\u2014
\u2014
(26)
\u2014
\u2014
(51)
246
TOTAL LIABILITIES
1,227
513
(205)
(120)
\u2014
(172)
109
1,352
01/01/2023
Changes
31/12/2023
EUR million
Fair value
calculated
using
internal
models
(level\u00a03)
Purchases/
Issuances
Sales/
Settlements
Changes in
fair value
recognised
in profit or
loss
Changes in
fair value
recognised
in equity
Level
reclassifications
Other
Fair value
calculated
using
internal
models
(level\u00a03)
Financial assets held for trading
383
496
(149)
194
\u2014
1,162
\u2014
2,086
Customers
\u2014
23
\u2014
1
\u2014
\u2014
\u2014
24
Debt securities
42
126
(63)
30
\u2014
773
6
914
Equity instruments
1
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1
Trading derivatives
340
347
(86)
163
\u2014
389
(6)
1,147
Swaps
139
90
(4)
179
\u2014
191
(18)
577
Exchange rate options
4
1
\u2014
4
\u2014
\u2014
\u2014
9
Interest rate options
39
\u2014
\u2014
2
\u2014
112
\u2014
153
Index and securities options
48
132
(4)
(20)
\u2014
76
3
235
Other
110
124
(78)
(2)
\u2014
10
9
173
Financial assets at fair value
through profit or loss
427
51
\u2014
(21)
\u2014
22
(298)
181
Loans and advances to customers
5
\u2014
\u2014
4
\u2014
22
\u2014
31
Debt securities
422
51
\u2014
(25)
\u2014
\u2014
(298)
150
Non-trading financial assets
mandatorily at fair value through
profit or loss
1,833
345
(238)
107
\u2014
(6)
54
2,095
Customers
239
99
(73)
13
\u2014
\u2014
9
287
Debt securities
325
38
(48)
(5)
\u2014
\u2014
3
313
Equity instruments
1,269
208
(117)
99
\u2014
(6)
42
1,495
Financial assets at fair value
through other comprehensive
income
5,647
3,322
(3,411)
\u2014
(204)
231
404
5,989
Loans and advances
4,718
3,322
(3,408)
\u2014
36
160
110
4,938
Debt securities
229
\u2014
\u2014
\u2014
5
71
254
559
Equity instruments
700
\u2014
(3)
\u2014
(245)
\u2014
40
492
TOTAL ASSETS
8,290
4,214
(3,798)
280
(204)
1,409
160
10,351
Financial liabilities held for
trading
415
276
(167)
(118)
\u2014
476
(13)
869
Trading derivatives
415
276
(167)
(118)
\u2014
476
(13)
869
Swaps
235
53
(83)
(58)
\u2014
257
(16)
388
Exchange rate options
\u2014
6
\u2014
2
\u2014
\u2014
\u2014
8
Interest rate options
19
4
(5)
(16)
\u2014
137
\u2014
139
Index and securities options
42
88
(13)
(15)
\u2014
82
3
187
Others
119
125
(66)
(31)
\u2014
\u2014
\u2014
147
Hedging derivatives (Liabilities)
14
\u2014
\u2014
(3)
\u2014
(5)
\u2014
6
Swaps
14
\u2014
\u2014
(3)
\u2014
(5)
\u2014
6
Financial liabilities designated at
fair value through profit or loss
151
32
(151)
(3)
\u2014
\u2014
\u2014
29
Liabilities under insurance
contracts
345
\u2014
\u2014
\u2014
(40)
\u2014
18
323
TOTAL LIABILITIES
925
308
(318)
(124)
(40)
471
5
1,227
51.\u00a0 Other disclosures
a) Residual maturity periods
The detail, by maturity, of the balances of certain items in the
consolidated balance sheet at 31 December 2025 , 2024 and 2023
is presented below:
31 December 2025
EUR million
On demand
Within\u00a03
months
3\u00a0to\u00a012
months
1\u00a0to\u00a03 years
3\u00a0to\u00a05 years
More\u00a0than\u00a05
years
Total
Assets
Cash, cash balances at Central Banks and other
deposits on demand
152,281
152,281
Financial assets at fair value through other
comprehensive income
\u2014
12,721
8,593
14,012
8,315
28,690
72,331
Debt securities
\u2014
10,677
7,631
12,139
6,619
21,239
58,305
Loans and advances
\u2014
2,044
962
1,873
1,696
7,451
14,026
Credits institutions
\u2014
\u2014
111
3
5
1,001
1,120
Customers
\u2014
2,044
851
1,870
1,691
6,450
12,906
Financial assets
at amortized cost
40,174
213,109
173,400
208,743
163,374
403,889
1,202,689
Debt securities
\u2014
8,547
9,312
25,469
17,474
79,212
140,014
Loans and advances
40,174
204,562
164,088
183,274
145,900
324,677
1,062,675
Central banks
\u2014
14,782
\u2014
\u2014
1,134
70
15,986
Credits institutions
4,577
26,620
10,564
5,594
1,198
12,960
61,513
Customers
35,597
163,160
153,524
177,680
143,568
311,647
985,176
192,455
225,830
181,993
222,755
171,689
432,579
1,427,301
Liabilities
Financial liabilities at amortized cost
700,717
271,366
147,951
132,783
72,048
96,319
1,421,184
Deposits
688,927
223,636
96,132
37,030
9,216
17,443
1,072,384
Central banks
857
8,550
4,615
2,892
\u2014
1,628
18,542
Credit institutions
6,342
34,993
11,677
12,197
1,845
7,638
74,692
Customer deposits
681,728
180,093
79,840
21,941
7,371
8,177
979,150
Marketable debt securitiesA
\u2014
38,875
48,971
94,735
62,275
67,848
312,704
Other financial liabilities
11,790
8,855
2,848
1,018
557
11,028
36,096
700,717
271,366
147,951
132,783
72,048
96,319
1,421,184
Difference (assets less liabilities)
(508,262)
(45,536)
34,042
89,972
99,641
336,260
6,117
A. Includes promissory notes, certificates of deposit and other short-term debt issues.
See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, notes and other securities) (see note 22).
31 December 2024
EUR million
On demand
Within\u00a03
months
3\u00a0to\u00a012
months
1\u00a0to\u00a03 years
3\u00a0to\u00a05 years
More\u00a0than\u00a0
5 years
Total
Assets
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
Cash, cash balances at Central Banks and other
deposits on demand
192,208
\u2014
\u2014
\u2014
\u2014
\u2014
192,208
Financial assets at fair value through other
comprehensive income
\u2014
13,401
9,153
23,902
8,905
32,344
87,705
Debt securities
\u2014
11,072
8,449
22,137
7,623
27,277
76,558
Loans and advances
\u2014
2,329
704
1,765
1,282
5,067
11,147
Credits institutions
\u2014
36
\u2014
98
6
223
363
Customers
\u2014
2,293
704
1,667
1,276
4,844
10,784
Financial assets
at amortized cost
41,652
208,565
167,974
220,871
176,710
387,935
1,203,707
Debt securities
\u2014
9,628
14,041
17,071
22,705
57,504
120,949
Loans and advances
41,652
198,937
153,933
203,800
154,005
330,431
1,082,758
\u00a0 Central banks
\u2014
15,067
\u2014
\u2014
\u2014
1,112
16,179
\u00a0 Credits institutions
6,208
23,550
4,166
5,760
1,843
14,010
55,537
\u00a0 Customers
35,444
160,320
149,767
198,040
152,162
315,309
1,011,042
233,860
221,966
177,127
244,773
185,615
420,279
1,483,620
Liabilities
Financial liabilities
at amortized cost
720,659
256,651
171,362
155,620
89,229
90,801
1,484,322
Deposits
707,418
213,220
121,914
46,431
21,510
15,946
1,126,439
Central banks
17
9,063
11,022
4,772
\u2014
8
24,882
Credit institutions
13,948
27,149
19,300
15,655
6,477
7,483
90,012
Customer deposits
693,453
177,008
91,592
26,004
15,033
8,455
1,011,545
Marketable debt
securitiesA
\u2014
35,570
47,977
100,451
60,128
73,841
317,967
Other financial liabilities
13,241
7,861
1,471
8,738
7,591
1,014
39,916
720,659
256,651
171,362
155,620
89,229
90,801
1,484,322
Difference (assets less liabilities)
(486,799)
(34,685)
5,765
89,153
96,386
329,478
(702)
A. Includes promissory notes, certificates of deposit and other short-term debt issues.
31 December 2023
EUR million
On demand
Within\u00a03
months
3\u00a0to\u00a012
months
1\u00a0to\u00a03 years
3\u00a0to\u00a05 years
More\u00a0than\u00a0
5 years
Total
Assets
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
Cash, cash balances at Central Banks and other
deposits on demand
220,342
\u2014
\u2014
\u2014
\u2014
\u2014
220,342
Financial assets at fair value through other
comprehensive income
\u2014
13,544
9,234
19,372
14,162
25,235
81,547
Debt securities
\u2014
13,078
8,433
18,432
12,764
20,858
73,565
Loans and advances
\u2014
466
801
940
1,398
4,377
7,982
Customers
\u2014
466
801
940
1,085
4,377
7,669
Financial assets
at amortized cost
40,687
202,066
171,494
232,190
158,556
386,410
1,191,403
Debt securities
\u2014
12,281
14,114
18,608
11,281
47,275
103,559
Loans and advances
40,687
189,785
157,380
213,582
147,275
339,135
1,087,844
Central banks
\u2014
18,730
\u2014
\u2014
\u2014
1,352
20,082
Credit institutions
6,783
26,671
6,313
7,151
1,521
9,478
57,917
Customers
33,904
144,384
151,067
206,431
145,754
328,305
1,009,845
261,029
215,610
180,728
251,562
172,718
411,645
1,493,292
Liabilities
Financial liabilities
at amortized cost
711,093
246,898
182,516
161,784
88,527
77,885
1,468,703
Deposits
697,339
210,538
118,035
61,332
22,161
15,903
1,125,308
Central banks
168
20,224
6,941
16,846
4,581
22
48,782
Credit institutions
6,572
25,990
21,390
13,434
5,963
7,897
81,246
Customer deposits
690,599
164,324
89,704
31,052
11,617
7,984
995,280
Marketable debt
securitiesA
\u2014
28,371
63,440
92,554
57,639
61,204
303,208
Other financial liabilities
13,754
7,989
1,041
7,898
8,727
778
40,187
711,093
246,898
182,516
161,784
88,527
77,885
1,468,703
Difference (assets less liabilities)
(450,064)
(31,288)
(1,788)
89,778
84,191
333,760
24,589
A. Includes promissory notes, certificates of deposit and other short-term debt issues.
The detail of the remaining contractual maturities of the existing
financial liabilities at amortised cost at 31 December 2025 , 2024
and 2023 is as follows:
31 December 2025
EUR million
On demand
Within\u00a03
months
3\u00a0to\u00a012
months
1\u00a0to\u00a03 years
3\u00a0to\u00a05 years
More\u00a0than 5
years
Total
Financial liabilities at amortized cost
Deposits
687,708
221,487
95,553
36,937
9,204
17,423
1,068,312
Central banks
857
8,497
4,581
2,892
\u2014
1,627
18,454
Credit institutions
6,298
34,993
11,677
12,197
1,841
7,636
74,642
Customer
680,553
177,997
79,295
21,848
7,363
8,160
975,216
Marketable debt securities
\u2014
37,742
47,782
93,250
62,071
66,107
306,952
Other financial liabilities
11,790
8,855
2,848
1,018
557
11,029
36,097
699,498
268,084
146,183
131,205
71,832
94,559
1,411,361
31 December 2024
EUR million
On demand
Within\u00a03
months
3\u00a0to\u00a012
months
1\u00a0to\u00a03 years
3\u00a0to\u00a05 years
More\u00a0than 5
years
Total
Financial liabilities at amortized cost
Deposits
699,007
207,554
117,431
43,090
19,248
15,796
1,102,126
Central banks
17
9,082
11,026
4,772
\u2014
7
24,904
Credit institutions
13,634
27,170
19,258
15,674
6,482
7,462
89,680
Customer
685,356
171,302
87,147
22,644
12,766
8,327
987,542
Marketable debt securities
\u2014
36,315
48,973
102,306
61,260
74,817
323,671
Other financial liabilities
13,241
7,861
1,471
8,738
7,591
1,014
39,916
712,248
251,730
167,875
154,134
88,099
91,627
1,465,713
.
31 December 2023
EUR million
On demand
Within\u00a03
months
3\u00a0to\u00a012
months
1\u00a0to\u00a03 years
3\u00a0to\u00a05 years
More\u00a0than 5
years
Total
Financial liabilities at amortized cost
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
Deposits
698,595
204,001
109,311
51,191
20,761
15,585
1,099,444
Central banks
168
20,334
6,853
16,846
4,581
35
48,817
Credit institutions
6,884
25,642
21,334
13,079
5,924
7,685
80,548
Customer
691,543
158,025
81,124
21,266
10,256
7,865
970,079
Marketable debt securities
\u2014
28,258
62,935
91,492
56,944
60,166
299,795
Other financial liabilities
13,666
8,078
1,041
7,898
8,727
777
40,187
712,261
240,337
173,287
150,581
86,432
76,528
1,439,426
Below is a breakdown of contractual maturities for the rest of
financial assets and liabilities as of 31 December 2025 , 2024 and
2023:
31 December 2025
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
FINANCIAL ASSETS
Financial assets held for trading
85,732
38,979
35,639
22,880
69,088
252,318
Derivatives
15,579
4,967
13,348
10,446
14,015
58,355
Equity instruments
\u2014
\u2014
\u2014
\u2014
22,030
22,030
Debt securities
8,666
26,749
20,034
11,618
31,501
98,568
Loans and advances
61,487
7,263
2,257
816
1,542
73,365
Central banks
13,143
1,181
308
\u2014
\u2014
14,632
Credits institutions
22,532
2,114
1,104
213
4
25,967
Customers
25,812
3,968
845
603
1,538
32,766
Financial assets designated at fair value through
profit or loss
611
893
1,595
819
4,128
8,046
Debt securities
333
480
1,032
394
655
2,894
Loans and advances
278
413
563
425
3,473
5,152
Credit institutions
20
1
9
30
353
413
Customers
258
412
553
396
3,120
4,739
Non-trading financial assets mandatorily at fair
value through profit or loss
1,091
174
407
\u2014
6,089
7,761
Equity instruments
5,815
5,815
Debt securities
34
9
93
\u2014
109
245
Loans and advances
1,057
165
314
\u2014
165
1,701
Central banks
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credits institutions
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Customers
1,057
165
314
\u2014
165
1,701
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
\u2014
\u2014
2,281
2,281
Equity instruments
\u2014
\u2014
\u2014
\u2014
2,281
2,281
Hedging derivatives
1,066
293
609
440
1,523
3,931
Changes in the fair value of hedged items in
portfolio hedges of interest rate risk
(22)
63
(17)
72
(46)
50
TOTAL FINANCIAL ASSETS
88,478
40,402
38,233
24,211
83,063
274,387
31 December 2025
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
FINANCIAL LIABILITIES
Financial liabilities held for trading
131,052
5,783
14,084
10,642
9,985
171,546
Derivatives
18,105
4,339
11,403
10,051
8,070
51,968
Shorts positions
39,712
661
1,271
478
1,893
44,015
Deposits
73,235
783
1,410
113
22
75,563
Central banks
12,385
\u2014
\u2014
\u2014
\u2014
12,385
Credits institutions
24,759
770
1,410
113
6
27,058
Customers
36,091
13
\u2014
\u2014
16
36,120
Financial liabilities designated at fair value
through profit or loss
19,717
4,015
6,934
3,849
7,633
42,148
Deposits
18,785
3,177
4,452
1,105
2,921
30,440
Central banks
3,086
\u2014
\u2014
\u2014
\u2014
3,086
Credits institutions
914
23
115
31
341
1,424
Customers
14,785
3,154
4,337
1,074
2,580
25,930
Marketable debt securitiesA
910
838
2,482
2,744
4,712
11,686
Other financial liabilities
22
\u2014
\u2014
\u2014
\u2014
22
Hedging derivatives
447
681
735
917
1,468
4,248
Changes in the fair value of hedged items in
portfolio hedges of interest rate risk
(16)
25
4
36
\u2014
49
TOTAL FINANCIAL LIABILITIES
151,200
10,504
21,757
15,444
19,086
217,991
A. See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, promissory notes and other securities) (see note 22).
31 December 2025
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Memorandum items
Loans commitment granted
146,340
31,411
45,392
58,085
40,006
321,234
Financial guarantees granted
8,348
6,018
1,803
630
650
17,449
Other commitments granted
102,278
21,002
11,820
3,643
9,375
148,118
MEMORANDUM ITEMS
256,966
58,431
59,015
62,358
50,031
486,801
In the Group\u2019s experience, no outflows of cash or other financial
assets take place prior to the contractual maturity date that might
affect the information broken down above.
31 December 2024
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
FINANCIAL ASSETS
Financial assets held for trading
64,300
56,571
33,945
24,504
50,933
230,253
Derivatives
14,231
14,504
16,676
12,384
6,305
64,100
Equity instruments
\u2014
\u2014
\u2014
\u2014
16,636
16,636
Debt securities
6,930
21,305
15,319
11,944
27,148
82,646
Loans and advances
43,139
20,762
1,950
176
844
66,871
Central banks
1,241
11,725
\u2014
\u2014
\u2014
12,966
Credits institutions
21,840
4,088
1,287
\u2014
99
27,314
Customers
20,058
4,949
663
176
745
26,591
Financial assets designated at fair value through
profit or loss
152
750
2,421
1,075
3,517
7,915
Debt securities
95
342
1,254
680
526
2,897
Loans and advances
57
408
1,167
395
2,991
5,018
Central banks
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credit institutions
16
\u2014
5
34
353
408
Customers
41
408
1,162
361
2,638
4,610
Non-trading financial assets mandatorily at fair
value through profit or loss
794
8
29
102
5,197
6,130
Equity instruments
\u2014
\u2014
\u2014
\u2014
4,641
4,641
Debt instruments
39
2
3
10
393
447
Loans and advances
755
6
26
92
163
1,042
Central banks
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credits institutions
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Customers
755
6
26
92
163
1,042
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
\u2014
\u2014
2,193
2,193
Equity instruments
\u2014
\u2014
\u2014
\u2014
2,193
2,193
Hedging derivatives
1,786
1,423
957
800
706
5,672
Changes in the fair value of hedged items in
portfolio hedges of interest rate risk
(61)
18
(569)
(50)
(42)
(704)
TOTAL FINANCIAL ASSETS
66,971
58,770
36,783
26,431
62,504
251,459
31 December 2024
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
FINANCIAL LIABILITIES
Financial liabilities held for trading
100,071
16,537
14,244
12,530
8,769
152,151
Derivatives
14,364
13,296
11,946
12,335
5,812
57,753
Shorts positions
28,548
2,931
1,199
195
2,957
35,830
Deposits
57,159
310
1,099
\u2014
\u2014
58,568
Central banks
13,300
\u2014
\u2014
\u2014
\u2014
13,300
Credits institutions
24,875
310
1,099
\u2014
\u2014
26,284
Customers
18,984
\u2014
\u2014
\u2014
\u2014
18,984
Financial liabilities designated at fair value
through profit or loss
16,036
6,000
6,422
1,918
5,984
36,360
Deposits
15,193
4,860
4,037
490
4,226
28,806
Central banks
1,774
\u2014
\u2014
\u2014
\u2014
1,774
Credits institutions
1,035
133
15
49
393
1,625
Customers
12,384
4,727
4,022
441
3,833
25,407
Marketable debt securitiesA
843
1,140
2,385
1,428
1,758
7,554
Hedging derivatives
832
668
826
814
1,612
4,752
Changes in the fair value of hedged items in
portfolio hedges of interest rate risk
\u2014
(5)
13
47
(64)
(9)
TOTAL FINANCIAL LIABILITIES
116,939
23,200
21,505
15,309
16,301
193,254
A. See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, promissory notes and other securities) (see note 22).
31 December 2024
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Memorandum items
Loans commitment granted
133,084
35,747
57,157
57,285
19,588
302,861
Financial guarantees granted
5,103
6,803
3,691
796
508
16,901
Other commitments granted
92,172
20,681
13,197
5,032
3,411
134,493
MEMORANDUM ITEMS
230,359
63,231
74,045
63,113
23,507
454,255
31 December 2023
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
FINANCIAL ASSETS
Financial assets held for trading
36,120
49,668
30,602
17,912
42,619
176,921
Derivatives
8,777
10,551
17,775
9,532
9,693
56,328
Equity instruments
\u2014
\u2014
\u2014
\u2014
15,057
15,057
Debt securities
7,598
18,315
10,274
8,137
17,800
62,124
Loans and advances
19,745
20,802
2,553
243
69
43,412
Central banks
1,146
16,571
\u2014
\u2014
\u2014
17,717
Credits institutions
10,861
2,076
1,079
45
\u2014
14,061
Customers
7,738
2,155
1,474
198
69
11,634
Financial assets designated at fair value through
profit or loss
1,657
557
2,529
1,350
3,680
9,773
Debt securities
252
77
1,269
690
807
3,095
Loans and advances
1,405
480
1,260
660
2,873
6,678
Credit institutions
26
22
3
15
393
459
Customers
1,379
458
1,257
645
2,480
6,219
Non-trading financial assets mandatorily at fair
value through profit or loss
591
153
71
80
5,015
5,910
Equity instruments
\u2014
\u2014
\u2014
\u2014
4,068
4,068
Debt instruments
41
\u2014
57
3
759
860
Loans and advances
550
153
14
77
188
982
Customers
550
153
14
77
188
982
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
\u2014
\u2014
1,761
1,761
Equity instruments
\u2014
\u2014
\u2014
\u2014
1,761
1,761
Hedging derivatives
1,188
412
1,535
937
1,225
5,297
Changes in the fair value of hedged items in
portfolio hedges of interest rate risk
(237)
(225)
156
(402)
(80)
(788)
TOTAL FINANCIAL ASSETS
39,319
50,565
34,893
19,877
54,220
198,874
31 December 2023
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
FINANCIAL LIABILITIES
Financial liabilities held for trading
73,257
12,127
19,180
10,591
7,115
122,270
Derivatives
8,147
9,486
17,990
10,060
4,906
50,589
Shorts positions
21,381
1,288
765
531
2,209
26,174
Deposits
43,729
1,353
425
\u2014
\u2014
45,507
Central banks
7,808
\u2014
\u2014
\u2014
\u2014
7,808
Credits institutions
17,228
209
425
\u2014
\u2014
17,862
Customers
18,693
1,144
\u2014
\u2014
\u2014
19,837
Financial liabilities designated at fair value
through profit or loss
23,190
7,583
4,863
1,359
3,372
40,367
Deposits
22,688
6,459
3,223
338
2,288
34,996
Central banks
1,158
51
\u2014
\u2014
\u2014
1,209
Credits institutions
1,161
57
84
61
372
1,735
Customers
20,369
6,351
3,139
277
1,916
32,052
Marketable debt securitiesA
502
1,124
1,640
1,021
1,084
5,371
Hedging derivatives
1,525
2,064
1,577
878
1,612
7,656
Changes in the fair value of hedged items in
portfolio hedges of interest rate risk
(1)
(4)
36
(5)
29
55
TOTAL FINANCIAL LIABILITIES
97,971
21,770
25,656
12,823
12,128
170,348
A. See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, promissory notes and other securities) (see note 22).
31 December 2023
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Memorandum items
Loans commitment granted
125,083
31,658
55,344
47,204
20,300
279,589
Financial guarantees granted
7,870
4,734
1,654
686
491
15,435
Other commitments granted
81,146
17,448
9,699
3,386
1,594
113,273
MEMORANDUM ITEMS
214,099
53,840
66,697
51,276
22,385
408,297
b) Equivalent euro value of assets and liabilities
The detail of the main foreign currency balances in the
consolidated balance sheet, based on the nature of the related
items, is as follows:
Equivalent\u00a0value\u00a0in EUR million
2025
2024
2023
Assets
Liabilities
Assets
Liabilities
Assets
Liabilities
Cash, cash balances at central banks and other deposits
on demand
89,186
\u2014
109,932
\u2014
114,410
\u2014
Financial assets/liabilities held for trading
136,499
75,272
130,076
76,216
106,011
60,581
Non-trading financial assets mandatorily at fair value
through profit or loss
3,530
\u2014
3,208
\u2014
3,291
\u2014
Other financial assets/liabilities at fair value through
profit or loss
666
14,943
793
13,844
1,721
12,699
Financial assets at fair value through other
comprehensive income
45,564
\u2014
60,861
\u2014
60,516
\u2014
Financial assets at amortized cost
745,401
\u2014
777,226
\u2014
773,504
\u2014
Investments
1,859
\u2014
2,103
\u2014
1,689
\u2014
Tangible assets
14,437
\u2014
18,812
\u2014
20,797
\u2014
Intangible assets
10,296
\u2014
12,282
\u2014
12,772
\u2014
Financial liabilities at amortized cost
\u2014
854,517
\u2014
938,844
\u2014
937,917
Liabilities under insurance contracts
\u2014
227
\u2014
261
\u2014
330
OtherA
96,469
82,901
25,891
22,385
26,236
25,740
1,143,907
1,027,860
1,141,184
1,051,550
1,120,947
1,037,267
A. Includes the import of the Polish business held for sale.
c) Fair value of financial assets and liabilities not
measured at fair value
The fair value at year-end of the financial instruments (certain
portfolios of loans and advances and debt securities, on the asset
side, and deposits and debt securities, on the liability side)
registered in the consolidated balance sheet at amortized cost is
presented below:
i) Financial assets measured at other than fair value
EUR million
2025
2024
2023
Assets
Carrying
amount
Fair value
Level\u00a01
Level\u00a02
Level\u00a03
Carrying
amount
Fair
value
Level\u00a01
Level\u00a02
Level\u00a03
Carrying
amount
Fair
value
Level\u00a01
Level\u00a02
Level\u00a03
Loans and
advances
1,062,675
1,062,981
\u2014
113,004
949,977
1,082,758
1,073,530
\u2014
104,582
968,948
1,087,844
1,077,543
\u2014
103,414
974,129
Debt
securities
140,014
139,242
103,120
14,100
22,022
120,949
119,539
87,170
13,149
19,220
103,559
102,888
67,951
11,057
23,880
1,202,689
1,202,223
103,120
127,104
971,999
1,203,707
1,193,069
87,170
117,731
988,168
1,191,403
1,180,431
67,951
114,471
998,009
ii) Financial liabilities measured at other than fair value
EUR million
2025
2024
2023
LiabilitiesA
Carrying
amount
Fair value
Level\u00a01
Level\u00a02
Level\u00a03
Carrying
amount
Fair value
Level\u00a01
Level\u00a02
Level\u00a03
Carrying
amount
Fair
value
Level\u00a01
Level\u00a02
Level\u00a03
Deposits
1,072,384
1,073,147
\u2014
235,998
837,149
1,126,439
1,125,532
\u2014
250,440
875,092
1,125,308
1,124,373
\u2014
263,428
860,945
Debt
securities
312,704
314,173
162,382
115,597
36,194
317,967
317,912
170,118
112,365
35,429
303,208
298,792
136,109
125,575
37,108
1,385,088
1,387,320
162,382
351,595
873,343
1,444,406
1,443,444
170,118
362,805
910,521
1,428,516
1,423,165
136,109
389,003
898,053
A. At 31 December 2025, Grupo Santander had other financial liabilities that amounted to EUR 36,096 million, EUR 39,916 million in 2024 and EUR 40,187 million in 2023.
The main valuation methods and inputs used in the estimates at
31 December 2025 of the fair values of the financial assets and
liabilities in the foregoing table were as follows:
\u2022 Financial assets at amortised cost: the fair value was estimated
using the present value method. The estimates were made
considering factors such as the expected maturity of the
portfolio, market interest rates, spreads on newly approved
transactions or market spreads\u00a0-when available-.
\u2022 Financial liabilities at amortised cost:
i) Deposits: the fair value of\u00a0 short term\u00a0 and on demand\u00a0 deposits
was taken to be their carrying amount. Factors such as the
expected maturity of the transactions and the Group\u2019s current
cost of funding in similar transactions are consider for the
estimation of long term deposits fair value. It had been used also
current rates offered for deposits of similar remaining
maturities.
ii) Marketable debt securities and subordinated liabilities: the fair
value was calculated based on market prices for these
instruments\u00a0-when available- or by the present value method
using market interest rates and spreads, as well as using any
significant input which is not observable with market data if
applicable.
iii) The fair value of cash, cash balances at central banks and other
deposits on demand was taken to be their carrying amount since
they are mainly short-term balances.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1868": { "value": "
6. Loans and advances to central banks
and credit institutions
The detail, by classification, type and currency, of Loans and
advances to central banks and credit institutions in the
consolidated balance sheets is as follows:
EUR million
CENTRAL BANKS
2025
2024
2023
Classification
Financial assets held for trading
14,632
12,966
17,717
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value
through other comprehensive income
\u2014
\u2014
\u2014
Financial assets at amortised cost
15,986
16,179
20,082
30,618
29,145
37,799
Type
Time deposits
15,986
16,179
17,747
Reverse repurchase agreements
14,632
12,966
20,052
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
\u2014
\u2014
\u2014
30,618
29,145
37,799
CREDIT INSTITUTIONS
Classification
Financial assets held for trading
25,967
27,314
14,061
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
413
408
459
Financial assets designated at fair value
through other comprehensive income
1,120
363
313
Financial assets at amortised cost
61,513
55,537
57,917
89,013
83,622
72,750
Type
Time deposits
10,665
9,036
8,560
Reverse repurchase agreements
52,365
48,932
35,846
Non- loans advances
25,987
25,659
28,353
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
(4)
(5)
(9)
89,013
83,622
72,750
CURRENCY
Euro
43,697
43,347
34,229
Pound sterling
5,147
2,424
3,539
US dollar
23,320
22,539
17,602
Brazilian real
43,577
39,379
47,151
Other currencies
3,890
5,078
8,028
TOTAL
119,631
112,767
110,549
The loans and advances to credit institutions classified under
'Financial assets at amortised' cost are mainly time accounts and
deposits.
Note 51 contains a detail of their residual maturity periods.
This line item also includes irrevocable payment commitments to
the Single Resolution Fund made in accordance with article 70.3 of
Regulation 806/2014, which establishes uniform rules and a
uniform procedure for the resolution of credit institutions and
certain security service companies. investment within the
framework of a Single Resolution Mechanism and a Single
Resolution Fund, for which, in accordance with the standard, no
provision has been recorded, these commitments have not been
significant regarding the consolidated annual accounts.
At 31 December 2025 the gross exposure by impairment stage of
the assets accounted subject to impairment for amounts to EUR
78,623 million, EUR 0 million and EUR 0 million (EUR 72,084, EUR
0 million and EUR 0 million in 2024 and EUR 78,321 million, EUR 0
million and EUR 0 million in 2023 ), and the loan loss provision by
impairment stage amounts to EUR 4 million, EUR 0 million and EUR
0 million (EUR 5 million, EUR 0 million and EUR 0 million in 2024
and EUR 9 million, EUR 0 million and EUR 0 million in 2023 ) in
stage 1, stage 2 and stage 3, respectively.
a) Detail
The detail, by classification, type and currency, of Debt securities in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Classification
Financial assets held for trading
98,568
82,646
62,124
Non-trading financial assets mandatorily at fair value through profit or loss
245
447
860
Financial assets designated at fair value through profit or loss
2,894
2,897
3,095
Financial assets designated at fair value through other comprehensive income
58,305
76,558
73,565
Financial assets at amortised cost
140,014
120,949
103,559
300,026
283,497
243,203
Type
Spanish government debt securities
63,742
56,919
40,321
Foreign government debt securities
172,468
164,747
145,732
Issued by financial institutions
17,465
16,776
14,681
Other fixed-income securities
46,029
44,703
42,294
Impaired financial assets
842
701
461
Impairment losses
(520)
(349)
(286)
300,026
283,497
243,203
Currency
Euro
142,969
118,456
90,857
Pound sterling
14,114
15,630
9,284
US dollar
50,671
48,189
38,161
Brazilian real
48,231
44,432
46,190
Other currencies
44,561
57,139
58,997
Debt securities excluding impairment adjustments
300,546
283,846
243,489
Impairment losses
(520)
(349)
(286)
300,026
283,497
243,203
The increase in the year of the debt securities portfolio under the
heading\u00a0 'Financial assets at fair value with changes in other
comprehensive income' is mainly due to the increase in exposure
to sovereign debt, as a result of greater activity in the markets
business, both its own and for distribution to clients.
Likewise, the increase in the debt securities portfolio under the
heading 'Financial assets at amortized cost' is due to the
continuation of the strategy started in year 2022 in which two new
business models were created for the optimization of excess
liquidity and the management of the maturity of the balance sheet
credit and deposit portfolios.
At 31 December 2025 , 2024 and 2023 the gross exposure by
impairment stage of the book assets amounted to EUR 196,509
million, EUR 196,514 million and EUR 176,697 million in stage 1;
EUR 1,480 million, EUR 597 million and EUR 203 million in stage 2,
and EUR 842 million, EUR 701 million and EUR 461 million in stage
3, respectively.
In addition, at 31 December 2025, the Group had EUR 8 million
(EUR 44\u00a0million at 31 December 2024) of exposure in assets
purchased with impairments, which correspond mainly to the
business combinations carried out by the Group with any additional
impairment signs.
8. Equity instruments
a) Breakdown
The detail, by classification and type, of Equity instruments in the
consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Classification
Financial assets held for trading
22,030
16,636
15,057
Non-trading financial assets
mandatorily at fair value through
profit or loss
5,815
4,641
4,068
Financial assets designated at fair
value through other
comprehensive income
2,281
2,193
1,761
30,126
23,470
20,886
Type
Shares of Spanish companies
5,083
3,730
3,540
Shares of foreign companies
21,633
17,153
15,185
Shares of investment funds
3,410
2,587
2,161
30,126
23,470
20,886
Note 29 contains a detail of the 'Other comprehensive income',
recognised in equity, on 'Financial assets designated at fair value
through other comprehensive income'.
a) Detail
The detail, by classification, of Loans and advances to customers in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Financial assets held for trading
32,766
26,591
11,634
Non-trading financial assets
mandatorily at fair value through
profit or loss
1,701
1,042
982
Financial assets designated at fair
value through profit or loss
4,739
4,610
6,219
Financial assets at fair value
through other comprehensive
income
12,906
10,784
7,669
Financial assets at amortized cost
985,176
1,011,042
1,009,845
Of which:
Impairment losses
(21,158)
(22,125)
(22,788)
1,037,288
1,054,069
1,036,349
Loans and advances to
customers disregarding
impairment losses
1,058,446
1,076,194
1,059,137
Note 51 contains a detail of the residual maturity periods of
'Financial assets at amortized cost'.
Note\u00a054 shows the Group\u2019s total exposure, by geographical origin
of the issuer.
There are no loans and advances to customers for material
amounts without fixed maturity dates.
20. Deposits from central banks and
credit institutions
The detail, by classification, counterparty, type and currency, of
'Deposits from central banks' and 'Deposits from credit institutions'
in the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
CENTRAL BANKS
Classification
Financial liabilities held for trading
12,385
13,300
7,808
Financial liabilities designated at fair
value through profit or loss
3,086
1,774
1,209
Financial liabilities at amortized cost
18,542
24,882
48,782
34,013
39,956
57,799
Type
Deposits on demand
856
405
117
Time deposits
14,709
18,488
43,853
Reverse repurchase agreements
18,448
21,063
13,829
34,013
39,956
57,799
CREDIT INSTITUTIONS
Classification
Financial liabilities held for trading
27,058
26,284
17,862
Financial liabilities designated at fair
value through profit or loss
1,424
1,625
1,735
Financial liabilities at amortized cost
74,692
90,012
81,246
103,174
117,921
100,843
Type
Deposits on demand
5,005
6,657
5,468
Time deposits
42,718
54,716
54,402
Reverse repurchase agreements
55,186
56,273
40,689
Subordinated deposits
265
275
284
103,174
117,921
100,843
Currency
Euro
54,588
53,779
53,921
Pound sterling
13,625
21,853
27,697
US dollar
43,466
57,992
49,447
Brazilian real
6,783
7,459
7,997
Other currencies
18,725
16,794
19,580
TOTAL
137,187
157,877
158,642
At 31 December 2025 and 2024, no conditional long-term
financing of the European Central Bank (TLTRO- Targeted Long-
Term Refinancing Operation-) was outstanding. As of 2023, the
balance of such financing amounted to EUR 11,583 million, all
corresponding to the TLTRO III financing program.
At 31 December 2025, no expense has been recognized in the
consolidated income statement corresponding to TLTRO III
(expenses of EUR 158 million and EUR 659 million at 31 December
2024 and 2023, respectively, as a result of the conditions of the
financing programme).
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost .
21. Customer deposits
The detail, by classification, geographical area and type, of
Customer deposits is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities held for trading
36,120
18,984
19,837
Financial liabilities designated at
fair value through profit or loss
25,930
25,407
32,052
Financial liabilities
at amortized cost
979,150
1,011,545
995,280
1,041,200
1,055,936
1,047,169
Geographical areaA
Spain
437,855
395,479
388,736
Rest of Europe
323,854
377,057
366,165
of which: United Kingdom
228,810
233,192
235,698
Rest of America
279,491
283,400
292,268
of which: United States
82,321
88,712
83,555
Rest of the world
\u2014
\u2014
\u2014
1,041,200
1,055,936
1,047,169
Type
Demand deposits-
646,125
677,818
661,262
Time deposits-
296,797
298,276
305,296
Deposits redeemable at notice
1,487
1,525
1,789
Repurchase agreements
96,791
78,317
78,822
1,041,200
1,055,936
1,047,169
A. According to the geography of the legal entity.
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost.
22. Marketable debt securities
a) Breakdown
The detail, by classification and type, of Marketable debt securities
is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities
held for trading
\u2014
\u2014
\u2014
Financial liabilities designated
at fair value through profit or loss
11,686
7,554
5,371
Financial liabilities
at amortized cost
312,704
317,967
303,208
324,390
325,521
308,579
Type
Bonds and debentures outstanding
253,893
252,765
231,880
Subordinated
28,859
35,461
30,529
Notes\u00a0and other securities
41,638
37,295
46,170
324,390
325,521
308,579
The distribution of the book value of debt securities issued by
contractual maturity at 31 December 2025 is shown below:
EUR million
Within 3
months
3 to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Subordinated debt
\u2014
798
1,760
2,277
24,024
28,859
Senior unsecured debt
10,509
13,643
51,461
34,465
35,618
145,696
Senior secured debt
11,529
12,308
43,661
28,106
12,593
108,197
Promissory notes and other securities
17,747
23,060
335
170
326
41,638
Debt securities issued
39,785
49,809
97,217
65,018
72,561
324,390
The distribution by contractual maturity of the notional amounts of
these debt securities issued at 31 December 2025 is as follows:
EUR million
Within 3
months
3 to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Subordinated debt
\u2014
790
1,744
2,255
22,926
27,715
Senior unsecured debt
10,056
12,654
50,189
34,089
36,469
143,457
Senior secured debt
11,038
12,110
43,467
28,116
12,513
107,244
Promissory notes and other securities
17,709
23,042
299
154
312
41,516
Debt securities issued
38,803
48,596
95,699
64,614
72,220
319,932
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1867": { "value": "
6. Loans and advances to central banks
and credit institutions
The detail, by classification, type and currency, of Loans and
advances to central banks and credit institutions in the
consolidated balance sheets is as follows:
EUR million
CENTRAL BANKS
2025
2024
2023
Classification
Financial assets held for trading
14,632
12,966
17,717
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value
through other comprehensive income
\u2014
\u2014
\u2014
Financial assets at amortised cost
15,986
16,179
20,082
30,618
29,145
37,799
Type
Time deposits
15,986
16,179
17,747
Reverse repurchase agreements
14,632
12,966
20,052
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
\u2014
\u2014
\u2014
30,618
29,145
37,799
CREDIT INSTITUTIONS
Classification
Financial assets held for trading
25,967
27,314
14,061
Non-trading financial assets mandatorily at
fair value through profit or loss
\u2014
\u2014
\u2014
Financial assets designated at fair value through profit or loss
413
408
459
Financial assets designated at fair value
through other comprehensive income
1,120
363
313
Financial assets at amortised cost
61,513
55,537
57,917
89,013
83,622
72,750
Type
Time deposits
10,665
9,036
8,560
Reverse repurchase agreements
52,365
48,932
35,846
Non- loans advances
25,987
25,659
28,353
Impaired assets
\u2014
\u2014
\u2014
Valuation adjustments for impairment
(4)
(5)
(9)
89,013
83,622
72,750
CURRENCY
Euro
43,697
43,347
34,229
Pound sterling
5,147
2,424
3,539
US dollar
23,320
22,539
17,602
Brazilian real
43,577
39,379
47,151
Other currencies
3,890
5,078
8,028
TOTAL
119,631
112,767
110,549
The loans and advances to credit institutions classified under
'Financial assets at amortised' cost are mainly time accounts and
deposits.
Note 51 contains a detail of their residual maturity periods.
This line item also includes irrevocable payment commitments to
the Single Resolution Fund made in accordance with article 70.3 of
Regulation 806/2014, which establishes uniform rules and a
uniform procedure for the resolution of credit institutions and
certain security service companies. investment within the
framework of a Single Resolution Mechanism and a Single
Resolution Fund, for which, in accordance with the standard, no
provision has been recorded, these commitments have not been
significant regarding the consolidated annual accounts.
At 31 December 2025 the gross exposure by impairment stage of
the assets accounted subject to impairment for amounts to EUR
78,623 million, EUR 0 million and EUR 0 million (EUR 72,084, EUR
0 million and EUR 0 million in 2024 and EUR 78,321 million, EUR 0
million and EUR 0 million in 2023 ), and the loan loss provision by
impairment stage amounts to EUR 4 million, EUR 0 million and EUR
0 million (EUR 5 million, EUR 0 million and EUR 0 million in 2024
and EUR 9 million, EUR 0 million and EUR 0 million in 2023 ) in
stage 1, stage 2 and stage 3, respectively.
7. Debt securities
a) Detail
The detail, by classification, type and currency, of Debt securities in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Classification
Financial assets held for trading
98,568
82,646
62,124
Non-trading financial assets mandatorily at fair value through profit or loss
245
447
860
Financial assets designated at fair value through profit or loss
2,894
2,897
3,095
Financial assets designated at fair value through other comprehensive income
58,305
76,558
73,565
Financial assets at amortised cost
140,014
120,949
103,559
300,026
283,497
243,203
Type
Spanish government debt securities
63,742
56,919
40,321
Foreign government debt securities
172,468
164,747
145,732
Issued by financial institutions
17,465
16,776
14,681
Other fixed-income securities
46,029
44,703
42,294
Impaired financial assets
842
701
461
Impairment losses
(520)
(349)
(286)
300,026
283,497
243,203
Currency
Euro
142,969
118,456
90,857
Pound sterling
14,114
15,630
9,284
US dollar
50,671
48,189
38,161
Brazilian real
48,231
44,432
46,190
Other currencies
44,561
57,139
58,997
Debt securities excluding impairment adjustments
300,546
283,846
243,489
Impairment losses
(520)
(349)
(286)
300,026
283,497
243,203
The increase in the year of the debt securities portfolio under the
heading\u00a0 'Financial assets at fair value with changes in other
comprehensive income' is mainly due to the increase in exposure
to sovereign debt, as a result of greater activity in the markets
business, both its own and for distribution to clients.
Likewise, the increase in the debt securities portfolio under the
heading 'Financial assets at amortized cost' is due to the
continuation of the strategy started in year 2022 in which two new
business models were created for the optimization of excess
liquidity and the management of the maturity of the balance sheet
credit and deposit portfolios.
At 31 December 2025 , 2024 and 2023 the gross exposure by
impairment stage of the book assets amounted to EUR 196,509
million, EUR 196,514 million and EUR 176,697 million in stage 1;
EUR 1,480 million, EUR 597 million and EUR 203 million in stage 2,
and EUR 842 million, EUR 701 million and EUR 461 million in stage
3, respectively.
In addition, at 31 December 2025, the Group had EUR 8 million
(EUR 44\u00a0million at 31 December 2024) of exposure in assets
purchased with impairments, which correspond mainly to the
business combinations carried out by the Group with any additional
impairment signs.
b) Breakdown
The breakdown, by origin of the issuer, of debt securities at 31
December 2025, 2024 and 2023, net of impairment losses, is as
follows:
EUR million
2025
2024
2023
Private
fixed-
income
Public
fixed-
income
Total
%
Private
fixed-
income
Public
fixed-
income
Total
%
Private
fixed-
income
Public
fixed-
income
Total
%
Spain
2,528
63,742
66,270
22.09%
1,901
56,919
58,820
20.75%
2,525
40,321
42,846
17.62%
United Kingdom
2,336
9,227
11,563
3.85%
3,077
9,903
12,980
4.58%
2,816
4,748
7,564
3.11%
Portugal
3,212
5,627
8,839
2.95%
3,224
5,138
8,362
2.95%
2,826
4,815
7,641
3.14%
Italy
2,821
24,215
27,036
9.01%
3,072
22,954
26,026
9.18%
2,968
12,945
15,913
6.54%
Ireland
4,239
42
4,281
1.43%
4,557
14
4,571
1.61%
5,632
11
5,643
2.32%
Poland
22
1,465
1,487
0.50%
2,472
15,224
17,696
6.24%
2,937
12,482
15,419
6.34%
Other European
countries
12,682
25,894
38,576
12.86%
11,593
12,702
24,295
8.57%
9,797
15,495
25,292
10.40%
United States
14,941
29,199
44,140
14.71%
12,475
27,811
40,286
14.21%
8,959
22,992
31,951
13.14%
Brazil
13,518
33,908
47,426
15.81%
12,738
32,645
45,383
16.01%
13,551
32,342
45,893
18.87%
Mexico
3,001
25,113
28,114
9.37%
2,190
20,822
23,012
8.12%
1,969
20,738
22,707
9.34%
Chile
137
8,567
8,704
2.90%
96
6,982
7,078
2.50%
49
11,995
12,044
4.95%
Other American
countries
3,254
5,954
9,208
3.07%
3,336
4,502
7,838
2.76%
2,315
2,546
4,861
2.00%
Rest of the world
1,125
3,257
4,382
1.45%
1,100
6,050
7,150
2.52%
806
4,623
5,429
2.23%
63,816
236,210
300,026
100%
61,831
221,666
283,497
100%
57,150
186,053
243,203
100%
The detail, by issuer rating, of Debt securities at 31 December
2025 , 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Private
fixed-
income
Public
fixed-
income
Total
%
Private
fixed-
income
Public
fixed-
income
Total
%
Private
fixed-
income
Public
fixed-
income
Total
%
AAA
15,952
9,320
25,272
8.42%
16,889
6,440
23,329
8.23%
15,152
7,887
23,039
9.47%
AA
19,598
42,451
62,049
20.68%
16,972
47,254
64,226
22.65%
15,142
36,704
51,846
21.32%
A
13,206
95,537
108,743
36.24%
10,056
87,814
97,870
34.53%
11,175
68,112
79,287
32.60%
BBB
6,872
50,066
56,938
18.98%
8,900
44,483
53,383
18.83%
7,749
39,173
46,922
19.29%
Below BBB
5,052
38,836
43,888
14.63%
5,543
35,675
41,218
14.54%
4,654
34,177
38,831
15.97%
Unrated
3,136
\u2014
3,136
1.05%
3,471
\u2014
3,471
1.22%
3,278
\u2014
3,278
1.35%
63,816
236,210
300,026
100%
61,831
221,666
283,497
100%
57,150
186,053
243,203
100%
During 2025, France's rating for sovereign issuances has been
modified from AA- to A+. During 2024, Portugal's rating for
sovereign issuances was modified from BBB+ to A-. For the year
2023, the distribution of the exposure by rating level of the
previous table was not affected by ratings reviews of the sovereign
issuers.
The detail, by type of financial instrument, of private fixed-income
securities at 31 December 2025 , 2024 and 2023, net of
impairment losses, is as follows:
EUR million
2025
2024
2023
Securitised mortgage bonds
10,514
10,709
9,310
Other asset-backed bonds
14,073
11,624
10,243
Floating rate debt
18,721
17,323
15,376
Fixed rate debt
20,508
22,175
22,221
Total
63,816
61,831
57,150
c) Impairment losses
The changes in the impairment losses on debt securities are
summarised below:
EUR million
2025
2024
2023
Balance at beginning of\u00a0year
349
286
226
Net impairment losses for the\u00a0yearA
182
226
24
Of which:
Impairment losses charged to
income
238
234
36
Impairment losses reversed with a
credit to income
(56)
(8)
(12)
Assets written off
\u2014
(131)
0
Exchange differences and other items
(11)
(32)
36
Balance at end of\u00a0year
520
349
286
Of which:
By geographical location of risk:
European Union
26
23
22
America
494
326
264
A. Of the EUR 182 million corresponding to net provisions for the year ended 31
December 2025 (EUR 226 million and EUR 24 million at 31 December 2024 and
2023, respectively), EUR 182 million relates to financial assets at amortized cost
(EUR 227 million and EUR 23 million at 31 December 2024 and 2023,
respectively) and EUR 0 million relates to financial assets designated at fair
value through other comprehensive income (EUR -1 million and EUR 1 million at
31 December 2024 and 2023 , respectively).
At 31 December 2025, 2024 and 2023 the loan loss provision by
impairment stage of the assets accounted for under IFRS9
amounted to EUR 62 million, EUR 39 million and EUR 30 million in
stage 1, EUR 66 million, EUR 9 million and EUR 8 million in stage 2,
and EUR 392 million, EUR 301 million and EUR 248 million in stage
3, respectively.
8. Equity instruments
a) Breakdown
The detail, by classification and type, of Equity instruments in the
consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Classification
Financial assets held for trading
22,030
16,636
15,057
Non-trading financial assets
mandatorily at fair value through
profit or loss
5,815
4,641
4,068
Financial assets designated at fair
value through other
comprehensive income
2,281
2,193
1,761
30,126
23,470
20,886
Type
Shares of Spanish companies
5,083
3,730
3,540
Shares of foreign companies
21,633
17,153
15,185
Shares of investment funds
3,410
2,587
2,161
30,126
23,470
20,886
Note 29 contains a detail of the 'Other comprehensive income',
recognised in equity, on 'Financial assets designated at fair value
through other comprehensive income'.
b) Changes
The changes in 'Financial assets at fair value through other
comprehensive income' were as follows:
EUR million
2025
2024
2023
Balance at beginning of\u00a0the year
2,193
1,761
1,941
Net additions (disposals)
(81)
(35)
11
Changes in the fair value of equity
instruments measured at fair value
through other comprehensive
income (EIGR)A
245
447
(162)
Changes in the RV hedged with
micro-hedging transactions
(76)
20
(29)
Balance at end of\u00a0year
2,281
2,193
1,761
A. They do not include fair value movements for currency risk hedged with hedging
instruments.
c) Notifications of acquisitions of investments
The notifications of the acquisitions and disposals of holdings in
investees made by the Bank in 2025 , in compliance with Article
155 of the Spanish Limited Liability Companies Law and Article 105
of Spanish Securities Market Law 24/1998, are listed in appendix
IV.
9. Trading derivatives (assets and
liabilities) and short positions
a) Trading Derivatives
The detail, by type of inherent risk, of the fair value of the trading
derivatives arranged by the Group is as follows (see note\u00a011):
EUR million
2025
2024
2023
Debit
balance
Credit
balance
Debit
balance
Credit
balance
Debit
balance
Credit
balance
Interest
rate risk
29,550
23,728
30,834
24,754
31,480
26,014
Currency
risk
24,755
20,508
29,395
29,110
22,834
23,094
Price risk
1,858
2,279
1,765
1,632
1,279
904
Other
risks
2,192
5,453
2,106
2,257
735
577
58,355
51,968
64,100
57,753
56,328
50,589
b) Short positions
Following is a breakdown of the short positions (liabilities):
EUR million
2025
2024
2023
Borrowed securities
Debt instruments
2,938
2,566
3,263
Of which:
Banco Santander, S.A.
1,555
1,347
1,383
Banco Santander M\u00e9xico, S.A.,
Instituci\u00f3n de Banca M\u00faltiple,
Grupo Financiero Santander
M\u00e9xico
1,358
1,199
1,881
Equity instruments
690
538
546
Of which:
Banco Santander, S.A.
429
358
312
Short sales
Debt instruments
40,387
32,726
22,365
Of which:
Banco Santander, S.A.
28,710
23,813
16,143
Banco Santander (Brasil) S.A.
7,417
5,950
3,462
Santander US Capital Markets
LLC
3,396
2,382
2,442
44,015
35,830
26,174
10. Loans and advances to customers
a) Detail
The detail, by classification, of Loans and advances to customers in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Financial assets held for trading
32,766
26,591
11,634
Non-trading financial assets
mandatorily at fair value through
profit or loss
1,701
1,042
982
Financial assets designated at fair
value through profit or loss
4,739
4,610
6,219
Financial assets at fair value
through other comprehensive
income
12,906
10,784
7,669
Financial assets at amortized cost
985,176
1,011,042
1,009,845
Of which:
Impairment losses
(21,158)
(22,125)
(22,788)
1,037,288
1,054,069
1,036,349
Loans and advances to
customers disregarding
impairment losses
1,058,446
1,076,194
1,059,137
Note 51 contains a detail of the residual maturity periods of
'Financial assets at amortized cost'.
Note\u00a054 shows the Group\u2019s total exposure, by geographical origin
of the issuer.
There are no loans and advances to customers for material
amounts without fixed maturity dates.
b) Breakdown
Following is a breakdown of the loans and advances granted to the
Group's customers, which reflect the Group's exposure to credit
risk in its main activity, without considering the balance of value
adjustments for impairment, taking into account the type and
situation of the transactions, the geographical area of their
residence and the type of interest rate on the transactions:
EUR million
2025
2024
2023
Loan type and status
Commercial credit
51,110
53,209
55,628
Secured loans
530,749
557,463
554,375
Reverse repurchase agreements
73,980
59,648
44,184
Other term loans
295,998
296,339
295,485
Finance leases
38,540
40,120
38,723
Receivable on demand
10,313
10,756
12,277
Credit cards receivables
26,179
24,928
24,371
Impaired assets
31,577
33,731
34,094
1,058,446
1,076,194
1,059,137
Geographical area
Spain
198,894
198,164
203,680
Rest of Europe
467,697
502,664
489,706
of which United Kingdom
258,739
266,934
263,808
The Americas
374,739
359,264
350,873
of which USA
135,088
136,054
126,529
of which Brazil
90,951
91,066
100,758
Rest of the world
17,116
16,102
14,878
1,058,446
1,076,194
1,059,137
Interest rate formula
Fixed rate
694,332
678,994
647,349
Floating rate
364,114
397,200
411,788
1,058,446
1,076,194
1,059,137
At 31 December 2025, 2024 and 2023 the Group had granted loans
amounting to EUR 18,127 million, EUR 16,562 million and EUR
15,544 million to Spanish public sector agencies which had a rating
at 31 December 2025 of A (ratings of A at 31 December 2024 and
31 December 2023 ), and EUR 16,248 million, EUR 13,593 million,
and EUR 11,530 million to the public sector in other countries (at
31 December 2025, the breakdown of this amount by issuer rating
was as follows: 3.6% AAA, 26.4% AA, 25.6% A, 27.5% BBB, 16.4%
below BBB and 0.5% without rating).
Without considering the public administrations, the amount of the
loans and advances at 31 December 2025, 2024 and 2023
amounts to EUR 1,024,071 million, EUR 1,046,039 million and EUR
1,032,063 million, of which, EUR 954,533 million, EUR 1,012,389
million and EUR 998,010 million are classified as performing,
respectively.
Following is a detail, by activity, of the loans to customers at 31
December 2025, net of impairment losses:
EUR million
Secured loans
Net exposure
Loan to value ratioC
Total
Without
collateral
Of\u00a0which
property
collateral
Of\u00a0which
other
collateral
Less than
or\u00a0equal
to 40%
More
than
40%\u00a0and
less\u00a0than
or\u00a0equal
to 60%
More
than
60%\u00a0and
less\u00a0than
or\u00a0equal
to 80%
More
than
80%\u00a0and
less\u00a0than
or\u00a0equal
to 100%
More
than
100%
Public sector
29,607
28,423
153
1,031
157
168
251
334
274
Other financial institutions (financial
business activity)
124,684
42,687
1,959
80,038
2,045
995
424
77,935
598
Non-financial corporations and individual
entrepreneurs (non-financial business
activity) (broken down by purpose)
318,284
179,529
63,124
75,631
23,917
26,942
19,168
45,306
23,422
Of which:
Construction and property
development
17,118
1,294
15,594
230
4,963
6,921
1,890
1,164
886
Civil engineering construction
2,522
1,732
19
771
93
84
39
470
104
Large companies
181,870
128,502
17,718
35,650
7,177
6,666
6,157
25,459
7,909
SMEs and individual entrepreneurs
116,774
48,001
29,793
38,980
11,684
13,271
11,082
18,213
14,523
Households\u00a0\u2013 other (broken down by
purpose)
542,623
108,903
338,778
94,942
100,584
126,917
113,075
55,214
37,930
Of which:
Residential
332,931
1,149
331,655
127
90,170
116,264
97,858
25,944
1,546
Consumer loans
192,576
104,388
1,667
86,521
5,909
8,063
13,297
24,977
35,942
Other purposes
17,116
3,366
5,456
8,294
4,505
2,590
1,920
4,293
442
TotalA
1,015,198
359,542
404,014
251,642
126,703
155,022
132,918
178,789
62,224
Memorandum item
Refinanced and restructured transactionsB
18,151
5,546
6,896
5,709
2,347
2,381
2,037
2,457
3,383
A. In addition, the Group has granted advances to customers am ounting to EUR 22,090 million, bringing the total of loans and advances to EUR 1,037,288 million.
B. Includes the net balance of the impairment of the accumulated value or accumulated losses in the fair value due to credit risk.
C. The ratio is the carrying amount of the transactions at 31 December 2025 provided by the latest available appraisal value of the collateral.
Note\u00a054 contains information relating to the forborne loan
portfolio.
Following is the movement of the gross exposure broken down by
impairment stage of loans and advances to customers recognised
under 'Financial assets at amortised cost' and 'Financial assets at
fair value through other comprehensive income' during 2025, 2024
and 2023:
2025
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning
of year
925,413
84,455
33,568
1,043,436
Movements
Transfers
To stage 2 from stage 1
(39,015)
39,015
\u2014
To stage 3 from stage 1
(12,097)
12,097
\u2014
To stage 3 from stage 2
(8,266)
8,266
\u2014
To stage 1 from stage 2
16,079
(16,079)
\u2014
To stage 2 from stage 3
1,764
(1,764)
\u2014
To stage 1 from stage 3
441
(441)
\u2014
Net changes on financial
assets
69,819
(12,940)
(4,436)
52,443
Write-offs
\u2014
\u2014
(13,266)
(13,266)
Exchange differences and
others
(54,818)
(6,369)
(2,493)
(63,680)
Balance at the end of the
year
905,822
81,580
31,531
1,018,933
2024
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning
of year
929,133
76,654
33,821
1,039,608
Movements
Transfers
To stage 2 from stage 1
(49,316)
49,316
\u2014
To stage 3 from stage 1
(11,517)
11,517
\u2014
To stage 3 from stage 2
(10,083)
10,083
\u2014
To stage 1 from stage 2
21,475
(21,475)
\u2014
To stage 2 from stage 3
2,358
(2,358)
\u2014
To stage 1 from stage 3
447
(447)
\u2014
Net changes on financial
assets
43,281
(11,616)
(4,889)
26,776
Write-offs
\u2014
\u2014
(13,212)
(13,212)
Exchange differences and
others
(8,090)
(699)
(947)
(9,736)
Balance at the end of the
year
925,413
84,455
33,568
1,043,436
2023
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning of
year
942,861
66,696
32,617
1,042,174
Movements
Transfers
To stage 2 from stage 1
(43,278)
43,278
\u2014
To stage 3 from stage 1
(12,636)
12,636
\u2014
To stage 3 from stage 2
(9,915)
9,915
\u2014
To stage 1 from stage 2
15,180
(15,180)
\u2014
To stage 2 from stage 3
2,899
(2,899)
\u2014
To stage 1 from stage 3
488
(488)
\u2014
Net changes on financial
assets
29,696
(10,673)
(4,218)
14,805
Write-offs
\u2014
\u2014
(13,847)
(13,847)
Exchange differences and
others
(3,178)
(451)
105
(3,524)
Balance at the end of the
year
929,133
76,654
33,821
1,039,608
In addition, at 31 December 2025 , the Group had E UR 307 million
(EUR 515 million at 31 December 2024 and EUR 694\u00a0 million at 31
December 2023) of exposure in assets purchased with impairment
of which EUR 46 million still show signs of additional impairment,
which correspond mainly to the business combinations carried out
by the Group.
c) Impairment losses on loans and advances to
customers at amortised cost and at fair value
through other comprehensive income
The changes in the impairment losses on the assets making up the
balances of financial assets at amortised cost and at fair value
through other comprehensive income - Loans and advances -
Customers:
EUR million
2025
2024
2023
Amount at beginning of the year
22,125
22,788
22,684
Impairment losses charged to income
for the year
14,144
13,428
13,805
Of which:
Impairment losses charged to profit
or loss
24,935
22,761
20,608
Impairment losses reversed with a
credit to profit or loss
(10,791)
(9,333)
(6,803)
Change of perimeter
\u2014
\u2014
(48)
Write-off of impaired balances against
recorded impairment allowance
(13,266)
(13,212)
(13,847)
Exchange differences and other
changes
(1,845)
(879)
194
Amount at end of the year
21,158
22,125
22,788
Which correspond to:
Impaired assets
13,527
14,088
14,238
Other assets
7,631
8,037
8,550
Of which:
Individually calculated
2,359
2,258
2,951
Collective calculated
18,799
19,867
19,837
In addition, provisions for debt securities amounting to EUR 182
million were recorded at 31 December 2025 (provisions amounting
to EUR 226 million and EUR 24 million as of 31 December 2024
and 2023, respectively), written-off assets recoveries have been
recorded in the\u00a0year amounting to EUR 1,791 million at 31
December 2025 (EUR 1,600 million and EUR 1,587 million at 31
December 2024 and 2023, respectively).
With this, the impairment recorded in Impairment or reversal of
impairment at financial assets not measured at fair value through\u00a0
profit or loss and net gains and losses from changes: 'Financial
assets at fair value through other comprehensive income' and
'Financial assets at amortised cost (IFRS 9) and, Loans and
receivables (IAS 39)'; amounts EUR 12,535 million at 31 December
2025 (EUR 12,136 million and EUR 12,298 million at 31 December
2024 and 2023, respectively).
Following is the movement of the loan loss provision broken down
by impairment stage of loans and advances to customers during
2025, 2024 and 2023:
2025
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,293
4,744
14,088
22,125
Transfers
To stage 2 from stage 1
(847)
2,734
1,887
To stage 3 from stage 1
(701)
4,931
4,230
To stage 3 from stage 2
(1,189)
2,760
1,571
To stage 1 from stage 2
82
(466)
(384)
To stage 2 from stage 3
177
(344)
(167)
To stage 1 from stage 3
16
(59)
(43)
Net changes of the
exposure and modifications
in the credit risk
1,269
(800)
6,581
7,050
Write-offs
\u2014
\u2014
(13,266)
(13,266)
FX and other movements
(112)
(569)
(1,164)
(1,845)
Loss allowance at the end
of the year
3,000
4,631
13,527
21,158
2024
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,596
4,954
14,238
22,788
Transfers
To stage 2 from stage 1
(626)
2,676
2,050
To stage 3 from stage 1
(385)
4,548
4,163
To stage 3 from stage 2
(1,591)
3,444
1,853
To stage 1 from stage 2
109
(725)
(616)
To stage 2 from stage 3
278
(693)
(415)
To stage 1 from stage 3
23
(156)
(133)
Net changes of the exposure
and modifications in the
credit risk
755
(704)
6,655
6,706
Write-offs
\u2014
\u2014
(13,212)
(13,212)
FX and other movements
(179)
(144)
(736)
(1,059)
Loss allowance at the end
of the year
3,293
4,744
14,088
22,125
2023
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,626
5,127
13,931
22,684
Transfers
To stage 2 from stage 1
(696)
2,954
2,258
To stage 3 from stage 1
(405)
4,278
3,873
To stage 3 from stage 2
(1,820)
3,721
1,901
To stage 1 from stage 2
149
(905)
(756)
To stage 2 from stage 3
282
(920)
(638)
To stage 1 from stage 3
27
(184)
(157)
Net changes of the exposure
and modifications in the
credit risk
875
(557)
7,212
7,530
Write-offs
\u2014
\u2014
(13,847)
(13,847)
FX and other movements
20
(127)
47
(60)
Loss allowance at the end
of the year
3,596
4,954
14,238
22,788
d) Impaired assets and assets with unpaid past-
due amounts
The detail of the changes in the balance of the financial assets
classified as 'Financial assets Loans to customers' considered to be
impaired due to credit risk is as follows:
EUR million
2025
2024
2023
Balance at beginning of year
33,731
34,094
32,888
Net additions
13,648
13,779
14,944
Written-off assets
(13,266)
(13,212)
(13,847)
Changes in the scope of
consolidation
\u2014
17
(59)
Exchange differences and other
(2,536)
(947)
168
Balance at end of year
31,577
33,731
34,094
This amount, after deducting the related allowances, represents
the Group\u2019s best estimate of the discounted value of the flows that
are expected to be recovered from the impaired assets.
At 31 December 2025, the Group\u2019s written-off assets totalled EUR
51,435 million (EUR 49,939 million and EUR 48,138 million at 31
December 2024 and 2023, respectively).
Set forth below for each class of impaired asset are the gross
amount, associated allowances and information relating to the
collateral and/or other credit enhancements obtained at 31
December 2025:
EUR million
Gross
amount
Allowance
recognised
Estimated
collateral
valueA
Without associated real
collateral
13,846
8,133
\u2014
With real estate collateral
7,777
1,759
5,657
With other collateral
9,954
3,635
5,424
Total
31,577
13,527
11,081
A. Including the estimated value of the collateral associated with each loan.
Accordingly, any other cash flows that may be obtained, such as those arising
from borrowers\u2019 personal guarantees, are not included.
When classifying assets in the previous table, the main factors
considered by the Group to determine whether an asset has
become impaired are the existence of amounts past due\u00a0\u2014assets
impaired due to arrears\u2014 or other circumstances that may arise
which will not result in all contractual cash flows being recovered,
such as a deterioration of the borrower\u2019s financial situation, the
worsening of its capacity to generate funds or difficulties
experienced by it in accessing credit.
e) Transferred credits
'Loans and advances to customers' includes, inter alia, the
securitised loans transferred to third parties on which the Group
has\u00a0retained\u00a0the risks and rewards, albeit partially, and which
therefore, in accordance with the applicable accounting standards,
cannot be derecognised. This is mainly due to mortgage loans,
loans to companies and consumer loans in which the group retains
subordinate financing and/or grants some kind of credit
enhancement to new holders.
Securitisation is used as a tool for the management of regulatory
capital and as a means of diversifying the Group's liquidity sources.
The breakdown of securitized loans held on the balance sheet,
according to the nature of the financial instrument in which they
are originated, is shown below:
EUR million
2025
2024
2023
Retained on the balance sheet
80,072
80,824
75,738
Of which
Securitised mortgage assets
19,640
17,782
16,994
Of which: UK assets
10,236
9,034
6,096
Other securitised assets
60,432
63,042
58,744
TotalA
80,072
80,824
75,738
A. Note 22 details the liabilities associated with these securitisation transactions.
At 31 December 2025, Grupo Santander had loans that had been
fully derecognised and for which it retained servicing amounting to
EUR 12,174 million (EUR 14,919 million and EUR 13,923 million at
31 December 2024 and 2023, respectively).
20. Deposits from central banks and
credit institutions
The detail, by classification, counterparty, type and currency, of
'Deposits from central banks' and 'Deposits from credit institutions'
in the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
CENTRAL BANKS
Classification
Financial liabilities held for trading
12,385
13,300
7,808
Financial liabilities designated at fair
value through profit or loss
3,086
1,774
1,209
Financial liabilities at amortized cost
18,542
24,882
48,782
34,013
39,956
57,799
Type
Deposits on demand
856
405
117
Time deposits
14,709
18,488
43,853
Reverse repurchase agreements
18,448
21,063
13,829
34,013
39,956
57,799
CREDIT INSTITUTIONS
Classification
Financial liabilities held for trading
27,058
26,284
17,862
Financial liabilities designated at fair
value through profit or loss
1,424
1,625
1,735
Financial liabilities at amortized cost
74,692
90,012
81,246
103,174
117,921
100,843
Type
Deposits on demand
5,005
6,657
5,468
Time deposits
42,718
54,716
54,402
Reverse repurchase agreements
55,186
56,273
40,689
Subordinated deposits
265
275
284
103,174
117,921
100,843
Currency
Euro
54,588
53,779
53,921
Pound sterling
13,625
21,853
27,697
US dollar
43,466
57,992
49,447
Brazilian real
6,783
7,459
7,997
Other currencies
18,725
16,794
19,580
TOTAL
137,187
157,877
158,642
At 31 December 2025 and 2024, no conditional long-term
financing of the European Central Bank (TLTRO- Targeted Long-
Term Refinancing Operation-) was outstanding. As of 2023, the
balance of such financing amounted to EUR 11,583 million, all
corresponding to the TLTRO III financing program.
At 31 December 2025, no expense has been recognized in the
consolidated income statement corresponding to TLTRO III
(expenses of EUR 158 million and EUR 659 million at 31 December
2024 and 2023, respectively, as a result of the conditions of the
financing programme).
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost .
21. Customer deposits
The detail, by classification, geographical area and type, of
Customer deposits is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities held for trading
36,120
18,984
19,837
Financial liabilities designated at
fair value through profit or loss
25,930
25,407
32,052
Financial liabilities
at amortized cost
979,150
1,011,545
995,280
1,041,200
1,055,936
1,047,169
Geographical areaA
Spain
437,855
395,479
388,736
Rest of Europe
323,854
377,057
366,165
of which: United Kingdom
228,810
233,192
235,698
Rest of America
279,491
283,400
292,268
of which: United States
82,321
88,712
83,555
Rest of the world
\u2014
\u2014
\u2014
1,041,200
1,055,936
1,047,169
Type
Demand deposits-
646,125
677,818
661,262
Time deposits-
296,797
298,276
305,296
Deposits redeemable at notice
1,487
1,525
1,789
Repurchase agreements
96,791
78,317
78,822
1,041,200
1,055,936
1,047,169
A. According to the geography of the legal entity.
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost.
22. Marketable debt securities
a) Breakdown
The detail, by classification and type, of Marketable debt securities
is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities
held for trading
\u2014
\u2014
\u2014
Financial liabilities designated
at fair value through profit or loss
11,686
7,554
5,371
Financial liabilities
at amortized cost
312,704
317,967
303,208
324,390
325,521
308,579
Type
Bonds and debentures outstanding
253,893
252,765
231,880
Subordinated
28,859
35,461
30,529
Notes\u00a0and other securities
41,638
37,295
46,170
324,390
325,521
308,579
The distribution of the book value of debt securities issued by
contractual maturity at 31 December 2025 is shown below:
EUR million
Within 3
months
3 to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Subordinated debt
\u2014
798
1,760
2,277
24,024
28,859
Senior unsecured debt
10,509
13,643
51,461
34,465
35,618
145,696
Senior secured debt
11,529
12,308
43,661
28,106
12,593
108,197
Promissory notes and other securities
17,747
23,060
335
170
326
41,638
Debt securities issued
39,785
49,809
97,217
65,018
72,561
324,390
The distribution by contractual maturity of the notional amounts of
these debt securities issued at 31 December 2025 is as follows:
EUR million
Within 3
months
3 to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Subordinated debt
\u2014
790
1,744
2,255
22,926
27,715
Senior unsecured debt
10,056
12,654
50,189
34,089
36,469
143,457
Senior secured debt
11,038
12,110
43,467
28,116
12,513
107,244
Promissory notes and other securities
17,709
23,042
299
154
312
41,516
Debt securities issued
38,803
48,596
95,699
64,614
72,220
319,932
b) Bonds and debentures outstanding
The detail, by currency of issue, of\u00a0 'Bonds and debentures
outstanding' is as follows:
EUR million
2025
Currency of issue
2025
2024
2023
Outstanding issue
amount in foreign
currency (Million)
Annual
interest rate
(%)
Euro
117,350
110,973
101,657
117,350
2.72%
US dollar
71,140
79,740
70,229
83,632
4.73%
Pound sterling
25,548
23,961
20,520
22,301
5.14%
Brazilian real
21,848
18,683
21,861
141,089
14.21%
Chilean peso
4,697
4,579
4,921
4,977,648
3.61%
Other currencies
13,310
14,829
12,692
Balance at end of year
253,893
252,765
231,880
The changes in 'Bonds and debentures outstanding' were as follows:
EUR million
2025
2024
2023
Balance at beginning of year
252,765
231,880
211,597
Net inclusion of entities in the Group
\u2014
(1,224)
(1,467)
Of which:
SPIRE SA Compartment 2023-374
\u2014
(1,224)
\u2014
Auto ABS UK Loans PLC
\u2014
\u2014
(841)
PSA Bank Deutschland GmbH
\u2014
\u2014
(626)
Issues
72,014
77,921
68,568
Of which:
Banco Santander, S.A.
12,682
20,559
19,706
Banco Santander (Brasil) S.A.
11,827
8,039
12,781
Santander Group UK
11,450
9,884
6,002
Santander Consumer USA Holdings Inc.
8,705
8,949
7,309
Santander International Products, Plc.
5,071
2,752
1,054
Stellantis Financial Services Italia S.p.A.
2,020
2,021
761
Santander Consumer Bank S.p.A.
1,799
1,001
1,460
Santander Holdings USA, Inc.
1,772
3,004
1,850
Fondo de Titulizaci\u00f3n, Santander Consumo 8
1,523
\u2014
\u2014
Fondo de Titulizaci\u00f3n, Santander Consumo 9
1,421
\u2014
\u2014
Banco Santander - Chile
1,204
1,171
814
Santander Consumer Finance, S.A.
1,181
2,271
2,557
Banco Santander Totta, S.A.
1,069
1,129
1,734
Santander Bank, National Association
853
4,133
1,346
SC Germany S.A., Compartment Consumer 2025-2
850
\u2014
\u2014
SC Austria S.\u00e0 r.l., Compartment Consumer 2025-1
803
\u2014
\u2014
Secucor Finance 2025-1 Designated Activity Company
801
\u2014
\u2014
Banco Santander M\u00e9xico, S.A., Instituci\u00f3n de Banca M\u00faltiple, Grupo Financiero Santander M\u00e9xico
787
875
634
Hyundai Capital Bank Europe GmbH Italy
749
\u2014
\u2014
Banque Stellantis France
728
897
1,145
Santander Consumer Bank AG
\u2014
180
1,256
SC Germany S.A., Compartment Consumer 2024-1
\u2014
1,500
\u2014
Santander Consumo 6, F.T.
\u2014
1,230
\u2014
Santander Consumo 7, F.T.
\u2014
1,218
\u2014
Santander Bank Polska S.A.
\u2014
1,002
1,102
SC Germany S.A., Compartment Consumer 2024-2
\u2014
1,000
\u2014
Redemptions and repurchases
(60,335)
(57,676)
(48,825)
Of which:
Banco Santander, S.A.
(14,854)
(15,888)
(7,889)
Banco Santander (Brasil) S.A.
(9,430)
(6,919)
(10,542)
Santander Consumer USA Holdings Inc.
(7,905)
(10,806)
(14,466)
Santander Group UK
(4,936)
(7,764)
(6,185)
Santander Consumer Finance, S.A.
(2,743)
(2,900)
(1,800)
Santander Holdings USA, Inc.
(2,693)
(1,387)
\u2014
Santander Bank, National Association
(2,648)
(1,440)
(567)
Banco Santander M\u00e9xico, S.A., Instituci\u00f3n de Banca M\u00faltiple, Grupo Financiero Santander M\u00e9xico
(2,084)
(122)
(140)
Banco Santander - Chile
(1,930)
(1,486)
(575)
Santander International Products, Plc.
(1,327)
(584)
(728)
Santander Consumer Bank S.p.A.
(1,327)
(233)
(266)
Santander Consumer Bank AS
(1,174)
(839)
(681)
Banque Stellantis France
(746)
(565)
(813)
Stellantis Financial Services Italia S.p.A.
(698)
(22)
\u2014
Banco Santander Totta, S.A.
(223)
(1,055)
(108)
Exchange differences and other movements
(10,551)
1,864
2,007
Balance at\u00a0year-end
253,893
252,765
231,880
c) Notes and other securities
The notes of the Group (see Note 22.a) were issued basically by
Santander Consumer Finance, S.A., Santander UK plc, Banco
Santander (M\u00e9xico), S.A. Instituci\u00f3n de Banca M\u00faltiple, Grupo
Financiero Santander M\u00e9xico, Banco Santander, S.A., Santander
Consumer Bank AG, Banque Stellantis France, Banco Santander -
Chile and Banco Santander S.A. - Uruguay.
d) Guarantees
Set forth below is information on the liabilities secured by assets:
EUR million
2025
2024
2023
Asset-backed securities
55,031
49,723
37,717
Of which, mortgage-backed
securities
5,961
4,377
3,019
Other mortgage securities
51,438
50,141
49,478
Of which: mortgage-backed bonds
22,624
22,631
24,619
Covered bonds (non mortgage and
export financing)
1,728
995
764
108,197
100,859
87,959
The main characteristics of the assets securing the aforementioned
financial liabilities are as follows:
1. Asset-backed securities
a. Mortgage-backed securities- these securities are secured by
mortgage assets (see Note\u00a010.e) with average maturities of
more than ten years that must: be a first mortgage for
acquisition of principal or second residence, be current in
payments, have a loan-to-value ratio below 80% and have a
liability insurance policy in force covering at least the appraisal
value. The value of the financial liabilities broken down in the
foregoing table is lower than the balance of the assets securing
them\u00a0\u2014securitised assets retained on the balance sheet\u2014
mainly because the Group repurchases a portion of the bonds
issued, and in such cases they are not recognised on the liability
side of the consolidated balance sheet.
b. Other asset\u00a0- backed securities: includes asset-backed
securities, notes issued by securitization funds collateralized
mainly by mortgage loans that do not meet the above
requirements and other loans (mainly personal loans with an
average maturity of five years and loans to SMEs with average
maturities of seven years) and private issues of Santander
Consumer USA Holdings Inc. collateralized by vehicles assigned
under operating leases.
2. Other mortgage securities include mainly:
a. Mortgage-backed bonds with average maturities of more than
ten years that are secured by a portfolio of mortgage loans and
credits (included in secured loans\u00a0 \u2014see note\u00a010.b\u2014) which
must: not be classified as of procedural stage; have available
appraisals performed by specialised entities; have a loan-to-
value (LTV) ratio below 80% in the case of home loans and
below 60% for loans for other assets and have sufficient
liability insurance.
b. Other debt securities issued as part of the Group\u2019s liquidity
strategy in the UK, mainly covered bonds in the UK secured by
mortgage loans and other assets.
Grupo Santander has a balance corresponding to mortgage bonds
at 31 December 2025 of EUR 22,624 million (all of them issued in
euros), which correspond to issues of Banco Santander, S.A. (with
an outstanding face value of EUR 22,360 million).
The issuing entity may repay the mortgage bonds early, if this has
been expressly established in the final conditions of the issue in
question and in the conditions established there.
None of the mortgage bonds issued by Banco Santander have
replacement assets involved.
During 2023, the Bank of Spain has published Circular 1/2023 of 4
February , which modifies Circular 4/2017, repealing the
breakdown in the annual accounts and the information related to
internal accounting development and management control.
Additionally, Banco Santander, S.A. issues internationalization
certificates, which are securities whose capital and interest are
guaranteed by loans and credits that are linked to the financing of
export contracts or the internationalization of companies.
The fair value of the guarantees received by the Group (financial
and non-financial assets) which the Group is authorised to sell or
pledge even if the owner of the guarantee has not defaulted is
scantly material taking into account the Consolidated financial
statements as a whole.
23. Subordinated liabilities
a) Breakdown
The detail, by currency of issue, of Subordinated liabilities, deposits
and marketable debt securities,\u00a0 in the consolidated balance sheets
is as follows:
EUR million
2025
2025
2024
2023
Outstanding issue
amount in foreign
currency (million)
Annual interest
rate (%)
Currency of issue
Euro
11,402
14,999
13,684
11,402
4.55%
US dollar
9,750
13,425
11,300
11,462
6.53%
Brazilian real
4,354
3,600
2,518
28,117
16.30%
Pound sterling
1,347
1,409
1,353
1,176
4.28%
Other currencies
2,434
2,380
2,057
Balance at end of\u00a0year
29,287
35,813
30,912
Note 51 contains a detail of the residual maturity periods of
subordinated liabilities at each year-end.
b) Changes
The movement in the balance of subordinated liabilities in the last
three\u00a0years were as follows:
EUR million
2025
2024
2023
Balance at beginning of\u00a0year
35,813
30,912
25,926
Net inclusion of entities in the Group
\u2014
\u2014
(40)
IssuancesA
2,287
7,001
7,007
Of which:
Banco Santander, S.A.
1,862
5,625
5,610
Banco Santander (Brasil) S.A.
375
1,338
1,112
Banque Stellantis France
\u2014
25
150
Redemptions and repurchasesA
(7,110)
(2,572)
(1,781)
Of which:
Banco Santander, S.A.
(6,754)
(2,433)
(1,000)
Santander UK Group Holdings plc
(352)
\u2014
\u2014
Santander Bank Polska S.A.
\u2014
(100)
\u2014
Santander UK plc
\u2014
\u2014
(702)
Banque Stellantis France
\u2014
\u2014
(78)
Exchange differences and other
movements
(1,703)
472
(200)
Balance at end of\u00a0year
29,287
35,813
30,912
A. The balance relating to issuances, redemptions and repurchases (EUR 4,823
million), together with the interest paid in remuneration of these issuances
including PPCC (EUR 1,560 million), is included in the cash flow from financing
activities.
c) Other disclosures
This caption includes contingent convertible or redeemable
preferred participations, as well as other subordinated financial
instruments issued by consolidated companies, which do not
qualify as equity (preferred shares).
Preferred shares do not have voting rights and are non-cumulative.
They have been subscribed by third parties outside the Group, and
except for the issuances of Santander UK plc, the rest are
redeemable by decision of the issuer, according to the terms of
each issue.
Banco Santander's contingently convertible preferred
participations are subordinated debentures and rank after common
creditors and any other subordinated credit that by law and/or by
their terms, to the extent permitted by Spanish law, ranks higher
than the contingently convertible preferred participations. Their
remuneration is conditioned to the obtainment of sufficient
distributable profits, and to the limitations imposed by the
regulations on shareholders' equity, and they have no voting
rights. The other issues of Banco Santander, S.A. mentioned in this
caption are also subordinated debentures and, for credit ranking
purposes, they rank behind all the common creditors of the issuing
entities and ahead of any other subordinated credit that ranks pari
passu with the Bank's contingently convertible preferred
participations.
The main issuances of subordinated debt securities, broken down
by company, are detailed below:
Issuances by Banco Santander, S.A.
On 1 December 2025, Banco Santander, S.A. has proceeded to
redeem in advance all the issued subordinated obligations: 'EUR
60,000,000', with original maturity date on December 2026 and
with ISIN code XS1492669509.
On 19 November 2025, Banco Santander, S.A. carried out an
issuance for an amount of USD 1,500\u00a0million with ISIN code
US05971KAA79.
On 24 September 2025, Banco Santander, S.A. proceeded to
redeem in advance all the issued subordinated obligations: 'EUR
50,000,000 Fixed/Floating', with original maturity date on March
2029 and with ISIN code XS1585005314.
On 5 August 2025, Banco Santander, S.A. proceeded to redeem in
advance the subordinated debt issuances with ISIN code
XS1384064587, for a nominal amount of EUR 1,500\u00a0million, with a
coupon of 3.250% and original maturity date on April 2026 and
with ISIN code XS1548444816, for a nominal amount of EUR
1,000\u00a0million, with a coupon of 3.125% and original maturity date
on January 2027.
On 2 July 2025, Banco Santander, S.A. proceeded to repurchase for
their subsequent redeem in advance the contingently convertible
preferred shares with ISIN code XS2102912966, for a total nominal
amount of EUR 466.6 million and which are traded on the market
of the Irish Stock Exchange 'Global Exchange Market', leaving the
amount in circulation at\u00a0 EUR 1,033.4 million.
On 2 July 2025, Banco Santander, S.A. carried out a placement of
preference shares contingently convertible into newly issued
ordinary shares of the Bank (PPCC), for a nominal amount of EUR
1,500\u00a0million with ISIN code XS3100756637 . The Issuance has
been made at par and the remuneration of the PPCC, whose
payment is subject to certain conditions and is also discretionary,
has been set at 6% quarterly for the first six years, being reviewed
every five years thereafter by applying a margin of 381.9 basis
points over the five-year mid-swap rate.
On 18 March 2025, Banco Santander, S.A. carried out an issuance
for an amount of EUR 1,500\u00a0million with ISIN code XS1201001572.
On 17 February 2025, Banco Santander, S.A. prepaid EUR
600.8\u00a0million out of a total of EUR 1,500\u00a0million of the transaction
with ISIN XS138406464587 following the tender announcement
launched on 6 February 2025.
On 17 February 2025, Banco Santander, S.A. prepaid EUR
563.6\u00a0million euros out of a total of EUR 1,000\u00a0million of the
transaction with ISIN XS1548444816 following the tender
announcement launched on 6 February 2025.
On 1 August 2024, Banco Santander, S.A. carried out a placement
of preference shares contingently convertible into newly issued
ordinary shares of the Bank (PPCC), for a nominal amount of USD
1,500\u00a0million (valued at EUR 1,356\u00a0million ). The issuance has been
made at par and the remuneration of the PPCC, whose payment is
subject to certain conditions and is also discretionary, has been set
at 8% annually for the first ten years, being reviewed every five
years thereafter by applying a margin of 391.1 basis points over
the 5-year mid-swap rate.
On 20 May 2024, Banco Santander, S.A., proceeded to partially
redeem in advance the contingently convertible preferred shares
with ISIN code XS1793250041, for a total nominal amount of EUR
1,312\u00a0million and which are traded on the market of the Irish Stock
Exchange 'Global Exchange Market' (the 'PPCC'), leaving the
amount in circulation at EUR 187.6\u00a0million.
On 20 May 2024, Banco Santander, S.A. carried out a placement of
preference shares contingently convertible into newly issued
ordinary shares of the Bank (PPCC), for a nominal amount of EUR
1,500\u00a0million. The Issuance has been made at par and the
remuneration of the PPCC, whose payment is subject to certain
conditions and is also discretionary, has been set at 7% annually
for the first six years, being reviewed every five years thereafter by
applying a margin of 443.2 basis points over the 5-year mid-swap
rate.
On 14 March 2024, Banco Santander, S.A. issued subordinated
obligations for an amount of USD 1,250\u00a0million (valued at EUR
1,158\u00a0million) for a term of 10 years. The issuance was made at par
and the issue coupon was set at 6.35% per year, payable bi-
annually.
On 8 February 2024, Banco Santander, S.A., proceeded to prepay
all of the contingently convertible Tier 1 preferred shares with ISIN
code XS1951093894, for a total nominal amount of USD
1,200\u00a0million (valued at EUR 1,110\u00a0million) and that were traded
on the Irish Stock Exchange 'Global Exchange Market' (the 'PPCC').
On 22 January 2024, Banco Santander, S.A. issued subordinated
bonds for an amount of EUR 1,250\u00a0million for a term of 10 years
and 3 months. The issue was carried out at 99.74% and the issue
coupon was set at 5% per year for the first 5 years and 3 months,
with an amortization option in April 2029, reviewing the coupon, in
case of non-amortization, at a fixed rate equivalent to a margin of
250 points plus the 5-year Euro swap rate.
On 29 December 2023,\u00a0 Banco Santander, S.A., proceeded to
prepay all the Tier 1 Contingently Convertible Preferred Securities
with ISIN code\u00a0 XS1692931121 for a total nominal amount of EUR
1,000\u00a0million and which were traded on the Irish Stock Market
'Global Exchange Market' (the 'PPCC').
On 21 November 2023, Banco Santander, S.A., carried out a
placement of two series of contingently convertible preferred
shares into newly issued ordinary shares of the Bank, for a total
nominal amount of USD 1,150\u00a0million (EUR 1,054\u00a0million at the
exchange rate on the day of issue) and USD 1,350\u00a0million (EUR
1,235\u00a0million at the exchange rate on the day of issue),
respectively.
The issue was carried out at par and the remuneration of the PPCC,
whose payment is subject to certain conditions and is also
discretionary, was set (i) for the first Series at 9.625% annually for
the first five years and six months, being reviewed every five years
thereafter by applying a margin of 530.6 basis points on the five-
year UST rate (5-year UST), and (ii) for the second Series at 9.625%
annually for the first ten years, being reviewed thereafter every
five years, applying a margin of 529.8 basis points on the five-year
UST rate.
On 8 August 2023, Banco Santander, S.A. carried out an issuance of
subordinated obligations for an amount of 2,000\u00a0million dollars
(1,821\u00a0million euros at the exchange rate on the day of issuance).
The issue was carried out at par coupon was set at 6.921% per
year, payable semiannually during the 10-year life of the
operation.
On 23 May 2023, Banco Santander, S.A. issued subordinated bonds
for an amount of 1,500\u00a0million euros for a term of 10 years and 3
months. The issue was carried at 99.739% and the coupon of the
issue was set at 5.75% annually for the first 5 years and 3 months,
with the option of amortization in August 2028, revising the
coupon, in case of non-amortization, at a margin of 285 points plus
the Euro Swap type 5 years.
On 25 April 2022, Banco Santander, S.A. proceeded to prepay all
the Tier 1 Contingently Convertible Preferred Securities with ISIN
code XS1602466424 and common code 160246642 in circulation,
for a total nominal amount of EUR 750\u00a0million and which were
traded on the Irish Stock Market 'Global Exchange Market' (the
'PPCC').
On 22\u00a0 November 2021, Banco Santander, S.A. issued subordinated
debentures for a term of eleven years, with a redemption option on
the tenth anniversary of the issue date, in the amount of USD
1,000\u00a0million (EUR 1,007\u00a0million at the exchange rate on the day of
issue). The issue bears interest at an annual rate of 3.225%,
payable semi-annually, for the first ten years. This issue has an
early redemption option in the tenth year from the issue date and if
the redemption is not executed in the tenth year, the coupon is
repriced at a margin of 160 points over the one-year US
government bond.
On 4 October 2021, Banco Santander, S.A. issued subordinated
debentures for a term of eleven years, with a redemption option on
the sixth anniversary of the issue date, amounting to GBP
850\u00a0million (EUR 887\u00a0million at the exchange rate on the day of
issue). The issue bears interest at an annual rate of 2.25%, payable
annually for the first six years (then repricing at a margin of 165
points over the 5-year UK government bond).
On 21 September 2021, Banco Santander, S.A. carried out a
placement of preferential shares contingently convertible into
newly issued ordinary shares of the Bank ('PPCC') for a nominal
amount of EUR 1,000\u00a0million (issue placed on the market EUR
997\u00a0million ). The issuance was carried out at par and the
remuneration of the PPCC, whose payment is subject to certain
conditions and is also discretionary, was set at 3.625% per year for
the first eight years , being reviewed every five years applying a
margin of 376 basis points over the 5-year Mid-Swap Rate.
On 12 May 2021, Banco Santander, S.A. placed the issue of
preference shares contingently convertible into newly issued
ordinary shares of the Bank, previously announced, for a total
nominal amount of\u00a0 EUR 1,578\u00a0million, issued in a Series in Dollars
of\u00a0 USD 1,000\u00a0million (EUR 828\u00a0million at the exchange rate on the
day of issue) and a Series in Euros for an amount of EUR
750\u00a0million. The issuance was carried out at par and the
remuneration of the PPCC, whose payment is subject to certain
conditions and is also discretionary, was set (i) for the Series in
Dollars at 4.750% per annum for the first six years, being revised
every five years applying a margin of 375.3 basis points over the 5-
year UST rate and (ii) for the Series in Euros by 4.125% per annum
for the first seven years, being revised every five years applying a
margin of 431.1 basis points over the applicable 5-year euro mid-
swap.
On 3 December 2020, Banco Santander, S.A. issued subordinated
debentures with a ten-year term of USD 1,500\u00a0million (EUR
1,222\u00a0million at the date of issue). The issue bears interest at an
annual rate of 2.749%, payable semiannually.
On 22 October 2020, it carried out a ten-year subordinated
debenture issue for an amount of EUR 1,000\u00a0million. The issue
bears interest at an annual rate of 1.625%, payable annually.
On 14 January 2020, it carried out a placement of contingently
convertible preferred participations into newly issued ordinary
shares of the Bank (the 'PPCCs'), excluding the pre-emptive
subscription rights of its shareholders and for a nominal amount of\u00a0
EUR 1,500\u00a0million (the 'Issuance' and the 'PPCCs'). The Issuance
was made at par and the remuneration of the PPCCs, the payment
of which is subject to certain conditions and is also discretionary,
was set at 4.375% per annum for the first six years, revised every
five years thereafter by applying a margin of 453.4 basis points
over the 5-year mid-Swap Rate (5-year mid-Swap Rate).
On 8 February 2018, a ten-year subordinated debenture issuance
of EUR 1,250\u00a0million was carried out. The issue accrues annual
interest of 2.125% payable annually.
Issuances by Banco Santander (Brasil) S.A.
In early December 2025, Brazil closed a Tier 2 subordinated debt
issuance in its local market with a 10-year term and the first call
date at 5 years, for an amount of BRL 2.4\u00a0billion. The issuance price
was 10y CDI + 65 bps.
At September 2024, Brazil issued AT1 Financial Notes (PerpNC5) in
its local market for an amount of BRL 7,600 million at CDI + 140%
(equivalent to UST +222 bps).
At the beginning of October 2023, Banco Santander (Brasil) S.A.
carried out an issuance of Subordinated Financial Bills (TIER II) in its
local market for a 10-year term, with a repurchase option as of the
fifth anniversary of the issuance date, in the amount of BRL
6,000\u00a0million. The issuance price was CDI +1.6% per annum,
payable at maturity.
At the end of November 2021, Banco Santander (Brasil) S.A. carried
aout an issuance of Subordinated Financial Bills (TIER II) in its local
market for a 10-year term, with a repurchase option as of the fifth
anniversary of the issue date, in the amount of BRL 5,500\u00a0million.
The issue price was CDI 2% per annum, payable at maturity.
Issuance by Santander Bank Polska S.A.
At 28 November 2024, Santander Bank Polska S.A proceeded to
repay subordinated debt ISIN XS0531310182 for EUR 100\u00a0million.
The debt was originally fully subscribed by the EBRD at 5 August
2010.
The accrued interests from the subordinated liabilities during 2025
amounted to EUR 1,486 million (EUR 1,357 million and EUR 1,010
million during 2024 and 2023, respectively).
In addition, interests from the PPCC and PPCA during 2025
amounted to EUR 622 million (EUR 620 million and EUR 492
million in 2024 and 2023, respectively).
24. Other financial liabilities
The detail of Other financial liabilities in the consolidated balance
sheets is as follows:
EUR million
2025
2024
2023
Trade payables
1,452
1,452
1,783
Clearing houses
794
776
1,269
Tax collection accounts:
Public Institutions
6,271
6,156
4,986
Factoring accounts payable
274
226
272
Unsettled financial transactions
3,860
7,421
6,412
Lease liabilities (note 2.k)
1,822
2,202
2,400
Other financial liabilities
21,645
21,683
23,065
36,118
39,916
40,187
Note\u00a051 contains a detail of the residual maturity periods of other
financial liabilities at each year-end.
Lease liabilities
The cash outflow of leases in 2025 was EUR 510 million (EUR 684
million and EUR 738 in 2024 and 2023, respectively).
The analysis of the maturities of lease liabilities at 31 December
2025, 2024 and 2023 is shown below:
EUR million
2025
2024
2023
Maturity Analysis - Discounted
payments
Within 1 year
466
526
586
Between 1 and 3 years
619
868
918
Between 3 and 5 years
315
405
480
Later than 5 years
422
403
416
Total discounted payments at the end
of the year
1,822
2,202
2,400
During 2025, 2024 and 2023 there were no significant variable
lease payments not included in the valuation of lease liabilities.
51.\u00a0 Other disclosures
a) Residual maturity periods
The detail, by maturity, of the balances of certain items in the
consolidated balance sheet at 31 December 2025 , 2024 and 2023
is presented below:
31 December 2025
EUR million
On demand
Within\u00a03
months
3\u00a0to\u00a012
months
1\u00a0to\u00a03 years
3\u00a0to\u00a05 years
More\u00a0than\u00a05
years
Total
Assets
Cash, cash balances at Central Banks and other
deposits on demand
152,281
152,281
Financial assets at fair value through other
comprehensive income
\u2014
12,721
8,593
14,012
8,315
28,690
72,331
Debt securities
\u2014
10,677
7,631
12,139
6,619
21,239
58,305
Loans and advances
\u2014
2,044
962
1,873
1,696
7,451
14,026
Credits institutions
\u2014
\u2014
111
3
5
1,001
1,120
Customers
\u2014
2,044
851
1,870
1,691
6,450
12,906
Financial assets
at amortized cost
40,174
213,109
173,400
208,743
163,374
403,889
1,202,689
Debt securities
\u2014
8,547
9,312
25,469
17,474
79,212
140,014
Loans and advances
40,174
204,562
164,088
183,274
145,900
324,677
1,062,675
Central banks
\u2014
14,782
\u2014
\u2014
1,134
70
15,986
Credits institutions
4,577
26,620
10,564
5,594
1,198
12,960
61,513
Customers
35,597
163,160
153,524
177,680
143,568
311,647
985,176
192,455
225,830
181,993
222,755
171,689
432,579
1,427,301
Liabilities
Financial liabilities at amortized cost
700,717
271,366
147,951
132,783
72,048
96,319
1,421,184
Deposits
688,927
223,636
96,132
37,030
9,216
17,443
1,072,384
Central banks
857
8,550
4,615
2,892
\u2014
1,628
18,542
Credit institutions
6,342
34,993
11,677
12,197
1,845
7,638
74,692
Customer deposits
681,728
180,093
79,840
21,941
7,371
8,177
979,150
Marketable debt securitiesA
\u2014
38,875
48,971
94,735
62,275
67,848
312,704
Other financial liabilities
11,790
8,855
2,848
1,018
557
11,028
36,096
700,717
271,366
147,951
132,783
72,048
96,319
1,421,184
Difference (assets less liabilities)
(508,262)
(45,536)
34,042
89,972
99,641
336,260
6,117
A. Includes promissory notes, certificates of deposit and other short-term debt issues.
See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, notes and other securities) (see note 22).
31 December 2024
EUR million
On demand
Within\u00a03
months
3\u00a0to\u00a012
months
1\u00a0to\u00a03 years
3\u00a0to\u00a05 years
More\u00a0than\u00a0
5 years
Total
Assets
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
Cash, cash balances at Central Banks and other
deposits on demand
192,208
\u2014
\u2014
\u2014
\u2014
\u2014
192,208
Financial assets at fair value through other
comprehensive income
\u2014
13,401
9,153
23,902
8,905
32,344
87,705
Debt securities
\u2014
11,072
8,449
22,137
7,623
27,277
76,558
Loans and advances
\u2014
2,329
704
1,765
1,282
5,067
11,147
Credits institutions
\u2014
36
\u2014
98
6
223
363
Customers
\u2014
2,293
704
1,667
1,276
4,844
10,784
Financial assets
at amortized cost
41,652
208,565
167,974
220,871
176,710
387,935
1,203,707
Debt securities
\u2014
9,628
14,041
17,071
22,705
57,504
120,949
Loans and advances
41,652
198,937
153,933
203,800
154,005
330,431
1,082,758
\u00a0 Central banks
\u2014
15,067
\u2014
\u2014
\u2014
1,112
16,179
\u00a0 Credits institutions
6,208
23,550
4,166
5,760
1,843
14,010
55,537
\u00a0 Customers
35,444
160,320
149,767
198,040
152,162
315,309
1,011,042
233,860
221,966
177,127
244,773
185,615
420,279
1,483,620
Liabilities
Financial liabilities
at amortized cost
720,659
256,651
171,362
155,620
89,229
90,801
1,484,322
Deposits
707,418
213,220
121,914
46,431
21,510
15,946
1,126,439
Central banks
17
9,063
11,022
4,772
\u2014
8
24,882
Credit institutions
13,948
27,149
19,300
15,655
6,477
7,483
90,012
Customer deposits
693,453
177,008
91,592
26,004
15,033
8,455
1,011,545
Marketable debt
securitiesA
\u2014
35,570
47,977
100,451
60,128
73,841
317,967
Other financial liabilities
13,241
7,861
1,471
8,738
7,591
1,014
39,916
720,659
256,651
171,362
155,620
89,229
90,801
1,484,322
Difference (assets less liabilities)
(486,799)
(34,685)
5,765
89,153
96,386
329,478
(702)
A. Includes promissory notes, certificates of deposit and other short-term debt issues.
31 December 2023
EUR million
On demand
Within\u00a03
months
3\u00a0to\u00a012
months
1\u00a0to\u00a03 years
3\u00a0to\u00a05 years
More\u00a0than\u00a0
5 years
Total
Assets
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
Cash, cash balances at Central Banks and other
deposits on demand
220,342
\u2014
\u2014
\u2014
\u2014
\u2014
220,342
Financial assets at fair value through other
comprehensive income
\u2014
13,544
9,234
19,372
14,162
25,235
81,547
Debt securities
\u2014
13,078
8,433
18,432
12,764
20,858
73,565
Loans and advances
\u2014
466
801
940
1,398
4,377
7,982
Customers
\u2014
466
801
940
1,085
4,377
7,669
Financial assets
at amortized cost
40,687
202,066
171,494
232,190
158,556
386,410
1,191,403
Debt securities
\u2014
12,281
14,114
18,608
11,281
47,275
103,559
Loans and advances
40,687
189,785
157,380
213,582
147,275
339,135
1,087,844
Central banks
\u2014
18,730
\u2014
\u2014
\u2014
1,352
20,082
Credit institutions
6,783
26,671
6,313
7,151
1,521
9,478
57,917
Customers
33,904
144,384
151,067
206,431
145,754
328,305
1,009,845
261,029
215,610
180,728
251,562
172,718
411,645
1,493,292
Liabilities
Financial liabilities
at amortized cost
711,093
246,898
182,516
161,784
88,527
77,885
1,468,703
Deposits
697,339
210,538
118,035
61,332
22,161
15,903
1,125,308
Central banks
168
20,224
6,941
16,846
4,581
22
48,782
Credit institutions
6,572
25,990
21,390
13,434
5,963
7,897
81,246
Customer deposits
690,599
164,324
89,704
31,052
11,617
7,984
995,280
Marketable debt
securitiesA
\u2014
28,371
63,440
92,554
57,639
61,204
303,208
Other financial liabilities
13,754
7,989
1,041
7,898
8,727
778
40,187
711,093
246,898
182,516
161,784
88,527
77,885
1,468,703
Difference (assets less liabilities)
(450,064)
(31,288)
(1,788)
89,778
84,191
333,760
24,589
A. Includes promissory notes, certificates of deposit and other short-term debt issues.
The detail of the remaining contractual maturities of the existing
financial liabilities at amortised cost at 31 December 2025 , 2024
and 2023 is as follows:
31 December 2025
EUR million
On demand
Within\u00a03
months
3\u00a0to\u00a012
months
1\u00a0to\u00a03 years
3\u00a0to\u00a05 years
More\u00a0than 5
years
Total
Financial liabilities at amortized cost
Deposits
687,708
221,487
95,553
36,937
9,204
17,423
1,068,312
Central banks
857
8,497
4,581
2,892
\u2014
1,627
18,454
Credit institutions
6,298
34,993
11,677
12,197
1,841
7,636
74,642
Customer
680,553
177,997
79,295
21,848
7,363
8,160
975,216
Marketable debt securities
\u2014
37,742
47,782
93,250
62,071
66,107
306,952
Other financial liabilities
11,790
8,855
2,848
1,018
557
11,029
36,097
699,498
268,084
146,183
131,205
71,832
94,559
1,411,361
31 December 2024
EUR million
On demand
Within\u00a03
months
3\u00a0to\u00a012
months
1\u00a0to\u00a03 years
3\u00a0to\u00a05 years
More\u00a0than 5
years
Total
Financial liabilities at amortized cost
Deposits
699,007
207,554
117,431
43,090
19,248
15,796
1,102,126
Central banks
17
9,082
11,026
4,772
\u2014
7
24,904
Credit institutions
13,634
27,170
19,258
15,674
6,482
7,462
89,680
Customer
685,356
171,302
87,147
22,644
12,766
8,327
987,542
Marketable debt securities
\u2014
36,315
48,973
102,306
61,260
74,817
323,671
Other financial liabilities
13,241
7,861
1,471
8,738
7,591
1,014
39,916
712,248
251,730
167,875
154,134
88,099
91,627
1,465,713
.
31 December 2023
EUR million
On demand
Within\u00a03
months
3\u00a0to\u00a012
months
1\u00a0to\u00a03 years
3\u00a0to\u00a05 years
More\u00a0than 5
years
Total
Financial liabilities at amortized cost
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
Deposits
698,595
204,001
109,311
51,191
20,761
15,585
1,099,444
Central banks
168
20,334
6,853
16,846
4,581
35
48,817
Credit institutions
6,884
25,642
21,334
13,079
5,924
7,685
80,548
Customer
691,543
158,025
81,124
21,266
10,256
7,865
970,079
Marketable debt securities
\u2014
28,258
62,935
91,492
56,944
60,166
299,795
Other financial liabilities
13,666
8,078
1,041
7,898
8,727
777
40,187
712,261
240,337
173,287
150,581
86,432
76,528
1,439,426
Below is a breakdown of contractual maturities for the rest of
financial assets and liabilities as of 31 December 2025 , 2024 and
2023:
31 December 2025
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
FINANCIAL ASSETS
Financial assets held for trading
85,732
38,979
35,639
22,880
69,088
252,318
Derivatives
15,579
4,967
13,348
10,446
14,015
58,355
Equity instruments
\u2014
\u2014
\u2014
\u2014
22,030
22,030
Debt securities
8,666
26,749
20,034
11,618
31,501
98,568
Loans and advances
61,487
7,263
2,257
816
1,542
73,365
Central banks
13,143
1,181
308
\u2014
\u2014
14,632
Credits institutions
22,532
2,114
1,104
213
4
25,967
Customers
25,812
3,968
845
603
1,538
32,766
Financial assets designated at fair value through
profit or loss
611
893
1,595
819
4,128
8,046
Debt securities
333
480
1,032
394
655
2,894
Loans and advances
278
413
563
425
3,473
5,152
Credit institutions
20
1
9
30
353
413
Customers
258
412
553
396
3,120
4,739
Non-trading financial assets mandatorily at fair
value through profit or loss
1,091
174
407
\u2014
6,089
7,761
Equity instruments
5,815
5,815
Debt securities
34
9
93
\u2014
109
245
Loans and advances
1,057
165
314
\u2014
165
1,701
Central banks
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credits institutions
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Customers
1,057
165
314
\u2014
165
1,701
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
\u2014
\u2014
2,281
2,281
Equity instruments
\u2014
\u2014
\u2014
\u2014
2,281
2,281
Hedging derivatives
1,066
293
609
440
1,523
3,931
Changes in the fair value of hedged items in
portfolio hedges of interest rate risk
(22)
63
(17)
72
(46)
50
TOTAL FINANCIAL ASSETS
88,478
40,402
38,233
24,211
83,063
274,387
31 December 2025
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
FINANCIAL LIABILITIES
Financial liabilities held for trading
131,052
5,783
14,084
10,642
9,985
171,546
Derivatives
18,105
4,339
11,403
10,051
8,070
51,968
Shorts positions
39,712
661
1,271
478
1,893
44,015
Deposits
73,235
783
1,410
113
22
75,563
Central banks
12,385
\u2014
\u2014
\u2014
\u2014
12,385
Credits institutions
24,759
770
1,410
113
6
27,058
Customers
36,091
13
\u2014
\u2014
16
36,120
Financial liabilities designated at fair value
through profit or loss
19,717
4,015
6,934
3,849
7,633
42,148
Deposits
18,785
3,177
4,452
1,105
2,921
30,440
Central banks
3,086
\u2014
\u2014
\u2014
\u2014
3,086
Credits institutions
914
23
115
31
341
1,424
Customers
14,785
3,154
4,337
1,074
2,580
25,930
Marketable debt securitiesA
910
838
2,482
2,744
4,712
11,686
Other financial liabilities
22
\u2014
\u2014
\u2014
\u2014
22
Hedging derivatives
447
681
735
917
1,468
4,248
Changes in the fair value of hedged items in
portfolio hedges of interest rate risk
(16)
25
4
36
\u2014
49
TOTAL FINANCIAL LIABILITIES
151,200
10,504
21,757
15,444
19,086
217,991
A. See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, promissory notes and other securities) (see note 22).
31 December 2025
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Memorandum items
Loans commitment granted
146,340
31,411
45,392
58,085
40,006
321,234
Financial guarantees granted
8,348
6,018
1,803
630
650
17,449
Other commitments granted
102,278
21,002
11,820
3,643
9,375
148,118
MEMORANDUM ITEMS
256,966
58,431
59,015
62,358
50,031
486,801
In the Group\u2019s experience, no outflows of cash or other financial
assets take place prior to the contractual maturity date that might
affect the information broken down above.
31 December 2024
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
FINANCIAL ASSETS
Financial assets held for trading
64,300
56,571
33,945
24,504
50,933
230,253
Derivatives
14,231
14,504
16,676
12,384
6,305
64,100
Equity instruments
\u2014
\u2014
\u2014
\u2014
16,636
16,636
Debt securities
6,930
21,305
15,319
11,944
27,148
82,646
Loans and advances
43,139
20,762
1,950
176
844
66,871
Central banks
1,241
11,725
\u2014
\u2014
\u2014
12,966
Credits institutions
21,840
4,088
1,287
\u2014
99
27,314
Customers
20,058
4,949
663
176
745
26,591
Financial assets designated at fair value through
profit or loss
152
750
2,421
1,075
3,517
7,915
Debt securities
95
342
1,254
680
526
2,897
Loans and advances
57
408
1,167
395
2,991
5,018
Central banks
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credit institutions
16
\u2014
5
34
353
408
Customers
41
408
1,162
361
2,638
4,610
Non-trading financial assets mandatorily at fair
value through profit or loss
794
8
29
102
5,197
6,130
Equity instruments
\u2014
\u2014
\u2014
\u2014
4,641
4,641
Debt instruments
39
2
3
10
393
447
Loans and advances
755
6
26
92
163
1,042
Central banks
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credits institutions
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Customers
755
6
26
92
163
1,042
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
\u2014
\u2014
2,193
2,193
Equity instruments
\u2014
\u2014
\u2014
\u2014
2,193
2,193
Hedging derivatives
1,786
1,423
957
800
706
5,672
Changes in the fair value of hedged items in
portfolio hedges of interest rate risk
(61)
18
(569)
(50)
(42)
(704)
TOTAL FINANCIAL ASSETS
66,971
58,770
36,783
26,431
62,504
251,459
31 December 2024
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
FINANCIAL LIABILITIES
Financial liabilities held for trading
100,071
16,537
14,244
12,530
8,769
152,151
Derivatives
14,364
13,296
11,946
12,335
5,812
57,753
Shorts positions
28,548
2,931
1,199
195
2,957
35,830
Deposits
57,159
310
1,099
\u2014
\u2014
58,568
Central banks
13,300
\u2014
\u2014
\u2014
\u2014
13,300
Credits institutions
24,875
310
1,099
\u2014
\u2014
26,284
Customers
18,984
\u2014
\u2014
\u2014
\u2014
18,984
Financial liabilities designated at fair value
through profit or loss
16,036
6,000
6,422
1,918
5,984
36,360
Deposits
15,193
4,860
4,037
490
4,226
28,806
Central banks
1,774
\u2014
\u2014
\u2014
\u2014
1,774
Credits institutions
1,035
133
15
49
393
1,625
Customers
12,384
4,727
4,022
441
3,833
25,407
Marketable debt securitiesA
843
1,140
2,385
1,428
1,758
7,554
Hedging derivatives
832
668
826
814
1,612
4,752
Changes in the fair value of hedged items in
portfolio hedges of interest rate risk
\u2014
(5)
13
47
(64)
(9)
TOTAL FINANCIAL LIABILITIES
116,939
23,200
21,505
15,309
16,301
193,254
A. See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, promissory notes and other securities) (see note 22).
31 December 2024
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Memorandum items
Loans commitment granted
133,084
35,747
57,157
57,285
19,588
302,861
Financial guarantees granted
5,103
6,803
3,691
796
508
16,901
Other commitments granted
92,172
20,681
13,197
5,032
3,411
134,493
MEMORANDUM ITEMS
230,359
63,231
74,045
63,113
23,507
454,255
31 December 2023
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
FINANCIAL ASSETS
Financial assets held for trading
36,120
49,668
30,602
17,912
42,619
176,921
Derivatives
8,777
10,551
17,775
9,532
9,693
56,328
Equity instruments
\u2014
\u2014
\u2014
\u2014
15,057
15,057
Debt securities
7,598
18,315
10,274
8,137
17,800
62,124
Loans and advances
19,745
20,802
2,553
243
69
43,412
Central banks
1,146
16,571
\u2014
\u2014
\u2014
17,717
Credits institutions
10,861
2,076
1,079
45
\u2014
14,061
Customers
7,738
2,155
1,474
198
69
11,634
Financial assets designated at fair value through
profit or loss
1,657
557
2,529
1,350
3,680
9,773
Debt securities
252
77
1,269
690
807
3,095
Loans and advances
1,405
480
1,260
660
2,873
6,678
Credit institutions
26
22
3
15
393
459
Customers
1,379
458
1,257
645
2,480
6,219
Non-trading financial assets mandatorily at fair
value through profit or loss
591
153
71
80
5,015
5,910
Equity instruments
\u2014
\u2014
\u2014
\u2014
4,068
4,068
Debt instruments
41
\u2014
57
3
759
860
Loans and advances
550
153
14
77
188
982
Customers
550
153
14
77
188
982
Financial assets at fair value through other
comprehensive income
\u2014
\u2014
\u2014
\u2014
1,761
1,761
Equity instruments
\u2014
\u2014
\u2014
\u2014
1,761
1,761
Hedging derivatives
1,188
412
1,535
937
1,225
5,297
Changes in the fair value of hedged items in
portfolio hedges of interest rate risk
(237)
(225)
156
(402)
(80)
(788)
TOTAL FINANCIAL ASSETS
39,319
50,565
34,893
19,877
54,220
198,874
31 December 2023
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
FINANCIAL LIABILITIES
Financial liabilities held for trading
73,257
12,127
19,180
10,591
7,115
122,270
Derivatives
8,147
9,486
17,990
10,060
4,906
50,589
Shorts positions
21,381
1,288
765
531
2,209
26,174
Deposits
43,729
1,353
425
\u2014
\u2014
45,507
Central banks
7,808
\u2014
\u2014
\u2014
\u2014
7,808
Credits institutions
17,228
209
425
\u2014
\u2014
17,862
Customers
18,693
1,144
\u2014
\u2014
\u2014
19,837
Financial liabilities designated at fair value
through profit or loss
23,190
7,583
4,863
1,359
3,372
40,367
Deposits
22,688
6,459
3,223
338
2,288
34,996
Central banks
1,158
51
\u2014
\u2014
\u2014
1,209
Credits institutions
1,161
57
84
61
372
1,735
Customers
20,369
6,351
3,139
277
1,916
32,052
Marketable debt securitiesA
502
1,124
1,640
1,021
1,084
5,371
Hedging derivatives
1,525
2,064
1,577
878
1,612
7,656
Changes in the fair value of hedged items in
portfolio hedges of interest rate risk
(1)
(4)
36
(5)
29
55
TOTAL FINANCIAL LIABILITIES
97,971
21,770
25,656
12,823
12,128
170,348
A. See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, promissory notes and other securities) (see note 22).
31 December 2023
EUR million
Within\u00a03
months
3\u00a0to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Memorandum items
Loans commitment granted
125,083
31,658
55,344
47,204
20,300
279,589
Financial guarantees granted
7,870
4,734
1,654
686
491
15,435
Other commitments granted
81,146
17,448
9,699
3,386
1,594
113,273
MEMORANDUM ITEMS
214,099
53,840
66,697
51,276
22,385
408,297
b) Equivalent euro value of assets and liabilities
The detail of the main foreign currency balances in the
consolidated balance sheet, based on the nature of the related
items, is as follows:
Equivalent\u00a0value\u00a0in EUR million
2025
2024
2023
Assets
Liabilities
Assets
Liabilities
Assets
Liabilities
Cash, cash balances at central banks and other deposits
on demand
89,186
\u2014
109,932
\u2014
114,410
\u2014
Financial assets/liabilities held for trading
136,499
75,272
130,076
76,216
106,011
60,581
Non-trading financial assets mandatorily at fair value
through profit or loss
3,530
\u2014
3,208
\u2014
3,291
\u2014
Other financial assets/liabilities at fair value through
profit or loss
666
14,943
793
13,844
1,721
12,699
Financial assets at fair value through other
comprehensive income
45,564
\u2014
60,861
\u2014
60,516
\u2014
Financial assets at amortized cost
745,401
\u2014
777,226
\u2014
773,504
\u2014
Investments
1,859
\u2014
2,103
\u2014
1,689
\u2014
Tangible assets
14,437
\u2014
18,812
\u2014
20,797
\u2014
Intangible assets
10,296
\u2014
12,282
\u2014
12,772
\u2014
Financial liabilities at amortized cost
\u2014
854,517
\u2014
938,844
\u2014
937,917
Liabilities under insurance contracts
\u2014
227
\u2014
261
\u2014
330
OtherA
96,469
82,901
25,891
22,385
26,236
25,740
1,143,907
1,027,860
1,141,184
1,051,550
1,120,947
1,037,267
A. Includes the import of the Polish business held for sale.
c) Fair value of financial assets and liabilities not
measured at fair value
The fair value at year-end of the financial instruments (certain
portfolios of loans and advances and debt securities, on the asset
side, and deposits and debt securities, on the liability side)
registered in the consolidated balance sheet at amortized cost is
presented below:
i) Financial assets measured at other than fair value
EUR million
2025
2024
2023
Assets
Carrying
amount
Fair value
Level\u00a01
Level\u00a02
Level\u00a03
Carrying
amount
Fair
value
Level\u00a01
Level\u00a02
Level\u00a03
Carrying
amount
Fair
value
Level\u00a01
Level\u00a02
Level\u00a03
Loans and
advances
1,062,675
1,062,981
\u2014
113,004
949,977
1,082,758
1,073,530
\u2014
104,582
968,948
1,087,844
1,077,543
\u2014
103,414
974,129
Debt
securities
140,014
139,242
103,120
14,100
22,022
120,949
119,539
87,170
13,149
19,220
103,559
102,888
67,951
11,057
23,880
1,202,689
1,202,223
103,120
127,104
971,999
1,203,707
1,193,069
87,170
117,731
988,168
1,191,403
1,180,431
67,951
114,471
998,009
ii) Financial liabilities measured at other than fair value
EUR million
2025
2024
2023
LiabilitiesA
Carrying
amount
Fair value
Level\u00a01
Level\u00a02
Level\u00a03
Carrying
amount
Fair value
Level\u00a01
Level\u00a02
Level\u00a03
Carrying
amount
Fair
value
Level\u00a01
Level\u00a02
Level\u00a03
Deposits
1,072,384
1,073,147
\u2014
235,998
837,149
1,126,439
1,125,532
\u2014
250,440
875,092
1,125,308
1,124,373
\u2014
263,428
860,945
Debt
securities
312,704
314,173
162,382
115,597
36,194
317,967
317,912
170,118
112,365
35,429
303,208
298,792
136,109
125,575
37,108
1,385,088
1,387,320
162,382
351,595
873,343
1,444,406
1,443,444
170,118
362,805
910,521
1,428,516
1,423,165
136,109
389,003
898,053
A. At 31 December 2025, Grupo Santander had other financial liabilities that amounted to EUR 36,096 million, EUR 39,916 million in 2024 and EUR 40,187 million in 2023.
The main valuation methods and inputs used in the estimates at
31 December 2025 of the fair values of the financial assets and
liabilities in the foregoing table were as follows:
\u2022 Financial assets at amortised cost: the fair value was estimated
using the present value method. The estimates were made
considering factors such as the expected maturity of the
portfolio, market interest rates, spreads on newly approved
transactions or market spreads\u00a0-when available-.
\u2022 Financial liabilities at amortised cost:
i) Deposits: the fair value of\u00a0 short term\u00a0 and on demand\u00a0 deposits
was taken to be their carrying amount. Factors such as the
expected maturity of the transactions and the Group\u2019s current
cost of funding in similar transactions are consider for the
estimation of long term deposits fair value. It had been used also
current rates offered for deposits of similar remaining
maturities.
ii) Marketable debt securities and subordinated liabilities: the fair
value was calculated based on market prices for these
instruments\u00a0-when available- or by the present value method
using market interest rates and spreads, as well as using any
significant input which is not observable with market data if
applicable.
iii) The fair value of cash, cash balances at central banks and other
deposits on demand was taken to be their carrying amount since
they are mainly short-term balances.
d) Offsetting of financial instruments
Following is the detail of financial assets and liabilities that were
offset in the consolidated balance sheets as of 31 December 2025 ,
2024 and 2023:
31 December 2025
EUR million
Assets
Gross amount
of financial
assets
Gross amount of
financial assets
offset in the
balance sheet
Net amount of
financial assets
presented in the
balance sheet
Derivatives
117,733
(55,447)
62,286
Reverse
repurchase
agreements
217,509
(76,535)
140,974
Total
335,242
(131,982)
203,260
31 December 2024
EUR million
Assets
Gross amount
of financial
assets
Gross amount of
financial assets
offset in the
balance sheet
Net amount of
financial assets
presented in the
balance sheet
Derivatives
152,331
(82,559)
69,772
Reverse
repurchase
agreements
189,034
(67,488)
121,546
Total
341,365
(150,047)
191,318
31 December 2023
EUR million
Assets
Gross amount
of financial
assets
Gross amount of
financial assets
offset in the
balance sheet
Net amount of
financial assets
presented in the
balance sheet
Derivatives
149,508
(87,883)
61,625
Reverse
repurchase
agreements
179,580
(79,500)
100,080
Total
329,088
(167,383)
161,705
31 December 2025
EUR million
Liabilities
Gross amount
of financial
liabilities
Gross amount of
financial
liabilities offset
in the balance
sheet
Net amount of
financial
liabilities
presented in the
balance sheet
Derivatives
111,664
(55,447)
56,217
Reverse
repurchase
agreements
246,961
(76,535)
170,426
Total
358,625
(131,982)
226,643
31 December 2024
EUR million
Liabilities
Gross amount
of financial
liabilities
Gross amount of
financial
liabilities offset
in the balance
sheet
Net amount of
financial
liabilities
presented in the
balance sheet
Derivatives
145,064
(82,559)
62,505
Reverse
repurchase
agreements
223,141
(67,488)
155,653
Total
368,205
(150,047)
218,158
31 December 2023
EUR million
Liabilities
Gross amount
of financial
liabilities
Gross amount of
financial
liabilities offset
in the balance
sheet
Net amount of
financial
liabilities
presented in the
balance sheet
Derivatives
146,128
(87,883)
58,245
Reverse
repurchase
agreements
212,840
(79,500)
133,340
Total
358,968
(167,383)
191,585
At 31 December 2025, Grupo Santander has offset other items
amounting to EUR 632 million (EUR 811 million and EUR 910
million at 31 December 2024 and 2023, respectively).
At 31 December 2025 the balance sheet shows the amounts
EUR\u00a0192,621 million (EUR\u00a0 176,198 million and EUR 151,044
million at 31 December 2024 and 2023) on derivatives and repos
as assets and EUR 220,296 million (EUR\u00a0209,121 million and EUR
180,539 million at 31 December 2024 and 2023, respectively) on
derivatives and repos as liabilities that are subject to netting and
collateral arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1875": { "value": "
At 31 December 2025 the gross exposure by impairment stage of
the assets accounted subject to impairment for amounts to EUR
78,623 million, EUR 0 million and EUR 0 million (EUR 72,084, EUR
0 million and EUR 0 million in 2024 and EUR 78,321 million, EUR 0
million and EUR 0 million in 2023 ), and the loan loss provision by
impairment stage amounts to EUR 4 million, EUR 0 million and EUR
0 million (EUR 5 million, EUR 0 million and EUR 0 million in 2024
and EUR 9 million, EUR 0 million and EUR 0 million in 2023 ) in
stage 1, stage 2 and stage 3, respectively.
c) Impairment losses
The changes in the impairment losses on debt securities are
summarised below:
EUR million
2025
2024
2023
Balance at beginning of\u00a0year
349
286
226
Net impairment losses for the\u00a0yearA
182
226
24
Of which:
Impairment losses charged to
income
238
234
36
Impairment losses reversed with a
credit to income
(56)
(8)
(12)
Assets written off
\u2014
(131)
0
Exchange differences and other items
(11)
(32)
36
Balance at end of\u00a0year
520
349
286
Of which:
By geographical location of risk:
European Union
26
23
22
America
494
326
264
A. Of the EUR 182 million corresponding to net provisions for the year ended 31
December 2025 (EUR 226 million and EUR 24 million at 31 December 2024 and
2023, respectively), EUR 182 million relates to financial assets at amortized cost
(EUR 227 million and EUR 23 million at 31 December 2024 and 2023,
respectively) and EUR 0 million relates to financial assets designated at fair
value through other comprehensive income (EUR -1 million and EUR 1 million at
31 December 2024 and 2023 , respectively).
At 31 December 2025, 2024 and 2023 the loan loss provision by
impairment stage of the assets accounted for under IFRS9
amounted to EUR 62 million, EUR 39 million and EUR 30 million in
stage 1, EUR 66 million, EUR 9 million and EUR 8 million in stage 2,
and EUR 392 million, EUR 301 million and EUR 248 million in stage
3, respectively.
c) Impairment losses on loans and advances to
customers at amortised cost and at fair value
through other comprehensive income
The changes in the impairment losses on the assets making up the
balances of financial assets at amortised cost and at fair value
through other comprehensive income - Loans and advances -
Customers:
EUR million
2025
2024
2023
Amount at beginning of the year
22,125
22,788
22,684
Impairment losses charged to income
for the year
14,144
13,428
13,805
Of which:
Impairment losses charged to profit
or loss
24,935
22,761
20,608
Impairment losses reversed with a
credit to profit or loss
(10,791)
(9,333)
(6,803)
Change of perimeter
\u2014
\u2014
(48)
Write-off of impaired balances against
recorded impairment allowance
(13,266)
(13,212)
(13,847)
Exchange differences and other
changes
(1,845)
(879)
194
Amount at end of the year
21,158
22,125
22,788
Which correspond to:
Impaired assets
13,527
14,088
14,238
Other assets
7,631
8,037
8,550
Of which:
Individually calculated
2,359
2,258
2,951
Collective calculated
18,799
19,867
19,837
In addition, provisions for debt securities amounting to EUR 182
million were recorded at 31 December 2025 (provisions amounting
to EUR 226 million and EUR 24 million as of 31 December 2024
and 2023, respectively), written-off assets recoveries have been
recorded in the\u00a0year amounting to EUR 1,791 million at 31
December 2025 (EUR 1,600 million and EUR 1,587 million at 31
December 2024 and 2023, respectively).
With this, the impairment recorded in Impairment or reversal of
impairment at financial assets not measured at fair value through\u00a0
profit or loss and net gains and losses from changes: 'Financial
assets at fair value through other comprehensive income' and
'Financial assets at amortised cost (IFRS 9) and, Loans and
receivables (IAS 39)'; amounts EUR 12,535 million at 31 December
2025 (EUR 12,136 million and EUR 12,298 million at 31 December
2024 and 2023, respectively).
Following is the movement of the loan loss provision broken down
by impairment stage of loans and advances to customers during
2025, 2024 and 2023:
2025
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,293
4,744
14,088
22,125
Transfers
To stage 2 from stage 1
(847)
2,734
1,887
To stage 3 from stage 1
(701)
4,931
4,230
To stage 3 from stage 2
(1,189)
2,760
1,571
To stage 1 from stage 2
82
(466)
(384)
To stage 2 from stage 3
177
(344)
(167)
To stage 1 from stage 3
16
(59)
(43)
Net changes of the
exposure and modifications
in the credit risk
1,269
(800)
6,581
7,050
Write-offs
\u2014
\u2014
(13,266)
(13,266)
FX and other movements
(112)
(569)
(1,164)
(1,845)
Loss allowance at the end
of the year
3,000
4,631
13,527
21,158
2024
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,596
4,954
14,238
22,788
Transfers
To stage 2 from stage 1
(626)
2,676
2,050
To stage 3 from stage 1
(385)
4,548
4,163
To stage 3 from stage 2
(1,591)
3,444
1,853
To stage 1 from stage 2
109
(725)
(616)
To stage 2 from stage 3
278
(693)
(415)
To stage 1 from stage 3
23
(156)
(133)
Net changes of the exposure
and modifications in the
credit risk
755
(704)
6,655
6,706
Write-offs
\u2014
\u2014
(13,212)
(13,212)
FX and other movements
(179)
(144)
(736)
(1,059)
Loss allowance at the end
of the year
3,293
4,744
14,088
22,125
2023
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,626
5,127
13,931
22,684
Transfers
To stage 2 from stage 1
(696)
2,954
2,258
To stage 3 from stage 1
(405)
4,278
3,873
To stage 3 from stage 2
(1,820)
3,721
1,901
To stage 1 from stage 2
149
(905)
(756)
To stage 2 from stage 3
282
(920)
(638)
To stage 1 from stage 3
27
(184)
(157)
Net changes of the exposure
and modifications in the
credit risk
875
(557)
7,212
7,530
Write-offs
\u2014
\u2014
(13,847)
(13,847)
FX and other movements
20
(127)
47
(60)
Loss allowance at the end
of the year
3,596
4,954
14,238
22,788
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1876": { "value": "
7. Debt securities
a) Detail
The detail, by classification, type and currency, of Debt securities in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Classification
Financial assets held for trading
98,568
82,646
62,124
Non-trading financial assets mandatorily at fair value through profit or loss
245
447
860
Financial assets designated at fair value through profit or loss
2,894
2,897
3,095
Financial assets designated at fair value through other comprehensive income
58,305
76,558
73,565
Financial assets at amortised cost
140,014
120,949
103,559
300,026
283,497
243,203
Type
Spanish government debt securities
63,742
56,919
40,321
Foreign government debt securities
172,468
164,747
145,732
Issued by financial institutions
17,465
16,776
14,681
Other fixed-income securities
46,029
44,703
42,294
Impaired financial assets
842
701
461
Impairment losses
(520)
(349)
(286)
300,026
283,497
243,203
Currency
Euro
142,969
118,456
90,857
Pound sterling
14,114
15,630
9,284
US dollar
50,671
48,189
38,161
Brazilian real
48,231
44,432
46,190
Other currencies
44,561
57,139
58,997
Debt securities excluding impairment adjustments
300,546
283,846
243,489
Impairment losses
(520)
(349)
(286)
300,026
283,497
243,203
The increase in the year of the debt securities portfolio under the
heading\u00a0 'Financial assets at fair value with changes in other
comprehensive income' is mainly due to the increase in exposure
to sovereign debt, as a result of greater activity in the markets
business, both its own and for distribution to clients.
Likewise, the increase in the debt securities portfolio under the
heading 'Financial assets at amortized cost' is due to the
continuation of the strategy started in year 2022 in which two new
business models were created for the optimization of excess
liquidity and the management of the maturity of the balance sheet
credit and deposit portfolios.
At 31 December 2025 , 2024 and 2023 the gross exposure by
impairment stage of the book assets amounted to EUR 196,509
million, EUR 196,514 million and EUR 176,697 million in stage 1;
EUR 1,480 million, EUR 597 million and EUR 203 million in stage 2,
and EUR 842 million, EUR 701 million and EUR 461 million in stage
3, respectively.
In addition, at 31 December 2025, the Group had EUR 8 million
(EUR 44\u00a0million at 31 December 2024) of exposure in assets
purchased with impairments, which correspond mainly to the
business combinations carried out by the Group with any additional
impairment signs.
b) Breakdown
The breakdown, by origin of the issuer, of debt securities at 31
December 2025, 2024 and 2023, net of impairment losses, is as
follows:
EUR million
2025
2024
2023
Private
fixed-
income
Public
fixed-
income
Total
%
Private
fixed-
income
Public
fixed-
income
Total
%
Private
fixed-
income
Public
fixed-
income
Total
%
Spain
2,528
63,742
66,270
22.09%
1,901
56,919
58,820
20.75%
2,525
40,321
42,846
17.62%
United Kingdom
2,336
9,227
11,563
3.85%
3,077
9,903
12,980
4.58%
2,816
4,748
7,564
3.11%
Portugal
3,212
5,627
8,839
2.95%
3,224
5,138
8,362
2.95%
2,826
4,815
7,641
3.14%
Italy
2,821
24,215
27,036
9.01%
3,072
22,954
26,026
9.18%
2,968
12,945
15,913
6.54%
Ireland
4,239
42
4,281
1.43%
4,557
14
4,571
1.61%
5,632
11
5,643
2.32%
Poland
22
1,465
1,487
0.50%
2,472
15,224
17,696
6.24%
2,937
12,482
15,419
6.34%
Other European
countries
12,682
25,894
38,576
12.86%
11,593
12,702
24,295
8.57%
9,797
15,495
25,292
10.40%
United States
14,941
29,199
44,140
14.71%
12,475
27,811
40,286
14.21%
8,959
22,992
31,951
13.14%
Brazil
13,518
33,908
47,426
15.81%
12,738
32,645
45,383
16.01%
13,551
32,342
45,893
18.87%
Mexico
3,001
25,113
28,114
9.37%
2,190
20,822
23,012
8.12%
1,969
20,738
22,707
9.34%
Chile
137
8,567
8,704
2.90%
96
6,982
7,078
2.50%
49
11,995
12,044
4.95%
Other American
countries
3,254
5,954
9,208
3.07%
3,336
4,502
7,838
2.76%
2,315
2,546
4,861
2.00%
Rest of the world
1,125
3,257
4,382
1.45%
1,100
6,050
7,150
2.52%
806
4,623
5,429
2.23%
63,816
236,210
300,026
100%
61,831
221,666
283,497
100%
57,150
186,053
243,203
100%
The detail, by issuer rating, of Debt securities at 31 December
2025 , 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Private
fixed-
income
Public
fixed-
income
Total
%
Private
fixed-
income
Public
fixed-
income
Total
%
Private
fixed-
income
Public
fixed-
income
Total
%
AAA
15,952
9,320
25,272
8.42%
16,889
6,440
23,329
8.23%
15,152
7,887
23,039
9.47%
AA
19,598
42,451
62,049
20.68%
16,972
47,254
64,226
22.65%
15,142
36,704
51,846
21.32%
A
13,206
95,537
108,743
36.24%
10,056
87,814
97,870
34.53%
11,175
68,112
79,287
32.60%
BBB
6,872
50,066
56,938
18.98%
8,900
44,483
53,383
18.83%
7,749
39,173
46,922
19.29%
Below BBB
5,052
38,836
43,888
14.63%
5,543
35,675
41,218
14.54%
4,654
34,177
38,831
15.97%
Unrated
3,136
\u2014
3,136
1.05%
3,471
\u2014
3,471
1.22%
3,278
\u2014
3,278
1.35%
63,816
236,210
300,026
100%
61,831
221,666
283,497
100%
57,150
186,053
243,203
100%
During 2025, France's rating for sovereign issuances has been
modified from AA- to A+. During 2024, Portugal's rating for
sovereign issuances was modified from BBB+ to A-. For the year
2023, the distribution of the exposure by rating level of the
previous table was not affected by ratings reviews of the sovereign
issuers.
The detail, by type of financial instrument, of private fixed-income
securities at 31 December 2025 , 2024 and 2023, net of
impairment losses, is as follows:
EUR million
2025
2024
2023
Securitised mortgage bonds
10,514
10,709
9,310
Other asset-backed bonds
14,073
11,624
10,243
Floating rate debt
18,721
17,323
15,376
Fixed rate debt
20,508
22,175
22,221
Total
63,816
61,831
57,150
c) Impairment losses
The changes in the impairment losses on debt securities are
summarised below:
EUR million
2025
2024
2023
Balance at beginning of\u00a0year
349
286
226
Net impairment losses for the\u00a0yearA
182
226
24
Of which:
Impairment losses charged to
income
238
234
36
Impairment losses reversed with a
credit to income
(56)
(8)
(12)
Assets written off
\u2014
(131)
0
Exchange differences and other items
(11)
(32)
36
Balance at end of\u00a0year
520
349
286
Of which:
By geographical location of risk:
European Union
26
23
22
America
494
326
264
A. Of the EUR 182 million corresponding to net provisions for the year ended 31
December 2025 (EUR 226 million and EUR 24 million at 31 December 2024 and
2023, respectively), EUR 182 million relates to financial assets at amortized cost
(EUR 227 million and EUR 23 million at 31 December 2024 and 2023,
respectively) and EUR 0 million relates to financial assets designated at fair
value through other comprehensive income (EUR -1 million and EUR 1 million at
31 December 2024 and 2023 , respectively).
At 31 December 2025, 2024 and 2023 the loan loss provision by
impairment stage of the assets accounted for under IFRS9
amounted to EUR 62 million, EUR 39 million and EUR 30 million in
stage 1, EUR 66 million, EUR 9 million and EUR 8 million in stage 2,
and EUR 392 million, EUR 301 million and EUR 248 million in stage
3, respectively.
22. Marketable debt securities
a) Breakdown
The detail, by classification and type, of Marketable debt securities
is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities
held for trading
\u2014
\u2014
\u2014
Financial liabilities designated
at fair value through profit or loss
11,686
7,554
5,371
Financial liabilities
at amortized cost
312,704
317,967
303,208
324,390
325,521
308,579
Type
Bonds and debentures outstanding
253,893
252,765
231,880
Subordinated
28,859
35,461
30,529
Notes\u00a0and other securities
41,638
37,295
46,170
324,390
325,521
308,579
The distribution of the book value of debt securities issued by
contractual maturity at 31 December 2025 is shown below:
EUR million
Within 3
months
3 to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Subordinated debt
\u2014
798
1,760
2,277
24,024
28,859
Senior unsecured debt
10,509
13,643
51,461
34,465
35,618
145,696
Senior secured debt
11,529
12,308
43,661
28,106
12,593
108,197
Promissory notes and other securities
17,747
23,060
335
170
326
41,638
Debt securities issued
39,785
49,809
97,217
65,018
72,561
324,390
The distribution by contractual maturity of the notional amounts of
these debt securities issued at 31 December 2025 is as follows:
EUR million
Within 3
months
3 to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Subordinated debt
\u2014
790
1,744
2,255
22,926
27,715
Senior unsecured debt
10,056
12,654
50,189
34,089
36,469
143,457
Senior secured debt
11,038
12,110
43,467
28,116
12,513
107,244
Promissory notes and other securities
17,709
23,042
299
154
312
41,516
Debt securities issued
38,803
48,596
95,699
64,614
72,220
319,932
b) Bonds and debentures outstanding
The detail, by currency of issue, of\u00a0 'Bonds and debentures
outstanding' is as follows:
EUR million
2025
Currency of issue
2025
2024
2023
Outstanding issue
amount in foreign
currency (Million)
Annual
interest rate
(%)
Euro
117,350
110,973
101,657
117,350
2.72%
US dollar
71,140
79,740
70,229
83,632
4.73%
Pound sterling
25,548
23,961
20,520
22,301
5.14%
Brazilian real
21,848
18,683
21,861
141,089
14.21%
Chilean peso
4,697
4,579
4,921
4,977,648
3.61%
Other currencies
13,310
14,829
12,692
Balance at end of year
253,893
252,765
231,880
The changes in 'Bonds and debentures outstanding' were as follows:
EUR million
2025
2024
2023
Balance at beginning of year
252,765
231,880
211,597
Net inclusion of entities in the Group
\u2014
(1,224)
(1,467)
Of which:
SPIRE SA Compartment 2023-374
\u2014
(1,224)
\u2014
Auto ABS UK Loans PLC
\u2014
\u2014
(841)
PSA Bank Deutschland GmbH
\u2014
\u2014
(626)
Issues
72,014
77,921
68,568
Of which:
Banco Santander, S.A.
12,682
20,559
19,706
Banco Santander (Brasil) S.A.
11,827
8,039
12,781
Santander Group UK
11,450
9,884
6,002
Santander Consumer USA Holdings Inc.
8,705
8,949
7,309
Santander International Products, Plc.
5,071
2,752
1,054
Stellantis Financial Services Italia S.p.A.
2,020
2,021
761
Santander Consumer Bank S.p.A.
1,799
1,001
1,460
Santander Holdings USA, Inc.
1,772
3,004
1,850
Fondo de Titulizaci\u00f3n, Santander Consumo 8
1,523
\u2014
\u2014
Fondo de Titulizaci\u00f3n, Santander Consumo 9
1,421
\u2014
\u2014
Banco Santander - Chile
1,204
1,171
814
Santander Consumer Finance, S.A.
1,181
2,271
2,557
Banco Santander Totta, S.A.
1,069
1,129
1,734
Santander Bank, National Association
853
4,133
1,346
SC Germany S.A., Compartment Consumer 2025-2
850
\u2014
\u2014
SC Austria S.\u00e0 r.l., Compartment Consumer 2025-1
803
\u2014
\u2014
Secucor Finance 2025-1 Designated Activity Company
801
\u2014
\u2014
Banco Santander M\u00e9xico, S.A., Instituci\u00f3n de Banca M\u00faltiple, Grupo Financiero Santander M\u00e9xico
787
875
634
Hyundai Capital Bank Europe GmbH Italy
749
\u2014
\u2014
Banque Stellantis France
728
897
1,145
Santander Consumer Bank AG
\u2014
180
1,256
SC Germany S.A., Compartment Consumer 2024-1
\u2014
1,500
\u2014
Santander Consumo 6, F.T.
\u2014
1,230
\u2014
Santander Consumo 7, F.T.
\u2014
1,218
\u2014
Santander Bank Polska S.A.
\u2014
1,002
1,102
SC Germany S.A., Compartment Consumer 2024-2
\u2014
1,000
\u2014
Redemptions and repurchases
(60,335)
(57,676)
(48,825)
Of which:
Banco Santander, S.A.
(14,854)
(15,888)
(7,889)
Banco Santander (Brasil) S.A.
(9,430)
(6,919)
(10,542)
Santander Consumer USA Holdings Inc.
(7,905)
(10,806)
(14,466)
Santander Group UK
(4,936)
(7,764)
(6,185)
Santander Consumer Finance, S.A.
(2,743)
(2,900)
(1,800)
Santander Holdings USA, Inc.
(2,693)
(1,387)
\u2014
Santander Bank, National Association
(2,648)
(1,440)
(567)
Banco Santander M\u00e9xico, S.A., Instituci\u00f3n de Banca M\u00faltiple, Grupo Financiero Santander M\u00e9xico
(2,084)
(122)
(140)
Banco Santander - Chile
(1,930)
(1,486)
(575)
Santander International Products, Plc.
(1,327)
(584)
(728)
Santander Consumer Bank S.p.A.
(1,327)
(233)
(266)
Santander Consumer Bank AS
(1,174)
(839)
(681)
Banque Stellantis France
(746)
(565)
(813)
Stellantis Financial Services Italia S.p.A.
(698)
(22)
\u2014
Banco Santander Totta, S.A.
(223)
(1,055)
(108)
Exchange differences and other movements
(10,551)
1,864
2,007
Balance at\u00a0year-end
253,893
252,765
231,880
c) Notes and other securities
The notes of the Group (see Note 22.a) were issued basically by
Santander Consumer Finance, S.A., Santander UK plc, Banco
Santander (M\u00e9xico), S.A. Instituci\u00f3n de Banca M\u00faltiple, Grupo
Financiero Santander M\u00e9xico, Banco Santander, S.A., Santander
Consumer Bank AG, Banque Stellantis France, Banco Santander -
Chile and Banco Santander S.A. - Uruguay.
d) Guarantees
Set forth below is information on the liabilities secured by assets:
EUR million
2025
2024
2023
Asset-backed securities
55,031
49,723
37,717
Of which, mortgage-backed
securities
5,961
4,377
3,019
Other mortgage securities
51,438
50,141
49,478
Of which: mortgage-backed bonds
22,624
22,631
24,619
Covered bonds (non mortgage and
export financing)
1,728
995
764
108,197
100,859
87,959
The main characteristics of the assets securing the aforementioned
financial liabilities are as follows:
1. Asset-backed securities
a. Mortgage-backed securities- these securities are secured by
mortgage assets (see Note\u00a010.e) with average maturities of
more than ten years that must: be a first mortgage for
acquisition of principal or second residence, be current in
payments, have a loan-to-value ratio below 80% and have a
liability insurance policy in force covering at least the appraisal
value. The value of the financial liabilities broken down in the
foregoing table is lower than the balance of the assets securing
them\u00a0\u2014securitised assets retained on the balance sheet\u2014
mainly because the Group repurchases a portion of the bonds
issued, and in such cases they are not recognised on the liability
side of the consolidated balance sheet.
b. Other asset\u00a0- backed securities: includes asset-backed
securities, notes issued by securitization funds collateralized
mainly by mortgage loans that do not meet the above
requirements and other loans (mainly personal loans with an
average maturity of five years and loans to SMEs with average
maturities of seven years) and private issues of Santander
Consumer USA Holdings Inc. collateralized by vehicles assigned
under operating leases.
2. Other mortgage securities include mainly:
a. Mortgage-backed bonds with average maturities of more than
ten years that are secured by a portfolio of mortgage loans and
credits (included in secured loans\u00a0 \u2014see note\u00a010.b\u2014) which
must: not be classified as of procedural stage; have available
appraisals performed by specialised entities; have a loan-to-
value (LTV) ratio below 80% in the case of home loans and
below 60% for loans for other assets and have sufficient
liability insurance.
b. Other debt securities issued as part of the Group\u2019s liquidity
strategy in the UK, mainly covered bonds in the UK secured by
mortgage loans and other assets.
Grupo Santander has a balance corresponding to mortgage bonds
at 31 December 2025 of EUR 22,624 million (all of them issued in
euros), which correspond to issues of Banco Santander, S.A. (with
an outstanding face value of EUR 22,360 million).
The issuing entity may repay the mortgage bonds early, if this has
been expressly established in the final conditions of the issue in
question and in the conditions established there.
None of the mortgage bonds issued by Banco Santander have
replacement assets involved.
During 2023, the Bank of Spain has published Circular 1/2023 of 4
February , which modifies Circular 4/2017, repealing the
breakdown in the annual accounts and the information related to
internal accounting development and management control.
Additionally, Banco Santander, S.A. issues internationalization
certificates, which are securities whose capital and interest are
guaranteed by loans and credits that are linked to the financing of
export contracts or the internationalization of companies.
The fair value of the guarantees received by the Group (financial
and non-financial assets) which the Group is authorised to sell or
pledge even if the owner of the guarantee has not defaulted is
scantly material taking into account the Consolidated financial
statements as a whole.
23. Subordinated liabilities
a) Breakdown
The detail, by currency of issue, of Subordinated liabilities, deposits
and marketable debt securities,\u00a0 in the consolidated balance sheets
is as follows:
EUR million
2025
2025
2024
2023
Outstanding issue
amount in foreign
currency (million)
Annual interest
rate (%)
Currency of issue
Euro
11,402
14,999
13,684
11,402
4.55%
US dollar
9,750
13,425
11,300
11,462
6.53%
Brazilian real
4,354
3,600
2,518
28,117
16.30%
Pound sterling
1,347
1,409
1,353
1,176
4.28%
Other currencies
2,434
2,380
2,057
Balance at end of\u00a0year
29,287
35,813
30,912
Note 51 contains a detail of the residual maturity periods of
subordinated liabilities at each year-end.
b) Changes
The movement in the balance of subordinated liabilities in the last
three\u00a0years were as follows:
EUR million
2025
2024
2023
Balance at beginning of\u00a0year
35,813
30,912
25,926
Net inclusion of entities in the Group
\u2014
\u2014
(40)
IssuancesA
2,287
7,001
7,007
Of which:
Banco Santander, S.A.
1,862
5,625
5,610
Banco Santander (Brasil) S.A.
375
1,338
1,112
Banque Stellantis France
\u2014
25
150
Redemptions and repurchasesA
(7,110)
(2,572)
(1,781)
Of which:
Banco Santander, S.A.
(6,754)
(2,433)
(1,000)
Santander UK Group Holdings plc
(352)
\u2014
\u2014
Santander Bank Polska S.A.
\u2014
(100)
\u2014
Santander UK plc
\u2014
\u2014
(702)
Banque Stellantis France
\u2014
\u2014
(78)
Exchange differences and other
movements
(1,703)
472
(200)
Balance at end of\u00a0year
29,287
35,813
30,912
A. The balance relating to issuances, redemptions and repurchases (EUR 4,823
million), together with the interest paid in remuneration of these issuances
including PPCC (EUR 1,560 million), is included in the cash flow from financing
activities.
c) Other disclosures
This caption includes contingent convertible or redeemable
preferred participations, as well as other subordinated financial
instruments issued by consolidated companies, which do not
qualify as equity (preferred shares).
Preferred shares do not have voting rights and are non-cumulative.
They have been subscribed by third parties outside the Group, and
except for the issuances of Santander UK plc, the rest are
redeemable by decision of the issuer, according to the terms of
each issue.
Banco Santander's contingently convertible preferred
participations are subordinated debentures and rank after common
creditors and any other subordinated credit that by law and/or by
their terms, to the extent permitted by Spanish law, ranks higher
than the contingently convertible preferred participations. Their
remuneration is conditioned to the obtainment of sufficient
distributable profits, and to the limitations imposed by the
regulations on shareholders' equity, and they have no voting
rights. The other issues of Banco Santander, S.A. mentioned in this
caption are also subordinated debentures and, for credit ranking
purposes, they rank behind all the common creditors of the issuing
entities and ahead of any other subordinated credit that ranks pari
passu with the Bank's contingently convertible preferred
participations.
The main issuances of subordinated debt securities, broken down
by company, are detailed below:
Issuances by Banco Santander, S.A.
On 1 December 2025, Banco Santander, S.A. has proceeded to
redeem in advance all the issued subordinated obligations: 'EUR
60,000,000', with original maturity date on December 2026 and
with ISIN code XS1492669509.
On 19 November 2025, Banco Santander, S.A. carried out an
issuance for an amount of USD 1,500\u00a0million with ISIN code
US05971KAA79.
On 24 September 2025, Banco Santander, S.A. proceeded to
redeem in advance all the issued subordinated obligations: 'EUR
50,000,000 Fixed/Floating', with original maturity date on March
2029 and with ISIN code XS1585005314.
On 5 August 2025, Banco Santander, S.A. proceeded to redeem in
advance the subordinated debt issuances with ISIN code
XS1384064587, for a nominal amount of EUR 1,500\u00a0million, with a
coupon of 3.250% and original maturity date on April 2026 and
with ISIN code XS1548444816, for a nominal amount of EUR
1,000\u00a0million, with a coupon of 3.125% and original maturity date
on January 2027.
On 2 July 2025, Banco Santander, S.A. proceeded to repurchase for
their subsequent redeem in advance the contingently convertible
preferred shares with ISIN code XS2102912966, for a total nominal
amount of EUR 466.6 million and which are traded on the market
of the Irish Stock Exchange 'Global Exchange Market', leaving the
amount in circulation at\u00a0 EUR 1,033.4 million.
On 2 July 2025, Banco Santander, S.A. carried out a placement of
preference shares contingently convertible into newly issued
ordinary shares of the Bank (PPCC), for a nominal amount of EUR
1,500\u00a0million with ISIN code XS3100756637 . The Issuance has
been made at par and the remuneration of the PPCC, whose
payment is subject to certain conditions and is also discretionary,
has been set at 6% quarterly for the first six years, being reviewed
every five years thereafter by applying a margin of 381.9 basis
points over the five-year mid-swap rate.
On 18 March 2025, Banco Santander, S.A. carried out an issuance
for an amount of EUR 1,500\u00a0million with ISIN code XS1201001572.
On 17 February 2025, Banco Santander, S.A. prepaid EUR
600.8\u00a0million out of a total of EUR 1,500\u00a0million of the transaction
with ISIN XS138406464587 following the tender announcement
launched on 6 February 2025.
On 17 February 2025, Banco Santander, S.A. prepaid EUR
563.6\u00a0million euros out of a total of EUR 1,000\u00a0million of the
transaction with ISIN XS1548444816 following the tender
announcement launched on 6 February 2025.
On 1 August 2024, Banco Santander, S.A. carried out a placement
of preference shares contingently convertible into newly issued
ordinary shares of the Bank (PPCC), for a nominal amount of USD
1,500\u00a0million (valued at EUR 1,356\u00a0million ). The issuance has been
made at par and the remuneration of the PPCC, whose payment is
subject to certain conditions and is also discretionary, has been set
at 8% annually for the first ten years, being reviewed every five
years thereafter by applying a margin of 391.1 basis points over
the 5-year mid-swap rate.
On 20 May 2024, Banco Santander, S.A., proceeded to partially
redeem in advance the contingently convertible preferred shares
with ISIN code XS1793250041, for a total nominal amount of EUR
1,312\u00a0million and which are traded on the market of the Irish Stock
Exchange 'Global Exchange Market' (the 'PPCC'), leaving the
amount in circulation at EUR 187.6\u00a0million.
On 20 May 2024, Banco Santander, S.A. carried out a placement of
preference shares contingently convertible into newly issued
ordinary shares of the Bank (PPCC), for a nominal amount of EUR
1,500\u00a0million. The Issuance has been made at par and the
remuneration of the PPCC, whose payment is subject to certain
conditions and is also discretionary, has been set at 7% annually
for the first six years, being reviewed every five years thereafter by
applying a margin of 443.2 basis points over the 5-year mid-swap
rate.
On 14 March 2024, Banco Santander, S.A. issued subordinated
obligations for an amount of USD 1,250\u00a0million (valued at EUR
1,158\u00a0million) for a term of 10 years. The issuance was made at par
and the issue coupon was set at 6.35% per year, payable bi-
annually.
On 8 February 2024, Banco Santander, S.A., proceeded to prepay
all of the contingently convertible Tier 1 preferred shares with ISIN
code XS1951093894, for a total nominal amount of USD
1,200\u00a0million (valued at EUR 1,110\u00a0million) and that were traded
on the Irish Stock Exchange 'Global Exchange Market' (the 'PPCC').
On 22 January 2024, Banco Santander, S.A. issued subordinated
bonds for an amount of EUR 1,250\u00a0million for a term of 10 years
and 3 months. The issue was carried out at 99.74% and the issue
coupon was set at 5% per year for the first 5 years and 3 months,
with an amortization option in April 2029, reviewing the coupon, in
case of non-amortization, at a fixed rate equivalent to a margin of
250 points plus the 5-year Euro swap rate.
On 29 December 2023,\u00a0 Banco Santander, S.A., proceeded to
prepay all the Tier 1 Contingently Convertible Preferred Securities
with ISIN code\u00a0 XS1692931121 for a total nominal amount of EUR
1,000\u00a0million and which were traded on the Irish Stock Market
'Global Exchange Market' (the 'PPCC').
On 21 November 2023, Banco Santander, S.A., carried out a
placement of two series of contingently convertible preferred
shares into newly issued ordinary shares of the Bank, for a total
nominal amount of USD 1,150\u00a0million (EUR 1,054\u00a0million at the
exchange rate on the day of issue) and USD 1,350\u00a0million (EUR
1,235\u00a0million at the exchange rate on the day of issue),
respectively.
The issue was carried out at par and the remuneration of the PPCC,
whose payment is subject to certain conditions and is also
discretionary, was set (i) for the first Series at 9.625% annually for
the first five years and six months, being reviewed every five years
thereafter by applying a margin of 530.6 basis points on the five-
year UST rate (5-year UST), and (ii) for the second Series at 9.625%
annually for the first ten years, being reviewed thereafter every
five years, applying a margin of 529.8 basis points on the five-year
UST rate.
On 8 August 2023, Banco Santander, S.A. carried out an issuance of
subordinated obligations for an amount of 2,000\u00a0million dollars
(1,821\u00a0million euros at the exchange rate on the day of issuance).
The issue was carried out at par coupon was set at 6.921% per
year, payable semiannually during the 10-year life of the
operation.
On 23 May 2023, Banco Santander, S.A. issued subordinated bonds
for an amount of 1,500\u00a0million euros for a term of 10 years and 3
months. The issue was carried at 99.739% and the coupon of the
issue was set at 5.75% annually for the first 5 years and 3 months,
with the option of amortization in August 2028, revising the
coupon, in case of non-amortization, at a margin of 285 points plus
the Euro Swap type 5 years.
On 25 April 2022, Banco Santander, S.A. proceeded to prepay all
the Tier 1 Contingently Convertible Preferred Securities with ISIN
code XS1602466424 and common code 160246642 in circulation,
for a total nominal amount of EUR 750\u00a0million and which were
traded on the Irish Stock Market 'Global Exchange Market' (the
'PPCC').
On 22\u00a0 November 2021, Banco Santander, S.A. issued subordinated
debentures for a term of eleven years, with a redemption option on
the tenth anniversary of the issue date, in the amount of USD
1,000\u00a0million (EUR 1,007\u00a0million at the exchange rate on the day of
issue). The issue bears interest at an annual rate of 3.225%,
payable semi-annually, for the first ten years. This issue has an
early redemption option in the tenth year from the issue date and if
the redemption is not executed in the tenth year, the coupon is
repriced at a margin of 160 points over the one-year US
government bond.
On 4 October 2021, Banco Santander, S.A. issued subordinated
debentures for a term of eleven years, with a redemption option on
the sixth anniversary of the issue date, amounting to GBP
850\u00a0million (EUR 887\u00a0million at the exchange rate on the day of
issue). The issue bears interest at an annual rate of 2.25%, payable
annually for the first six years (then repricing at a margin of 165
points over the 5-year UK government bond).
On 21 September 2021, Banco Santander, S.A. carried out a
placement of preferential shares contingently convertible into
newly issued ordinary shares of the Bank ('PPCC') for a nominal
amount of EUR 1,000\u00a0million (issue placed on the market EUR
997\u00a0million ). The issuance was carried out at par and the
remuneration of the PPCC, whose payment is subject to certain
conditions and is also discretionary, was set at 3.625% per year for
the first eight years , being reviewed every five years applying a
margin of 376 basis points over the 5-year Mid-Swap Rate.
On 12 May 2021, Banco Santander, S.A. placed the issue of
preference shares contingently convertible into newly issued
ordinary shares of the Bank, previously announced, for a total
nominal amount of\u00a0 EUR 1,578\u00a0million, issued in a Series in Dollars
of\u00a0 USD 1,000\u00a0million (EUR 828\u00a0million at the exchange rate on the
day of issue) and a Series in Euros for an amount of EUR
750\u00a0million. The issuance was carried out at par and the
remuneration of the PPCC, whose payment is subject to certain
conditions and is also discretionary, was set (i) for the Series in
Dollars at 4.750% per annum for the first six years, being revised
every five years applying a margin of 375.3 basis points over the 5-
year UST rate and (ii) for the Series in Euros by 4.125% per annum
for the first seven years, being revised every five years applying a
margin of 431.1 basis points over the applicable 5-year euro mid-
swap.
On 3 December 2020, Banco Santander, S.A. issued subordinated
debentures with a ten-year term of USD 1,500\u00a0million (EUR
1,222\u00a0million at the date of issue). The issue bears interest at an
annual rate of 2.749%, payable semiannually.
On 22 October 2020, it carried out a ten-year subordinated
debenture issue for an amount of EUR 1,000\u00a0million. The issue
bears interest at an annual rate of 1.625%, payable annually.
On 14 January 2020, it carried out a placement of contingently
convertible preferred participations into newly issued ordinary
shares of the Bank (the 'PPCCs'), excluding the pre-emptive
subscription rights of its shareholders and for a nominal amount of\u00a0
EUR 1,500\u00a0million (the 'Issuance' and the 'PPCCs'). The Issuance
was made at par and the remuneration of the PPCCs, the payment
of which is subject to certain conditions and is also discretionary,
was set at 4.375% per annum for the first six years, revised every
five years thereafter by applying a margin of 453.4 basis points
over the 5-year mid-Swap Rate (5-year mid-Swap Rate).
On 8 February 2018, a ten-year subordinated debenture issuance
of EUR 1,250\u00a0million was carried out. The issue accrues annual
interest of 2.125% payable annually.
Issuances by Banco Santander (Brasil) S.A.
In early December 2025, Brazil closed a Tier 2 subordinated debt
issuance in its local market with a 10-year term and the first call
date at 5 years, for an amount of BRL 2.4\u00a0billion. The issuance price
was 10y CDI + 65 bps.
At September 2024, Brazil issued AT1 Financial Notes (PerpNC5) in
its local market for an amount of BRL 7,600 million at CDI + 140%
(equivalent to UST +222 bps).
At the beginning of October 2023, Banco Santander (Brasil) S.A.
carried out an issuance of Subordinated Financial Bills (TIER II) in its
local market for a 10-year term, with a repurchase option as of the
fifth anniversary of the issuance date, in the amount of BRL
6,000\u00a0million. The issuance price was CDI +1.6% per annum,
payable at maturity.
At the end of November 2021, Banco Santander (Brasil) S.A. carried
aout an issuance of Subordinated Financial Bills (TIER II) in its local
market for a 10-year term, with a repurchase option as of the fifth
anniversary of the issue date, in the amount of BRL 5,500\u00a0million.
The issue price was CDI 2% per annum, payable at maturity.
Issuance by Santander Bank Polska S.A.
At 28 November 2024, Santander Bank Polska S.A proceeded to
repay subordinated debt ISIN XS0531310182 for EUR 100\u00a0million.
The debt was originally fully subscribed by the EBRD at 5 August
2010.
The accrued interests from the subordinated liabilities during 2025
amounted to EUR 1,486 million (EUR 1,357 million and EUR 1,010
million during 2024 and 2023, respectively).
In addition, interests from the PPCC and PPCA during 2025
amounted to EUR 622 million (EUR 620 million and EUR 492
million in 2024 and 2023, respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1877": { "value": "
9. Trading derivatives (assets and
liabilities) and short positions
a) Trading Derivatives
The detail, by type of inherent risk, of the fair value of the trading
derivatives arranged by the Group is as follows (see note\u00a011):
EUR million
2025
2024
2023
Debit
balance
Credit
balance
Debit
balance
Credit
balance
Debit
balance
Credit
balance
Interest
rate risk
29,550
23,728
30,834
24,754
31,480
26,014
Currency
risk
24,755
20,508
29,395
29,110
22,834
23,094
Price risk
1,858
2,279
1,765
1,632
1,279
904
Other
risks
2,192
5,453
2,106
2,257
735
577
58,355
51,968
64,100
57,753
56,328
50,589
b) Short positions
Following is a breakdown of the short positions (liabilities):
EUR million
2025
2024
2023
Borrowed securities
Debt instruments
2,938
2,566
3,263
Of which:
Banco Santander, S.A.
1,555
1,347
1,383
Banco Santander M\u00e9xico, S.A.,
Instituci\u00f3n de Banca M\u00faltiple,
Grupo Financiero Santander
M\u00e9xico
1,358
1,199
1,881
Equity instruments
690
538
546
Of which:
Banco Santander, S.A.
429
358
312
Short sales
Debt instruments
40,387
32,726
22,365
Of which:
Banco Santander, S.A.
28,710
23,813
16,143
Banco Santander (Brasil) S.A.
7,417
5,950
3,462
Santander US Capital Markets
LLC
3,396
2,382
2,442
44,015
35,830
26,174
11.\u00a0 Trading derivatives
The detail of the notional amounts and the market values of the
trading derivatives held by the Group in 2025 , 2024 and 2023 is as
follows:
EUR million
2025
2024
2023
Notional
amount
Market
value
Notional
amount
Market
value
Notional
amount
Market
value
Trading derivatives
Interest rate risk
Forward rate agreements
1,995,070
(32)
1,992,413
13
829,913
3
Interest rate swaps
6,166,278
6,324
6,127,812
6,364
5,381,966
5,514
Options, futures and other derivatives
470,659
(472)
377,285
(297)
398,519
(51)
Credit risk
Credit default swaps
64,924
(3,135)
41,111
(572)
22,462
(86)
Foreign currency risk
Foreign currency purchases and sales
611,850
1,282
514,268
595
471,955
33
Foreign currency options
160,421
441
221,159
528
77,934
288
Currency swaps
682,350
2,526
625,765
(838)
586,405
(581)
Securities and commodities derivatives and other
98,588
(547)
78,328
554
68,664
619
Total
10,250,140
6,387
9,978,141
6,347
7,837,818
5,739
20. Deposits from central banks and
credit institutions
The detail, by classification, counterparty, type and currency, of
'Deposits from central banks' and 'Deposits from credit institutions'
in the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
CENTRAL BANKS
Classification
Financial liabilities held for trading
12,385
13,300
7,808
Financial liabilities designated at fair
value through profit or loss
3,086
1,774
1,209
Financial liabilities at amortized cost
18,542
24,882
48,782
34,013
39,956
57,799
Type
Deposits on demand
856
405
117
Time deposits
14,709
18,488
43,853
Reverse repurchase agreements
18,448
21,063
13,829
34,013
39,956
57,799
CREDIT INSTITUTIONS
Classification
Financial liabilities held for trading
27,058
26,284
17,862
Financial liabilities designated at fair
value through profit or loss
1,424
1,625
1,735
Financial liabilities at amortized cost
74,692
90,012
81,246
103,174
117,921
100,843
Type
Deposits on demand
5,005
6,657
5,468
Time deposits
42,718
54,716
54,402
Reverse repurchase agreements
55,186
56,273
40,689
Subordinated deposits
265
275
284
103,174
117,921
100,843
Currency
Euro
54,588
53,779
53,921
Pound sterling
13,625
21,853
27,697
US dollar
43,466
57,992
49,447
Brazilian real
6,783
7,459
7,997
Other currencies
18,725
16,794
19,580
TOTAL
137,187
157,877
158,642
At 31 December 2025 and 2024, no conditional long-term
financing of the European Central Bank (TLTRO- Targeted Long-
Term Refinancing Operation-) was outstanding. As of 2023, the
balance of such financing amounted to EUR 11,583 million, all
corresponding to the TLTRO III financing program.
At 31 December 2025, no expense has been recognized in the
consolidated income statement corresponding to TLTRO III
(expenses of EUR 158 million and EUR 659 million at 31 December
2024 and 2023, respectively, as a result of the conditions of the
financing programme).
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost .
21. Customer deposits
The detail, by classification, geographical area and type, of
Customer deposits is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities held for trading
36,120
18,984
19,837
Financial liabilities designated at
fair value through profit or loss
25,930
25,407
32,052
Financial liabilities
at amortized cost
979,150
1,011,545
995,280
1,041,200
1,055,936
1,047,169
Geographical areaA
Spain
437,855
395,479
388,736
Rest of Europe
323,854
377,057
366,165
of which: United Kingdom
228,810
233,192
235,698
Rest of America
279,491
283,400
292,268
of which: United States
82,321
88,712
83,555
Rest of the world
\u2014
\u2014
\u2014
1,041,200
1,055,936
1,047,169
Type
Demand deposits-
646,125
677,818
661,262
Time deposits-
296,797
298,276
305,296
Deposits redeemable at notice
1,487
1,525
1,789
Repurchase agreements
96,791
78,317
78,822
1,041,200
1,055,936
1,047,169
A. According to the geography of the legal entity.
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost.
a) Breakdown
The detail, by classification and type, of Marketable debt securities
is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities
held for trading
\u2014
\u2014
\u2014
Financial liabilities designated
at fair value through profit or loss
11,686
7,554
5,371
Financial liabilities
at amortized cost
312,704
317,967
303,208
324,390
325,521
308,579
Type
Bonds and debentures outstanding
253,893
252,765
231,880
Subordinated
28,859
35,461
30,529
Notes\u00a0and other securities
41,638
37,295
46,170
324,390
325,521
308,579
The distribution of the book value of debt securities issued by
contractual maturity at 31 December 2025 is shown below:
EUR million
Within 3
months
3 to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Subordinated debt
\u2014
798
1,760
2,277
24,024
28,859
Senior unsecured debt
10,509
13,643
51,461
34,465
35,618
145,696
Senior secured debt
11,529
12,308
43,661
28,106
12,593
108,197
Promissory notes and other securities
17,747
23,060
335
170
326
41,638
Debt securities issued
39,785
49,809
97,217
65,018
72,561
324,390
The distribution by contractual maturity of the notional amounts of
these debt securities issued at 31 December 2025 is as follows:
EUR million
Within 3
months
3 to 12
months
1\u00a0to\u00a03
years
3\u00a0to\u00a05
years
More\u00a0than\u00a05
years
Total
Subordinated debt
\u2014
790
1,744
2,255
22,926
27,715
Senior unsecured debt
10,056
12,654
50,189
34,089
36,469
143,457
Senior secured debt
11,038
12,110
43,467
28,116
12,513
107,244
Promissory notes and other securities
17,709
23,042
299
154
312
41,516
Debt securities issued
38,803
48,596
95,699
64,614
72,220
319,932
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1878": { "value": "
a) Trading Derivatives
The detail, by type of inherent risk, of the fair value of the trading
derivatives arranged by the Group is as follows (see note\u00a011):
EUR million
2025
2024
2023
Debit
balance
Credit
balance
Debit
balance
Credit
balance
Debit
balance
Credit
balance
Interest
rate risk
29,550
23,728
30,834
24,754
31,480
26,014
Currency
risk
24,755
20,508
29,395
29,110
22,834
23,094
Price risk
1,858
2,279
1,765
1,632
1,279
904
Other
risks
2,192
5,453
2,106
2,257
735
577
58,355
51,968
64,100
57,753
56,328
50,589
11.\u00a0 Trading derivatives
The detail of the notional amounts and the market values of the
trading derivatives held by the Group in 2025 , 2024 and 2023 is as
follows:
EUR million
2025
2024
2023
Notional
amount
Market
value
Notional
amount
Market
value
Notional
amount
Market
value
Trading derivatives
Interest rate risk
Forward rate agreements
1,995,070
(32)
1,992,413
13
829,913
3
Interest rate swaps
6,166,278
6,324
6,127,812
6,364
5,381,966
5,514
Options, futures and other derivatives
470,659
(472)
377,285
(297)
398,519
(51)
Credit risk
Credit default swaps
64,924
(3,135)
41,111
(572)
22,462
(86)
Foreign currency risk
Foreign currency purchases and sales
611,850
1,282
514,268
595
471,955
33
Foreign currency options
160,421
441
221,159
528
77,934
288
Currency swaps
682,350
2,526
625,765
(838)
586,405
(581)
Securities and commodities derivatives and other
98,588
(547)
78,328
554
68,664
619
Total
10,250,140
6,387
9,978,141
6,347
7,837,818
5,739
36. Hedging derivatives
Grupo Santander, within its financial risk management strategy,
and in order to reduce asymmetries in the accounting treatment of
its operations, enters into hedging derivatives on interest,
exchange rate, credit risk or variation of stock prices, depending on
the nature of the risk covered.
Based on its objective, Grupo Santander classifies its hedges in the
following categories:
\u2022 Cash flow hedges: cover the exposure to the variation of the cash
flows associated with an asset, liability or a highly probable
forecast transaction. This cover the variable-rate issues in foreign
currencies, fixed-rate issues in non-local currency, variable-rate
interbank financing and variable-rate assets (bonds, commercial
loans, mortgages, etc.).
\u2022 Fair value hedges: cover the exposure to the variation in the fair
value of assets or liabilities, attributable to an identified and
hedged risk. This covers the interest risk of assets or liabilities
(bonds, loans, bills, issues, deposits, etc.) with coupons or fixed
interest rates, interests in entities, issues in foreign currencies
and deposits or other fixed rate liabilities.
\u2022 Hedging of net investments abroad: cover the exchange rate risk
of the investments in subsidiaries domiciled in a country with a
different currency from the functional one of the Group.
The following tables contains the detail of the hedging derivatives
according to the type of hedging, the hedge risk and the main
products used as of 31 December 2025, 2024 and 2023:
EUR million
2025
Carrying\u00a0amount
Nominal
value
Assets
Liabilities
Changes in fair value used
for calculating\u00a0hedge
ineffectiveness
Balance\u00a0sheet\u00a0line\u00a0items
Fair value hedges
338,057
2,387
2,588
(454)
Interest rate risk
305,348
1,501
1,532
(433)
Hedging derivatives
Interest rate swap
285,983
1,326
1,485
(188)
Future interest rate
19,365
175
47
(247)
Cap&Floor
\u2014
\u2014
\u2014
2
Exchange rate risk
2,656
6
20
46
Hedging derivatives
Fx forward
2,414
6
20
5
Fx Swap
\u2014
\u2014
\u2014
46
Future interest rate
242
\u2014
\u2014
(5)
Interest rate and exchange rate risk
27,433
735
1,035
(76)
Hedging derivatives
Interest rate swap
5,452
38
80
(8)
Currency swap
21,981
697
955
(68)
Base risk
500
\u2014
1
\u2014
Hedging derivatives
Interest rate swap
500
\u2014
1
\u2014
Inflation risk
2,120
145
\u2014
9
Hedging derivatives
Inflation swap
2,120
145
\u2014
9
Cash flow hedges
148,269
1,954
1,231
1,067
Interest rate risk
99,969
960
41
1,171
Hedging derivatives
Future interest rate
12,357
22
7
(293)
Interest rate swap
87,412
937
34
1,464
Cap&Floor
200
1
\u2014
\u2014
Exchange rate risk
24,791
605
473
(233)
Hedging derivatives
FX forward
3,445
62
20
(18)
FX swap
1,606
38
43
(3)
Currency swap
19,740
505
410
(212)
Interest rate and exchange rate risk
23,445
298
718
(3)
Hedging derivatives
Interest rate swap
3,253
17
85
51
Currency swap
20,192
281
633
(54)
Inflation risk
\u2014
\u2014
\u2014
131
Hedging derivatives
Inflation swap
\u2014
\u2014
\u2014
131
Equity risk
64
91
1
Hedging derivatives
Equity Option
64
91
1
Hedges of net investments in foreign
operations
19,666
86
475
136
Exchange rate risk
19,666
86
475
136
Hedging derivatives
FX forward
19,614
86
474
134
FX swap
52
1
2
505,992
4,427
4,294
749
EUR million
2024
Carrying\u00a0amount
Nominal
value
Assets
Liabilities
Changes in fair value used
for calculating\u00a0hedge
ineffectiveness
Balance\u00a0sheet\u00a0line\u00a0items
Fair value hedges
308,897
2,584
2,964
483
Interest rate risk
290,152
2,070
2,319
373
Hedging derivatives
Of which:
Interest rate swap
276,715
1,578
2,082
156
Exchange rate risk
4,411
13
59
101
Hedging derivatives
Of which:
Fx forward
2,240
8
39
(2)
Future interest rate
2,059
\u2014
\u2014
91
Interest rate and exchange rate risk
13,739
501
586
8
Hedging derivatives
Interest rate swap
2,720
15
65
46
Currency swap
11,019
486
520
(38)
Base risk
500
\u2014
\u2014
\u2014
Hedging derivatives
Interest rate swap
500
\u2014
\u2014
\u2014
Equity risk
95
\u2014
\u2014
1
Hedging derivatives
Equity swap
95
\u2014
\u2014
1
Cash flow hedges
179,271
2,415
1,519
558
Interest rate risk
134,503
1,060
1,089
144
Of which:
Future interest rate
6,621
\u2014
\u2014
225
Interest rate swap
106,663
788
478
(130)
Exchange rate risk
30,653
738
258
459
Hedging derivatives
Of which:
FX forward
9,286
362
51
408
Currency swap
19,957
323
189
114
Interest rate and exchange rate risk
11,724
539
172
26
Hedging derivatives
Interest rate swap
3,092
(6)
46
75
Currency swap
8,632
545
126
(49)
Inflation risk
2,316
58
\u2014
(69)
Hedging derivatives
Of which:
Inflation swap
2,163
57
\u2014
82
Equity risk
75
20
\u2014
(2)
Hedging derivatives
Equity swap
75
20
\u2014
(2)
Hedges of net investments in foreign
operations
23,559
673
269
420
Exchange rate risk
23,559
673
269
420
Hedging derivatives
FX forward
23,559
673
269
420
511,727
5,672
4,752
1,461
EUR million
2023
Carrying\u00a0amount
Nominal
value
Assets
Liabilities
Changes in fair value used
for calculating\u00a0hedge
ineffectiveness
Balance\u00a0sheet\u00a0line\u00a0items
Fair value hedges
241,792
2,661
4,231
(1,869)
Interest rate risk
225,377
2,280
3,644
(1,684)
Hedging derivatives
Of which:
Interest rate swap
215,382
2,015
3,462
(1,871)
Exchange rate risk
4,331
15
24
(98)
Hedging derivatives
FX forward
1,913
15
24
(11)
Future interest rate
2,418
\u2014
\u2014
(87)
Interest rate and exchange rate risk
12,084
366
563
(87)
Hedging derivatives
Interest rate swap
2,311
9
179
20
Currency swap
9,773
357
384
(107)
Cash flow hedges
157,796
2,575
2,889
1,828
Interest rate risk
97,780
913
1,246
2,181
Hedging derivatives
Of which:
Future interest rate
3,020
\u2014
\u2014
6
Interest rate swap
91,569
872
1,214
2,188
Exchange rate risk
34,823
1,001
663
(498)
Hedging derivatives
Of which:
FX forward
11,160
502
241
43
Currency swap
20,043
446
397
(537)
Interest rate and exchange rate risk
12,217
484
74
(98)
Hedging derivatives
Interest rate swap
2,847
\u2014
(45)
227
Currency swap
9,370
484
119
(325)
Inflation risk
12,908
155
906
234
Hedging derivatives
Of which:
Currency swap
12,495
153
906
240
Equity risk
68
22
\u2014
9
Hedging derivatives
Option
68
22
\u2014
9
Hedges of net investments in foreign
operations
18,706
61
536
(1,888)
Exchange rate risk
18,706
61
536
(1,888)
Hedging derivatives
FX forward
18,706
61
536
(1,888)
418,294
5,297
7,656
(1,929)
Considering the main entities or groups within the Group by the
weight of their hedging, the main types of hedging that are being
carried out in Santander UK Group Holdings plc group and Banco
Santander, S.A.
Santander UK Group Holdings plc group enters into fair value and
cash flow hedging derivatives depending on the exposure of the
underlying. Only designated risks are hedged and therefore other
risks, such as credit risk, are managed but not hedged. When
contracting derivatives, Santander UK applies the same credit risk
management procedures that it uses for ordinary lending activity.
Within fair value hedges, Santander UK Group Holdings plc group
has portfolios of assets and liabilities at fixed rate that are exposed
to changes in fair value due to changes in market interest rates.
These positions are managed by contracting mainly interest rate
swaps. Effectiveness is assessed by comparing the changes in the
fair value of these portfolios generated by the hedged risk with the
changes in the fair value of the derivatives contracted.
Santander UK Group Holdings plc group also has access to
international markets to obtain financing by issuing fixed-rate debt
or investing in fixed rate debt of other issuers, in its functional
currency and other currencies. As such, they are exposed to
changes in interest rates and exchange rates, mainly in EUR and
USD. This risk is mitigated with cross currency swaps e interest rate
swaps in which they pay a fixed rate and receive a variable rate.
Effectiveness is evaluated using linear regression techniques to
compare changes in the fair value of the debt at interest and
exchange rates with changes in the fair value of interest rate swaps
or cross currency swaps.
Within the cash flow hedges, Santander UK Group Holdings plc
group has portfolios of assets and liabilities at variable rates,
normally at SONIA or BoE base rate. To mitigate this market rate
variability risk, it contracts interest rate swaps.
As Santander UK Group Holdings plc group obtains financing in the
international markets, it assumes a significant exposure to
currency risk mainly USD and EUR. In addition, it also holds debt
securities for liquidity purposes which assume exposure mainly in
JPY, CAD and CHF.\u00a0 To manage this exchange rate risk, Spot,
Forward y Cross Currency Swap are contracted to match the cash
flow profile and the maturity of the estimated interest and
principal repayments of the hedged item.
Effectiveness is assessed by comparing changes in the fair value of
the derivatives with changes in the fair value of the hedged item
attributable to the hedged risk by applying a hypothetical
derivative method using linear regression techniques.
It also has inflation risk hedges, which arise from UK bonds linked
to UK inflation and are hedged using inflation swaps.
Effectiveness is assessed by comparing changes in the fair value of
the inflation swap with the changes in the fair value of the hedged
item attributable to the hedged risk, applying the hypothetical
derivative method using linear regression techniques.
In addition, within the hedges that cover equity risk, Santander UK
Group Holdings plc group offers employees the opportunity to
purchase shares of the Bank at a discount under the Sharesave
Scheme, exposing the Bank to share price risk. As such, options are
purchased allowing them to purchase shares at a pre-set price.
Banco Santander, S.A. covers the risks of its balance sheet in a
variety of ways. On the one hand, documented as fair value
hedges, it covers the interest rate and foreign exchange risk of
fixed-income portfolios at a fixed rate (REPOs are included in this
category). Resulting, in an exposure to changes in their fair value
due to variations in market conditions based on the various risks
hedged, which has an impact on Banco Santander's income
statement.
To mitigate these risks, Banco Santander contracts derivatives,
mainly Interest Rate Swaps, Cross Currency Swaps, Cap&floors and
Forex Forward.
On the other hand, the interest and exchange rate risk of loans
granted to corporate clients at a fixed rate or variable rate is
covered. These hedges, are carried out through interest rate swaps,
cross currency swaps and exchange rate derivatives (forex swaps
and forex forward).
In addition, Banco Santander, S.A. manages the interest and
exchange risk of debt issues in its various categories (issuing
covered bonds, perpetual, subordinated and senior bond) and in
different currencies, denominated at fixed rates, and therefore
subject to changes in their fair value. These issues are covered
through interest rate swaps and cross currency swaps.
The methodology used by Banco Santander, S.A. to measure the
effectiveness of fair value hedges is based on comparing the
market values of the hedged items (based on the objective risk of
the hedge) and of the hedging instruments in order to analyse
whether the changes in the market value of the hedged items are
offset by the market value of the hedging instruments, thereby
mitigating the hedged risk and minimizing volatility in the income
statement.
Prospectively, the same analysis is performed, measuring the
theoretical market values in the event of parallel variations in the
market curves of a positive basis point.
There is a macro hedge of structured loans in which the interest
rate risk of fixed-rate loans (mortgage, personal or with other
guarantees) granted to legal entities in commercial or corporate
banking and wealth clients in the medium-long term is hedged.
This hedge is instrumented as a macro hedge of fair value, the
main hedging instruments being Interest Rate Swap and
Cap&floors. In case of total or partial cancellation or early
repayment, the customer is obliged to pay/receive the cost/income
of the cancellation of the interest rate risk hedge managed by the
Bank.
Regarding cash flow hedges, the objective is to hedge the cash
flow exposure to changes in interest rates and exchange rates.
For retrospective purposes, the hypothetical derivative
methodology is used to measure effectiveness. By means of this
methodology, the hedged risk is modelled as a derivative
instrument -not real-, created exclusively for the purpose of
measuring the effectiveness of the hedge, and which must comply
with the fact that its main characteristics coincide with the critical
terms of the hedged item throughout the period for which the
hedging relationship is designated. This hypothetical derivative
does not incorporate characteristics that are exclusive to the
hedging instrument. Additionally, it is worth mentioning that any
risk component not associated with the hedged objective risk and
effectively documented at the beginning of the hedge is excluded
for the purpose of calculating the effectiveness. The market value
of the hypothetical derivative that replicates the hedged item is
compared with the market value of the hedging instrument,
verifying that the hedged risk is effectively mitigated and that the
impact on the income statement due to potential ineffectiveness is
residual.
Prospectively, the variations in the market values of the hedging
instrument and the hedged item (represented by the hypothetical
derivative) are measured in the event of parallel shifts of a positive
basis point in the affected market curves.
There is another macro-hedge, this time of cash flows, the purpose
of which is to actively manage the risk-free interest rate risk
(excluding credit risk) of a portion of the floating rate assets of
Banco Santander, S.A., through the arrangement of interest rate
derivatives whereby the bank exchanges floating rate interest
flows for others at a fixed rate agreed at the time the transactions
are arranged. The items affected by the Macro-hedging have been
designated as those in which their cash flows are exposed to
interest rate risk, specifically the floating rate mortgages of the
Banco Santander, S.A. network referenced to Euribor 12 Months or
Euribor Mortgage, with annual renewal of rates, classified as
sound risk and which do not have a contractual floor (or, if not, this
floor is not activated). The hedged position affecting the Macro
Cash Flow Hedge at the present time is near to EUR 5,000\u00a0million.
Regarding net foreign investments hedges, basically, they are
allocated in Banco Santander, S.A. and Santander Consumer
Finance Group. Grupo Santander assumes as a priority risk
management objective to minimize -to the limit determined by the
Group's Financial Management- the impact on the calculation of
the capital ratio of its permanent investments included within the
Group's consolidation perimeter, and whose shares or equity
interests are legally denominated in a currency other than that of
the Group's parent company. For this purpose, financial
instruments (generally derivatives) are contracted to hedge the
impact on the capital ratio of changes in forward exchange rates.\u00a0
Grupo Santander mainly hedges the risk for the following
currencies: BRL, CLP, MXN, CAD, COP, CNY, GBP, CHF, NOK, USD,
PLN, UYU and PEN. The instruments used to hedge the risk of these
investments are forex swaps, forex forward and spot currency
purchases/sales.
For this type of hedges, ineffectiveness scenarios are considered to
be of low probability, given that the hedging instrument is
designated considering the position determined and the spot rate
at which the position is located.
The following table sets out the maturity profile of the hedging
instruments used in Grupo Santander non-dynamic hedging
strategies:
EUR million
31 December 2025
Up\u00a0to\u00a0one
month
One\u00a0to\u00a0three
months
Three\u00a0months\u00a0
to one year
One\u00a0year\u00a0to
five years
More\u00a0than five
years
Total
Fair value hedges
17,263
20,353
87,830
176,040
36,571
338,057
Interest rate risk
15,778
19,042
82,060
160,461
28,007
305,348
Interest rate swap
15,588
18,565
78,893
146,294
26,643
285,983
Future interest rate
190
477
3,167
14,167
1,364
19,365
Exchange rate risk
963
365
1,086
\u2014
242
2,656
Fx forward
963
365
1,086
\u2014
\u2014
2,414
Future interest rate
\u2014
\u2014
\u2014
\u2014
242
242
Interest rate and exchange rate risk
522
946
4,684
15,079
6,202
27,433
Interest rate swap
15
54
218
3,898
1,267
5,452
Currency swap
507
892
4,466
11,181
4,935
21,981
Base risk
\u2014
\u2014
\u2014
500
\u2014
500
Interest rate swap
\u2014
\u2014
\u2014
500
\u2014
500
Inflation risk
\u2014
\u2014
\u2014
\u2014
2,120
2,120
Inflation swap
\u2014
\u2014
\u2014
\u2014
2,120
2,120
Cash flow hedges
6,499
4,405
21,536
103,955
11,874
148,269
Interest rate risk
3,497
1,347
12,090
76,749
6,286
99,969
Future interest rate
\u2014
\u2014
13
11,837
507
12,357
Interest rate swap
3,497
1,347
12,077
64,712
5,779
87,412
Cap&Floor
\u2014
\u2014
\u2014
200
\u2014
200
Exchange rate risk
981
1,169
4,062
15,467
3,112
24,791
FX forward
874
1,025
1,546
\u2014
\u2014
3,445
FX swap
66
92
492
956
\u2014
1,606
Currency swap
41
52
2,024
14,511
3,112
19,740
Interest rate and exchange rate risk
2,021
1,887
5,371
11,690
2,476
23,445
Interest rate swap
761
\u2014
227
2,085
180
3,253
Currency swap
1,260
1,887
5,144
9,605
2,296
20,192
Equity risk
\u2014
2
13
49
\u2014
64
Equity option
\u2014
2
13
49
\u2014
64
Hedges of net investments in foreign operations:
2,945
5,218
11,296
207
\u2014
19,666
Exchange rate risk
2,945
5,218
11,296
207
\u2014
19,666
FX forward
2,893
5,218
11,296
207
\u2014
19,614
FX swap
52
\u2014
\u2014
\u2014
\u2014
52
26,707
29,976
120,662
280,202
48,445
505,992
EUR million
31 December 2024
Up\u00a0to\u00a0one
month
One\u00a0to\u00a0three
months
Three\u00a0months\u00a0
to one year
One\u00a0year\u00a0to
five years
More\u00a0than five
years
Total
Fair value hedges
9,791
15,953
88,519
163,086
31,548
308,897
Interest rate risk
8,725
14,680
85,981
154,440
26,326
290,152
Of which:
Interest rate swap
7,910
11,913
83,890
148,913
24,089
276,715
Exchange rate risk
1,054
717
469
112
2,059
4,411
Of which:
Fx forward
1,054
717
469
\u2014
\u2014
2,240
Future interest rate
\u2014
\u2014
\u2014
\u2014
2,059
2,059
Interest rate and exchange rate risk
12
511
2,019
8,034
3,163
13,739
Of which:
Interest rate swap
\u2014
149
104
1,543
924
2,720
Currency swap
12
361
1,915
6,491
2,240
11,019
Base risk
\u2014
\u2014
\u2014
500
\u2014
500
Interest rate swap
\u2014
\u2014
\u2014
500
\u2014
500
Equity risk
\u2014
45
50
\u2014
\u2014
95
Equity swap
\u2014
45
50
\u2014
\u2014
95
Cash flow hedges
19,696
10,088
43,111
94,030
12,346
179,271
Interest rate risk
14,628
7,932
30,390
75,459
6,094
134,503
Of which:
Future interest rate
6,621
\u2014
\u2014
\u2014
\u2014
6,621
Interest rate swap
7,146
5,856
20,846
67,495
5,320
106,663
Exchange rate risk
2,982
1,377
8,765
14,703
2,826
30,653
Of which:
FX forward
2,594
1,310
5,382
\u2014
\u2014
9,286
Currency swap
133
66
3,383
14,704
1,671
19,957
Interest rate and exchange rate risk
2,086
778
3,785
3,813
1,262
11,724
Of which:
Interest rate swap
997
\u2014
395
1,260
440
3,092
Currency swap
1,090
778
3,389
2,553
822
8,632
Inflation risk
\u2014
\u2014
153
\u2014
2,163
2,316
Of which:
Inflation swap
\u2014
\u2014
\u2014
\u2014
2,163
2,163
Equity risk
\u2014
1
18
55
1
75
Option
\u2014
1
18
55
1
75
Hedges of net investments in foreign operations:
3,918
5,644
13,997
\u2014
\u2014
23,559
Exchange rate risk
3,918
5,644
13,997
\u2014
\u2014
23,559
FX forward
3,918
5,644
13,997
\u2014
\u2014
23,559
33,405
31,685
145,627
257,116
43,894
511,727
EUR million
31 December 2023
Up\u00a0to\u00a0one
month
One\u00a0to\u00a0three
months
Three\u00a0months\u00a0
to one year
One\u00a0year\u00a0to
five years
More\u00a0than five
years
Total
Fair value hedges
6,862
14,535
59,170
139,486
21,739
241,792
Interest rate risk
6,266
13,749
56,860
131,323
17,179
225,377
Of which:
Interest rate swap
6,176
13,525
55,918
125,405
14,358
215,382
Exchange rate risk
566
678
619
50
2,418
4,331
Fx forward
566
678
619
50
\u2014
1,913
Future interest rate
\u2014
\u2014
\u2014
\u2014
2,418
2,418
Interest rate and exchange rate risk
30
108
1,691
8,113
2,142
12,084
Currency swap
30
87
1,370
6,605
1,681
9,773
Interest rate swap
\u2014
21
321
1,508
461
2,311
Cash flow hedges
7,873
16,149
43,913
83,291
6,570
157,796
Interest rate risk
4,467
6,859
30,846
53,038
2,570
97,780
Of which:
Future interest rate
\u2014
\u2014
\u2014
3,020
\u2014
3,020
Interest rate swap
4,241
6,429
29,863
48,735
2,301
91,569
Exchange rate risk
2,655
7,087
6,607
16,711
1,763
34,823
Of which:
FX forward
2,013
2,344
4,617
2,186
\u2014
11,160
Currency swap
642
2,209
1,990
14,525
677
20,043
Interest rate and exchange rate risk
407
1,547
2,270
7,187
806
12,217
Of which:
Interest rate swap
\u2014
80
\u2014
2,575
192
2,847
Currency swap
407
1,467
2,270
4,612
614
9,370
Inflation risk
344
656
4,182
6,296
1,430
12,908
Of which:
Currency swap
318
618
3,833
6,296
1,430
12,495
Equity risk
\u2014
\u2014
8
59
1
68
Option
\u2014
\u2014
8
59
1
68
Hedges of net investments in foreign operations:
4,303
4,940
9,463
\u2014
\u2014
18,706
Exchange rate risk
4,303
4,940
9,463
\u2014
\u2014
18,706
FX forward
4,303
4,940
9,463
\u2014
\u2014
18,706
19,038
35,624
112,546
222,777
28,309
418,294
Additionally, for Santander UK Group Holdings plc and Banco
Santander, S.A., both the maturity profile, the average interest and
exchange rate of hedging instruments by maturity buckets are
shown:
Santander UK Group Holdings plc group
31 December 2025
EUR million
Up to one
month
One to three
months
Three\u00a0months
to one year
One\u00a0year
to five years
More\u00a0than five
years
Total
Fair value hedges
Interest rate risk
Interest rate instruments
Nominal
14,490
12,469
69,366
86,738
6,222
189,285
Average fixed interest rate (%) GBP
4.150
4.703
4.021
3.508
4.181
Average fixed interest rate (%) EUR
\u2014
0.216
\u2014
0.621
0.437
Average fixed interest rate (%) USD
\u2014
\u2014
\u2014
4.091
1.325
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
Nominal
27.000
30
357
6,936
1,808
9,158
Average GBP/EUR exchange rate
1.176
1.138
1.158
1.177
1.182
Average GBP/USD exchange rate
\u2014
\u2014
1.249
1.346
1.293
Average fixed interest rate (%) EUR
2
3
4.080
2.812
2.822
Average fixed interest rate (%) USD
\u2014
\u2014
4.991
4.385
4.364
Inflation risk
Interest rate instruments
Nominal
\u2014
\u2014
\u2014
\u2014
2,120
2,120
Average fixed interest rate (%) GBP
\u2014
\u2014
\u2014
\u2014
4.997
Cash flow hedges
Interest rate risk
Interest rate instruments
Nominal
360
111
3,472
35,087
4,067
43,097
Average fixed interest rate (%) GBP
4.373
4.235
3.344
3.881
4.481
Foreign exchange risk
Exchange and interest rate instruments
Nominal
\u2014
\u2014
1,982
14,238
3,112
19,332
Average GBP/JPY exchange rate
\u2014
\u2014
\u2014
\u2014
\u2014
Average GBP/CHF exchange rate
\u2014
\u2014
1.121
1.111
\u2014
Average GBP/EUR exchange rate
\u2014
\u2014
\u2014
1.180
1.172
Average GBP/USD exchange rate
\u2014
\u2014
1.334
1.275
1.373
Average GBP/CAD exchange rate
\u2014
\u2014
\u2014
\u2014
\u2014
Equity risk
Equity instruments
Nominal
\u2014
2
13
49
\u2014
64
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
Nominal
\u2014
\u2014
87
2,206
420
2,713
Average GBP/EUR exchange rate
\u2014
\u2014
1.166
1.181
1.172
Average GBP/USD exchange rate
\u2014
\u2014
1.334
1.281
1.397
Average fixed interest rate (%) GBP
\u2014
\u2014
2.609
3.973
4.475
31 December 2024
EUR million
Up to one
month
One to three
months
Three\u00a0months
to one year
One\u00a0year
to five years
More\u00a0than five
years
Total
Fair value hedges
Interest rate risk
Interest rate instruments
\u00a0 Nominal
5,033
7,598
64,755
93,176
4,110
174,672
Average fixed interest rate (%) GBP
3.749
4.293
4.496
3.868
3.653
Average fixed interest rate (%) EUR
0.200
(0.346)
(0.446)
0.585
4.370
Average fixed interest rate (%) USD
1.677
1.534
1.531
5.756
0.449
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
\u00a0 Nominal
\u2014
212
258
2,280
1,152
3,902
Average GBP/EUR exchange rate
\u2014
1.136
1.158
1.162
1.176
Average GBP/USD exchange rate
\u2014
\u2014
\u2014
1.318
1.281
Average fixed interest rate (%) EUR
\u2014
\u2014
1.350
3.304
2.940
Average fixed interest rate (%) USD
\u2014
\u2014
\u2014
4.831
4.375
Cash flow hedges
Interest rate risk
Interest rate instruments
\u00a0 Nominal
5,330
4,190
14,896
34,841
4,325
63,582
Average fixed interest rate (%) GBP
4.592
4.075
4.761
3.707
4.352
Foreign exchange risk
Exchange and interest rate instruments
\u00a0 Nominal
311
954
5,941
13,235
2,730
23,171
Average GBP/JPY exchange rate
178.368
179.995
187.640
\u2014
\u2014
Average GBP/CHF exchange rate
\u2014
\u2014
1.086
1.115
\u2014
Average GBP/EUR exchange rate
\u2014
1.203
1.188
1.177
1.162
Average GBP/USD exchange rate
\u2014
\u2014
1.238
1.297
1.388
Average GBP/CAD exchange rate
\u2014
\u2014
1.758
\u2014
\u2014
Equity risk
Equity instruments
Nominal
\u2014
\u2014
19
55
1
75
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
\u00a0 Nominal
1,993
476
1,039
2,294
707
6,509
Average GBP/EUR exchange rate
1.124
1.370
1.161
1.213
1.179
Average GBP/USD exchange rate
\u2014
\u2014
1.538
1.319
1.537
Average fixed interest rate (%) GBP
1.480
2.760
3.203
2.771
4.885
Inflation risk
Interest rate instruments
Nominal
\u2014
\u2014
\u2014
\u2014
2,163
2,163
Average fixed interest rate (%) GBP
\u2014
\u2014
\u2014
\u2014
4.983
31 December 2023
EUR million
Up to one
month
One to three
months
Three months
to one\u00a0year
One year to
five\u00a0years
More than five
years
Total
Fair value hedges
Interest rate risk
Interest rate instruments
Nominal
4,163
8,230
37,158
70,075
3,467
123,093
Average fixed interest rate (%) GBP
2.380
3.190
3.420
3.890
3.990
Average fixed interest rate (%) EUR
1.140
0.180
0.450
0.210
3.920
Average fixed interest rate (%) USD
2.600
2.460
4.230
1.360
4.910
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
Nominal
\u2014
41
\u2014
2,172
198
2,411
Average GBP/EUR exchange rate
\u2014
1.113
\u2014
1.156
1.148
Average GBP/USD exchange rate
\u2014
\u2014
\u2014
1.318
\u2014
Average fixed interest rate (%) EUR
\u2014
\u2014
\u2014
2.770
3.480
Average fixed interest rate (%) USD
\u2014
\u2014
\u2014
4.830
\u2014
Cash flow hedges
Interest rate risk
Interest rate instruments
Nominal
1,050
3,553
15,756
31,941
1,405
53,705
Average fixed interest rate (%) GBP
5.060
3.050
5.380
3.840
3.450
Foreign exchange risk
Exchange and interest rate instruments
Nominal
1,068
6,266
3,104
10,888
1,763
23,089
Average GBP/JPY exchange rate
154.135
153.954
167.846
\u2014
\u2014
Average GBP/CHF exchange rate
1.092
1.093
1.089
1.121
1.121
Average GBP/EUR exchange rate
\u2014
1.197
1.167
1.179
\u2014
Average GBP/USD exchange rate
\u2014
1.392
\u2014
1.277
1.388
Equity risk
Equity instruments
Nominal
\u2014
\u2014
8
58
2
68
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
Nominal
100
905
576
5,614
719
7,914
Average GBP/EUR exchange rate
1,183
\u2014
1.254
1.198
1.189
Average GBP/USD exchange rate
\u2014
1,663
\u2014
1.383
1.537
Average fixed interest rate (%) GBP
2.570
2.540
2.960
2.420
4.810
Banco Santander, S.A.
31 December 2025
EUR million
Up to one
month
One to three
months
Three months
to one\u00a0year
One year to
five\u00a0years
More than five
years
Total
Fair value hedges
Interest rate risk
Interest rate instruments
Nominal
746
2,790
6,849
34,331
17,003
61,719
Average fixed interest rate (%) GBP
\u2014
2.155
1.500
5.725
5.371
Average fixed interest rate (%) EUR
3.303
2.809
2.101
3.139
0.330
Average fixed interest rate (%) CHF
\u2014
\u2014
\u2014
0.403
\u2014
Average fixed interest rate (%) USD
5.075
4.422
1.983
3.653
4.991
Average fixed interest rate (%) CZK
\u2014
1.650
2.350
\u2014
\u2014
Average fixed interest rate (%) NOK
\u2014
\u2014
\u2014
\u2014
2.403
Average fixed interest rate (%) AUD
\u2014
\u2014
\u2014
\u2014
3.824
Average fixed interest rate (%) RON
\u2014
\u2014
4.880
3.200
\u2014
Average fixed interest rate (%) HKD
\u2014
\u2014
\u2014
1.960
\u2014
Average fixed interest rate (%) NZD
\u2014
\u2014
\u2014
\u2014
3.252
Foreign exchange risk
Exchange and interest rate instruments
Nominal
329
250
697
\u2014
\u2014
1,276
Average CNY/EUR exchange rate
\u2014
8,273
8,284
\u2014
\u2014
Average MXN/EUR exchange rate
2,173
\u2014
\u2014
\u2014
\u2014
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
Nominal
46
99
956
3,750
1,608
6,459
Average fixed interest rate (%) AUD/EUR
\u2014
\u2014
\u2014
5.710
6.101
Average fixed interest rate (%) CZK/EUR
\u2014
\u2014
\u2014
4.264
\u2014
Average fixed interest rate (%) RON/EUR
\u2014
\u2014
\u2014
\u2014
0.697
Average fixed interest rate (%) HKD/EUR
\u2014
\u2014
\u2014
4.618
\u2014
Average fixed interest rate (%) JPY/EUR
\u2014
\u2014
\u2014
0.975
1.407
Average fixed interest rate (%) NOK/EUR
\u2014
\u2014
\u2014
3.441
4.155
Average fixed interest rate (%) CHF/EUR
\u2014
\u2014
\u2014
2.021
1.919
Average fixed interest rate (%) USD/CLP
\u2014
\u2014
\u2014
\u2014
\u2014
Average fixed interest rate (%) USD/COP
11.669
11.703
9.869
9.356
\u2014
Average fixed interest rate (%) USD/MXN
\u2014
\u2014
8.800
\u2014
\u2014
Average AUD/EUR exchange rate
\u2014
\u2014
\u2014
1.617
1.584
Average NZD/EUR exchange rate
\u2014
\u2014
\u2014
\u2014
1.666
Average CZK/EUR exchange rate
\u2014
26.131
25.365
24.832
\u2014
Average EUR/COP exchange rate
\u2014
\u2014
\u2014
\u2014
\u2014
Average EUR/USD exchange rate
\u2014
\u2014
0.940
0.948
\u2014
Average HKD/EUR exchange rate
\u2014
\u2014
\u2014
8.488
\u2014
Average JPY/EUR exchange rate
\u2014
\u2014
\u2014
137.802
129.229
Average MXN/EUR exchange rate
\u2014
\u2014
\u2014
19.083
\u2014
Average NOK/EUR exchange rate
\u2014
\u2014
\u2014
9.519
10.651
Average RON/EUR exchange rate
\u2014
\u2014
4.948
4.927
4.980
Average CHF/EUR exchange rate
\u2014
\u2014
\u2014
1.019
0.935
Average USD/COP exchange rate
\u2014
\u2014
\u2014
\u2014
\u2014
Average USD/MXN exchange rate
\u2014
\u2014
0.055
\u2014
\u2014
Basis Risk
Basis risk instruments
Nominal
\u2014
\u2014
\u2014
500
\u2014
500
31 December 2025
EUR million
Up to one
month
One to three
months
Three months
to one\u00a0year
One year to
five\u00a0years
More than five
years
Total
Cash flow hedges
Interest rate and foreign exchange rate risk
Interest rate and foreign exchange rate
instruments
Nominal
236
\u2014
288
213
80
817
Average fixed interest rate (%) AUD/EUR
\u2014
\u2014
\u2014
5.678
\u2014
Average fixed interest rate (%) CHF/EUR
2.258
\u2014
\u2014
\u2014
\u2014
Average AUD/EUR exchange rate
\u2014
\u2014
1.590
1.577
1.562
Average RON/EUR exchange rate
\u2014
\u2014
4.940
\u2014
\u2014
Average CHF/EUR exchange rate
1.002
\u2014
\u2014
\u2014
\u2014
Interest rate risk
Bond Forward instruments
Nominal
\u2014
\u2014
2,120
9,003
507
11,630
Average fixed interest rate (%) EUR
\u2014
\u2014
2.964
2.695
3.016
Average fixed interest rate (%) AUD
\u2014
\u2014
1.650
\u2014
\u2014
Exchange rate risk
Exchange instruments
Nominal
9
\u2014
9
\u2014
\u2014
18
Average exchange rate GBP/EUR
1.129
\u2014
1.119
\u2014
\u2014
Hedges of net investments in foreign operations
Exchange rate risk
Exchange and interest rate instruments
Nominal
2,574
4,530
9,866
207
\u2014
17,177
Average BRL/EUR exchange rate
6.892
6.979
6.652
\u2014
\u2014
Average CLP/EUR exchange rate
1,054.241
1,018.994
1,108.027
1,099.571
\u2014
Average COP/EUR exchange rate
\u2014
4,566
\u2014
\u2014
\u2014
Average GBP/EUR exchange rate
0.860
0.867
0.884
\u2014
\u2014
Average MXN/EUR exchange rate
22.187
23.465
22.823
\u2014
\u2014
Average USD/EUR exchange rate
\u2014
1.078
1.175
\u2014
\u2014
Average PLN/EUR exchange rate
4.321
4.307
4.309
\u2014
\u2014
Average CAD/EUR exchange rate
1.611
\u2014
\u2014
\u2014
\u2014
Average UYU/EUR exchange rate
48.093
48.729
49.916
53.350
\u2014
31 December 2024
EUR million
Up to one
month
One to three
months
Three months
to one\u00a0year
One year to
five\u00a0years
More than five
years
Total
Fair value hedges
Interest rate risk
Interest rate instruments
\u00a0 Nominal
1,431
4,446
6,878
33,324
15,991
62,070
Average fixed interest rate (%) GBP
\u2014
0.020
3.120
2.640
5.370
Average fixed interest rate (%) EUR
1.340
0.010
2.000
3.460
3.170
Average fixed interest rate (%) USD
0.010
3.500
2.740
4.460
4.720
Average fixed interest rate (%) CZK
\u2014
\u2014
\u2014
2.000
\u2014
Average fixed interest rate (%) NOK
\u2014
\u2014
\u2014
\u2014
2.400
Average fixed interest rate (%) AUD
\u2014
\u2014
\u2014
\u2014
3.820
Average fixed interest rate (%) RON
\u2014
3.610
\u2014
4.200
\u2014
Average fixed interest rate (%) HKD
\u2014
\u2014
\u2014
1.960
\u2014
Average fixed interest rate (%) NZD
\u2014
\u2014
\u2014
\u2014
3.250
Foreign exchange risk
Exchange and interest rate instruments
\u00a0 Nominal
473
405
287
\u2014
\u2014
1,165
Average CNY/EUR exchange rate
7,710
7,710
7,710
\u2014
\u2014
Average MXN/EUR exchange rate
2,178
\u2014
\u2014
\u2014
\u2014
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
\u00a0 Nominal
12
148
1,355
4,859
1,669
8,043
Average fixed interest rate (%) AUD/EUR
\u2014
\u2014
\u2014
5.690
6.100
Average fixed interest rate (%) CZK/EUR
\u2014
\u2014
\u2014
4.190
\u2014
Average fixed interest rate (%) RON/EUR
\u2014
\u2014
\u2014
\u2014
6.970
Average fixed interest rate (%) HKD/EUR
\u2014
\u2014
\u2014
4.620
\u2014
Average fixed interest rate (%) JPY/EUR
\u2014
\u2014
\u2014
1.300
1.410
Average fixed interest rate (%) NOK/EUR
\u2014
\u2014
\u2014
3.440
4.500
Average fixed interest rate (%) CHF/EUR
\u2014
\u2014
\u2014
2.030
2.250
Average fixed interest rate (%) USD/COP
\u2014
12.750
10.580
10.540
7.760
Average fixed interest rate (%) EUR/GBP
6.690
\u2014
\u2014
\u2014
\u2014
Average fixed interest rate (%) USD/MXN
\u2014
\u2014
11.300
\u2014
\u2014
Average AUD/EUR exchange rate
\u2014
\u2014
\u2014
1.599
1.584
Average NZD/EUR exchange rate
\u2014
\u2014
\u2014
\u2014
1.666
Average CZK/EUR exchange rate
\u2014
\u2014
26.030
25.634
\u2014
Average EUR/GBP exchange rate
1.189
\u2014
\u2014
\u2014
\u2014
Average EUR/USD exchange rate
\u2014
\u2014
0.982
0.943
\u2014
Average HKD/EUR exchange rate
\u2014
\u2014
\u2014
8.488
\u2014
Average JPY/EUR exchange rate
\u2014
\u2014
\u2014
134.151
129.229
Average MXN/EUR exchange rate
\u2014
\u2014
\u2014
19.083
\u2014
Average NOK/EUR exchange rate
\u2014
\u2014
\u2014
9.519
10.429
Average RON/EUR exchange rate
\u2014
4.810
\u2014
4.940
4.980
Average CHF/EUR exchange rate
\u2014
\u2014
\u2014
1.019
0.932
Average USD/COP exchange rate
\u2014
\u2014
\u2014
\u2014
\u2014
Average USD/MXN exchange rate
\u2014
\u2014
0.052
\u2014
\u2014
Basis Risk
Basis risk instruments
\u00a0 Nominal
\u2014
\u2014
\u2014
500
\u2014
500
31 December 2024
EUR million
Up to one
month
One to three
months
Three months
to one\u00a0year
One year to
five\u00a0years
More than five
years
Total
Cash flow hedges
Interest rate and foreign exchange rate risk
Interest rate and foreign exchange rate
instruments
\u00a0 Nominal
\u2014
\u2014
\u2014
1,055
84
1,139
Average fixed interest rate (%) AUD/EUR
\u2014
\u2014
\u2014
3.520
\u2014
Average fixed interest rate (%) CHF/EUR
\u2014
\u2014
\u2014
3.110
\u2014
Average AUD/EUR exchange rate
\u2014
\u2014
\u2014
1.580
1.560
Average RON/EUR exchange rate
\u2014
\u2014
\u2014
4.940
\u2014
Average CHF/EUR exchange rate
\u2014
\u2014
\u2014
1.000
\u2014
Interest rate risk
Bond Forward instruments
\u00a0 Nominal
\u2014
\u2014
6,200
5,820
\u2014
12,020
Average fixed interest rate (%) EUR
\u2014
\u2014
\u2014
2.910
\u2014
Exchange rate risk
Exchange instruments
Nominal
14
83
125
\u2014
\u2014
222
Average exchange rate GBP/EUR
1.200
1.170
1.190
\u2014
\u2014
Hedges of net investments in foreign operations
Exchange rate risk
Exchange and interest rate instruments
\u00a0 Nominal
3,240
5,070
12,821
\u2014
\u2014
21,131
Average BRL/EUR exchange rate
5.990
6.120
6.270
\u2014
\u2014
Average CLP/EUR exchange rate
1,052.780
1,066.580
1,045.090
\u2014
\u2014
Average COP/EUR exchange rate
\u2014
4,703
\u2014
\u2014
\u2014
Average GBP/EUR exchange rate
0.860
0.850
0.850
\u2014
\u2014
Average MXN/EUR exchange rate
20.280
19.830
21.970
\u2014
\u2014
Average USD/EUR exchange rate
1.090
1.080
1.090
\u2014
\u2014
Average PLN/EUR exchange rate
4.370
4.410
4.410
\u2014
\u2014
Average CAD/EUR exchange rate
\u2014
1.500
\u2014
\u2014
\u2014
Average CHF/EUR exchange rate
\u2014
0.940
\u2014
\u2014
\u2014
Average UYU/EUR exchange rate
45.820
45.160
48.290
\u2014
\u2014
31 December 2023
EUR million
Up to one
month
One to three
months
Three months
to one\u00a0year
One year to
five\u00a0years
More than five
years
Total
Fair value hedges
Interest rate risk
Interest rate instruments
Nominal
1,532
194
7,880
22,714
8,775
41,095
Average fixed interest rate (%) GBP
\u2014
\u2014
1.375
4.479
2.036
Average fixed interest rate (%) EUR
0.096
0.014
2.085
2.422
3.421
Average fixed interest rate (%) CHF
\u2014
\u2014
1.010
\u2014
\u2014
Average fixed interest rate (%) USD
0.015
3.688
2.603
3.801
4.446
Foreign exchange risk
Exchange and interest rate instruments
Nominal
278
634
524
50
\u2014
1,486
Average PEN/USD exchange rate
3.784
3.751
\u2014
\u2014
\u2014
Average CNY/EUR exchange rate
\u2014
7.323
7.732
7.716
\u2014
Average AUD/EUR exchange rate
1.648
1.665
\u2014
\u2014
\u2014
Average MXN/EUR exchange rate
\u2014
19.363
\u2014
\u2014
\u2014
Average COP/USD exchange rate
4,159.190
3,998.060
\u2014
\u2014
\u2014
Average MAD/EUR exchange rate
10.929
11.057
\u2014
\u2014
\u2014
Average PEN/EUR exchange rate
4.095
4.110
\u2014
\u2014
\u2014
Interest rate and foreign exchange rate risk
Exchange and interest rate instruments
Nominal
30
66
1,450
4,321
1,150
7,017
Average fixed interest rate (%) AUD/EUR
\u2014
\u2014
\u2014
4.800
3.615
Average fixed interest rate (%) CZK/EUR
\u2014
\u2014
\u2014
2.000
\u2014
Average fixed interest rate (%) RON/EUR
5.130
\u2014
\u2014
3.967
\u2014
Average fixed interest rate (%) HKD/EUR
\u2014
\u2014
2.580
5.270
\u2014
Average fixed interest rate (%) JPY/EUR
\u2014
\u2014
0.465
1.298
1.407
Average fixed interest rate (%) NOK/EUR
\u2014
\u2014
\u2014
3.441
4.501
Average fixed interest rate (%) CHF/EUR
\u2014
\u2014
\u2014
1.243
\u2014
Average fixed interest rate (%) USD/MXN
\u2014
\u2014
14.250
\u2014
\u2014
Average fixed interest rate (%) USD/COP
\u2014
17.980
6.152
13.207
7.149
Average fixed interest rate (%) EUR/USD
\u2014
\u2014
(0.140)
\u2014
\u2014
Average fixed interest rate (%) USD/CLP
\u2014
\u2014
3.450
\u2014
\u2014
Average AUD/EUR exchange rate
\u2014
\u2014
\u2014
1.499
1.545
Average CZK/EUR exchange rate
\u2014
\u2014
\u2014
25.831
\u2014
Average EUR/USD exchange rate
\u2014
\u2014
0.891
0.961
\u2014
Average HKD/EUR exchange rate
\u2014
\u2014
8.782
8.666
\u2014
Average JPY/EUR exchange rate
\u2014
\u2014
120.568
134.151
129.229
Average NOK/EUR exchange rate
\u2014
\u2014
\u2014
9.519
10.429
Average RON/EUR exchange rate
4.711
\u2014
\u2014
4.887
\u2014
Average CHF/EUR exchange rate
\u2014
\u2014
\u2014
1.104
\u2014
Average MXN/EUR exchange rate
\u2014
\u2014
\u2014
\u2014
19.083
Average USD/CLP exchange rate
\u2014
\u2014
0.001
\u2014
\u2014
Average NZD/EUR exchange rate
\u2014
\u2014
\u2014
\u2014
1.666
Average USD/MXN exchange rate
\u2014
\u2014
0.058
\u2014
\u2014
31 December 2023
EUR million
Up to one
month
One to three
months
Three months
to one\u00a0year
One year to
five\u00a0years
More than five
years
Total
Cash flow hedges
Interest rate and foreign exchange rate risk
Interest rate and foreign exchange rate
instruments
Nominal
\u2014
\u2014
414
1,075
86
1,575
Average fixed interest rate (%) CHF/EUR
\u2014
\u2014
\u2014
3.106
\u2014
Average fixed interest rate (%) AUD/EUR
\u2014
\u2014
\u2014
3.521
\u2014
Average EUR/GBP exchange rate
\u2014
\u2014
1.173
\u2014
\u2014
Average AUD/EUR exchange rate
\u2014
\u2014
1.625
1.584
1.562
Average RON/EUR exchange rate
\u2014
\u2014
\u2014
4.940
\u2014
Average CHF/EUR exchange rate
\u2014
\u2014
\u2014
1.002
\u2014
Interest rate risk
Bond Forward instruments
Nominal
750
1,500
7,750
0
0
10,000
Average fixed interest rate (%) EUR
(0.124)
(0.889)
0.016
\u2014
\u2014
Exchange rate risk
Exchange instruments
Nominal
13
25
111
\u2014
\u2014
Average exchange rate GBP/EUR
1.148
1.146
1.138
\u2014
\u2014
Hedges of net investments in foreign operations
Exchange rate risk
Exchange and interest rate instruments
Nominal
3,593
4,870
8,034
\u2014
\u2014
16,497
Average BRL/EUR exchange rate
5.569
5.505
5.481
\u2014
\u2014
Average CLP/EUR exchange rate
916.724
936.166
987.202
\u2014
\u2014
Average COP/EUR exchange rate
\u2014
4,525.656
\u2014
\u2014
\u2014
Average GBP/EUR exchange rate
0.866
0.867
0.876
\u2014
\u2014
Average MXN/EUR exchange rate
20.078
20.589
20.210
\u2014
\u2014
Average USD/EUR exchange rate
\u2014
1.129
1.081
\u2014
\u2014
Average PLN/EUR exchange rate
4.664
4.752
4.580
\u2014
\u2014
Average CAD/EUR exchange rate
\u2014
1.461
\u2014
\u2014
\u2014
Average CHF/EUR exchange rate
\u2014
0.940
\u2014
\u2014
\u2014
Average UYU/EUR exchange rate
43.235
43.521
44.400
\u2014
\u2014
Other geographies
Consumer Group entities mainly have loans portfolios at fixed
interest rates and are therefore, exposed to changes in fair value
due to movements in market interest rates. The entities manage
this risk by contracting interest rate swaps in which they pay a
fixed rate and receive a variable rate. Interest rate risk is the only
one hedged and, therefore, other risks, such as credit risk, are
managed but not hedged by the entities. The interest rate risk
component is determined as the change in fair value of fixed rate
loans arising solely from changes\u00a0in\u00a0a reference rate. This strategy
is designated as a fair value hedge and its effectiveness is assessed
by comparing changes in the fair value of loans attributable to
changes in reference interest rates with changes in the fair value of
interest rate swaps.
In addition, in order to access international markets with the aim of
obtaining sources of financing, some Consumer Group\u00b4s entities
issue fixed rate debt in their own currency and in other currencies
that differ from their functional currency. Therefore, they are
exposed to changes in both interest rates and exchange rates,
which they mitigate with derivatives (interest rate swaps, fx
forward and cross currency swaps) in which they receive a fixed
interest rate and pay a variable interest rate, implemented with a
fair value hedge.
The cash flow hedges of the Grupo Santander\u00b4s entities hedge the
foreign currency risk of loans and financing.
Finally, it has hedges of net investments abroad to hedge the
foreign exchange risk of the shareholding in NOK, CNY, PLN, CAD
and CHF currencies.
Banco Santander M\u00e9xico, S.A., Instituci\u00f3n de Banca M\u00faltiple, Grupo
Financiero Santander M\u00e9xico, applies accounting hedges for both
fair value and cash flows through micro-hedging structures to
mitigate risks arising from fluctuations in interest rates and
exchange rates.
In its cash flow hedges, the Bank is primarily exposed to exchange
rate risk stemming from portfolios of Mexican government bonds
issued in a currency other than its functional currency, Brazilian
government bonds denominated in reais, US Treasury bonds in
dollars, and fixed-rate debt issuances in USD. These exposures are
mitigated through fixed-rate cross-currency swaps and FX forward
contracts, using different currency combinations (MXN, USD, and
BRL) depending on the nature of each portfolio.
The Bank also maintains exposures to interest rate risk associated
with bank loans and commercial loans, both fixed-rate and
floating-rate. To manage this risk, interest rate swaps are used,
whereby the Bank exchanges fixed-rate cash flows for variable-
rate cash flows or vice versa, in order to stabilize future cash flows.
In its fair value hedges, Banco Santander M\u00e9xico, S.A., Instituci\u00f3n
de Banca M\u00faltiple, Grupo Financiero Santander M\u00e9xico holds
portfolios of long-term, fixed-rate commercial loans and Mexican
government bonds, denominated in both local and non-functional
currencies. These portfolios are exposed to changes in fair value
resulting from fluctuations in market interest rates and, where
applicable, exchange rates. These exposures are mitigated through
interest rate swaps and cross-currency swaps, designated as
hedging instruments.
Only interest rate and exchange rate risks are hedged, while other
risks, such as credit risk, are managed by the entity but are not
designated as hedged risks within the hedging relationships. The
effectiveness of the hedges is assessed by comparing the changes
in the fair value of the hedged items attributable to the hedged risk
with the changes in the fair value of the derivative instruments.
Banco Santander (Brasil) S.A. has fair value and cash flow hedges
to mitigate risks arising from market interest rate fluctuations.
In market risk hedging, the Bank protects recognized assets and
liabilities against changes in interest rates, exchange rates, and
inflation. The risk management methodology segments exposures
by risk factor (BRL/USD exchange rate risk, BRL fixed interest rate
risk, USD foreign exchange coupon risk, inflation risk, among
others). To mitigate these risks, the Bank primarily uses interest
rate swaps, currency swaps, and futures contracts, designated as
hedging instruments within hedge accounting structures. The
results derived from hedging instruments and hedged items are
recognized directly in the income statement.
In cash flow hedging, Banco Santander (Brasil) S.A. hedges its
exposure to cash flow variability, primarily associated with interest
payments and exchange rate movements, arising from assets and
liabilities denominated in foreign currency or at variable rates. To
this end, futures contracts and interest rate swaps are used to
provide predictability to future cash flows. The effective portion of
the change in the value of the hedging instruments is temporarily
recognized in equity and reclassified to profit or loss when the
anticipated transaction occurs, while the ineffective portion is
recognized directly in profit or loss. As of December 31, 2025, no
amounts corresponding to the ineffective portion have been
recorded.
Additionally, Banco Santander - Chile uses fair value hedges with
cross currency swaps, interest rate swaps and call money swaps to
hedge its exposure to changes in the fair value of the hedged item
attributable to interest rates. The aforementioned hedging
instruments modify the effective cost of long-term issues, from a
fixed interest rate to a variable interest rate.
In addition, it also makes cash flow hedges in which it uses cross
currency swaps to cover the risk of variability of flows attributable
to changes in the interest rate of bonds and interbank loans issued
at variable rates, as well as to cover the variation of foreign
currency, mainly in United States dollars. To hedge the inflation
risk present in certain items, it uses both forwards and cross
currency swaps.
At Santander Bank, National Association, Interest Rate Swaps are
used to leave commercial loans at a fixed rate at a variable rate in
USD indexed to 1-month Libor or SOFR, under cash flow hedges.
Regarding the hedged items, the following table shows the detail
of the type of hedging, the risk that is hedged and which products
are being hedged\u00a0 at 31 December 2025,\u00a0 2024 and 2023. The
products that are being hedged are mainly borrowed deposits,
financial deposits, loans, government bonds as assets and financial
bonds as liabilities:
EUR million
31 December 2025
Carrying amount of
hedged items
Accumulated amount
of fair value
adjustments on the
hedged item
Balance\u00a0sheet\u00a0line\u00a0item
Change in fair value
of hedged item for
ineffectiveness
assessment
Cash flow reserves or
conversion reserves
Assets
Liabilities
Assets
Liabilities
Continuing
hedges
Discontinued
hedges
Fair value hedges
166,907
107,124
(191)
490
Loans and advances / Deposits
and Debt securities / Debt
securities issued
461
\u2014
\u2014
Interest rate risk
152,380
93,395
(201)
364
400
\u2014
\u2014
Exchange rate risk
2,154
242
(6)
\u2014
(43)
\u2014
\u2014
Interest and Exchange rate
risk
9,619
13,487
3
126
66
\u2014
\u2014
Inflation risk
2,253
\u2014
13
\u2014
38
\u2014
\u2014
Credit risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Base risk
501
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Equity risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Cash flow hedges
(1,063)
401
235
Interest rate risk
(1,174)
381
86
Exchange rate risk
240
(8)
\u2014
Interest and Exchange rate
risk
(8)
28
(13)
Inflation risk
(131)
\u2014
162
Equity risk
10
\u2014
Other risk
\u2014
\u2014
\u2014
Net foreign investments
hedges
19,666
\u2014
(136)
(7,867)
2
Exchange rate risk
19,666
\u2014
(136)
(7,867)
2
186,573
107,124
(191)
490
(738)
(7,466)
237
EUR million
31 December 2024
Carrying amount of
hedged items
Accumulated amount
of fair value
adjustments on the
hedged item
Balance\u00a0sheet\u00a0line\u00a0item
Change in fair value
of hedged item for
ineffectiveness
assessment
Cash flow reserves or
conversion reserves
Assets
Liabilities
Assets
Liabilities
Continuing
hedges
Discontinued
hedges
Fair value hedges
138,906
32,642
(1,412)
(1,200)
Loans and advances / Deposits
and Debt securities / Debt
securities issued
(461)
\u2014
\u2014
Interest rate risk
133,149
23,780
(1,345)
(1,176)
(343)
\u2014
\u2014
Exchange rate risk
2,017
1,562
1
3
(118)
\u2014
\u2014
Interest and Exchange rate
risk
3,238
7,205
(68)
(27)
1
\u2014
\u2014
Inflation risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credit risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Base risk
502
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Equity risk
\u2014
95
\u2014
\u2014
(1)
\u2014
\u2014
Cash flow hedges
(564)
(478)
50
Interest rate risk
(156)
(794)
83
Exchange rate risk
(439)
213
19
Interest and Exchange rate
risk
(40)
11
\u2014
Inflation risk
69
82
(52)
Equity risk
2
10
\u2014
Net foreign investments
hedges
23,559
\u2014
(420)
(8,002)
\u2014
Exchange rate risk
23,559
\u2014
(420)
(8,002)
\u2014
162,465
32,642
(1,412)
(1,200)
(1,445)
(8,480)
50
EUR million
31 December 2023
Carrying amount of
hedged items
Accumulated amount
of fair value
adjustments on the
hedged item
Balance\u00a0sheet\u00a0line\u00a0item
Change in fair value
of hedged item for
ineffectiveness
assessment
Cash flow reserves or
conversion reserves
Assets
Liabilities
Assets
Liabilities
Continuing
hedges
Discontinued
hedges
Fair value hedges
134,095
26,946
(1,798)
(1,652)
Loans and advances / Deposits
and Debt securities / Debt
securities issued
1,928
\u2014
Interest rate risk
130,672
19,176
(1,682)
(1,546)
1,757
\u2014
\u2014
Exchange rate risk
637
1,365
(1)
(3)
60
\u2014
\u2014
Interest and Exchange rate
risk
2,786
6,405
(115)
(103)
111
\u2014
\u2014
Inflation risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Credit risk
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Cash flow hedges
(1,824)
(813)
(173)
Interest rate risk
(2,182)
(797)
(77)
Exchange rate risk
500
(80)
\u2014
Interest and Exchange rate
risk
100
(144)
\u2014
Inflation risk
(233)
196
(96)
Equity risk
(9)
12
\u2014
Net foreign investments
hedges
18,706
\u2014
1,888
(8,684)
\u2014
Exchange rate risk
18,706
\u2014
1,888
(8,684)
\u2014
152,801
26,946
(1,798)
(1,652)
1,992
(9,497)
(173)
The cumulative amount of adjustments of the fair value hedging
instruments that remain in the balance for hedges items that are
no longer adjusted by profit and loss of coverage as at 31
December 2025 is EUR 227 losses (EUR 775\u00a0million and EUR
1,006\u00a0million losses in 2024 and 2023, respectively).
The net impact of the hedges are shown in the following table:
EUR million
31 December 2025
Earnings/
(losses)
recognised in
another
cumulative
overall result
Ineffective\u00a0
recognised
in the
income
statement
Line of the income
statement that includes the
ineffectiveness of cash
flows
Reclassified amount of reserves to the income
statement due to:
Cover transaction
affecting the income
statement
Line of the income
statement that
includes reclassified
items
Fair value hedges
7
Gains or losses financial
assets/liabilities
Interest rate risk
(33)
Exchange rate risk
3
Interest rate and exchange rate risk
(9)
Inflation risk
46
Cash flow hedges
1,063
4
(706)
Interest margin/Gains
or losses financial
assets/liabilities
Interest rate risk
1,174
(3)
(638)
Exchange rate risk
(240)
7
85
Interest rate and exchange rate risk
8
(10)
(233)
Inflation risk
131
80
Equity risk
(10)
10
\u2014
0
Net foreign investments hedges
136
\u2014
\u2014
Exchange rate risk
136
\u2014
\u2014
1,199
11
(706)
EUR million
31 December 2024
Earnings/
(losses)
recognised in
another
cumulative
overall result
Ineffective\u00a0
recognised
in the
income
statement
Line of the income
statement that includes the
ineffectiveness of cash
flows
Reclassified amount of reserves to the income
statement due to:
Cover transaction
affecting the income
statement
Line of the income
statement that
includes reclassified
items
Fair value hedges
22
Gains or losses financial
assets/liabilities
Interest rate risk
30
\u2014
Exchange rate risk
(17)
\u2014
Interest rate and exchange rate risk
9
\u2014
Cash flow hedges
558
(6)
\u2014
(1,256)
Interest margin/Gains
or losses financial
assets/liabilities
Interest rate risk
163
(12)
\u2014
(1,166)
Exchange rate risk
312
20
\u2014
319
Interest rate and exchange rate risk
155
(14)
\u2014
(340)
Inflation risk
(70)
\u2014
\u2014
(69)
Equity risk
(2)
\u2014
\u2014
0
Net foreign investments hedges
420
\u2014
\u2014
\u2014
Exchange rate risk
420
\u2014
\u2014
978
16
(1,256)
EUR million
31 December 2023
Earnings/
(losses)
recognised in
another
cumulative
overall result
Ineffective
coverage
recognised
in the
income
statement
Line of the income
statement that includes the
ineffectiveness of cash
flows
Reclassified amount of reserves to the income
statement due to:
Cover transaction
affecting the income
statement
Line of the income
statement that
includes reclassified
items
Fair value hedges
59
Gains or losses financial
assets/liabilities
Interest rate risk
72
Exchange rate risk
(38)
Interest rate and exchange rate risk
25
Cash flow hedges
2,592
4
Gains or losses financial
assets/liabilities
(2,622)
Interest margin/Gains
or losses financial
assets/liabilities
Interest rate risk
2,179
2
(1,647)
Exchange rate risk
7
(1)
(416)
Interest rate and exchange rate risk
164
2
(431)
Inflation risk
233
1
(128)
Equity risk
9
\u2014
0
Net foreign investments hedges
hedges
(1,888)
\u2014
\u2014
Exchange rate risk
(1,888)
\u2014
\u2014
704
63
(2,622)
The following table shows the movement in the impact of equity
for the year:
EUR million
2025
2024
2023
Balance at beginning of year
(8,300)
(9,424)
(9,187)
Cash flow hedges
1,049
558
2,592
Interest rate risk
1,155
163
2,179
A) Not designated elements - linked
to a time period
(19)
\u2014
\u2014
Gain or loss in value - recognized in
equity
(19)
\u2014
\u2014
Amounts transferred to income
statements
\u2014
\u2014
\u2014
Other reclassifications
\u2014
\u2014
\u2014
B) Not designated elements - linked
to a transaction
\u2014
\u2014
\u2014
C) Designated elements
1,174
163
2,179
Amounts transferred to income
statements
638
1,166
1,647
Gain or loss in value CFE - recognized
in equity
536
(1,003)
532
Exchange rate risk
(229)
312
7
A) Not designated elements - linked
to a time period
11
\u2014
\u2014
Gain or loss in value - recognized in
equity
26
\u2014
\u2014
Amounts transferred to income
statements
(15)
\u2014
\u2014
Other reclassifications
\u2014
\u2014
\u2014
B) Not designated elements - linked
to a transaction
\u2014
\u2014
\u2014
C) Designated elements
(240)
312
7
Amounts transferred to income
statements
(85)
(319)
416
Gain or loss in value CFE - recognized
in equity
(155)
631
(409)
Interest rate and exchange rate risk
8
155
164
A) Not designated elements - linked to
a time period
\u2014
\u2014
\u2014
B) Not designated elements - linked to
a transaction
\u2014
\u2014
\u2014
C) Designated elements
8
155
164
Amounts transferred to income
statements
233
340
431
Gain or loss in value CFE - recognized
in equity
(225)
(185)
267
Inflation risk
131
(70)
233
Amounts transferred to income
statements
(80)
69
128
Gain or loss in value CFE - recognized
in equity
211
(139)
105
Equity risk
(16)
(2)
9
A) Not designated elements - linked to
a time period
(6)
\u2014
\u2014
Gain or loss in value - recognized in
equity
(8)
\u2014
\u2014
Amounts transferred to income
statements
2
\u2014
\u2014
Other reclassifications
\u2014
\u2014
\u2014
B) Not designated elements - linked to
a transaction
\u2014
\u2014
\u2014
C) Designated elements
(10)
(2)
9
Amounts transferred to income
statements
\u2014
\u2014
\u2014
Gain or loss in value CFE - recognized
in equity
(10)
(2)
9
Net foreign investments hedges
136
420
(1,888)
Exchange rate risk
136
420
(1,888)
A) Not designated elements - linked
to a time period
\u2014
\u2014
\u2014
B) Not designated elements - linked
to a transaction
\u2014
\u2014
\u2014
C) Designated elements
136
420
(1,888)
Amounts transferred to income
statements
\u2014
\u2014
\u2014
Gain or loss in value CFE - recognized
in equity
136
420
(1,888)
Fair Value hedges
\u2014
\u2014
\u2014
Interest rate risk
\u2014
\u2014
\u2014
A) Not designated elements - linked
to a time period
\u2014
\u2014
\u2014
B) Not designated elements - linked
to a transaction
\u2014
\u2014
\u2014
Exchange rate risk
\u2014
\u2014
\u2014
A) Not designated elements - linked
to a time period
\u2014
\u2014
\u2014
B) Not designated elements - linked
to a transaction
\u2014
\u2014
\u2014
Interest rate and exchange rate risk
\u2014
\u2014
\u2014
A) Not designated elements - linked
to a time period
\u2014
\u2014
\u2014
B) Not designated elements - linked
to a transaction
\u2014
\u2014
\u2014
Minorities, taxes and others
(330)
146
(941)
Balance at end of year
(7,445)
(8,300)
(9,424)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1881": { "value": "
10. Loans and advances to customers
a) Detail
The detail, by classification, of Loans and advances to customers in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Financial assets held for trading
32,766
26,591
11,634
Non-trading financial assets
mandatorily at fair value through
profit or loss
1,701
1,042
982
Financial assets designated at fair
value through profit or loss
4,739
4,610
6,219
Financial assets at fair value
through other comprehensive
income
12,906
10,784
7,669
Financial assets at amortized cost
985,176
1,011,042
1,009,845
Of which:
Impairment losses
(21,158)
(22,125)
(22,788)
1,037,288
1,054,069
1,036,349
Loans and advances to
customers disregarding
impairment losses
1,058,446
1,076,194
1,059,137
Note 51 contains a detail of the residual maturity periods of
'Financial assets at amortized cost'.
Note\u00a054 shows the Group\u2019s total exposure, by geographical origin
of the issuer.
There are no loans and advances to customers for material
amounts without fixed maturity dates.
b) Breakdown
Following is a breakdown of the loans and advances granted to the
Group's customers, which reflect the Group's exposure to credit
risk in its main activity, without considering the balance of value
adjustments for impairment, taking into account the type and
situation of the transactions, the geographical area of their
residence and the type of interest rate on the transactions:
EUR million
2025
2024
2023
Loan type and status
Commercial credit
51,110
53,209
55,628
Secured loans
530,749
557,463
554,375
Reverse repurchase agreements
73,980
59,648
44,184
Other term loans
295,998
296,339
295,485
Finance leases
38,540
40,120
38,723
Receivable on demand
10,313
10,756
12,277
Credit cards receivables
26,179
24,928
24,371
Impaired assets
31,577
33,731
34,094
1,058,446
1,076,194
1,059,137
Geographical area
Spain
198,894
198,164
203,680
Rest of Europe
467,697
502,664
489,706
of which United Kingdom
258,739
266,934
263,808
The Americas
374,739
359,264
350,873
of which USA
135,088
136,054
126,529
of which Brazil
90,951
91,066
100,758
Rest of the world
17,116
16,102
14,878
1,058,446
1,076,194
1,059,137
Interest rate formula
Fixed rate
694,332
678,994
647,349
Floating rate
364,114
397,200
411,788
1,058,446
1,076,194
1,059,137
At 31 December 2025, 2024 and 2023 the Group had granted loans
amounting to EUR 18,127 million, EUR 16,562 million and EUR
15,544 million to Spanish public sector agencies which had a rating
at 31 December 2025 of A (ratings of A at 31 December 2024 and
31 December 2023 ), and EUR 16,248 million, EUR 13,593 million,
and EUR 11,530 million to the public sector in other countries (at
31 December 2025, the breakdown of this amount by issuer rating
was as follows: 3.6% AAA, 26.4% AA, 25.6% A, 27.5% BBB, 16.4%
below BBB and 0.5% without rating).
Without considering the public administrations, the amount of the
loans and advances at 31 December 2025, 2024 and 2023
amounts to EUR 1,024,071 million, EUR 1,046,039 million and EUR
1,032,063 million, of which, EUR 954,533 million, EUR 1,012,389
million and EUR 998,010 million are classified as performing,
respectively.
Following is a detail, by activity, of the loans to customers at 31
December 2025, net of impairment losses:
EUR million
Secured loans
Net exposure
Loan to value ratioC
Total
Without
collateral
Of\u00a0which
property
collateral
Of\u00a0which
other
collateral
Less than
or\u00a0equal
to 40%
More
than
40%\u00a0and
less\u00a0than
or\u00a0equal
to 60%
More
than
60%\u00a0and
less\u00a0than
or\u00a0equal
to 80%
More
than
80%\u00a0and
less\u00a0than
or\u00a0equal
to 100%
More
than
100%
Public sector
29,607
28,423
153
1,031
157
168
251
334
274
Other financial institutions (financial
business activity)
124,684
42,687
1,959
80,038
2,045
995
424
77,935
598
Non-financial corporations and individual
entrepreneurs (non-financial business
activity) (broken down by purpose)
318,284
179,529
63,124
75,631
23,917
26,942
19,168
45,306
23,422
Of which:
Construction and property
development
17,118
1,294
15,594
230
4,963
6,921
1,890
1,164
886
Civil engineering construction
2,522
1,732
19
771
93
84
39
470
104
Large companies
181,870
128,502
17,718
35,650
7,177
6,666
6,157
25,459
7,909
SMEs and individual entrepreneurs
116,774
48,001
29,793
38,980
11,684
13,271
11,082
18,213
14,523
Households\u00a0\u2013 other (broken down by
purpose)
542,623
108,903
338,778
94,942
100,584
126,917
113,075
55,214
37,930
Of which:
Residential
332,931
1,149
331,655
127
90,170
116,264
97,858
25,944
1,546
Consumer loans
192,576
104,388
1,667
86,521
5,909
8,063
13,297
24,977
35,942
Other purposes
17,116
3,366
5,456
8,294
4,505
2,590
1,920
4,293
442
TotalA
1,015,198
359,542
404,014
251,642
126,703
155,022
132,918
178,789
62,224
Memorandum item
Refinanced and restructured transactionsB
18,151
5,546
6,896
5,709
2,347
2,381
2,037
2,457
3,383
A. In addition, the Group has granted advances to customers am ounting to EUR 22,090 million, bringing the total of loans and advances to EUR 1,037,288 million.
B. Includes the net balance of the impairment of the accumulated value or accumulated losses in the fair value due to credit risk.
C. The ratio is the carrying amount of the transactions at 31 December 2025 provided by the latest available appraisal value of the collateral.
Note\u00a054 contains information relating to the forborne loan
portfolio.
Following is the movement of the gross exposure broken down by
impairment stage of loans and advances to customers recognised
under 'Financial assets at amortised cost' and 'Financial assets at
fair value through other comprehensive income' during 2025, 2024
and 2023:
2025
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning
of year
925,413
84,455
33,568
1,043,436
Movements
Transfers
To stage 2 from stage 1
(39,015)
39,015
\u2014
To stage 3 from stage 1
(12,097)
12,097
\u2014
To stage 3 from stage 2
(8,266)
8,266
\u2014
To stage 1 from stage 2
16,079
(16,079)
\u2014
To stage 2 from stage 3
1,764
(1,764)
\u2014
To stage 1 from stage 3
441
(441)
\u2014
Net changes on financial
assets
69,819
(12,940)
(4,436)
52,443
Write-offs
\u2014
\u2014
(13,266)
(13,266)
Exchange differences and
others
(54,818)
(6,369)
(2,493)
(63,680)
Balance at the end of the
year
905,822
81,580
31,531
1,018,933
2024
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning
of year
929,133
76,654
33,821
1,039,608
Movements
Transfers
To stage 2 from stage 1
(49,316)
49,316
\u2014
To stage 3 from stage 1
(11,517)
11,517
\u2014
To stage 3 from stage 2
(10,083)
10,083
\u2014
To stage 1 from stage 2
21,475
(21,475)
\u2014
To stage 2 from stage 3
2,358
(2,358)
\u2014
To stage 1 from stage 3
447
(447)
\u2014
Net changes on financial
assets
43,281
(11,616)
(4,889)
26,776
Write-offs
\u2014
\u2014
(13,212)
(13,212)
Exchange differences and
others
(8,090)
(699)
(947)
(9,736)
Balance at the end of the
year
925,413
84,455
33,568
1,043,436
2023
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning of
year
942,861
66,696
32,617
1,042,174
Movements
Transfers
To stage 2 from stage 1
(43,278)
43,278
\u2014
To stage 3 from stage 1
(12,636)
12,636
\u2014
To stage 3 from stage 2
(9,915)
9,915
\u2014
To stage 1 from stage 2
15,180
(15,180)
\u2014
To stage 2 from stage 3
2,899
(2,899)
\u2014
To stage 1 from stage 3
488
(488)
\u2014
Net changes on financial
assets
29,696
(10,673)
(4,218)
14,805
Write-offs
\u2014
\u2014
(13,847)
(13,847)
Exchange differences and
others
(3,178)
(451)
105
(3,524)
Balance at the end of the
year
929,133
76,654
33,821
1,039,608
In addition, at 31 December 2025 , the Group had E UR 307 million
(EUR 515 million at 31 December 2024 and EUR 694\u00a0 million at 31
December 2023) of exposure in assets purchased with impairment
of which EUR 46 million still show signs of additional impairment,
which correspond mainly to the business combinations carried out
by the Group.
c) Impairment losses on loans and advances to
customers at amortised cost and at fair value
through other comprehensive income
The changes in the impairment losses on the assets making up the
balances of financial assets at amortised cost and at fair value
through other comprehensive income - Loans and advances -
Customers:
EUR million
2025
2024
2023
Amount at beginning of the year
22,125
22,788
22,684
Impairment losses charged to income
for the year
14,144
13,428
13,805
Of which:
Impairment losses charged to profit
or loss
24,935
22,761
20,608
Impairment losses reversed with a
credit to profit or loss
(10,791)
(9,333)
(6,803)
Change of perimeter
\u2014
\u2014
(48)
Write-off of impaired balances against
recorded impairment allowance
(13,266)
(13,212)
(13,847)
Exchange differences and other
changes
(1,845)
(879)
194
Amount at end of the year
21,158
22,125
22,788
Which correspond to:
Impaired assets
13,527
14,088
14,238
Other assets
7,631
8,037
8,550
Of which:
Individually calculated
2,359
2,258
2,951
Collective calculated
18,799
19,867
19,837
In addition, provisions for debt securities amounting to EUR 182
million were recorded at 31 December 2025 (provisions amounting
to EUR 226 million and EUR 24 million as of 31 December 2024
and 2023, respectively), written-off assets recoveries have been
recorded in the\u00a0year amounting to EUR 1,791 million at 31
December 2025 (EUR 1,600 million and EUR 1,587 million at 31
December 2024 and 2023, respectively).
With this, the impairment recorded in Impairment or reversal of
impairment at financial assets not measured at fair value through\u00a0
profit or loss and net gains and losses from changes: 'Financial
assets at fair value through other comprehensive income' and
'Financial assets at amortised cost (IFRS 9) and, Loans and
receivables (IAS 39)'; amounts EUR 12,535 million at 31 December
2025 (EUR 12,136 million and EUR 12,298 million at 31 December
2024 and 2023, respectively).
Following is the movement of the loan loss provision broken down
by impairment stage of loans and advances to customers during
2025, 2024 and 2023:
2025
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,293
4,744
14,088
22,125
Transfers
To stage 2 from stage 1
(847)
2,734
1,887
To stage 3 from stage 1
(701)
4,931
4,230
To stage 3 from stage 2
(1,189)
2,760
1,571
To stage 1 from stage 2
82
(466)
(384)
To stage 2 from stage 3
177
(344)
(167)
To stage 1 from stage 3
16
(59)
(43)
Net changes of the
exposure and modifications
in the credit risk
1,269
(800)
6,581
7,050
Write-offs
\u2014
\u2014
(13,266)
(13,266)
FX and other movements
(112)
(569)
(1,164)
(1,845)
Loss allowance at the end
of the year
3,000
4,631
13,527
21,158
2024
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,596
4,954
14,238
22,788
Transfers
To stage 2 from stage 1
(626)
2,676
2,050
To stage 3 from stage 1
(385)
4,548
4,163
To stage 3 from stage 2
(1,591)
3,444
1,853
To stage 1 from stage 2
109
(725)
(616)
To stage 2 from stage 3
278
(693)
(415)
To stage 1 from stage 3
23
(156)
(133)
Net changes of the exposure
and modifications in the
credit risk
755
(704)
6,655
6,706
Write-offs
\u2014
\u2014
(13,212)
(13,212)
FX and other movements
(179)
(144)
(736)
(1,059)
Loss allowance at the end
of the year
3,293
4,744
14,088
22,125
2023
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,626
5,127
13,931
22,684
Transfers
To stage 2 from stage 1
(696)
2,954
2,258
To stage 3 from stage 1
(405)
4,278
3,873
To stage 3 from stage 2
(1,820)
3,721
1,901
To stage 1 from stage 2
149
(905)
(756)
To stage 2 from stage 3
282
(920)
(638)
To stage 1 from stage 3
27
(184)
(157)
Net changes of the exposure
and modifications in the
credit risk
875
(557)
7,212
7,530
Write-offs
\u2014
\u2014
(13,847)
(13,847)
FX and other movements
20
(127)
47
(60)
Loss allowance at the end
of the year
3,596
4,954
14,238
22,788
d) Impaired assets and assets with unpaid past-
due amounts
The detail of the changes in the balance of the financial assets
classified as 'Financial assets Loans to customers' considered to be
impaired due to credit risk is as follows:
EUR million
2025
2024
2023
Balance at beginning of year
33,731
34,094
32,888
Net additions
13,648
13,779
14,944
Written-off assets
(13,266)
(13,212)
(13,847)
Changes in the scope of
consolidation
\u2014
17
(59)
Exchange differences and other
(2,536)
(947)
168
Balance at end of year
31,577
33,731
34,094
This amount, after deducting the related allowances, represents
the Group\u2019s best estimate of the discounted value of the flows that
are expected to be recovered from the impaired assets.
At 31 December 2025, the Group\u2019s written-off assets totalled EUR
51,435 million (EUR 49,939 million and EUR 48,138 million at 31
December 2024 and 2023, respectively).
Set forth below for each class of impaired asset are the gross
amount, associated allowances and information relating to the
collateral and/or other credit enhancements obtained at 31
December 2025:
EUR million
Gross
amount
Allowance
recognised
Estimated
collateral
valueA
Without associated real
collateral
13,846
8,133
\u2014
With real estate collateral
7,777
1,759
5,657
With other collateral
9,954
3,635
5,424
Total
31,577
13,527
11,081
A. Including the estimated value of the collateral associated with each loan.
Accordingly, any other cash flows that may be obtained, such as those arising
from borrowers\u2019 personal guarantees, are not included.
When classifying assets in the previous table, the main factors
considered by the Group to determine whether an asset has
become impaired are the existence of amounts past due\u00a0\u2014assets
impaired due to arrears\u2014 or other circumstances that may arise
which will not result in all contractual cash flows being recovered,
such as a deterioration of the borrower\u2019s financial situation, the
worsening of its capacity to generate funds or difficulties
experienced by it in accessing credit.
e) Transferred credits
'Loans and advances to customers' includes, inter alia, the
securitised loans transferred to third parties on which the Group
has\u00a0retained\u00a0the risks and rewards, albeit partially, and which
therefore, in accordance with the applicable accounting standards,
cannot be derecognised. This is mainly due to mortgage loans,
loans to companies and consumer loans in which the group retains
subordinate financing and/or grants some kind of credit
enhancement to new holders.
Securitisation is used as a tool for the management of regulatory
capital and as a means of diversifying the Group's liquidity sources.
The breakdown of securitized loans held on the balance sheet,
according to the nature of the financial instrument in which they
are originated, is shown below:
EUR million
2025
2024
2023
Retained on the balance sheet
80,072
80,824
75,738
Of which
Securitised mortgage assets
19,640
17,782
16,994
Of which: UK assets
10,236
9,034
6,096
Other securitised assets
60,432
63,042
58,744
TotalA
80,072
80,824
75,738
A. Note 22 details the liabilities associated with these securitisation transactions.
At 31 December 2025, Grupo Santander had loans that had been
fully derecognised and for which it retained servicing amounting to
EUR 12,174 million (EUR 14,919 million and EUR 13,923 million at
31 December 2024 and 2023, respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1880": { "value": "
10. Loans and advances to customers
a) Detail
The detail, by classification, of Loans and advances to customers in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Financial assets held for trading
32,766
26,591
11,634
Non-trading financial assets
mandatorily at fair value through
profit or loss
1,701
1,042
982
Financial assets designated at fair
value through profit or loss
4,739
4,610
6,219
Financial assets at fair value
through other comprehensive
income
12,906
10,784
7,669
Financial assets at amortized cost
985,176
1,011,042
1,009,845
Of which:
Impairment losses
(21,158)
(22,125)
(22,788)
1,037,288
1,054,069
1,036,349
Loans and advances to
customers disregarding
impairment losses
1,058,446
1,076,194
1,059,137
Note 51 contains a detail of the residual maturity periods of
'Financial assets at amortized cost'.
Note\u00a054 shows the Group\u2019s total exposure, by geographical origin
of the issuer.
There are no loans and advances to customers for material
amounts without fixed maturity dates.
b) Breakdown
Following is a breakdown of the loans and advances granted to the
Group's customers, which reflect the Group's exposure to credit
risk in its main activity, without considering the balance of value
adjustments for impairment, taking into account the type and
situation of the transactions, the geographical area of their
residence and the type of interest rate on the transactions:
EUR million
2025
2024
2023
Loan type and status
Commercial credit
51,110
53,209
55,628
Secured loans
530,749
557,463
554,375
Reverse repurchase agreements
73,980
59,648
44,184
Other term loans
295,998
296,339
295,485
Finance leases
38,540
40,120
38,723
Receivable on demand
10,313
10,756
12,277
Credit cards receivables
26,179
24,928
24,371
Impaired assets
31,577
33,731
34,094
1,058,446
1,076,194
1,059,137
Geographical area
Spain
198,894
198,164
203,680
Rest of Europe
467,697
502,664
489,706
of which United Kingdom
258,739
266,934
263,808
The Americas
374,739
359,264
350,873
of which USA
135,088
136,054
126,529
of which Brazil
90,951
91,066
100,758
Rest of the world
17,116
16,102
14,878
1,058,446
1,076,194
1,059,137
Interest rate formula
Fixed rate
694,332
678,994
647,349
Floating rate
364,114
397,200
411,788
1,058,446
1,076,194
1,059,137
At 31 December 2025, 2024 and 2023 the Group had granted loans
amounting to EUR 18,127 million, EUR 16,562 million and EUR
15,544 million to Spanish public sector agencies which had a rating
at 31 December 2025 of A (ratings of A at 31 December 2024 and
31 December 2023 ), and EUR 16,248 million, EUR 13,593 million,
and EUR 11,530 million to the public sector in other countries (at
31 December 2025, the breakdown of this amount by issuer rating
was as follows: 3.6% AAA, 26.4% AA, 25.6% A, 27.5% BBB, 16.4%
below BBB and 0.5% without rating).
Without considering the public administrations, the amount of the
loans and advances at 31 December 2025, 2024 and 2023
amounts to EUR 1,024,071 million, EUR 1,046,039 million and EUR
1,032,063 million, of which, EUR 954,533 million, EUR 1,012,389
million and EUR 998,010 million are classified as performing,
respectively.
Following is a detail, by activity, of the loans to customers at 31
December 2025, net of impairment losses:
EUR million
Secured loans
Net exposure
Loan to value ratioC
Total
Without
collateral
Of\u00a0which
property
collateral
Of\u00a0which
other
collateral
Less than
or\u00a0equal
to 40%
More
than
40%\u00a0and
less\u00a0than
or\u00a0equal
to 60%
More
than
60%\u00a0and
less\u00a0than
or\u00a0equal
to 80%
More
than
80%\u00a0and
less\u00a0than
or\u00a0equal
to 100%
More
than
100%
Public sector
29,607
28,423
153
1,031
157
168
251
334
274
Other financial institutions (financial
business activity)
124,684
42,687
1,959
80,038
2,045
995
424
77,935
598
Non-financial corporations and individual
entrepreneurs (non-financial business
activity) (broken down by purpose)
318,284
179,529
63,124
75,631
23,917
26,942
19,168
45,306
23,422
Of which:
Construction and property
development
17,118
1,294
15,594
230
4,963
6,921
1,890
1,164
886
Civil engineering construction
2,522
1,732
19
771
93
84
39
470
104
Large companies
181,870
128,502
17,718
35,650
7,177
6,666
6,157
25,459
7,909
SMEs and individual entrepreneurs
116,774
48,001
29,793
38,980
11,684
13,271
11,082
18,213
14,523
Households\u00a0\u2013 other (broken down by
purpose)
542,623
108,903
338,778
94,942
100,584
126,917
113,075
55,214
37,930
Of which:
Residential
332,931
1,149
331,655
127
90,170
116,264
97,858
25,944
1,546
Consumer loans
192,576
104,388
1,667
86,521
5,909
8,063
13,297
24,977
35,942
Other purposes
17,116
3,366
5,456
8,294
4,505
2,590
1,920
4,293
442
TotalA
1,015,198
359,542
404,014
251,642
126,703
155,022
132,918
178,789
62,224
Memorandum item
Refinanced and restructured transactionsB
18,151
5,546
6,896
5,709
2,347
2,381
2,037
2,457
3,383
A. In addition, the Group has granted advances to customers am ounting to EUR 22,090 million, bringing the total of loans and advances to EUR 1,037,288 million.
B. Includes the net balance of the impairment of the accumulated value or accumulated losses in the fair value due to credit risk.
C. The ratio is the carrying amount of the transactions at 31 December 2025 provided by the latest available appraisal value of the collateral.
Note\u00a054 contains information relating to the forborne loan
portfolio.
Following is the movement of the gross exposure broken down by
impairment stage of loans and advances to customers recognised
under 'Financial assets at amortised cost' and 'Financial assets at
fair value through other comprehensive income' during 2025, 2024
and 2023:
2025
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning
of year
925,413
84,455
33,568
1,043,436
Movements
Transfers
To stage 2 from stage 1
(39,015)
39,015
\u2014
To stage 3 from stage 1
(12,097)
12,097
\u2014
To stage 3 from stage 2
(8,266)
8,266
\u2014
To stage 1 from stage 2
16,079
(16,079)
\u2014
To stage 2 from stage 3
1,764
(1,764)
\u2014
To stage 1 from stage 3
441
(441)
\u2014
Net changes on financial
assets
69,819
(12,940)
(4,436)
52,443
Write-offs
\u2014
\u2014
(13,266)
(13,266)
Exchange differences and
others
(54,818)
(6,369)
(2,493)
(63,680)
Balance at the end of the
year
905,822
81,580
31,531
1,018,933
2024
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning
of year
929,133
76,654
33,821
1,039,608
Movements
Transfers
To stage 2 from stage 1
(49,316)
49,316
\u2014
To stage 3 from stage 1
(11,517)
11,517
\u2014
To stage 3 from stage 2
(10,083)
10,083
\u2014
To stage 1 from stage 2
21,475
(21,475)
\u2014
To stage 2 from stage 3
2,358
(2,358)
\u2014
To stage 1 from stage 3
447
(447)
\u2014
Net changes on financial
assets
43,281
(11,616)
(4,889)
26,776
Write-offs
\u2014
\u2014
(13,212)
(13,212)
Exchange differences and
others
(8,090)
(699)
(947)
(9,736)
Balance at the end of the
year
925,413
84,455
33,568
1,043,436
2023
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning of
year
942,861
66,696
32,617
1,042,174
Movements
Transfers
To stage 2 from stage 1
(43,278)
43,278
\u2014
To stage 3 from stage 1
(12,636)
12,636
\u2014
To stage 3 from stage 2
(9,915)
9,915
\u2014
To stage 1 from stage 2
15,180
(15,180)
\u2014
To stage 2 from stage 3
2,899
(2,899)
\u2014
To stage 1 from stage 3
488
(488)
\u2014
Net changes on financial
assets
29,696
(10,673)
(4,218)
14,805
Write-offs
\u2014
\u2014
(13,847)
(13,847)
Exchange differences and
others
(3,178)
(451)
105
(3,524)
Balance at the end of the
year
929,133
76,654
33,821
1,039,608
In addition, at 31 December 2025 , the Group had E UR 307 million
(EUR 515 million at 31 December 2024 and EUR 694\u00a0 million at 31
December 2023) of exposure in assets purchased with impairment
of which EUR 46 million still show signs of additional impairment,
which correspond mainly to the business combinations carried out
by the Group.
c) Impairment losses on loans and advances to
customers at amortised cost and at fair value
through other comprehensive income
The changes in the impairment losses on the assets making up the
balances of financial assets at amortised cost and at fair value
through other comprehensive income - Loans and advances -
Customers:
EUR million
2025
2024
2023
Amount at beginning of the year
22,125
22,788
22,684
Impairment losses charged to income
for the year
14,144
13,428
13,805
Of which:
Impairment losses charged to profit
or loss
24,935
22,761
20,608
Impairment losses reversed with a
credit to profit or loss
(10,791)
(9,333)
(6,803)
Change of perimeter
\u2014
\u2014
(48)
Write-off of impaired balances against
recorded impairment allowance
(13,266)
(13,212)
(13,847)
Exchange differences and other
changes
(1,845)
(879)
194
Amount at end of the year
21,158
22,125
22,788
Which correspond to:
Impaired assets
13,527
14,088
14,238
Other assets
7,631
8,037
8,550
Of which:
Individually calculated
2,359
2,258
2,951
Collective calculated
18,799
19,867
19,837
In addition, provisions for debt securities amounting to EUR 182
million were recorded at 31 December 2025 (provisions amounting
to EUR 226 million and EUR 24 million as of 31 December 2024
and 2023, respectively), written-off assets recoveries have been
recorded in the\u00a0year amounting to EUR 1,791 million at 31
December 2025 (EUR 1,600 million and EUR 1,587 million at 31
December 2024 and 2023, respectively).
With this, the impairment recorded in Impairment or reversal of
impairment at financial assets not measured at fair value through\u00a0
profit or loss and net gains and losses from changes: 'Financial
assets at fair value through other comprehensive income' and
'Financial assets at amortised cost (IFRS 9) and, Loans and
receivables (IAS 39)'; amounts EUR 12,535 million at 31 December
2025 (EUR 12,136 million and EUR 12,298 million at 31 December
2024 and 2023, respectively).
Following is the movement of the loan loss provision broken down
by impairment stage of loans and advances to customers during
2025, 2024 and 2023:
2025
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,293
4,744
14,088
22,125
Transfers
To stage 2 from stage 1
(847)
2,734
1,887
To stage 3 from stage 1
(701)
4,931
4,230
To stage 3 from stage 2
(1,189)
2,760
1,571
To stage 1 from stage 2
82
(466)
(384)
To stage 2 from stage 3
177
(344)
(167)
To stage 1 from stage 3
16
(59)
(43)
Net changes of the
exposure and modifications
in the credit risk
1,269
(800)
6,581
7,050
Write-offs
\u2014
\u2014
(13,266)
(13,266)
FX and other movements
(112)
(569)
(1,164)
(1,845)
Loss allowance at the end
of the year
3,000
4,631
13,527
21,158
2024
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,596
4,954
14,238
22,788
Transfers
To stage 2 from stage 1
(626)
2,676
2,050
To stage 3 from stage 1
(385)
4,548
4,163
To stage 3 from stage 2
(1,591)
3,444
1,853
To stage 1 from stage 2
109
(725)
(616)
To stage 2 from stage 3
278
(693)
(415)
To stage 1 from stage 3
23
(156)
(133)
Net changes of the exposure
and modifications in the
credit risk
755
(704)
6,655
6,706
Write-offs
\u2014
\u2014
(13,212)
(13,212)
FX and other movements
(179)
(144)
(736)
(1,059)
Loss allowance at the end
of the year
3,293
4,744
14,088
22,125
2023
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,626
5,127
13,931
22,684
Transfers
To stage 2 from stage 1
(696)
2,954
2,258
To stage 3 from stage 1
(405)
4,278
3,873
To stage 3 from stage 2
(1,820)
3,721
1,901
To stage 1 from stage 2
149
(905)
(756)
To stage 2 from stage 3
282
(920)
(638)
To stage 1 from stage 3
27
(184)
(157)
Net changes of the exposure
and modifications in the
credit risk
875
(557)
7,212
7,530
Write-offs
\u2014
\u2014
(13,847)
(13,847)
FX and other movements
20
(127)
47
(60)
Loss allowance at the end
of the year
3,596
4,954
14,238
22,788
d) Impaired assets and assets with unpaid past-
due amounts
The detail of the changes in the balance of the financial assets
classified as 'Financial assets Loans to customers' considered to be
impaired due to credit risk is as follows:
EUR million
2025
2024
2023
Balance at beginning of year
33,731
34,094
32,888
Net additions
13,648
13,779
14,944
Written-off assets
(13,266)
(13,212)
(13,847)
Changes in the scope of
consolidation
\u2014
17
(59)
Exchange differences and other
(2,536)
(947)
168
Balance at end of year
31,577
33,731
34,094
This amount, after deducting the related allowances, represents
the Group\u2019s best estimate of the discounted value of the flows that
are expected to be recovered from the impaired assets.
At 31 December 2025, the Group\u2019s written-off assets totalled EUR
51,435 million (EUR 49,939 million and EUR 48,138 million at 31
December 2024 and 2023, respectively).
Set forth below for each class of impaired asset are the gross
amount, associated allowances and information relating to the
collateral and/or other credit enhancements obtained at 31
December 2025:
EUR million
Gross
amount
Allowance
recognised
Estimated
collateral
valueA
Without associated real
collateral
13,846
8,133
\u2014
With real estate collateral
7,777
1,759
5,657
With other collateral
9,954
3,635
5,424
Total
31,577
13,527
11,081
A. Including the estimated value of the collateral associated with each loan.
Accordingly, any other cash flows that may be obtained, such as those arising
from borrowers\u2019 personal guarantees, are not included.
When classifying assets in the previous table, the main factors
considered by the Group to determine whether an asset has
become impaired are the existence of amounts past due\u00a0\u2014assets
impaired due to arrears\u2014 or other circumstances that may arise
which will not result in all contractual cash flows being recovered,
such as a deterioration of the borrower\u2019s financial situation, the
worsening of its capacity to generate funds or difficulties
experienced by it in accessing credit.
e) Transferred credits
'Loans and advances to customers' includes, inter alia, the
securitised loans transferred to third parties on which the Group
has\u00a0retained\u00a0the risks and rewards, albeit partially, and which
therefore, in accordance with the applicable accounting standards,
cannot be derecognised. This is mainly due to mortgage loans,
loans to companies and consumer loans in which the group retains
subordinate financing and/or grants some kind of credit
enhancement to new holders.
Securitisation is used as a tool for the management of regulatory
capital and as a means of diversifying the Group's liquidity sources.
The breakdown of securitized loans held on the balance sheet,
according to the nature of the financial instrument in which they
are originated, is shown below:
EUR million
2025
2024
2023
Retained on the balance sheet
80,072
80,824
75,738
Of which
Securitised mortgage assets
19,640
17,782
16,994
Of which: UK assets
10,236
9,034
6,096
Other securitised assets
60,432
63,042
58,744
TotalA
80,072
80,824
75,738
A. Note 22 details the liabilities associated with these securitisation transactions.
At 31 December 2025, Grupo Santander had loans that had been
fully derecognised and for which it retained servicing amounting to
EUR 12,174 million (EUR 14,919 million and EUR 13,923 million at
31 December 2024 and 2023, respectively).
16. Tangible assets
a) Changes
The changes in Tangible assets in the consolidated balance sheets
were as follows:
EUR million
Tangible assets
Of which:
For leasing
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
Cost
Balance at 1 January 2023
26,570
25,166
1,580
53,316
4,692
\u2014
\u2014
4,692
Additions / disposals (net) due to
change in the scope of consolidation
11
37
\u2014
48
(13)
\u2014
\u2014
(13)
Additions / disposals (net)
1,122
742
(34)
1,830
125A
\u2014
\u2014
125
Transfers, exchange differences and
other items
(1,460)
(641)
30
(2,071)
33
\u2014
\u2014
33
Balance at 31 December 2023
26,243
25,304
1,576
53,123
4,837
\u2014
\u2014
4,837
Additions / disposals (net) due to
change in the scope of consolidation
28
(1,192)
\u2014
(1,164)
\u2014
\u2014
\u2014
\u2014
Additions / disposals (net)
730
(1,716)
(17)
(1,003)
179A
\u2014
\u2014
179
Transfers, exchange differences and
other items
(1,345)
1,003
(104)
(446)
(235)
\u2014
\u2014
(235)
Balance at 31 December 2024
25,656
23,399
1,455
50,510
4,781
\u2014
\u2014
4,781
Additions / disposals (net) due to
change in the scope of consolidation
4
\u2014
7
11
\u2014
\u2014
\u2014
\u2014
Additions / disposals (net)
326
(2,603)
(58)
(2,335)
(40)A
\u2014
\u2014
(40)
Transfers, exchange differences and
other items
(1,845)
(1,743)
188
(3,400)
(450)
\u2014
\u2014
(450)
Balance at 31 December 2025
24,141
19,053
1,592
44,786
4,291
\u2014
\u2014
4,291
Accumulated depreciation
Balances at 1 January 2023
(12,892)
(5,578)
(172)
(18,642)
(2,265)
\u2014
\u2014
(2,265)
Disposals due to change in the scope of
consolidation
7
\u2014
\u2014
7
7
\u2014
\u2014
7
Disposals
284
2,540
\u2014
2,824
160
\u2014
\u2014
160
Charge for the\u00a0year
(1,689)
\u2014
(11)
(1,700)
(580)
\u2014
\u2014
(580)
Transfers, exchange differences and
other items
1,653
(2,744)
(16)
(1,107)
69
\u2014
\u2014
69
Balance at 31 December 2023
(12,637)
(5,782)
(199)
(18,618)
(2,609)
\u2014
\u2014
(2,609)
Disposals due to change in the scope of
consolidation
\u2014
686
\u2014
686
\u2014
\u2014
\u2014
\u2014
Disposals
672
3,214
\u2014
3,886
196
\u2014
\u2014
196
Charge for the\u00a0year
(1,544)
\u2014
(9)
(1,553)
(460)
\u2014
\u2014
(460)
Transfers, exchange differences and
other items
890
(2,902)
46
(1,966)
59
\u2014
\u2014
59
Balance at 31 December 2024
(12,619)
(4,784)
(162)
(17,565)
(2,814)
\u2014
\u2014
(2,814)
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
663
2,428
\u2014
3,091
177
\u2014
\u2014
177
Charge for the\u00a0year
(1,323)
\u2014
(8)
(1,331)
(405)
\u2014
(405)
Transfers, exchange differences and
other items
1,150
(1,917)
(32)
(799)
381
\u2014
\u2014
381
Balance at 31 December 2025
(12,129)
(4,273)
(202)
(16,604)
(2,661)
\u2014
\u2014
(2,661)
A. Includes contract extensions on operating leases and repurchases.
EUR million
Tangible assets
Of which:
For leasing
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
Impairment losses
Balance at 1 January 2023
(189)
(33)
(379)
(601)
(14)
\u2014
\u2014
(14)
Impairment charge for the\u00a0year
(113)
(29)
(12)
(154)
(38)
\u2014
\u2014
(38)
Releases
4
11
4
19
3
\u2014
\u2014
3
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
36
\u2014
4
40
5
5
Exchange differences and other
64
47
(38)
73
(1)
\u2014
\u2014
(1)
Balance at 31 December 2023
(198)
(4)
(421)
(623)
(45)
\u2014
\u2014
(45)
Impairment charge for the\u00a0year
(276)
(70)
(81)
(427)
(31)
\u2014
\u2014
(31)
Releases
34
3
8
45
10
\u2014
\u2014
10
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
53
\u2014
\u2014
53
19
\u2014
\u2014
19
Exchange differences and other
(14)
32
76
94
(2)
\u2014
\u2014
(2)
Balance at 31 December 2024
(401)
(39)
(418)
(858)
(49)
\u2014
\u2014
(49)
Impairment charge for the\u00a0year
(172)
(79)
(15)
(266)
(41)
\u2014
\u2014
(41)
Releases
41
71
25
137
1
\u2014
\u2014
1
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
17
17
\u2014
34
6
\u2014
\u2014
6
Exchange differences and other
166
3
40
209
9
\u2014
\u2014
9
Balance at 31 December 2025
(349)
(27)
(368)
(744)
(74)
\u2014
\u2014
(74)
Tangible assets, net
Balances at 31 December 2023
13,408
19,518
956
33,882
2,183
\u2014
\u2014
2,183
Balances at 31 December 2024
12,636
18,576
875
32,087
1,918
\u2014
\u2014
1,918
Balances at 31 December 2025
11,663
14,753
1,022
27,438
1,556
\u2014
\u2014
1,556
b) Tangible assets - For own use
The detail, by class of asset, of 'Property, plant and equipment'
which is owned by the Group in the consolidated balance sheets is
as follows:
EUR million
Tangible assets for own use
Of which:
for leasing
Cost
Accumulated
depreciation
Impairment
losses
Carrying
amount
Land and buildings
14,973
(5,010)
(154)
9,809
2,104
IT equipment and fixtures
5,614
(4,154)
\u2014
1,460
60
Furniture and vehicles
5,412
(3,424)
\u2014
1,988
19
Construction in progress and other items
244
(49)
(44)
151
\u2014
Balance at 31 December 2023
26,243
(12,637)
(198)
13,408
2,183
Land and buildings
15,113
(5,516)
(353)
9,244
1,882
IT equipment and fixtures
5,283
(3,926)
\u2014
1,357
23
Furniture and vehicles
4,963
(3,130)
\u2014
1,833
13
Construction in progress and other items
297
(47)
(48)
202
\u2014
Balance at 31 December 2024
25,656
(12,619)
(401)
12,636
1,918
Land and buildings
14,067
(5,359)
(304)
8,404
1,536
IT equipment and fixtures
4,204
(3,003)
(10)
1,191
13
Furniture and vehicles
5,548
(3,746)
(1)
1,801
7
Construction in progress and other items
322
(21)
(34)
267
\u2014
Balance at 31 December 2025
24,141
(12,129)
(349)
11,663
1,556
The carrying amount at 31 December 2025 in the foregoing table
includes the following approximate amounts EUR 6,545 million
(EUR 6,531 million at 31 December 2024 and EUR 7,119 million at
31 December 2023) relating to property, plant and equipment
owned by group entities and branches located abroad.
c) Tangible assets - Leased out under an
operating lease
Grupo Santander has assets leased out under operating leases
where the company is the lessor and do not meet the accounting
requirements to be classified as finance leases. The net cost of
these leases is recorded as an asset and depreciated on a straight-
line basis over the contractual term of the lease to the expected
residual value.
The expected residual value and, consequently, the monthly
depreciation expense may change during the term of the lease. The
Group estimates expected residual values using independent data
sources and internal statistical models. It also assesses the
estimate of the residual value of these leases and adjusts the
depreciation rate in line with the change in the expected value of
the asset at the end of the lease.
Grupo Santander periodically assesses its investment in operating
leases for impairment in certain circumstances, such as a systemic
and material decrease in the values of used vehicles. If assets
leased out under operating leases are deemed to be impaired,
impairment is measured as the amount by which the carrying
amount of the assets exceeds the fair value as estimated by
discounted cash flows.
Of the 14,753 EUR million that the Group had assigned to
operating leases at 31 December 2025 (18,576 EUR and 19,518
EUR at 31 December 2024\u00a0 and 2023, respectively), EUR 7,227
million (EUR 11,336 and EUR 12,525 at 31 December 2024 and
2023, respectively) relate to vehicles of Santander US Auto's
business. The variable lease payments of various items of this
business are not significant.
In addition, the maturity analysis of the assets leased out under
operating leases from Santander US Auto, is as follows:
EUR million
Maturity Analysis
2025
2025
3,988
2026
4,228
2027
1,332
2028
330
d) Tangible assets - Investment property
The fair value of investment property at 31 December 2025, 2024,
2023 amounted to EUR 1,194, 1,041 and 1,163 million,
respectively. A comparison of the fair value of investment property
at 31 December 2025, 2024 and 2023 with the net book value
shows gross unrealised gains of EUR 172, 166 and 207 million,
respectively, attributed completely to the group.
The rental income earned from investment property and the direct
costs related both to investment properties that generated rental
income in 2025, 2024 and 2023 and to investment properties that
did not generate rental income in those years are not material in
the context of the consolidated financial statements.
17. Intangible assets \u2013 Goodwill
The detail of goodwill, based on the cash-generating units giving
rise thereto, is as follows:
EUR million
2025
2024
2023
Banco Santander (Brasil)
3,031
3,079
3,679
SAM Investment Holdings Limited
1,444
1,444
1,444
Santander Consumer Germany
1,304
1,304
1,304
Santander Portugal
1,040
1,040
1,040
Santander Espa\u00f1a
998
998
998
Santander US Auto
943
1,068
1,003
Santander Holding USA (ex. Auto)
765
865
814
Santander UK
609
641
612
Banco Santander - Chile
470
482
516
Grupo Financiero Santander (M\u00e9xico)
463
453
523
Ebury Partners
326
340
350
Santander Consumer Nordics
211
211
206
Santander Bank Polska
\u2014
1,178
1,159
Other companies
354
335
369
Total Goodwill
11,958
13,438
14,017
The changes in goodwill were as follows:
EUR million
2025
2024
2023
Balance at beginning of year
13,438
14,017
13,741
Additions
19
30
56
Of which:
Ebury Partners
\u2014
\u2014
45
Impairment losses
(4)
(4)
(20)
Transfer to Assets held for sale (Notes
3 y 12)
(1,176)
\u2014
\u2014
Exchange differences and other items
(291)
(605)
240
Balance at end of year
11,958
13,438
14,017
Grupo Santander has goodwill generated by cash-generating units
located in non-euro currency countries (mainly Brazil, Poland, the
United States, the United Kingdom, Chile, Mexico, Norway and
Sweden) and, therefore, this gives rise to exchange differences on
the translation to euros, at closing rates, of the amounts of
goodwill denominated in foreign currencies. Accordingly, in 2025
there was a decrease of EUR 291 million (a decrease of EUR 605
million in 2024 and an increase of EUR 240 million in 2023), due to
exchange differences and other items which, pursuant to current
standards, were recognised with a change to 'Other comprehensive
income - Items that may be reclassified to profit or loss - Exchange
differences in other comprehensive income in the consolidated
statement of recognised income and expense' (see note 29.d).
At least once per year (or whenever there is any indication of
impairment), Grupo Santander performs an analysis of the
potential impairment of its recorded goodwill with respect to its
recoverable amount. The first step that must be taken in order to
perform this analysis is the identification of the cash-generating
units, which are the Group's smallest identifiable groups of assets
that generate cash inflows that are largely independent of the cash
flows of other assets or groups of assets.
The amount to be recovered of each cash-generating unit is
determined taking into consideration the carrying amount
(including any fair value adjustment arising on the business
combination) of all the assets and liabilities of all the independent
legal entities composing the cash-generating unit, together with
the related goodwill.
The amount to be recovered of the cash-generating unit is
compared with its recoverable amount in order to determine
whether there is any impairment.
Grupo Santander assesses the existence of any indication that
might be considered to be evidence of impairment of the cash-
generating unit by reviewing information including the following
(i)\u00a0certain macroeconomic variables that might affect its
investments (population data, political situation, economic
situation\u00a0\u2014including banking concentration level\u2014, among others)
and (ii)\u00a0various microeconomic variables comparing the
investments of the Group with the financial services industry of the
country in which the cash-generating unit carries on most of its
business activities (balance sheet composition, total funds under
management, results, efficiency ratio, capital adequacy ratio,
return on equity, among others).
Regardless of whether there is any indication of impairment,
every\u00a0year the Group calculates the recoverable amount of each
cash-generating unit to which goodwill, has been allocated and, to
this end, it uses price quotations, market references (multiples),
internal estimates and valuations performed by internal and
external experts.
Firstly, the Group determines the recoverable amount by
calculating the fair value of each cash-generating unit on the basis
of the quoted price of the cash-generating units, if available.
In addition, the Group performs estimates of the recoverable
amounts of certain cash-generating units by calculating their value
in use using discounted cash flow projections. The main
assumptions used in this calculation are (i)\u00a0earnings projections
based on the financial budgets approved by the Group\u2019s directors
which cover between three and five year periods (unless a longer
time horizon can be justified), (ii)\u00a0discount rates determined as the
cost of capital taking into account the risk-free rate of return plus a
risk premium in line with the market and the business in which the
units operate and (iii)\u00a0constant growth rates used in order to
extrapolate earnings in perpetuity which do not exceed the long-
term average growth rate for the market in which the cash-
generating unit in question operates.
The cash flow projections used by Group management to obtain
the values in use are based on the financial budgets approved by
both local management of the related local units and the Group\u2019s
directors. The Group\u2019s budgetary estimation process is common for
all the cash-generating units. The local management teams
prepare their budgets using the following key assumptions:
a)Microeconomic variables of the cash-generating unit:
management takes into consideration the current balance sheet
structure, the product mix and the business decisions taken by
local management in this regard.
b)Macroeconomic variables: growth is estimated on the basis of
the changing environment, taking into consideration expected
GDP growth in the unit\u2019s geographical location and forecast
trends in interest and exchange rates. These data, which are
based on external information sources, are provided by the
Group\u2019s economic research service.
c)Past performance variables: in addition, management takes into
consideration in the projection the difference (both positive and
negative) between the cash-generating unit\u2019s past performance
and budgets.
During 2025 , the Group has recognised impairment losses of EUR 4
million of immaterial goodwill that has been recorded under the
heading 'Impairment or reversal of the impairment of non-financial
assets - Intangible assets' (EUR 4 million and EUR 20 million in
2024 and 2023, respectively). Goodwill is deducted from CET1 for
regulatory purposes, so an impairment of goodwill has no impact
on the Group's capital ratios.
Following is a detail of the main assumptions taken into account in
determining the recoverable amount, at 2025 year-end, of the
most significant cash-generating units which were valued using
the discounted cash flow method:
2025
Projected period
Discount rateA
Nominal
perpetual
growth\u00a0rate
Santander UK
5 years
12.4%
2.5%
Santander US Auto
3 years
11.5%
3.0%
Santander Holding USA (ex. Auto)B
5 years
13.6%
3.5%
Santander Consumer Germany
5 years
9.5%
2.5%
SAM Investment Holdings, Limited
5 years
11.5%
2.5%
Santander Portugal
5 years
10.6%
2.5%
A. Post-tax discount rate.
B. Weighted information of the main assumptions of the segments to which goodwill has been allocated.
The discount and nominal perpetual growth rates taken into
account in 2024 and 2023 are presented below for comparison
purposes:
Discount rateA
Nominal
perpetual
growth\u00a0rate
2024
2023
2024
2023
Santander UK
11.8%
11.9%
2.5%
2.5%
Santander Bank Polska
12.9%
13.2%
5.0%
5.0%
Santander US Auto
12.2%
12.8%
3.0%
3.0%
Santander Holding USA (ex. Auto)B
13.4%
13.4%
3.5%
3.5%
Santander Consumer Germany
9.1%
9.7%
2.0%
2.3%
SAM Investment Holdings, Limited
11.6%
11.6%
2.5%
2.5%
Santander Portugal
10.2%
11.2%
2.5%
2.5%
A. Post-tax discount rate.
B. Weighted information of the main assumptions of the segments to which goodwill has been allocated.
The variations reflected in the assumptions used in 2025 are
mainly a consequence of the current macroeconomic scenario, as
well as the level of inflation.
Given the degree of uncertainty of the above key assumptions on
which the recoverable amount of the cash-generating units is
based, the Group performs a sensitivity analysis which consisted of
adjusting\u00a0 +/- 50 basis points\u00a0 the discount rate, adjusting +/- 50
basis points\u00a0 the growth rate in perpetuity and reducing the cash
flow projections by 5%. These changes in the key assumptions in
isolation mean that the recoverable amount of all the cash-
generating units continues to exceed their amount to be recovered
and have been considered by the Group as reasonably possible
changes in the business operations of the cash-generating units
are not contemplated.
The recoverable amount of Banco Santander - Chile and Banco
Santander (Brasil) was calculated as the fair values of the
aforementioned cash-generating units obtained from the quoted
market prices of their shares at year-end. This value exceeded the
amount to be recovered. A significant reduction in the quoted
market prices of these cash generating unit could result in an
indication of impairment which in turn may lead to a goodwill
impairment charge in the future.
18. Intangible assets -
Other intangible assets
The detail of Intangible assets\u00a0- Other intangible assets in the
consolidated balance sheets and of the changes therein in 2025,
2024 , and 2023 is as follows:
EUR million
Estimated
useful\u00a0life
1 January
2025
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2025
Cost
15,261
1,714
(20)
(1,286)
(1,179)
14,490
Brand names
32
\u2014
\u2014
\u2014
\u2014
32
IT developments
3-10 years
13,322
1,713
(7)
(1,286)
(1,084)
12,658
Other
1,907
1
(13)
\u2014
(95)
1,800
Accumulated amortisation
(9,235)
\u2014
12
(1,847)
1,228
795
(9,047)
Development
(8,312)
\u2014
6
(1,715)
1,228
723
(8,070)
Other
(923)
\u2014
6
(132)
\u2014
72
(977)
Impairment losses
(205)
\u2014
\u2014
(108)
58
162
(93)
Of which addition
(108)
Of which Liberation
5,821
1,714
(8)
(1,955)
\u2014
(222)
5,350
EUR million
Estimated
useful\u00a0life
1 January
2024
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2024
Cost
14,773
2,104
(8)
(1,169)
(439)
15,261
Brand names
40
\u2014
\u2014
\u2014
(8)
32
IT developments
3-10 years
12,867
2,104
(8)
(1,169)
(472)
13,322
Other
1,866
\u2014
\u2014
\u2014
41
1,907
Accumulated amortisation
(8,851)
\u2014
6
(1,626)
1,062
174
(9,235)
Development
(8,078)
\u2014
6
(1,546)
1,062
244
(8,312)
Other
(773)
\u2014
\u2014
(80)
\u2014
(70)
(923)
Impairment losses
(68)
\u2014
\u2014
(227)
107
(17)
(205)
Of which addition
(227)
Of which Liberation
\u2014
5,854
2,104
(2)
(1,853)
\u2014
(282)
5,821
EUR million
Estimated
useful\u00a0life
1 January
2023
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2023
Cost
12,502
2,197
176
(230)
128
14,773
Brand names
33
\u2014
8
(2)
1
40
IT developments
3-10 years
10,721
2,197
18
(196)
127
12,867
Other
1,748
\u2014
150
(32)
\u2014
1,866
Accumulated amortisation
(7,554)
\u2014
5
(1,386)
209
(125)
(8,851)
Development
(6,866)
\u2014
\u2014
(1,294)
177
(95)
(8,078)
Other
(688)
\u2014
5
(92)
32
(30)
(773)
Impairment losses
(44)
\u2014
\u2014
(53)
21
8
(68)
Of which addition
(53)
Of which Liberation
\u2014
4,904
2,197
181
(1,439)
\u2014
11
5,854
In 2025, 2024 and 2023 , impairment losses of EUR 108 million,
EUR 227 million and EUR 53 million, respectively, were recognised
under Impairment or reversal of impairment on non-financial
assets, net \u2013 intangible assets. This impairment losses are related
mainly to the decline in or loss of the recoverable value of certain
computer systems and applications as a result of the processes
initiated by the Group to transform or integrate businesses and to
adapt to the various regulatory changes
25. Provisions
a) Breakdown
The detail of Provisions in the consolidated balance sheets is as
follows:
EUR million
2025
2024
2023
Provision for pensions and other
obligations post-employments
1,656
1,731
2,225
Other long term employee
benefits
993
915
880
Provisions for taxes and other
legal contingencies
2,989
2,717
2,715
Contingent liabilities and
commitments (note 2.o)
713
710
702
Other provisions
2,004
2,334
1,919
Provisions
8,355
8,407
8,441
b) Changes
The changes in 'Provisions' in the last three years were as follows:
EUR million
2025
Post
employment
plans
Long term
employee
benefits
Contingent
liabilities and
commitments
Other
provisions
Total
Balances at beginning of year
1,731
915
710
5,051
8,407
Incorporation of Group companies, net
(13)
\u2014
\u2014
\u2014
(13)
Additions charged to income
75
437
50
2,299
2,861
Interest expense (note 39)
59
32
\u2014
\u2014
91
Staff costs (note 46)
32
9
\u2014
\u2014
41
Provisions or reversion of provisions
(16)
396
50
2,299
2,729
Addition
6
424
591
4,429
5,450
Release
(22)
(28)
(541)
(2,130)
(2,721)
Other additions arising from insurance contracts linked to
pensions
(5)
\u2014
\u2014
\u2014
(5)
Changes in value recognised in equity
220
\u2014
\u2014
\u2014
220
Payments to pensioners and pre-retirees with a charge to
internal provisions
(107)
(358)
\u2014
\u2014
(465)
Benefits paid due to settlements
(31)
\u2014
\u2014
\u2014
(31)
Insurance premiums paid
\u2014
\u2014
\u2014
\u2014
\u2014
Payments to external funds
(329)
\u2014
\u2014
\u2014
(329)
Amounts used
\u2014
\u2014
\u2014
(2,252)
(2,252)
Transfer, exchange differences and other changes
115
(1)
(47)
(105)
(38)
Balances at end of\u00a0year
1,656
993
713
4,993
8,355
EUR million
2024
2023
Post
employment
plans
Long term
employee
benefits
Contingent
liabilities and
commitments
Other
provisions
Total
Post
employment
plans
Long term
employee
benefits
Contingent
liabilities and
commitments
Other
provisions
Total
Balances at beginning of year
2,225
880
702
4,634
8,441
2,392
950
734
4,073
8,149
Incorporation of Group
companies, net
\u2014
\u2014
\u2014
\u2014
\u2014
(4)
\u2014
\u2014
\u2014
(4)
Additions charged to income
94
368
47
3,106
3,615
92
244
(38)
2,247
2,545
Interest expense (note 39)
76
29
\u2014
\u2014
105
59
34
\u2014
\u2014
93
Staff costs (note 46)
34
11
\u2014
\u2014
45
33
9
\u2014
\u2014
42
Provisions or reversion of
provisions
(16)
328
47
3,106
3,465
\u2014
201
(38)
2,247
2,410
Addition
5
335
430
4,429
5,199
3
204
378
3,759
4,344
Release
(21)
(7)
(383)
(1,323)
(1,734)
(3)
(3)
(416)
(1,512)
(1,934)
Other additions arising from
insurance contracts linked to
pensions
(2)
\u2014
\u2014
\u2014
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
Changes in value recognised in
equity
643
\u2014
\u2014
\u2014
643
944
\u2014
\u2014
\u2014
944
Payments to pensioners and
pre-retirees with a charge to
internal provisions
(153)
(331)
\u2014
\u2014
(484)
(182)
(316)
\u2014
\u2014
(498)
Insurance premiums paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Payments to external funds
(708)
\u2014
\u2014
\u2014
(708)
(750)
\u2014
\u2014
\u2014
(750)
Amounts used
\u2014
\u2014
\u2014
(2,490)
(2,490)
\u2014
\u2014
(1)
(2,087)
(2,088)
Transfer, exchange differences
and other changes
(368)
(2)
(39)
(199)
(608)
(267)
2
7
401
143
Balances at end of\u00a0year
1,731
915
710
5,051
8,407
2,225
880
702
4,634
8,441
c) Provision for pensions and other obligations
post \u2013employments and Other long term
employee benefits
The detail of Provisions for pensions and similar obligations is as
follows:
EUR million
2025
2024
2023
Provisions for post-employment plans
- Spanish entities
602
674
770
Provisions for other similar obligations
- Spanish entities
927
852
817
Of which pre-retirements
916
839
805
Provisions for post-employment plans
- United Kingdom
26
28
76
Provisions for post-employment plans
- Other subsidiaries
1,028
1,029
1,379
Provisions for other similar obligations
- Other subsidiaries
66
63
63
Provision for pensions and other
obligations post -employments and
Other long term employee benefits
2,649
2,646
3,105
Of which defined benefits
2,637
2,638
3,097
i. Spanish entities\u00a0- Post-employment plans and other
similar obligations
At 31 December 2025, 2024 and 2023, the Spanish entities had
post-employment benefit obligations under defined contribution
and defined benefit plans. In addition, in various\u00a0years some of the
consolidated entities offered certain of their employees the
possibility of taking pre-retirement and, therefore, provisions are
recognised each\u00a0year for the obligations to employees taking pre-
retirement\u00a0-in terms of salaries and other employee benefit costs-
from the date of their pre-retirement to the agreed end date.
In 2023, the provisions made to cover the commitments with 502
employees covered by early retirement and incentivized dismissals
plan amounted to EUR 160\u00a0million .
In 2024, the provisions made to cover the commitments with 826
employees covered by early retirements and incentivized
dismissals amounted to EUR 303\u00a0million.
In 2025, the provisions made to cover the commitments with 1,238
employees covered by early retirements and incentivized
dismissals amounted to EUR 389 million.
The expenses incurred by the Spanish companies in 2025, 2024
and 2023 in respect of contributions to defined contribution plans
amounted to EUR 130 million, EUR 126 million and EUR 116
million, respectively.
The amount of the defined benefit obligations was determined on
the basis of the work performed by independent actuaries using
the following actuarial techniques:
1.Valuation method: projected unit credit method, which sees each
period of service as giving rise to an additional unit of benefit
entitlement and measures each unit separately.
2.Actuarial assumptions used: unbiased and mutually compatible.
Specifically, the most significant actuarial assumptions used in
the calculations were as follows:
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Annual discount rate
3.75%
3.00%
3.35%
3.75%
3.00%
3.35%
Mortality tables
PER2020 M/F
Col. Orden 1
PER2020 M/F
Col. Orden 1
PER2020 M/F
Col. Orden 1
PER2020 M/F Col.
Orden 1
PER2020 M/F Col.
Orden 1
PER2020 M/F Col.
Orden 1
Cumulative annual CPI growth
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
Annual salary increase rate
1.25%A
1.25%A
1.25%A
N/A
N/A
N/A
Annual social security pension
increase rate
2.12%
2.12%
2.12%
N/A
N/A
N/A
Annual benefit increase rate
N/A
N/A
N/A
0%
0%
0%
A. Corresponds to the group\u2019s defined-benefit obligations.
The discount rate used for the flows was determined by reference
to high-quality corporate bonds (at least AA in euros) matching the
durations of the commitments. From the bond portfolio
considered, callable, putable and sinkable bonds, which could
distort the rates, are excluded.
Any changes in the main assumptions could affect the calculation
of the obligations. At 31 December 2025 , if the discount rate used
had been decreased or increased by 50 basis points (bp), there
would have been an increase or decrease in the present value of
the post-employment obligations of 4.02% (-50 bp) to -3.75%
(+50 bp),respectively, and an increase or decrease in the present
value of the long-term obligations of 1.15% (-50 bp) to -1.15%
(+50 bp), respectively.
These changes would be offset in part by increases or decreases in
the fair value of the assets and insurance contracts linked to
pensions.
3. The estimated retirement age of each employee is the first at
which the employee is entitled to retire or the agreed-upon age,
as appropriate.
The fair value of insurance contracts was determined as the
present value of the related payment obligations, taking into
account the following assumptions:
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Expected rate of return on plan assets
3.75%
3.00%
3.35%
3.75%
3.00%
3.35%
Expected rate of return on reimbursement rights
3.75%
3.00%
3.35%
N/A
N/A
N/A
The funding status of the defined benefit obligations in 2025 and
the two preceding\u00a0years is as follows:
EUR million
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Present value of the obligations
To current employees
34
49
51
\u2014
\u2014
\u2014
Vested obligations to retired employees
1,610
1,850
1,936
\u2014
\u2014
\u2014
To pre-retirees employees
\u2014
\u2014
919
844
812
Long-service bonuses and other benefits
\u2014
\u2014
11
13
12
1,644
1,899
1,987
930
857
824
Less - Fair value of plan assets
1,058
1,234
1,235
3
5
7
Provisions - Provisions for pensions
586
665
752
927
852
817
Of which:
Internal provisions for pensions
535
593
677
927
852
817
Net pension assets
(13)
(6)
(14)
\u2014
\u2014
\u2014
Insurance contracts linked to pensions (note 14)
67
81
93
\u2014
\u2014
\u2014
Unrecognised net assets for pensions
(3)
(3)
(4)
\u2014
\u2014
\u2014
The amounts recognised in the consolidated income statements in
relation to the aforementioned defined benefit obligations are as
follows:
EUR million
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Current service cost
5
3
2
1
1
1
Interest cost (net)
27
28
42
27
25
30
Expected return on insurance contracts linked to pensions
(3)
(3)
(4)
\u2014
\u2014
\u2014
Provisions or reversion of provisions
Actuarial (gains)/losses recognised in the\u00a0year
\u2014
\u2014
\u2014
(19)
\u2014
7
Past service cost
\u2014
3
2
\u2014
\u2014
13
Pre-retirement cost
\u2014
\u2014
\u2014
389
303
160
OtherA
(16)
(10)
(1)
\u2014
(4)
(1)
13
21
41
398
325
210
A. Including reduction/settlement effect
In addition, in 2025 'Other comprehensive income\u00a0\u2013 Items not
reclassified to profit or loss\u00a0\u2013 Actuarial gains or (-) losses on
defined benefit pension plans' has decreased by EUR 33 million
with respect to defined benefit obligations ( increase of EUR 21 and
increase of EUR 10 million in 2024 and 2023, respectively).
The changes in the present value of the accrued defined benefit
obligations were as follows:
EUR million
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Present value of the obligations at beginning of year
1,899
1,987
2,076
857
824
903
Incorporation of Group companies, net
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current service cost
5
3
2
1
1
1
Interest cost
67
71
82
27
25
30
Pre-retirement cost
\u2014
\u2014
\u2014
389
303
160
Effect of curtailment/settlement
(9)
(10)
(1)
\u2014
(4)
(1)
Benefits paid
(179)
(203)
(210)
(325)
(292)
(290)
Benefits paid due to settlements
(31)
(2)
\u2014
\u2014
\u2014
\u2014
Past service cost
\u2014
3
2
\u2014
\u2014
13
Actuarial (gains)/losses
(102)
45
37
(19)
\u2014
7
Demographic actuarial (gains)/losses
(14)
\u2014
(2)
(8)
(1)
\u2014
Financial actuarial (gains)/losses
(88)
45
39
(11)
1
7
Exchange differences and other items
(6)
5
(1)
\u2014
\u2014
1
Present value of the obligations at end of year
1,644
1,899
1,987
930
857
824
The changes in the fair value of plan assets and of insurance
contracts linked to pensions were as follows:
Plan Assets
EUR million
Post-employment\u00a0plans
Other similar obligations
2025
2024
2023
2025
2024
2023
Fair value of plan assets at beginning of year
1,234
1,235
861
5
7
8
Incorporation of Group companies, net
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Expected return on plan assets
40
43
40
\u2014
\u2014
\u2014
Gains/(losses) on settlements
7
\u2014
\u2014
\u2014
\u2014
\u2014
Benefits paid
(144)
(124)
(89)
(2)
(2)
(2)
Contributions/(surrenders)
(7)
58
409
\u2014
\u2014
\u2014
Actuarial gains/(losses)
(64)
27
25
\u2014
\u2014
\u2014
Exchange differences and other items
(8)
(5)
(11)
\u2014
\u2014
1
Fair value of plan assets at end of year
1,058
1,234
1,235
3
5
7
Insurance Contracts linked to pensions
EUR million
Post-employment\u00a0plans
Other similar obligations
2025
2024
2023
2025
2024
2023
Fair value of insurance contracts linked to
pensions at beginning of year
81
93
104
\u2014
\u2014
\u2014
Incorporation of Group companies, net
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Expected return on insurance contracts linked to
pensions
3
3
4
\u2014
\u2014
\u2014
Benefits paid
(12)
(13)
(15)
\u2014
\u2014
\u2014
Paid premiums
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Actuarial gains/(losses)
(5)
(2)
\u2014
\u2014
\u2014
\u2014
Fair value of insurance contracts linked to
pensions at end of\u00a0year
67
81
93
\u2014
\u2014
\u2014
In view of the conversion of the defined-benefit obligations to
defined-contribution obligations, the Group will not make material
current contributions in Spain in 2026 to fund its defined-benefit
pension obligations.
The plan assets and the insurance contracts linked to pensions are
instrumented mainly through insurance policies.
The following table shows the estimated benefits payable at 31
December 2025 for the next ten\u00a0years:
EUR million
2026
461
2027
391
2028
331
2029
274
2030
223
2031 to 2035
672
ii. United Kingdom
At the end of each of the last three\u00a0years, the businesses in the
United Kingdom had post-employment benefit obligations under
defined contribution and defined benefit plans. The expenses
incurred in respect of contributions to defined contribution plans
amounted to EUR 92 million in 2025 (EUR 98 million in 2024 and
EUR 87 million in 2023 ).
The amount of the defined benefit obligations was determined on
the basis of the work performed by independent actuaries using
the following actuarial techniques:
1.Valuation method: projected unit credit method, which sees
each period of service as giving rise to an additional unit of
benefit entitlement and measures each unit separately.
2.Actuarial assumptions used: unbiased and mutually compatible.
Specifically, the most significant actuarial assumptions used in
the calculations were as follows:
2025
2024
2023
Annual
discount rate
5.58%
5.54%
4.63%
Mortality
tables
'S4 Light' tables
weighted 105%
males/101% females
and CMI_2024
projection [LTR=1.25%,
A=0.25%, H=1] with
both Age-Period and
Cohort convergence
periods equal to core
values except
increased to 20 years
for ages 80 to 100 and
then tapering down to
nil by age 120
The S3
Middle tables
weighted at
84% of the
CMI_2023
projection
with an initial
addition of
0.25%,
smoothing
parameter 7
and
improving
1.25%.
The S3 Middle
tables
weighted at
84% of the
CMI_2022
projection
with an initial
addition of
0.25%,
smoothing
parameter 7
and improving
1.25%.
Cumulative
annual CPI
growth
2.9%
3.11%
3.02%
Annual salary
increase rate
1.00%
1.00%
1.00%
Annual
pension
increase rate
2.78%
3.04%
2.96%
The discount rate used for the flows was determined by reference
to high-quality corporate bonds (at least AA in pounds sterling)
that coincide with the terms of the obligations.
Any changes in the main assumptions could affect the calculation
of the obligations. At 31 December 2025, if the discount rate used
had been decreased or increased by 50 basis points, there would
have been an increase or decrease in the present value of the
obligations of 5.82% (-50 bp) and -5.28% (+50 bp), respectively. If
the inflation assumption had been increased or decreased by 50
basis points, there would have been an increase or decrease in the
present value of the obligations of 4.23% (+50 bp) and -4.14% (-50
bp), respectively. These changes would be offset in part by
increases or decreases in the fair value of the assets.
The funding status of the defined benefit obligations in 2025 and
the two preceding\u00a0years is as follows:
EUR million
2025
2024
2023
Present value of the obligations
8,164
8,898
9,451
Less-
Fair value of plan assets
8,740
9,400
10,208
Provisions\u00a0- Provisions for pensions
(576)
(502)
(757)
Of which:
Internal provisions for pensions
25
28
76
Net assets for pensions
(601)
(530)
(833)
The amounts recognised in the consolidated income statements in
relation to the aforementioned defined benefit obligations are as
follows:
EUR million
2025
2024
2023
Current service cost
9
13
14
Interest cost (net)
(31)
(40)
(62)
Provisions or reversal of provisions, net
Cost of services provided
\u2014
\u2014
\u2014
Others
\u2014
\u2014
\u2014
(22)
(27)
(48)
In addition, in 2025 'Other comprehensive income\u00a0\u2013 Items not
reclassified to profit or loss\u00a0\u2013 Actuarial gains or (-) losses on
defined benefit pension plans has increased by EUR 117 million
with respect to defined benefit obligations ( increase of EU R 475
and of EUR 687 million in 2024 and 2023, respectively).
The changes in the present value of the accrued defined benefit
obligations were as follows:
EUR million
2025
2024
2023
Present value of the obligations at
beginning of year
8,898
9,451
8,982
Net incorporation of companies into the
Group
\u2014
\u2014
(28)
Current service cost
9
13
14
Interest cost
465
438
436
Benefits paid
(469)
(465)
(428)
Benefits paid by settlements
\u2014
\u2014
(9)
Contributions made by employees
3
7
6
Past service cost
\u2014
\u2014
\u2014
Actuarial (gains)/losses
(304)
(965)
281
Demographic actuarial (gains)/losses
(91)
(133)
(59)
Financial actuarial (gains)/losses
(213)
(832)
340
Exchange differences and other items
(438)
419
197
Present value of the obligations at end
of\u00a0year
8,164
8,898
9,451
The changes in the fair value of the plan assets were as follows:
EUR million
2025
2024
2023
Fair value of plan assets at beginning of
year
9,400
10,208
10,152
Net incorporation of companies into the
Group
\u2014
\u2014
(41)
Expected return on plan assets
496
478
498
Benefits paid
(469)
(465)
(434)
Contributions
203
182
225
Actuarial gains/(losses)
(421)
(1,440)
(406)
Exchange differences and other items
(469)
437
214
Fair value of plan assets at end of\u00a0year
8,740
9,400
10,208
In 2026 the Group expects to make current contributions to fund
these obligations for amounts similar to those made in 2025.
The main categories of plan assets as a\u00a0percentage of total plan
assets are as follows:
2025
2024
2023
Equity instruments
\u2014
\u2014
\u2014
Debt instruments
67%
66%
62%
Properties
11%
14%
12%
Other
22%
20%
26%
The following table shows the estimated benefits payable at 31
December 2025 for the next ten\u00a0years:
EUR million
2026
576
2027
485
2028
503
2029
527
2030
545
2031 to 2035
2,801
iii. Other foreign subsidiaries
Certain of the consolidated foreign entities have acquired
commitments to their employees similar to post-employment
benefits.
At 31 December 2025, 2024 and 2023, these entities had defined-
contribution and defined-benefit post-employment benefit
obligations. The expenses incurred in respect of contributions to
defined contribution plans amounted to EUR 110 million in 2025
(EUR 133 million at 31 December 2024\u00a0 and EUR 107 million at 31
December 2023).
The actuarial assumptions used by these entities (discount rates,
mortality tables and cumulative annual CPI growth) are consistent
with the economic and social conditions prevailing in the countries
in which they are located.
Specifically, the discount rate used for the flows was determined
by reference to high-quality corporate bonds, except in the case of
Brazil where there is no extensive corporate bond market and,
accordingly the discount rate was determined by reference to the
series B bonds issued by the Brazilian National Treasury Secretariat
for a term coinciding with that of the obligations. In Brazil the
discount rate used was between 10.52% and 10.65%, the CPI
3.00% and the mortality table the AT-2000, AT-2000 Basic y
AT-2000 S10.
Any changes in the main assumptions could affect the calculation
of the obligations. At 31 December 2025, if the discount rate used
had been decreased or increased by 50 basis points, there would
have been an increase or decrease in the present value of the
obligations of 3.92% (-50 bp) and -3.53% (+ 50 bp), respectively.
These changes would be offset in part by increases or decreases in
the fair value of the assets.
The funding status of the obligations similar to post-employment
benefits and other long-term benefits in 2025 and the two
preceding\u00a0years is as follows:
EUR million
2025
Of which
business in
Brazil
2024
2023
Present value of the obligations
6,886
4,569
6,903
8,485
Less-
Of which: with a charge to the participants
152
152
157
114
Fair value of plan assets
6,284
4,730
6,502
7,787
Provisions - Provisions for pensions
450
(313)
244
584
Of which:
Internal provisions for pensions
1,083
210
1,084
1,434
Net assets for pensions
(170)
(60)
(141)
(154)
Unrecognised net assets for pensions
(463)
(463)
(699)
(696)
The amounts recognised in the consolidated income statements in
relation to these obligations are as follows:
EUR million
2025
2024
2023
Current service cost
26
28
25
Interest cost (net)
68
92
83
Provisions or reversion of provisions
(Actuarial gains)/losses recognised in the
year
25
28
23
Past service cost
\u2014
2
1
Pre-retirement cost
3
\u2014
\u2014
Other
(2)
(10)
(3)
120
140
129
In addition, in 2025 'Other comprehensive income\u00a0\u2013 Items not
reclassified to profit or loss\u00a0\u2013 Actuarial gains or (-) losses on
defined benefit pension plans' has increased by EUR 136 million
with respect to defined benefit obligations (increase of EUR 147
million and EUR 247 million in 2024 and 2023, respectively).
The changes in the present value of the accrued obligations were
as follows:
EUR million
2025
2024
2023
Present value of the obligations at
beginning of\u00a0year
6,903
8,485
7,578
Incorporation of Group companies, net
(6)
\u2014
(20)
Current service cost
26
28
25
Interest cost
552
578
599
Pre-retirement cost
3
\u2014
\u2014
Effect of curtailment/settlement
(2)
(10)
(2)
Benefits paid
(726)
(1,113)
(730)
Benefits paid due to settlements
(133)
(20)
(2)
Contributions made by employees
4
4
3
Past service cost
\u2014
2
1
Actuarial (gains)/losses
270
(191)
697
Demographic actuarial (gains)/losses
300
(1)
40
Financial actuarial (gains)/losses
(30)
(190)
657
Exchange differences and other items
(5)
(860)
336
Present value of the obligations
at end of\u00a0year
6,886
6,903
8,485
The changes in the fair value of the plan assets were as follows:
EUR million
2025
2024
2023
Fair value of plan assets at beginning
of\u00a0year
6,502
7,787
7,321
Incorporation of Group companies, net
\u2014
\u2014
(16)
Expected return on plan assets
556
551
588
Benefits paid
(752)
(1,022)
(644)
Contributions
134
477
124
Actuarial gains/(losses)
(201)
(304)
110
Settlements gains/(losses)
(1)
\u2014
\u2014
Exchange differences and other items
46
(987)
304
Fair value of plan assets at end of\u00a0year
6,284
6,502
7,787
In 2026 the Group expects to make contributions to fund these
obligations for amounts similar to those made in 2025.
The main categories of plan assets as a\u00a0percentage of total plan
assets are as follows:
2025
2024
2023
Equity instruments
14%
13%
11%
Debt instruments
79%
79%
83%
Properties
1%
1%
1%
Other
6%
7%
5%
The following table shows the estimated benefits payable at 31
December 2025 for the next ten\u00a0years:
EUR million
2026
746
2027
736
2028
740
2029
744
2030
747
2031 to 2035
3,790
d) Provisions for taxes and other legal
contingencies and Other provisions
'Provisions\u00a0- Provisions for taxes and other legal contingencies' and
'Provisions\u00a0- Other provisions', which include, inter alia, provisions
for restructuring costs and tax-related and non-tax-related
proceedings, were estimated using prudent calculation procedures
in keeping with the uncertainty inherent to the obligations covered.
The definitive date of the outflow of resources embodying
economic benefits for the Group depends on each obligation. In
certain cases, these obligations have no fixed settlement period
and, in other cases, depend on the legal proceedings in progress.
The detail, by geographical area, of Provisions for taxes and other
legal contingencies and Other provisions is as follows:
EUR million
2025
2024
2023
Recognised by Spanish companies
2,033
1,924
1,921
Recognised by other EU companies
310
694
433
Recognised by other companies
2,650
2,433
2,280
Of which:
Brazil
1,530
1,445
1,618
United Kingdom A
736
654
373
4,993
5,051
4,634
A. Of which GBP 461\u00a0million (EUR 528.1\u00a0million) correspond to the Financial
Conduct Authority (FCA) review of the Vehicle Finance Market as detailed in
note 25.e.ii.
Set forth below is the detail, by type of provision, of the balance at
31 December 2025, 2024 and 2023 of Provisions for taxes and
other legal contingencies and Other provisions.
The types of provision were determined by grouping together
items of a similar nature:
EUR million
2025
2024
2023
Provisions for taxes
720
727
745
Provisions for employment-related
proceedings (Brazil)
594
458
611
Provisions for other legal proceedings
1,675
1,532
1,359
Provision for customer remediation
826
1,001
454
Provision for restructuring
279
589
596
Other
899
744
869
4,993
5,051
4,634
Relevant information is set forth below in relation to each type of
provision shown in the preceding table.
The provisions for taxes include provisions for tax-related
proceedings.
The provisions for employment-related proceedings (Brazil) relate
to claims filed by trade unions, associations, the prosecutor\u2019s office
and ex-employees claiming employment rights to which, in their
view, they are entitled, particularly the payment of overtime and
other employment rights, including litigation concerning
retirement benefits. The number and nature of these proceedings,
which are common for banks in Brazil, justify the classification of
these provisions in a separate category or as a separate type from
the rest. The Group calculates the provisions associated with these
claims in accordance with past experience of payments made in
relation to claims for similar items. When claims do not fall within
these categories, a case-by-case assessment is performed and the
amount of the provision is calculated in accordance with the status
of each proceeding and the risk assessment carried out by the legal
advisers.
The provisions for other legal proceedings include provisions for
court, arbitration or administrative proceedings (other than those
included in other categories or types of provisions disclosed
separately) brought against Grupo Santander companies.
The provisions for customer remediation include mainly the
estimated cost of payments to remedy errors relating to the sale of
certain products in the UK, the CHF mortgage portfolio of Poland,
as well as the estimated amount related to the floor clauses of
Banco Popular Espa\u00f1ol, S.A.U in Spain. To calculate the provision
for customer remediation, the best estimate of the provision made
by management is used, which is based on the estimated number
of claims to be received and, of these, the number that will be
accepted, as well as the estimated average payment per case.
The provisions for restructuring include only the costs arising from
restructuring processes carried out by the various Group
companies.
Lastly, the Other heading contains very atomized and individually
insignificant provisions, such as the provisions to cover the
operational risk of the different offices of the Group.
Qualitative information on the main litigation is provided in
Note\u00a025 e to the consolidated financial statements.
The Group's general policy is to record provisions for tax and legal
proceedings in which the Group assesses the chances of loss to be
probable and the Group does not record provisions when the
chances of loss are possible or remote. Grupo Santander
determines the amounts to be provided for as its best estimate of
the expenditure required to settle the corresponding claim based,
among other factors, on a case-by-case analysis of the facts and
the legal opinion of internal and external counsel or by considering
the historical average amount of the loss incurred in claims of the
same nature. The definitive date of the outflow of resources
embodying economic benefits for the Group depends on each
obligation. In certain cases, the obligations do not have a fixed
settlement term and, in others, they depend on legal proceedings
in progress.
Regarding their variations in fiscal year 2025, in provisions for
labour processes and others of a legal nature, EUR 524 million and
EUR 185 million were recorded in Brazil in 2025, making payments
of EUR 384 million and EUR 159 million, respectively.
e) Litigation and other matters
i. Tax-related litigation
At 31 December 2025 the main tax-related proceedings concerning
the Group were as follows:
\u2022 Legal actions filed by Banco Santander (Brasil) S.A. and other
Group entities to avoid the application of Law 9.718/98, which
modifies the basis to calculate Programa de Integra\u00e7ao Social
(PIS) and Contribui\u00e7\u00e3o para Financiamento da Seguridade Social
(COFINS), extending it to all the entities income, and not only to
the income from the provision of services. In relation of Banco
Santander (Brasil) S.A. process, in 2015 the Federal Supreme
Court (FSC) admitted the extraordinary appeal filed by the
Federal Union regarding PIS, and dismissed the extraordinary
appeal lodged by the Brazilian Public Prosecutor's Office
regarding COFINS contribution, confirming the decision of
Federal Regional Court favourable to Banco Santander (Brasil)
S.A. of August 2007. The Federal Supreme Court also admitted
the appeals related to the other Group entities both for PIS and
COFINS. On June 13, 2023, the Federal Supreme Court ruled
unfavorably 2 cases through General Repercussion (Theme 372),
including Banco Santander (Brasil) S.A. case. The Bank has filed a
new appeal, considering the possible loss as a contingent
liability. The cases of the other Group entities are no longer
susceptible of appeal and a provision has been recognized for the
amount of the estimated loss.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil have appealed against the assessments issued by the
Brazilian tax authorities questioning the deduction of loan losses
in their income tax returns (Imposto sobre a Renda das Pessoas
Jur\u00eddicas - IRPJ - and Contribu\u00e7ao Social sobre o Lucro Liquido -
CSLL-) in relation to different administrative processes of various
years on the ground that the requirements under the applicable
legislation were not met. The appeals, which involves several
cases, are pending decision in different administrative and
judicial instances. No provision was recognised in connection
with the amount considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil are involved in administrative and legal proceedings
against several municipalities that demand payment of the
Service Tax on certain items of income from transactions not
classified as provisions of services. There are several cases in
different judicial instances. A provision was recognised in
connection with the amount of the estimated loss.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil are involved in administrative and legal proceedings
against the tax authorities in connection with the taxation for
social security purposes of certain items which are not
considered to be employee remuneration. There are several
cases in different judicial instances. A provision was recognised in
connection with the amount of the estimated loss.
\u2022 In May 2003 the Brazilian tax authorities issued separate
infringement notices against Santander Distribuidora de T\u00edtulos e
Valores Mobiliarios, Ltda. (DTVM, actually Santander Brasil
Tecnolog\u00eda S.A.) and Banco Santander (Brasil) S.A. in relation to
the Provisional Tax on Financial Movements (Contribui\u00e7\u00e3o
Provis\u00f3ria sobre Movimenta\u00e7\u00e3o Financeira) of the years 2000 to
2002. The administrative discussion ended unfavourably for both
companies, and on July 3, 2015, filed a lawsuit requesting the
cancellation of both tax assessments. The lawsuit was judged
unfavourably in first instance. Therefore, both plaintiffs appealed
to the court of second instance. In December 2020, the appeal
was decided unfavourably and the judgement was appealed
before the higher courts. This case fell within the scope of the
Comprehensive Transaction Programme (Programa de Transa\u00e7ao
Integral) established by the Ministry of Finance, and in 2025 a
final settlement was reached. The amounts paid under the terms
of the Transaction were fully provisioned.
\u2022 In December 2010 the Brazilian tax authorities issued an
infringement notice against Santander Seguros S.A. (Brasil),
(currently Zurich Santander Brasil Seguros e Previd\u00eancia S.A.), as
the successor by merger to ABN AMRO Brasil dois Participa\u00e7\u00f5es
S.A., in relation to income tax (IRPJ and CSLL) for 2005,
questioning the tax treatment applied to a sale of shares of Real
Seguros, S.A. The administrative discussion ended unfavourably,
and the CARF decision has been appealed at the Federal Justice.
As the former parent of Santander Seguros S.A. (Brasil) (currently
Zurich Santander Brasil Seguros e Previd\u00eancia S.A.), Banco
Santander (Brasil) S.A. is liable in the event of any adverse
outcome of this proceeding. No provision was recognised in
connection with this proceeding as it is considered to be a
contingent liability.
\u2022 In November 2014 the Brazilian tax authorities issued an
infringement notice against Banco Santander (Brasil) S.A. in
relation to corporate income tax (IRPJ and CSLL) for 2009
questioning the tax-deductibility of the amortisation of the
goodwill of Banco ABN AMRO Real S.A. performed prior to the
absorption of this bank by Banco Santander (Brasil) S.A., but
accepting the amortisation performed after the merger. The Bank
appealed before the Higher Chamber of CARF, and a final
favourable decision was obtained in April 2024. No provision was
recognised in connection with this proceeding as it was
considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. has also appealed against
infringement notices issued by the tax authorities questioning
the tax deductibility of the amortisation of the goodwill arising
on the acquisition of Banco Comercial e de Investimento
Sudameris S.A from years 2007 to 2012. In May and October
2024, the appeal related to period 2009 to 2012 was finally
rejected by the CARF and the resolution was appealed at the
Federal Justice. No provision was recognised in connection with
this matter as it was considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. and other companies of the Group
in Brazil are undergoing administrative and judicial procedures
against Brazilian tax authorities for not admitting tax
compensation with credits derived from other tax concepts, not
having registered a provision for the amount considered to be a
contingent liability.
\u2022 Banco Santander (Brasil) S.A. is involved in appeals in relation to
infringement notices initiated by tax authorities regarding the
offsetting of tax losses in the CSLL of year 2009 and 2019. The
appeals are pending decision at the administrative level. No
provision was recognised in connection with this matter as it is
considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. filed a suspensive judicial measure
aiming to avoid the withholding income tax (Imposto sobre a
Renda Retido na Fonte - IRRF), on payments derived from
technology services provided by Group foreign entities. A
favorable decision was handed down and an appeal was filed by
the tax authority at the Federal Regional Court, where it awaits
judgment. No provision was recognized as it is considered to be a
contingent liability.
\u2022 Brazilian tax authorities have issued infringement notices against
Getnet Adquir\u00eancia e Servi\u00e7os para Meios de Pagamento S.A and
Banco Santander (Brasil) S.A. as jointly liable in relation to
corporate income tax (IRPJ and CSLL) for 2014 to 2018
questioning the tax-deductibility of the amortization of the
goodwill from the acquisition of Getnet Tecnologia\u00a0 Proces S.A.,
considering that\u00a0 the company would not have complied with the
legal requirements for such amortization. The tax assessment
notices were appealed to the CARF. In 2024, the CARF issued a
favourable partial decision on both infraction notices. In
December 2024, the tax authorities issued a new infringement
notice for 2019 and 2020. No provision was recognized as it is
considered to be a contingent liability.
The total amount for the aforementioned Brazil lawsuits that are
fully provisioned is EUR 553 million, and for lawsuits that qualify
as contingent liabilities is EUR 5,040\u00a0million.
At the date of approval of these consolidated annual accounts,
there are other less significant tax disputes.
ii. Non-tax-related proceedings
At 31 December 2025 the main non-tax-related proceedings
concerning the Group were as follows:
\u2022 Payment Protection Insurance (PPI): AXA France IARD and AXA
France Vie (former GE Capital Corporation Group entities, known
as Financial Insurance Company Ltd (FICL) and Financial
Assurance Company Ltd (FACL), acquired by AXA SA in 2015)
(together, AXA France) brought a claim against (i) Santander
Cards UK Limited (formerly known as GE Capital Bank Limited
(GECB), which was acquired by Banco Santander, S.A. in 2008
and subsequently transferred to Santander UK plc); and (ii)
Santander Insurance Services UK Limited (a Banco Santander,
S.A. subsidiary) (SISUK and together with GECB the Santander
Entities). The claim relates to the allocation of liability for
compensation and associated costs in respect of a large number
of PPI policies distributed by GECB pre-2005, which were
underwritten by FICL and FACL.
On 25 July 2025, the Commercial Court of England and Wales
handed down its judgment in relation to the claim brought by
AXA France (the Judgment). It found against SISUK in relation to
AXA France\u2019s claim pursuant to an indemnity in an agency
agreement entered into between GECB, FICL and FACL in 2000
and novated by GECB to SISUK in 2010.\u00a0 It also found GECB
negligent in the sale of PPI policies, but this element of the claim
was time barred to PPI policies sold in the period between 2002
and 2005 and overlaps with the indemnity claim. The Judgment
required the Santander Entities to pay GBP 515\u00a0million plus
interest of GBP 162\u00a0million.
In October 2025 the Santander Entities obtained permission to
appeal the findings in the Judgment relating to the application of
the indemnity arising from PPI sales occurring before the
indemnity had been agreed in December 2000 (Santander
Appeal).\u00a0 In January 2026, AXA France obtained permission to
cross-appeal the Commercial Court\u2019s rejection of AXA France\u2019s
contribution claim made under the Civil Liability (Contribution)
Act 1978 (the AXA France\u2019s cross appeal). A decision on the
Santander Appeal and AXA France\u2019s cross appeal is expected in
the second half of 2026.
With respect to the Santander Appeal and AXA France\u2019s cross-
appeal, there are points of legal interpretation to be resolved
and, in the case of the cross-appeal, factual points to be
determined. The significant uncertainties make it difficult to
predict the timing or the final impact of the resolution of the
appeals for the Group.
No customers have suffered loss as a consequence of the claim
brought by AXA France or the Judgment, nor does it impact upon
past redress paid to customers for PPI complaints.
\u2022 Motor Finance Broker Commissions: following the Financial
Conduct Authority\u2019s (FCA) Motor Market review in 2019 which
resulted in a change in rules in January 2021, Santander
Consumer (UK) plc (SCUK) has received several of county court
claims and complaints in respect of its historical use of
discretionary commission arrangements (DCAs) prior to the 2021
rule changes. In January 2024, the FCA commenced a review of
the use of DCAs between lenders and credit brokers (the FCA
Review). Pending the conclusion of its review, the FCA paused
the handling of motor finance commission related complaints.
The pause is currently in place until 31 May 2026, reflecting the
extended timeline of the FCA's Review and subsequent
Consultation (see below).
After the Court of Appeal's decision rendered on 25 October 2024
within the judicial proceedings followed against DCAs of other
financial entities, as of 31 December 2024, the Santander UK
group Holdings recognised a provision of GBP 293.0\u00a0million (EUR
353.3\u00a0million). This provision was determined based upon the
information then available. It included estimates for operational
and legal costs and potential awards based on various scenarios
and used a range of assumptions, including the possible outcome
of the appeal to the Supreme Court in 2025 of the Court of
Appeal's decision. On 1 August 2025, the Supreme Court handed
down its judgment stating that motor dealers acting as credit
brokers do not owe fiduciary or disinterested duties to their
customers and, as a consequence, commission payments by
lenders to motor dealers would not be unlawful on that basis. In
addition, the Supreme Court held that an unfair relationship
under s.140A of the Consumer Credit Act 1974 had arisen in one
of the cases on its facts and awarded the amount of the
commission paid by the lender plus interest at a commercial rate
as the remedy. It also confirmed that the test for unfairness of
the relationship with borrower was highly fact sensitive and it
outlined a series of non-exhaustive factors to consider in
assessing unfair relationships in this context (indicating that no
or partial disclosure was not necessarily enough on its own to
constitute an unfair relationship).
Following the Supreme Court\u2019s judgment, on 3 August 2025, the
FCA announced that it aimed to publish a consultation on an
industry wide redress scheme in early October (the
Consultation). Further to the publication of the FCA\u2019s
Consultation on\u00a07 October 2025, the Santander UK group
submitted its comments on 12 December 2025 and continues to
engage constructively with the FCA. The FCA has stated that its
intention is to publish the industry wide redress scheme no later
than in March 2026.
In light of the proposed sectoral scheme and taking into account
the objections raised and the uncertainty surrounding both the
final decision to be adopted by the FCA and the outcome of any
potential legal challenges, the Santander UK group has reviewed
the potential impact on SCUK in relation to the vehicle finance
market. The range of scenarios has been updated, which has
resulted in an additional estimated charge of GBP 183\u00a0million
(EUR 213.6\u00a0million). As of 31 December 2025, the total provision
amounts to GBP 461\u00a0million (EUR 528.1\u00a0million). This continues
to include estimates for operational and legal costs and potential
awards reflecting an increased likelihood of a higher number of
cases than had previously been predicted as eligible for redress
as well as an increased possibility that a remedy is sought to be
imposed which extends beyond reversing any damaging financial
consequences caused by any unfair relationships. The provision is
based on various scenarios using a range of assumptions,
including potential changes to the proposed scheme following
responses to the Consultation or publication of the FCA\u2019s final
scheme rules.
There continue to be significant uncertainties as to the nature,
extent and timing of redress payments. Therefore, while the
ultimate financial impact of this matter could materially differ
from the amount of the provision as of this date, such impact is
not expected to be material for the Group as of the date of these
financial statements.
\u2022 Delforca: dispute arising from equity swaps entered into by
Gaesco (now Delforca 2008, S.A. (Delforca)) on shares of
Inmobiliaria Colonial, S.A. Banco Santander, S.A. is claiming to
Delforca before the Court of Barcelona in charge of the
bankruptcy proceedings, a total of EUR 66\u00a0million from the
liquidation resulting from the early termination of financial
transactions due to Delforca's non-payment of the equity swaps.
In the same bankruptcy proceedings, Delforca and Mobiliaria
Monesa, S.A., parent of Delforca (Monesa) have in turn claimed
the Bank to repay EUR 57\u00a0million, which the Bank received for
the enforcement of the agreed guarantee, as a result of the
aforementioned liquidation. On 16 September 2021 the
Commercial Court Number 10 of Barcelona has ordered Delforca
to pay the Bank EUR 66\u00a0million plus EUR 11\u00a0million in interest
and has dismissed the claims filed by Delforca. This decision was
appealed by Delforca, Monesa and the bankruptcy administrator.
On 15 November 2023 the Provincial Court of Barcelona
rendered a judgment dismissing the appeals filed by Delforca,
Monesa and the bankruptcy administrator. Delforca and Monesa
(not the bankruptcy administrator) filed an appeal in cassation,
that was rejected in November 2025 by the First Chamber of
Supreme Court and, as a result, the appeal and first instance
judgments in favor of the Bank have been confirmed.
Separately, Monesa, filed in 2009 a civil procedure with the
Courts of Santander against the Bank claiming damages that
have not been specified to date. The procedure is suspended.
\u2022 'Planos Econ\u00f3micos': like the rest of the banking system in Brazil,
Santander Brazil has been the target of customer complaints and
collective civil suits stemming mainly from legislative changes
and its application to the retribution of bank deposits (economic
plans). At the end of 2017, an agreement was reached between
regulatory entities and the Brazilian Federation of Banks
(Febraban) with the purpose of closing the lawsuits and was
approved by the Supremo Tribunal Federal (the STF and the
Collective Agreement). Discussions focused on specifying the
amount to be paid to each affected client according to the
balance in their notebook at the time of the application of the
plan. Finally, the total value of the payments will depend on the
number of adhesions there may be and the number of savers
who have proved the existence of the account and its balance on
the date the indexes were changed. In November 2018, the STF
ordered the suspension of all economic plan proceedings for two
years from May 2018. On 29 May 2020,\u00a0 STF approved the
extension of the Collective Agreement for 5 additional years
starting from 3 June 2020. Condition for this extension was to
include in the Collective Agreement actions related to the 'Collor
I Plan'. On May 2025, the STF issued the judgment recognizing
the constitutionality of the Bresser, Ver\u00e3o, Collor I and II plans,
guaranteeing savers the receipt of the amounts established in
the Collective Agreement and setting a deadline of 24 months for
new adhesions. As of 31 December 2025, the provision recorded
for the economic plan proceedings amounts to EUR
155.3\u00a0million.
\u2022 Banco Popular\u00b4s acquisition: after the declaration of the
resolution of Banco Popular, some investors filed claims against
the EU\u2019s Single Resolution Board decision, and the FROB's
resolution executed in accordance with the aforementioned
decision. Likewise, numerous civil lawsuits were filed against
Banco Santander, S.A. alleging that the information provided by
Banco Popular was erroneous and requesting from Banco
Santander, S.A. the restitution of the price paid for the acquisition
of the investment instruments or, where appropriate, the
corresponding compensation.
In relation to the direct appeals filed before the General Court of
the European Union (EGC) and the Court of Justice of the
European Union (CJEU), all appeals were either dismissed or
discontinued. Currently there are no ongoing appeals. On 4
February 2026, the National Court issued its first rulings
dismissing the actions brought against the FROB\u2019s decision, in
application of the judgments of the EGC and the CJEU.
In the civil proceedings, several Spanish judges referred to the
CJEU a number of preliminary questions that have already been
resolved. In particular, in the judgments of 5 May 2022
(C-410/20) and 5 September 2024 (C-775/22, C-779/22,
C-794/22), the CJEU stated that Directive 2014/59/EU on bank
resolution prevents shareholders, subordinated debt holders,
and holders of equity instruments converted into shares bringing
actions against a financial institution subject to a resolution
proceeding or against its successor after the resolution, claiming
liability for the information contained in the prospectus, under
Directive 2003/71/EC, or actions seeking the nullity of the
contract of subscription of capital instruments, which, given its
retroactive effects, would result in the refund of the value of
such securities, plus the interest accrued as of the date of
execution of the contract. In its 11 September 2025 resolution
(C-687/23), the CJEU declared that the above referred TJUE
resolutions do not apply to actions pursued prior to the entity\u2019s
resolution. There are currently no other preliminary questions
under consideration.
On 4 March 2024, in the context of preliminary proceedings
42/2017, the Central Court of Instruction No. 4 issued a ruling
transforming the proceedings into Summary Proceedings and
terminating the investigation phase. This ruling considers that
the circumstantial evidence resulting from the investigation
which could constitute a crime is basically the following: (i) an
alleged misrepresentation in the prospectus of the 2016 capital
increase of Banco Popular; (ii) an alleged misrepresentation in
the annual accounts of Banco Popular for 2015, the interim
financial statements for 2016 and the annual accounts for 2016;
and (iii) the offer to the market of a distorted amount of
regulatory capital, after the capital increase of 2016 (for
allegedly having been granted by Banco Popular financing to
clients for the subscription of shares in the aforementioned
capital increase, without discounting it from the regulatory
capital). According to the aforementioned ruling, these facts
could constitute the crimes of fraud of investors (art. 282 of the
Criminal Code) and accounting falsehood (art. 290 of the
Criminal Code). All appeals filed against the ruling have been
dismissed.
The accusing parties, including the Public Prosecutor's Office,
filed their indictment briefs on 28 October 2024, which included
requests for compensation for civil liability and the request that
not only the defendants but also several entities are held liable
for such compensation, including Banco Santander, S.A., the
auditing firm and several insurance companies. Following the
filing of the indictment briefs, on 22 November 2024, the Court
(Investigating Judge) issued an order for the opening of the oral
trial against the defendants and civil liability parties, including
Banco Santander, S.A. as a possible civil liable party. However, in
line with what was determined by the Spanish National Court
and confirmed by the Supreme Court concerning the hypothetical
succession of Banco Popular by Banco Santander, S.A., the oral
trial has not been opened against the Bank as possible direct civil
liable party.
The order to open the oral trial states that the plaintiffs have
requested compensation for civil liability for a total amount of
EUR 2,277.65. Additionally, the order rejects the imposition of
the guarantee requested by several of the accusing parties,
considering that it is unnecessary to secure the outcome of the
trial. The defendants and potential civil liable parties submitted
their defense writs on 4 February 2025. After that, the
proceedings will be forwarded to the Criminal Chamber of the
National Court for the oral trial.
Regarding civil liability, the Bank considers that it has no
subsidiary civil liability in light of the CJEU\u2019s judgments of 5 May
2022 (C-410/20), 5 September 2024 (C-775/22, C-779/22,
C-794/22) and 11 September 2025 (C-687/23 and C-447/23).
Notwithstanding the foregoing, the Spanish National Court has
stated that this issue shall be resolved within the ongoing
proceedings.
The estimated cost of any compensation to shareholders and
bondholders of Banco Popular recognized in the 2017 accounts
amounted to EUR 680\u00a0million, of which EUR 535\u00a0million were
applied to the commercial loyalty program. On 15 December
2024, Banco Santander, S.A., proceeded to redeem in advance
voluntarily all bonds in circulation regarding such commercial
action. The CJEU judgements of 5 May 2022 (C-410/20), 5
September 2024 (C-775/22, C-779/22, C-794/22) and 11
September 2025 (C-687/23 and C-447/23) referred above,
represented a very significant reduction in the risk associated
with these claims.
\u2022 German shares investigation: the Cologne Public Prosecution
Office is conducting an investigation against the Bank and other
group entities based in the UK - Santander UK plc, Santander
Financial Services Plc and Cater Allen International Limited -, in
relation to a particular type of tax dividend linked transactions
known as cum-ex transactions.
The Group is cooperating with the German authorities. According
to the state of the investigations, the result, and the effects for
the Group, which may potentially include the imposition of
material financial consequences (penalties, and/or
disgorgement of proceeds) cannot be anticipated. For this
reason, the Bank has not recognized any provisions in relation to
the potential imposition of financial liabilities.
\u2022 Banco Santander, S.A. was sued in a legal proceeding in which
the plaintiff alleges that the Bank breached his contract as CEO
of the institution: in the lawsuit, the claimant mainly requested a
declaratory ruling upholding the existence, validity and
effectiveness of such contract and its enforcement together with
the payment of certain amounts. For the case that the main
request is not granted, the claimant sought a compensation for a
total amount of approximately EUR 112\u00a0million or, an alternative
relief for other minor amounts. Banco Santander, S.A. answered
to the legal action stating that the conditions to which the
appointment of that position was subject to were not met; that
the executive services contract required by law was not
concluded; and that in any case, the parties could terminate the
contract without any justified cause. On 17 May 2021, the
plaintiff reduced his claims for compensation to EUR 61.9\u00a0million.
On 9 December 2021, the Court upheld the claim and ordered
the Bank to compensate the claimant in the amount of EUR
67.8\u00a0million. By court order of 13 January 2022, the Court
corrected and supplemented its judgment, reducing the total
amount to be paid by the Bank to EUR 51.4\u00a0million and clarifying
that part of this amount (buy out) was to be paid under the terms
of the offer letter, i.e., entirely in Banco Santander shares, within
the deferral period for this type of remuneration at the plaintiff's
former employer and subject to the performance metrics or
parameters of the plan in force at the Bank, which was that of
2018. As explained in note 5 of the report of the consolidated
annual accounts of the year 2022, the degree of performance of
these objectives was 33.3%.
The Bank filed an appeal against the judgment before the Madrid
Court of Appeal, which was opposed by the plaintiff. At the same
time, the plaintiff filed an application for provisional
enforcement of the judgment in the First Instance Court. A court
order was issued ordering enforcement of the judgment, and the
Bank deposited in the court bank account the full amount
provisionally awarded to the claimant, including interest, for an
approximate sum of EUR 35.5\u00a0million, within the voluntary
compliance period.
On 6 February 2023, Banco Santander was notified with the
judgment of 20 January 2023 by which the Madrid Court of
Appeal partially upheld the appeal filed by the Bank. The
judgment has reduced the amount to be paid by EUR 8\u00a0million,
which, to the extent that this amount was already paid in the
provisional partial enforcement of the judgement of First
Instance Court, must be returned to the Bank together with other
amounts for interest, which the appeal judgement also rejects.
The plaintiff deposited circa EUR 9.6\u00a0million. This amount was
received by the Bank on 11 July 2023.
On 11 April 2023, the Bank filed an extraordinary appeal for
procedural infringement and an appeal in cassation against the
Madrid Court of Appeal\u2019s judgment before Spanish Supreme
Court. The extraordinary and cassation appeals submitted by the
Bank were accepted on 26 March 2025 and are pending to be
resolved. Existing provisions cover the estimated risk of loss.
\u2022 CHF Polish Mortgage Loans: In\u00a0 October 2019, the CJEU rendered
its decision in relation to the effects of the potential unfairness of
certain contractual clauses in CHF-Indexed loan agreements. The
CJEU established that it for the national courts to determine the
invalidity of a contract where it cannot be maintained without
the clause declared unfair and where no supplementary
provisions exist that would allow the contract to be maintained.
Subsequently, in\u00a0 June 2023, the CJEU confirmed that the effects
of such invalidity must be determined in accordance with
national law, interpreted in the light of Directive 93/13/EEC, and
that claims by financial institutions exceeding the
reimbursement of the loan principal and, where applicable,
default interest, are contrary to the objectives of that Directive.\u00a0
In April 2024, the Civil Chamber of the Polish Supreme Court
issued a judgment confirming that clauses relating to the
mechanism for determining the exchange rate declared abusive
cannot be replaced by alternative provisions and that, in the
absence of a binding exchange rate, the contract is not
enforceable for the parties. With regard to the effects of
invalidity, the Supreme Court confirmed the existence of
independent restitution claims for each party and ruled out the
possibility of claiming interest or other amounts for the use of
the funds. Nevertheless, certain aspects of this judgment have
been subject to internal debate within the Supreme Court itself,
reflecting the complexity and evolving nature of the
jurisprudential framework
In this context, Santander Bank Polska S.A. and Santander
Consumer Bank S.A. estimate legal risk using a model that
considers different possible outcomes and regularly review court
rulings on this matter in order to assess changes in case law,
including the impact of the aforementioned Supreme Court
judgment. Settlements are being reached both with customers
who have already initiated legal proceedings and with customers
who have not yet filed a claim. The model used to calculate
provisions for legal risks considers the evolution and expected
development of such settlements.
As of 31 December 2025, the total amount adjusted against the
gross carrying amount of loans in accordance with IFRS 9,
together with the provisions recognised under IAS 37, amounts
to PLN 5,874.3\u00a0million (EUR 1,391.9\u00a0million), of which
PLN3,191.7 million (EUR 756.3\u00a0million) corresponds to
adjustments to the gross carrying amount under IFRS 9 and PLN
2,682.6\u00a0million (EUR 635.6\u00a0million) to provisions recognised
under IAS 37. The adjustment to gross carrying amount in
accordance with IFRS9 during 2025 amounted to PLN
99.7\u00a0million (EUR 23.6\u00a0million), and the additional provisions
recognised under IAS 37 amounted to PLN 1245.3\u00a0million (EUR
293.8\u00a0million). Other costs related to the dispute amounted to
PLN 730.5\u00a0million (EUR 172.4\u00a0million). IAS 37.
As of the same date, Santander Bank Polska S.A. held a portfolio
of mortgages denominated in or indexed to CHF amounting to
approximately PLN 2,642.0\u00a0million (EUR 626.0\u00a0million) and
recognised provisions of PLN 4,766.4\u00a0million (EUR
1,129.4\u00a0million) to cover the CHF mortgage portfolio. Santander
Consumer Bank S.A. (Poland), in turn, held a portfolio of
mortgages denominated in or indexed to CHF amounting to
approximately PLN 735.9\u00a0million (EUR 174.4\u00a0million) and
recognised provisions of PLN 1,107.9\u00a0million (EUR 262.5\u00a0million)
to cover this portfolio.
Notwithstanding the above, as detailed in Note 3 b), in January
2026 the Group sold a 49% stake in Santander Bank Polska S.A.,
which ceased to be consolidated within the Group\u2019s perimeter as
of that date.
The Group continues to monitor the evolution of legal
proceedings and to periodically review the adequacy of the
provisions recognised, which represent the best estimate of the
risk existing as of the reporting date.
\u2022 Banco Santander Mexico: dispute regarding a testamentary trust
constituted in 1994 by Mr. Roberto Garza Sada in Banca Serfin
(currently Santander Mexico) in favor of his four sons in which he
affected shares of Alfa, S.A.B. de C.V. (respectively, Alfa and the
Trust). During 1999, Mr. Roberto Garza Sada instructed
Santander M\u00e9xico in its capacity as trustee to transfer
36,700,000 shares from the Trust's assets to his sons and
daughters and himself. These instructions were ratified in 2004
by Mr. Roberto Garza Sada before a Notary Public.
Mr. Roberto Garza Sada passed away on 14 August 2010 and
subsequently, in 2012, his daughters filed a complaint against
Santander Mexico alleging it had been negligent in its trustee
role. The lawsuit was dismissed at first instance in April 2017 and
on appeal in 2018. In May 2018, the plaintiffs filed an appeal
(recurso de amparo) before the First Collegiate Court of the
Fourth Circuit based in Nuevo Le\u00f3n, which ruled in favor of the
plaintiffs on 7 May 2021, annulling the 2018 appeal judgment
and condemning Santander Mexico to the petitions claimed,
consisting of the recovery of the amount of 36,700,000 Alfa
shares, together with dividends, interest and damages.
Since 2021, Santander Mexico has filed before the Supreme
Court of Justice of the Nation a constitutional review challenge
(recurso de revisi\u00f3n constitucional) against the referred decision
which was initially rejected by the Supreme Court; and several
appeals (recursos de reclamaci\u00f3n) against such rejection. On 25
June 2025, one of the appeals filed by the Bank was accepted,
and this decision was extended to a remaining one, which will
now be resolved. In case that these appeals are resolved
favorably to the Bank, the Supreme Court will decide on the
merits of the constitutional review against the judgment which
condemned the Bank.
In parallel to the foregoing, the Bank also filed an amparo
against the judgment favorable to the plaintiffs rendered by the
First District Court in the State of Nuevo Le\u00f3n before the
Collegiate Courts if such State, and in 2024, the Bank requested
the Supreme Court of Justice of the Nation to take up and resolve
the matter through the faculty of attraction, what is pending.
The challenges and appeals filed by the Bank imply that the
judgment rendered in favour of the plaintiffs is not final, and
Santander M\u00e9xico believes that the actions taken should prevail
and reverse the decision against it. The impact of a potential
unfavorable resolution for Santander M\u00e9xico will be determined
in a subsequent proceeding and will also depend on the
additional actions that Santander M\u00e9xico may take in its defense,
so it is not possible to determine it at this time. At the current
stage of the proceedings, the provisions recorded are considered
sufficient to cover the risks deriving from this claim.
\u2022 Mortgage Expenses: in December 2015 the Spanish Supreme
Court ruled that mortgage clauses relating to the payment of
fees associated to formalizing the mortgage were abusive. On 27
November 2018, the Supreme Court agreed that the taxpayer of
the documented legal acts stamp duty tax (IAJD) on the
mortgage loans should be the borrower. On 9 November 2018,
RDL 17/2018 came into force and modified the Law of the IAJD,
establishing that the taxpayer is the Bank. On 23 January 2019,
the Supreme Court ruled the distribution of the same must be
50% between the Bank and the borrower in public notary
expenses and agency expenses.\u00a0 The Supreme Court also ruled
that the Bank must pay 100% of the Registry. On 26 October
2020, the Supreme Court ruled that the Bank is fully responsible
for the management expenses; and on 27 January 2021, the
Supreme Court ruled that the Bank is also responsible for the
valuation expenses.
In relation to the statute of limitations, on 25 April 2024, two\u00a0
judgments were rendered (cases C-561/21 and C-484/21) in
which the Court of Justice of the European Union (CJEU) stated
that the commencement of the statute of limitations for the
reimbursement action of the mortgage expenses derived from
the annulment of the clause, shall be fixed on the moment when
the consumer has an effective knowledge of the abusive nature
of the clause and its effects and that this date must not be fixed
(a) on the date of payment of such expense nor of the execution
of the agreement; (b) when the Supreme Court has handed down
judgments stating the abusive nature of a clause similar to the
one included in the consumer contract; nor (c) when the CJEU has
handed down judgments confirming that the statute of
limitations for the reimbursement action of the amounts derived
from the annulment of contractual provisions is valid subject to
its compliance with the principles of equivalence and
effectiveness.
The Supreme Court has confirmed this criterion in its 14 June
2024 judgment, establishing that the public dissemination of
case-law declaring the abusive nature of a clause does not
necessarily give rise to the limitation period of the
reimbursement action derived from similar clauses. However,
the 4 July 2024 judgment, rendered in the case C-450/22, the
CJEU has established that it cannot be excluded a priori that, as a
consequence of the occurrence of an objective event or of a
notorious event, such as the amendment of the applicable
legislation or a widely disseminated and debated development of
jurisprudence, the court considers that the average consumer's
overall perception of the floor clause has changed during the
reference period and has enabled him to become aware of the
potentially significant economic consequences arising from such
clause. A further preliminary question concerning the statute of
limitations of the reimbursement action derived from the
annulment of mortgage expenses has been raised before the
CJEU by the First Instance Court No 8 of La Coru\u00f1a.
In December in 2024, the Supreme Court handed down two
additional judgments regarding statute of limitations, in which it
determines that the date to be considered for the purposes of the
application of Directive 93/1994 and, consequently, the statute
of limitations detailed in its previous judgments, is 31 December
1994 (i.e. the date when the deadline for its transposition
ended). This is based on the principle of interpretation in
accordance with directives not transposed (applicable once their
transposition period has expired). The recorded provision
includes the best estimate of Group\u2019s liability for this matter.
Banco Santander and the other Group companies are subject to
claims and, therefore, are party to certain judicial and
administrative proceedings incidental to the normal course of their
business including those in connection with lending activities,
relationships with employees and other commercial or tax matters
additional to those referred to here.
With the information available to it, the Group considers that, at 31
December 2025, it had reliably estimated the obligations
associated with each proceeding and had recognized, where
necessary, sufficient provisions to cover reasonably any liabilities
that may arise as a result of these tax and legal risks. Disputes in
which risk and/or provisions have been registered but are not
disclosed is justified on the basis that it would be prejudicial to the
proper defense of the Group. Subject to the qualifications made, it
also believes that any liability arising from such claims and
proceedings will not have, overall, a material adverse effect on the
Group\u2019s business, financial position, or results of operations.
27. Tax matters
a) Consolidated Tax Group
According to current Spanish regulation, the Tax Consolidated
Group includes Banco Santander, S.A. as the parent company and,
as subsidiaries, those Spanish subsidiaries that meet the
requirements established by the regulations on the taxation of
consolidated groups.
The other Group companies file income tax returns in accordance
with the tax regulations applicable to them.
b) Years open for review by the tax authorities
In relation to the partial scope tax audit of Corporate Income Tax
for fiscal year 2020 and Value Added Tax for fiscal years 2020 to
2022, initiated in April 2024, in December 2025 the Spanish tax
authorities issued a Corporate Income Tax assessment, which has
been appealed before the Central Economic-Administrative Court,
and the VAT assessments were still pending at the close of the
financial year.
The main appeals filed against assessments issued in prior audits
remain pending before the Central Economic-Administrative Court
(Corporate Income Tax and Value Added Tax for fiscal years 2017
to 2019) and before the National Appellate Court (Corporate
Income Tax for fiscal years 2003 to 2015). Banco Santander, S.A.,
as the parent company of the Tax Consolidated Group, considers,
based on the advice of its external legal counsel, that the
adjustments made should not have a significant impact on the
consolidated annual accounts, as there are strong arguments for
defense in the appeals filed against these assessments.
Consequently, no provision has been recognized in this respect.
Furthermore, it should be noted that, in those cases where it was
considered appropriate, the available mechanisms have been used
to avoid international double taxation.
At the date of approval of these consolidated annual accounts,
subsequent years up to and including 2025, are subject to review.
The other entities have the corresponding years open for review,
pursuant to their respective tax regulations.
Due to possible different interpretations which can be made of the
tax regulations, the outcome of the tax audits of the rest of years
subject to review might give rise to contingent tax liabilities which
cannot be objectively quantified. However, the Group\u2019s tax advisers
consider that it is unlikely that such tax liabilities will materialize,
and that in any event the tax charge arising therefrom would not
materially affect the Group\u2019s consolidated financial statements.
c) Reconciliation
The reconciliation of the income tax expense calculated at the tax
rate applicable in Spain ( 30%) to the income tax expense
recognised and the detail of the effective tax rate are as follows:
EUR million
2025
2024
2023
Consolidated profit (loss) before tax:
From continuing operations
18,681
17,347
15,005
From discontinued operations
1,950
1,680
1,454
20,631
19,027
16,459
Income tax at tax rate applicable in
Spain (30%)
6,189
5,708
4,938
By the effect of application of the
various tax rates applicable in each
countryA
(103)
115
(100)
Of which:
Brazil
264
413
198
United Kingdom
(42)
(53)
(51)
United States
(60)
(25)
(28)
Chile
(36)
(33)
(28)
Poland
(224)
(183)
(164)
Effect of profit or loss of associates
and joint ventures
(207)
(213)
(184)
USA electric vehicle leasing
incentives
(203)
(258)
(259)
Global minimum tax Pillar Two
6
14
\u2014
Effect of reassessment of deferred
taxes
(101)
68
\u2014
Permanent differences
and other
(450)
(151)
(119)
Income tax
5,131
5,283
4,276
Effective tax rate
24.87%
27.77%
25.98%
Of which:
Continuing operations
4,723
4,844
3,880
Discontinued operations
(Note 37)
408
439
396
Of which:
Current taxes
5,666
4,855
5,568
Deferred taxes
(535)
428
(1,292)
Income tax (receipts)/payments
4,954
5,880
5,214
A. Calculated by applying the difference between the tax rate applicable in Spain
and the tax rate applicable in each jurisdiction to the profit or loss contributed to
the Group by the entities which operate in each jurisdiction.
d) Tax recognised in equity
In addition to the income tax recognised in the consolidated
income statement, the Group recognised the following amounts in
consolidated equity in 2025, 2024 and 2023:
EUR million
2025
2024
2023
Other comprehensive income
Items not reclassified to profit or loss
115
85
358
Actuarial gains or (-) losses on defined
benefit pension plans
63
172
302
Changes in the fair value of equity
instruments measured at fair value
through other comprehensive income
4
(4)
20
Financial liabilities at fair value with
changes in results attributable to
changes in credit risk
48
(83)
36
Items that may be reclassified to profit
or loss
(440)
54
(919)
Cash flow hedges
(207)
(205)
(732)
Changes in the fair value of debt
instruments through other
comprehensive income
(204)
261
(214)
Hedging instruments (items not
designated)
3
\u2014
\u2014
Non-current assets held for sale
(32)
\u2014
\u2014
Other recognised income and expense
of investments in subsidiaries, joint
ventures and associates
\u2014
(2)
27
Total
(325)
139
(561)
e) Deferred taxes
'Tax assets' in the consolidated balance sheets includes debit
balances with the Public Treasury relating to deferred tax assets.
'Tax liabilities' includes the liability for the Group\u2019s various deferred
tax liabilities.
In accordance with EU Regulation 575/2013 on prudential
requirements for credit institutions and investment firms (CRR),
and subsequently amended by EU Regulation 2019/876 of the
European Parliament and of the Council, those deferred tax assets
that do not rely on future profitability arising from temporary
differences (referred to hereinafter as 'monetizable deferred tax
assets\u2019), meeting certain conditions, should not be deducted from
regulatory capital and should not be risk-weighted at 250%
according to the thresholds set out in Article 48 of the said
Regulation, but shall apply a risk weight of 100% under Article 39.
The detail of deferred tax assets, by classification as monetizable
or non-monetizable assets, and of deferred tax liabilities at 31
December 2025 , 2024 and 2023 is as follows:
EUR million
2025
2024
2023
MonetizableA
Other
MonetizableA
Other
MonetizableA
Other
Tax assets
10,725
8,219
10,309
8,861
11,099
9,668
Tax losses and tax credits
\u2014
2,354
\u2014
2,367
\u2014
2,393
Temporary differences
10,725
5,865
10,309
6,494
11,099
7,275
Of which:
Non-deductible provisions
\u2014
1,970
\u2014
1,784
\u2014
1,965
Valuation of financial instruments
\u2014
810
\u2014
1,486
\u2014
1,543
Loan losses
8,471
1,341
7,880
1,103
8,248
1,577
Pensions
2,254
426
2,429
423
2,851
665
Valuation of tangible and intangible
assets
\u2014
832
\u2014
885
\u2014
1,060
Tax liabilities
\u2014
5,904
\u2014
6,276
\u2014
6,086
Temporary differences
\u2014
5,904
\u2014
6,276
\u2014
6,086
Of which:
Valuation of financial instruments
\u2014
1,980
\u2014
2,412
\u2014
2,059
Valuation of tangible and intangible
assets
\u2014
2,714
\u2014
2,797
\u2014
2,594
Investments in Group companies
\u2014
427
\u2014
403
\u2014
378
A. In 2023, the Spanish Economic Administrative Court ruled that in 2017 the requirements for the conversion of part of the monetizable assets of Popular Group into a
credit against the Tax Administration were met, allowing the conversion to EUR 995\u00a0million. Banco Santander was refunded without impact on results. The favourable
Economic Administrative Court decision was declared harmful to the public interests and challenged at the National Appellate Court by the Tax Administration. The
estimation of this appeal, which is pending at the National Appellate Court,\u00a0 would imply that Grupo Santander should repay the amount refunded and would, once again,
credit these monetizable assets with no impact on results except for late payment interests. However, it is considered that there are strong defense arguments in relation
to this appeal.
Grupo Santander only recognises deferred tax assets for temporary
differences or tax loss and tax credit carryforwards where it is
considered probable that consolidated entities that generated
them will have sufficient future taxable profits against which they
can be utilised.
The deferred tax assets and liabilities are reassessed at the
reporting date in order to ascertain whether any adjustments need
to be made on the basis of the findings of the analyses performed.
These analyses take into consideration all evidence, both positive
and negative, of the recoverability of such deferred tax assets,
among which we can find, (i) the results generated by the different
entities in previous years, (ii) the projections of results of each
entity or fiscal group, (iii) the estimation of the reversal of the
different temporary differences according to their nature and (iv)
the period and limits established under the applicable legislation of
each country for the recovery of the different deferred tax assets,
thus concluding on the ability of each entity or fiscal group to
recover the deferred tax assets registered.
The projections of results used in this analysis are based on the
financial planning approved by both the local directions of the
corresponding units and by the Group's directors. The Group's
budget estimation process is common for all units. The Group's
management prepares its financial planning based on the
following key assumptions:\u00a0
a) Microeconomic variables of the entities that make up the fiscal
group in each location: the existing balance structure, the mix of
products offered and the commercial strategy at each moment
defined by local directions are taken into account, based on the
competition, regulatory and market environment.
b) Macroeconomic variables: estimated growths are based on the
evolution of the economic environment considering the
expected evolution in the gross domestic product of each
location, and the forecasts of interest rates, inflation and
exchange rates fluctuations. These data are provided by the
Group\u2019s Studies Service.
Additionally, the Group performs retrospective contrasts
(backtesting) on the variables projected in the past. The differential
behaviour of these variables with respect to the real market data is
considered in the projections estimated in each fiscal year. Thus,
and in relation to Spain, the deviations identified by the Directors in
recent past years are due to a combination of exogenous factors,
mainly the changing impact of the macroeconomic environment
and competition, and management actions, such as the
acceleration of restructuring plans, investment in digitalisation,
and the optimisation of capital and shareholder returns.
Finally, and given the degree of uncertainty of these assumptions
on the referred variables, the Group conducts a sensitivity analysis
of the most significant assumptions considered in the deferred tax
assets\u2019 recoverability analysis, considering any reasonable change
in the key assumptions on which the projections of results of each
entity or fiscal group and the estimation of the reversal of the
different temporary differences are based.
In relation to Spain, the sensitivity analysis has consisted of making
reasonable changes to the key assumptions, including adjusting 50
basis points for growth (gross domestic product) and adjusting 50
basis points for inflation.
Relevant information is set forth below for the main countries
which have recognised deferred tax assets:
Spain
The deferred tax assets recognised at the Consolidated Tax Group
total EUR 7,183 million, of which EUR 5,069\u00a0million were for
monetizable temporary differences with the right to conversion
into a credit against the tax administration as explained before,
EUR 1,433\u00a0million for other temporary differences and EUR
681\u00a0million for tax losses and credits.
Brazil
The deferred tax assets recognised in Brazil total EUR 7,465, of
which EUR 5,606\u00a0million were for monetizable temporary
differences, EUR 1,150 for other temporary differences and EUR
709 for tax losses and credits.
Mexico
The deferred tax assets recognized in Mexico total EUR 1,542, of
which EUR 1,511 were for temporary differences and EUR 31 for
tax losses and credits.
United States
The deferred tax assets recognised in the United States total EUR
1,026, of which EUR 253 were for temporary differences and EUR
773 for tax losses and credits.
The Group estimates that the recognised deferred tax assets for
temporary differences, tax losses and credits in the different
jurisdictions could be recovered in a maximum period of 15 years.
The changes in Tax assets\u00a0- Deferred and Tax liabilities\u00a0- Deferred
in the last three\u00a0years were as follows:
EUR million
Balance at 1
January 2025
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit
to asset and
liability valuation
adjustments
Reclassificat
ion no-
current
asset held
for sale
Acquisition
for the year
(net)
Balance at 31
December
2025
Deferred tax assets
19,170
1,107
(102)
(132)
(1,130)
31
18,944
Tax losses and tax credits
2,367
82
(107)
\u2014
\u2014
12
2,354
Temporary differences
16,803
1,025
5
(132)
(1,130)
19
16,590
Of which monetizable
10,309
455
(39)
\u2014
\u2014
10,725
Deferred tax liabilities
(6,276)
(572)
108
(232)
1,064
\u2014
(5,904)
Temporary differences
(6,276)
(572)
108
(232)
1,064
4
(5,904)
12,894
535
6
(364)
(66)
31
13,040
EUR million
Balance at 1
January 2024
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit
to asset and
liability valuation
adjustments
Acquisition
for the year
(net)
Balance at 31
December
2024
Deferred tax assets
20,767
119
(1,670)
(41)
(5)
19,170
Tax losses and tax credits
2,393
114
(139)
\u2014
(1)
2,367
Temporary differences
18,374
5
(1,531)
(41)
(4)
16,803
Of which monetizable
11,099
147
(937)
\u2014
\u2014
10,309
Deferred tax liabilities
(6,086)
(547)
142
215
\u2014
(6,276)
Temporary differences
(6,086)
(547)
142
215
\u2014
(6,276)
14,681
(428)
(1,528)
174
(5)
12,894
EUR million
Balance at 1
January 2023
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit to
asset and liability
valuation
adjustments
Acquisition
for the year
(net)
Balance at 31
December
2023
Deferred tax assets
20,787
629
(130)
(422)
(97)
20,767
Tax losses and tax credits
1,778
392
224
\u2014
(1)
2,393
Temporary differences
19,009
237
(354)
(422)
(96)
18,374
Of which monetizable
10,660
1,232
(787)
\u2014
(6)
11,099
Deferred tax liabilities
(6,428)
663
3
(338)
14
(6,086)
Temporary differences
(6,428)
663
3
(338)
14
(6,086)
14,359
1,292
(127)
(760)
(83)
14,681
Also, the Group did not recognise deferred tax assets amounting to
approximately EUR 11,240\u00a0million\u00a0 of which EUR 6,420\u00a0million
relate to tax losses, EUR 3,430\u00a0million to tax credits, and EUR
1,390\u00a0million to other concepts.
f) Global Minimum Tax Pillar Two
The Global Minimum Tax Model Rules, known as Pillar Two and
approved in 2021 by the OECD Inclusive Framework, require
multinational groups with revenues exceeding EUR 750 million to
be subject to a minimum tax rate of 15% on adjusted accounting
profit, calculated on a jurisdiction-by-jurisdiction basis. The OECD
has complemented these rules through the approval of
administrative guidance and a document on transitional safe
harbours applicable to fiscal years 2024 to 2026. In January 2026,
the application of the transitional safe harbours was extended for
an additional year, and new permanent safe harbours were
approved with the aim of simplifying the application of the Model
Rules and implementing the 'side-by-side agreement' reached in
June 2025 within the G7, which will apply from 2026 to
multinational groups with a U.S. parent company.
In the European Union, in December 2022, the Council approved
Directive (EU) 2022/2523 on ensuring a global minimum level of
taxation for multinational enterprise groups and large scale
domestic groups in the Union, setting 1 January 2024 as the entry-
into-force date of the new minimum taxation. The Directive
implements the OECD Inclusive Framework Pillar Two rules within
the European Union, while also extending their application to large
domestic groups.
In Spain, on 20 December 2024, Law 7/2024 was approved,
establishing a Supplementary Tax to ensure a global minimum
level of taxation for multinational groups and large domestic
groups, effective as from 1 January 2024. This Law transposes
Directive (EU) 2022/2523 and also establishes a domestic
supplementary tax aligned with the Pillar Two rules. In April 2025,
Royal Decree 252/2025 was published, approving the
implementing regulations of the Law.
With regard to other jurisdictions, the rules on the new global
minimum tax are already in force in most of the main geographies
in which the Group operates, with the exception of Mexico, Chile,
and Argentina.
The Pillar Two rules require calculating, in each jurisdiction in
which the Group operates, the effective tax rate resulting from
comparing income tax expense with accounting profit, both subject
to certain adjustments. If, in a given jurisdiction, this rate is below
15%, Banco Santander, as the ultimate parent entity, must pay the
difference to the Spanish tax authorities as a supplementary tax,
unless a domestic supplementary tax aligned with the Pillar Two
rules (a qualified domestic tax) has been approved in that
jurisdiction, in which case the amount will be paid to the local tax
authorities.
Both Banco Santander, S.A., as the ultimate parent entity, and the
subsidiaries resident in jurisdictions where a qualified domestic tax
has been approved, have estimated the supplementary taxes
accrued, taking into account the application of the transitional safe
harbours in fiscal years 2024 and 2025.
These safe harbours mean that the supplementary tax, whether at
the level of the parent entity or in jurisdictions that have adopted a
qualified domestic tax, is not payable provided that any of the
following conditions are met: (i) the effective tax rate calculated
based on country-by-country reporting data exceeds 15% in 2024
and 16% in 2025; (ii) the Group\u2019s presence in a jurisdiction is not
significant if below EUR 10 million and profit before tax is below
EUR 1 million; or (iii) profit before tax is lower than the amount
resulting from the sum of tangible fixed assets and employee
expenses adjusted by a certain percentage that varies annually.
This supplementary tax expense recognized by the Group has not
been significant, as the effective tax rates calculated in accordance
with the Pillar Two rules in most of the jurisdictions in which the
Group operates are above 15%. Nevertheless, the new regulations
require the provision of a large amount of information to the tax
authorities in the jurisdictions where the Group is present, broken
down on an entity-by-entity basis, which involves a significant
administrative burden.
g) Tax reforms
In 2025 and prior years, the following significant tax reforms were
approved:
In Spain, in 2022, Law 38/2022 was approved, establishing a
temporary levy payable by credit institutions and financial credit
institutions in fiscal years 2023 and 2024. The levy amounted to
4.8% of the sum of net interest income and net fees and
commissions from the activity carried out in Spain in the previous
year. The payment obligation arose on the first day of each fiscal
year. The expense recognized for this temporary levy amounted to
EUR 224\u00a0million in 2023 and EUR 334\u00a0million in 2024. However,
the tax authorities have audited both years and consider that an
additional amount is payable due to differences in the criteria
applied in determining the taxable base, which are currently being
discussed by the Bank. Furthermore, the Law established, for 2023,
a 50% limitation on the inclusion of individual tax losses in the
taxable base of the Tax Consolidated Group, setting a 10-year
period for the reversal of this positive adjustment.
On 20 December 2024, Law 7/2024 was approved, which, among
other tax measures, introduced a tax on the net interest margin
and commissions earned in Spanish territory by certain financial
institutions, with accrual on 1 January of fiscal years 2025, 2026
and 2027. The taxable base, with certain changes compared to that
of the temporary levy, is now calculated on an individual basis for
each financial institution, and the tax liability is determined in
accordance with a progressive rate scale ranging from 1% to 7%,
after applying certain deductions. On 24 December 2024, Royal
Decree-Law 9/2024 was published in the Official State Gazette,
amending certain technical aspects of the tax and postponing its
accrual to 31 January of those fiscal years. This Royal Decree-Law
was abolished on 22 January 2025 and, therefore, no expense was
recognized for the new tax in respect of 2024 income in accordance
with the legislation in force at that time (EUR 392\u00a0million were paid
during the year). In 2025, the expense corresponding to income
accrued during the financial year, recognised as income tax,
amounts to \u20ac353\u00a0million and will be paid in 2026. The Group
considers that both the temporary levy and the tax on net interest
margin and fees and commissions are contrary to the Spanish and
European Union constitutional and legal principles and has
therefore disputed the corresponding self-assessments, requesting
a refund of the amounts paid.
Additionally, the aforementioned Law 7/2024 once again
establishes, for fiscal years 2024 and 2025, a 50% limitation on the
inclusion of individual tax losses in the taxable base of the Tax
Consolidated Group, setting a 10-year period for the reversal of
this positive adjustment. Likewise, this Law reintroduces the limits
provided for in Royal Decree-Law 3/2016\u2014which was declared
unconstitutional by the Constitutional Court ruling of 18 January
2024\u2014on the utilization of monetizable deferred tax assets and
the offsetting of tax losses (with the limit reduced from 70% to
25%), as well as on the application of deductions to avoid double
taxation (50%), and also reinstates the mandatory reversal of
impairments on shareholdings that were deductible in prior years
by third parties, regardless of any recovery in the value of the
investees.
In Brazil, Law 14,467 enacted in 2022 with effect from 2025,
amends the rules on the tax deductibility of credit provisions in
financial institutions, bringing those rules closer to the accounting
recognition criterion. In 2024, Law 15,078 was published, allowing
the recovery of the accumulated balance of provisions of
nondeductible loans at the end of 2024 within a seven-year period
(with the option to extend to ten years) from January 2026.
In 2025, several Legislative Decrees and decisions of the Federal
Supreme Court were published concerning the Financial
Transactions Tax (IOF), amending the applicable rules and setting
new rates for its various categories: (i) IOF Credit (local loans to
legal entities increased from 1.88% to a maximum of 3.37% per
annum); (ii) IOF Insurance (a 5% rate was introduced on the excess
of certain contributions to life insurance policies); and (iii) IOF
Foreign Exchange (payments for the import of services and
royalties paid abroad rose from 0.38% to 3.5%).
In December 2023, Congress approved Constitutional Amendment
132/2023 on indirect taxation reform, initiating the legislative
development process, which culminated in the enactment of
Supplementary Laws 214/2025 in January 2025 and 227/2026 in
January 2026. This reform replaces the various existing indirect
taxes in Brazil, -applicable at the federal, regional and municipal
levels-, with two taxes administered at federal level (contribution
on goods and services and selective tax) and other administered at
regional and municipal levels (tax on goods and services). The new
system will be gradually implemented over a transitional period of
8 years (from 2026 to 2033).
In 2024, Law No. 14.973/2024 partially extended, until 31
December 2027, an optional social contribution regime for
employees applicable to certain sectors of activity, allowing such
contributions to be calculated as a percentage of gross income
(ranging from 1% to 4.5%, depending on the sector), rather than
under the general regime, which applies a 20% rate to employee
payroll.
In November 2025, Law No. 15.270 was published which, among
other measures, introduced a 10% withholding tax on ordinary
dividends paid abroad as from 1 January 2026.
In December 2025, Supplementary Law No. 224 was enacted,
which, among other measures: (i) increased the withholding tax on
Interest on equity (juros sobre o capital pr\u00f3prio) from 15% to
17.5%; (ii) raised the CSLL rate applicable to non-bank financial
institutions as from 1 April 2026 on a gradual basis: payment
institutions to 12% in 2026 and 2027, and 15% as from 2028; and
credit, financing and capitalisation companies to 17.5% in 2026
and 2027, and 20% as from 2028 (the rate for banks remains at
20% and for other financial institutions at 15%), and (iii) introduced
an automatic 10% reduction in the amount of certain federal tax
incentives as from 2026.
In Argentina, as from 23 December 2024, Tax for an Inclusive and
Solidarity Argentina (PAIS), which imposed certain foreign currency
purchasing operations in order to make payments abroad, has been
eliminated. Likewise, General Resolution (AFIP) No. 5,554 repeals,
with effect from 1 September 2024, the obligation to withhold VAT
and income tax on electronic payments.
In Chile, Law 27,713 on Tax Compliance Obligations was published
in October 2024, amending, among other instruments, the Tax
Code, the Income Tax Law and the Value Added Tax Law.
Additionally, in July 2024, Law No. 21,681 was published, which,
among other measures, introduced a new Substitute Tax of Final
Tax, allowing the distribution of taxable profits at a fixed rate of
12% until 31 January 2025, thereby reducing the fiscal cost of such
distributions.
In Mexico, the Federal Revenue Law for Fiscal Year 2026 was
published in November 2025, limiting the deductibility of
contributions paid to the Institute for the Protection of Bank
Savings (IPAB) to 25% of their amount and amending the tax
treatment of loan loss provisions, bringing them into line with the
regime applicable to other entities.
In the United States, Law 119-21 ('One, Big, Beautiful Bill Act') was
passed in July 2025, introducing significant regulatory changes.
Notable among these are the repeal of tax credits linked to electric
vehicles as from 1 October 2025 (while preserving those already
generated), the elimination of the obligation to capitalise and
amortise the costs of in-house software development (which will
now be deductible), and the reintroduction of accelerated tax
depreciation for investments in certain tangible assets.
In Portugal, a gradual reduction of the corporate income tax rate
has been approved, falling from 20% in 2025 to 19% in 2026, 18%
in 2027 and 17% in 2028 and subsequent years. Including the
municipal surtax of up to 1.5% and the state surtax of up to 9%,
this results in an aggregate combined rate of 30.50%, 29.50%,
28.50% and 27.50%, respectively.
In Poland, one of the most significant changes to the tax
framework is the increase in the corporate income tax rate for
banks, from 19% to 30% in 2026, followed by a reduction to 26%
in 2027 and 23% in 2028 and subsequent years.
In Germany, the Tax Investment Programme to Strengthen
Germany\u2019s Economic Base was passed in July. It provides for a
gradual annual one-percentage-point reduction in the corporate
income tax rate from 2028, falling from the current 15% to 10% by
2032. In Germany, the combined corporate income tax and
municipal trade tax rate\u2014which also applies to business profits\u2014is
currently 32.45% and will decrease to 27.18% by 2032.
h) Other information
In compliance with the disclosure requirement established in the
listing rules\u00a0instrument 2005 published by the UK Financial
Conduct Authority, it is hereby stated that shareholders of the Bank
resident in the United Kingdom will be entitled to a tax credit for
taxes paid abroad in respect of withholdings that the Bank has to
pay on the dividends to be paid to such shareholders if the total
income of the dividend exceeds the amount of exempt dividends of
GBP 500 for the year 2025/26 (GBP 500 for the year 2024/25). The
shareholders of the Bank resident in the United Kingdom who hold
their ownership interest in the Bank through Santander Nominee
Service will be informed directly of the amount thus withheld and
of any other data they may require to complete their tax returns in
the United Kingdom. The other shareholders of the Bank resident in
the United Kingdom should contact their bank or securities broker.
Banco Santander, S.A., is part of the Large Business Forum and has
adhered since 2010 to the Code of Good Tax Practices in Spain.
Also Santander UK is a member of the HMRC\u2019s (His Majesty's
Revenue and Customs) Code of Practice on Taxation in the United
Kingdom and Santander Portugal has adhered to the Code of Good
Tax Practices in Portugal, actively participating in the cooperative
compliance programs being developed by these Tax
Administrations.
39. Interest expense
Interest expense and similar charges in the consolidated income
statement includes the interest accruing in the\u00a0year on all financial
liabilities with an implicit or explicit return, including remuneration
in kind, calculated by applying the effective interest method,
irrespective of measurement at fair value; the rectifications of cost
as a result of hedge accounting; and the interest cost attributable
to provisions recorded for pensions.
The detail of the main items of interest expense and similar
charges accrued in 2025, 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Customer deposits
31,735
35,714
32,457
Debt securities issued and subordinated
liabilities
15,066
14,612
12,671
Marketable debt securities
13,580
13,255
11,661
Subordinated liabilities (note\u00a023)
1,486
1,357
1,010
Central banks and credit institution
deposits
8,151
9,381
9,360
Lease Liabilities
107
122
127
Provisions for pensions (note\u00a025)
91
105
93
Other interest expense
4,212
5,291
6,384
59,362
65,225
61,092
Most of the interest expense and similar charges was generated by
the Group\u2019s financial liabilities that are measured at amortised
cost.
42. Commission expense
Commission expense shows the amount of all fees and
commissions paid or payable by the Group in the\u00a0year, except those
that form an integral part of the effective interest rate on financial
instruments.
The detail of commission expense is as follows:
EUR million
2025
2024
2023
Cards
1,744
1,816
1,858
By collection and return of effects
30
30
24
Financial guarantees and other
commitments
359
323
282
Brokerages and intermediaries
130
181
204
Sales of insurance and\u00a0 funds
456
453
352
Other fees and commissions
1,692
1,655
1,429
4,411
4,458
4,149
43. Gains or losses on financial assets and
liabilities
The following information is presented below regarding the gains
or losses recorded for financial assets or liabilities:
a) Breakdown
The detail, by origin, of Gains/losses on financial assets and
liabilities:
EUR million
2025
2024
2023
Gains or losses on financial assets and
liabilities not measured at fair value
through profit or loss, net
127
(117)
96
\u00a0 Financial assets at amortized cost
(89)
(190)
(3)
\u00a0 Other financial assets and liabilities
216
73
99
Of which debt instruments
133
50
51
Gains or losses on financial assets and
liabilities held for trading, netA
1,017
1,344
2,316
Gains or losses on non-trading
financial assets and liabilities
mandatory at fair value through profit
or loss
1,106
495
198
Gains or losses on financial assets and
liabilities measured at fair value
through profit or loss, netA
(307)
691
(92)
Gains or losses from hedge accounting,
net
12
14
69
1,955
2,427
2,587
A. Includes the net result obtained by transactions with debt securities, equity
instruments, derivatives and short positions included in this portfolio when the
Group jointly manages its risk in these instruments.
44. Exchange differences, net
Exchange differences shows basically the gains or losses on
currency dealings, the differences that arise on translations of
monetary items in foreign currencies to the functional currency.
Grupo Santander manages the currencies to which it is exposed
together with the arrangement of derivative instruments and,
accordingly, the changes in this line item should be analysed
together with those recognised under 'Gains/losses on financial
assets and liabilities' (see note\u00a043).
45. Other operating income and expenses
Other operating income and Other operating expenses in the
consolidated income statements include:
EUR million
2025
2024
2023
Other operating income
1,583
846
1,137
Non- financial services
738
654
752
Other operating income
845
192
385
Other operating expense
(2,070)
(2,258)
(2,766)
Non-financial services
(650)
(498)
(674)
Other operating expense:
(1,420)
(1,760)
(2,092)
Of which, credit institutions deposit
guarantee fund and single resolution
fund
(478)
(481)
(1,083)
(487)
(1,412)
(1,629)
In the 2025 and 2024 financial years, it was decided that there will
not be contribution in Spain to the Single Resolution Fund, as well
as a decrease in the contribution to the Deposit Guarantee Fund, by
the Single Resolution Board (SRB) and the Deposit Guarantee Fund\u00a0
Management Committee, respectively.
The amount of the Group recognises in relation to income from
sub-leases of rights of use is not material.
46. Staff costs
a) Breakdown
The detail of Staff costs is as follows:
EUR million
2025
2024
2023
Wages and salaries
10,328
10,541
10,018
Social Security costs
1,680
1,644
1,576
Additions to provisions for defined benefit
pension plans (note\u00a025)
41
45
42
Contributions to defined contribution
pension funds
332
354
307
Other Staff costs
1,252
1,241
1,332
13,633
13,825
13,275
c) Share-based payments
The main share-based payments granted by the Group in force at
31 December,\u00a02025, 2024 and 2023 are described below.
i. Bank
The variable remuneration policy for the Bank\u2019s executive directors
and certain executive personnel of the Bank and of other Group
companies includes Bank share-based payments, the
implementation of which requires, in conformity with the law and
the Bank\u2019s Bylaws, specific resolutions to be adopted by the
general meeting.
Were it necessary or advisable for legal, regulatory or other similar
reasons, the delivery mechanisms described below may be
adapted in specific cases without altering the maximum number of
shares linked to the plan or the essential conditions to which the
delivery thereof is subject.
These adaptations may involve replacing the delivery of shares
with the delivery of cash amounts of an equal value.
The plans that include share-based payments are as follows:
(i)\u00a0Deferred and Conditional Variable Remuneration Plan;
(ii)\u00a0Deferred Multiyear Objectives Variable Remuneration Plan;
(iii)\u00a0Digital Transformation Award, (iv) Digital Transformation
Award 2022, Digital Transformation Award 2023 and (vi) PagoNxt
incentive Plan 2024 and 2025 for Santander executives. The
characteristics of the plans are set forth below:
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(i) Deferred and
conditional
variable
remuneration
plan (2015,
2016, 2017,
2018, 2019,
2020, 2021,\u00a0
2022, 2023,
2024 and 2025)
The purpose of these cycles is to
defer a portion of the variable
remuneration of the beneficiaries
over a period of three years for the
sixth cycles, over three or five years
for the fifth, seventh, eighth, ninth,
tenth and eleventh cycles, and over
four or five years for the twelfth
cycle, for it to be paid, where
appropriate, in cash and in
Santander shares. The other portion
of the variable remuneration is also
to be paid in cash and Santander
shares, upon commencement of the
cycles, in accordance with the rules
set forth below.
Beneficiaries:
\u2022 Executive directors and certain
executives (including senior
management) and employees
who assume risk, who perform
control functions or receive an
overall remuneration which puts
them on the same remuneration
level as executives and employees
who assume risks (fifth cycle).
\u2022 In the case of the sixth, seventh,
eighth, ninth, tenth, eleventh
twelfth, thirteenth, fourteenth
and fifteenth cycle the
beneficiaries are Material Risk
Takers (Identified staff) that are
not beneficiaries of the Deferred
Multiyear Objectives Variable
Remuneration Plan.
For the fifth and sixth cycles (2015 to 2016), the
accrual of the deferred compensation is conditioned, in
addition to the requirement that the beneficiary
remains in the Group's employ, with the exceptions
included in the plan regulations on none of the
following circumstances existing during the period
prior to each delivery, pursuant to the provisions set
forth in each case in the plan regulations:
\u2022 Poor financial performance of the Group.
\u2022 Breach by the beneficiary of internal regulations,
including, in particular, those relating to risks.
\u2022 Material restatement of the Group's consolidated
financial statements, except when it is required
pursuant to a change in accounting standards.
\u2022 Significant changes in the Group\u2019s economic capital
or risk profile
In the case of the seventh, eighth, ninth, tenth,
eleventh, twelfth, thirteenth, fourteenth and fifteenth
cycles, the accrual of deferred compensation is
conditioned, in addition to the permanence of the
beneficiary in the Group, with the exceptions contained
in the plan's regulations, to non-occurrence of a poor
performance of the entity as a whole or of a specific
division or area of the entity or of the exposures
generated by the personnel:
i. significant failures in risk management by the
entity , or by a business unit or risk control unit.
ii. the increase suffered by the entity or by a business
unit of its capital needs, not foreseen at the time
of generation of the exposures.
iii. Regulatory sanctions or judicial sentences for
events that could be attributable to the unit or the
personnel responsible for those. Also, the breach
of internal codes of conduct of the entity.
iv. Irregular behaviours, whether individual or
collective, considering in particular the negative
effects derived from the marketing of
inappropriate products and the responsibilities of
the persons or bodies that made those decisions.
Fifth cycle (2015):
\u2022 Executive directors and members of the Identified
Staff with total variable remuneration higher than
2.6 million euros: 40% paid immediately and 60%
deferred over 5 years deferral period.
\u2022 Division managers, country heads (of countries
which represent at least 1% of Group's economic
capital), other executives of the Group with a similar
profile and members of the Identified Staff\u00a0 with
total variable remuneration between 1.7 million
euros (1.8 million in fourth cycle) and 2.6 million
euros: 50% paid immediately and 50% deferred over\u00a0
5 years (fifth cycle)
\u2022 Other beneficiaries: 60% paid immediately and 40%
deferred over 3 years.
Sixth cycle (2016):
\u2022 60% of bonus will be paid immediately and 40%\u00a0
deferred over a three year period.
Seventh, eighth, ninth, tenth and eleventh cycle (2017,
2018, 2019, 2020 and 2021):
\u2022 Beneficiaries of these plans with target total variable
remuneration higher or equal to 2.7 million euros:
40%\u00a0 paid immediately and 60% deferred over 5
years
\u2022 Beneficiaries of these plans with target total variable
remuneration between 1.7 million euros and 2.7
million euros: 50% paid immediately and 50%paid
over 5 years
\u2022 Other beneficiaries of these plans: 60% paid
immediately and 40% deferred over 3 years.
Twelfth (2022), thirteenth (2023),fourteenth (2024)
and fifteenth (2025) cycle:
\u2022 Beneficiaries of these plans with target total variable
remuneration higher or equal to 2.7 million euros:
40% paid immediately and 60% deferred over 5
years
\u2022 Beneficiaries of these plans with target total variable
remuneration between 1.7 million euros and 2.7
million euros: 50% paid immediately and 50% paid
over 5 years
\u2022 Other beneficiaries of these plans: 60% paid
immediately and 40% deferred over 4 years .
T
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(ii)Deferred
Multiyear
Objectives
Variable
Remuneration
Plan (2016,
2017, 2018,
2019, 2020,
2021, 2022,
2023, 2024 and
2025)
The aim is simplifying the
remuneration structure, improving
the ex ante risk adjustment and
increasing the impact of the long-
term objectives on the Group\u2019s most
relevant roles. The purpose of these
cycles is to defer a portion of the
variable remuneration of the
beneficiaries over a period of three
or five years (four or five years for
the seventh cycle) for it to be paid,
where appropriate, in cash and in
Santander shares; the other portion
of the variable remuneration is also
to be paid in cash and Santander
shares (regarding the instruments
part, executive directors in the
seventh cycle have the opportunity
to choose all in share options or half
in share options and half in shares),
upon commencement of the cycles,
in accordance with the rules set
forth below. The accrual of the last
third of the deferral (in the case of 3
years deferral), the last 2 fourths (in
the case of 4 years deferral) and the
last three fifths (in the case of 5
years deferral) is also subject to
long-term objectives.
Beneficiaries
Executive directors, senior
management and certain executives
of the Group\u2019s first lines of
responsibility.
In 2016 the accrual is conditioned, in addition to the
permanence of the beneficiary in the Group, with the
exceptions contained in the plan\u2019s regulations, to non-
occurrence of the following circumstances during the
period prior to each of the deliveries in the terms set
forth in each case in the plan\u2019s regulations:
i. Poor performance of the Group.
ii. Breach by the beneficiary of the internal
regulations, including in particular that relating to
risks.
iii. Material restatement of the Group\u2019s consolidated
financial statements, except when appropriate
under a change in accounting regulations.
iv. Significant changes in the Group\u2019s economic
capital or risk profile.
In 2017, 2018, 2019, 2020 and 2021 the accrual is
conditioned, in addition to the beneficiary' permanence
in the Group, with the exceptions contained in the
plan\u2019s regulations, to the non-occurrence of poor
financial performance from the entity as a whole or of
a specific division or area thereof or of the exposures
generated by the personnel, taking into account the
following factors:
v. Significant failures in risk management committed
by the entity, or by a business unit or risk control
unit.
vi. the increase suffered by the entity or by a business
unit of its capital needs, not foreseen at the time
of generation of the exposures.
vii. Regulatory sanctions or court rulings for events
that could be attributable to the unit or the\u00a0
personnel responsible for those. Also, the breach\u00a0
of internal codes of conduct of the entity.
viii. Irregular behaviours, whether individual or
collective, considering in particular negative
effects derived from the marketing of
inappropriate products and responsibilities of
persons or bodies that made those decisions.
Paid half in cash and half in shares. In the seventh
cycle, and only for executive directors: half in cash and
25% in share options and 25% in shares (unless the
director chooses to receive options only). The
maximum number of shares to be delivered is
calculated by taking into account the weighted average
daily volume of weighted average prices for the fifteen
trading sessions prior to the previous Friday (excluding)
on the date on which the board decides the bonus for
the Executive directors of the Bank.
In the eighth cycle, and for all Identified Staff: half in
cash and 25% in shares and 25% in share options, or
half in cash and half in shares, according to each
executive\u00b4s choice.
In the ninth and tenth cycle, half in cash and\u00a0 half in
shares.
First cycle (2016):
\u2022 Executive directors and members of the Identified
Staff with total variable remuneration higher than or
equal to 2.7 million euros: 40% paid immediately
and 60% deferred over a 5\u00a0 year period.
\u2022 Senior managers, country heads of countries
representing at least 1% of the Group\u00b4s capital and
other members of the identified staff whose total
variable remuneration is between 1.7 million and 2.7
million euros: 50% paid immediately and 50%
deferred over a 5 year period.
\u2022 Other beneficiaries: 60% paid immediately and 40%
deferred over a 3 year period.
The second, third, fourth, fifth and sixth cycles (2017,
2018, 2019,2020 and 2021 respectively) are under the
aforementioned deferral rules, except that the\u00a0 variable
remuneration considered is the target for each
executive and not the actual award.
In 2016 the metrics for the deferred portion subject to
long-term objectives (last third or last three fifths,
respectively, for the cases of three years and five years
deferrals) are:
\u2022 Earnings per share (EPS) growth in 2018 over 2015.
\u2022 Relative Total Shareholder Return (TSR) in the
2016-2018 period measured against a group of
credit institutions.
\u2022 Compliance with the fully-loaded common equity
tier 1 ('CET1') ratio target for financial year 2018.
\u2022 Compliance with Grupo Santander\u2019s underlying
return on risk-weighted assets ('RoRWA') growth
target for financial year 2018 compared to financial
year 2015.
In the second, third, fourth, fifth and sixth cycle (2017,
2018, 2019, 2020 and 2021) the metrics for the
deferred portion subject to long-term objectives (last
third or last three fifths, respectively, for the cases of
three years and five years deferrals) are:
\u2022 EPS growth in 2019, 2020, 2021, 2022 and 2023
(over 2016, 2017, 2018, 2019 and 2020, for each
respective cycle)
\u2022 Relative Total Shareholder Return (TSR) measured
against a group of 17 credit institutions (second and
third cycles) in the periods 2017-2019 and
2018-2019, respectively, and against a group of 9
entities (fourth, fifth and sixth cycle) for the
2019-2021, 2020-2022 and 2010-2023\u00a0 period.
\u2022 Compliance with the fully-loaded common equity
tier 1 ('CET1') ratio target for financial years 2019,
2020, 2021,2022 and 2023, respectively.
In the seventh (2022), eighth cycle (2023), ninth (2025)
and tenth cycle (2025), the metrics for the deferred
portion subject to long-term objectives (two last
fourths and last three fifths, for the cases of four years
and five years deferrals) are:
\u2022 Banco Santander's consolidated Return on tangible
equity (RoTE) target in 2024 (7th cycle),\u00a0 2025 (8th
cycle), 2026 (9th cycle) and 2027 (10th cycle).
\u2022 Relative Total Shareholder Return (TSR) measured
against a group of 9 credit institutions for the period
2022-2024 (7th cycle), 2023-2025 (8th cycle),
2024-2026 (9th cycle) and 2025-2027 (10th cycle).
\u2022 Progress level\u00a0 in the\u00a0 public targets of our
Sustainability agenda.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(iii) Digital
Transformation
Award (2019,
2020 and 2021)
The 2019, 2020 and 2021 Digital
Transformation Incentive (the
'Digital Incentive') is a variable
remuneration system that includes
the delivery of Santander shares and
share options.
The aim of the Digital Incentive is to
attract and retain the critical skill
sets to support and accelerate the
digital transformation of the Group.
By means of this program, the Group
offers a remuneration element
which is competitive with the
remuneration systems offered\u00a0 by
other market operators who also
compete for digital talent.
The number of beneficiaries is
limited to a maximum of 250
employees and the total amount of
the incentive is limited to 30 million
euros.
The funding of this incentive is subject to meeting
important milestones that are aligned with the Group\u00b4s
digital roadmap and have been approved by the board
of directors, taking into account the digitalization
strategy of the Group, with the aim of becoming the
best open, responsible global financial services
platform.
Performance of 2019 incentive was measured based on
achievement of the following milestones: (i) Launch of
a Global Trade Services (GTS) platform; (ii) launch of a
Global Merchant Services (GMS) platform; (iii)
migration of our fully digital bank, OpenBank, to a 'next
generation' platform and launch in 3 markets; (iv)
extension of SuperDigital in Brazil to at least one other
country; (v) and launch of our international payments
app based on blockchain Pago FX to non-Santander
customers.
The milestones for the 2020 Digital Transformation
Award were: (i) rolling out the global merchant services
(GMS) platform in 3 new geographies, enhancing the
platform functionality and achieving volume targets for
transactions and participating merchants; (ii) doing the
commercial rollout of the global trade services (GTS)
platform in 8 new geographies, enhancing platform
functionality, and achieving\u00a0 volume targets for on-
boarded clients and monthly active users; (iii)
launching OpenBank in a new market and migrating
the retail banking infrastructure to 'new-mode' bank;
(iv) launch the global platform SuperDigital in at least 4
countries, driving target active user growth; (v)
deploying machine learning across pre-defined
markets for 4 priority use cases, rolling out Conversion
Rate Optimization (Digital marketing) for at least 40
sales programs, delivering profit targets, and driving
reduction of agent handled calls in contact centers; (vi)
successfully implementing initiatives related to on-
board and identity services, common API (application
programming interface) layer, payment hubs, mobile
app for SMEs and virtual assistant services; and (vii)
launching the PagoFX global platform in at least 4
countries.
The milestones for 2021 were: (i)in relation to Pago Nxt
Consumer payment platform: implementation of
Superdigital platform in seven countries, acquisition of
over 1.5 million active customer base and accelerating
growth through B2B (business to business) and B2B2C
(business to business to customer) partnerships,
acquiring more than 50% of the new customers
through these channels, which are more cost-effective;
(ii)in relation to Digital Consumer Bank: launching
online API for checkout lending in the European Union
and completion of controllable items for Openbank
launch in USA; (iii)in relation to One Santander
strategy: implementation in Europe of One Common
Mobile Experience and, specifically, implementation of
Europe ONE app for individual customers in at least
three of the four countries by December 2021; and be
among the three-top rated entities in terms of Mobile
NetPromoter Score (Mobile NPS) in at least two of the
four countries by December 2021; (iv) In relation to
cloud adoption: host 75% of migratable virtual
machines on cloud technology (either public cloud or
OHE) by December 2021. For these purposes,
mainframes, physical servers and servers with non-x86
operating systems will be considered non-migratable.
The Digital Incentive is structured 50% in Santander
shares and 50% in options over Santander shares,
taking into account the fair value of the option at the
moment in which they are granted. For Material Risk
Takers subject to five years deferrals, the Digital
Incentive (shares and options over shares) shall be
delivered in thirds, on the third, fourth and fifth
anniversary from their granting. For Material Risk
Takers subject to three years deferrals and employees
not subject to deferrals, delivery shall be done on the
third anniversary from their granting.
Any delivery of shares, either directly or via exercise of
options overs shares, will be subject generally to the
Group\u2019s general malus & clawback provisions as
described in the Group\u2019s remuneration policy and to the
continuity of the beneficiary within the Grupo
Santander. In this regard, the board may define specific
rules for non-Identified Staff.
Vested share options can be exercised until maturity,
with all options lapsing after ten years (for granting the
2019 incentive) and eight years (for granting the 2020
and 2021 incentive).
The total achievement for 2021 Digital Incentive was
77.5% (85% en 2020 and 83% en 2019).
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(iv) Digital
Transformation
Award (2022)
The board of directors approved the
2022 Digital
Transformation Incentive. It is a variable
remuneration scheme
splits in two different blocks:
\u2022 The first one, with the same
mechanism than previous years,
that delivers Santander shares and
share options if the group hits major
milestones on its digital roadmap. This
is aimed at a group of up to 250 (is
limited to 30 million euros)employees
whose functions are deemed essential
to Santander\u2019s growth.
\u2022 And the second one, which delivers
PagoNxt, S.L. RSUs and premium prices
options (PPOs), and is aimed at up to 50
employees (and limited to 15 million
euros) whose roles are considered key
to PagoNxt\u2019s success.
The aim of the Digital Incentive is to
attract and retain the critical skill sets to
support and accelerate the digital
transformation of the Group. By means
of this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
Performance of the first block of the\u00a0 incentive shall be
measured based on achievement of the following
milestones:
i. Edelweiss: Our Santander future retail architecture
EDELWEISS will mean moving from our current Core
centric banking architecture towards a Customer and
Data-Centric Core supported by lean Record
Processing engines.
ii. Simplification: Speed up the simplification of our
technology platform and business model by Reducing
the total number of applications in production and
reducing number of products in the regions.
iii. Agile: Agile ways of working enable a better and
faster reaction to customers\u2019 needs and is based on a
value-driven delivery that increases efficiency by
reducing time-to-market and development costs, and
increasing quality. People working in Agile are more
collaborative, engaged, empowered and creative.
iv. In Digital Consumer Bank:
a) To create the BNPL platform connected to at least
one merchant in Netherlands and Germany, and to
make sure the platform is ready to connect in Spain.
b) To support the definition of Openbank US\u2019s IT digital
strategy and achieve 2022 milestones in it.
c) To have the new leasing platform connected to
dealers in Italy.
d) To expand the Wabi B2B online business to
Germany. To execute the first B2B deal with an
Original Equipment Manufacturer or mobility player in
at least one country. To expand coches.com business
and platform to Portugal.
And in regard to the second block of digital incentive:
the consolidation of PagoNxt Core Perimeter.
The first block of thee Digital Incentive is structured
50% in Santander shares and 50% in options over
Santander shares, taking into account the fair value
of the option at the moment in which they are
granted. For Material Risk Takers subject to five
years deferrals, the Digital Incentive (shares and
options over shares) shall be delivered in thirds, on
the third, fourth and fifth anniversary from their
granting. For Material Risk Takers subject to three
years deferrals and employees not subject to
deferrals, delivery shall be done on the third
anniversary from their granting.
Any delivery of shares, either directly or via exercise
of options overs shares, will be subject generally to
the Group\u2019s general malus & clawback provisions as
described in the Group\u2019s remuneration policy and to
the continuity of the beneficiary within the Grupo
Santander. In this regard, the board may define
specific rules for non-Identified Staff.
Vested share options can be exercised until maturity,
with all options lapsing after ten years .
The total achievement for 2022 Digital Incentive
was 96.5% .
The second block of Digital Incentive is structures in
restricted stock units (RSUs) and premium priced
Options (PPOs) of PagoNxt S.L. in a percentage
determined by the internal category of the
beneficiary. The total achievement for 2022 was
100%.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(v) Digital
Transformation
Award (2023)
The board of directors approved the
2023 Digital
Transformation Incentive. It is a variable
remuneration scheme\u00a0 which delivers
PagoNxt, S.L. RSUs and premium prices
options (PPOs), and is aimed at up to 50
employees (and limited to 15 million
euros) whose roles are considered key
to PagoNxt\u2019s success.
With this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
And the performance conditions were focus on key
digital projects related with PagoNxt's main
businesses (Trade, Merchant and Payments) in its core
geographies.
This incentive\u00a0 is structures in restricted stock units
(RSUs) and premium priced Options (PPOs) of
PagoNxt S.L. in a percentage determined by the
internal category of the beneficiary. The average
achievement for 2023 was 88%.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(vi) PagoNxt
incentive Plan
2024 and 2025
for Santander
executives)
The board of directors approved the
PagoNxt incentive Plan 2024 and 2025
Incentive. It is a variable remuneration
scheme\u00a0 which delivers PagoNxt, S.L.
RSUs, and is aimed at approximately\u00a0 to
50 - 60 employees whose roles are
considered key to PagoNxt\u2019s success.
With this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
And the performance conditions were focus on key
digital projects related with PagoNxt's main
businesses (Trade, Merchant and Payments) in its core
geographies.
This incentive\u00a0 is structures in restricted stock units
(RSUs) of PagoNxt S.L. in a percentage determined
by the internal category of the beneficiary. The
average achievement for 2024 was 77% and 85% in
2025.
ii. Santander UK plc
The long-term incentive plans on shares of the Bank granted by
management of Santander UK plc to its employees are as follows:
Number of
shares (in
thousand)
Exercise
price\u00a0in
pounds
sterlingA
Year
granted
Employee
group
Number
of
personsB
Date of
commencement
of\u00a0exercise
period
Date of
expiry of
exercise
period
Plans outstanding at 01/01/2023
29,988
Options granted (sharesave)
7,175
2.78
2023
Employees
4,752
01/11/23
01/11/26
01/11/23
01/11/28
Options exercised
(5,980)
1.7
Options cancelled (net) or not exercised
(4,044)
2.53
Plans outstanding at 31/12/2023
27,139
Options granted (sharesave)
4,991
3.36
2024
Employees
4,107
01/11/24
01/11/27
01/11/24
01/11/29
Options exercised
(4,004)
2.29
Options cancelled (net) or not exercised
(2,437)
2.37
Plans outstanding at 31/12/2024
25,689
Options granted (sharesave)
3,324
6.35
2025
Employees
4,637
01/11/25
01/11/28
Options exercised
(9,966)
1.9
Options cancelled (net) or not exercised
(1,554)
2.88
Plans outstanding at 31/12/2025
17,493
A. At\u00a0 31 December,\u00a02025, 2024 and 2023, the euro/pound sterling exchange rate was 1.15, 1.21 and 1.15 , respectively.
B. Number of accounts/contracts. A single employee may have more than one account/contract.
In 2008 the Group launched a voluntary savings scheme for
Santander UK employees (Sharesave Scheme) whereby employees
who join the scheme see deducted between GBP 5 and GBP 500
from their net\u00a0monthly pay over a period of three or five years. At
the end of the chosen period, the employee may choose between
collecting the amount contributed, the interest accrued and a
bonus (tax-exempt in the United Kingdom) or exercising options on
shares of the Bank in an amount equal to the sum of such three
amounts at a fixed price. The exercise price will be the result of
reducing by up to 20% the average purchase and sale prices of the
Bank shares in the three trading sessions prior to the approval of
the scheme by the UK tax authorities (HMRC). This approval must
be received within 21 to 41 days following the publication of the
Group\u2019s results for the first half of the year. This scheme was
approved by the board of directors, at the proposal of the
appointments and remuneration committee, and, since it involved
the delivery of Bank shares, its application was authorized by the
Annual General Meeting held on June 21, 2008. Also, the scheme
was authorized by the UK tax authorities (HMRC) and commenced
in September\u00a02008. In subsequent years, at the Annual General
Meetings held on June 19, 2009, June 11, 2010, June 17, 2011,
March 30, 2012, March 22, 2013, March 28, 2014, March 27, 2015,
March 18, 2016, April 7, 2017, March\u00a023, 2018, April 12, 2019,\u00a0
April 3, 2020 and March 26, 2021, respectively, the shareholders
approved the application of schemes previously approved by the
board and with similar features to the scheme approved in 2008.
iii. Fair value
The fair value of the performance share plans was calculated as
follows:
a) Deferred variable compensation plan linked to multi-year
objectives 2023, 2024 and 2025:
The Group calculates at the grant date the fair value of the plan
based on the valuation report of an independent expert, Willis
Towers Watson. According to the design of the plan for 2023, 2024
and 2025 and the levels of achievement of similar plans in
comparable entities, it has been considered that the fair value is
70%.
b) Santander UK sharesave plans:
The fair value of each option at the date of grant is estimated using
an analytical model that also reflects the correlation between EUR
and GBP. This model uses assumptions on the share price, the EUR/
GBP FX rate, the EUR/GBP risk-free interest rate, dividend yields,
the expected volatilities of both the underlying shares and EUR/
GBP for the expected lives of options granted. The weighted
average grant-date fair value of options granted during the year
was GBP 0.44 (GBP 0.23 and GBP 0.33 reported in 2024 and 2023,
respectively).
47.\u00a0Other general administrative
expenses
a) Breakdown
The detail of Other general administrative expenses is as follows:
EUR million
2025
2024
2023
Technology and systems
2,298
2,539
2,389
Property, fixtures and supplies
(note 2.k)
803
797
774
Technical reports
712
724
796
Advertising
517
512
574
Taxes other than income tax
543
554
568
Communications
367
387
400
Surveillance and cash courier services
314
337
325
Per diems and travel expenses
250
232
213
Insurance premiums
86
95
88
Other administrative expenses
2,010
1,968
2,144
7,900
8,145
8,271
The payments associated with short-term leases (leases less than
or equal to 12 months) and leases of low-value assets, that the
Group recognises as an expense in the income statement is not
material.
b) Technical reports and other
Technical reports include the fees from the various Group
companies (detailed in the accompanying appendices) for the
services provided by their respective auditors, with the following
detail:
EUR million
2025
2024
2023
Audit
118.5
122.3
117.5
Audit-related services
15.0
13.6
8.6
Tax services
0.1
0.9
1.6
All other
7.1
7.4
5.9
Total
140.7
144.2
133.6
Additionally, the firm BDO has performed audit and audit-related
services totaling EUR 1.9\u00a0million.
The audit services and main non-audit services included for each
item in the above breakdown are detailed as follows:
\u2022 Audit services: audit of the individual and consolidated financial
statements of Banco Santander and its subsidiaries (of which
PwC or another network firm is the external auditor); audit of the
interim consolidated financial statements of Banco Santander;
integrated audits prepared in order to file the Form 20-F\u00a0 with
the SEC\u00a0 and the internal control audits (SOx) for required
Group's entities; limited reviews of financial statements; and\u00a0
regulatory reports required to the external auditors regarding
several\u00a0 Grupo Santander entities.
\u2022 Audit-related services: issuance of comfort letters, verification
services of financial and non-financial information required by
regulators, and other reviews of documentation to be submitted
to domestic or foreign authorities that, due to their nature, the
external auditor typically provides.
\u2022 Tax services: tax compliance and advisory services provided to
Group companies outside Spain, which have no direct effect on
the audited financial statements and are permitted in accordance
with the applicable independence regulations.
\u2022 Other services: agreed-upon procedure reports, assurance
reports and special reports performed under the accepted
profession's standards; as well as other reports required by the
regulators.
The 'Audit' heading includes the fees for the year's audit,
regardless of the date the audit was completed. Any subsequent
adjustments, which are not significant, are shown in this note for
each year for comparison purposes. The fees corresponding to the
rest of the services are shown by reference to when the audit
committee approved them.
The services commissioned from the Group's auditors meet the
independence requirements under applicable European and
Spanish law, the SEC rules and the Public Company Accounting
Oversight Board (PCAOB), applicable to the Group, and did not
involve in any case\u00a0the\u00a0performance of any work that is
incompatible with the auditor's role.
Lastly, the Group commissioned services from audit firms other
than PwC amounting to EUR 155.9\u00a0million in 2025 (EUR
206.2\u00a0million and EUR 174.1\u00a0million in 2024 and 2023,
respectively).
48. Gains or losses on non financial
assets, net
The detail of Gains/ (losses) on disposal of assets not classified as
non-current assets held for sale is as follows:
EUR million
2025
2024
2023
Gains
Tangible and intangible assets
65
48
53
Investments
17
360
285
82
408
338
Losses
Tangible and intangible assets
(41)
(36)
(26)
Investments
(41)
(4)
\u2014
(82)
(40)
(26)
\u2014
368
312
49. Gains or losses on non-current assets
held for sale not classified as
discontinued operations
The detail of Gains/(losses) on non-current assets held for sale not
classified as discontinued operations is as follows:
EUR million
Net balance
2025
2024
2023
Tangible assets
(6)
(24)
(20)
Impairment (Note 12)
(72)
(92)
(51)
Gain (loss) on sale (Note 12)
66
68
31
Other gains and other losses
232
(3)
\u2014
\u00a0 Caceis (Note 3)
231
\u2014
\u2014
226
(27)
(20)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1879": { "value": "
10. Loans and advances to customers
a) Detail
The detail, by classification, of Loans and advances to customers in
the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Financial assets held for trading
32,766
26,591
11,634
Non-trading financial assets
mandatorily at fair value through
profit or loss
1,701
1,042
982
Financial assets designated at fair
value through profit or loss
4,739
4,610
6,219
Financial assets at fair value
through other comprehensive
income
12,906
10,784
7,669
Financial assets at amortized cost
985,176
1,011,042
1,009,845
Of which:
Impairment losses
(21,158)
(22,125)
(22,788)
1,037,288
1,054,069
1,036,349
Loans and advances to
customers disregarding
impairment losses
1,058,446
1,076,194
1,059,137
Note 51 contains a detail of the residual maturity periods of
'Financial assets at amortized cost'.
Note\u00a054 shows the Group\u2019s total exposure, by geographical origin
of the issuer.
There are no loans and advances to customers for material
amounts without fixed maturity dates.
b) Breakdown
Following is a breakdown of the loans and advances granted to the
Group's customers, which reflect the Group's exposure to credit
risk in its main activity, without considering the balance of value
adjustments for impairment, taking into account the type and
situation of the transactions, the geographical area of their
residence and the type of interest rate on the transactions:
EUR million
2025
2024
2023
Loan type and status
Commercial credit
51,110
53,209
55,628
Secured loans
530,749
557,463
554,375
Reverse repurchase agreements
73,980
59,648
44,184
Other term loans
295,998
296,339
295,485
Finance leases
38,540
40,120
38,723
Receivable on demand
10,313
10,756
12,277
Credit cards receivables
26,179
24,928
24,371
Impaired assets
31,577
33,731
34,094
1,058,446
1,076,194
1,059,137
Geographical area
Spain
198,894
198,164
203,680
Rest of Europe
467,697
502,664
489,706
of which United Kingdom
258,739
266,934
263,808
The Americas
374,739
359,264
350,873
of which USA
135,088
136,054
126,529
of which Brazil
90,951
91,066
100,758
Rest of the world
17,116
16,102
14,878
1,058,446
1,076,194
1,059,137
Interest rate formula
Fixed rate
694,332
678,994
647,349
Floating rate
364,114
397,200
411,788
1,058,446
1,076,194
1,059,137
At 31 December 2025, 2024 and 2023 the Group had granted loans
amounting to EUR 18,127 million, EUR 16,562 million and EUR
15,544 million to Spanish public sector agencies which had a rating
at 31 December 2025 of A (ratings of A at 31 December 2024 and
31 December 2023 ), and EUR 16,248 million, EUR 13,593 million,
and EUR 11,530 million to the public sector in other countries (at
31 December 2025, the breakdown of this amount by issuer rating
was as follows: 3.6% AAA, 26.4% AA, 25.6% A, 27.5% BBB, 16.4%
below BBB and 0.5% without rating).
Without considering the public administrations, the amount of the
loans and advances at 31 December 2025, 2024 and 2023
amounts to EUR 1,024,071 million, EUR 1,046,039 million and EUR
1,032,063 million, of which, EUR 954,533 million, EUR 1,012,389
million and EUR 998,010 million are classified as performing,
respectively.
Following is a detail, by activity, of the loans to customers at 31
December 2025, net of impairment losses:
EUR million
Secured loans
Net exposure
Loan to value ratioC
Total
Without
collateral
Of\u00a0which
property
collateral
Of\u00a0which
other
collateral
Less than
or\u00a0equal
to 40%
More
than
40%\u00a0and
less\u00a0than
or\u00a0equal
to 60%
More
than
60%\u00a0and
less\u00a0than
or\u00a0equal
to 80%
More
than
80%\u00a0and
less\u00a0than
or\u00a0equal
to 100%
More
than
100%
Public sector
29,607
28,423
153
1,031
157
168
251
334
274
Other financial institutions (financial
business activity)
124,684
42,687
1,959
80,038
2,045
995
424
77,935
598
Non-financial corporations and individual
entrepreneurs (non-financial business
activity) (broken down by purpose)
318,284
179,529
63,124
75,631
23,917
26,942
19,168
45,306
23,422
Of which:
Construction and property
development
17,118
1,294
15,594
230
4,963
6,921
1,890
1,164
886
Civil engineering construction
2,522
1,732
19
771
93
84
39
470
104
Large companies
181,870
128,502
17,718
35,650
7,177
6,666
6,157
25,459
7,909
SMEs and individual entrepreneurs
116,774
48,001
29,793
38,980
11,684
13,271
11,082
18,213
14,523
Households\u00a0\u2013 other (broken down by
purpose)
542,623
108,903
338,778
94,942
100,584
126,917
113,075
55,214
37,930
Of which:
Residential
332,931
1,149
331,655
127
90,170
116,264
97,858
25,944
1,546
Consumer loans
192,576
104,388
1,667
86,521
5,909
8,063
13,297
24,977
35,942
Other purposes
17,116
3,366
5,456
8,294
4,505
2,590
1,920
4,293
442
TotalA
1,015,198
359,542
404,014
251,642
126,703
155,022
132,918
178,789
62,224
Memorandum item
Refinanced and restructured transactionsB
18,151
5,546
6,896
5,709
2,347
2,381
2,037
2,457
3,383
A. In addition, the Group has granted advances to customers am ounting to EUR 22,090 million, bringing the total of loans and advances to EUR 1,037,288 million.
B. Includes the net balance of the impairment of the accumulated value or accumulated losses in the fair value due to credit risk.
C. The ratio is the carrying amount of the transactions at 31 December 2025 provided by the latest available appraisal value of the collateral.
Note\u00a054 contains information relating to the forborne loan
portfolio.
Following is the movement of the gross exposure broken down by
impairment stage of loans and advances to customers recognised
under 'Financial assets at amortised cost' and 'Financial assets at
fair value through other comprehensive income' during 2025, 2024
and 2023:
2025
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning
of year
925,413
84,455
33,568
1,043,436
Movements
Transfers
To stage 2 from stage 1
(39,015)
39,015
\u2014
To stage 3 from stage 1
(12,097)
12,097
\u2014
To stage 3 from stage 2
(8,266)
8,266
\u2014
To stage 1 from stage 2
16,079
(16,079)
\u2014
To stage 2 from stage 3
1,764
(1,764)
\u2014
To stage 1 from stage 3
441
(441)
\u2014
Net changes on financial
assets
69,819
(12,940)
(4,436)
52,443
Write-offs
\u2014
\u2014
(13,266)
(13,266)
Exchange differences and
others
(54,818)
(6,369)
(2,493)
(63,680)
Balance at the end of the
year
905,822
81,580
31,531
1,018,933
2024
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning
of year
929,133
76,654
33,821
1,039,608
Movements
Transfers
To stage 2 from stage 1
(49,316)
49,316
\u2014
To stage 3 from stage 1
(11,517)
11,517
\u2014
To stage 3 from stage 2
(10,083)
10,083
\u2014
To stage 1 from stage 2
21,475
(21,475)
\u2014
To stage 2 from stage 3
2,358
(2,358)
\u2014
To stage 1 from stage 3
447
(447)
\u2014
Net changes on financial
assets
43,281
(11,616)
(4,889)
26,776
Write-offs
\u2014
\u2014
(13,212)
(13,212)
Exchange differences and
others
(8,090)
(699)
(947)
(9,736)
Balance at the end of the
year
925,413
84,455
33,568
1,043,436
2023
EUR million
Stage 1
Stage 2
Stage 3
Total
Balance at the beginning of
year
942,861
66,696
32,617
1,042,174
Movements
Transfers
To stage 2 from stage 1
(43,278)
43,278
\u2014
To stage 3 from stage 1
(12,636)
12,636
\u2014
To stage 3 from stage 2
(9,915)
9,915
\u2014
To stage 1 from stage 2
15,180
(15,180)
\u2014
To stage 2 from stage 3
2,899
(2,899)
\u2014
To stage 1 from stage 3
488
(488)
\u2014
Net changes on financial
assets
29,696
(10,673)
(4,218)
14,805
Write-offs
\u2014
\u2014
(13,847)
(13,847)
Exchange differences and
others
(3,178)
(451)
105
(3,524)
Balance at the end of the
year
929,133
76,654
33,821
1,039,608
In addition, at 31 December 2025 , the Group had E UR 307 million
(EUR 515 million at 31 December 2024 and EUR 694\u00a0 million at 31
December 2023) of exposure in assets purchased with impairment
of which EUR 46 million still show signs of additional impairment,
which correspond mainly to the business combinations carried out
by the Group.
c) Impairment losses on loans and advances to
customers at amortised cost and at fair value
through other comprehensive income
The changes in the impairment losses on the assets making up the
balances of financial assets at amortised cost and at fair value
through other comprehensive income - Loans and advances -
Customers:
EUR million
2025
2024
2023
Amount at beginning of the year
22,125
22,788
22,684
Impairment losses charged to income
for the year
14,144
13,428
13,805
Of which:
Impairment losses charged to profit
or loss
24,935
22,761
20,608
Impairment losses reversed with a
credit to profit or loss
(10,791)
(9,333)
(6,803)
Change of perimeter
\u2014
\u2014
(48)
Write-off of impaired balances against
recorded impairment allowance
(13,266)
(13,212)
(13,847)
Exchange differences and other
changes
(1,845)
(879)
194
Amount at end of the year
21,158
22,125
22,788
Which correspond to:
Impaired assets
13,527
14,088
14,238
Other assets
7,631
8,037
8,550
Of which:
Individually calculated
2,359
2,258
2,951
Collective calculated
18,799
19,867
19,837
In addition, provisions for debt securities amounting to EUR 182
million were recorded at 31 December 2025 (provisions amounting
to EUR 226 million and EUR 24 million as of 31 December 2024
and 2023, respectively), written-off assets recoveries have been
recorded in the\u00a0year amounting to EUR 1,791 million at 31
December 2025 (EUR 1,600 million and EUR 1,587 million at 31
December 2024 and 2023, respectively).
With this, the impairment recorded in Impairment or reversal of
impairment at financial assets not measured at fair value through\u00a0
profit or loss and net gains and losses from changes: 'Financial
assets at fair value through other comprehensive income' and
'Financial assets at amortised cost (IFRS 9) and, Loans and
receivables (IAS 39)'; amounts EUR 12,535 million at 31 December
2025 (EUR 12,136 million and EUR 12,298 million at 31 December
2024 and 2023, respectively).
Following is the movement of the loan loss provision broken down
by impairment stage of loans and advances to customers during
2025, 2024 and 2023:
2025
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,293
4,744
14,088
22,125
Transfers
To stage 2 from stage 1
(847)
2,734
1,887
To stage 3 from stage 1
(701)
4,931
4,230
To stage 3 from stage 2
(1,189)
2,760
1,571
To stage 1 from stage 2
82
(466)
(384)
To stage 2 from stage 3
177
(344)
(167)
To stage 1 from stage 3
16
(59)
(43)
Net changes of the
exposure and modifications
in the credit risk
1,269
(800)
6,581
7,050
Write-offs
\u2014
\u2014
(13,266)
(13,266)
FX and other movements
(112)
(569)
(1,164)
(1,845)
Loss allowance at the end
of the year
3,000
4,631
13,527
21,158
2024
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,596
4,954
14,238
22,788
Transfers
To stage 2 from stage 1
(626)
2,676
2,050
To stage 3 from stage 1
(385)
4,548
4,163
To stage 3 from stage 2
(1,591)
3,444
1,853
To stage 1 from stage 2
109
(725)
(616)
To stage 2 from stage 3
278
(693)
(415)
To stage 1 from stage 3
23
(156)
(133)
Net changes of the exposure
and modifications in the
credit risk
755
(704)
6,655
6,706
Write-offs
\u2014
\u2014
(13,212)
(13,212)
FX and other movements
(179)
(144)
(736)
(1,059)
Loss allowance at the end
of the year
3,293
4,744
14,088
22,125
2023
EUR million
Stage 1
Stage 2
Stage 3
Total
Loss allowance at the
beginning of the year
3,626
5,127
13,931
22,684
Transfers
To stage 2 from stage 1
(696)
2,954
2,258
To stage 3 from stage 1
(405)
4,278
3,873
To stage 3 from stage 2
(1,820)
3,721
1,901
To stage 1 from stage 2
149
(905)
(756)
To stage 2 from stage 3
282
(920)
(638)
To stage 1 from stage 3
27
(184)
(157)
Net changes of the exposure
and modifications in the
credit risk
875
(557)
7,212
7,530
Write-offs
\u2014
\u2014
(13,847)
(13,847)
FX and other movements
20
(127)
47
(60)
Loss allowance at the end
of the year
3,596
4,954
14,238
22,788
d) Impaired assets and assets with unpaid past-
due amounts
The detail of the changes in the balance of the financial assets
classified as 'Financial assets Loans to customers' considered to be
impaired due to credit risk is as follows:
EUR million
2025
2024
2023
Balance at beginning of year
33,731
34,094
32,888
Net additions
13,648
13,779
14,944
Written-off assets
(13,266)
(13,212)
(13,847)
Changes in the scope of
consolidation
\u2014
17
(59)
Exchange differences and other
(2,536)
(947)
168
Balance at end of year
31,577
33,731
34,094
This amount, after deducting the related allowances, represents
the Group\u2019s best estimate of the discounted value of the flows that
are expected to be recovered from the impaired assets.
At 31 December 2025, the Group\u2019s written-off assets totalled EUR
51,435 million (EUR 49,939 million and EUR 48,138 million at 31
December 2024 and 2023, respectively).
Set forth below for each class of impaired asset are the gross
amount, associated allowances and information relating to the
collateral and/or other credit enhancements obtained at 31
December 2025:
EUR million
Gross
amount
Allowance
recognised
Estimated
collateral
valueA
Without associated real
collateral
13,846
8,133
\u2014
With real estate collateral
7,777
1,759
5,657
With other collateral
9,954
3,635
5,424
Total
31,577
13,527
11,081
A. Including the estimated value of the collateral associated with each loan.
Accordingly, any other cash flows that may be obtained, such as those arising
from borrowers\u2019 personal guarantees, are not included.
When classifying assets in the previous table, the main factors
considered by the Group to determine whether an asset has
become impaired are the existence of amounts past due\u00a0\u2014assets
impaired due to arrears\u2014 or other circumstances that may arise
which will not result in all contractual cash flows being recovered,
such as a deterioration of the borrower\u2019s financial situation, the
worsening of its capacity to generate funds or difficulties
experienced by it in accessing credit.
e) Transferred credits
'Loans and advances to customers' includes, inter alia, the
securitised loans transferred to third parties on which the Group
has\u00a0retained\u00a0the risks and rewards, albeit partially, and which
therefore, in accordance with the applicable accounting standards,
cannot be derecognised. This is mainly due to mortgage loans,
loans to companies and consumer loans in which the group retains
subordinate financing and/or grants some kind of credit
enhancement to new holders.
Securitisation is used as a tool for the management of regulatory
capital and as a means of diversifying the Group's liquidity sources.
The breakdown of securitized loans held on the balance sheet,
according to the nature of the financial instrument in which they
are originated, is shown below:
EUR million
2025
2024
2023
Retained on the balance sheet
80,072
80,824
75,738
Of which
Securitised mortgage assets
19,640
17,782
16,994
Of which: UK assets
10,236
9,034
6,096
Other securitised assets
60,432
63,042
58,744
TotalA
80,072
80,824
75,738
A. Note 22 details the liabilities associated with these securitisation transactions.
At 31 December 2025, Grupo Santander had loans that had been
fully derecognised and for which it retained servicing amounting to
EUR 12,174 million (EUR 14,919 million and EUR 13,923 million at
31 December 2024 and 2023, respectively).
16. Tangible assets
a) Changes
The changes in Tangible assets in the consolidated balance sheets
were as follows:
EUR million
Tangible assets
Of which:
For leasing
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
Cost
Balance at 1 January 2023
26,570
25,166
1,580
53,316
4,692
\u2014
\u2014
4,692
Additions / disposals (net) due to
change in the scope of consolidation
11
37
\u2014
48
(13)
\u2014
\u2014
(13)
Additions / disposals (net)
1,122
742
(34)
1,830
125A
\u2014
\u2014
125
Transfers, exchange differences and
other items
(1,460)
(641)
30
(2,071)
33
\u2014
\u2014
33
Balance at 31 December 2023
26,243
25,304
1,576
53,123
4,837
\u2014
\u2014
4,837
Additions / disposals (net) due to
change in the scope of consolidation
28
(1,192)
\u2014
(1,164)
\u2014
\u2014
\u2014
\u2014
Additions / disposals (net)
730
(1,716)
(17)
(1,003)
179A
\u2014
\u2014
179
Transfers, exchange differences and
other items
(1,345)
1,003
(104)
(446)
(235)
\u2014
\u2014
(235)
Balance at 31 December 2024
25,656
23,399
1,455
50,510
4,781
\u2014
\u2014
4,781
Additions / disposals (net) due to
change in the scope of consolidation
4
\u2014
7
11
\u2014
\u2014
\u2014
\u2014
Additions / disposals (net)
326
(2,603)
(58)
(2,335)
(40)A
\u2014
\u2014
(40)
Transfers, exchange differences and
other items
(1,845)
(1,743)
188
(3,400)
(450)
\u2014
\u2014
(450)
Balance at 31 December 2025
24,141
19,053
1,592
44,786
4,291
\u2014
\u2014
4,291
Accumulated depreciation
Balances at 1 January 2023
(12,892)
(5,578)
(172)
(18,642)
(2,265)
\u2014
\u2014
(2,265)
Disposals due to change in the scope of
consolidation
7
\u2014
\u2014
7
7
\u2014
\u2014
7
Disposals
284
2,540
\u2014
2,824
160
\u2014
\u2014
160
Charge for the\u00a0year
(1,689)
\u2014
(11)
(1,700)
(580)
\u2014
\u2014
(580)
Transfers, exchange differences and
other items
1,653
(2,744)
(16)
(1,107)
69
\u2014
\u2014
69
Balance at 31 December 2023
(12,637)
(5,782)
(199)
(18,618)
(2,609)
\u2014
\u2014
(2,609)
Disposals due to change in the scope of
consolidation
\u2014
686
\u2014
686
\u2014
\u2014
\u2014
\u2014
Disposals
672
3,214
\u2014
3,886
196
\u2014
\u2014
196
Charge for the\u00a0year
(1,544)
\u2014
(9)
(1,553)
(460)
\u2014
\u2014
(460)
Transfers, exchange differences and
other items
890
(2,902)
46
(1,966)
59
\u2014
\u2014
59
Balance at 31 December 2024
(12,619)
(4,784)
(162)
(17,565)
(2,814)
\u2014
\u2014
(2,814)
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
663
2,428
\u2014
3,091
177
\u2014
\u2014
177
Charge for the\u00a0year
(1,323)
\u2014
(8)
(1,331)
(405)
\u2014
(405)
Transfers, exchange differences and
other items
1,150
(1,917)
(32)
(799)
381
\u2014
\u2014
381
Balance at 31 December 2025
(12,129)
(4,273)
(202)
(16,604)
(2,661)
\u2014
\u2014
(2,661)
A. Includes contract extensions on operating leases and repurchases.
EUR million
Tangible assets
Of which:
For leasing
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
Impairment losses
Balance at 1 January 2023
(189)
(33)
(379)
(601)
(14)
\u2014
\u2014
(14)
Impairment charge for the\u00a0year
(113)
(29)
(12)
(154)
(38)
\u2014
\u2014
(38)
Releases
4
11
4
19
3
\u2014
\u2014
3
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
36
\u2014
4
40
5
5
Exchange differences and other
64
47
(38)
73
(1)
\u2014
\u2014
(1)
Balance at 31 December 2023
(198)
(4)
(421)
(623)
(45)
\u2014
\u2014
(45)
Impairment charge for the\u00a0year
(276)
(70)
(81)
(427)
(31)
\u2014
\u2014
(31)
Releases
34
3
8
45
10
\u2014
\u2014
10
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
53
\u2014
\u2014
53
19
\u2014
\u2014
19
Exchange differences and other
(14)
32
76
94
(2)
\u2014
\u2014
(2)
Balance at 31 December 2024
(401)
(39)
(418)
(858)
(49)
\u2014
\u2014
(49)
Impairment charge for the\u00a0year
(172)
(79)
(15)
(266)
(41)
\u2014
\u2014
(41)
Releases
41
71
25
137
1
\u2014
\u2014
1
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
17
17
\u2014
34
6
\u2014
\u2014
6
Exchange differences and other
166
3
40
209
9
\u2014
\u2014
9
Balance at 31 December 2025
(349)
(27)
(368)
(744)
(74)
\u2014
\u2014
(74)
Tangible assets, net
Balances at 31 December 2023
13,408
19,518
956
33,882
2,183
\u2014
\u2014
2,183
Balances at 31 December 2024
12,636
18,576
875
32,087
1,918
\u2014
\u2014
1,918
Balances at 31 December 2025
11,663
14,753
1,022
27,438
1,556
\u2014
\u2014
1,556
b) Tangible assets - For own use
The detail, by class of asset, of 'Property, plant and equipment'
which is owned by the Group in the consolidated balance sheets is
as follows:
EUR million
Tangible assets for own use
Of which:
for leasing
Cost
Accumulated
depreciation
Impairment
losses
Carrying
amount
Land and buildings
14,973
(5,010)
(154)
9,809
2,104
IT equipment and fixtures
5,614
(4,154)
\u2014
1,460
60
Furniture and vehicles
5,412
(3,424)
\u2014
1,988
19
Construction in progress and other items
244
(49)
(44)
151
\u2014
Balance at 31 December 2023
26,243
(12,637)
(198)
13,408
2,183
Land and buildings
15,113
(5,516)
(353)
9,244
1,882
IT equipment and fixtures
5,283
(3,926)
\u2014
1,357
23
Furniture and vehicles
4,963
(3,130)
\u2014
1,833
13
Construction in progress and other items
297
(47)
(48)
202
\u2014
Balance at 31 December 2024
25,656
(12,619)
(401)
12,636
1,918
Land and buildings
14,067
(5,359)
(304)
8,404
1,536
IT equipment and fixtures
4,204
(3,003)
(10)
1,191
13
Furniture and vehicles
5,548
(3,746)
(1)
1,801
7
Construction in progress and other items
322
(21)
(34)
267
\u2014
Balance at 31 December 2025
24,141
(12,129)
(349)
11,663
1,556
The carrying amount at 31 December 2025 in the foregoing table
includes the following approximate amounts EUR 6,545 million
(EUR 6,531 million at 31 December 2024 and EUR 7,119 million at
31 December 2023) relating to property, plant and equipment
owned by group entities and branches located abroad.
c) Tangible assets - Leased out under an
operating lease
Grupo Santander has assets leased out under operating leases
where the company is the lessor and do not meet the accounting
requirements to be classified as finance leases. The net cost of
these leases is recorded as an asset and depreciated on a straight-
line basis over the contractual term of the lease to the expected
residual value.
The expected residual value and, consequently, the monthly
depreciation expense may change during the term of the lease. The
Group estimates expected residual values using independent data
sources and internal statistical models. It also assesses the
estimate of the residual value of these leases and adjusts the
depreciation rate in line with the change in the expected value of
the asset at the end of the lease.
Grupo Santander periodically assesses its investment in operating
leases for impairment in certain circumstances, such as a systemic
and material decrease in the values of used vehicles. If assets
leased out under operating leases are deemed to be impaired,
impairment is measured as the amount by which the carrying
amount of the assets exceeds the fair value as estimated by
discounted cash flows.
Of the 14,753 EUR million that the Group had assigned to
operating leases at 31 December 2025 (18,576 EUR and 19,518
EUR at 31 December 2024\u00a0 and 2023, respectively), EUR 7,227
million (EUR 11,336 and EUR 12,525 at 31 December 2024 and
2023, respectively) relate to vehicles of Santander US Auto's
business. The variable lease payments of various items of this
business are not significant.
In addition, the maturity analysis of the assets leased out under
operating leases from Santander US Auto, is as follows:
EUR million
Maturity Analysis
2025
2025
3,988
2026
4,228
2027
1,332
2028
330
d) Tangible assets - Investment property
The fair value of investment property at 31 December 2025, 2024,
2023 amounted to EUR 1,194, 1,041 and 1,163 million,
respectively. A comparison of the fair value of investment property
at 31 December 2025, 2024 and 2023 with the net book value
shows gross unrealised gains of EUR 172, 166 and 207 million,
respectively, attributed completely to the group.
The rental income earned from investment property and the direct
costs related both to investment properties that generated rental
income in 2025, 2024 and 2023 and to investment properties that
did not generate rental income in those years are not material in
the context of the consolidated financial statements.
17. Intangible assets \u2013 Goodwill
The detail of goodwill, based on the cash-generating units giving
rise thereto, is as follows:
EUR million
2025
2024
2023
Banco Santander (Brasil)
3,031
3,079
3,679
SAM Investment Holdings Limited
1,444
1,444
1,444
Santander Consumer Germany
1,304
1,304
1,304
Santander Portugal
1,040
1,040
1,040
Santander Espa\u00f1a
998
998
998
Santander US Auto
943
1,068
1,003
Santander Holding USA (ex. Auto)
765
865
814
Santander UK
609
641
612
Banco Santander - Chile
470
482
516
Grupo Financiero Santander (M\u00e9xico)
463
453
523
Ebury Partners
326
340
350
Santander Consumer Nordics
211
211
206
Santander Bank Polska
\u2014
1,178
1,159
Other companies
354
335
369
Total Goodwill
11,958
13,438
14,017
The changes in goodwill were as follows:
EUR million
2025
2024
2023
Balance at beginning of year
13,438
14,017
13,741
Additions
19
30
56
Of which:
Ebury Partners
\u2014
\u2014
45
Impairment losses
(4)
(4)
(20)
Transfer to Assets held for sale (Notes
3 y 12)
(1,176)
\u2014
\u2014
Exchange differences and other items
(291)
(605)
240
Balance at end of year
11,958
13,438
14,017
Grupo Santander has goodwill generated by cash-generating units
located in non-euro currency countries (mainly Brazil, Poland, the
United States, the United Kingdom, Chile, Mexico, Norway and
Sweden) and, therefore, this gives rise to exchange differences on
the translation to euros, at closing rates, of the amounts of
goodwill denominated in foreign currencies. Accordingly, in 2025
there was a decrease of EUR 291 million (a decrease of EUR 605
million in 2024 and an increase of EUR 240 million in 2023), due to
exchange differences and other items which, pursuant to current
standards, were recognised with a change to 'Other comprehensive
income - Items that may be reclassified to profit or loss - Exchange
differences in other comprehensive income in the consolidated
statement of recognised income and expense' (see note 29.d).
At least once per year (or whenever there is any indication of
impairment), Grupo Santander performs an analysis of the
potential impairment of its recorded goodwill with respect to its
recoverable amount. The first step that must be taken in order to
perform this analysis is the identification of the cash-generating
units, which are the Group's smallest identifiable groups of assets
that generate cash inflows that are largely independent of the cash
flows of other assets or groups of assets.
The amount to be recovered of each cash-generating unit is
determined taking into consideration the carrying amount
(including any fair value adjustment arising on the business
combination) of all the assets and liabilities of all the independent
legal entities composing the cash-generating unit, together with
the related goodwill.
The amount to be recovered of the cash-generating unit is
compared with its recoverable amount in order to determine
whether there is any impairment.
Grupo Santander assesses the existence of any indication that
might be considered to be evidence of impairment of the cash-
generating unit by reviewing information including the following
(i)\u00a0certain macroeconomic variables that might affect its
investments (population data, political situation, economic
situation\u00a0\u2014including banking concentration level\u2014, among others)
and (ii)\u00a0various microeconomic variables comparing the
investments of the Group with the financial services industry of the
country in which the cash-generating unit carries on most of its
business activities (balance sheet composition, total funds under
management, results, efficiency ratio, capital adequacy ratio,
return on equity, among others).
Regardless of whether there is any indication of impairment,
every\u00a0year the Group calculates the recoverable amount of each
cash-generating unit to which goodwill, has been allocated and, to
this end, it uses price quotations, market references (multiples),
internal estimates and valuations performed by internal and
external experts.
Firstly, the Group determines the recoverable amount by
calculating the fair value of each cash-generating unit on the basis
of the quoted price of the cash-generating units, if available.
In addition, the Group performs estimates of the recoverable
amounts of certain cash-generating units by calculating their value
in use using discounted cash flow projections. The main
assumptions used in this calculation are (i)\u00a0earnings projections
based on the financial budgets approved by the Group\u2019s directors
which cover between three and five year periods (unless a longer
time horizon can be justified), (ii)\u00a0discount rates determined as the
cost of capital taking into account the risk-free rate of return plus a
risk premium in line with the market and the business in which the
units operate and (iii)\u00a0constant growth rates used in order to
extrapolate earnings in perpetuity which do not exceed the long-
term average growth rate for the market in which the cash-
generating unit in question operates.
The cash flow projections used by Group management to obtain
the values in use are based on the financial budgets approved by
both local management of the related local units and the Group\u2019s
directors. The Group\u2019s budgetary estimation process is common for
all the cash-generating units. The local management teams
prepare their budgets using the following key assumptions:
a)Microeconomic variables of the cash-generating unit:
management takes into consideration the current balance sheet
structure, the product mix and the business decisions taken by
local management in this regard.
b)Macroeconomic variables: growth is estimated on the basis of
the changing environment, taking into consideration expected
GDP growth in the unit\u2019s geographical location and forecast
trends in interest and exchange rates. These data, which are
based on external information sources, are provided by the
Group\u2019s economic research service.
c)Past performance variables: in addition, management takes into
consideration in the projection the difference (both positive and
negative) between the cash-generating unit\u2019s past performance
and budgets.
During 2025 , the Group has recognised impairment losses of EUR 4
million of immaterial goodwill that has been recorded under the
heading 'Impairment or reversal of the impairment of non-financial
assets - Intangible assets' (EUR 4 million and EUR 20 million in
2024 and 2023, respectively). Goodwill is deducted from CET1 for
regulatory purposes, so an impairment of goodwill has no impact
on the Group's capital ratios.
Following is a detail of the main assumptions taken into account in
determining the recoverable amount, at 2025 year-end, of the
most significant cash-generating units which were valued using
the discounted cash flow method:
2025
Projected period
Discount rateA
Nominal
perpetual
growth\u00a0rate
Santander UK
5 years
12.4%
2.5%
Santander US Auto
3 years
11.5%
3.0%
Santander Holding USA (ex. Auto)B
5 years
13.6%
3.5%
Santander Consumer Germany
5 years
9.5%
2.5%
SAM Investment Holdings, Limited
5 years
11.5%
2.5%
Santander Portugal
5 years
10.6%
2.5%
A. Post-tax discount rate.
B. Weighted information of the main assumptions of the segments to which goodwill has been allocated.
The discount and nominal perpetual growth rates taken into
account in 2024 and 2023 are presented below for comparison
purposes:
Discount rateA
Nominal
perpetual
growth\u00a0rate
2024
2023
2024
2023
Santander UK
11.8%
11.9%
2.5%
2.5%
Santander Bank Polska
12.9%
13.2%
5.0%
5.0%
Santander US Auto
12.2%
12.8%
3.0%
3.0%
Santander Holding USA (ex. Auto)B
13.4%
13.4%
3.5%
3.5%
Santander Consumer Germany
9.1%
9.7%
2.0%
2.3%
SAM Investment Holdings, Limited
11.6%
11.6%
2.5%
2.5%
Santander Portugal
10.2%
11.2%
2.5%
2.5%
A. Post-tax discount rate.
B. Weighted information of the main assumptions of the segments to which goodwill has been allocated.
The variations reflected in the assumptions used in 2025 are
mainly a consequence of the current macroeconomic scenario, as
well as the level of inflation.
Given the degree of uncertainty of the above key assumptions on
which the recoverable amount of the cash-generating units is
based, the Group performs a sensitivity analysis which consisted of
adjusting\u00a0 +/- 50 basis points\u00a0 the discount rate, adjusting +/- 50
basis points\u00a0 the growth rate in perpetuity and reducing the cash
flow projections by 5%. These changes in the key assumptions in
isolation mean that the recoverable amount of all the cash-
generating units continues to exceed their amount to be recovered
and have been considered by the Group as reasonably possible
changes in the business operations of the cash-generating units
are not contemplated.
The recoverable amount of Banco Santander - Chile and Banco
Santander (Brasil) was calculated as the fair values of the
aforementioned cash-generating units obtained from the quoted
market prices of their shares at year-end. This value exceeded the
amount to be recovered. A significant reduction in the quoted
market prices of these cash generating unit could result in an
indication of impairment which in turn may lead to a goodwill
impairment charge in the future.
18. Intangible assets -
Other intangible assets
The detail of Intangible assets\u00a0- Other intangible assets in the
consolidated balance sheets and of the changes therein in 2025,
2024 , and 2023 is as follows:
EUR million
Estimated
useful\u00a0life
1 January
2025
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2025
Cost
15,261
1,714
(20)
(1,286)
(1,179)
14,490
Brand names
32
\u2014
\u2014
\u2014
\u2014
32
IT developments
3-10 years
13,322
1,713
(7)
(1,286)
(1,084)
12,658
Other
1,907
1
(13)
\u2014
(95)
1,800
Accumulated amortisation
(9,235)
\u2014
12
(1,847)
1,228
795
(9,047)
Development
(8,312)
\u2014
6
(1,715)
1,228
723
(8,070)
Other
(923)
\u2014
6
(132)
\u2014
72
(977)
Impairment losses
(205)
\u2014
\u2014
(108)
58
162
(93)
Of which addition
(108)
Of which Liberation
5,821
1,714
(8)
(1,955)
\u2014
(222)
5,350
EUR million
Estimated
useful\u00a0life
1 January
2024
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2024
Cost
14,773
2,104
(8)
(1,169)
(439)
15,261
Brand names
40
\u2014
\u2014
\u2014
(8)
32
IT developments
3-10 years
12,867
2,104
(8)
(1,169)
(472)
13,322
Other
1,866
\u2014
\u2014
\u2014
41
1,907
Accumulated amortisation
(8,851)
\u2014
6
(1,626)
1,062
174
(9,235)
Development
(8,078)
\u2014
6
(1,546)
1,062
244
(8,312)
Other
(773)
\u2014
\u2014
(80)
\u2014
(70)
(923)
Impairment losses
(68)
\u2014
\u2014
(227)
107
(17)
(205)
Of which addition
(227)
Of which Liberation
\u2014
5,854
2,104
(2)
(1,853)
\u2014
(282)
5,821
EUR million
Estimated
useful\u00a0life
1 January
2023
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2023
Cost
12,502
2,197
176
(230)
128
14,773
Brand names
33
\u2014
8
(2)
1
40
IT developments
3-10 years
10,721
2,197
18
(196)
127
12,867
Other
1,748
\u2014
150
(32)
\u2014
1,866
Accumulated amortisation
(7,554)
\u2014
5
(1,386)
209
(125)
(8,851)
Development
(6,866)
\u2014
\u2014
(1,294)
177
(95)
(8,078)
Other
(688)
\u2014
5
(92)
32
(30)
(773)
Impairment losses
(44)
\u2014
\u2014
(53)
21
8
(68)
Of which addition
(53)
Of which Liberation
\u2014
4,904
2,197
181
(1,439)
\u2014
11
5,854
In 2025, 2024 and 2023 , impairment losses of EUR 108 million,
EUR 227 million and EUR 53 million, respectively, were recognised
under Impairment or reversal of impairment on non-financial
assets, net \u2013 intangible assets. This impairment losses are related
mainly to the decline in or loss of the recoverable value of certain
computer systems and applications as a result of the processes
initiated by the Group to transform or integrate businesses and to
adapt to the various regulatory changes
25. Provisions
a) Breakdown
The detail of Provisions in the consolidated balance sheets is as
follows:
EUR million
2025
2024
2023
Provision for pensions and other
obligations post-employments
1,656
1,731
2,225
Other long term employee
benefits
993
915
880
Provisions for taxes and other
legal contingencies
2,989
2,717
2,715
Contingent liabilities and
commitments (note 2.o)
713
710
702
Other provisions
2,004
2,334
1,919
Provisions
8,355
8,407
8,441
b) Changes
The changes in 'Provisions' in the last three years were as follows:
EUR million
2025
Post
employment
plans
Long term
employee
benefits
Contingent
liabilities and
commitments
Other
provisions
Total
Balances at beginning of year
1,731
915
710
5,051
8,407
Incorporation of Group companies, net
(13)
\u2014
\u2014
\u2014
(13)
Additions charged to income
75
437
50
2,299
2,861
Interest expense (note 39)
59
32
\u2014
\u2014
91
Staff costs (note 46)
32
9
\u2014
\u2014
41
Provisions or reversion of provisions
(16)
396
50
2,299
2,729
Addition
6
424
591
4,429
5,450
Release
(22)
(28)
(541)
(2,130)
(2,721)
Other additions arising from insurance contracts linked to
pensions
(5)
\u2014
\u2014
\u2014
(5)
Changes in value recognised in equity
220
\u2014
\u2014
\u2014
220
Payments to pensioners and pre-retirees with a charge to
internal provisions
(107)
(358)
\u2014
\u2014
(465)
Benefits paid due to settlements
(31)
\u2014
\u2014
\u2014
(31)
Insurance premiums paid
\u2014
\u2014
\u2014
\u2014
\u2014
Payments to external funds
(329)
\u2014
\u2014
\u2014
(329)
Amounts used
\u2014
\u2014
\u2014
(2,252)
(2,252)
Transfer, exchange differences and other changes
115
(1)
(47)
(105)
(38)
Balances at end of\u00a0year
1,656
993
713
4,993
8,355
EUR million
2024
2023
Post
employment
plans
Long term
employee
benefits
Contingent
liabilities and
commitments
Other
provisions
Total
Post
employment
plans
Long term
employee
benefits
Contingent
liabilities and
commitments
Other
provisions
Total
Balances at beginning of year
2,225
880
702
4,634
8,441
2,392
950
734
4,073
8,149
Incorporation of Group
companies, net
\u2014
\u2014
\u2014
\u2014
\u2014
(4)
\u2014
\u2014
\u2014
(4)
Additions charged to income
94
368
47
3,106
3,615
92
244
(38)
2,247
2,545
Interest expense (note 39)
76
29
\u2014
\u2014
105
59
34
\u2014
\u2014
93
Staff costs (note 46)
34
11
\u2014
\u2014
45
33
9
\u2014
\u2014
42
Provisions or reversion of
provisions
(16)
328
47
3,106
3,465
\u2014
201
(38)
2,247
2,410
Addition
5
335
430
4,429
5,199
3
204
378
3,759
4,344
Release
(21)
(7)
(383)
(1,323)
(1,734)
(3)
(3)
(416)
(1,512)
(1,934)
Other additions arising from
insurance contracts linked to
pensions
(2)
\u2014
\u2014
\u2014
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
Changes in value recognised in
equity
643
\u2014
\u2014
\u2014
643
944
\u2014
\u2014
\u2014
944
Payments to pensioners and
pre-retirees with a charge to
internal provisions
(153)
(331)
\u2014
\u2014
(484)
(182)
(316)
\u2014
\u2014
(498)
Insurance premiums paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Payments to external funds
(708)
\u2014
\u2014
\u2014
(708)
(750)
\u2014
\u2014
\u2014
(750)
Amounts used
\u2014
\u2014
\u2014
(2,490)
(2,490)
\u2014
\u2014
(1)
(2,087)
(2,088)
Transfer, exchange differences
and other changes
(368)
(2)
(39)
(199)
(608)
(267)
2
7
401
143
Balances at end of\u00a0year
1,731
915
710
5,051
8,407
2,225
880
702
4,634
8,441
c) Provision for pensions and other obligations
post \u2013employments and Other long term
employee benefits
The detail of Provisions for pensions and similar obligations is as
follows:
EUR million
2025
2024
2023
Provisions for post-employment plans
- Spanish entities
602
674
770
Provisions for other similar obligations
- Spanish entities
927
852
817
Of which pre-retirements
916
839
805
Provisions for post-employment plans
- United Kingdom
26
28
76
Provisions for post-employment plans
- Other subsidiaries
1,028
1,029
1,379
Provisions for other similar obligations
- Other subsidiaries
66
63
63
Provision for pensions and other
obligations post -employments and
Other long term employee benefits
2,649
2,646
3,105
Of which defined benefits
2,637
2,638
3,097
i. Spanish entities\u00a0- Post-employment plans and other
similar obligations
At 31 December 2025, 2024 and 2023, the Spanish entities had
post-employment benefit obligations under defined contribution
and defined benefit plans. In addition, in various\u00a0years some of the
consolidated entities offered certain of their employees the
possibility of taking pre-retirement and, therefore, provisions are
recognised each\u00a0year for the obligations to employees taking pre-
retirement\u00a0-in terms of salaries and other employee benefit costs-
from the date of their pre-retirement to the agreed end date.
In 2023, the provisions made to cover the commitments with 502
employees covered by early retirement and incentivized dismissals
plan amounted to EUR 160\u00a0million .
In 2024, the provisions made to cover the commitments with 826
employees covered by early retirements and incentivized
dismissals amounted to EUR 303\u00a0million.
In 2025, the provisions made to cover the commitments with 1,238
employees covered by early retirements and incentivized
dismissals amounted to EUR 389 million.
The expenses incurred by the Spanish companies in 2025, 2024
and 2023 in respect of contributions to defined contribution plans
amounted to EUR 130 million, EUR 126 million and EUR 116
million, respectively.
The amount of the defined benefit obligations was determined on
the basis of the work performed by independent actuaries using
the following actuarial techniques:
1.Valuation method: projected unit credit method, which sees each
period of service as giving rise to an additional unit of benefit
entitlement and measures each unit separately.
2.Actuarial assumptions used: unbiased and mutually compatible.
Specifically, the most significant actuarial assumptions used in
the calculations were as follows:
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Annual discount rate
3.75%
3.00%
3.35%
3.75%
3.00%
3.35%
Mortality tables
PER2020 M/F
Col. Orden 1
PER2020 M/F
Col. Orden 1
PER2020 M/F
Col. Orden 1
PER2020 M/F Col.
Orden 1
PER2020 M/F Col.
Orden 1
PER2020 M/F Col.
Orden 1
Cumulative annual CPI growth
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
Annual salary increase rate
1.25%A
1.25%A
1.25%A
N/A
N/A
N/A
Annual social security pension
increase rate
2.12%
2.12%
2.12%
N/A
N/A
N/A
Annual benefit increase rate
N/A
N/A
N/A
0%
0%
0%
A. Corresponds to the group\u2019s defined-benefit obligations.
The discount rate used for the flows was determined by reference
to high-quality corporate bonds (at least AA in euros) matching the
durations of the commitments. From the bond portfolio
considered, callable, putable and sinkable bonds, which could
distort the rates, are excluded.
Any changes in the main assumptions could affect the calculation
of the obligations. At 31 December 2025 , if the discount rate used
had been decreased or increased by 50 basis points (bp), there
would have been an increase or decrease in the present value of
the post-employment obligations of 4.02% (-50 bp) to -3.75%
(+50 bp),respectively, and an increase or decrease in the present
value of the long-term obligations of 1.15% (-50 bp) to -1.15%
(+50 bp), respectively.
These changes would be offset in part by increases or decreases in
the fair value of the assets and insurance contracts linked to
pensions.
3. The estimated retirement age of each employee is the first at
which the employee is entitled to retire or the agreed-upon age,
as appropriate.
The fair value of insurance contracts was determined as the
present value of the related payment obligations, taking into
account the following assumptions:
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Expected rate of return on plan assets
3.75%
3.00%
3.35%
3.75%
3.00%
3.35%
Expected rate of return on reimbursement rights
3.75%
3.00%
3.35%
N/A
N/A
N/A
The funding status of the defined benefit obligations in 2025 and
the two preceding\u00a0years is as follows:
EUR million
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Present value of the obligations
To current employees
34
49
51
\u2014
\u2014
\u2014
Vested obligations to retired employees
1,610
1,850
1,936
\u2014
\u2014
\u2014
To pre-retirees employees
\u2014
\u2014
919
844
812
Long-service bonuses and other benefits
\u2014
\u2014
11
13
12
1,644
1,899
1,987
930
857
824
Less - Fair value of plan assets
1,058
1,234
1,235
3
5
7
Provisions - Provisions for pensions
586
665
752
927
852
817
Of which:
Internal provisions for pensions
535
593
677
927
852
817
Net pension assets
(13)
(6)
(14)
\u2014
\u2014
\u2014
Insurance contracts linked to pensions (note 14)
67
81
93
\u2014
\u2014
\u2014
Unrecognised net assets for pensions
(3)
(3)
(4)
\u2014
\u2014
\u2014
The amounts recognised in the consolidated income statements in
relation to the aforementioned defined benefit obligations are as
follows:
EUR million
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Current service cost
5
3
2
1
1
1
Interest cost (net)
27
28
42
27
25
30
Expected return on insurance contracts linked to pensions
(3)
(3)
(4)
\u2014
\u2014
\u2014
Provisions or reversion of provisions
Actuarial (gains)/losses recognised in the\u00a0year
\u2014
\u2014
\u2014
(19)
\u2014
7
Past service cost
\u2014
3
2
\u2014
\u2014
13
Pre-retirement cost
\u2014
\u2014
\u2014
389
303
160
OtherA
(16)
(10)
(1)
\u2014
(4)
(1)
13
21
41
398
325
210
A. Including reduction/settlement effect
In addition, in 2025 'Other comprehensive income\u00a0\u2013 Items not
reclassified to profit or loss\u00a0\u2013 Actuarial gains or (-) losses on
defined benefit pension plans' has decreased by EUR 33 million
with respect to defined benefit obligations ( increase of EUR 21 and
increase of EUR 10 million in 2024 and 2023, respectively).
The changes in the present value of the accrued defined benefit
obligations were as follows:
EUR million
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Present value of the obligations at beginning of year
1,899
1,987
2,076
857
824
903
Incorporation of Group companies, net
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current service cost
5
3
2
1
1
1
Interest cost
67
71
82
27
25
30
Pre-retirement cost
\u2014
\u2014
\u2014
389
303
160
Effect of curtailment/settlement
(9)
(10)
(1)
\u2014
(4)
(1)
Benefits paid
(179)
(203)
(210)
(325)
(292)
(290)
Benefits paid due to settlements
(31)
(2)
\u2014
\u2014
\u2014
\u2014
Past service cost
\u2014
3
2
\u2014
\u2014
13
Actuarial (gains)/losses
(102)
45
37
(19)
\u2014
7
Demographic actuarial (gains)/losses
(14)
\u2014
(2)
(8)
(1)
\u2014
Financial actuarial (gains)/losses
(88)
45
39
(11)
1
7
Exchange differences and other items
(6)
5
(1)
\u2014
\u2014
1
Present value of the obligations at end of year
1,644
1,899
1,987
930
857
824
The changes in the fair value of plan assets and of insurance
contracts linked to pensions were as follows:
Plan Assets
EUR million
Post-employment\u00a0plans
Other similar obligations
2025
2024
2023
2025
2024
2023
Fair value of plan assets at beginning of year
1,234
1,235
861
5
7
8
Incorporation of Group companies, net
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Expected return on plan assets
40
43
40
\u2014
\u2014
\u2014
Gains/(losses) on settlements
7
\u2014
\u2014
\u2014
\u2014
\u2014
Benefits paid
(144)
(124)
(89)
(2)
(2)
(2)
Contributions/(surrenders)
(7)
58
409
\u2014
\u2014
\u2014
Actuarial gains/(losses)
(64)
27
25
\u2014
\u2014
\u2014
Exchange differences and other items
(8)
(5)
(11)
\u2014
\u2014
1
Fair value of plan assets at end of year
1,058
1,234
1,235
3
5
7
Insurance Contracts linked to pensions
EUR million
Post-employment\u00a0plans
Other similar obligations
2025
2024
2023
2025
2024
2023
Fair value of insurance contracts linked to
pensions at beginning of year
81
93
104
\u2014
\u2014
\u2014
Incorporation of Group companies, net
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Expected return on insurance contracts linked to
pensions
3
3
4
\u2014
\u2014
\u2014
Benefits paid
(12)
(13)
(15)
\u2014
\u2014
\u2014
Paid premiums
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Actuarial gains/(losses)
(5)
(2)
\u2014
\u2014
\u2014
\u2014
Fair value of insurance contracts linked to
pensions at end of\u00a0year
67
81
93
\u2014
\u2014
\u2014
In view of the conversion of the defined-benefit obligations to
defined-contribution obligations, the Group will not make material
current contributions in Spain in 2026 to fund its defined-benefit
pension obligations.
The plan assets and the insurance contracts linked to pensions are
instrumented mainly through insurance policies.
The following table shows the estimated benefits payable at 31
December 2025 for the next ten\u00a0years:
EUR million
2026
461
2027
391
2028
331
2029
274
2030
223
2031 to 2035
672
ii. United Kingdom
At the end of each of the last three\u00a0years, the businesses in the
United Kingdom had post-employment benefit obligations under
defined contribution and defined benefit plans. The expenses
incurred in respect of contributions to defined contribution plans
amounted to EUR 92 million in 2025 (EUR 98 million in 2024 and
EUR 87 million in 2023 ).
The amount of the defined benefit obligations was determined on
the basis of the work performed by independent actuaries using
the following actuarial techniques:
1.Valuation method: projected unit credit method, which sees
each period of service as giving rise to an additional unit of
benefit entitlement and measures each unit separately.
2.Actuarial assumptions used: unbiased and mutually compatible.
Specifically, the most significant actuarial assumptions used in
the calculations were as follows:
2025
2024
2023
Annual
discount rate
5.58%
5.54%
4.63%
Mortality
tables
'S4 Light' tables
weighted 105%
males/101% females
and CMI_2024
projection [LTR=1.25%,
A=0.25%, H=1] with
both Age-Period and
Cohort convergence
periods equal to core
values except
increased to 20 years
for ages 80 to 100 and
then tapering down to
nil by age 120
The S3
Middle tables
weighted at
84% of the
CMI_2023
projection
with an initial
addition of
0.25%,
smoothing
parameter 7
and
improving
1.25%.
The S3 Middle
tables
weighted at
84% of the
CMI_2022
projection
with an initial
addition of
0.25%,
smoothing
parameter 7
and improving
1.25%.
Cumulative
annual CPI
growth
2.9%
3.11%
3.02%
Annual salary
increase rate
1.00%
1.00%
1.00%
Annual
pension
increase rate
2.78%
3.04%
2.96%
The discount rate used for the flows was determined by reference
to high-quality corporate bonds (at least AA in pounds sterling)
that coincide with the terms of the obligations.
Any changes in the main assumptions could affect the calculation
of the obligations. At 31 December 2025, if the discount rate used
had been decreased or increased by 50 basis points, there would
have been an increase or decrease in the present value of the
obligations of 5.82% (-50 bp) and -5.28% (+50 bp), respectively. If
the inflation assumption had been increased or decreased by 50
basis points, there would have been an increase or decrease in the
present value of the obligations of 4.23% (+50 bp) and -4.14% (-50
bp), respectively. These changes would be offset in part by
increases or decreases in the fair value of the assets.
The funding status of the defined benefit obligations in 2025 and
the two preceding\u00a0years is as follows:
EUR million
2025
2024
2023
Present value of the obligations
8,164
8,898
9,451
Less-
Fair value of plan assets
8,740
9,400
10,208
Provisions\u00a0- Provisions for pensions
(576)
(502)
(757)
Of which:
Internal provisions for pensions
25
28
76
Net assets for pensions
(601)
(530)
(833)
The amounts recognised in the consolidated income statements in
relation to the aforementioned defined benefit obligations are as
follows:
EUR million
2025
2024
2023
Current service cost
9
13
14
Interest cost (net)
(31)
(40)
(62)
Provisions or reversal of provisions, net
Cost of services provided
\u2014
\u2014
\u2014
Others
\u2014
\u2014
\u2014
(22)
(27)
(48)
In addition, in 2025 'Other comprehensive income\u00a0\u2013 Items not
reclassified to profit or loss\u00a0\u2013 Actuarial gains or (-) losses on
defined benefit pension plans has increased by EUR 117 million
with respect to defined benefit obligations ( increase of EU R 475
and of EUR 687 million in 2024 and 2023, respectively).
The changes in the present value of the accrued defined benefit
obligations were as follows:
EUR million
2025
2024
2023
Present value of the obligations at
beginning of year
8,898
9,451
8,982
Net incorporation of companies into the
Group
\u2014
\u2014
(28)
Current service cost
9
13
14
Interest cost
465
438
436
Benefits paid
(469)
(465)
(428)
Benefits paid by settlements
\u2014
\u2014
(9)
Contributions made by employees
3
7
6
Past service cost
\u2014
\u2014
\u2014
Actuarial (gains)/losses
(304)
(965)
281
Demographic actuarial (gains)/losses
(91)
(133)
(59)
Financial actuarial (gains)/losses
(213)
(832)
340
Exchange differences and other items
(438)
419
197
Present value of the obligations at end
of\u00a0year
8,164
8,898
9,451
The changes in the fair value of the plan assets were as follows:
EUR million
2025
2024
2023
Fair value of plan assets at beginning of
year
9,400
10,208
10,152
Net incorporation of companies into the
Group
\u2014
\u2014
(41)
Expected return on plan assets
496
478
498
Benefits paid
(469)
(465)
(434)
Contributions
203
182
225
Actuarial gains/(losses)
(421)
(1,440)
(406)
Exchange differences and other items
(469)
437
214
Fair value of plan assets at end of\u00a0year
8,740
9,400
10,208
In 2026 the Group expects to make current contributions to fund
these obligations for amounts similar to those made in 2025.
The main categories of plan assets as a\u00a0percentage of total plan
assets are as follows:
2025
2024
2023
Equity instruments
\u2014
\u2014
\u2014
Debt instruments
67%
66%
62%
Properties
11%
14%
12%
Other
22%
20%
26%
The following table shows the estimated benefits payable at 31
December 2025 for the next ten\u00a0years:
EUR million
2026
576
2027
485
2028
503
2029
527
2030
545
2031 to 2035
2,801
iii. Other foreign subsidiaries
Certain of the consolidated foreign entities have acquired
commitments to their employees similar to post-employment
benefits.
At 31 December 2025, 2024 and 2023, these entities had defined-
contribution and defined-benefit post-employment benefit
obligations. The expenses incurred in respect of contributions to
defined contribution plans amounted to EUR 110 million in 2025
(EUR 133 million at 31 December 2024\u00a0 and EUR 107 million at 31
December 2023).
The actuarial assumptions used by these entities (discount rates,
mortality tables and cumulative annual CPI growth) are consistent
with the economic and social conditions prevailing in the countries
in which they are located.
Specifically, the discount rate used for the flows was determined
by reference to high-quality corporate bonds, except in the case of
Brazil where there is no extensive corporate bond market and,
accordingly the discount rate was determined by reference to the
series B bonds issued by the Brazilian National Treasury Secretariat
for a term coinciding with that of the obligations. In Brazil the
discount rate used was between 10.52% and 10.65%, the CPI
3.00% and the mortality table the AT-2000, AT-2000 Basic y
AT-2000 S10.
Any changes in the main assumptions could affect the calculation
of the obligations. At 31 December 2025, if the discount rate used
had been decreased or increased by 50 basis points, there would
have been an increase or decrease in the present value of the
obligations of 3.92% (-50 bp) and -3.53% (+ 50 bp), respectively.
These changes would be offset in part by increases or decreases in
the fair value of the assets.
The funding status of the obligations similar to post-employment
benefits and other long-term benefits in 2025 and the two
preceding\u00a0years is as follows:
EUR million
2025
Of which
business in
Brazil
2024
2023
Present value of the obligations
6,886
4,569
6,903
8,485
Less-
Of which: with a charge to the participants
152
152
157
114
Fair value of plan assets
6,284
4,730
6,502
7,787
Provisions - Provisions for pensions
450
(313)
244
584
Of which:
Internal provisions for pensions
1,083
210
1,084
1,434
Net assets for pensions
(170)
(60)
(141)
(154)
Unrecognised net assets for pensions
(463)
(463)
(699)
(696)
The amounts recognised in the consolidated income statements in
relation to these obligations are as follows:
EUR million
2025
2024
2023
Current service cost
26
28
25
Interest cost (net)
68
92
83
Provisions or reversion of provisions
(Actuarial gains)/losses recognised in the
year
25
28
23
Past service cost
\u2014
2
1
Pre-retirement cost
3
\u2014
\u2014
Other
(2)
(10)
(3)
120
140
129
In addition, in 2025 'Other comprehensive income\u00a0\u2013 Items not
reclassified to profit or loss\u00a0\u2013 Actuarial gains or (-) losses on
defined benefit pension plans' has increased by EUR 136 million
with respect to defined benefit obligations (increase of EUR 147
million and EUR 247 million in 2024 and 2023, respectively).
The changes in the present value of the accrued obligations were
as follows:
EUR million
2025
2024
2023
Present value of the obligations at
beginning of\u00a0year
6,903
8,485
7,578
Incorporation of Group companies, net
(6)
\u2014
(20)
Current service cost
26
28
25
Interest cost
552
578
599
Pre-retirement cost
3
\u2014
\u2014
Effect of curtailment/settlement
(2)
(10)
(2)
Benefits paid
(726)
(1,113)
(730)
Benefits paid due to settlements
(133)
(20)
(2)
Contributions made by employees
4
4
3
Past service cost
\u2014
2
1
Actuarial (gains)/losses
270
(191)
697
Demographic actuarial (gains)/losses
300
(1)
40
Financial actuarial (gains)/losses
(30)
(190)
657
Exchange differences and other items
(5)
(860)
336
Present value of the obligations
at end of\u00a0year
6,886
6,903
8,485
The changes in the fair value of the plan assets were as follows:
EUR million
2025
2024
2023
Fair value of plan assets at beginning
of\u00a0year
6,502
7,787
7,321
Incorporation of Group companies, net
\u2014
\u2014
(16)
Expected return on plan assets
556
551
588
Benefits paid
(752)
(1,022)
(644)
Contributions
134
477
124
Actuarial gains/(losses)
(201)
(304)
110
Settlements gains/(losses)
(1)
\u2014
\u2014
Exchange differences and other items
46
(987)
304
Fair value of plan assets at end of\u00a0year
6,284
6,502
7,787
In 2026 the Group expects to make contributions to fund these
obligations for amounts similar to those made in 2025.
The main categories of plan assets as a\u00a0percentage of total plan
assets are as follows:
2025
2024
2023
Equity instruments
14%
13%
11%
Debt instruments
79%
79%
83%
Properties
1%
1%
1%
Other
6%
7%
5%
The following table shows the estimated benefits payable at 31
December 2025 for the next ten\u00a0years:
EUR million
2026
746
2027
736
2028
740
2029
744
2030
747
2031 to 2035
3,790
d) Provisions for taxes and other legal
contingencies and Other provisions
'Provisions\u00a0- Provisions for taxes and other legal contingencies' and
'Provisions\u00a0- Other provisions', which include, inter alia, provisions
for restructuring costs and tax-related and non-tax-related
proceedings, were estimated using prudent calculation procedures
in keeping with the uncertainty inherent to the obligations covered.
The definitive date of the outflow of resources embodying
economic benefits for the Group depends on each obligation. In
certain cases, these obligations have no fixed settlement period
and, in other cases, depend on the legal proceedings in progress.
The detail, by geographical area, of Provisions for taxes and other
legal contingencies and Other provisions is as follows:
EUR million
2025
2024
2023
Recognised by Spanish companies
2,033
1,924
1,921
Recognised by other EU companies
310
694
433
Recognised by other companies
2,650
2,433
2,280
Of which:
Brazil
1,530
1,445
1,618
United Kingdom A
736
654
373
4,993
5,051
4,634
A. Of which GBP 461\u00a0million (EUR 528.1\u00a0million) correspond to the Financial
Conduct Authority (FCA) review of the Vehicle Finance Market as detailed in
note 25.e.ii.
Set forth below is the detail, by type of provision, of the balance at
31 December 2025, 2024 and 2023 of Provisions for taxes and
other legal contingencies and Other provisions.
The types of provision were determined by grouping together
items of a similar nature:
EUR million
2025
2024
2023
Provisions for taxes
720
727
745
Provisions for employment-related
proceedings (Brazil)
594
458
611
Provisions for other legal proceedings
1,675
1,532
1,359
Provision for customer remediation
826
1,001
454
Provision for restructuring
279
589
596
Other
899
744
869
4,993
5,051
4,634
Relevant information is set forth below in relation to each type of
provision shown in the preceding table.
The provisions for taxes include provisions for tax-related
proceedings.
The provisions for employment-related proceedings (Brazil) relate
to claims filed by trade unions, associations, the prosecutor\u2019s office
and ex-employees claiming employment rights to which, in their
view, they are entitled, particularly the payment of overtime and
other employment rights, including litigation concerning
retirement benefits. The number and nature of these proceedings,
which are common for banks in Brazil, justify the classification of
these provisions in a separate category or as a separate type from
the rest. The Group calculates the provisions associated with these
claims in accordance with past experience of payments made in
relation to claims for similar items. When claims do not fall within
these categories, a case-by-case assessment is performed and the
amount of the provision is calculated in accordance with the status
of each proceeding and the risk assessment carried out by the legal
advisers.
The provisions for other legal proceedings include provisions for
court, arbitration or administrative proceedings (other than those
included in other categories or types of provisions disclosed
separately) brought against Grupo Santander companies.
The provisions for customer remediation include mainly the
estimated cost of payments to remedy errors relating to the sale of
certain products in the UK, the CHF mortgage portfolio of Poland,
as well as the estimated amount related to the floor clauses of
Banco Popular Espa\u00f1ol, S.A.U in Spain. To calculate the provision
for customer remediation, the best estimate of the provision made
by management is used, which is based on the estimated number
of claims to be received and, of these, the number that will be
accepted, as well as the estimated average payment per case.
The provisions for restructuring include only the costs arising from
restructuring processes carried out by the various Group
companies.
Lastly, the Other heading contains very atomized and individually
insignificant provisions, such as the provisions to cover the
operational risk of the different offices of the Group.
Qualitative information on the main litigation is provided in
Note\u00a025 e to the consolidated financial statements.
The Group's general policy is to record provisions for tax and legal
proceedings in which the Group assesses the chances of loss to be
probable and the Group does not record provisions when the
chances of loss are possible or remote. Grupo Santander
determines the amounts to be provided for as its best estimate of
the expenditure required to settle the corresponding claim based,
among other factors, on a case-by-case analysis of the facts and
the legal opinion of internal and external counsel or by considering
the historical average amount of the loss incurred in claims of the
same nature. The definitive date of the outflow of resources
embodying economic benefits for the Group depends on each
obligation. In certain cases, the obligations do not have a fixed
settlement term and, in others, they depend on legal proceedings
in progress.
Regarding their variations in fiscal year 2025, in provisions for
labour processes and others of a legal nature, EUR 524 million and
EUR 185 million were recorded in Brazil in 2025, making payments
of EUR 384 million and EUR 159 million, respectively.
e) Litigation and other matters
i. Tax-related litigation
At 31 December 2025 the main tax-related proceedings concerning
the Group were as follows:
\u2022 Legal actions filed by Banco Santander (Brasil) S.A. and other
Group entities to avoid the application of Law 9.718/98, which
modifies the basis to calculate Programa de Integra\u00e7ao Social
(PIS) and Contribui\u00e7\u00e3o para Financiamento da Seguridade Social
(COFINS), extending it to all the entities income, and not only to
the income from the provision of services. In relation of Banco
Santander (Brasil) S.A. process, in 2015 the Federal Supreme
Court (FSC) admitted the extraordinary appeal filed by the
Federal Union regarding PIS, and dismissed the extraordinary
appeal lodged by the Brazilian Public Prosecutor's Office
regarding COFINS contribution, confirming the decision of
Federal Regional Court favourable to Banco Santander (Brasil)
S.A. of August 2007. The Federal Supreme Court also admitted
the appeals related to the other Group entities both for PIS and
COFINS. On June 13, 2023, the Federal Supreme Court ruled
unfavorably 2 cases through General Repercussion (Theme 372),
including Banco Santander (Brasil) S.A. case. The Bank has filed a
new appeal, considering the possible loss as a contingent
liability. The cases of the other Group entities are no longer
susceptible of appeal and a provision has been recognized for the
amount of the estimated loss.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil have appealed against the assessments issued by the
Brazilian tax authorities questioning the deduction of loan losses
in their income tax returns (Imposto sobre a Renda das Pessoas
Jur\u00eddicas - IRPJ - and Contribu\u00e7ao Social sobre o Lucro Liquido -
CSLL-) in relation to different administrative processes of various
years on the ground that the requirements under the applicable
legislation were not met. The appeals, which involves several
cases, are pending decision in different administrative and
judicial instances. No provision was recognised in connection
with the amount considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil are involved in administrative and legal proceedings
against several municipalities that demand payment of the
Service Tax on certain items of income from transactions not
classified as provisions of services. There are several cases in
different judicial instances. A provision was recognised in
connection with the amount of the estimated loss.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil are involved in administrative and legal proceedings
against the tax authorities in connection with the taxation for
social security purposes of certain items which are not
considered to be employee remuneration. There are several
cases in different judicial instances. A provision was recognised in
connection with the amount of the estimated loss.
\u2022 In May 2003 the Brazilian tax authorities issued separate
infringement notices against Santander Distribuidora de T\u00edtulos e
Valores Mobiliarios, Ltda. (DTVM, actually Santander Brasil
Tecnolog\u00eda S.A.) and Banco Santander (Brasil) S.A. in relation to
the Provisional Tax on Financial Movements (Contribui\u00e7\u00e3o
Provis\u00f3ria sobre Movimenta\u00e7\u00e3o Financeira) of the years 2000 to
2002. The administrative discussion ended unfavourably for both
companies, and on July 3, 2015, filed a lawsuit requesting the
cancellation of both tax assessments. The lawsuit was judged
unfavourably in first instance. Therefore, both plaintiffs appealed
to the court of second instance. In December 2020, the appeal
was decided unfavourably and the judgement was appealed
before the higher courts. This case fell within the scope of the
Comprehensive Transaction Programme (Programa de Transa\u00e7ao
Integral) established by the Ministry of Finance, and in 2025 a
final settlement was reached. The amounts paid under the terms
of the Transaction were fully provisioned.
\u2022 In December 2010 the Brazilian tax authorities issued an
infringement notice against Santander Seguros S.A. (Brasil),
(currently Zurich Santander Brasil Seguros e Previd\u00eancia S.A.), as
the successor by merger to ABN AMRO Brasil dois Participa\u00e7\u00f5es
S.A., in relation to income tax (IRPJ and CSLL) for 2005,
questioning the tax treatment applied to a sale of shares of Real
Seguros, S.A. The administrative discussion ended unfavourably,
and the CARF decision has been appealed at the Federal Justice.
As the former parent of Santander Seguros S.A. (Brasil) (currently
Zurich Santander Brasil Seguros e Previd\u00eancia S.A.), Banco
Santander (Brasil) S.A. is liable in the event of any adverse
outcome of this proceeding. No provision was recognised in
connection with this proceeding as it is considered to be a
contingent liability.
\u2022 In November 2014 the Brazilian tax authorities issued an
infringement notice against Banco Santander (Brasil) S.A. in
relation to corporate income tax (IRPJ and CSLL) for 2009
questioning the tax-deductibility of the amortisation of the
goodwill of Banco ABN AMRO Real S.A. performed prior to the
absorption of this bank by Banco Santander (Brasil) S.A., but
accepting the amortisation performed after the merger. The Bank
appealed before the Higher Chamber of CARF, and a final
favourable decision was obtained in April 2024. No provision was
recognised in connection with this proceeding as it was
considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. has also appealed against
infringement notices issued by the tax authorities questioning
the tax deductibility of the amortisation of the goodwill arising
on the acquisition of Banco Comercial e de Investimento
Sudameris S.A from years 2007 to 2012. In May and October
2024, the appeal related to period 2009 to 2012 was finally
rejected by the CARF and the resolution was appealed at the
Federal Justice. No provision was recognised in connection with
this matter as it was considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. and other companies of the Group
in Brazil are undergoing administrative and judicial procedures
against Brazilian tax authorities for not admitting tax
compensation with credits derived from other tax concepts, not
having registered a provision for the amount considered to be a
contingent liability.
\u2022 Banco Santander (Brasil) S.A. is involved in appeals in relation to
infringement notices initiated by tax authorities regarding the
offsetting of tax losses in the CSLL of year 2009 and 2019. The
appeals are pending decision at the administrative level. No
provision was recognised in connection with this matter as it is
considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. filed a suspensive judicial measure
aiming to avoid the withholding income tax (Imposto sobre a
Renda Retido na Fonte - IRRF), on payments derived from
technology services provided by Group foreign entities. A
favorable decision was handed down and an appeal was filed by
the tax authority at the Federal Regional Court, where it awaits
judgment. No provision was recognized as it is considered to be a
contingent liability.
\u2022 Brazilian tax authorities have issued infringement notices against
Getnet Adquir\u00eancia e Servi\u00e7os para Meios de Pagamento S.A and
Banco Santander (Brasil) S.A. as jointly liable in relation to
corporate income tax (IRPJ and CSLL) for 2014 to 2018
questioning the tax-deductibility of the amortization of the
goodwill from the acquisition of Getnet Tecnologia\u00a0 Proces S.A.,
considering that\u00a0 the company would not have complied with the
legal requirements for such amortization. The tax assessment
notices were appealed to the CARF. In 2024, the CARF issued a
favourable partial decision on both infraction notices. In
December 2024, the tax authorities issued a new infringement
notice for 2019 and 2020. No provision was recognized as it is
considered to be a contingent liability.
The total amount for the aforementioned Brazil lawsuits that are
fully provisioned is EUR 553 million, and for lawsuits that qualify
as contingent liabilities is EUR 5,040\u00a0million.
At the date of approval of these consolidated annual accounts,
there are other less significant tax disputes.
ii. Non-tax-related proceedings
At 31 December 2025 the main non-tax-related proceedings
concerning the Group were as follows:
\u2022 Payment Protection Insurance (PPI): AXA France IARD and AXA
France Vie (former GE Capital Corporation Group entities, known
as Financial Insurance Company Ltd (FICL) and Financial
Assurance Company Ltd (FACL), acquired by AXA SA in 2015)
(together, AXA France) brought a claim against (i) Santander
Cards UK Limited (formerly known as GE Capital Bank Limited
(GECB), which was acquired by Banco Santander, S.A. in 2008
and subsequently transferred to Santander UK plc); and (ii)
Santander Insurance Services UK Limited (a Banco Santander,
S.A. subsidiary) (SISUK and together with GECB the Santander
Entities). The claim relates to the allocation of liability for
compensation and associated costs in respect of a large number
of PPI policies distributed by GECB pre-2005, which were
underwritten by FICL and FACL.
On 25 July 2025, the Commercial Court of England and Wales
handed down its judgment in relation to the claim brought by
AXA France (the Judgment). It found against SISUK in relation to
AXA France\u2019s claim pursuant to an indemnity in an agency
agreement entered into between GECB, FICL and FACL in 2000
and novated by GECB to SISUK in 2010.\u00a0 It also found GECB
negligent in the sale of PPI policies, but this element of the claim
was time barred to PPI policies sold in the period between 2002
and 2005 and overlaps with the indemnity claim. The Judgment
required the Santander Entities to pay GBP 515\u00a0million plus
interest of GBP 162\u00a0million.
In October 2025 the Santander Entities obtained permission to
appeal the findings in the Judgment relating to the application of
the indemnity arising from PPI sales occurring before the
indemnity had been agreed in December 2000 (Santander
Appeal).\u00a0 In January 2026, AXA France obtained permission to
cross-appeal the Commercial Court\u2019s rejection of AXA France\u2019s
contribution claim made under the Civil Liability (Contribution)
Act 1978 (the AXA France\u2019s cross appeal). A decision on the
Santander Appeal and AXA France\u2019s cross appeal is expected in
the second half of 2026.
With respect to the Santander Appeal and AXA France\u2019s cross-
appeal, there are points of legal interpretation to be resolved
and, in the case of the cross-appeal, factual points to be
determined. The significant uncertainties make it difficult to
predict the timing or the final impact of the resolution of the
appeals for the Group.
No customers have suffered loss as a consequence of the claim
brought by AXA France or the Judgment, nor does it impact upon
past redress paid to customers for PPI complaints.
\u2022 Motor Finance Broker Commissions: following the Financial
Conduct Authority\u2019s (FCA) Motor Market review in 2019 which
resulted in a change in rules in January 2021, Santander
Consumer (UK) plc (SCUK) has received several of county court
claims and complaints in respect of its historical use of
discretionary commission arrangements (DCAs) prior to the 2021
rule changes. In January 2024, the FCA commenced a review of
the use of DCAs between lenders and credit brokers (the FCA
Review). Pending the conclusion of its review, the FCA paused
the handling of motor finance commission related complaints.
The pause is currently in place until 31 May 2026, reflecting the
extended timeline of the FCA's Review and subsequent
Consultation (see below).
After the Court of Appeal's decision rendered on 25 October 2024
within the judicial proceedings followed against DCAs of other
financial entities, as of 31 December 2024, the Santander UK
group Holdings recognised a provision of GBP 293.0\u00a0million (EUR
353.3\u00a0million). This provision was determined based upon the
information then available. It included estimates for operational
and legal costs and potential awards based on various scenarios
and used a range of assumptions, including the possible outcome
of the appeal to the Supreme Court in 2025 of the Court of
Appeal's decision. On 1 August 2025, the Supreme Court handed
down its judgment stating that motor dealers acting as credit
brokers do not owe fiduciary or disinterested duties to their
customers and, as a consequence, commission payments by
lenders to motor dealers would not be unlawful on that basis. In
addition, the Supreme Court held that an unfair relationship
under s.140A of the Consumer Credit Act 1974 had arisen in one
of the cases on its facts and awarded the amount of the
commission paid by the lender plus interest at a commercial rate
as the remedy. It also confirmed that the test for unfairness of
the relationship with borrower was highly fact sensitive and it
outlined a series of non-exhaustive factors to consider in
assessing unfair relationships in this context (indicating that no
or partial disclosure was not necessarily enough on its own to
constitute an unfair relationship).
Following the Supreme Court\u2019s judgment, on 3 August 2025, the
FCA announced that it aimed to publish a consultation on an
industry wide redress scheme in early October (the
Consultation). Further to the publication of the FCA\u2019s
Consultation on\u00a07 October 2025, the Santander UK group
submitted its comments on 12 December 2025 and continues to
engage constructively with the FCA. The FCA has stated that its
intention is to publish the industry wide redress scheme no later
than in March 2026.
In light of the proposed sectoral scheme and taking into account
the objections raised and the uncertainty surrounding both the
final decision to be adopted by the FCA and the outcome of any
potential legal challenges, the Santander UK group has reviewed
the potential impact on SCUK in relation to the vehicle finance
market. The range of scenarios has been updated, which has
resulted in an additional estimated charge of GBP 183\u00a0million
(EUR 213.6\u00a0million). As of 31 December 2025, the total provision
amounts to GBP 461\u00a0million (EUR 528.1\u00a0million). This continues
to include estimates for operational and legal costs and potential
awards reflecting an increased likelihood of a higher number of
cases than had previously been predicted as eligible for redress
as well as an increased possibility that a remedy is sought to be
imposed which extends beyond reversing any damaging financial
consequences caused by any unfair relationships. The provision is
based on various scenarios using a range of assumptions,
including potential changes to the proposed scheme following
responses to the Consultation or publication of the FCA\u2019s final
scheme rules.
There continue to be significant uncertainties as to the nature,
extent and timing of redress payments. Therefore, while the
ultimate financial impact of this matter could materially differ
from the amount of the provision as of this date, such impact is
not expected to be material for the Group as of the date of these
financial statements.
\u2022 Delforca: dispute arising from equity swaps entered into by
Gaesco (now Delforca 2008, S.A. (Delforca)) on shares of
Inmobiliaria Colonial, S.A. Banco Santander, S.A. is claiming to
Delforca before the Court of Barcelona in charge of the
bankruptcy proceedings, a total of EUR 66\u00a0million from the
liquidation resulting from the early termination of financial
transactions due to Delforca's non-payment of the equity swaps.
In the same bankruptcy proceedings, Delforca and Mobiliaria
Monesa, S.A., parent of Delforca (Monesa) have in turn claimed
the Bank to repay EUR 57\u00a0million, which the Bank received for
the enforcement of the agreed guarantee, as a result of the
aforementioned liquidation. On 16 September 2021 the
Commercial Court Number 10 of Barcelona has ordered Delforca
to pay the Bank EUR 66\u00a0million plus EUR 11\u00a0million in interest
and has dismissed the claims filed by Delforca. This decision was
appealed by Delforca, Monesa and the bankruptcy administrator.
On 15 November 2023 the Provincial Court of Barcelona
rendered a judgment dismissing the appeals filed by Delforca,
Monesa and the bankruptcy administrator. Delforca and Monesa
(not the bankruptcy administrator) filed an appeal in cassation,
that was rejected in November 2025 by the First Chamber of
Supreme Court and, as a result, the appeal and first instance
judgments in favor of the Bank have been confirmed.
Separately, Monesa, filed in 2009 a civil procedure with the
Courts of Santander against the Bank claiming damages that
have not been specified to date. The procedure is suspended.
\u2022 'Planos Econ\u00f3micos': like the rest of the banking system in Brazil,
Santander Brazil has been the target of customer complaints and
collective civil suits stemming mainly from legislative changes
and its application to the retribution of bank deposits (economic
plans). At the end of 2017, an agreement was reached between
regulatory entities and the Brazilian Federation of Banks
(Febraban) with the purpose of closing the lawsuits and was
approved by the Supremo Tribunal Federal (the STF and the
Collective Agreement). Discussions focused on specifying the
amount to be paid to each affected client according to the
balance in their notebook at the time of the application of the
plan. Finally, the total value of the payments will depend on the
number of adhesions there may be and the number of savers
who have proved the existence of the account and its balance on
the date the indexes were changed. In November 2018, the STF
ordered the suspension of all economic plan proceedings for two
years from May 2018. On 29 May 2020,\u00a0 STF approved the
extension of the Collective Agreement for 5 additional years
starting from 3 June 2020. Condition for this extension was to
include in the Collective Agreement actions related to the 'Collor
I Plan'. On May 2025, the STF issued the judgment recognizing
the constitutionality of the Bresser, Ver\u00e3o, Collor I and II plans,
guaranteeing savers the receipt of the amounts established in
the Collective Agreement and setting a deadline of 24 months for
new adhesions. As of 31 December 2025, the provision recorded
for the economic plan proceedings amounts to EUR
155.3\u00a0million.
\u2022 Banco Popular\u00b4s acquisition: after the declaration of the
resolution of Banco Popular, some investors filed claims against
the EU\u2019s Single Resolution Board decision, and the FROB's
resolution executed in accordance with the aforementioned
decision. Likewise, numerous civil lawsuits were filed against
Banco Santander, S.A. alleging that the information provided by
Banco Popular was erroneous and requesting from Banco
Santander, S.A. the restitution of the price paid for the acquisition
of the investment instruments or, where appropriate, the
corresponding compensation.
In relation to the direct appeals filed before the General Court of
the European Union (EGC) and the Court of Justice of the
European Union (CJEU), all appeals were either dismissed or
discontinued. Currently there are no ongoing appeals. On 4
February 2026, the National Court issued its first rulings
dismissing the actions brought against the FROB\u2019s decision, in
application of the judgments of the EGC and the CJEU.
In the civil proceedings, several Spanish judges referred to the
CJEU a number of preliminary questions that have already been
resolved. In particular, in the judgments of 5 May 2022
(C-410/20) and 5 September 2024 (C-775/22, C-779/22,
C-794/22), the CJEU stated that Directive 2014/59/EU on bank
resolution prevents shareholders, subordinated debt holders,
and holders of equity instruments converted into shares bringing
actions against a financial institution subject to a resolution
proceeding or against its successor after the resolution, claiming
liability for the information contained in the prospectus, under
Directive 2003/71/EC, or actions seeking the nullity of the
contract of subscription of capital instruments, which, given its
retroactive effects, would result in the refund of the value of
such securities, plus the interest accrued as of the date of
execution of the contract. In its 11 September 2025 resolution
(C-687/23), the CJEU declared that the above referred TJUE
resolutions do not apply to actions pursued prior to the entity\u2019s
resolution. There are currently no other preliminary questions
under consideration.
On 4 March 2024, in the context of preliminary proceedings
42/2017, the Central Court of Instruction No. 4 issued a ruling
transforming the proceedings into Summary Proceedings and
terminating the investigation phase. This ruling considers that
the circumstantial evidence resulting from the investigation
which could constitute a crime is basically the following: (i) an
alleged misrepresentation in the prospectus of the 2016 capital
increase of Banco Popular; (ii) an alleged misrepresentation in
the annual accounts of Banco Popular for 2015, the interim
financial statements for 2016 and the annual accounts for 2016;
and (iii) the offer to the market of a distorted amount of
regulatory capital, after the capital increase of 2016 (for
allegedly having been granted by Banco Popular financing to
clients for the subscription of shares in the aforementioned
capital increase, without discounting it from the regulatory
capital). According to the aforementioned ruling, these facts
could constitute the crimes of fraud of investors (art. 282 of the
Criminal Code) and accounting falsehood (art. 290 of the
Criminal Code). All appeals filed against the ruling have been
dismissed.
The accusing parties, including the Public Prosecutor's Office,
filed their indictment briefs on 28 October 2024, which included
requests for compensation for civil liability and the request that
not only the defendants but also several entities are held liable
for such compensation, including Banco Santander, S.A., the
auditing firm and several insurance companies. Following the
filing of the indictment briefs, on 22 November 2024, the Court
(Investigating Judge) issued an order for the opening of the oral
trial against the defendants and civil liability parties, including
Banco Santander, S.A. as a possible civil liable party. However, in
line with what was determined by the Spanish National Court
and confirmed by the Supreme Court concerning the hypothetical
succession of Banco Popular by Banco Santander, S.A., the oral
trial has not been opened against the Bank as possible direct civil
liable party.
The order to open the oral trial states that the plaintiffs have
requested compensation for civil liability for a total amount of
EUR 2,277.65. Additionally, the order rejects the imposition of
the guarantee requested by several of the accusing parties,
considering that it is unnecessary to secure the outcome of the
trial. The defendants and potential civil liable parties submitted
their defense writs on 4 February 2025. After that, the
proceedings will be forwarded to the Criminal Chamber of the
National Court for the oral trial.
Regarding civil liability, the Bank considers that it has no
subsidiary civil liability in light of the CJEU\u2019s judgments of 5 May
2022 (C-410/20), 5 September 2024 (C-775/22, C-779/22,
C-794/22) and 11 September 2025 (C-687/23 and C-447/23).
Notwithstanding the foregoing, the Spanish National Court has
stated that this issue shall be resolved within the ongoing
proceedings.
The estimated cost of any compensation to shareholders and
bondholders of Banco Popular recognized in the 2017 accounts
amounted to EUR 680\u00a0million, of which EUR 535\u00a0million were
applied to the commercial loyalty program. On 15 December
2024, Banco Santander, S.A., proceeded to redeem in advance
voluntarily all bonds in circulation regarding such commercial
action. The CJEU judgements of 5 May 2022 (C-410/20), 5
September 2024 (C-775/22, C-779/22, C-794/22) and 11
September 2025 (C-687/23 and C-447/23) referred above,
represented a very significant reduction in the risk associated
with these claims.
\u2022 German shares investigation: the Cologne Public Prosecution
Office is conducting an investigation against the Bank and other
group entities based in the UK - Santander UK plc, Santander
Financial Services Plc and Cater Allen International Limited -, in
relation to a particular type of tax dividend linked transactions
known as cum-ex transactions.
The Group is cooperating with the German authorities. According
to the state of the investigations, the result, and the effects for
the Group, which may potentially include the imposition of
material financial consequences (penalties, and/or
disgorgement of proceeds) cannot be anticipated. For this
reason, the Bank has not recognized any provisions in relation to
the potential imposition of financial liabilities.
\u2022 Banco Santander, S.A. was sued in a legal proceeding in which
the plaintiff alleges that the Bank breached his contract as CEO
of the institution: in the lawsuit, the claimant mainly requested a
declaratory ruling upholding the existence, validity and
effectiveness of such contract and its enforcement together with
the payment of certain amounts. For the case that the main
request is not granted, the claimant sought a compensation for a
total amount of approximately EUR 112\u00a0million or, an alternative
relief for other minor amounts. Banco Santander, S.A. answered
to the legal action stating that the conditions to which the
appointment of that position was subject to were not met; that
the executive services contract required by law was not
concluded; and that in any case, the parties could terminate the
contract without any justified cause. On 17 May 2021, the
plaintiff reduced his claims for compensation to EUR 61.9\u00a0million.
On 9 December 2021, the Court upheld the claim and ordered
the Bank to compensate the claimant in the amount of EUR
67.8\u00a0million. By court order of 13 January 2022, the Court
corrected and supplemented its judgment, reducing the total
amount to be paid by the Bank to EUR 51.4\u00a0million and clarifying
that part of this amount (buy out) was to be paid under the terms
of the offer letter, i.e., entirely in Banco Santander shares, within
the deferral period for this type of remuneration at the plaintiff's
former employer and subject to the performance metrics or
parameters of the plan in force at the Bank, which was that of
2018. As explained in note 5 of the report of the consolidated
annual accounts of the year 2022, the degree of performance of
these objectives was 33.3%.
The Bank filed an appeal against the judgment before the Madrid
Court of Appeal, which was opposed by the plaintiff. At the same
time, the plaintiff filed an application for provisional
enforcement of the judgment in the First Instance Court. A court
order was issued ordering enforcement of the judgment, and the
Bank deposited in the court bank account the full amount
provisionally awarded to the claimant, including interest, for an
approximate sum of EUR 35.5\u00a0million, within the voluntary
compliance period.
On 6 February 2023, Banco Santander was notified with the
judgment of 20 January 2023 by which the Madrid Court of
Appeal partially upheld the appeal filed by the Bank. The
judgment has reduced the amount to be paid by EUR 8\u00a0million,
which, to the extent that this amount was already paid in the
provisional partial enforcement of the judgement of First
Instance Court, must be returned to the Bank together with other
amounts for interest, which the appeal judgement also rejects.
The plaintiff deposited circa EUR 9.6\u00a0million. This amount was
received by the Bank on 11 July 2023.
On 11 April 2023, the Bank filed an extraordinary appeal for
procedural infringement and an appeal in cassation against the
Madrid Court of Appeal\u2019s judgment before Spanish Supreme
Court. The extraordinary and cassation appeals submitted by the
Bank were accepted on 26 March 2025 and are pending to be
resolved. Existing provisions cover the estimated risk of loss.
\u2022 CHF Polish Mortgage Loans: In\u00a0 October 2019, the CJEU rendered
its decision in relation to the effects of the potential unfairness of
certain contractual clauses in CHF-Indexed loan agreements. The
CJEU established that it for the national courts to determine the
invalidity of a contract where it cannot be maintained without
the clause declared unfair and where no supplementary
provisions exist that would allow the contract to be maintained.
Subsequently, in\u00a0 June 2023, the CJEU confirmed that the effects
of such invalidity must be determined in accordance with
national law, interpreted in the light of Directive 93/13/EEC, and
that claims by financial institutions exceeding the
reimbursement of the loan principal and, where applicable,
default interest, are contrary to the objectives of that Directive.\u00a0
In April 2024, the Civil Chamber of the Polish Supreme Court
issued a judgment confirming that clauses relating to the
mechanism for determining the exchange rate declared abusive
cannot be replaced by alternative provisions and that, in the
absence of a binding exchange rate, the contract is not
enforceable for the parties. With regard to the effects of
invalidity, the Supreme Court confirmed the existence of
independent restitution claims for each party and ruled out the
possibility of claiming interest or other amounts for the use of
the funds. Nevertheless, certain aspects of this judgment have
been subject to internal debate within the Supreme Court itself,
reflecting the complexity and evolving nature of the
jurisprudential framework
In this context, Santander Bank Polska S.A. and Santander
Consumer Bank S.A. estimate legal risk using a model that
considers different possible outcomes and regularly review court
rulings on this matter in order to assess changes in case law,
including the impact of the aforementioned Supreme Court
judgment. Settlements are being reached both with customers
who have already initiated legal proceedings and with customers
who have not yet filed a claim. The model used to calculate
provisions for legal risks considers the evolution and expected
development of such settlements.
As of 31 December 2025, the total amount adjusted against the
gross carrying amount of loans in accordance with IFRS 9,
together with the provisions recognised under IAS 37, amounts
to PLN 5,874.3\u00a0million (EUR 1,391.9\u00a0million), of which
PLN3,191.7 million (EUR 756.3\u00a0million) corresponds to
adjustments to the gross carrying amount under IFRS 9 and PLN
2,682.6\u00a0million (EUR 635.6\u00a0million) to provisions recognised
under IAS 37. The adjustment to gross carrying amount in
accordance with IFRS9 during 2025 amounted to PLN
99.7\u00a0million (EUR 23.6\u00a0million), and the additional provisions
recognised under IAS 37 amounted to PLN 1245.3\u00a0million (EUR
293.8\u00a0million). Other costs related to the dispute amounted to
PLN 730.5\u00a0million (EUR 172.4\u00a0million). IAS 37.
As of the same date, Santander Bank Polska S.A. held a portfolio
of mortgages denominated in or indexed to CHF amounting to
approximately PLN 2,642.0\u00a0million (EUR 626.0\u00a0million) and
recognised provisions of PLN 4,766.4\u00a0million (EUR
1,129.4\u00a0million) to cover the CHF mortgage portfolio. Santander
Consumer Bank S.A. (Poland), in turn, held a portfolio of
mortgages denominated in or indexed to CHF amounting to
approximately PLN 735.9\u00a0million (EUR 174.4\u00a0million) and
recognised provisions of PLN 1,107.9\u00a0million (EUR 262.5\u00a0million)
to cover this portfolio.
Notwithstanding the above, as detailed in Note 3 b), in January
2026 the Group sold a 49% stake in Santander Bank Polska S.A.,
which ceased to be consolidated within the Group\u2019s perimeter as
of that date.
The Group continues to monitor the evolution of legal
proceedings and to periodically review the adequacy of the
provisions recognised, which represent the best estimate of the
risk existing as of the reporting date.
\u2022 Banco Santander Mexico: dispute regarding a testamentary trust
constituted in 1994 by Mr. Roberto Garza Sada in Banca Serfin
(currently Santander Mexico) in favor of his four sons in which he
affected shares of Alfa, S.A.B. de C.V. (respectively, Alfa and the
Trust). During 1999, Mr. Roberto Garza Sada instructed
Santander M\u00e9xico in its capacity as trustee to transfer
36,700,000 shares from the Trust's assets to his sons and
daughters and himself. These instructions were ratified in 2004
by Mr. Roberto Garza Sada before a Notary Public.
Mr. Roberto Garza Sada passed away on 14 August 2010 and
subsequently, in 2012, his daughters filed a complaint against
Santander Mexico alleging it had been negligent in its trustee
role. The lawsuit was dismissed at first instance in April 2017 and
on appeal in 2018. In May 2018, the plaintiffs filed an appeal
(recurso de amparo) before the First Collegiate Court of the
Fourth Circuit based in Nuevo Le\u00f3n, which ruled in favor of the
plaintiffs on 7 May 2021, annulling the 2018 appeal judgment
and condemning Santander Mexico to the petitions claimed,
consisting of the recovery of the amount of 36,700,000 Alfa
shares, together with dividends, interest and damages.
Since 2021, Santander Mexico has filed before the Supreme
Court of Justice of the Nation a constitutional review challenge
(recurso de revisi\u00f3n constitucional) against the referred decision
which was initially rejected by the Supreme Court; and several
appeals (recursos de reclamaci\u00f3n) against such rejection. On 25
June 2025, one of the appeals filed by the Bank was accepted,
and this decision was extended to a remaining one, which will
now be resolved. In case that these appeals are resolved
favorably to the Bank, the Supreme Court will decide on the
merits of the constitutional review against the judgment which
condemned the Bank.
In parallel to the foregoing, the Bank also filed an amparo
against the judgment favorable to the plaintiffs rendered by the
First District Court in the State of Nuevo Le\u00f3n before the
Collegiate Courts if such State, and in 2024, the Bank requested
the Supreme Court of Justice of the Nation to take up and resolve
the matter through the faculty of attraction, what is pending.
The challenges and appeals filed by the Bank imply that the
judgment rendered in favour of the plaintiffs is not final, and
Santander M\u00e9xico believes that the actions taken should prevail
and reverse the decision against it. The impact of a potential
unfavorable resolution for Santander M\u00e9xico will be determined
in a subsequent proceeding and will also depend on the
additional actions that Santander M\u00e9xico may take in its defense,
so it is not possible to determine it at this time. At the current
stage of the proceedings, the provisions recorded are considered
sufficient to cover the risks deriving from this claim.
\u2022 Mortgage Expenses: in December 2015 the Spanish Supreme
Court ruled that mortgage clauses relating to the payment of
fees associated to formalizing the mortgage were abusive. On 27
November 2018, the Supreme Court agreed that the taxpayer of
the documented legal acts stamp duty tax (IAJD) on the
mortgage loans should be the borrower. On 9 November 2018,
RDL 17/2018 came into force and modified the Law of the IAJD,
establishing that the taxpayer is the Bank. On 23 January 2019,
the Supreme Court ruled the distribution of the same must be
50% between the Bank and the borrower in public notary
expenses and agency expenses.\u00a0 The Supreme Court also ruled
that the Bank must pay 100% of the Registry. On 26 October
2020, the Supreme Court ruled that the Bank is fully responsible
for the management expenses; and on 27 January 2021, the
Supreme Court ruled that the Bank is also responsible for the
valuation expenses.
In relation to the statute of limitations, on 25 April 2024, two\u00a0
judgments were rendered (cases C-561/21 and C-484/21) in
which the Court of Justice of the European Union (CJEU) stated
that the commencement of the statute of limitations for the
reimbursement action of the mortgage expenses derived from
the annulment of the clause, shall be fixed on the moment when
the consumer has an effective knowledge of the abusive nature
of the clause and its effects and that this date must not be fixed
(a) on the date of payment of such expense nor of the execution
of the agreement; (b) when the Supreme Court has handed down
judgments stating the abusive nature of a clause similar to the
one included in the consumer contract; nor (c) when the CJEU has
handed down judgments confirming that the statute of
limitations for the reimbursement action of the amounts derived
from the annulment of contractual provisions is valid subject to
its compliance with the principles of equivalence and
effectiveness.
The Supreme Court has confirmed this criterion in its 14 June
2024 judgment, establishing that the public dissemination of
case-law declaring the abusive nature of a clause does not
necessarily give rise to the limitation period of the
reimbursement action derived from similar clauses. However,
the 4 July 2024 judgment, rendered in the case C-450/22, the
CJEU has established that it cannot be excluded a priori that, as a
consequence of the occurrence of an objective event or of a
notorious event, such as the amendment of the applicable
legislation or a widely disseminated and debated development of
jurisprudence, the court considers that the average consumer's
overall perception of the floor clause has changed during the
reference period and has enabled him to become aware of the
potentially significant economic consequences arising from such
clause. A further preliminary question concerning the statute of
limitations of the reimbursement action derived from the
annulment of mortgage expenses has been raised before the
CJEU by the First Instance Court No 8 of La Coru\u00f1a.
In December in 2024, the Supreme Court handed down two
additional judgments regarding statute of limitations, in which it
determines that the date to be considered for the purposes of the
application of Directive 93/1994 and, consequently, the statute
of limitations detailed in its previous judgments, is 31 December
1994 (i.e. the date when the deadline for its transposition
ended). This is based on the principle of interpretation in
accordance with directives not transposed (applicable once their
transposition period has expired). The recorded provision
includes the best estimate of Group\u2019s liability for this matter.
Banco Santander and the other Group companies are subject to
claims and, therefore, are party to certain judicial and
administrative proceedings incidental to the normal course of their
business including those in connection with lending activities,
relationships with employees and other commercial or tax matters
additional to those referred to here.
With the information available to it, the Group considers that, at 31
December 2025, it had reliably estimated the obligations
associated with each proceeding and had recognized, where
necessary, sufficient provisions to cover reasonably any liabilities
that may arise as a result of these tax and legal risks. Disputes in
which risk and/or provisions have been registered but are not
disclosed is justified on the basis that it would be prejudicial to the
proper defense of the Group. Subject to the qualifications made, it
also believes that any liability arising from such claims and
proceedings will not have, overall, a material adverse effect on the
Group\u2019s business, financial position, or results of operations.
27. Tax matters
a) Consolidated Tax Group
According to current Spanish regulation, the Tax Consolidated
Group includes Banco Santander, S.A. as the parent company and,
as subsidiaries, those Spanish subsidiaries that meet the
requirements established by the regulations on the taxation of
consolidated groups.
The other Group companies file income tax returns in accordance
with the tax regulations applicable to them.
b) Years open for review by the tax authorities
In relation to the partial scope tax audit of Corporate Income Tax
for fiscal year 2020 and Value Added Tax for fiscal years 2020 to
2022, initiated in April 2024, in December 2025 the Spanish tax
authorities issued a Corporate Income Tax assessment, which has
been appealed before the Central Economic-Administrative Court,
and the VAT assessments were still pending at the close of the
financial year.
The main appeals filed against assessments issued in prior audits
remain pending before the Central Economic-Administrative Court
(Corporate Income Tax and Value Added Tax for fiscal years 2017
to 2019) and before the National Appellate Court (Corporate
Income Tax for fiscal years 2003 to 2015). Banco Santander, S.A.,
as the parent company of the Tax Consolidated Group, considers,
based on the advice of its external legal counsel, that the
adjustments made should not have a significant impact on the
consolidated annual accounts, as there are strong arguments for
defense in the appeals filed against these assessments.
Consequently, no provision has been recognized in this respect.
Furthermore, it should be noted that, in those cases where it was
considered appropriate, the available mechanisms have been used
to avoid international double taxation.
At the date of approval of these consolidated annual accounts,
subsequent years up to and including 2025, are subject to review.
The other entities have the corresponding years open for review,
pursuant to their respective tax regulations.
Due to possible different interpretations which can be made of the
tax regulations, the outcome of the tax audits of the rest of years
subject to review might give rise to contingent tax liabilities which
cannot be objectively quantified. However, the Group\u2019s tax advisers
consider that it is unlikely that such tax liabilities will materialize,
and that in any event the tax charge arising therefrom would not
materially affect the Group\u2019s consolidated financial statements.
c) Reconciliation
The reconciliation of the income tax expense calculated at the tax
rate applicable in Spain ( 30%) to the income tax expense
recognised and the detail of the effective tax rate are as follows:
EUR million
2025
2024
2023
Consolidated profit (loss) before tax:
From continuing operations
18,681
17,347
15,005
From discontinued operations
1,950
1,680
1,454
20,631
19,027
16,459
Income tax at tax rate applicable in
Spain (30%)
6,189
5,708
4,938
By the effect of application of the
various tax rates applicable in each
countryA
(103)
115
(100)
Of which:
Brazil
264
413
198
United Kingdom
(42)
(53)
(51)
United States
(60)
(25)
(28)
Chile
(36)
(33)
(28)
Poland
(224)
(183)
(164)
Effect of profit or loss of associates
and joint ventures
(207)
(213)
(184)
USA electric vehicle leasing
incentives
(203)
(258)
(259)
Global minimum tax Pillar Two
6
14
\u2014
Effect of reassessment of deferred
taxes
(101)
68
\u2014
Permanent differences
and other
(450)
(151)
(119)
Income tax
5,131
5,283
4,276
Effective tax rate
24.87%
27.77%
25.98%
Of which:
Continuing operations
4,723
4,844
3,880
Discontinued operations
(Note 37)
408
439
396
Of which:
Current taxes
5,666
4,855
5,568
Deferred taxes
(535)
428
(1,292)
Income tax (receipts)/payments
4,954
5,880
5,214
A. Calculated by applying the difference between the tax rate applicable in Spain
and the tax rate applicable in each jurisdiction to the profit or loss contributed to
the Group by the entities which operate in each jurisdiction.
d) Tax recognised in equity
In addition to the income tax recognised in the consolidated
income statement, the Group recognised the following amounts in
consolidated equity in 2025, 2024 and 2023:
EUR million
2025
2024
2023
Other comprehensive income
Items not reclassified to profit or loss
115
85
358
Actuarial gains or (-) losses on defined
benefit pension plans
63
172
302
Changes in the fair value of equity
instruments measured at fair value
through other comprehensive income
4
(4)
20
Financial liabilities at fair value with
changes in results attributable to
changes in credit risk
48
(83)
36
Items that may be reclassified to profit
or loss
(440)
54
(919)
Cash flow hedges
(207)
(205)
(732)
Changes in the fair value of debt
instruments through other
comprehensive income
(204)
261
(214)
Hedging instruments (items not
designated)
3
\u2014
\u2014
Non-current assets held for sale
(32)
\u2014
\u2014
Other recognised income and expense
of investments in subsidiaries, joint
ventures and associates
\u2014
(2)
27
Total
(325)
139
(561)
e) Deferred taxes
'Tax assets' in the consolidated balance sheets includes debit
balances with the Public Treasury relating to deferred tax assets.
'Tax liabilities' includes the liability for the Group\u2019s various deferred
tax liabilities.
In accordance with EU Regulation 575/2013 on prudential
requirements for credit institutions and investment firms (CRR),
and subsequently amended by EU Regulation 2019/876 of the
European Parliament and of the Council, those deferred tax assets
that do not rely on future profitability arising from temporary
differences (referred to hereinafter as 'monetizable deferred tax
assets\u2019), meeting certain conditions, should not be deducted from
regulatory capital and should not be risk-weighted at 250%
according to the thresholds set out in Article 48 of the said
Regulation, but shall apply a risk weight of 100% under Article 39.
The detail of deferred tax assets, by classification as monetizable
or non-monetizable assets, and of deferred tax liabilities at 31
December 2025 , 2024 and 2023 is as follows:
EUR million
2025
2024
2023
MonetizableA
Other
MonetizableA
Other
MonetizableA
Other
Tax assets
10,725
8,219
10,309
8,861
11,099
9,668
Tax losses and tax credits
\u2014
2,354
\u2014
2,367
\u2014
2,393
Temporary differences
10,725
5,865
10,309
6,494
11,099
7,275
Of which:
Non-deductible provisions
\u2014
1,970
\u2014
1,784
\u2014
1,965
Valuation of financial instruments
\u2014
810
\u2014
1,486
\u2014
1,543
Loan losses
8,471
1,341
7,880
1,103
8,248
1,577
Pensions
2,254
426
2,429
423
2,851
665
Valuation of tangible and intangible
assets
\u2014
832
\u2014
885
\u2014
1,060
Tax liabilities
\u2014
5,904
\u2014
6,276
\u2014
6,086
Temporary differences
\u2014
5,904
\u2014
6,276
\u2014
6,086
Of which:
Valuation of financial instruments
\u2014
1,980
\u2014
2,412
\u2014
2,059
Valuation of tangible and intangible
assets
\u2014
2,714
\u2014
2,797
\u2014
2,594
Investments in Group companies
\u2014
427
\u2014
403
\u2014
378
A. In 2023, the Spanish Economic Administrative Court ruled that in 2017 the requirements for the conversion of part of the monetizable assets of Popular Group into a
credit against the Tax Administration were met, allowing the conversion to EUR 995\u00a0million. Banco Santander was refunded without impact on results. The favourable
Economic Administrative Court decision was declared harmful to the public interests and challenged at the National Appellate Court by the Tax Administration. The
estimation of this appeal, which is pending at the National Appellate Court,\u00a0 would imply that Grupo Santander should repay the amount refunded and would, once again,
credit these monetizable assets with no impact on results except for late payment interests. However, it is considered that there are strong defense arguments in relation
to this appeal.
Grupo Santander only recognises deferred tax assets for temporary
differences or tax loss and tax credit carryforwards where it is
considered probable that consolidated entities that generated
them will have sufficient future taxable profits against which they
can be utilised.
The deferred tax assets and liabilities are reassessed at the
reporting date in order to ascertain whether any adjustments need
to be made on the basis of the findings of the analyses performed.
These analyses take into consideration all evidence, both positive
and negative, of the recoverability of such deferred tax assets,
among which we can find, (i) the results generated by the different
entities in previous years, (ii) the projections of results of each
entity or fiscal group, (iii) the estimation of the reversal of the
different temporary differences according to their nature and (iv)
the period and limits established under the applicable legislation of
each country for the recovery of the different deferred tax assets,
thus concluding on the ability of each entity or fiscal group to
recover the deferred tax assets registered.
The projections of results used in this analysis are based on the
financial planning approved by both the local directions of the
corresponding units and by the Group's directors. The Group's
budget estimation process is common for all units. The Group's
management prepares its financial planning based on the
following key assumptions:\u00a0
a) Microeconomic variables of the entities that make up the fiscal
group in each location: the existing balance structure, the mix of
products offered and the commercial strategy at each moment
defined by local directions are taken into account, based on the
competition, regulatory and market environment.
b) Macroeconomic variables: estimated growths are based on the
evolution of the economic environment considering the
expected evolution in the gross domestic product of each
location, and the forecasts of interest rates, inflation and
exchange rates fluctuations. These data are provided by the
Group\u2019s Studies Service.
Additionally, the Group performs retrospective contrasts
(backtesting) on the variables projected in the past. The differential
behaviour of these variables with respect to the real market data is
considered in the projections estimated in each fiscal year. Thus,
and in relation to Spain, the deviations identified by the Directors in
recent past years are due to a combination of exogenous factors,
mainly the changing impact of the macroeconomic environment
and competition, and management actions, such as the
acceleration of restructuring plans, investment in digitalisation,
and the optimisation of capital and shareholder returns.
Finally, and given the degree of uncertainty of these assumptions
on the referred variables, the Group conducts a sensitivity analysis
of the most significant assumptions considered in the deferred tax
assets\u2019 recoverability analysis, considering any reasonable change
in the key assumptions on which the projections of results of each
entity or fiscal group and the estimation of the reversal of the
different temporary differences are based.
In relation to Spain, the sensitivity analysis has consisted of making
reasonable changes to the key assumptions, including adjusting 50
basis points for growth (gross domestic product) and adjusting 50
basis points for inflation.
Relevant information is set forth below for the main countries
which have recognised deferred tax assets:
Spain
The deferred tax assets recognised at the Consolidated Tax Group
total EUR 7,183 million, of which EUR 5,069\u00a0million were for
monetizable temporary differences with the right to conversion
into a credit against the tax administration as explained before,
EUR 1,433\u00a0million for other temporary differences and EUR
681\u00a0million for tax losses and credits.
Brazil
The deferred tax assets recognised in Brazil total EUR 7,465, of
which EUR 5,606\u00a0million were for monetizable temporary
differences, EUR 1,150 for other temporary differences and EUR
709 for tax losses and credits.
Mexico
The deferred tax assets recognized in Mexico total EUR 1,542, of
which EUR 1,511 were for temporary differences and EUR 31 for
tax losses and credits.
United States
The deferred tax assets recognised in the United States total EUR
1,026, of which EUR 253 were for temporary differences and EUR
773 for tax losses and credits.
The Group estimates that the recognised deferred tax assets for
temporary differences, tax losses and credits in the different
jurisdictions could be recovered in a maximum period of 15 years.
The changes in Tax assets\u00a0- Deferred and Tax liabilities\u00a0- Deferred
in the last three\u00a0years were as follows:
EUR million
Balance at 1
January 2025
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit
to asset and
liability valuation
adjustments
Reclassificat
ion no-
current
asset held
for sale
Acquisition
for the year
(net)
Balance at 31
December
2025
Deferred tax assets
19,170
1,107
(102)
(132)
(1,130)
31
18,944
Tax losses and tax credits
2,367
82
(107)
\u2014
\u2014
12
2,354
Temporary differences
16,803
1,025
5
(132)
(1,130)
19
16,590
Of which monetizable
10,309
455
(39)
\u2014
\u2014
10,725
Deferred tax liabilities
(6,276)
(572)
108
(232)
1,064
\u2014
(5,904)
Temporary differences
(6,276)
(572)
108
(232)
1,064
4
(5,904)
12,894
535
6
(364)
(66)
31
13,040
EUR million
Balance at 1
January 2024
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit
to asset and
liability valuation
adjustments
Acquisition
for the year
(net)
Balance at 31
December
2024
Deferred tax assets
20,767
119
(1,670)
(41)
(5)
19,170
Tax losses and tax credits
2,393
114
(139)
\u2014
(1)
2,367
Temporary differences
18,374
5
(1,531)
(41)
(4)
16,803
Of which monetizable
11,099
147
(937)
\u2014
\u2014
10,309
Deferred tax liabilities
(6,086)
(547)
142
215
\u2014
(6,276)
Temporary differences
(6,086)
(547)
142
215
\u2014
(6,276)
14,681
(428)
(1,528)
174
(5)
12,894
EUR million
Balance at 1
January 2023
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit to
asset and liability
valuation
adjustments
Acquisition
for the year
(net)
Balance at 31
December
2023
Deferred tax assets
20,787
629
(130)
(422)
(97)
20,767
Tax losses and tax credits
1,778
392
224
\u2014
(1)
2,393
Temporary differences
19,009
237
(354)
(422)
(96)
18,374
Of which monetizable
10,660
1,232
(787)
\u2014
(6)
11,099
Deferred tax liabilities
(6,428)
663
3
(338)
14
(6,086)
Temporary differences
(6,428)
663
3
(338)
14
(6,086)
14,359
1,292
(127)
(760)
(83)
14,681
Also, the Group did not recognise deferred tax assets amounting to
approximately EUR 11,240\u00a0million\u00a0 of which EUR 6,420\u00a0million
relate to tax losses, EUR 3,430\u00a0million to tax credits, and EUR
1,390\u00a0million to other concepts.
f) Global Minimum Tax Pillar Two
The Global Minimum Tax Model Rules, known as Pillar Two and
approved in 2021 by the OECD Inclusive Framework, require
multinational groups with revenues exceeding EUR 750 million to
be subject to a minimum tax rate of 15% on adjusted accounting
profit, calculated on a jurisdiction-by-jurisdiction basis. The OECD
has complemented these rules through the approval of
administrative guidance and a document on transitional safe
harbours applicable to fiscal years 2024 to 2026. In January 2026,
the application of the transitional safe harbours was extended for
an additional year, and new permanent safe harbours were
approved with the aim of simplifying the application of the Model
Rules and implementing the 'side-by-side agreement' reached in
June 2025 within the G7, which will apply from 2026 to
multinational groups with a U.S. parent company.
In the European Union, in December 2022, the Council approved
Directive (EU) 2022/2523 on ensuring a global minimum level of
taxation for multinational enterprise groups and large scale
domestic groups in the Union, setting 1 January 2024 as the entry-
into-force date of the new minimum taxation. The Directive
implements the OECD Inclusive Framework Pillar Two rules within
the European Union, while also extending their application to large
domestic groups.
In Spain, on 20 December 2024, Law 7/2024 was approved,
establishing a Supplementary Tax to ensure a global minimum
level of taxation for multinational groups and large domestic
groups, effective as from 1 January 2024. This Law transposes
Directive (EU) 2022/2523 and also establishes a domestic
supplementary tax aligned with the Pillar Two rules. In April 2025,
Royal Decree 252/2025 was published, approving the
implementing regulations of the Law.
With regard to other jurisdictions, the rules on the new global
minimum tax are already in force in most of the main geographies
in which the Group operates, with the exception of Mexico, Chile,
and Argentina.
The Pillar Two rules require calculating, in each jurisdiction in
which the Group operates, the effective tax rate resulting from
comparing income tax expense with accounting profit, both subject
to certain adjustments. If, in a given jurisdiction, this rate is below
15%, Banco Santander, as the ultimate parent entity, must pay the
difference to the Spanish tax authorities as a supplementary tax,
unless a domestic supplementary tax aligned with the Pillar Two
rules (a qualified domestic tax) has been approved in that
jurisdiction, in which case the amount will be paid to the local tax
authorities.
Both Banco Santander, S.A., as the ultimate parent entity, and the
subsidiaries resident in jurisdictions where a qualified domestic tax
has been approved, have estimated the supplementary taxes
accrued, taking into account the application of the transitional safe
harbours in fiscal years 2024 and 2025.
These safe harbours mean that the supplementary tax, whether at
the level of the parent entity or in jurisdictions that have adopted a
qualified domestic tax, is not payable provided that any of the
following conditions are met: (i) the effective tax rate calculated
based on country-by-country reporting data exceeds 15% in 2024
and 16% in 2025; (ii) the Group\u2019s presence in a jurisdiction is not
significant if below EUR 10 million and profit before tax is below
EUR 1 million; or (iii) profit before tax is lower than the amount
resulting from the sum of tangible fixed assets and employee
expenses adjusted by a certain percentage that varies annually.
This supplementary tax expense recognized by the Group has not
been significant, as the effective tax rates calculated in accordance
with the Pillar Two rules in most of the jurisdictions in which the
Group operates are above 15%. Nevertheless, the new regulations
require the provision of a large amount of information to the tax
authorities in the jurisdictions where the Group is present, broken
down on an entity-by-entity basis, which involves a significant
administrative burden.
g) Tax reforms
In 2025 and prior years, the following significant tax reforms were
approved:
In Spain, in 2022, Law 38/2022 was approved, establishing a
temporary levy payable by credit institutions and financial credit
institutions in fiscal years 2023 and 2024. The levy amounted to
4.8% of the sum of net interest income and net fees and
commissions from the activity carried out in Spain in the previous
year. The payment obligation arose on the first day of each fiscal
year. The expense recognized for this temporary levy amounted to
EUR 224\u00a0million in 2023 and EUR 334\u00a0million in 2024. However,
the tax authorities have audited both years and consider that an
additional amount is payable due to differences in the criteria
applied in determining the taxable base, which are currently being
discussed by the Bank. Furthermore, the Law established, for 2023,
a 50% limitation on the inclusion of individual tax losses in the
taxable base of the Tax Consolidated Group, setting a 10-year
period for the reversal of this positive adjustment.
On 20 December 2024, Law 7/2024 was approved, which, among
other tax measures, introduced a tax on the net interest margin
and commissions earned in Spanish territory by certain financial
institutions, with accrual on 1 January of fiscal years 2025, 2026
and 2027. The taxable base, with certain changes compared to that
of the temporary levy, is now calculated on an individual basis for
each financial institution, and the tax liability is determined in
accordance with a progressive rate scale ranging from 1% to 7%,
after applying certain deductions. On 24 December 2024, Royal
Decree-Law 9/2024 was published in the Official State Gazette,
amending certain technical aspects of the tax and postponing its
accrual to 31 January of those fiscal years. This Royal Decree-Law
was abolished on 22 January 2025 and, therefore, no expense was
recognized for the new tax in respect of 2024 income in accordance
with the legislation in force at that time (EUR 392\u00a0million were paid
during the year). In 2025, the expense corresponding to income
accrued during the financial year, recognised as income tax,
amounts to \u20ac353\u00a0million and will be paid in 2026. The Group
considers that both the temporary levy and the tax on net interest
margin and fees and commissions are contrary to the Spanish and
European Union constitutional and legal principles and has
therefore disputed the corresponding self-assessments, requesting
a refund of the amounts paid.
Additionally, the aforementioned Law 7/2024 once again
establishes, for fiscal years 2024 and 2025, a 50% limitation on the
inclusion of individual tax losses in the taxable base of the Tax
Consolidated Group, setting a 10-year period for the reversal of
this positive adjustment. Likewise, this Law reintroduces the limits
provided for in Royal Decree-Law 3/2016\u2014which was declared
unconstitutional by the Constitutional Court ruling of 18 January
2024\u2014on the utilization of monetizable deferred tax assets and
the offsetting of tax losses (with the limit reduced from 70% to
25%), as well as on the application of deductions to avoid double
taxation (50%), and also reinstates the mandatory reversal of
impairments on shareholdings that were deductible in prior years
by third parties, regardless of any recovery in the value of the
investees.
In Brazil, Law 14,467 enacted in 2022 with effect from 2025,
amends the rules on the tax deductibility of credit provisions in
financial institutions, bringing those rules closer to the accounting
recognition criterion. In 2024, Law 15,078 was published, allowing
the recovery of the accumulated balance of provisions of
nondeductible loans at the end of 2024 within a seven-year period
(with the option to extend to ten years) from January 2026.
In 2025, several Legislative Decrees and decisions of the Federal
Supreme Court were published concerning the Financial
Transactions Tax (IOF), amending the applicable rules and setting
new rates for its various categories: (i) IOF Credit (local loans to
legal entities increased from 1.88% to a maximum of 3.37% per
annum); (ii) IOF Insurance (a 5% rate was introduced on the excess
of certain contributions to life insurance policies); and (iii) IOF
Foreign Exchange (payments for the import of services and
royalties paid abroad rose from 0.38% to 3.5%).
In December 2023, Congress approved Constitutional Amendment
132/2023 on indirect taxation reform, initiating the legislative
development process, which culminated in the enactment of
Supplementary Laws 214/2025 in January 2025 and 227/2026 in
January 2026. This reform replaces the various existing indirect
taxes in Brazil, -applicable at the federal, regional and municipal
levels-, with two taxes administered at federal level (contribution
on goods and services and selective tax) and other administered at
regional and municipal levels (tax on goods and services). The new
system will be gradually implemented over a transitional period of
8 years (from 2026 to 2033).
In 2024, Law No. 14.973/2024 partially extended, until 31
December 2027, an optional social contribution regime for
employees applicable to certain sectors of activity, allowing such
contributions to be calculated as a percentage of gross income
(ranging from 1% to 4.5%, depending on the sector), rather than
under the general regime, which applies a 20% rate to employee
payroll.
In November 2025, Law No. 15.270 was published which, among
other measures, introduced a 10% withholding tax on ordinary
dividends paid abroad as from 1 January 2026.
In December 2025, Supplementary Law No. 224 was enacted,
which, among other measures: (i) increased the withholding tax on
Interest on equity (juros sobre o capital pr\u00f3prio) from 15% to
17.5%; (ii) raised the CSLL rate applicable to non-bank financial
institutions as from 1 April 2026 on a gradual basis: payment
institutions to 12% in 2026 and 2027, and 15% as from 2028; and
credit, financing and capitalisation companies to 17.5% in 2026
and 2027, and 20% as from 2028 (the rate for banks remains at
20% and for other financial institutions at 15%), and (iii) introduced
an automatic 10% reduction in the amount of certain federal tax
incentives as from 2026.
In Argentina, as from 23 December 2024, Tax for an Inclusive and
Solidarity Argentina (PAIS), which imposed certain foreign currency
purchasing operations in order to make payments abroad, has been
eliminated. Likewise, General Resolution (AFIP) No. 5,554 repeals,
with effect from 1 September 2024, the obligation to withhold VAT
and income tax on electronic payments.
In Chile, Law 27,713 on Tax Compliance Obligations was published
in October 2024, amending, among other instruments, the Tax
Code, the Income Tax Law and the Value Added Tax Law.
Additionally, in July 2024, Law No. 21,681 was published, which,
among other measures, introduced a new Substitute Tax of Final
Tax, allowing the distribution of taxable profits at a fixed rate of
12% until 31 January 2025, thereby reducing the fiscal cost of such
distributions.
In Mexico, the Federal Revenue Law for Fiscal Year 2026 was
published in November 2025, limiting the deductibility of
contributions paid to the Institute for the Protection of Bank
Savings (IPAB) to 25% of their amount and amending the tax
treatment of loan loss provisions, bringing them into line with the
regime applicable to other entities.
In the United States, Law 119-21 ('One, Big, Beautiful Bill Act') was
passed in July 2025, introducing significant regulatory changes.
Notable among these are the repeal of tax credits linked to electric
vehicles as from 1 October 2025 (while preserving those already
generated), the elimination of the obligation to capitalise and
amortise the costs of in-house software development (which will
now be deductible), and the reintroduction of accelerated tax
depreciation for investments in certain tangible assets.
In Portugal, a gradual reduction of the corporate income tax rate
has been approved, falling from 20% in 2025 to 19% in 2026, 18%
in 2027 and 17% in 2028 and subsequent years. Including the
municipal surtax of up to 1.5% and the state surtax of up to 9%,
this results in an aggregate combined rate of 30.50%, 29.50%,
28.50% and 27.50%, respectively.
In Poland, one of the most significant changes to the tax
framework is the increase in the corporate income tax rate for
banks, from 19% to 30% in 2026, followed by a reduction to 26%
in 2027 and 23% in 2028 and subsequent years.
In Germany, the Tax Investment Programme to Strengthen
Germany\u2019s Economic Base was passed in July. It provides for a
gradual annual one-percentage-point reduction in the corporate
income tax rate from 2028, falling from the current 15% to 10% by
2032. In Germany, the combined corporate income tax and
municipal trade tax rate\u2014which also applies to business profits\u2014is
currently 32.45% and will decrease to 27.18% by 2032.
h) Other information
In compliance with the disclosure requirement established in the
listing rules\u00a0instrument 2005 published by the UK Financial
Conduct Authority, it is hereby stated that shareholders of the Bank
resident in the United Kingdom will be entitled to a tax credit for
taxes paid abroad in respect of withholdings that the Bank has to
pay on the dividends to be paid to such shareholders if the total
income of the dividend exceeds the amount of exempt dividends of
GBP 500 for the year 2025/26 (GBP 500 for the year 2024/25). The
shareholders of the Bank resident in the United Kingdom who hold
their ownership interest in the Bank through Santander Nominee
Service will be informed directly of the amount thus withheld and
of any other data they may require to complete their tax returns in
the United Kingdom. The other shareholders of the Bank resident in
the United Kingdom should contact their bank or securities broker.
Banco Santander, S.A., is part of the Large Business Forum and has
adhered since 2010 to the Code of Good Tax Practices in Spain.
Also Santander UK is a member of the HMRC\u2019s (His Majesty's
Revenue and Customs) Code of Practice on Taxation in the United
Kingdom and Santander Portugal has adhered to the Code of Good
Tax Practices in Portugal, actively participating in the cooperative
compliance programs being developed by these Tax
Administrations.
39. Interest expense
Interest expense and similar charges in the consolidated income
statement includes the interest accruing in the\u00a0year on all financial
liabilities with an implicit or explicit return, including remuneration
in kind, calculated by applying the effective interest method,
irrespective of measurement at fair value; the rectifications of cost
as a result of hedge accounting; and the interest cost attributable
to provisions recorded for pensions.
The detail of the main items of interest expense and similar
charges accrued in 2025, 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Customer deposits
31,735
35,714
32,457
Debt securities issued and subordinated
liabilities
15,066
14,612
12,671
Marketable debt securities
13,580
13,255
11,661
Subordinated liabilities (note\u00a023)
1,486
1,357
1,010
Central banks and credit institution
deposits
8,151
9,381
9,360
Lease Liabilities
107
122
127
Provisions for pensions (note\u00a025)
91
105
93
Other interest expense
4,212
5,291
6,384
59,362
65,225
61,092
Most of the interest expense and similar charges was generated by
the Group\u2019s financial liabilities that are measured at amortised
cost.
42. Commission expense
Commission expense shows the amount of all fees and
commissions paid or payable by the Group in the\u00a0year, except those
that form an integral part of the effective interest rate on financial
instruments.
The detail of commission expense is as follows:
EUR million
2025
2024
2023
Cards
1,744
1,816
1,858
By collection and return of effects
30
30
24
Financial guarantees and other
commitments
359
323
282
Brokerages and intermediaries
130
181
204
Sales of insurance and\u00a0 funds
456
453
352
Other fees and commissions
1,692
1,655
1,429
4,411
4,458
4,149
43. Gains or losses on financial assets and
liabilities
The following information is presented below regarding the gains
or losses recorded for financial assets or liabilities:
a) Breakdown
The detail, by origin, of Gains/losses on financial assets and
liabilities:
EUR million
2025
2024
2023
Gains or losses on financial assets and
liabilities not measured at fair value
through profit or loss, net
127
(117)
96
\u00a0 Financial assets at amortized cost
(89)
(190)
(3)
\u00a0 Other financial assets and liabilities
216
73
99
Of which debt instruments
133
50
51
Gains or losses on financial assets and
liabilities held for trading, netA
1,017
1,344
2,316
Gains or losses on non-trading
financial assets and liabilities
mandatory at fair value through profit
or loss
1,106
495
198
Gains or losses on financial assets and
liabilities measured at fair value
through profit or loss, netA
(307)
691
(92)
Gains or losses from hedge accounting,
net
12
14
69
1,955
2,427
2,587
A. Includes the net result obtained by transactions with debt securities, equity
instruments, derivatives and short positions included in this portfolio when the
Group jointly manages its risk in these instruments.
44. Exchange differences, net
Exchange differences shows basically the gains or losses on
currency dealings, the differences that arise on translations of
monetary items in foreign currencies to the functional currency.
Grupo Santander manages the currencies to which it is exposed
together with the arrangement of derivative instruments and,
accordingly, the changes in this line item should be analysed
together with those recognised under 'Gains/losses on financial
assets and liabilities' (see note\u00a043).
45. Other operating income and expenses
Other operating income and Other operating expenses in the
consolidated income statements include:
EUR million
2025
2024
2023
Other operating income
1,583
846
1,137
Non- financial services
738
654
752
Other operating income
845
192
385
Other operating expense
(2,070)
(2,258)
(2,766)
Non-financial services
(650)
(498)
(674)
Other operating expense:
(1,420)
(1,760)
(2,092)
Of which, credit institutions deposit
guarantee fund and single resolution
fund
(478)
(481)
(1,083)
(487)
(1,412)
(1,629)
In the 2025 and 2024 financial years, it was decided that there will
not be contribution in Spain to the Single Resolution Fund, as well
as a decrease in the contribution to the Deposit Guarantee Fund, by
the Single Resolution Board (SRB) and the Deposit Guarantee Fund\u00a0
Management Committee, respectively.
The amount of the Group recognises in relation to income from
sub-leases of rights of use is not material.
46. Staff costs
a) Breakdown
The detail of Staff costs is as follows:
EUR million
2025
2024
2023
Wages and salaries
10,328
10,541
10,018
Social Security costs
1,680
1,644
1,576
Additions to provisions for defined benefit
pension plans (note\u00a025)
41
45
42
Contributions to defined contribution
pension funds
332
354
307
Other Staff costs
1,252
1,241
1,332
13,633
13,825
13,275
c) Share-based payments
The main share-based payments granted by the Group in force at
31 December,\u00a02025, 2024 and 2023 are described below.
i. Bank
The variable remuneration policy for the Bank\u2019s executive directors
and certain executive personnel of the Bank and of other Group
companies includes Bank share-based payments, the
implementation of which requires, in conformity with the law and
the Bank\u2019s Bylaws, specific resolutions to be adopted by the
general meeting.
Were it necessary or advisable for legal, regulatory or other similar
reasons, the delivery mechanisms described below may be
adapted in specific cases without altering the maximum number of
shares linked to the plan or the essential conditions to which the
delivery thereof is subject.
These adaptations may involve replacing the delivery of shares
with the delivery of cash amounts of an equal value.
The plans that include share-based payments are as follows:
(i)\u00a0Deferred and Conditional Variable Remuneration Plan;
(ii)\u00a0Deferred Multiyear Objectives Variable Remuneration Plan;
(iii)\u00a0Digital Transformation Award, (iv) Digital Transformation
Award 2022, Digital Transformation Award 2023 and (vi) PagoNxt
incentive Plan 2024 and 2025 for Santander executives. The
characteristics of the plans are set forth below:
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(i) Deferred and
conditional
variable
remuneration
plan (2015,
2016, 2017,
2018, 2019,
2020, 2021,\u00a0
2022, 2023,
2024 and 2025)
The purpose of these cycles is to
defer a portion of the variable
remuneration of the beneficiaries
over a period of three years for the
sixth cycles, over three or five years
for the fifth, seventh, eighth, ninth,
tenth and eleventh cycles, and over
four or five years for the twelfth
cycle, for it to be paid, where
appropriate, in cash and in
Santander shares. The other portion
of the variable remuneration is also
to be paid in cash and Santander
shares, upon commencement of the
cycles, in accordance with the rules
set forth below.
Beneficiaries:
\u2022 Executive directors and certain
executives (including senior
management) and employees
who assume risk, who perform
control functions or receive an
overall remuneration which puts
them on the same remuneration
level as executives and employees
who assume risks (fifth cycle).
\u2022 In the case of the sixth, seventh,
eighth, ninth, tenth, eleventh
twelfth, thirteenth, fourteenth
and fifteenth cycle the
beneficiaries are Material Risk
Takers (Identified staff) that are
not beneficiaries of the Deferred
Multiyear Objectives Variable
Remuneration Plan.
For the fifth and sixth cycles (2015 to 2016), the
accrual of the deferred compensation is conditioned, in
addition to the requirement that the beneficiary
remains in the Group's employ, with the exceptions
included in the plan regulations on none of the
following circumstances existing during the period
prior to each delivery, pursuant to the provisions set
forth in each case in the plan regulations:
\u2022 Poor financial performance of the Group.
\u2022 Breach by the beneficiary of internal regulations,
including, in particular, those relating to risks.
\u2022 Material restatement of the Group's consolidated
financial statements, except when it is required
pursuant to a change in accounting standards.
\u2022 Significant changes in the Group\u2019s economic capital
or risk profile
In the case of the seventh, eighth, ninth, tenth,
eleventh, twelfth, thirteenth, fourteenth and fifteenth
cycles, the accrual of deferred compensation is
conditioned, in addition to the permanence of the
beneficiary in the Group, with the exceptions contained
in the plan's regulations, to non-occurrence of a poor
performance of the entity as a whole or of a specific
division or area of the entity or of the exposures
generated by the personnel:
i. significant failures in risk management by the
entity , or by a business unit or risk control unit.
ii. the increase suffered by the entity or by a business
unit of its capital needs, not foreseen at the time
of generation of the exposures.
iii. Regulatory sanctions or judicial sentences for
events that could be attributable to the unit or the
personnel responsible for those. Also, the breach
of internal codes of conduct of the entity.
iv. Irregular behaviours, whether individual or
collective, considering in particular the negative
effects derived from the marketing of
inappropriate products and the responsibilities of
the persons or bodies that made those decisions.
Fifth cycle (2015):
\u2022 Executive directors and members of the Identified
Staff with total variable remuneration higher than
2.6 million euros: 40% paid immediately and 60%
deferred over 5 years deferral period.
\u2022 Division managers, country heads (of countries
which represent at least 1% of Group's economic
capital), other executives of the Group with a similar
profile and members of the Identified Staff\u00a0 with
total variable remuneration between 1.7 million
euros (1.8 million in fourth cycle) and 2.6 million
euros: 50% paid immediately and 50% deferred over\u00a0
5 years (fifth cycle)
\u2022 Other beneficiaries: 60% paid immediately and 40%
deferred over 3 years.
Sixth cycle (2016):
\u2022 60% of bonus will be paid immediately and 40%\u00a0
deferred over a three year period.
Seventh, eighth, ninth, tenth and eleventh cycle (2017,
2018, 2019, 2020 and 2021):
\u2022 Beneficiaries of these plans with target total variable
remuneration higher or equal to 2.7 million euros:
40%\u00a0 paid immediately and 60% deferred over 5
years
\u2022 Beneficiaries of these plans with target total variable
remuneration between 1.7 million euros and 2.7
million euros: 50% paid immediately and 50%paid
over 5 years
\u2022 Other beneficiaries of these plans: 60% paid
immediately and 40% deferred over 3 years.
Twelfth (2022), thirteenth (2023),fourteenth (2024)
and fifteenth (2025) cycle:
\u2022 Beneficiaries of these plans with target total variable
remuneration higher or equal to 2.7 million euros:
40% paid immediately and 60% deferred over 5
years
\u2022 Beneficiaries of these plans with target total variable
remuneration between 1.7 million euros and 2.7
million euros: 50% paid immediately and 50% paid
over 5 years
\u2022 Other beneficiaries of these plans: 60% paid
immediately and 40% deferred over 4 years .
T
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(ii)Deferred
Multiyear
Objectives
Variable
Remuneration
Plan (2016,
2017, 2018,
2019, 2020,
2021, 2022,
2023, 2024 and
2025)
The aim is simplifying the
remuneration structure, improving
the ex ante risk adjustment and
increasing the impact of the long-
term objectives on the Group\u2019s most
relevant roles. The purpose of these
cycles is to defer a portion of the
variable remuneration of the
beneficiaries over a period of three
or five years (four or five years for
the seventh cycle) for it to be paid,
where appropriate, in cash and in
Santander shares; the other portion
of the variable remuneration is also
to be paid in cash and Santander
shares (regarding the instruments
part, executive directors in the
seventh cycle have the opportunity
to choose all in share options or half
in share options and half in shares),
upon commencement of the cycles,
in accordance with the rules set
forth below. The accrual of the last
third of the deferral (in the case of 3
years deferral), the last 2 fourths (in
the case of 4 years deferral) and the
last three fifths (in the case of 5
years deferral) is also subject to
long-term objectives.
Beneficiaries
Executive directors, senior
management and certain executives
of the Group\u2019s first lines of
responsibility.
In 2016 the accrual is conditioned, in addition to the
permanence of the beneficiary in the Group, with the
exceptions contained in the plan\u2019s regulations, to non-
occurrence of the following circumstances during the
period prior to each of the deliveries in the terms set
forth in each case in the plan\u2019s regulations:
i. Poor performance of the Group.
ii. Breach by the beneficiary of the internal
regulations, including in particular that relating to
risks.
iii. Material restatement of the Group\u2019s consolidated
financial statements, except when appropriate
under a change in accounting regulations.
iv. Significant changes in the Group\u2019s economic
capital or risk profile.
In 2017, 2018, 2019, 2020 and 2021 the accrual is
conditioned, in addition to the beneficiary' permanence
in the Group, with the exceptions contained in the
plan\u2019s regulations, to the non-occurrence of poor
financial performance from the entity as a whole or of
a specific division or area thereof or of the exposures
generated by the personnel, taking into account the
following factors:
v. Significant failures in risk management committed
by the entity, or by a business unit or risk control
unit.
vi. the increase suffered by the entity or by a business
unit of its capital needs, not foreseen at the time
of generation of the exposures.
vii. Regulatory sanctions or court rulings for events
that could be attributable to the unit or the\u00a0
personnel responsible for those. Also, the breach\u00a0
of internal codes of conduct of the entity.
viii. Irregular behaviours, whether individual or
collective, considering in particular negative
effects derived from the marketing of
inappropriate products and responsibilities of
persons or bodies that made those decisions.
Paid half in cash and half in shares. In the seventh
cycle, and only for executive directors: half in cash and
25% in share options and 25% in shares (unless the
director chooses to receive options only). The
maximum number of shares to be delivered is
calculated by taking into account the weighted average
daily volume of weighted average prices for the fifteen
trading sessions prior to the previous Friday (excluding)
on the date on which the board decides the bonus for
the Executive directors of the Bank.
In the eighth cycle, and for all Identified Staff: half in
cash and 25% in shares and 25% in share options, or
half in cash and half in shares, according to each
executive\u00b4s choice.
In the ninth and tenth cycle, half in cash and\u00a0 half in
shares.
First cycle (2016):
\u2022 Executive directors and members of the Identified
Staff with total variable remuneration higher than or
equal to 2.7 million euros: 40% paid immediately
and 60% deferred over a 5\u00a0 year period.
\u2022 Senior managers, country heads of countries
representing at least 1% of the Group\u00b4s capital and
other members of the identified staff whose total
variable remuneration is between 1.7 million and 2.7
million euros: 50% paid immediately and 50%
deferred over a 5 year period.
\u2022 Other beneficiaries: 60% paid immediately and 40%
deferred over a 3 year period.
The second, third, fourth, fifth and sixth cycles (2017,
2018, 2019,2020 and 2021 respectively) are under the
aforementioned deferral rules, except that the\u00a0 variable
remuneration considered is the target for each
executive and not the actual award.
In 2016 the metrics for the deferred portion subject to
long-term objectives (last third or last three fifths,
respectively, for the cases of three years and five years
deferrals) are:
\u2022 Earnings per share (EPS) growth in 2018 over 2015.
\u2022 Relative Total Shareholder Return (TSR) in the
2016-2018 period measured against a group of
credit institutions.
\u2022 Compliance with the fully-loaded common equity
tier 1 ('CET1') ratio target for financial year 2018.
\u2022 Compliance with Grupo Santander\u2019s underlying
return on risk-weighted assets ('RoRWA') growth
target for financial year 2018 compared to financial
year 2015.
In the second, third, fourth, fifth and sixth cycle (2017,
2018, 2019, 2020 and 2021) the metrics for the
deferred portion subject to long-term objectives (last
third or last three fifths, respectively, for the cases of
three years and five years deferrals) are:
\u2022 EPS growth in 2019, 2020, 2021, 2022 and 2023
(over 2016, 2017, 2018, 2019 and 2020, for each
respective cycle)
\u2022 Relative Total Shareholder Return (TSR) measured
against a group of 17 credit institutions (second and
third cycles) in the periods 2017-2019 and
2018-2019, respectively, and against a group of 9
entities (fourth, fifth and sixth cycle) for the
2019-2021, 2020-2022 and 2010-2023\u00a0 period.
\u2022 Compliance with the fully-loaded common equity
tier 1 ('CET1') ratio target for financial years 2019,
2020, 2021,2022 and 2023, respectively.
In the seventh (2022), eighth cycle (2023), ninth (2025)
and tenth cycle (2025), the metrics for the deferred
portion subject to long-term objectives (two last
fourths and last three fifths, for the cases of four years
and five years deferrals) are:
\u2022 Banco Santander's consolidated Return on tangible
equity (RoTE) target in 2024 (7th cycle),\u00a0 2025 (8th
cycle), 2026 (9th cycle) and 2027 (10th cycle).
\u2022 Relative Total Shareholder Return (TSR) measured
against a group of 9 credit institutions for the period
2022-2024 (7th cycle), 2023-2025 (8th cycle),
2024-2026 (9th cycle) and 2025-2027 (10th cycle).
\u2022 Progress level\u00a0 in the\u00a0 public targets of our
Sustainability agenda.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(iii) Digital
Transformation
Award (2019,
2020 and 2021)
The 2019, 2020 and 2021 Digital
Transformation Incentive (the
'Digital Incentive') is a variable
remuneration system that includes
the delivery of Santander shares and
share options.
The aim of the Digital Incentive is to
attract and retain the critical skill
sets to support and accelerate the
digital transformation of the Group.
By means of this program, the Group
offers a remuneration element
which is competitive with the
remuneration systems offered\u00a0 by
other market operators who also
compete for digital talent.
The number of beneficiaries is
limited to a maximum of 250
employees and the total amount of
the incentive is limited to 30 million
euros.
The funding of this incentive is subject to meeting
important milestones that are aligned with the Group\u00b4s
digital roadmap and have been approved by the board
of directors, taking into account the digitalization
strategy of the Group, with the aim of becoming the
best open, responsible global financial services
platform.
Performance of 2019 incentive was measured based on
achievement of the following milestones: (i) Launch of
a Global Trade Services (GTS) platform; (ii) launch of a
Global Merchant Services (GMS) platform; (iii)
migration of our fully digital bank, OpenBank, to a 'next
generation' platform and launch in 3 markets; (iv)
extension of SuperDigital in Brazil to at least one other
country; (v) and launch of our international payments
app based on blockchain Pago FX to non-Santander
customers.
The milestones for the 2020 Digital Transformation
Award were: (i) rolling out the global merchant services
(GMS) platform in 3 new geographies, enhancing the
platform functionality and achieving volume targets for
transactions and participating merchants; (ii) doing the
commercial rollout of the global trade services (GTS)
platform in 8 new geographies, enhancing platform
functionality, and achieving\u00a0 volume targets for on-
boarded clients and monthly active users; (iii)
launching OpenBank in a new market and migrating
the retail banking infrastructure to 'new-mode' bank;
(iv) launch the global platform SuperDigital in at least 4
countries, driving target active user growth; (v)
deploying machine learning across pre-defined
markets for 4 priority use cases, rolling out Conversion
Rate Optimization (Digital marketing) for at least 40
sales programs, delivering profit targets, and driving
reduction of agent handled calls in contact centers; (vi)
successfully implementing initiatives related to on-
board and identity services, common API (application
programming interface) layer, payment hubs, mobile
app for SMEs and virtual assistant services; and (vii)
launching the PagoFX global platform in at least 4
countries.
The milestones for 2021 were: (i)in relation to Pago Nxt
Consumer payment platform: implementation of
Superdigital platform in seven countries, acquisition of
over 1.5 million active customer base and accelerating
growth through B2B (business to business) and B2B2C
(business to business to customer) partnerships,
acquiring more than 50% of the new customers
through these channels, which are more cost-effective;
(ii)in relation to Digital Consumer Bank: launching
online API for checkout lending in the European Union
and completion of controllable items for Openbank
launch in USA; (iii)in relation to One Santander
strategy: implementation in Europe of One Common
Mobile Experience and, specifically, implementation of
Europe ONE app for individual customers in at least
three of the four countries by December 2021; and be
among the three-top rated entities in terms of Mobile
NetPromoter Score (Mobile NPS) in at least two of the
four countries by December 2021; (iv) In relation to
cloud adoption: host 75% of migratable virtual
machines on cloud technology (either public cloud or
OHE) by December 2021. For these purposes,
mainframes, physical servers and servers with non-x86
operating systems will be considered non-migratable.
The Digital Incentive is structured 50% in Santander
shares and 50% in options over Santander shares,
taking into account the fair value of the option at the
moment in which they are granted. For Material Risk
Takers subject to five years deferrals, the Digital
Incentive (shares and options over shares) shall be
delivered in thirds, on the third, fourth and fifth
anniversary from their granting. For Material Risk
Takers subject to three years deferrals and employees
not subject to deferrals, delivery shall be done on the
third anniversary from their granting.
Any delivery of shares, either directly or via exercise of
options overs shares, will be subject generally to the
Group\u2019s general malus & clawback provisions as
described in the Group\u2019s remuneration policy and to the
continuity of the beneficiary within the Grupo
Santander. In this regard, the board may define specific
rules for non-Identified Staff.
Vested share options can be exercised until maturity,
with all options lapsing after ten years (for granting the
2019 incentive) and eight years (for granting the 2020
and 2021 incentive).
The total achievement for 2021 Digital Incentive was
77.5% (85% en 2020 and 83% en 2019).
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(iv) Digital
Transformation
Award (2022)
The board of directors approved the
2022 Digital
Transformation Incentive. It is a variable
remuneration scheme
splits in two different blocks:
\u2022 The first one, with the same
mechanism than previous years,
that delivers Santander shares and
share options if the group hits major
milestones on its digital roadmap. This
is aimed at a group of up to 250 (is
limited to 30 million euros)employees
whose functions are deemed essential
to Santander\u2019s growth.
\u2022 And the second one, which delivers
PagoNxt, S.L. RSUs and premium prices
options (PPOs), and is aimed at up to 50
employees (and limited to 15 million
euros) whose roles are considered key
to PagoNxt\u2019s success.
The aim of the Digital Incentive is to
attract and retain the critical skill sets to
support and accelerate the digital
transformation of the Group. By means
of this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
Performance of the first block of the\u00a0 incentive shall be
measured based on achievement of the following
milestones:
i. Edelweiss: Our Santander future retail architecture
EDELWEISS will mean moving from our current Core
centric banking architecture towards a Customer and
Data-Centric Core supported by lean Record
Processing engines.
ii. Simplification: Speed up the simplification of our
technology platform and business model by Reducing
the total number of applications in production and
reducing number of products in the regions.
iii. Agile: Agile ways of working enable a better and
faster reaction to customers\u2019 needs and is based on a
value-driven delivery that increases efficiency by
reducing time-to-market and development costs, and
increasing quality. People working in Agile are more
collaborative, engaged, empowered and creative.
iv. In Digital Consumer Bank:
a) To create the BNPL platform connected to at least
one merchant in Netherlands and Germany, and to
make sure the platform is ready to connect in Spain.
b) To support the definition of Openbank US\u2019s IT digital
strategy and achieve 2022 milestones in it.
c) To have the new leasing platform connected to
dealers in Italy.
d) To expand the Wabi B2B online business to
Germany. To execute the first B2B deal with an
Original Equipment Manufacturer or mobility player in
at least one country. To expand coches.com business
and platform to Portugal.
And in regard to the second block of digital incentive:
the consolidation of PagoNxt Core Perimeter.
The first block of thee Digital Incentive is structured
50% in Santander shares and 50% in options over
Santander shares, taking into account the fair value
of the option at the moment in which they are
granted. For Material Risk Takers subject to five
years deferrals, the Digital Incentive (shares and
options over shares) shall be delivered in thirds, on
the third, fourth and fifth anniversary from their
granting. For Material Risk Takers subject to three
years deferrals and employees not subject to
deferrals, delivery shall be done on the third
anniversary from their granting.
Any delivery of shares, either directly or via exercise
of options overs shares, will be subject generally to
the Group\u2019s general malus & clawback provisions as
described in the Group\u2019s remuneration policy and to
the continuity of the beneficiary within the Grupo
Santander. In this regard, the board may define
specific rules for non-Identified Staff.
Vested share options can be exercised until maturity,
with all options lapsing after ten years .
The total achievement for 2022 Digital Incentive
was 96.5% .
The second block of Digital Incentive is structures in
restricted stock units (RSUs) and premium priced
Options (PPOs) of PagoNxt S.L. in a percentage
determined by the internal category of the
beneficiary. The total achievement for 2022 was
100%.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(v) Digital
Transformation
Award (2023)
The board of directors approved the
2023 Digital
Transformation Incentive. It is a variable
remuneration scheme\u00a0 which delivers
PagoNxt, S.L. RSUs and premium prices
options (PPOs), and is aimed at up to 50
employees (and limited to 15 million
euros) whose roles are considered key
to PagoNxt\u2019s success.
With this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
And the performance conditions were focus on key
digital projects related with PagoNxt's main
businesses (Trade, Merchant and Payments) in its core
geographies.
This incentive\u00a0 is structures in restricted stock units
(RSUs) and premium priced Options (PPOs) of
PagoNxt S.L. in a percentage determined by the
internal category of the beneficiary. The average
achievement for 2023 was 88%.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(vi) PagoNxt
incentive Plan
2024 and 2025
for Santander
executives)
The board of directors approved the
PagoNxt incentive Plan 2024 and 2025
Incentive. It is a variable remuneration
scheme\u00a0 which delivers PagoNxt, S.L.
RSUs, and is aimed at approximately\u00a0 to
50 - 60 employees whose roles are
considered key to PagoNxt\u2019s success.
With this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
And the performance conditions were focus on key
digital projects related with PagoNxt's main
businesses (Trade, Merchant and Payments) in its core
geographies.
This incentive\u00a0 is structures in restricted stock units
(RSUs) of PagoNxt S.L. in a percentage determined
by the internal category of the beneficiary. The
average achievement for 2024 was 77% and 85% in
2025.
ii. Santander UK plc
The long-term incentive plans on shares of the Bank granted by
management of Santander UK plc to its employees are as follows:
Number of
shares (in
thousand)
Exercise
price\u00a0in
pounds
sterlingA
Year
granted
Employee
group
Number
of
personsB
Date of
commencement
of\u00a0exercise
period
Date of
expiry of
exercise
period
Plans outstanding at 01/01/2023
29,988
Options granted (sharesave)
7,175
2.78
2023
Employees
4,752
01/11/23
01/11/26
01/11/23
01/11/28
Options exercised
(5,980)
1.7
Options cancelled (net) or not exercised
(4,044)
2.53
Plans outstanding at 31/12/2023
27,139
Options granted (sharesave)
4,991
3.36
2024
Employees
4,107
01/11/24
01/11/27
01/11/24
01/11/29
Options exercised
(4,004)
2.29
Options cancelled (net) or not exercised
(2,437)
2.37
Plans outstanding at 31/12/2024
25,689
Options granted (sharesave)
3,324
6.35
2025
Employees
4,637
01/11/25
01/11/28
Options exercised
(9,966)
1.9
Options cancelled (net) or not exercised
(1,554)
2.88
Plans outstanding at 31/12/2025
17,493
A. At\u00a0 31 December,\u00a02025, 2024 and 2023, the euro/pound sterling exchange rate was 1.15, 1.21 and 1.15 , respectively.
B. Number of accounts/contracts. A single employee may have more than one account/contract.
In 2008 the Group launched a voluntary savings scheme for
Santander UK employees (Sharesave Scheme) whereby employees
who join the scheme see deducted between GBP 5 and GBP 500
from their net\u00a0monthly pay over a period of three or five years. At
the end of the chosen period, the employee may choose between
collecting the amount contributed, the interest accrued and a
bonus (tax-exempt in the United Kingdom) or exercising options on
shares of the Bank in an amount equal to the sum of such three
amounts at a fixed price. The exercise price will be the result of
reducing by up to 20% the average purchase and sale prices of the
Bank shares in the three trading sessions prior to the approval of
the scheme by the UK tax authorities (HMRC). This approval must
be received within 21 to 41 days following the publication of the
Group\u2019s results for the first half of the year. This scheme was
approved by the board of directors, at the proposal of the
appointments and remuneration committee, and, since it involved
the delivery of Bank shares, its application was authorized by the
Annual General Meeting held on June 21, 2008. Also, the scheme
was authorized by the UK tax authorities (HMRC) and commenced
in September\u00a02008. In subsequent years, at the Annual General
Meetings held on June 19, 2009, June 11, 2010, June 17, 2011,
March 30, 2012, March 22, 2013, March 28, 2014, March 27, 2015,
March 18, 2016, April 7, 2017, March\u00a023, 2018, April 12, 2019,\u00a0
April 3, 2020 and March 26, 2021, respectively, the shareholders
approved the application of schemes previously approved by the
board and with similar features to the scheme approved in 2008.
iii. Fair value
The fair value of the performance share plans was calculated as
follows:
a) Deferred variable compensation plan linked to multi-year
objectives 2023, 2024 and 2025:
The Group calculates at the grant date the fair value of the plan
based on the valuation report of an independent expert, Willis
Towers Watson. According to the design of the plan for 2023, 2024
and 2025 and the levels of achievement of similar plans in
comparable entities, it has been considered that the fair value is
70%.
b) Santander UK sharesave plans:
The fair value of each option at the date of grant is estimated using
an analytical model that also reflects the correlation between EUR
and GBP. This model uses assumptions on the share price, the EUR/
GBP FX rate, the EUR/GBP risk-free interest rate, dividend yields,
the expected volatilities of both the underlying shares and EUR/
GBP for the expected lives of options granted. The weighted
average grant-date fair value of options granted during the year
was GBP 0.44 (GBP 0.23 and GBP 0.33 reported in 2024 and 2023,
respectively).
47.\u00a0Other general administrative
expenses
a) Breakdown
The detail of Other general administrative expenses is as follows:
EUR million
2025
2024
2023
Technology and systems
2,298
2,539
2,389
Property, fixtures and supplies
(note 2.k)
803
797
774
Technical reports
712
724
796
Advertising
517
512
574
Taxes other than income tax
543
554
568
Communications
367
387
400
Surveillance and cash courier services
314
337
325
Per diems and travel expenses
250
232
213
Insurance premiums
86
95
88
Other administrative expenses
2,010
1,968
2,144
7,900
8,145
8,271
The payments associated with short-term leases (leases less than
or equal to 12 months) and leases of low-value assets, that the
Group recognises as an expense in the income statement is not
material.
b) Technical reports and other
Technical reports include the fees from the various Group
companies (detailed in the accompanying appendices) for the
services provided by their respective auditors, with the following
detail:
EUR million
2025
2024
2023
Audit
118.5
122.3
117.5
Audit-related services
15.0
13.6
8.6
Tax services
0.1
0.9
1.6
All other
7.1
7.4
5.9
Total
140.7
144.2
133.6
Additionally, the firm BDO has performed audit and audit-related
services totaling EUR 1.9\u00a0million.
The audit services and main non-audit services included for each
item in the above breakdown are detailed as follows:
\u2022 Audit services: audit of the individual and consolidated financial
statements of Banco Santander and its subsidiaries (of which
PwC or another network firm is the external auditor); audit of the
interim consolidated financial statements of Banco Santander;
integrated audits prepared in order to file the Form 20-F\u00a0 with
the SEC\u00a0 and the internal control audits (SOx) for required
Group's entities; limited reviews of financial statements; and\u00a0
regulatory reports required to the external auditors regarding
several\u00a0 Grupo Santander entities.
\u2022 Audit-related services: issuance of comfort letters, verification
services of financial and non-financial information required by
regulators, and other reviews of documentation to be submitted
to domestic or foreign authorities that, due to their nature, the
external auditor typically provides.
\u2022 Tax services: tax compliance and advisory services provided to
Group companies outside Spain, which have no direct effect on
the audited financial statements and are permitted in accordance
with the applicable independence regulations.
\u2022 Other services: agreed-upon procedure reports, assurance
reports and special reports performed under the accepted
profession's standards; as well as other reports required by the
regulators.
The 'Audit' heading includes the fees for the year's audit,
regardless of the date the audit was completed. Any subsequent
adjustments, which are not significant, are shown in this note for
each year for comparison purposes. The fees corresponding to the
rest of the services are shown by reference to when the audit
committee approved them.
The services commissioned from the Group's auditors meet the
independence requirements under applicable European and
Spanish law, the SEC rules and the Public Company Accounting
Oversight Board (PCAOB), applicable to the Group, and did not
involve in any case\u00a0the\u00a0performance of any work that is
incompatible with the auditor's role.
Lastly, the Group commissioned services from audit firms other
than PwC amounting to EUR 155.9\u00a0million in 2025 (EUR
206.2\u00a0million and EUR 174.1\u00a0million in 2024 and 2023,
respectively).
48. Gains or losses on non financial
assets, net
The detail of Gains/ (losses) on disposal of assets not classified as
non-current assets held for sale is as follows:
EUR million
2025
2024
2023
Gains
Tangible and intangible assets
65
48
53
Investments
17
360
285
82
408
338
Losses
Tangible and intangible assets
(41)
(36)
(26)
Investments
(41)
(4)
\u2014
(82)
(40)
(26)
\u2014
368
312
49. Gains or losses on non-current assets
held for sale not classified as
discontinued operations
The detail of Gains/(losses) on non-current assets held for sale not
classified as discontinued operations is as follows:
EUR million
Net balance
2025
2024
2023
Tangible assets
(6)
(24)
(20)
Impairment (Note 12)
(72)
(92)
(51)
Gain (loss) on sale (Note 12)
66
68
31
Other gains and other losses
232
(3)
\u2014
\u00a0 Caceis (Note 3)
231
\u2014
\u2014
226
(27)
(20)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1882": { "value": "
b) Breakdown
Following is a breakdown of the loans and advances granted to the
Group's customers, which reflect the Group's exposure to credit
risk in its main activity, without considering the balance of value
adjustments for impairment, taking into account the type and
situation of the transactions, the geographical area of their
residence and the type of interest rate on the transactions:
EUR million
2025
2024
2023
Loan type and status
Commercial credit
51,110
53,209
55,628
Secured loans
530,749
557,463
554,375
Reverse repurchase agreements
73,980
59,648
44,184
Other term loans
295,998
296,339
295,485
Finance leases
38,540
40,120
38,723
Receivable on demand
10,313
10,756
12,277
Credit cards receivables
26,179
24,928
24,371
Impaired assets
31,577
33,731
34,094
1,058,446
1,076,194
1,059,137
Geographical area
Spain
198,894
198,164
203,680
Rest of Europe
467,697
502,664
489,706
of which United Kingdom
258,739
266,934
263,808
The Americas
374,739
359,264
350,873
of which USA
135,088
136,054
126,529
of which Brazil
90,951
91,066
100,758
Rest of the world
17,116
16,102
14,878
1,058,446
1,076,194
1,059,137
Interest rate formula
Fixed rate
694,332
678,994
647,349
Floating rate
364,114
397,200
411,788
1,058,446
1,076,194
1,059,137
At 31 December 2025, 2024 and 2023 the Group had granted loans
amounting to EUR 18,127 million, EUR 16,562 million and EUR
15,544 million to Spanish public sector agencies which had a rating
at 31 December 2025 of A (ratings of A at 31 December 2024 and
31 December 2023 ), and EUR 16,248 million, EUR 13,593 million,
and EUR 11,530 million to the public sector in other countries (at
31 December 2025, the breakdown of this amount by issuer rating
was as follows: 3.6% AAA, 26.4% AA, 25.6% A, 27.5% BBB, 16.4%
below BBB and 0.5% without rating).
Without considering the public administrations, the amount of the
loans and advances at 31 December 2025, 2024 and 2023
amounts to EUR 1,024,071 million, EUR 1,046,039 million and EUR
1,032,063 million, of which, EUR 954,533 million, EUR 1,012,389
million and EUR 998,010 million are classified as performing,
respectively.
Following is a detail, by activity, of the loans to customers at 31
December 2025, net of impairment losses:
EUR million
Secured loans
Net exposure
Loan to value ratioC
Total
Without
collateral
Of\u00a0which
property
collateral
Of\u00a0which
other
collateral
Less than
or\u00a0equal
to 40%
More
than
40%\u00a0and
less\u00a0than
or\u00a0equal
to 60%
More
than
60%\u00a0and
less\u00a0than
or\u00a0equal
to 80%
More
than
80%\u00a0and
less\u00a0than
or\u00a0equal
to 100%
More
than
100%
Public sector
29,607
28,423
153
1,031
157
168
251
334
274
Other financial institutions (financial
business activity)
124,684
42,687
1,959
80,038
2,045
995
424
77,935
598
Non-financial corporations and individual
entrepreneurs (non-financial business
activity) (broken down by purpose)
318,284
179,529
63,124
75,631
23,917
26,942
19,168
45,306
23,422
Of which:
Construction and property
development
17,118
1,294
15,594
230
4,963
6,921
1,890
1,164
886
Civil engineering construction
2,522
1,732
19
771
93
84
39
470
104
Large companies
181,870
128,502
17,718
35,650
7,177
6,666
6,157
25,459
7,909
SMEs and individual entrepreneurs
116,774
48,001
29,793
38,980
11,684
13,271
11,082
18,213
14,523
Households\u00a0\u2013 other (broken down by
purpose)
542,623
108,903
338,778
94,942
100,584
126,917
113,075
55,214
37,930
Of which:
Residential
332,931
1,149
331,655
127
90,170
116,264
97,858
25,944
1,546
Consumer loans
192,576
104,388
1,667
86,521
5,909
8,063
13,297
24,977
35,942
Other purposes
17,116
3,366
5,456
8,294
4,505
2,590
1,920
4,293
442
TotalA
1,015,198
359,542
404,014
251,642
126,703
155,022
132,918
178,789
62,224
Memorandum item
Refinanced and restructured transactionsB
18,151
5,546
6,896
5,709
2,347
2,381
2,037
2,457
3,383
A. In addition, the Group has granted advances to customers am ounting to EUR 22,090 million, bringing the total of loans and advances to EUR 1,037,288 million.
B. Includes the net balance of the impairment of the accumulated value or accumulated losses in the fair value due to credit risk.
C. The ratio is the carrying amount of the transactions at 31 December 2025 provided by the latest available appraisal value of the collateral.
Note\u00a054 contains information relating to the forborne loan
portfolio.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1883": { "value": "
d) Impaired assets and assets with unpaid past-
due amounts
The detail of the changes in the balance of the financial assets
classified as 'Financial assets Loans to customers' considered to be
impaired due to credit risk is as follows:
EUR million
2025
2024
2023
Balance at beginning of year
33,731
34,094
32,888
Net additions
13,648
13,779
14,944
Written-off assets
(13,266)
(13,212)
(13,847)
Changes in the scope of
consolidation
\u2014
17
(59)
Exchange differences and other
(2,536)
(947)
168
Balance at end of year
31,577
33,731
34,094
This amount, after deducting the related allowances, represents
the Group\u2019s best estimate of the discounted value of the flows that
are expected to be recovered from the impaired assets.
At 31 December 2025, the Group\u2019s written-off assets totalled EUR
51,435 million (EUR 49,939 million and EUR 48,138 million at 31
December 2024 and 2023, respectively).
Set forth below for each class of impaired asset are the gross
amount, associated allowances and information relating to the
collateral and/or other credit enhancements obtained at 31
December 2025:
EUR million
Gross
amount
Allowance
recognised
Estimated
collateral
valueA
Without associated real
collateral
13,846
8,133
\u2014
With real estate collateral
7,777
1,759
5,657
With other collateral
9,954
3,635
5,424
Total
31,577
13,527
11,081
A. Including the estimated value of the collateral associated with each loan.
Accordingly, any other cash flows that may be obtained, such as those arising
from borrowers\u2019 personal guarantees, are not included.
When classifying assets in the previous table, the main factors
considered by the Group to determine whether an asset has
become impaired are the existence of amounts past due\u00a0\u2014assets
impaired due to arrears\u2014 or other circumstances that may arise
which will not result in all contractual cash flows being recovered,
such as a deterioration of the borrower\u2019s financial situation, the
worsening of its capacity to generate funds or difficulties
experienced by it in accessing credit.
a) Changes
The changes in Tangible assets in the consolidated balance sheets
were as follows:
EUR million
Tangible assets
Of which:
For leasing
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
Cost
Balance at 1 January 2023
26,570
25,166
1,580
53,316
4,692
\u2014
\u2014
4,692
Additions / disposals (net) due to
change in the scope of consolidation
11
37
\u2014
48
(13)
\u2014
\u2014
(13)
Additions / disposals (net)
1,122
742
(34)
1,830
125A
\u2014
\u2014
125
Transfers, exchange differences and
other items
(1,460)
(641)
30
(2,071)
33
\u2014
\u2014
33
Balance at 31 December 2023
26,243
25,304
1,576
53,123
4,837
\u2014
\u2014
4,837
Additions / disposals (net) due to
change in the scope of consolidation
28
(1,192)
\u2014
(1,164)
\u2014
\u2014
\u2014
\u2014
Additions / disposals (net)
730
(1,716)
(17)
(1,003)
179A
\u2014
\u2014
179
Transfers, exchange differences and
other items
(1,345)
1,003
(104)
(446)
(235)
\u2014
\u2014
(235)
Balance at 31 December 2024
25,656
23,399
1,455
50,510
4,781
\u2014
\u2014
4,781
Additions / disposals (net) due to
change in the scope of consolidation
4
\u2014
7
11
\u2014
\u2014
\u2014
\u2014
Additions / disposals (net)
326
(2,603)
(58)
(2,335)
(40)A
\u2014
\u2014
(40)
Transfers, exchange differences and
other items
(1,845)
(1,743)
188
(3,400)
(450)
\u2014
\u2014
(450)
Balance at 31 December 2025
24,141
19,053
1,592
44,786
4,291
\u2014
\u2014
4,291
Accumulated depreciation
Balances at 1 January 2023
(12,892)
(5,578)
(172)
(18,642)
(2,265)
\u2014
\u2014
(2,265)
Disposals due to change in the scope of
consolidation
7
\u2014
\u2014
7
7
\u2014
\u2014
7
Disposals
284
2,540
\u2014
2,824
160
\u2014
\u2014
160
Charge for the\u00a0year
(1,689)
\u2014
(11)
(1,700)
(580)
\u2014
\u2014
(580)
Transfers, exchange differences and
other items
1,653
(2,744)
(16)
(1,107)
69
\u2014
\u2014
69
Balance at 31 December 2023
(12,637)
(5,782)
(199)
(18,618)
(2,609)
\u2014
\u2014
(2,609)
Disposals due to change in the scope of
consolidation
\u2014
686
\u2014
686
\u2014
\u2014
\u2014
\u2014
Disposals
672
3,214
\u2014
3,886
196
\u2014
\u2014
196
Charge for the\u00a0year
(1,544)
\u2014
(9)
(1,553)
(460)
\u2014
\u2014
(460)
Transfers, exchange differences and
other items
890
(2,902)
46
(1,966)
59
\u2014
\u2014
59
Balance at 31 December 2024
(12,619)
(4,784)
(162)
(17,565)
(2,814)
\u2014
\u2014
(2,814)
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
663
2,428
\u2014
3,091
177
\u2014
\u2014
177
Charge for the\u00a0year
(1,323)
\u2014
(8)
(1,331)
(405)
\u2014
(405)
Transfers, exchange differences and
other items
1,150
(1,917)
(32)
(799)
381
\u2014
\u2014
381
Balance at 31 December 2025
(12,129)
(4,273)
(202)
(16,604)
(2,661)
\u2014
\u2014
(2,661)
A. Includes contract extensions on operating leases and repurchases.
EUR million
Tangible assets
Of which:
For leasing
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
Impairment losses
Balance at 1 January 2023
(189)
(33)
(379)
(601)
(14)
\u2014
\u2014
(14)
Impairment charge for the\u00a0year
(113)
(29)
(12)
(154)
(38)
\u2014
\u2014
(38)
Releases
4
11
4
19
3
\u2014
\u2014
3
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
36
\u2014
4
40
5
5
Exchange differences and other
64
47
(38)
73
(1)
\u2014
\u2014
(1)
Balance at 31 December 2023
(198)
(4)
(421)
(623)
(45)
\u2014
\u2014
(45)
Impairment charge for the\u00a0year
(276)
(70)
(81)
(427)
(31)
\u2014
\u2014
(31)
Releases
34
3
8
45
10
\u2014
\u2014
10
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
53
\u2014
\u2014
53
19
\u2014
\u2014
19
Exchange differences and other
(14)
32
76
94
(2)
\u2014
\u2014
(2)
Balance at 31 December 2024
(401)
(39)
(418)
(858)
(49)
\u2014
\u2014
(49)
Impairment charge for the\u00a0year
(172)
(79)
(15)
(266)
(41)
\u2014
\u2014
(41)
Releases
41
71
25
137
1
\u2014
\u2014
1
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
17
17
\u2014
34
6
\u2014
\u2014
6
Exchange differences and other
166
3
40
209
9
\u2014
\u2014
9
Balance at 31 December 2025
(349)
(27)
(368)
(744)
(74)
\u2014
\u2014
(74)
Tangible assets, net
Balances at 31 December 2023
13,408
19,518
956
33,882
2,183
\u2014
\u2014
2,183
Balances at 31 December 2024
12,636
18,576
875
32,087
1,918
\u2014
\u2014
1,918
Balances at 31 December 2025
11,663
14,753
1,022
27,438
1,556
\u2014
\u2014
1,556
17. Intangible assets \u2013 Goodwill
The detail of goodwill, based on the cash-generating units giving
rise thereto, is as follows:
EUR million
2025
2024
2023
Banco Santander (Brasil)
3,031
3,079
3,679
SAM Investment Holdings Limited
1,444
1,444
1,444
Santander Consumer Germany
1,304
1,304
1,304
Santander Portugal
1,040
1,040
1,040
Santander Espa\u00f1a
998
998
998
Santander US Auto
943
1,068
1,003
Santander Holding USA (ex. Auto)
765
865
814
Santander UK
609
641
612
Banco Santander - Chile
470
482
516
Grupo Financiero Santander (M\u00e9xico)
463
453
523
Ebury Partners
326
340
350
Santander Consumer Nordics
211
211
206
Santander Bank Polska
\u2014
1,178
1,159
Other companies
354
335
369
Total Goodwill
11,958
13,438
14,017
The changes in goodwill were as follows:
EUR million
2025
2024
2023
Balance at beginning of year
13,438
14,017
13,741
Additions
19
30
56
Of which:
Ebury Partners
\u2014
\u2014
45
Impairment losses
(4)
(4)
(20)
Transfer to Assets held for sale (Notes
3 y 12)
(1,176)
\u2014
\u2014
Exchange differences and other items
(291)
(605)
240
Balance at end of year
11,958
13,438
14,017
Grupo Santander has goodwill generated by cash-generating units
located in non-euro currency countries (mainly Brazil, Poland, the
United States, the United Kingdom, Chile, Mexico, Norway and
Sweden) and, therefore, this gives rise to exchange differences on
the translation to euros, at closing rates, of the amounts of
goodwill denominated in foreign currencies. Accordingly, in 2025
there was a decrease of EUR 291 million (a decrease of EUR 605
million in 2024 and an increase of EUR 240 million in 2023), due to
exchange differences and other items which, pursuant to current
standards, were recognised with a change to 'Other comprehensive
income - Items that may be reclassified to profit or loss - Exchange
differences in other comprehensive income in the consolidated
statement of recognised income and expense' (see note 29.d).
At least once per year (or whenever there is any indication of
impairment), Grupo Santander performs an analysis of the
potential impairment of its recorded goodwill with respect to its
recoverable amount. The first step that must be taken in order to
perform this analysis is the identification of the cash-generating
units, which are the Group's smallest identifiable groups of assets
that generate cash inflows that are largely independent of the cash
flows of other assets or groups of assets.
The amount to be recovered of each cash-generating unit is
determined taking into consideration the carrying amount
(including any fair value adjustment arising on the business
combination) of all the assets and liabilities of all the independent
legal entities composing the cash-generating unit, together with
the related goodwill.
The amount to be recovered of the cash-generating unit is
compared with its recoverable amount in order to determine
whether there is any impairment.
Grupo Santander assesses the existence of any indication that
might be considered to be evidence of impairment of the cash-
generating unit by reviewing information including the following
(i)\u00a0certain macroeconomic variables that might affect its
investments (population data, political situation, economic
situation\u00a0\u2014including banking concentration level\u2014, among others)
and (ii)\u00a0various microeconomic variables comparing the
investments of the Group with the financial services industry of the
country in which the cash-generating unit carries on most of its
business activities (balance sheet composition, total funds under
management, results, efficiency ratio, capital adequacy ratio,
return on equity, among others).
Regardless of whether there is any indication of impairment,
every\u00a0year the Group calculates the recoverable amount of each
cash-generating unit to which goodwill, has been allocated and, to
this end, it uses price quotations, market references (multiples),
internal estimates and valuations performed by internal and
external experts.
Firstly, the Group determines the recoverable amount by
calculating the fair value of each cash-generating unit on the basis
of the quoted price of the cash-generating units, if available.
In addition, the Group performs estimates of the recoverable
amounts of certain cash-generating units by calculating their value
in use using discounted cash flow projections. The main
assumptions used in this calculation are (i)\u00a0earnings projections
based on the financial budgets approved by the Group\u2019s directors
which cover between three and five year periods (unless a longer
time horizon can be justified), (ii)\u00a0discount rates determined as the
cost of capital taking into account the risk-free rate of return plus a
risk premium in line with the market and the business in which the
units operate and (iii)\u00a0constant growth rates used in order to
extrapolate earnings in perpetuity which do not exceed the long-
term average growth rate for the market in which the cash-
generating unit in question operates.
The cash flow projections used by Group management to obtain
the values in use are based on the financial budgets approved by
both local management of the related local units and the Group\u2019s
directors. The Group\u2019s budgetary estimation process is common for
all the cash-generating units. The local management teams
prepare their budgets using the following key assumptions:
a)Microeconomic variables of the cash-generating unit:
management takes into consideration the current balance sheet
structure, the product mix and the business decisions taken by
local management in this regard.
b)Macroeconomic variables: growth is estimated on the basis of
the changing environment, taking into consideration expected
GDP growth in the unit\u2019s geographical location and forecast
trends in interest and exchange rates. These data, which are
based on external information sources, are provided by the
Group\u2019s economic research service.
c)Past performance variables: in addition, management takes into
consideration in the projection the difference (both positive and
negative) between the cash-generating unit\u2019s past performance
and budgets.
During 2025 , the Group has recognised impairment losses of EUR 4
million of immaterial goodwill that has been recorded under the
heading 'Impairment or reversal of the impairment of non-financial
assets - Intangible assets' (EUR 4 million and EUR 20 million in
2024 and 2023, respectively). Goodwill is deducted from CET1 for
regulatory purposes, so an impairment of goodwill has no impact
on the Group's capital ratios.
Following is a detail of the main assumptions taken into account in
determining the recoverable amount, at 2025 year-end, of the
most significant cash-generating units which were valued using
the discounted cash flow method:
2025
Projected period
Discount rateA
Nominal
perpetual
growth\u00a0rate
Santander UK
5 years
12.4%
2.5%
Santander US Auto
3 years
11.5%
3.0%
Santander Holding USA (ex. Auto)B
5 years
13.6%
3.5%
Santander Consumer Germany
5 years
9.5%
2.5%
SAM Investment Holdings, Limited
5 years
11.5%
2.5%
Santander Portugal
5 years
10.6%
2.5%
A. Post-tax discount rate.
B. Weighted information of the main assumptions of the segments to which goodwill has been allocated.
The discount and nominal perpetual growth rates taken into
account in 2024 and 2023 are presented below for comparison
purposes:
Discount rateA
Nominal
perpetual
growth\u00a0rate
2024
2023
2024
2023
Santander UK
11.8%
11.9%
2.5%
2.5%
Santander Bank Polska
12.9%
13.2%
5.0%
5.0%
Santander US Auto
12.2%
12.8%
3.0%
3.0%
Santander Holding USA (ex. Auto)B
13.4%
13.4%
3.5%
3.5%
Santander Consumer Germany
9.1%
9.7%
2.0%
2.3%
SAM Investment Holdings, Limited
11.6%
11.6%
2.5%
2.5%
Santander Portugal
10.2%
11.2%
2.5%
2.5%
A. Post-tax discount rate.
B. Weighted information of the main assumptions of the segments to which goodwill has been allocated.
The variations reflected in the assumptions used in 2025 are
mainly a consequence of the current macroeconomic scenario, as
well as the level of inflation.
Given the degree of uncertainty of the above key assumptions on
which the recoverable amount of the cash-generating units is
based, the Group performs a sensitivity analysis which consisted of
adjusting\u00a0 +/- 50 basis points\u00a0 the discount rate, adjusting +/- 50
basis points\u00a0 the growth rate in perpetuity and reducing the cash
flow projections by 5%. These changes in the key assumptions in
isolation mean that the recoverable amount of all the cash-
generating units continues to exceed their amount to be recovered
and have been considered by the Group as reasonably possible
changes in the business operations of the cash-generating units
are not contemplated.
The recoverable amount of Banco Santander - Chile and Banco
Santander (Brasil) was calculated as the fair values of the
aforementioned cash-generating units obtained from the quoted
market prices of their shares at year-end. This value exceeded the
amount to be recovered. A significant reduction in the quoted
market prices of these cash generating unit could result in an
indication of impairment which in turn may lead to a goodwill
impairment charge in the future.
18. Intangible assets -
Other intangible assets
The detail of Intangible assets\u00a0- Other intangible assets in the
consolidated balance sheets and of the changes therein in 2025,
2024 , and 2023 is as follows:
EUR million
Estimated
useful\u00a0life
1 January
2025
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2025
Cost
15,261
1,714
(20)
(1,286)
(1,179)
14,490
Brand names
32
\u2014
\u2014
\u2014
\u2014
32
IT developments
3-10 years
13,322
1,713
(7)
(1,286)
(1,084)
12,658
Other
1,907
1
(13)
\u2014
(95)
1,800
Accumulated amortisation
(9,235)
\u2014
12
(1,847)
1,228
795
(9,047)
Development
(8,312)
\u2014
6
(1,715)
1,228
723
(8,070)
Other
(923)
\u2014
6
(132)
\u2014
72
(977)
Impairment losses
(205)
\u2014
\u2014
(108)
58
162
(93)
Of which addition
(108)
Of which Liberation
5,821
1,714
(8)
(1,955)
\u2014
(222)
5,350
EUR million
Estimated
useful\u00a0life
1 January
2024
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2024
Cost
14,773
2,104
(8)
(1,169)
(439)
15,261
Brand names
40
\u2014
\u2014
\u2014
(8)
32
IT developments
3-10 years
12,867
2,104
(8)
(1,169)
(472)
13,322
Other
1,866
\u2014
\u2014
\u2014
41
1,907
Accumulated amortisation
(8,851)
\u2014
6
(1,626)
1,062
174
(9,235)
Development
(8,078)
\u2014
6
(1,546)
1,062
244
(8,312)
Other
(773)
\u2014
\u2014
(80)
\u2014
(70)
(923)
Impairment losses
(68)
\u2014
\u2014
(227)
107
(17)
(205)
Of which addition
(227)
Of which Liberation
\u2014
5,854
2,104
(2)
(1,853)
\u2014
(282)
5,821
EUR million
Estimated
useful\u00a0life
1 January
2023
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2023
Cost
12,502
2,197
176
(230)
128
14,773
Brand names
33
\u2014
8
(2)
1
40
IT developments
3-10 years
10,721
2,197
18
(196)
127
12,867
Other
1,748
\u2014
150
(32)
\u2014
1,866
Accumulated amortisation
(7,554)
\u2014
5
(1,386)
209
(125)
(8,851)
Development
(6,866)
\u2014
\u2014
(1,294)
177
(95)
(8,078)
Other
(688)
\u2014
5
(92)
32
(30)
(773)
Impairment losses
(44)
\u2014
\u2014
(53)
21
8
(68)
Of which addition
(53)
Of which Liberation
\u2014
4,904
2,197
181
(1,439)
\u2014
11
5,854
In 2025, 2024 and 2023 , impairment losses of EUR 108 million,
EUR 227 million and EUR 53 million, respectively, were recognised
under Impairment or reversal of impairment on non-financial
assets, net \u2013 intangible assets. This impairment losses are related
mainly to the decline in or loss of the recoverable value of certain
computer systems and applications as a result of the processes
initiated by the Group to transform or integrate businesses and to
adapt to the various regulatory changes", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1885": { "value": "
12. \u00a0Non-current assets held for sale and
liabilities associated with non-current
assets held for sale
a) Breakdown
The detail of Non-current assets held for sale in the consolidated
balance sheets is as follows:
EUR million
2025
2024
2023
Tangible assets
2,850
2,851
2,991
Foreclosed assets
2,487
2,621
2,773
Of which property assets in Spain
1,705
1,896
2,138
Other tangible assets held for sale
363
230
218
Entities held for sale
72,148
1,137
\u2014
\u00a0 \u00a0 \u00a0 Caceis (Note 3)
\u2014
1,137
\u2014
\u00a0 \u00a0 \u00a0 Santander Bank Polska S.A. (Note
3)
72,148
\u2014
\u2014
Other assets
13
14
23
Total non-current assets held for sale
75,011
4,002
3,014
EUR million
2025
2024
2023
Entities held for sale
Santander Bank Polska S.A. (Note 2)
62,995
\u2014
\u2014
Total Liabilities associated with non-
current assets held for sale
62,995
\u2014
\u2014
At 31 December 2025, the provisions recognised for the total non
current ass ets held for sale totalled EUR 2,357 million (EUR 2,606
million and EUR 2,956 million at 31 December 2024 and 2023 ,
respectively). The charges recorded in those\u00a0years amounted to
EUR 131 million, EUR 163 million and EUR 139 million,
respectively, and the recoveries during these exercises are
amounted to EUR 59 million, EUR 71 million and EUR 88 million,
respectively.
b) Assets and liabilities from entities held for
sale
The following is the consolidated balance sheet and consolidated
summary cash flow statements for the Polish business held for
sale:
EUR million
Condensed consolidated balance sheet
2025
Cash, cash balances at central banks and other deposits on
demand
2,515
Financial assets held for trading
1,956
Financial assets designated at fair value through other
comprehensive income
8,173
Financial assets at amortised cost
55,642
Intangible assets
1,335
Tax assets
1,224
Other assets
1,303
Total assets
72,148
EUR million
Condensed consolidated balance sheet
2025
Financial liabilities held for trading
842
Financial liabilities at amortised cost
59,704
Provisions
603
Tax liabilities
1,335
Other liabilities
511
Total liabilities
62,995
EUR million
Other comprehensive income
2025
Items that will not be reclassified to profit or loss
56
Actuarial gains or losses on defined benefit pension plans
\u2014
Changes in the fair value of equity instruments measured at
fair value through other comprehensive income
56
Items that may be reclassified to profit or loss
(590)
Hedges of net investments in foreign operations (effective
portion)
(522)
Exchange differences
(164)
Cash flow hedges (effective portion)
98
Debt instruments at fair value with changes in other
comprehensive income
8
Share in other income and expenses recognised in
investments, joint ventures and associates
(10)
EUR million
Condensed consolidated statements
of cash flows
2025
2024
2023
A) Cash flows from operating activities
1,405
1,705
352
B) Cash flows from investing activities
(98)
(96)
(91)
C) Cash flows from financing activities
(1,301)
(1,194)
(591)
D) Effect of foreign exchange rate
differences
20
27
143
E) Net increase/(decrease) in cash and
cash equivalents
26
442
(187)
At 31 December 2025, the\u00a0 written-off assets totalled EUR 2,339
million from the Polish business held for sale.
Consistent with the Group\u00b4s management model, the amounts
related to the business held for sale in Poland are primarily
reported within the Retail & Commercial Banking segment for
primary segment information purposes. Additionally, a separate
breakdown for the Poland geography is presented as a secondary
segment.
In addition, see the consolidated summary profit and loss accounts
for the business for sale in Poland in Note 37.
37. Discontinued operations
As a result of the agreement for the sale of part of the Polish
business, the effect of these businesses on the consolidated
income statement of 2025 has been classified under the line item
'Profit/(loss) after tax from discontinued operations', with the
same classification applied for comparative purposes in the
consolidated income statement of years 2024 and 2023 (see Note
3).
a) Breakdown
The following is a breakdown of the heading 'Profit/loss after tax
from discontinued operations' at 31 December of 2025, 2024 and
2023:
EUR million
2025
2024
2023
Entities held for sale
Santander Bank Polska (Note 3)
1,542
1,241
1,058
Profit/loss after tax from discontinued
operations
1,542
1,241
1,058
b) Gains or losses from entities held for sale
The following are the consolidated summary profit and loss
accounts for the business held for sale in Poland:
EUR million
Condensed consolidated income
statements
2025
2024
2023
Interest margin
3,006
2,881
2,611
Dividend income
4
4
3
Investments accounted for using the
equity method
28
24
22
Net commissions
685
634
562
Net trading income
74
62
68
Other operating results
(77)
(109)
(94)
Total income
3,720
3,496
3,172
Administrative expenses, depreciation
and amortisation cost
(1,014)
(885)
(793)
Impairment of financial assets A
(285)
(508)
(658)
Other results and provisions
(471)
(423)
(267)
Profit before taxes
1,950
1,680
1,454
Tax expense
(408)
(439)
(396)
Profit of the year
1,542
1,241
1,058
A. Of which EUR 144 million correspond to renegotiations or contractual
modifications at 31 December 2025 (EUR 334\u00a0 and 457 million at 31 December
2024 and 2023, respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1884": { "value": "
12. \u00a0Non-current assets held for sale and
liabilities associated with non-current
assets held for sale
a) Breakdown
The detail of Non-current assets held for sale in the consolidated
balance sheets is as follows:
EUR million
2025
2024
2023
Tangible assets
2,850
2,851
2,991
Foreclosed assets
2,487
2,621
2,773
Of which property assets in Spain
1,705
1,896
2,138
Other tangible assets held for sale
363
230
218
Entities held for sale
72,148
1,137
\u2014
\u00a0 \u00a0 \u00a0 Caceis (Note 3)
\u2014
1,137
\u2014
\u00a0 \u00a0 \u00a0 Santander Bank Polska S.A. (Note
3)
72,148
\u2014
\u2014
Other assets
13
14
23
Total non-current assets held for sale
75,011
4,002
3,014
EUR million
2025
2024
2023
Entities held for sale
Santander Bank Polska S.A. (Note 2)
62,995
\u2014
\u2014
Total Liabilities associated with non-
current assets held for sale
62,995
\u2014
\u2014
At 31 December 2025, the provisions recognised for the total non
current ass ets held for sale totalled EUR 2,357 million (EUR 2,606
million and EUR 2,956 million at 31 December 2024 and 2023 ,
respectively). The charges recorded in those\u00a0years amounted to
EUR 131 million, EUR 163 million and EUR 139 million,
respectively, and the recoveries during these exercises are
amounted to EUR 59 million, EUR 71 million and EUR 88 million,
respectively.
b) Assets and liabilities from entities held for
sale
The following is the consolidated balance sheet and consolidated
summary cash flow statements for the Polish business held for
sale:
EUR million
Condensed consolidated balance sheet
2025
Cash, cash balances at central banks and other deposits on
demand
2,515
Financial assets held for trading
1,956
Financial assets designated at fair value through other
comprehensive income
8,173
Financial assets at amortised cost
55,642
Intangible assets
1,335
Tax assets
1,224
Other assets
1,303
Total assets
72,148
EUR million
Condensed consolidated balance sheet
2025
Financial liabilities held for trading
842
Financial liabilities at amortised cost
59,704
Provisions
603
Tax liabilities
1,335
Other liabilities
511
Total liabilities
62,995
EUR million
Other comprehensive income
2025
Items that will not be reclassified to profit or loss
56
Actuarial gains or losses on defined benefit pension plans
\u2014
Changes in the fair value of equity instruments measured at
fair value through other comprehensive income
56
Items that may be reclassified to profit or loss
(590)
Hedges of net investments in foreign operations (effective
portion)
(522)
Exchange differences
(164)
Cash flow hedges (effective portion)
98
Debt instruments at fair value with changes in other
comprehensive income
8
Share in other income and expenses recognised in
investments, joint ventures and associates
(10)
EUR million
Condensed consolidated statements
of cash flows
2025
2024
2023
A) Cash flows from operating activities
1,405
1,705
352
B) Cash flows from investing activities
(98)
(96)
(91)
C) Cash flows from financing activities
(1,301)
(1,194)
(591)
D) Effect of foreign exchange rate
differences
20
27
143
E) Net increase/(decrease) in cash and
cash equivalents
26
442
(187)
At 31 December 2025, the\u00a0 written-off assets totalled EUR 2,339
million from the Polish business held for sale.
Consistent with the Group\u00b4s management model, the amounts
related to the business held for sale in Poland are primarily
reported within the Retail & Commercial Banking segment for
primary segment information purposes. Additionally, a separate
breakdown for the Poland geography is presented as a secondary
segment.
In addition, see the consolidated summary profit and loss accounts
for the business for sale in Poland in Note 37.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1890": { "value": "
13.\u00a0 Investments
a) Breakdown
The detail, by company, of Investments is as follows:
EUR million
2025
2024
2023
Associated entities
5,096
5,216
5,682
Merlin Properties, SOCIMI, S.A.A
1,830
1,803
1,621
Zurich Santander Insurance
America, S.L. - Consolidated
940
884
936
Metrovacesa, S.A.
748
841
899
CNP Santander
399
397
423
Pluxee Beneficios Brasil S.A. A
295
309
\u2014
Caceis (Notes 3 and 12)
\u2014
\u2014
1,139
Other companies
884
982
664
Joint Ventures entities
1,956
2,061
1,964
Santander Caceis Latam Holding 1, S.L. -
Consolidated (previously Santander Securities
Services Latam Holding, S.L)
404
381
389
Santander Vida Seguros y Reaseguros, S.A.
329
356
362
U.C.I., S.A. - Consolidated
293
325
349
Fortune Auto Finance Co., Ltd
232
261
254
Hyundai Capital UK Limited
270
249
205
Volvo Car Financial Services UK Limited
116
99
76
Banco RCI Brasil S.A.
77
94
92
Other companies
235
296
237
Total Associated entities and Joint ventures
7,052
7,277
7,646
A. Acquisition of 20% of Pluxee Beneficios Brasil S.A. and capital increase of
Merlin Properties, SOCIMI, S.A., both carried out in 2024.
Of the entities included above, at 31 December 2025 , the entities
Merlin Properties, SOCIMI, S.A, and Metrovacesa, S.A. and
Compa\u00f1\u00eda Espa\u00f1ola de Viviendas en Alquiler, S.A., are the only
listed companies.
Below is a breakdown of the Goodwill of the main investments in
joint ventures and associates included in the balance of this
heading:
EUR million
2025
2024
2023
Goodwill
1,096
1,238
1,460
Of which:
Zurich Santander Insurance
America, S.L. - Consolidated
526
526
526
Pluxee Beneficios Brasil S.A.A
71
122
\u2014
Caceis (Notes 3 and 12)
\u2014
\u2014
337
A. Acquisition of 20% of Pluxee Beneficios Brasil S.A. in 2024.
b) Changes
The changes in the investments were as follows:
EUR million
2025
2024
2023
Balance at beginning of year
7,277
7,646
7,615
Acquisitions (disposals) of companies
and capital increases (reductions)A
(17)
1,011
52
Changes in the consolidation method
(Note 3)
15
(13)
(43)
Entities for sale (Notes 3 y 12)B
(168)
(1,137)
\u2014
Effect of equity accounting
665
687
591
Dividends distributed and
reimbursements of share premium
(694)
(745)
(565)
Of which:
Zurich Santander Insurance Am\u00e9rica,
S.L. - Consolidado
(206)
(202)
(202)
Metrovacesa, S.A.
(118)
(52)
(50)
Santander Vida Seguros y Reaseguros,
S.A.- Consolidated
(87)
(82)
(52)
Merlin Properties, SOCIMI, S.A.
(57)
(53)
(51)
CNP Santander
(54)
(88)
(51)
CIP S.A.
(16)
(56)
\u2014
Caceis
\u2014
(114)
\u2014
Hyundai Capital UK Limited
\u2014
\u2014
(58)
Other global result
28
(32)
(24)
Exchange differences and other changes
(54)
(140)
20
Balance at end of year
7,052
7,277
7,646
A. Includes the acquisition of 20% of Pluxee Beneficios Brasil S.A. and the capital
increase of Merlin Properties, SOCIMI, S.A carried out in 2024.
B. Stakes of Santander Bank Polska S.A. and Caceis (Notes 3 and 12).
c) Impairment adjustments
During the years 2025, 2024 and 2023 there was no evidence of
significant impairment in the Group's associated interests.
d) Other information
A summary of the financial information at the end of December
2025 of the main associates and joint ventures (obtained from the
information available at the date of preparation of the consolidated
financial statements) is shown below:
EUR million
Associates
Joint ventures
Merlin
Properties,
SOCIMI,
S.A.A
Metrovacesa,
S.A.A
Pluxee
Benefici
os Brasil
S.A.
Zurich
Santander
Insurance
Am\u00e9rica, S.L. -
Consolidated
CNP
Santander
Santander
Caceis Latam
Holding, S.L. -
Consolidated
U.C.I., S.A. -
Consolidated
Hyundai
Capital
UK
Limited
Fortune
Auto
Finance
Co., LTD
Santander
Vida Seguros
y
Reaseguros,
S.A.-
Consolidated
(note 3)
Banco RCI
Brasil S.A.
Current assets
1,701
2,025
689
2,434
165
201
397
2,022
167
157
10
Non current assets
11,758
389
652
20,190
2,139
579
8,876
3,665
1,933
1,710
2,221
Total assets
13,459
2,414
1,341
22,624
2,304
780
9,273
5,687
2,100
1,867
2,231
Current liabilities
840
507
254
657
186
315
6,930
3,685
10
140
112
Non current liabilities
5,118
310
578
21,021
1,726
35
1,715
1,480
1,627
1,243
1,924
Total liabilities
5,958
817
832
21,678
1,912
350
8,645
5,165
1,637
1,383
2,036
Attributable profit for the
period
284
16
87
534
101
97
(75)
77
20
145
54
Other accumulated
comprehensive income
(11)
\u2014
\u2014
(33)
(9)
\u2014
114
(1)
\u2014
(21)
4
Rest of equity
7,228
1,581
422
445
300
333
589
446
443
360
137
Total Equity
7,501
1,597
509
946
392
430
628
522
463
484
195
Total liabilities and equity
13,459
2,414
1,341
22,624
2,304
780
9,273
5,687
2,100
1,867
2,231
Ordinary activities income
544
658
457
4,559
568
163
499
426
159
907
312
Profit (loss) from continuing
operations
284
16
87
534
101
97
(75)
77
20
145
54
Profit (loss) for the year from
discontinuing operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
A. Data as of 31 December 2024, latest accounts available.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1889": { "value": "
13.\u00a0 Investments
a) Breakdown
The detail, by company, of Investments is as follows:
EUR million
2025
2024
2023
Associated entities
5,096
5,216
5,682
Merlin Properties, SOCIMI, S.A.A
1,830
1,803
1,621
Zurich Santander Insurance
America, S.L. - Consolidated
940
884
936
Metrovacesa, S.A.
748
841
899
CNP Santander
399
397
423
Pluxee Beneficios Brasil S.A. A
295
309
\u2014
Caceis (Notes 3 and 12)
\u2014
\u2014
1,139
Other companies
884
982
664
Joint Ventures entities
1,956
2,061
1,964
Santander Caceis Latam Holding 1, S.L. -
Consolidated (previously Santander Securities
Services Latam Holding, S.L)
404
381
389
Santander Vida Seguros y Reaseguros, S.A.
329
356
362
U.C.I., S.A. - Consolidated
293
325
349
Fortune Auto Finance Co., Ltd
232
261
254
Hyundai Capital UK Limited
270
249
205
Volvo Car Financial Services UK Limited
116
99
76
Banco RCI Brasil S.A.
77
94
92
Other companies
235
296
237
Total Associated entities and Joint ventures
7,052
7,277
7,646
A. Acquisition of 20% of Pluxee Beneficios Brasil S.A. and capital increase of
Merlin Properties, SOCIMI, S.A., both carried out in 2024.
Of the entities included above, at 31 December 2025 , the entities
Merlin Properties, SOCIMI, S.A, and Metrovacesa, S.A. and
Compa\u00f1\u00eda Espa\u00f1ola de Viviendas en Alquiler, S.A., are the only
listed companies.
Below is a breakdown of the Goodwill of the main investments in
joint ventures and associates included in the balance of this
heading:
EUR million
2025
2024
2023
Goodwill
1,096
1,238
1,460
Of which:
Zurich Santander Insurance
America, S.L. - Consolidated
526
526
526
Pluxee Beneficios Brasil S.A.A
71
122
\u2014
Caceis (Notes 3 and 12)
\u2014
\u2014
337
A. Acquisition of 20% of Pluxee Beneficios Brasil S.A. in 2024.
b) Changes
The changes in the investments were as follows:
EUR million
2025
2024
2023
Balance at beginning of year
7,277
7,646
7,615
Acquisitions (disposals) of companies
and capital increases (reductions)A
(17)
1,011
52
Changes in the consolidation method
(Note 3)
15
(13)
(43)
Entities for sale (Notes 3 y 12)B
(168)
(1,137)
\u2014
Effect of equity accounting
665
687
591
Dividends distributed and
reimbursements of share premium
(694)
(745)
(565)
Of which:
Zurich Santander Insurance Am\u00e9rica,
S.L. - Consolidado
(206)
(202)
(202)
Metrovacesa, S.A.
(118)
(52)
(50)
Santander Vida Seguros y Reaseguros,
S.A.- Consolidated
(87)
(82)
(52)
Merlin Properties, SOCIMI, S.A.
(57)
(53)
(51)
CNP Santander
(54)
(88)
(51)
CIP S.A.
(16)
(56)
\u2014
Caceis
\u2014
(114)
\u2014
Hyundai Capital UK Limited
\u2014
\u2014
(58)
Other global result
28
(32)
(24)
Exchange differences and other changes
(54)
(140)
20
Balance at end of year
7,052
7,277
7,646
A. Includes the acquisition of 20% of Pluxee Beneficios Brasil S.A. and the capital
increase of Merlin Properties, SOCIMI, S.A carried out in 2024.
B. Stakes of Santander Bank Polska S.A. and Caceis (Notes 3 and 12).
c) Impairment adjustments
During the years 2025, 2024 and 2023 there was no evidence of
significant impairment in the Group's associated interests.
d) Other information
A summary of the financial information at the end of December
2025 of the main associates and joint ventures (obtained from the
information available at the date of preparation of the consolidated
financial statements) is shown below:
EUR million
Associates
Joint ventures
Merlin
Properties,
SOCIMI,
S.A.A
Metrovacesa,
S.A.A
Pluxee
Benefici
os Brasil
S.A.
Zurich
Santander
Insurance
Am\u00e9rica, S.L. -
Consolidated
CNP
Santander
Santander
Caceis Latam
Holding, S.L. -
Consolidated
U.C.I., S.A. -
Consolidated
Hyundai
Capital
UK
Limited
Fortune
Auto
Finance
Co., LTD
Santander
Vida Seguros
y
Reaseguros,
S.A.-
Consolidated
(note 3)
Banco RCI
Brasil S.A.
Current assets
1,701
2,025
689
2,434
165
201
397
2,022
167
157
10
Non current assets
11,758
389
652
20,190
2,139
579
8,876
3,665
1,933
1,710
2,221
Total assets
13,459
2,414
1,341
22,624
2,304
780
9,273
5,687
2,100
1,867
2,231
Current liabilities
840
507
254
657
186
315
6,930
3,685
10
140
112
Non current liabilities
5,118
310
578
21,021
1,726
35
1,715
1,480
1,627
1,243
1,924
Total liabilities
5,958
817
832
21,678
1,912
350
8,645
5,165
1,637
1,383
2,036
Attributable profit for the
period
284
16
87
534
101
97
(75)
77
20
145
54
Other accumulated
comprehensive income
(11)
\u2014
\u2014
(33)
(9)
\u2014
114
(1)
\u2014
(21)
4
Rest of equity
7,228
1,581
422
445
300
333
589
446
443
360
137
Total Equity
7,501
1,597
509
946
392
430
628
522
463
484
195
Total liabilities and equity
13,459
2,414
1,341
22,624
2,304
780
9,273
5,687
2,100
1,867
2,231
Ordinary activities income
544
658
457
4,559
568
163
499
426
159
907
312
Profit (loss) from continuing
operations
284
16
87
534
101
97
(75)
77
20
145
54
Profit (loss) for the year from
discontinuing operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
A. Data as of 31 December 2024, latest accounts available.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1888": { "value": "
13.\u00a0 Investments
a) Breakdown
The detail, by company, of Investments is as follows:
EUR million
2025
2024
2023
Associated entities
5,096
5,216
5,682
Merlin Properties, SOCIMI, S.A.A
1,830
1,803
1,621
Zurich Santander Insurance
America, S.L. - Consolidated
940
884
936
Metrovacesa, S.A.
748
841
899
CNP Santander
399
397
423
Pluxee Beneficios Brasil S.A. A
295
309
\u2014
Caceis (Notes 3 and 12)
\u2014
\u2014
1,139
Other companies
884
982
664
Joint Ventures entities
1,956
2,061
1,964
Santander Caceis Latam Holding 1, S.L. -
Consolidated (previously Santander Securities
Services Latam Holding, S.L)
404
381
389
Santander Vida Seguros y Reaseguros, S.A.
329
356
362
U.C.I., S.A. - Consolidated
293
325
349
Fortune Auto Finance Co., Ltd
232
261
254
Hyundai Capital UK Limited
270
249
205
Volvo Car Financial Services UK Limited
116
99
76
Banco RCI Brasil S.A.
77
94
92
Other companies
235
296
237
Total Associated entities and Joint ventures
7,052
7,277
7,646
A. Acquisition of 20% of Pluxee Beneficios Brasil S.A. and capital increase of
Merlin Properties, SOCIMI, S.A., both carried out in 2024.
Of the entities included above, at 31 December 2025 , the entities
Merlin Properties, SOCIMI, S.A, and Metrovacesa, S.A. and
Compa\u00f1\u00eda Espa\u00f1ola de Viviendas en Alquiler, S.A., are the only
listed companies.
Below is a breakdown of the Goodwill of the main investments in
joint ventures and associates included in the balance of this
heading:
EUR million
2025
2024
2023
Goodwill
1,096
1,238
1,460
Of which:
Zurich Santander Insurance
America, S.L. - Consolidated
526
526
526
Pluxee Beneficios Brasil S.A.A
71
122
\u2014
Caceis (Notes 3 and 12)
\u2014
\u2014
337
A. Acquisition of 20% of Pluxee Beneficios Brasil S.A. in 2024.
b) Changes
The changes in the investments were as follows:
EUR million
2025
2024
2023
Balance at beginning of year
7,277
7,646
7,615
Acquisitions (disposals) of companies
and capital increases (reductions)A
(17)
1,011
52
Changes in the consolidation method
(Note 3)
15
(13)
(43)
Entities for sale (Notes 3 y 12)B
(168)
(1,137)
\u2014
Effect of equity accounting
665
687
591
Dividends distributed and
reimbursements of share premium
(694)
(745)
(565)
Of which:
Zurich Santander Insurance Am\u00e9rica,
S.L. - Consolidado
(206)
(202)
(202)
Metrovacesa, S.A.
(118)
(52)
(50)
Santander Vida Seguros y Reaseguros,
S.A.- Consolidated
(87)
(82)
(52)
Merlin Properties, SOCIMI, S.A.
(57)
(53)
(51)
CNP Santander
(54)
(88)
(51)
CIP S.A.
(16)
(56)
\u2014
Caceis
\u2014
(114)
\u2014
Hyundai Capital UK Limited
\u2014
\u2014
(58)
Other global result
28
(32)
(24)
Exchange differences and other changes
(54)
(140)
20
Balance at end of year
7,052
7,277
7,646
A. Includes the acquisition of 20% of Pluxee Beneficios Brasil S.A. and the capital
increase of Merlin Properties, SOCIMI, S.A carried out in 2024.
B. Stakes of Santander Bank Polska S.A. and Caceis (Notes 3 and 12).
c) Impairment adjustments
During the years 2025, 2024 and 2023 there was no evidence of
significant impairment in the Group's associated interests.
d) Other information
A summary of the financial information at the end of December
2025 of the main associates and joint ventures (obtained from the
information available at the date of preparation of the consolidated
financial statements) is shown below:
EUR million
Associates
Joint ventures
Merlin
Properties,
SOCIMI,
S.A.A
Metrovacesa,
S.A.A
Pluxee
Benefici
os Brasil
S.A.
Zurich
Santander
Insurance
Am\u00e9rica, S.L. -
Consolidated
CNP
Santander
Santander
Caceis Latam
Holding, S.L. -
Consolidated
U.C.I., S.A. -
Consolidated
Hyundai
Capital
UK
Limited
Fortune
Auto
Finance
Co., LTD
Santander
Vida Seguros
y
Reaseguros,
S.A.-
Consolidated
(note 3)
Banco RCI
Brasil S.A.
Current assets
1,701
2,025
689
2,434
165
201
397
2,022
167
157
10
Non current assets
11,758
389
652
20,190
2,139
579
8,876
3,665
1,933
1,710
2,221
Total assets
13,459
2,414
1,341
22,624
2,304
780
9,273
5,687
2,100
1,867
2,231
Current liabilities
840
507
254
657
186
315
6,930
3,685
10
140
112
Non current liabilities
5,118
310
578
21,021
1,726
35
1,715
1,480
1,627
1,243
1,924
Total liabilities
5,958
817
832
21,678
1,912
350
8,645
5,165
1,637
1,383
2,036
Attributable profit for the
period
284
16
87
534
101
97
(75)
77
20
145
54
Other accumulated
comprehensive income
(11)
\u2014
\u2014
(33)
(9)
\u2014
114
(1)
\u2014
(21)
4
Rest of equity
7,228
1,581
422
445
300
333
589
446
443
360
137
Total Equity
7,501
1,597
509
946
392
430
628
522
463
484
195
Total liabilities and equity
13,459
2,414
1,341
22,624
2,304
780
9,273
5,687
2,100
1,867
2,231
Ordinary activities income
544
658
457
4,559
568
163
499
426
159
907
312
Profit (loss) from continuing
operations
284
16
87
534
101
97
(75)
77
20
145
54
Profit (loss) for the year from
discontinuing operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
A. Data as of 31 December 2024, latest accounts available.
Appendix II
Societies of which Grupo Santander owns more than 5% (g) , entities associated with Grupo Santander and jointly controlled entities
% of ownership
held by Banco
Santander
Percentage of
voting power (f)
EUR million (a)
Company
Location
Direct
Indirect
Year
2025
Year
2024
Activity
Type of
company
Asset
Capital +
reserves
Net
results
Administrador Financiero de
Transantiago S.A.
Chile
0.00%
13.43%
20.00%
20.00%
Payments and
collection
services
Associated
59
8
2
Adprotel Strand, S.L. (consolidado)
Spain
0.00%
38.20%
38.20%
38.20%
Real estate
development
Associated
693
622
26
Aegon Santander Portugal N\u00e3o Vida
- Companhia de Seguros, S.A.
Portugal
0.00%
49.00%
49.00%
49.00%
Insurance
Joint
ventures
84
9
21
Aegon Santander Portugal Vida -
Companhia de Seguros Vida, S.A.
Portugal
0.00%
49.00%
49.00%
49.00%
Insurance
Joint
ventures
153
22
19
Aeroplan - Sociedade Construtora
de Aeroportos, Lda. (e)
Portugal
0.00%
19.97%
20.00%
20.00%
Inactive
\u2014
0
0
0
Agri Tech Investments Argentina
S.A.U.
Argentine
0.00%
50.00%
50.00%
\u2014
Financial
services
\u2014
10
6
1
Aguas de Fuensanta, S.A. (e) (k)
Spain
36.78%
0.00%
36.78%
36.78%
Food
\u2014
\u2014
\u2014
\u2014
AHLC - Promo\u00e7\u00e3o Imobili\u00e1ria, Lda.
Portugal
0.00%
35.00%
35.00%
\u2014
Real estate
development
Joint
ventures
0
0
0
Alcoaxarqu\u00eda, S.L.
Spain
0.00%
16.00%
40.00%
\u2014
Food
\u2014
25
6
2
Alma UK Holdings Ltd (consolidado)
(b)
United
Kingdom
30.00%
0.00%
30.00%
30.00%
Holding
company
Joint
ventures
3
2
4
Apolo Vault 1, S.L.
Spain
0.00%
25.00%
25.00%
25.00%
Renewable
energies
Joint
ventures
0
0
0
Aranguren Comercial de Embalaje,
S.L.
Spain
0.00%
9.96%
24.90%
\u2014
Industrial
products
\u2014
38
11
2
Arneplant, S.L.
Spain
0.00%
11.36%
28.41%
\u2014
Footwear and
textiles
\u2014
46
22
2
Asesor\u00eda Inform\u00e1tica Gallega, S.L.
Spain
0.00%
12.54%
31.34%
\u2014
IT services
\u2014
4
0
2
Atitlan Agro I, S.C.R., S.A. (b) (n)
Spain
42.54%
0.00%
0.00%
0.00%
Venture capital
company
\u2014
123
114
(5)
Attijariwafa Bank Soci\u00e9t\u00e9 Anonyme
(consolidado) (b)
Morocco
0.00%
5.10%
5.10%
5.10%
Banking
\u2014
67,801
4,942
887
AutoFi Inc. (b)
United
States
9.50%
9.40%
4.99%
4.99%
E-commerce
\u2014
19
19
(7)
Autopistas del Sol S.A. (b)
Argentine
0.00%
14.17%
14.17%
14.17%
Highway
concession
\u2014
232
191
(54)
Avanath Affordable Housing IV LLC
(b)
United
States
0.00%
7.27%
7.27%
7.27%
Investment
company
\u2014
411
405
(35)
Avanzare Innovaci\u00f3n Tecnol\u00f3gica,
S.L.
Spain
0.00%
12.66%
31.64%
\u2014
Technology
\u2014
43
19
5
Axle 2023-1 Ltd
United
Kingdom
0.00%
(h)
\u2014
\u2014
Securitization
Joint
ventures
689
2
(5)
Banco RCI Brasil S.A.
Brazil
0.00%
35.85%
39.89%
39.89%
Banking
Joint
ventures
2,231
141
54
Banco S3 Caceis M\u00e9xico, S.A.,
Instituci\u00f3n de Banca M\u00faltiple
Mexico
0.00%
50.00%
50.00%
50.00%
Banking
Joint
ventures
245
112
15
Bank of Beijing Consumer Finance
Company
China
0.00%
20.00%
20.00%
20.00%
Finance
company
Associated
1,904
156
21
Bank of Shanghai Co., Ltd.
(consolidado) (b)
China
6.54%
0.00%
6.54%
6.54%
Banking
\u2014
392,042
28,022
2,863
Biomas \u2013 Servi\u00e7os Ambientais,
Restaura\u00e7\u00e3o e Carbono S.A.
Brazil
0.00%
14.98%
16.67%
16.67%
Consulting
services
Associated
7
9
(6)
Bizum, S.L.
Spain
20.92%
0.00%
20.92%
20.92%
Payment
services
Associated
29
11
2
Campo Grande Empreendimentos
Ltda. (k) (e)
Brazil
0.00%
22.75%
25.32%
25.32%
Inactive
\u2014
0
0
0
CaptureNow Limited (q)
United
Kingdom
0.00%
22.22%
22.22%
\u2014
Software
\u2014
1
0
0
CCPT - ComprarCasa, Rede Servi\u00e7os
Imobili\u00e1rios, S.A.
Portugal
0.00%
49.98%
49.98%
49.98%
Real estate
services
Joint
ventures
0
0
0
Centro de Compensaci\u00f3n
Automatizado S.A.
Chile
0.00%
22.38%
33.33%
33.33%
Payments and
collection
services
Associated
21
12
6
Societies of which Grupo Santander owns more than 5% (g) , entities associated with Grupo Santander and jointly controlled entities
% of ownership
held by Banco
Santander
Percentage of
voting power (f)
EUR million (a)
Company
Location
Direct
Indirect
Year
2025
Year
2024
Activity
Type of
company
Asset
Capital +
reserves
Net
results
Centro para el Desarrollo,
Investigaci\u00f3n y Aplicaci\u00f3n de
Nuevas Tecnolog\u00edas, S.A. (l)
Spain
0.00%
49.00%
49.00%
49.00%
Technology
Associated
3
3
0
Cicrosa Hidra\u00falica, S.L.
Spain
0.00%
13.20%
33.00%
\u2014
Industrial
supplies
\u2014
19
12
3
CIP S.A.
Brazil
0.00%
15.74%
17.52%
17.52%
Financial
services
Associated
335
188
99
CNP Santander Insurance Europe
Designated Activity Company
Ireland
0.00%
49.00%
49.00%
49.00%
Insurance
Associated
1,475
229
56
CNP Santander Insurance Life
Designated Activity Company
Ireland
0.00%
49.00%
49.00%
49.00%
Insurance
Associated
798
63
44
CNP Santander Insurance Services
Ireland Limited
Ireland
0.00%
49.00%
49.00%
49.00%
Services
Associated
16
0
0
Companhia Promotora UCI
Brazil
0.00%
25.00%
25.00%
25.00%
Financial
services
Joint
ventures
0
0
0
Compa\u00f1ia Espa\u00f1ola de Financiaci\u00f3n
de Desarrollo, Cofides, S.A., SME (b)
Spain
20.18%
0.00%
20.18%
20.17%
Finance
company
\u2014
244
213
25
Compa\u00f1\u00eda Espa\u00f1ola de Seguros de
Cr\u00e9dito a la Exportaci\u00f3n, S.A.,
Compa\u00f1\u00eda de Seguros y Reaseguros
(consolidado) (b)
Spain
23.33%
0.55%
23.88%
23.88%
Credit
insurance
\u2014
1,432
570
64
Compa\u00f1\u00eda Espa\u00f1ola de Viviendas en
Alquiler, S.A. (consolidado)
Spain
24.07%
0.00%
24.07%
24.07%
Real estate
Associated
626
416
23
Compa\u00f1\u00eda para los Desarrollos
Inmobiliarios de la Ciudad de
Hispalis, S.L., en liquidaci\u00f3n (d) (e)
Spain
21.98%
0.00%
21.98%
21.98%
Real estate
development
\u2014
38
(325)
0
Connecting Visions Ecosystems, S.L.
Spain
29.96%
0.00%
29.96%
37.56%
Consulting
services
Joint
ventures
2
1
0
Construtora Tenda S/A (b)
Brazil
4.92%
4.05%
9.43%
\u2014
Real estate
\u2014
828
147
16
Corkfoc Corti\u00e7as, S.A. (c)
Portugal
0.00%
27.54%
27.58%
27.58%
Cork industry
\u2014
3
20
0
CSD Central de Servi\u00e7os de Registro
e Dep\u00f3sito Aos Mercados
Financeiro e de Capitais S.A.
Brazil
0.00%
16.12%
17.94%
20.00%
Financial
services
Associated
43
42
0
Decus Real Estate, S.L.
Spain
0.00%
30.00%
30.00%
30.00%
Real estate
Joint
ventures
88
76
0
Delos Financial Technologies, Inc.
(b)
United
States
0.00%
22.84%
22.84%
\u2014
Finance
company
\u2014
2
3
(1)
DoRes Securitisation S.r.l
Italy
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
0
0
0
Ebora 220, S.L.
Spain
0.00%
44.00%
50.00%
\u2014
Renewable
energies
Joint
ventures
2
2
0
Ebora Evacuaci\u00f3n, S.L.
Spain
0.00%
50.00%
50.00%
\u2014
Renewable
energies
Joint
ventures
1
1
0
Elaia Agro, S.L. (b)
Spain
49.99%
0.00%
49.99%
49.99%
Consulting
services
Associated
5
4
0
Ethias Lease N.V.
Belgium
0.00%
50.00%
50.00%
50.00%
Leasing
Associated
76
9
(7)
Euro Automatic Cash Entidad de
Pago, S.L.
Spain
50.00%
0.00%
50.00%
50.00%
Payment
services
Associated
42
21
1
European Hospitality Opportunities
S.\u00e0 r.l. (b)
Luxembourg
0.00%
49.00%
49.00%
49.00%
Holding
company
Joint
ventures
55
16
0
Evacuaci\u00f3n Liquesun, S.L.
Spain
0.00%
35.00%
50.00%
50.00%
Electricity
production
Joint
ventures
1
1
0
Evolve SPV S.r.l.
Italy
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
55
0
0
Exam Papers Plus Ltd
United
Kingdom
\u2014
25.00%
25.00%
\u2014
Commerce
Associated
6
3
2
Federal Reserve Bank of Boston (b)
United
States
\u2014
21.38%
21.38%
21.09%
Banking
\u2014
186,079
1,496
83
Fondo de Titulizaci\u00f3n de Activos
UCI 14
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
163
0
0
Fondo de Titulizaci\u00f3n de Activos
UCI 15
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
207
0
0
Societies of which Grupo Santander owns more than 5% (g) , entities associated with Grupo Santander and jointly controlled entities
% of ownership
held by Banco
Santander
Percentage of
voting power (f)
EUR million (a)
Company
Location
Direct
Indirect
Year
2025
Year
2024
Activity
Type of
company
Asset
Capital +
reserves
Net
results
Fondo de Titulizaci\u00f3n de Activos
UCI 16
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
288
0
0
Fondo de Titulizaci\u00f3n de Activos
UCI 17
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
245
0
0
Fondo de Titulizaci\u00f3n, RMBS Green
Prado XI
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
372
0
0
Fondo de Titulizaci\u00f3n, RMBS Prado
IX
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
341
0
0
Fondo de Titulizaci\u00f3n, RMBS Prado
VIII
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
291
0
0
Fondo de Titulizaci\u00f3n, RMBS Prado
X
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
392
0
0
Forest Power Aranda, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
55.00%
Renewable
energies
Joint
ventures
2
1
0
Forest Power Cantabria, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Electricity
production
Joint
ventures
0
0
0
Forest Power Delta, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Gas production
Joint
ventures
0
0
0
Forest Power Epsilon, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Chemical
products
production
Joint
ventures
0
0
0
Forest Power Gamma, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Chemical
products
production
Joint
ventures
0
0
0
Forest Power Kappa, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Gas production
Joint
ventures
0
0
0
Forest Power Lambda, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Chemical
products
production
Joint
ventures
0
0
0
Forest Power Omicron, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Chemical
products
production
Joint
ventures
0
0
0
Forest Power Zeta, S.L. Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Chemical
products
production
Joint
ventures
0
0
0
Forest Power, S.L.
Spain
0.00%
55.00%
55.00%
55.00%
Renewable
energies
Joint
ventures
1
1
0
Forgepoint Capital International
Management Limited
United
Kingdom
50.00%
0.00%
50.00%
50.00%
Consulting
services
Joint
ventures
1
1
(1)
Fortune Auto Finance Co., Ltd
China
0.00%
50.00%
50.00%
50.00%
Finance
company
Joint
ventures
2,100
443
20
FrauDfense, S.L.
Spain
33.33%
0.00%
33.33%
33.33%
IT services
Joint
ventures
3
5
(2)
Fremman limited (consolidado) (b)
United
Kingdom
32.99%
0.00%
4.99%
4.99%
Consulting
services
Associated
10
6
1
Fundo de Investimento em Direitos
Credit\u00f3rios Multisegmentos NPL
Ipanema X Responsabilidade
Limitada
Brazil
0.00%
44.93%
50.00%
\u2014
Investment
fund
Joint
ventures
20
20
1
Gestamp Real Estate Assets 1, S.L.
(k)
Spain
0.00%
43.89%
43.89%
\u2014
Real estate
management
\u2014
\u2014
\u2014
\u2014
Gestamp Real Estate Bizkaia, S.L.
(k)
Spain
0.00%
24.92%
24.92%
\u2014
Real estate
management
\u2014
\u2014
\u2014
\u2014
Gestamp Real Estate Investment 2,
S.L. (k)
Spain
0.00%
37.41%
37.41%
\u2014
Real estate
management
\u2014
\u2014
\u2014
\u2014
Gestamp Real Estate Management
3, S.L. (k)
Spain
0.00%
36.19%
36.19%
\u2014
Real estate
management
\u2014
\u2014
\u2014
\u2014
Gestora de Intelig\u00eancia de Cr\u00e9dito
S.A.
Brazil
0.00%
13.98%
16.00%
16.00%
Collection
services
Associated
190
52
(4)
Gire S.A.
Argentine
0.00%
58.23%
58.33%
58.33%
Payments and
collection
services
Associated
122
77
(4)
Glenrowan Solar Holdings Pty Ltd
Australia
49.00%
0.00%
49.00%
49.00%
Holding
company
Joint
ventures
139
52
(3)
Societies of which Grupo Santander owns more than 5% (g) , entities associated with Grupo Santander and jointly controlled entities
% of ownership
held by Banco
Santander
Percentage of
voting power (f)
EUR million (a)
Company
Location
Direct
Indirect
Year
2025
Year
2024
Activity
Type of
company
Asset
Capital +
reserves
Net
results
Global Esmirna, S.L. (en liquidaci\u00f3n)
(e) (l)
Spain
0.00%
15.00%
37.51%
\u2014
Services
\u2014
26
(1)
(16)
HCUK Auto Funding 2017-2 Ltd
United
Kingdom
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
459
(2)
0
HCUK Auto Funding 2022-1 Limited
(m)
United
Kingdom
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
917
2
(4)
HCUK Auto Funding 2025-1 Ltd
United
Kingdom
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
232
0
0
Healthy Neighborhoods Equity
Fund I LP (b)
United
States
0.00%
22.37%
22.37%
22.37%
Real estate
\u2014
8
8
0
Hyundai Capital UK Limited
United
Kingdom
0.00%
50.01%
50.01%
50.01%
Finance
company
Joint
ventures
5,643
442
75
Hyundai Corretora de Seguros Ltda.
Brazil
0.00%
44.93%
50.00%
50.00%
Insurance
mediation
Joint
ventures
2
1
0
Imperial Holding S.C.A. (e) (i)
Luxembourg
0.00%
36.36%
36.36%
36.36%
Securities
investment
\u2014
0
(113)
0
Imperial Management S.\u00e0 r.l. (b) (e)
Luxembourg
0.00%
40.20%
40.20%
40.20%
Holding
company
\u2014
0
0
0
Invensa Tradeco UK Limited
United
Kingdom
25.00%
0.00%
25.00%
4.99%
Holding
company
Associated
9
13
(6)
Inverlur Aguilas I, S.L.
Spain
0.00%
50.00%
50.00%
50.00%
Real estate
Joint
ventures
0
0
0
Inverlur Aguilas II, S.L.
Spain
0.00%
50.00%
50.00%
50.00%
Real estate
Joint
ventures
1
1
0
Inversiones ZS Am\u00e9rica Dos Ltda.
Chile
0.00%
49.00%
49.00%
49.00%
Real estate and
property
investment
Associated
252
186
58
Inversiones ZS Am\u00e9rica SpA
Chile
0.00%
49.00%
49.00%
49.00%
Real estate and
property
investment
Associated
339
339
58
Klar Holdings Limited (consolidado)
(b)
Cayman
Islands
0.00%
7.35%
7.35%
\u2014
Holding
company
\u2014
491
17
(40)
LB Oprent, S.A.
Spain
40.00%
0.00%
40.00%
40.00%
Industrial
machinery
rental
Associated
6
2
1
Logitek Software Ltd (k)
United
Kingdom
0.00%
20.27%
20.27%
\u2014
Software
Joint
ventures
\u2014
\u2014
\u2014
Mapfre Santander Portugal -
Companhia de Seguros, S.A.
Portugal
0.00%
49.99%
49.99%
49.99%
Insurance
Associated
22
8
1
Massachusetts Business
Development Corp. (consolidado)
(b)
United
States
0.00%
21.61%
21.61%
21.61%
Finance
company
\u2014
49
15
1
MB Capital Fund IV, LLC (b)
United
States
0.00%
21.51%
21.51%
21.51%
Finance
company
\u2014
5
5
1
Merlin Properties, SOCIMI, S.A.
(consolidado) (b)
Spain
20.08%
4.63%
24.68%
24.90%
Real estate
investment
Associated
13,459
7,318
284
Merlion Aviation One Designated
Activity Company
Ireland
\u2014
(p)
\u2014
\u2014
Renting
\u2014
215
17
0
Metrovacesa, S.A. (consolidado) (b)
Spain
31.94%
17.46%
49.43%
49.47%
Real estate
development
Associated
2,414
1,581
16
Nera Agro Holding, S.L. (b)
Spain
50.00%
0.00%
50.00%
\u2014
Holding
company
Joint
ventures
2
4
(3)
Nera Paraguay S.A.
Paraguay
0.00%
50.00%
50.00%
\u2014
Financial
services
\u2014
0
0
0
Nera Uruguay S.A.
Uruguay
0.00%
50.00%
50.00%
\u2014
Financial
services
\u2014
0
0
0
Ocyener 2008, S.L.
Spain
0.00%
45.00%
45.00%
45.00%
Holding
company
Associated
18
18
0
Operadora de Activos Beta, S.A. de
C.V.
Mexico
49.99%
0.00%
49.99%
49.99%
Finance
company
Associated
0
0
0
Payever GmbH
Germany
0.00%
10.00%
10.00%
10.00%
Software
Associated
5
4
0
Phoenix C1 Aviation Designated
Activity Company (e)
Ireland
\u2014
(p)
\u2014
\u2014
Renting
\u2014
0
(17)
17
Societies of which Grupo Santander owns more than 5% (g) , entities associated with Grupo Santander and jointly controlled entities
% of ownership
held by Banco
Santander
Percentage of
voting power (f)
EUR million (a)
Company
Location
Direct
Indirect
Year
2025
Year
2024
Activity
Type of
company
Asset
Capital +
reserves
Net
results
Play Digital S.A.
Argentine
0.00%
13.49%
13.52%
14.21%
Payment
platform
Associated
31
6
1
Pluxee Beneficios Brasil S.A.
Brazil
0.00%
17.97%
20.00%
20.00%
Services
Associated
1,304
400
97
POLFUND - Fundusz Por\u0119cze\u0144
Kredytowych S.A.
Poland
0.00%
29.35%
50.00%
50.00%
Management
Associated
34
24
1
Portland SPV S.r.l.
Italy
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
106
0
0
Prodesa Medioambiente, S.L.
Spain
0.00%
9.80%
24.50%
\u2014
Agricultural
projects
\u2014
39
5
0
Promontoria Manzana, S.A.
(consolidado) (b)
Spain
20.00%
0.00%
20.00%
20.00%
Holding
company
Associated
558
117
(38)
Proteos Biotech, S.L.
Spain
0.00%
12.00%
30.00%
\u2014
Pharmaceutical
\u2014
17
7
2
Redbanc S.A.
Chile
0.00%
22.44%
33.43%
33.43%
Services
Associated
28
13
3
Redsys Servicios de Procesamiento,
S.L. (consolidado)
Spain
24.90%
0.06%
24.96%
24.96%
Cards
Associated
134
63
10
Resurgence, S.L.
Spain
0.00%
40.00%
40.00%
\u2014
Real estate
development
Joint
ventures
8
0
0
Retama Real Estate, S.A.
Unipersonal
Spain
0.00%
50.00%
50.00%
50.00%
Real estate
Joint
ventures
14
(55)
(2)
R\u00edas Redbanc S.A.
Uruguay
0.00%
25.00%
25.00%
25.00%
Services
\u2014
5
1
0
RMBS Bel\u00e9m No.2
Portugal
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
170
0
0
Roc Aviation One Designated
Activity Company
Ireland
\u2014
(p)
\u2014
\u2014
Renting
\u2014
213
(10)
(15)
Roc Shipping One Designated
Activity Company
Ireland
\u2014
(p)
\u2014
\u2014
Renting
\u2014
82
3
(1)
RP Royal Distribution, S.L.
Spain
0.00%
23.73%
23.73%
\u2014
Food
Associated
27
12
6
S3 Caceis Brasil Distribuidora de
T\u00edtulos e Valores Mobili\u00e1rios S.A.
Brazil
0.00%
50.00%
50.00%
50.00%
Securities
company
Joint
ventures
283
101
41
S3 Caceis Brasil Participa\u00e7\u00f5es S.A.
Brazil
0.00%
50.00%
50.00%
50.00%
Holding
company
Joint
ventures
233
106
40
S3 CACEIS Colombia S.A. Sociedad
Fiduciaria
Colombia
0.00%
50.00%
50.00%
50.00%
Finance
company
Joint
ventures
13
10
1
Sancus Green Investments II, S.C.R.,
S.A. (b)
Spain
0.00%
33.02%
33.02%
33.02%
Venture capital
company
\u2014
48
48
0
Santander Allianz Towarzystwo
Ubezpiecze\u0144 na \u017bycie S.A.
Poland
0.00%
28.76%
49.00%
49.00%
Insurance
Associated
240
32
45
Santander Allianz Towarzystwo
Ubezpiecze\u0144 S.A.
Poland
0.00%
28.76%
49.00%
49.00%
Insurance
Associated
86
38
10
Santander Assurance Solutions, S.A.
Spain
0.00%
66.67%
66.67%
66.67%
Insurance
mediation
Joint
ventures
18
8
1
Santander Auto S.A.
Brazil
0.00%
44.93%
50.00%
50.00%
Insurance
Associated
107
6
11
Santander Caceis Latam Holding 1,
S.L.
Spain
0.00%
50.00%
50.00%
50.00%
Holding
company
Joint
ventures
850
753
96
Santander Caceis Latam Holding 2,
S.L.
Spain
0.00%
50.00%
50.00%
50.00%
Holding
company
Joint
ventures
3
3
0
Santander Generales Seguros y
Reaseguros, S.A.
Spain
0.00%
49.00%
49.00%
49.00%
Insurance
Joint
ventures
839
143
65
Santander Mapfre Hipoteca
Inversa, E.F.C., S.A.
Spain
0.00%
50.00%
50.00%
50.00%
Finance
company
Joint
ventures
31
13
(4)
Santander Mapfre Seguros y
Reaseguros, S.A.
Spain
0.00%
49.99%
49.99%
49.99%
Insurance
Associated
240
89
4
Santander Vida Seguros y
Reaseguros, S.A.
Spain
0.00%
49.00%
49.00%
49.00%
Insurance
Joint
ventures
1,010
291
78
Seaya Holdco, S.L. (consolidado)
Spain
24.99%
0.00%
24.99%
24.99%
Holding
company
Associated
30
25
2
Servicios de Infraestructura de
Mercado OTC S.A
Chile
0.00%
8.38%
12.48%
12.48%
Services
Associated
34
16
0
SIBS-SGPS, S.A. (consolidado) (b)
Portugal
0.00%
15.54%
16.55%
15.56%
Management
of portfolios
\u2014
596
278
57
SIG RCRS A/B MF 2023 Venture LLC
United
States
0.00%
20.00%
20.00%
20.00%
Finance
company
\u2014
4,520
3,842
668
Societies of which Grupo Santander owns more than 5% (g) , entities associated with Grupo Santander and jointly controlled entities
% of ownership
held by Banco
Santander
Percentage of
voting power (f)
EUR million (a)
Company
Location
Direct
Indirect
Year
2025
Year
2024
Activity
Type of
company
Asset
Capital +
reserves
Net
results
Siguler Guff SBIC Fund LP (b)
United
States
0.00%
20.00%
20.00%
20.00%
Investment
company
\u2014
48
47
4
Sistema de Tarjetas y Medios de
Pago, S.A. (b)
Spain
20.61%
0.00%
20.61%
20.61%
Payment
methods
Associated
468
6
0
Sociedad Conjunta para la Emisi\u00f3n
y Gesti\u00f3n de Medios de Pago,
E.F.C., S.A.
Spain
45.70%
0.00%
45.70%
45.70%
Payment
services
Joint
ventures
73
37
(1)
Sociedad de Garant\u00eda Rec\u00edproca de
Santander, S.G.R. (b)
Spain
24.91%
0.22%
25.13%
25.17%
Financial
services
\u2014
18
10
0
Sociedad de Gesti\u00f3n de Activos
Procedentes de la Reestructuraci\u00f3n
Bancaria, S.A. (b)
Spain
22.21%
0.00%
22.21%
22.21%
Financial
services
\u2014
12,637
(4,744)
(2,826)
Sociedad Interbancaria de
Dep\u00f3sitos de Valores S.A.
Chile
0.00%
19.66%
29.29%
29.29%
Securities
deposits
Associated
11
9
2
Sociedad Operadora de la C\u00e1mara
de Compensaci\u00f3n de Pagos de Alto
Valor S.A.
Chile
0.00%
9.21%
13.72%
\u2014
Services
Associated
11
8
1
Solar Maritime Designated Activity
Company (b)
Ireland
\u2014
(h)
\u2014
\u2014
Leasing
Joint
ventures
119
7
(1)
STELLANTIS Insurance Europe
Limited
Malta
0.00%
50.00%
50.00%
50.00%
Insurance
Joint
ventures
230
61
35
STELLANTIS Life Insurance Europe
Limited
Malta
0.00%
50.00%
50.00%
50.00%
Insurance
Joint
ventures
93
1
14
Stephens Ranch Wind Energy
Holdco LLC (consolidado) (b)
United
States
0.00%
15.10%
15.10%
15.80%
Renewable
energies
\u2014
176
149
(7)
Tecnologia Banc\u00e1ria S.A.
Brazil
0.00%
17.05%
19.81%
18.98%
ATMs
Associated
484
149
4
Tonopah Solar Energy Holdings I,
LLC (k)
United
States
0.00%
26.80%
26.80%
26.80%
Holding
company
Joint
ventures
\u2014
\u2014
\u2014
Transbank S.A.
Chile
0.00%
16.78%
25.00%
25.00%
Cards
Associated
1,545
139
19
U.C.I., S.A.
Spain
50.00%
0.00%
50.00%
50.00%
Holding
company
Joint
ventures
750
399
(3)
UCI Greece Credit and Loan
Receivables Servicing Company
Single Member Societe Anonyme
Greece
0.00%
50.00%
50.00%
50.00%
Financial
services
Joint
ventures
2
1
0
UCI Holding Brasil Ltda.
Brazil
0.00%
50.00%
50.00%
50.00%
Holding
company
Joint
ventures
0
(1)
0
UCI Media\u00e7\u00e3o de Seguros,
Unipessoal Lda.
Portugal
0.00%
50.00%
50.00%
50.00%
Insurance
mediation
Joint
ventures
0
0
0
UCI Servicios para Profesionales
Inmobiliarios, S.A. Unipersonal
Spain
0.00%
50.00%
50.00%
50.00%
Real estate
services
Joint
ventures
1
0
0
Uncapped Limited (o)
United
Kingdom
0.00%
29.14%
29.14%
\u2014
Finance
company
\u2014
98
21
(1)
Unicre-Institui\u00e7\u00e3o Financeira de
Cr\u00e9dito, S.A.
Portugal
0.00%
21.83%
21.86%
21.86%
Finance
company
\u2014
531
129
20
Uni\u00f3n de Cr\u00e9ditos Inmobiliarios,
S.A. Unipersonal, EFC
Spain
0.00%
50.00%
50.00%
50.00%
Mortgage
lending
company
Joint
ventures
9,255
756
(72)
Valorhold, S.L.
Spain
0.00%
16.00%
39.99%
\u2014
Holding
company
\u2014
191
133
7
VCFS Germany GmbH
Germany
0.00%
50.00%
50.00%
50.00%
Marketing
Joint
ventures
1
1
0
Venda de Ve\u00edculos Fundo de
Investimento em Direitos
Credit\u00f3rios
Brazil
0.00%
35.85%
39.89%
39.89%
Securitization
Joint
ventures
584
528
55
Volvo Car Financial Services UK
Limited
United
Kingdom
0.00%
50.01%
50.01%
50.01%
Leasing
Joint
ventures
3,465
187
47
Waycarbon Solu\u00e7\u00f5es Ambientais e
Projetos de Carbono S.A.
Brazil
68.75%
0.00%
50.00%
100.00%
Consulting
services
Associated
10
5
1
Webmotors S.A.
Brazil
0.00%
26.96%
30.00%
30.00%
Services
Associated
131
67
36
WWSO II LLP
United
Kingdom
0.00%
94.00%
94.00%
\u2014
Real estate
investment
Joint
ventures
84
28
0
Zurich Santander Brasil Seguros e
Previd\u00eancia S.A.
Brazil
0.00%
48.79%
48.79%
48.79%
Insurance
Associated
19,589
262
215
Societies of which Grupo Santander owns more than 5% (g) , entities associated with Grupo Santander and jointly controlled entities
% of ownership
held by Banco
Santander
Percentage of
voting power (f)
EUR million (a)
Company
Location
Direct
Indirect
Year
2025
Year
2024
Activity
Type of
company
Asset
Capital +
reserves
Net
results
Zurich Santander Holding (Spain),
S.L. Unipersonal
Spain
0.00%
49.00%
49.00%
49.00%
Holding
company
Associated
1,025
936
311
Zurich Santander Holding Dos
(Spain), S.L. Unipersonal
Spain
0.00%
49.00%
49.00%
49.00%
Holding
company
Associated
384
382
178
Zurich Santander Insurance
Am\u00e9rica, S.L.
Spain
0.00%
49.00%
49.00%
49.00%
Holding
company
Associated
1,504
1,450
426
Zurich Santander Seguros
Argentina S.A. (j)
Argentine
0.00%
49.00%
49.00%
49.00%
Insurance
Associated
90
45
12
Zurich Santander Seguros de Vida
Chile S.A.
Chile
0.00%
49.00%
49.00%
49.00%
Insurance
Associated
235
40
36
Zurich Santander Seguros
Generales Chile S.A.
Chile
0.00%
49.00%
49.00%
49.00%
Insurance
Associated
235
53
20
Zurich Santander Seguros M\u00e9xico,
S.A.
Mexico
0.00%
49.00%
49.00%
49.00%
Insurance
Associated
2,421
50
189
Zurich Santander Seguros Uruguay
S.A.
Uruguay
0.00%
49.00%
49.00%
49.00%
Insurance
Associated
56
20
14
a. Amount according to the provisional books at the date of publication of these annexes of each company, generally referring to 31 December 2025, except where
otherwise indicated due to the fact that the annual accounts are pending formulation. The data for foreign companies are converted into euros at the exchange rate at
the end of the year.
b. Data as at 31 December 2024, latest available accounts.
c. Data as at 31 December 2019, latest available accounts.
d. Data as at 30 November 2021, latest available accounts.
e. Company in liquidation as at 31 December 2025.
f. Pursuant to Article 3 of Royal Decree 1159/ 2010, of 17 September, approving the rules for the preparation of consolidated annual accounts, in order to determine the
voting rights, voting rights held directly by the parent company have been added to those held by companies controlled by the parent company or by other persons
acting in their own name but on behalf of a group company. For these purposes, the number of votes corresponding to the parent company, in relation to the companies
indirectly dependent on it, is that corresponding to the dependent company that directly participates in the share capital of the latter.
g. Excluding the Group companies listed in Appendix I, as well as those which are of negligible interest with respect to the true and fair view that the consolidated financial
statements must give (in accordance with articles 48 of the Commercial Code and 260 of the Spanish Companies Act).
h. Companies over which joint control is maintained.
i. Data as at 31 October 2024, latest available accounts.
j. Data as at 30 June 2025, latest available accounts.
k. Company with no financial information available.
l. Data as 31 December 2023, latest available account.
m. Data as at 30 September 2025, latest available accounts.
n. Investment managed discretionally by a manager outside the Santander Group, the voting rights not being, in this case, decisive in determining control of the entity.
o. Data as 30 April 2025, latest available accounts.
p. Company over which effective control has been lost.
q. Data as 31 January 2025, latest available accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1887": { "value": "
13.\u00a0 Investments
a) Breakdown
The detail, by company, of Investments is as follows:
EUR million
2025
2024
2023
Associated entities
5,096
5,216
5,682
Merlin Properties, SOCIMI, S.A.A
1,830
1,803
1,621
Zurich Santander Insurance
America, S.L. - Consolidated
940
884
936
Metrovacesa, S.A.
748
841
899
CNP Santander
399
397
423
Pluxee Beneficios Brasil S.A. A
295
309
\u2014
Caceis (Notes 3 and 12)
\u2014
\u2014
1,139
Other companies
884
982
664
Joint Ventures entities
1,956
2,061
1,964
Santander Caceis Latam Holding 1, S.L. -
Consolidated (previously Santander Securities
Services Latam Holding, S.L)
404
381
389
Santander Vida Seguros y Reaseguros, S.A.
329
356
362
U.C.I., S.A. - Consolidated
293
325
349
Fortune Auto Finance Co., Ltd
232
261
254
Hyundai Capital UK Limited
270
249
205
Volvo Car Financial Services UK Limited
116
99
76
Banco RCI Brasil S.A.
77
94
92
Other companies
235
296
237
Total Associated entities and Joint ventures
7,052
7,277
7,646
A. Acquisition of 20% of Pluxee Beneficios Brasil S.A. and capital increase of
Merlin Properties, SOCIMI, S.A., both carried out in 2024.
Of the entities included above, at 31 December 2025 , the entities
Merlin Properties, SOCIMI, S.A, and Metrovacesa, S.A. and
Compa\u00f1\u00eda Espa\u00f1ola de Viviendas en Alquiler, S.A., are the only
listed companies.
Below is a breakdown of the Goodwill of the main investments in
joint ventures and associates included in the balance of this
heading:
EUR million
2025
2024
2023
Goodwill
1,096
1,238
1,460
Of which:
Zurich Santander Insurance
America, S.L. - Consolidated
526
526
526
Pluxee Beneficios Brasil S.A.A
71
122
\u2014
Caceis (Notes 3 and 12)
\u2014
\u2014
337
A. Acquisition of 20% of Pluxee Beneficios Brasil S.A. in 2024.
b) Changes
The changes in the investments were as follows:
EUR million
2025
2024
2023
Balance at beginning of year
7,277
7,646
7,615
Acquisitions (disposals) of companies
and capital increases (reductions)A
(17)
1,011
52
Changes in the consolidation method
(Note 3)
15
(13)
(43)
Entities for sale (Notes 3 y 12)B
(168)
(1,137)
\u2014
Effect of equity accounting
665
687
591
Dividends distributed and
reimbursements of share premium
(694)
(745)
(565)
Of which:
Zurich Santander Insurance Am\u00e9rica,
S.L. - Consolidado
(206)
(202)
(202)
Metrovacesa, S.A.
(118)
(52)
(50)
Santander Vida Seguros y Reaseguros,
S.A.- Consolidated
(87)
(82)
(52)
Merlin Properties, SOCIMI, S.A.
(57)
(53)
(51)
CNP Santander
(54)
(88)
(51)
CIP S.A.
(16)
(56)
\u2014
Caceis
\u2014
(114)
\u2014
Hyundai Capital UK Limited
\u2014
\u2014
(58)
Other global result
28
(32)
(24)
Exchange differences and other changes
(54)
(140)
20
Balance at end of year
7,052
7,277
7,646
A. Includes the acquisition of 20% of Pluxee Beneficios Brasil S.A. and the capital
increase of Merlin Properties, SOCIMI, S.A carried out in 2024.
B. Stakes of Santander Bank Polska S.A. and Caceis (Notes 3 and 12).
c) Impairment adjustments
During the years 2025, 2024 and 2023 there was no evidence of
significant impairment in the Group's associated interests.
d) Other information
A summary of the financial information at the end of December
2025 of the main associates and joint ventures (obtained from the
information available at the date of preparation of the consolidated
financial statements) is shown below:
EUR million
Associates
Joint ventures
Merlin
Properties,
SOCIMI,
S.A.A
Metrovacesa,
S.A.A
Pluxee
Benefici
os Brasil
S.A.
Zurich
Santander
Insurance
Am\u00e9rica, S.L. -
Consolidated
CNP
Santander
Santander
Caceis Latam
Holding, S.L. -
Consolidated
U.C.I., S.A. -
Consolidated
Hyundai
Capital
UK
Limited
Fortune
Auto
Finance
Co., LTD
Santander
Vida Seguros
y
Reaseguros,
S.A.-
Consolidated
(note 3)
Banco RCI
Brasil S.A.
Current assets
1,701
2,025
689
2,434
165
201
397
2,022
167
157
10
Non current assets
11,758
389
652
20,190
2,139
579
8,876
3,665
1,933
1,710
2,221
Total assets
13,459
2,414
1,341
22,624
2,304
780
9,273
5,687
2,100
1,867
2,231
Current liabilities
840
507
254
657
186
315
6,930
3,685
10
140
112
Non current liabilities
5,118
310
578
21,021
1,726
35
1,715
1,480
1,627
1,243
1,924
Total liabilities
5,958
817
832
21,678
1,912
350
8,645
5,165
1,637
1,383
2,036
Attributable profit for the
period
284
16
87
534
101
97
(75)
77
20
145
54
Other accumulated
comprehensive income
(11)
\u2014
\u2014
(33)
(9)
\u2014
114
(1)
\u2014
(21)
4
Rest of equity
7,228
1,581
422
445
300
333
589
446
443
360
137
Total Equity
7,501
1,597
509
946
392
430
628
522
463
484
195
Total liabilities and equity
13,459
2,414
1,341
22,624
2,304
780
9,273
5,687
2,100
1,867
2,231
Ordinary activities income
544
658
457
4,559
568
163
499
426
159
907
312
Profit (loss) from continuing
operations
284
16
87
534
101
97
(75)
77
20
145
54
Profit (loss) for the year from
discontinuing operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
A. Data as of 31 December 2024, latest accounts available.
38. Interest income
Interest and similar income in the consolidated income statement
comprises the interest accruing in the year on all financial assets
with an implicit or explicit return, calculated by applying the
effective interest method, irrespective of measurement at fair
value; and the rectifications of income as a result of hedge
accounting. Interest is recognised gross, without deducting any tax
withheld at source.
The detail of the main interest and similar income items earned in
2025 , 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Loans and advances,\u00a0customers
70,830
74,900
67,879
Debt instruments
15,890
15,431
13,955
Loans and advances,\u00a0central banks and
credit institutions
7,599
8,195
7,229
Other interestA
7,391
10,486
12,679
101,710
109,012
101,742
A. Mainly include the rectification of income originating from accounting hedges
as well as interest on balances in central banks and on demand credit
institutions.
Most of the interest and similar income was generated by the
Group\u2019s financial assets that are measured either at amortised cost
or at fair value through other comprehensive income.
39. Interest expense
Interest expense and similar charges in the consolidated income
statement includes the interest accruing in the\u00a0year on all financial
liabilities with an implicit or explicit return, including remuneration
in kind, calculated by applying the effective interest method,
irrespective of measurement at fair value; the rectifications of cost
as a result of hedge accounting; and the interest cost attributable
to provisions recorded for pensions.
The detail of the main items of interest expense and similar
charges accrued in 2025, 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Customer deposits
31,735
35,714
32,457
Debt securities issued and subordinated
liabilities
15,066
14,612
12,671
Marketable debt securities
13,580
13,255
11,661
Subordinated liabilities (note\u00a023)
1,486
1,357
1,010
Central banks and credit institution
deposits
8,151
9,381
9,360
Lease Liabilities
107
122
127
Provisions for pensions (note\u00a025)
91
105
93
Other interest expense
4,212
5,291
6,384
59,362
65,225
61,092
Most of the interest expense and similar charges was generated by
the Group\u2019s financial liabilities that are measured at amortised
cost.
40. Dividend income
Dividend income includes the dividends and payments on equity
instruments out of profits generated by investees after the
acquisition of the equity interest.
The detail of income from dividends as follows:
EUR million
2025
2024
2023
Dividend income classified as:
Financial assets held for trading
556
521
414
Non-trading financial assets
mandatorily at fair value through
profit or loss
57
71
68
Financial assets at fair value through
other comprehensive income
102
118
86
715
710
568
41. Commission income
Commission income comprises the amount of all fees and
commissions accruing in favour of the Group in the year, except
those that form an integral part of the effective interest rate on
financial instruments.
The detail of fee and commission income is as follows:
EUR million
2025
2024
2023
Coming from collection and payment
services
Bills
209
220
232
Demand accounts
1,359
1,411
1,372
Cards
4,039
4,067
4,146
Orders
607
657
656
Cheques and other
140
138
128
6,354
6,493
6,534
Coming from non-banking financial
products
Investment funds
1,428
1,389
1,037
Pension funds
238
194
178
Insurance
2,782
2,865
2,669
4,448
4,448
3,884
Coming from Securities services
Securities underwriting and placement
602
586
502
Securities trading
654
452
331
Administration and custody
402
370
354
Asset management
385
254
341
2,043
1,662
1,528
Other
Foreign exchange
848
705
678
Commitments and financial
guarantees
718
713
621
Commitment fees
504
491
497
Structure Finance
902
709
551
Corporate Finance
243
213
136
Loans granted
259
318
259
Loan Servicing activities
118
130
45
Other fees and commissions
950
952
911
4,542
4,231
3,698
17,387
16,834
15,644
42. Commission expense
Commission expense shows the amount of all fees and
commissions paid or payable by the Group in the\u00a0year, except those
that form an integral part of the effective interest rate on financial
instruments.
The detail of commission expense is as follows:
EUR million
2025
2024
2023
Cards
1,744
1,816
1,858
By collection and return of effects
30
30
24
Financial guarantees and other
commitments
359
323
282
Brokerages and intermediaries
130
181
204
Sales of insurance and\u00a0 funds
456
453
352
Other fees and commissions
1,692
1,655
1,429
4,411
4,458
4,149
43. Gains or losses on financial assets and
liabilities
The following information is presented below regarding the gains
or losses recorded for financial assets or liabilities:
a) Breakdown
The detail, by origin, of Gains/losses on financial assets and
liabilities:
EUR million
2025
2024
2023
Gains or losses on financial assets and
liabilities not measured at fair value
through profit or loss, net
127
(117)
96
\u00a0 Financial assets at amortized cost
(89)
(190)
(3)
\u00a0 Other financial assets and liabilities
216
73
99
Of which debt instruments
133
50
51
Gains or losses on financial assets and
liabilities held for trading, netA
1,017
1,344
2,316
Gains or losses on non-trading
financial assets and liabilities
mandatory at fair value through profit
or loss
1,106
495
198
Gains or losses on financial assets and
liabilities measured at fair value
through profit or loss, netA
(307)
691
(92)
Gains or losses from hedge accounting,
net
12
14
69
1,955
2,427
2,587
A. Includes the net result obtained by transactions with debt securities, equity
instruments, derivatives and short positions included in this portfolio when the
Group jointly manages its risk in these instruments.
As explained in note 44, the above breakdown should be analysed
in conjunction with the 'Exchange differences, net':
EUR million
2025
2024
2023
Exchange differences, net
407
(216)
(22)
b) Financial assets and liabilities at fair value
through profit or loss
The detail of the amount of the asset balances is as follows:
EUR million
2025
2024
2023
Loans and receivables:
80,218
72,931
51,072
Central banks
14,632
12,966
17,717
Credit institutions
26,380
27,722
14,520
Customers
39,206
32,243
18,835
Debt instruments
101,707
85,990
66,079
Equity instruments
27,845
21,277
19,125
Derivatives
58,355
64,100
56,328
268,125
244,298
192,604
Grupo Santander mitigates and reduces this exposure as follows:
\u2022 With respect to derivatives, the Group has entered into
framework agreements with a large number of credit institutions
and customers for the netting-off of asset positions and the
provision of collateral for non-payment.
At 31 December 2025 the exposure to credit risk of the
derivatives presented in the balance sheet is not significant
because they are subject to netting and collateral agreements
(see note 51.d).
\u2022 Loans and advances to credit institutions and Loans and advances
includes reverse repos amounting to EUR 71,129 million at 31
December 2025.
Also, mortgage-backed assets totalled EUR 1,597 million.
\u2022 Debt instruments include EUR 80,908 million of Spanish and
foreign government securities.
At 31 December 2025 the amount of the change in the\u00a0year in
the fair value of financial assets at fair value through profit or
loss attributable to variations in their credit risk (spread) was not
material.
The detail of the amount of the liability balances is as follows:
EUR million
2025
2024
2023
Deposits
106,003
87,374
80,503
Central banks
15,471
15,074
9,017
Credit institutions
28,482
27,909
19,597
Customer
62,050
44,391
51,889
Marketable debt securities
11,686
7,554
5,371
Short positions
44,015
35,830
26,174
Derivatives
51,968
57,753
50,589
Other financial liabilities
22
\u2014
\u2014
213,694
188,511
162,637
At 31 December 2025, the amount of the change in the fair value
of financial liabilities at fair value through profit or loss attributable
to changes in their credit risk during the\u00a0year is not material.
In relation to liabilities designated at fair value through profit or
loss where it has been determined at initial recognition that the
credit risk is recorded in accumulated 'Other comprehensive
income' (see 'Statement of recognised income and expense')\u00a0the
amount that the Group would be contractually obliged to pay on
maturity of these liabilities at 31 December 2025 is EUR 1,281
million higher than their carrying amount (EUR 1,851 million
higher at 31 December 2024 and EUR 866 million higher at 31
December 2023, no significant impact on results as its fair value is
covered by hedging operations.
Within Deposits, there are repurchase agreements amounting to
EUR 75,562 million at 31 December 2025.
44. Exchange differences, net
Exchange differences shows basically the gains or losses on
currency dealings, the differences that arise on translations of
monetary items in foreign currencies to the functional currency.
Grupo Santander manages the currencies to which it is exposed
together with the arrangement of derivative instruments and,
accordingly, the changes in this line item should be analysed
together with those recognised under 'Gains/losses on financial
assets and liabilities' (see note\u00a043).
45. Other operating income and expenses
Other operating income and Other operating expenses in the
consolidated income statements include:
EUR million
2025
2024
2023
Other operating income
1,583
846
1,137
Non- financial services
738
654
752
Other operating income
845
192
385
Other operating expense
(2,070)
(2,258)
(2,766)
Non-financial services
(650)
(498)
(674)
Other operating expense:
(1,420)
(1,760)
(2,092)
Of which, credit institutions deposit
guarantee fund and single resolution
fund
(478)
(481)
(1,083)
(487)
(1,412)
(1,629)
In the 2025 and 2024 financial years, it was decided that there will
not be contribution in Spain to the Single Resolution Fund, as well
as a decrease in the contribution to the Deposit Guarantee Fund, by
the Single Resolution Board (SRB) and the Deposit Guarantee Fund\u00a0
Management Committee, respectively.
The amount of the Group recognises in relation to income from
sub-leases of rights of use is not material.
46. Staff costs
a) Breakdown
The detail of Staff costs is as follows:
EUR million
2025
2024
2023
Wages and salaries
10,328
10,541
10,018
Social Security costs
1,680
1,644
1,576
Additions to provisions for defined benefit
pension plans (note\u00a025)
41
45
42
Contributions to defined contribution
pension funds
332
354
307
Other Staff costs
1,252
1,241
1,332
13,633
13,825
13,275
c) Share-based payments
The main share-based payments granted by the Group in force at
31 December,\u00a02025, 2024 and 2023 are described below.
i. Bank
The variable remuneration policy for the Bank\u2019s executive directors
and certain executive personnel of the Bank and of other Group
companies includes Bank share-based payments, the
implementation of which requires, in conformity with the law and
the Bank\u2019s Bylaws, specific resolutions to be adopted by the
general meeting.
Were it necessary or advisable for legal, regulatory or other similar
reasons, the delivery mechanisms described below may be
adapted in specific cases without altering the maximum number of
shares linked to the plan or the essential conditions to which the
delivery thereof is subject.
These adaptations may involve replacing the delivery of shares
with the delivery of cash amounts of an equal value.
The plans that include share-based payments are as follows:
(i)\u00a0Deferred and Conditional Variable Remuneration Plan;
(ii)\u00a0Deferred Multiyear Objectives Variable Remuneration Plan;
(iii)\u00a0Digital Transformation Award, (iv) Digital Transformation
Award 2022, Digital Transformation Award 2023 and (vi) PagoNxt
incentive Plan 2024 and 2025 for Santander executives. The
characteristics of the plans are set forth below:
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(i) Deferred and
conditional
variable
remuneration
plan (2015,
2016, 2017,
2018, 2019,
2020, 2021,\u00a0
2022, 2023,
2024 and 2025)
The purpose of these cycles is to
defer a portion of the variable
remuneration of the beneficiaries
over a period of three years for the
sixth cycles, over three or five years
for the fifth, seventh, eighth, ninth,
tenth and eleventh cycles, and over
four or five years for the twelfth
cycle, for it to be paid, where
appropriate, in cash and in
Santander shares. The other portion
of the variable remuneration is also
to be paid in cash and Santander
shares, upon commencement of the
cycles, in accordance with the rules
set forth below.
Beneficiaries:
\u2022 Executive directors and certain
executives (including senior
management) and employees
who assume risk, who perform
control functions or receive an
overall remuneration which puts
them on the same remuneration
level as executives and employees
who assume risks (fifth cycle).
\u2022 In the case of the sixth, seventh,
eighth, ninth, tenth, eleventh
twelfth, thirteenth, fourteenth
and fifteenth cycle the
beneficiaries are Material Risk
Takers (Identified staff) that are
not beneficiaries of the Deferred
Multiyear Objectives Variable
Remuneration Plan.
For the fifth and sixth cycles (2015 to 2016), the
accrual of the deferred compensation is conditioned, in
addition to the requirement that the beneficiary
remains in the Group's employ, with the exceptions
included in the plan regulations on none of the
following circumstances existing during the period
prior to each delivery, pursuant to the provisions set
forth in each case in the plan regulations:
\u2022 Poor financial performance of the Group.
\u2022 Breach by the beneficiary of internal regulations,
including, in particular, those relating to risks.
\u2022 Material restatement of the Group's consolidated
financial statements, except when it is required
pursuant to a change in accounting standards.
\u2022 Significant changes in the Group\u2019s economic capital
or risk profile
In the case of the seventh, eighth, ninth, tenth,
eleventh, twelfth, thirteenth, fourteenth and fifteenth
cycles, the accrual of deferred compensation is
conditioned, in addition to the permanence of the
beneficiary in the Group, with the exceptions contained
in the plan's regulations, to non-occurrence of a poor
performance of the entity as a whole or of a specific
division or area of the entity or of the exposures
generated by the personnel:
i. significant failures in risk management by the
entity , or by a business unit or risk control unit.
ii. the increase suffered by the entity or by a business
unit of its capital needs, not foreseen at the time
of generation of the exposures.
iii. Regulatory sanctions or judicial sentences for
events that could be attributable to the unit or the
personnel responsible for those. Also, the breach
of internal codes of conduct of the entity.
iv. Irregular behaviours, whether individual or
collective, considering in particular the negative
effects derived from the marketing of
inappropriate products and the responsibilities of
the persons or bodies that made those decisions.
Fifth cycle (2015):
\u2022 Executive directors and members of the Identified
Staff with total variable remuneration higher than
2.6 million euros: 40% paid immediately and 60%
deferred over 5 years deferral period.
\u2022 Division managers, country heads (of countries
which represent at least 1% of Group's economic
capital), other executives of the Group with a similar
profile and members of the Identified Staff\u00a0 with
total variable remuneration between 1.7 million
euros (1.8 million in fourth cycle) and 2.6 million
euros: 50% paid immediately and 50% deferred over\u00a0
5 years (fifth cycle)
\u2022 Other beneficiaries: 60% paid immediately and 40%
deferred over 3 years.
Sixth cycle (2016):
\u2022 60% of bonus will be paid immediately and 40%\u00a0
deferred over a three year period.
Seventh, eighth, ninth, tenth and eleventh cycle (2017,
2018, 2019, 2020 and 2021):
\u2022 Beneficiaries of these plans with target total variable
remuneration higher or equal to 2.7 million euros:
40%\u00a0 paid immediately and 60% deferred over 5
years
\u2022 Beneficiaries of these plans with target total variable
remuneration between 1.7 million euros and 2.7
million euros: 50% paid immediately and 50%paid
over 5 years
\u2022 Other beneficiaries of these plans: 60% paid
immediately and 40% deferred over 3 years.
Twelfth (2022), thirteenth (2023),fourteenth (2024)
and fifteenth (2025) cycle:
\u2022 Beneficiaries of these plans with target total variable
remuneration higher or equal to 2.7 million euros:
40% paid immediately and 60% deferred over 5
years
\u2022 Beneficiaries of these plans with target total variable
remuneration between 1.7 million euros and 2.7
million euros: 50% paid immediately and 50% paid
over 5 years
\u2022 Other beneficiaries of these plans: 60% paid
immediately and 40% deferred over 4 years .
T
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(ii)Deferred
Multiyear
Objectives
Variable
Remuneration
Plan (2016,
2017, 2018,
2019, 2020,
2021, 2022,
2023, 2024 and
2025)
The aim is simplifying the
remuneration structure, improving
the ex ante risk adjustment and
increasing the impact of the long-
term objectives on the Group\u2019s most
relevant roles. The purpose of these
cycles is to defer a portion of the
variable remuneration of the
beneficiaries over a period of three
or five years (four or five years for
the seventh cycle) for it to be paid,
where appropriate, in cash and in
Santander shares; the other portion
of the variable remuneration is also
to be paid in cash and Santander
shares (regarding the instruments
part, executive directors in the
seventh cycle have the opportunity
to choose all in share options or half
in share options and half in shares),
upon commencement of the cycles,
in accordance with the rules set
forth below. The accrual of the last
third of the deferral (in the case of 3
years deferral), the last 2 fourths (in
the case of 4 years deferral) and the
last three fifths (in the case of 5
years deferral) is also subject to
long-term objectives.
Beneficiaries
Executive directors, senior
management and certain executives
of the Group\u2019s first lines of
responsibility.
In 2016 the accrual is conditioned, in addition to the
permanence of the beneficiary in the Group, with the
exceptions contained in the plan\u2019s regulations, to non-
occurrence of the following circumstances during the
period prior to each of the deliveries in the terms set
forth in each case in the plan\u2019s regulations:
i. Poor performance of the Group.
ii. Breach by the beneficiary of the internal
regulations, including in particular that relating to
risks.
iii. Material restatement of the Group\u2019s consolidated
financial statements, except when appropriate
under a change in accounting regulations.
iv. Significant changes in the Group\u2019s economic
capital or risk profile.
In 2017, 2018, 2019, 2020 and 2021 the accrual is
conditioned, in addition to the beneficiary' permanence
in the Group, with the exceptions contained in the
plan\u2019s regulations, to the non-occurrence of poor
financial performance from the entity as a whole or of
a specific division or area thereof or of the exposures
generated by the personnel, taking into account the
following factors:
v. Significant failures in risk management committed
by the entity, or by a business unit or risk control
unit.
vi. the increase suffered by the entity or by a business
unit of its capital needs, not foreseen at the time
of generation of the exposures.
vii. Regulatory sanctions or court rulings for events
that could be attributable to the unit or the\u00a0
personnel responsible for those. Also, the breach\u00a0
of internal codes of conduct of the entity.
viii. Irregular behaviours, whether individual or
collective, considering in particular negative
effects derived from the marketing of
inappropriate products and responsibilities of
persons or bodies that made those decisions.
Paid half in cash and half in shares. In the seventh
cycle, and only for executive directors: half in cash and
25% in share options and 25% in shares (unless the
director chooses to receive options only). The
maximum number of shares to be delivered is
calculated by taking into account the weighted average
daily volume of weighted average prices for the fifteen
trading sessions prior to the previous Friday (excluding)
on the date on which the board decides the bonus for
the Executive directors of the Bank.
In the eighth cycle, and for all Identified Staff: half in
cash and 25% in shares and 25% in share options, or
half in cash and half in shares, according to each
executive\u00b4s choice.
In the ninth and tenth cycle, half in cash and\u00a0 half in
shares.
First cycle (2016):
\u2022 Executive directors and members of the Identified
Staff with total variable remuneration higher than or
equal to 2.7 million euros: 40% paid immediately
and 60% deferred over a 5\u00a0 year period.
\u2022 Senior managers, country heads of countries
representing at least 1% of the Group\u00b4s capital and
other members of the identified staff whose total
variable remuneration is between 1.7 million and 2.7
million euros: 50% paid immediately and 50%
deferred over a 5 year period.
\u2022 Other beneficiaries: 60% paid immediately and 40%
deferred over a 3 year period.
The second, third, fourth, fifth and sixth cycles (2017,
2018, 2019,2020 and 2021 respectively) are under the
aforementioned deferral rules, except that the\u00a0 variable
remuneration considered is the target for each
executive and not the actual award.
In 2016 the metrics for the deferred portion subject to
long-term objectives (last third or last three fifths,
respectively, for the cases of three years and five years
deferrals) are:
\u2022 Earnings per share (EPS) growth in 2018 over 2015.
\u2022 Relative Total Shareholder Return (TSR) in the
2016-2018 period measured against a group of
credit institutions.
\u2022 Compliance with the fully-loaded common equity
tier 1 ('CET1') ratio target for financial year 2018.
\u2022 Compliance with Grupo Santander\u2019s underlying
return on risk-weighted assets ('RoRWA') growth
target for financial year 2018 compared to financial
year 2015.
In the second, third, fourth, fifth and sixth cycle (2017,
2018, 2019, 2020 and 2021) the metrics for the
deferred portion subject to long-term objectives (last
third or last three fifths, respectively, for the cases of
three years and five years deferrals) are:
\u2022 EPS growth in 2019, 2020, 2021, 2022 and 2023
(over 2016, 2017, 2018, 2019 and 2020, for each
respective cycle)
\u2022 Relative Total Shareholder Return (TSR) measured
against a group of 17 credit institutions (second and
third cycles) in the periods 2017-2019 and
2018-2019, respectively, and against a group of 9
entities (fourth, fifth and sixth cycle) for the
2019-2021, 2020-2022 and 2010-2023\u00a0 period.
\u2022 Compliance with the fully-loaded common equity
tier 1 ('CET1') ratio target for financial years 2019,
2020, 2021,2022 and 2023, respectively.
In the seventh (2022), eighth cycle (2023), ninth (2025)
and tenth cycle (2025), the metrics for the deferred
portion subject to long-term objectives (two last
fourths and last three fifths, for the cases of four years
and five years deferrals) are:
\u2022 Banco Santander's consolidated Return on tangible
equity (RoTE) target in 2024 (7th cycle),\u00a0 2025 (8th
cycle), 2026 (9th cycle) and 2027 (10th cycle).
\u2022 Relative Total Shareholder Return (TSR) measured
against a group of 9 credit institutions for the period
2022-2024 (7th cycle), 2023-2025 (8th cycle),
2024-2026 (9th cycle) and 2025-2027 (10th cycle).
\u2022 Progress level\u00a0 in the\u00a0 public targets of our
Sustainability agenda.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(iii) Digital
Transformation
Award (2019,
2020 and 2021)
The 2019, 2020 and 2021 Digital
Transformation Incentive (the
'Digital Incentive') is a variable
remuneration system that includes
the delivery of Santander shares and
share options.
The aim of the Digital Incentive is to
attract and retain the critical skill
sets to support and accelerate the
digital transformation of the Group.
By means of this program, the Group
offers a remuneration element
which is competitive with the
remuneration systems offered\u00a0 by
other market operators who also
compete for digital talent.
The number of beneficiaries is
limited to a maximum of 250
employees and the total amount of
the incentive is limited to 30 million
euros.
The funding of this incentive is subject to meeting
important milestones that are aligned with the Group\u00b4s
digital roadmap and have been approved by the board
of directors, taking into account the digitalization
strategy of the Group, with the aim of becoming the
best open, responsible global financial services
platform.
Performance of 2019 incentive was measured based on
achievement of the following milestones: (i) Launch of
a Global Trade Services (GTS) platform; (ii) launch of a
Global Merchant Services (GMS) platform; (iii)
migration of our fully digital bank, OpenBank, to a 'next
generation' platform and launch in 3 markets; (iv)
extension of SuperDigital in Brazil to at least one other
country; (v) and launch of our international payments
app based on blockchain Pago FX to non-Santander
customers.
The milestones for the 2020 Digital Transformation
Award were: (i) rolling out the global merchant services
(GMS) platform in 3 new geographies, enhancing the
platform functionality and achieving volume targets for
transactions and participating merchants; (ii) doing the
commercial rollout of the global trade services (GTS)
platform in 8 new geographies, enhancing platform
functionality, and achieving\u00a0 volume targets for on-
boarded clients and monthly active users; (iii)
launching OpenBank in a new market and migrating
the retail banking infrastructure to 'new-mode' bank;
(iv) launch the global platform SuperDigital in at least 4
countries, driving target active user growth; (v)
deploying machine learning across pre-defined
markets for 4 priority use cases, rolling out Conversion
Rate Optimization (Digital marketing) for at least 40
sales programs, delivering profit targets, and driving
reduction of agent handled calls in contact centers; (vi)
successfully implementing initiatives related to on-
board and identity services, common API (application
programming interface) layer, payment hubs, mobile
app for SMEs and virtual assistant services; and (vii)
launching the PagoFX global platform in at least 4
countries.
The milestones for 2021 were: (i)in relation to Pago Nxt
Consumer payment platform: implementation of
Superdigital platform in seven countries, acquisition of
over 1.5 million active customer base and accelerating
growth through B2B (business to business) and B2B2C
(business to business to customer) partnerships,
acquiring more than 50% of the new customers
through these channels, which are more cost-effective;
(ii)in relation to Digital Consumer Bank: launching
online API for checkout lending in the European Union
and completion of controllable items for Openbank
launch in USA; (iii)in relation to One Santander
strategy: implementation in Europe of One Common
Mobile Experience and, specifically, implementation of
Europe ONE app for individual customers in at least
three of the four countries by December 2021; and be
among the three-top rated entities in terms of Mobile
NetPromoter Score (Mobile NPS) in at least two of the
four countries by December 2021; (iv) In relation to
cloud adoption: host 75% of migratable virtual
machines on cloud technology (either public cloud or
OHE) by December 2021. For these purposes,
mainframes, physical servers and servers with non-x86
operating systems will be considered non-migratable.
The Digital Incentive is structured 50% in Santander
shares and 50% in options over Santander shares,
taking into account the fair value of the option at the
moment in which they are granted. For Material Risk
Takers subject to five years deferrals, the Digital
Incentive (shares and options over shares) shall be
delivered in thirds, on the third, fourth and fifth
anniversary from their granting. For Material Risk
Takers subject to three years deferrals and employees
not subject to deferrals, delivery shall be done on the
third anniversary from their granting.
Any delivery of shares, either directly or via exercise of
options overs shares, will be subject generally to the
Group\u2019s general malus & clawback provisions as
described in the Group\u2019s remuneration policy and to the
continuity of the beneficiary within the Grupo
Santander. In this regard, the board may define specific
rules for non-Identified Staff.
Vested share options can be exercised until maturity,
with all options lapsing after ten years (for granting the
2019 incentive) and eight years (for granting the 2020
and 2021 incentive).
The total achievement for 2021 Digital Incentive was
77.5% (85% en 2020 and 83% en 2019).
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(iv) Digital
Transformation
Award (2022)
The board of directors approved the
2022 Digital
Transformation Incentive. It is a variable
remuneration scheme
splits in two different blocks:
\u2022 The first one, with the same
mechanism than previous years,
that delivers Santander shares and
share options if the group hits major
milestones on its digital roadmap. This
is aimed at a group of up to 250 (is
limited to 30 million euros)employees
whose functions are deemed essential
to Santander\u2019s growth.
\u2022 And the second one, which delivers
PagoNxt, S.L. RSUs and premium prices
options (PPOs), and is aimed at up to 50
employees (and limited to 15 million
euros) whose roles are considered key
to PagoNxt\u2019s success.
The aim of the Digital Incentive is to
attract and retain the critical skill sets to
support and accelerate the digital
transformation of the Group. By means
of this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
Performance of the first block of the\u00a0 incentive shall be
measured based on achievement of the following
milestones:
i. Edelweiss: Our Santander future retail architecture
EDELWEISS will mean moving from our current Core
centric banking architecture towards a Customer and
Data-Centric Core supported by lean Record
Processing engines.
ii. Simplification: Speed up the simplification of our
technology platform and business model by Reducing
the total number of applications in production and
reducing number of products in the regions.
iii. Agile: Agile ways of working enable a better and
faster reaction to customers\u2019 needs and is based on a
value-driven delivery that increases efficiency by
reducing time-to-market and development costs, and
increasing quality. People working in Agile are more
collaborative, engaged, empowered and creative.
iv. In Digital Consumer Bank:
a) To create the BNPL platform connected to at least
one merchant in Netherlands and Germany, and to
make sure the platform is ready to connect in Spain.
b) To support the definition of Openbank US\u2019s IT digital
strategy and achieve 2022 milestones in it.
c) To have the new leasing platform connected to
dealers in Italy.
d) To expand the Wabi B2B online business to
Germany. To execute the first B2B deal with an
Original Equipment Manufacturer or mobility player in
at least one country. To expand coches.com business
and platform to Portugal.
And in regard to the second block of digital incentive:
the consolidation of PagoNxt Core Perimeter.
The first block of thee Digital Incentive is structured
50% in Santander shares and 50% in options over
Santander shares, taking into account the fair value
of the option at the moment in which they are
granted. For Material Risk Takers subject to five
years deferrals, the Digital Incentive (shares and
options over shares) shall be delivered in thirds, on
the third, fourth and fifth anniversary from their
granting. For Material Risk Takers subject to three
years deferrals and employees not subject to
deferrals, delivery shall be done on the third
anniversary from their granting.
Any delivery of shares, either directly or via exercise
of options overs shares, will be subject generally to
the Group\u2019s general malus & clawback provisions as
described in the Group\u2019s remuneration policy and to
the continuity of the beneficiary within the Grupo
Santander. In this regard, the board may define
specific rules for non-Identified Staff.
Vested share options can be exercised until maturity,
with all options lapsing after ten years .
The total achievement for 2022 Digital Incentive
was 96.5% .
The second block of Digital Incentive is structures in
restricted stock units (RSUs) and premium priced
Options (PPOs) of PagoNxt S.L. in a percentage
determined by the internal category of the
beneficiary. The total achievement for 2022 was
100%.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(v) Digital
Transformation
Award (2023)
The board of directors approved the
2023 Digital
Transformation Incentive. It is a variable
remuneration scheme\u00a0 which delivers
PagoNxt, S.L. RSUs and premium prices
options (PPOs), and is aimed at up to 50
employees (and limited to 15 million
euros) whose roles are considered key
to PagoNxt\u2019s success.
With this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
And the performance conditions were focus on key
digital projects related with PagoNxt's main
businesses (Trade, Merchant and Payments) in its core
geographies.
This incentive\u00a0 is structures in restricted stock units
(RSUs) and premium priced Options (PPOs) of
PagoNxt S.L. in a percentage determined by the
internal category of the beneficiary. The average
achievement for 2023 was 88%.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(vi) PagoNxt
incentive Plan
2024 and 2025
for Santander
executives)
The board of directors approved the
PagoNxt incentive Plan 2024 and 2025
Incentive. It is a variable remuneration
scheme\u00a0 which delivers PagoNxt, S.L.
RSUs, and is aimed at approximately\u00a0 to
50 - 60 employees whose roles are
considered key to PagoNxt\u2019s success.
With this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
And the performance conditions were focus on key
digital projects related with PagoNxt's main
businesses (Trade, Merchant and Payments) in its core
geographies.
This incentive\u00a0 is structures in restricted stock units
(RSUs) of PagoNxt S.L. in a percentage determined
by the internal category of the beneficiary. The
average achievement for 2024 was 77% and 85% in
2025.
ii. Santander UK plc
The long-term incentive plans on shares of the Bank granted by
management of Santander UK plc to its employees are as follows:
Number of
shares (in
thousand)
Exercise
price\u00a0in
pounds
sterlingA
Year
granted
Employee
group
Number
of
personsB
Date of
commencement
of\u00a0exercise
period
Date of
expiry of
exercise
period
Plans outstanding at 01/01/2023
29,988
Options granted (sharesave)
7,175
2.78
2023
Employees
4,752
01/11/23
01/11/26
01/11/23
01/11/28
Options exercised
(5,980)
1.7
Options cancelled (net) or not exercised
(4,044)
2.53
Plans outstanding at 31/12/2023
27,139
Options granted (sharesave)
4,991
3.36
2024
Employees
4,107
01/11/24
01/11/27
01/11/24
01/11/29
Options exercised
(4,004)
2.29
Options cancelled (net) or not exercised
(2,437)
2.37
Plans outstanding at 31/12/2024
25,689
Options granted (sharesave)
3,324
6.35
2025
Employees
4,637
01/11/25
01/11/28
Options exercised
(9,966)
1.9
Options cancelled (net) or not exercised
(1,554)
2.88
Plans outstanding at 31/12/2025
17,493
A. At\u00a0 31 December,\u00a02025, 2024 and 2023, the euro/pound sterling exchange rate was 1.15, 1.21 and 1.15 , respectively.
B. Number of accounts/contracts. A single employee may have more than one account/contract.
In 2008 the Group launched a voluntary savings scheme for
Santander UK employees (Sharesave Scheme) whereby employees
who join the scheme see deducted between GBP 5 and GBP 500
from their net\u00a0monthly pay over a period of three or five years. At
the end of the chosen period, the employee may choose between
collecting the amount contributed, the interest accrued and a
bonus (tax-exempt in the United Kingdom) or exercising options on
shares of the Bank in an amount equal to the sum of such three
amounts at a fixed price. The exercise price will be the result of
reducing by up to 20% the average purchase and sale prices of the
Bank shares in the three trading sessions prior to the approval of
the scheme by the UK tax authorities (HMRC). This approval must
be received within 21 to 41 days following the publication of the
Group\u2019s results for the first half of the year. This scheme was
approved by the board of directors, at the proposal of the
appointments and remuneration committee, and, since it involved
the delivery of Bank shares, its application was authorized by the
Annual General Meeting held on June 21, 2008. Also, the scheme
was authorized by the UK tax authorities (HMRC) and commenced
in September\u00a02008. In subsequent years, at the Annual General
Meetings held on June 19, 2009, June 11, 2010, June 17, 2011,
March 30, 2012, March 22, 2013, March 28, 2014, March 27, 2015,
March 18, 2016, April 7, 2017, March\u00a023, 2018, April 12, 2019,\u00a0
April 3, 2020 and March 26, 2021, respectively, the shareholders
approved the application of schemes previously approved by the
board and with similar features to the scheme approved in 2008.
iii. Fair value
The fair value of the performance share plans was calculated as
follows:
a) Deferred variable compensation plan linked to multi-year
objectives 2023, 2024 and 2025:
The Group calculates at the grant date the fair value of the plan
based on the valuation report of an independent expert, Willis
Towers Watson. According to the design of the plan for 2023, 2024
and 2025 and the levels of achievement of similar plans in
comparable entities, it has been considered that the fair value is
70%.
b) Santander UK sharesave plans:
The fair value of each option at the date of grant is estimated using
an analytical model that also reflects the correlation between EUR
and GBP. This model uses assumptions on the share price, the EUR/
GBP FX rate, the EUR/GBP risk-free interest rate, dividend yields,
the expected volatilities of both the underlying shares and EUR/
GBP for the expected lives of options granted. The weighted
average grant-date fair value of options granted during the year
was GBP 0.44 (GBP 0.23 and GBP 0.33 reported in 2024 and 2023,
respectively).
47.\u00a0Other general administrative
expenses
a) Breakdown
The detail of Other general administrative expenses is as follows:
EUR million
2025
2024
2023
Technology and systems
2,298
2,539
2,389
Property, fixtures and supplies
(note 2.k)
803
797
774
Technical reports
712
724
796
Advertising
517
512
574
Taxes other than income tax
543
554
568
Communications
367
387
400
Surveillance and cash courier services
314
337
325
Per diems and travel expenses
250
232
213
Insurance premiums
86
95
88
Other administrative expenses
2,010
1,968
2,144
7,900
8,145
8,271
The payments associated with short-term leases (leases less than
or equal to 12 months) and leases of low-value assets, that the
Group recognises as an expense in the income statement is not
material.
b) Technical reports and other
Technical reports include the fees from the various Group
companies (detailed in the accompanying appendices) for the
services provided by their respective auditors, with the following
detail:
EUR million
2025
2024
2023
Audit
118.5
122.3
117.5
Audit-related services
15.0
13.6
8.6
Tax services
0.1
0.9
1.6
All other
7.1
7.4
5.9
Total
140.7
144.2
133.6
Additionally, the firm BDO has performed audit and audit-related
services totaling EUR 1.9\u00a0million.
The audit services and main non-audit services included for each
item in the above breakdown are detailed as follows:
\u2022 Audit services: audit of the individual and consolidated financial
statements of Banco Santander and its subsidiaries (of which
PwC or another network firm is the external auditor); audit of the
interim consolidated financial statements of Banco Santander;
integrated audits prepared in order to file the Form 20-F\u00a0 with
the SEC\u00a0 and the internal control audits (SOx) for required
Group's entities; limited reviews of financial statements; and\u00a0
regulatory reports required to the external auditors regarding
several\u00a0 Grupo Santander entities.
\u2022 Audit-related services: issuance of comfort letters, verification
services of financial and non-financial information required by
regulators, and other reviews of documentation to be submitted
to domestic or foreign authorities that, due to their nature, the
external auditor typically provides.
\u2022 Tax services: tax compliance and advisory services provided to
Group companies outside Spain, which have no direct effect on
the audited financial statements and are permitted in accordance
with the applicable independence regulations.
\u2022 Other services: agreed-upon procedure reports, assurance
reports and special reports performed under the accepted
profession's standards; as well as other reports required by the
regulators.
The 'Audit' heading includes the fees for the year's audit,
regardless of the date the audit was completed. Any subsequent
adjustments, which are not significant, are shown in this note for
each year for comparison purposes. The fees corresponding to the
rest of the services are shown by reference to when the audit
committee approved them.
The services commissioned from the Group's auditors meet the
independence requirements under applicable European and
Spanish law, the SEC rules and the Public Company Accounting
Oversight Board (PCAOB), applicable to the Group, and did not
involve in any case\u00a0the\u00a0performance of any work that is
incompatible with the auditor's role.
Lastly, the Group commissioned services from audit firms other
than PwC amounting to EUR 155.9\u00a0million in 2025 (EUR
206.2\u00a0million and EUR 174.1\u00a0million in 2024 and 2023,
respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1886": { "value": "
13.\u00a0 Investments
a) Breakdown
The detail, by company, of Investments is as follows:
EUR million
2025
2024
2023
Associated entities
5,096
5,216
5,682
Merlin Properties, SOCIMI, S.A.A
1,830
1,803
1,621
Zurich Santander Insurance
America, S.L. - Consolidated
940
884
936
Metrovacesa, S.A.
748
841
899
CNP Santander
399
397
423
Pluxee Beneficios Brasil S.A. A
295
309
\u2014
Caceis (Notes 3 and 12)
\u2014
\u2014
1,139
Other companies
884
982
664
Joint Ventures entities
1,956
2,061
1,964
Santander Caceis Latam Holding 1, S.L. -
Consolidated (previously Santander Securities
Services Latam Holding, S.L)
404
381
389
Santander Vida Seguros y Reaseguros, S.A.
329
356
362
U.C.I., S.A. - Consolidated
293
325
349
Fortune Auto Finance Co., Ltd
232
261
254
Hyundai Capital UK Limited
270
249
205
Volvo Car Financial Services UK Limited
116
99
76
Banco RCI Brasil S.A.
77
94
92
Other companies
235
296
237
Total Associated entities and Joint ventures
7,052
7,277
7,646
A. Acquisition of 20% of Pluxee Beneficios Brasil S.A. and capital increase of
Merlin Properties, SOCIMI, S.A., both carried out in 2024.
Of the entities included above, at 31 December 2025 , the entities
Merlin Properties, SOCIMI, S.A, and Metrovacesa, S.A. and
Compa\u00f1\u00eda Espa\u00f1ola de Viviendas en Alquiler, S.A., are the only
listed companies.
Below is a breakdown of the Goodwill of the main investments in
joint ventures and associates included in the balance of this
heading:
EUR million
2025
2024
2023
Goodwill
1,096
1,238
1,460
Of which:
Zurich Santander Insurance
America, S.L. - Consolidated
526
526
526
Pluxee Beneficios Brasil S.A.A
71
122
\u2014
Caceis (Notes 3 and 12)
\u2014
\u2014
337
A. Acquisition of 20% of Pluxee Beneficios Brasil S.A. in 2024.
b) Changes
The changes in the investments were as follows:
EUR million
2025
2024
2023
Balance at beginning of year
7,277
7,646
7,615
Acquisitions (disposals) of companies
and capital increases (reductions)A
(17)
1,011
52
Changes in the consolidation method
(Note 3)
15
(13)
(43)
Entities for sale (Notes 3 y 12)B
(168)
(1,137)
\u2014
Effect of equity accounting
665
687
591
Dividends distributed and
reimbursements of share premium
(694)
(745)
(565)
Of which:
Zurich Santander Insurance Am\u00e9rica,
S.L. - Consolidado
(206)
(202)
(202)
Metrovacesa, S.A.
(118)
(52)
(50)
Santander Vida Seguros y Reaseguros,
S.A.- Consolidated
(87)
(82)
(52)
Merlin Properties, SOCIMI, S.A.
(57)
(53)
(51)
CNP Santander
(54)
(88)
(51)
CIP S.A.
(16)
(56)
\u2014
Caceis
\u2014
(114)
\u2014
Hyundai Capital UK Limited
\u2014
\u2014
(58)
Other global result
28
(32)
(24)
Exchange differences and other changes
(54)
(140)
20
Balance at end of year
7,052
7,277
7,646
A. Includes the acquisition of 20% of Pluxee Beneficios Brasil S.A. and the capital
increase of Merlin Properties, SOCIMI, S.A carried out in 2024.
B. Stakes of Santander Bank Polska S.A. and Caceis (Notes 3 and 12).
c) Impairment adjustments
During the years 2025, 2024 and 2023 there was no evidence of
significant impairment in the Group's associated interests.
d) Other information
A summary of the financial information at the end of December
2025 of the main associates and joint ventures (obtained from the
information available at the date of preparation of the consolidated
financial statements) is shown below:
EUR million
Associates
Joint ventures
Merlin
Properties,
SOCIMI,
S.A.A
Metrovacesa,
S.A.A
Pluxee
Benefici
os Brasil
S.A.
Zurich
Santander
Insurance
Am\u00e9rica, S.L. -
Consolidated
CNP
Santander
Santander
Caceis Latam
Holding, S.L. -
Consolidated
U.C.I., S.A. -
Consolidated
Hyundai
Capital
UK
Limited
Fortune
Auto
Finance
Co., LTD
Santander
Vida Seguros
y
Reaseguros,
S.A.-
Consolidated
(note 3)
Banco RCI
Brasil S.A.
Current assets
1,701
2,025
689
2,434
165
201
397
2,022
167
157
10
Non current assets
11,758
389
652
20,190
2,139
579
8,876
3,665
1,933
1,710
2,221
Total assets
13,459
2,414
1,341
22,624
2,304
780
9,273
5,687
2,100
1,867
2,231
Current liabilities
840
507
254
657
186
315
6,930
3,685
10
140
112
Non current liabilities
5,118
310
578
21,021
1,726
35
1,715
1,480
1,627
1,243
1,924
Total liabilities
5,958
817
832
21,678
1,912
350
8,645
5,165
1,637
1,383
2,036
Attributable profit for the
period
284
16
87
534
101
97
(75)
77
20
145
54
Other accumulated
comprehensive income
(11)
\u2014
\u2014
(33)
(9)
\u2014
114
(1)
\u2014
(21)
4
Rest of equity
7,228
1,581
422
445
300
333
589
446
443
360
137
Total Equity
7,501
1,597
509
946
392
430
628
522
463
484
195
Total liabilities and equity
13,459
2,414
1,341
22,624
2,304
780
9,273
5,687
2,100
1,867
2,231
Ordinary activities income
544
658
457
4,559
568
163
499
426
159
907
312
Profit (loss) from continuing
operations
284
16
87
534
101
97
(75)
77
20
145
54
Profit (loss) for the year from
discontinuing operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
A. Data as of 31 December 2024, latest accounts available.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1891": { "value": "
14. Insurance contracts linked to pensions
The detail of Insurance contracts linked to pensions in the
consolidated balance sheets is as follows:
EUR million
2025
2024
2023
Assets relating to insurance
contracts covering post-
employment benefit plan
obligations:
Banco Santander, S.A.
67
81
93
67
81
93
15. Liabilities under insurance contracts
The detail of Liabilities under insurance contracts and reinsurance
assets in the consolidated balance sheets (see\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
note\u00a02.i) is as follows:
EUR million
2025
2024
2023
Liabilities under insurance
contracts
18,737
17,829
17,799
Liability for Remaining
Coverage (LRC)
18,291
17,377
17,333
Liabilities relating to
insurance contracts
measured under BBA/VFA
18,194
17,292
17,262
Current value of future
cashflows (PVFCF)
17,461
16,614
16,627
Risk adjustment for
non-financial risk (RA)
186
199
211
Contractual service
margin (CSM)
547
479
424
Liabilities relating to
insurance contracts
measured under PAA
97
85
71
Liability for incurred claims
(LIC)
446
452
466
The balance of liabilities under insurance contracts reflected in the
consolidated balance sheet includes the following elements:
\u2022 Liability for Remaining Coverage (LRC): amount of obligations
provisioned to meet the fulfilment of future services assigned to
the group on a date for a specific coverage period.
\u2022 Liabilities relating to insurance contracts measured under BBA/
VFA, formed from the sum of the following elements:
- Current value of future cashflows (PVFCF): present value of
future inflow and outflow cash flows weighted by their
probability of occurrence.
- Risk adjustment for non-financial risk (RA): reflects
compensation for the uncertainty of cash flows by
quantifying the amount necessary to compensate for
unexpected losses in liability flows.
- Contractual service margin (CSM): future benefit to be
recognized during the coverage period.
\u2022 Liabilities relating to insurance contracts measured under PAA,
valued using the premium allocation method, represent the
portion of premiums written for the remaining hedge net of
acquisition expenses.
\u2022 Liability for Incurred Claims (LIC): amount of obligations
provisioned to meet the fulfilment of past services assigned to
the group on a date.
The insurance activity is carried out mainly in the life insurance
sector in its life-savings modality. Within the amount of liabilities
for insurance contracts, Individual Life Annuities are the product
that has the greatest weight in the consolidated balance sheet.
This product consists of life annuities where the client contributes a
single premium and receives a constant and periodic insured
income (monthly, quarterly, semi-annual or annual) until his death
where, at that time, the beneficiaries will receive the insured
capital of 102% or 101% of the premium contributed.
The income and expenses recorded in the profit and loss account
for the insurance activity, including reinsurance income and
expenses, are not material in the Group's consolidated annual
accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1892": { "value": "
15. Liabilities under insurance contracts
The detail of Liabilities under insurance contracts and reinsurance
assets in the consolidated balance sheets (see\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
note\u00a02.i) is as follows:
EUR million
2025
2024
2023
Liabilities under insurance
contracts
18,737
17,829
17,799
Liability for Remaining
Coverage (LRC)
18,291
17,377
17,333
Liabilities relating to
insurance contracts
measured under BBA/VFA
18,194
17,292
17,262
Current value of future
cashflows (PVFCF)
17,461
16,614
16,627
Risk adjustment for
non-financial risk (RA)
186
199
211
Contractual service
margin (CSM)
547
479
424
Liabilities relating to
insurance contracts
measured under PAA
97
85
71
Liability for incurred claims
(LIC)
446
452
466
The balance of liabilities under insurance contracts reflected in the
consolidated balance sheet includes the following elements:
\u2022 Liability for Remaining Coverage (LRC): amount of obligations
provisioned to meet the fulfilment of future services assigned to
the group on a date for a specific coverage period.
\u2022 Liabilities relating to insurance contracts measured under BBA/
VFA, formed from the sum of the following elements:
- Current value of future cashflows (PVFCF): present value of
future inflow and outflow cash flows weighted by their
probability of occurrence.
- Risk adjustment for non-financial risk (RA): reflects
compensation for the uncertainty of cash flows by
quantifying the amount necessary to compensate for
unexpected losses in liability flows.
- Contractual service margin (CSM): future benefit to be
recognized during the coverage period.
\u2022 Liabilities relating to insurance contracts measured under PAA,
valued using the premium allocation method, represent the
portion of premiums written for the remaining hedge net of
acquisition expenses.
\u2022 Liability for Incurred Claims (LIC): amount of obligations
provisioned to meet the fulfilment of past services assigned to
the group on a date.
The insurance activity is carried out mainly in the life insurance
sector in its life-savings modality. Within the amount of liabilities
for insurance contracts, Individual Life Annuities are the product
that has the greatest weight in the consolidated balance sheet.
This product consists of life annuities where the client contributes a
single premium and receives a constant and periodic insured
income (monthly, quarterly, semi-annual or annual) until his death
where, at that time, the beneficiaries will receive the insured
capital of 102% or 101% of the premium contributed.
The income and expenses recorded in the profit and loss account
for the insurance activity, including reinsurance income and
expenses, are not material in the Group's consolidated annual
accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1893": { "value": "
16. Tangible assets
a) Changes
The changes in Tangible assets in the consolidated balance sheets
were as follows:
EUR million
Tangible assets
Of which:
For leasing
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
Cost
Balance at 1 January 2023
26,570
25,166
1,580
53,316
4,692
\u2014
\u2014
4,692
Additions / disposals (net) due to
change in the scope of consolidation
11
37
\u2014
48
(13)
\u2014
\u2014
(13)
Additions / disposals (net)
1,122
742
(34)
1,830
125A
\u2014
\u2014
125
Transfers, exchange differences and
other items
(1,460)
(641)
30
(2,071)
33
\u2014
\u2014
33
Balance at 31 December 2023
26,243
25,304
1,576
53,123
4,837
\u2014
\u2014
4,837
Additions / disposals (net) due to
change in the scope of consolidation
28
(1,192)
\u2014
(1,164)
\u2014
\u2014
\u2014
\u2014
Additions / disposals (net)
730
(1,716)
(17)
(1,003)
179A
\u2014
\u2014
179
Transfers, exchange differences and
other items
(1,345)
1,003
(104)
(446)
(235)
\u2014
\u2014
(235)
Balance at 31 December 2024
25,656
23,399
1,455
50,510
4,781
\u2014
\u2014
4,781
Additions / disposals (net) due to
change in the scope of consolidation
4
\u2014
7
11
\u2014
\u2014
\u2014
\u2014
Additions / disposals (net)
326
(2,603)
(58)
(2,335)
(40)A
\u2014
\u2014
(40)
Transfers, exchange differences and
other items
(1,845)
(1,743)
188
(3,400)
(450)
\u2014
\u2014
(450)
Balance at 31 December 2025
24,141
19,053
1,592
44,786
4,291
\u2014
\u2014
4,291
Accumulated depreciation
Balances at 1 January 2023
(12,892)
(5,578)
(172)
(18,642)
(2,265)
\u2014
\u2014
(2,265)
Disposals due to change in the scope of
consolidation
7
\u2014
\u2014
7
7
\u2014
\u2014
7
Disposals
284
2,540
\u2014
2,824
160
\u2014
\u2014
160
Charge for the\u00a0year
(1,689)
\u2014
(11)
(1,700)
(580)
\u2014
\u2014
(580)
Transfers, exchange differences and
other items
1,653
(2,744)
(16)
(1,107)
69
\u2014
\u2014
69
Balance at 31 December 2023
(12,637)
(5,782)
(199)
(18,618)
(2,609)
\u2014
\u2014
(2,609)
Disposals due to change in the scope of
consolidation
\u2014
686
\u2014
686
\u2014
\u2014
\u2014
\u2014
Disposals
672
3,214
\u2014
3,886
196
\u2014
\u2014
196
Charge for the\u00a0year
(1,544)
\u2014
(9)
(1,553)
(460)
\u2014
\u2014
(460)
Transfers, exchange differences and
other items
890
(2,902)
46
(1,966)
59
\u2014
\u2014
59
Balance at 31 December 2024
(12,619)
(4,784)
(162)
(17,565)
(2,814)
\u2014
\u2014
(2,814)
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
663
2,428
\u2014
3,091
177
\u2014
\u2014
177
Charge for the\u00a0year
(1,323)
\u2014
(8)
(1,331)
(405)
\u2014
(405)
Transfers, exchange differences and
other items
1,150
(1,917)
(32)
(799)
381
\u2014
\u2014
381
Balance at 31 December 2025
(12,129)
(4,273)
(202)
(16,604)
(2,661)
\u2014
\u2014
(2,661)
A. Includes contract extensions on operating leases and repurchases.
EUR million
Tangible assets
Of which:
For leasing
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
Impairment losses
Balance at 1 January 2023
(189)
(33)
(379)
(601)
(14)
\u2014
\u2014
(14)
Impairment charge for the\u00a0year
(113)
(29)
(12)
(154)
(38)
\u2014
\u2014
(38)
Releases
4
11
4
19
3
\u2014
\u2014
3
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
36
\u2014
4
40
5
5
Exchange differences and other
64
47
(38)
73
(1)
\u2014
\u2014
(1)
Balance at 31 December 2023
(198)
(4)
(421)
(623)
(45)
\u2014
\u2014
(45)
Impairment charge for the\u00a0year
(276)
(70)
(81)
(427)
(31)
\u2014
\u2014
(31)
Releases
34
3
8
45
10
\u2014
\u2014
10
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
53
\u2014
\u2014
53
19
\u2014
\u2014
19
Exchange differences and other
(14)
32
76
94
(2)
\u2014
\u2014
(2)
Balance at 31 December 2024
(401)
(39)
(418)
(858)
(49)
\u2014
\u2014
(49)
Impairment charge for the\u00a0year
(172)
(79)
(15)
(266)
(41)
\u2014
\u2014
(41)
Releases
41
71
25
137
1
\u2014
\u2014
1
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
17
17
\u2014
34
6
\u2014
\u2014
6
Exchange differences and other
166
3
40
209
9
\u2014
\u2014
9
Balance at 31 December 2025
(349)
(27)
(368)
(744)
(74)
\u2014
\u2014
(74)
Tangible assets, net
Balances at 31 December 2023
13,408
19,518
956
33,882
2,183
\u2014
\u2014
2,183
Balances at 31 December 2024
12,636
18,576
875
32,087
1,918
\u2014
\u2014
1,918
Balances at 31 December 2025
11,663
14,753
1,022
27,438
1,556
\u2014
\u2014
1,556
b) Tangible assets - For own use
The detail, by class of asset, of 'Property, plant and equipment'
which is owned by the Group in the consolidated balance sheets is
as follows:
EUR million
Tangible assets for own use
Of which:
for leasing
Cost
Accumulated
depreciation
Impairment
losses
Carrying
amount
Land and buildings
14,973
(5,010)
(154)
9,809
2,104
IT equipment and fixtures
5,614
(4,154)
\u2014
1,460
60
Furniture and vehicles
5,412
(3,424)
\u2014
1,988
19
Construction in progress and other items
244
(49)
(44)
151
\u2014
Balance at 31 December 2023
26,243
(12,637)
(198)
13,408
2,183
Land and buildings
15,113
(5,516)
(353)
9,244
1,882
IT equipment and fixtures
5,283
(3,926)
\u2014
1,357
23
Furniture and vehicles
4,963
(3,130)
\u2014
1,833
13
Construction in progress and other items
297
(47)
(48)
202
\u2014
Balance at 31 December 2024
25,656
(12,619)
(401)
12,636
1,918
Land and buildings
14,067
(5,359)
(304)
8,404
1,536
IT equipment and fixtures
4,204
(3,003)
(10)
1,191
13
Furniture and vehicles
5,548
(3,746)
(1)
1,801
7
Construction in progress and other items
322
(21)
(34)
267
\u2014
Balance at 31 December 2025
24,141
(12,129)
(349)
11,663
1,556
The carrying amount at 31 December 2025 in the foregoing table
includes the following approximate amounts EUR 6,545 million
(EUR 6,531 million at 31 December 2024 and EUR 7,119 million at
31 December 2023) relating to property, plant and equipment
owned by group entities and branches located abroad.
c) Tangible assets - Leased out under an
operating lease
Grupo Santander has assets leased out under operating leases
where the company is the lessor and do not meet the accounting
requirements to be classified as finance leases. The net cost of
these leases is recorded as an asset and depreciated on a straight-
line basis over the contractual term of the lease to the expected
residual value.
The expected residual value and, consequently, the monthly
depreciation expense may change during the term of the lease. The
Group estimates expected residual values using independent data
sources and internal statistical models. It also assesses the
estimate of the residual value of these leases and adjusts the
depreciation rate in line with the change in the expected value of
the asset at the end of the lease.
Grupo Santander periodically assesses its investment in operating
leases for impairment in certain circumstances, such as a systemic
and material decrease in the values of used vehicles. If assets
leased out under operating leases are deemed to be impaired,
impairment is measured as the amount by which the carrying
amount of the assets exceeds the fair value as estimated by
discounted cash flows.
Of the 14,753 EUR million that the Group had assigned to
operating leases at 31 December 2025 (18,576 EUR and 19,518
EUR at 31 December 2024\u00a0 and 2023, respectively), EUR 7,227
million (EUR 11,336 and EUR 12,525 at 31 December 2024 and
2023, respectively) relate to vehicles of Santander US Auto's
business. The variable lease payments of various items of this
business are not significant.
In addition, the maturity analysis of the assets leased out under
operating leases from Santander US Auto, is as follows:
EUR million
Maturity Analysis
2025
2025
3,988
2026
4,228
2027
1,332
2028
330
d) Tangible assets - Investment property
The fair value of investment property at 31 December 2025, 2024,
2023 amounted to EUR 1,194, 1,041 and 1,163 million,
respectively. A comparison of the fair value of investment property
at 31 December 2025, 2024 and 2023 with the net book value
shows gross unrealised gains of EUR 172, 166 and 207 million,
respectively, attributed completely to the group.
The rental income earned from investment property and the direct
costs related both to investment properties that generated rental
income in 2025, 2024 and 2023 and to investment properties that
did not generate rental income in those years are not material in
the context of the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1895": { "value": "
a) Changes
The changes in Tangible assets in the consolidated balance sheets
were as follows:
EUR million
Tangible assets
Of which:
For leasing
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
Cost
Balance at 1 January 2023
26,570
25,166
1,580
53,316
4,692
\u2014
\u2014
4,692
Additions / disposals (net) due to
change in the scope of consolidation
11
37
\u2014
48
(13)
\u2014
\u2014
(13)
Additions / disposals (net)
1,122
742
(34)
1,830
125A
\u2014
\u2014
125
Transfers, exchange differences and
other items
(1,460)
(641)
30
(2,071)
33
\u2014
\u2014
33
Balance at 31 December 2023
26,243
25,304
1,576
53,123
4,837
\u2014
\u2014
4,837
Additions / disposals (net) due to
change in the scope of consolidation
28
(1,192)
\u2014
(1,164)
\u2014
\u2014
\u2014
\u2014
Additions / disposals (net)
730
(1,716)
(17)
(1,003)
179A
\u2014
\u2014
179
Transfers, exchange differences and
other items
(1,345)
1,003
(104)
(446)
(235)
\u2014
\u2014
(235)
Balance at 31 December 2024
25,656
23,399
1,455
50,510
4,781
\u2014
\u2014
4,781
Additions / disposals (net) due to
change in the scope of consolidation
4
\u2014
7
11
\u2014
\u2014
\u2014
\u2014
Additions / disposals (net)
326
(2,603)
(58)
(2,335)
(40)A
\u2014
\u2014
(40)
Transfers, exchange differences and
other items
(1,845)
(1,743)
188
(3,400)
(450)
\u2014
\u2014
(450)
Balance at 31 December 2025
24,141
19,053
1,592
44,786
4,291
\u2014
\u2014
4,291
Accumulated depreciation
Balances at 1 January 2023
(12,892)
(5,578)
(172)
(18,642)
(2,265)
\u2014
\u2014
(2,265)
Disposals due to change in the scope of
consolidation
7
\u2014
\u2014
7
7
\u2014
\u2014
7
Disposals
284
2,540
\u2014
2,824
160
\u2014
\u2014
160
Charge for the\u00a0year
(1,689)
\u2014
(11)
(1,700)
(580)
\u2014
\u2014
(580)
Transfers, exchange differences and
other items
1,653
(2,744)
(16)
(1,107)
69
\u2014
\u2014
69
Balance at 31 December 2023
(12,637)
(5,782)
(199)
(18,618)
(2,609)
\u2014
\u2014
(2,609)
Disposals due to change in the scope of
consolidation
\u2014
686
\u2014
686
\u2014
\u2014
\u2014
\u2014
Disposals
672
3,214
\u2014
3,886
196
\u2014
\u2014
196
Charge for the\u00a0year
(1,544)
\u2014
(9)
(1,553)
(460)
\u2014
\u2014
(460)
Transfers, exchange differences and
other items
890
(2,902)
46
(1,966)
59
\u2014
\u2014
59
Balance at 31 December 2024
(12,619)
(4,784)
(162)
(17,565)
(2,814)
\u2014
\u2014
(2,814)
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
663
2,428
\u2014
3,091
177
\u2014
\u2014
177
Charge for the\u00a0year
(1,323)
\u2014
(8)
(1,331)
(405)
\u2014
(405)
Transfers, exchange differences and
other items
1,150
(1,917)
(32)
(799)
381
\u2014
\u2014
381
Balance at 31 December 2025
(12,129)
(4,273)
(202)
(16,604)
(2,661)
\u2014
\u2014
(2,661)
A. Includes contract extensions on operating leases and repurchases.
EUR million
Tangible assets
Of which:
For leasing
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
Impairment losses
Balance at 1 January 2023
(189)
(33)
(379)
(601)
(14)
\u2014
\u2014
(14)
Impairment charge for the\u00a0year
(113)
(29)
(12)
(154)
(38)
\u2014
\u2014
(38)
Releases
4
11
4
19
3
\u2014
\u2014
3
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
36
\u2014
4
40
5
5
Exchange differences and other
64
47
(38)
73
(1)
\u2014
\u2014
(1)
Balance at 31 December 2023
(198)
(4)
(421)
(623)
(45)
\u2014
\u2014
(45)
Impairment charge for the\u00a0year
(276)
(70)
(81)
(427)
(31)
\u2014
\u2014
(31)
Releases
34
3
8
45
10
\u2014
\u2014
10
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
53
\u2014
\u2014
53
19
\u2014
\u2014
19
Exchange differences and other
(14)
32
76
94
(2)
\u2014
\u2014
(2)
Balance at 31 December 2024
(401)
(39)
(418)
(858)
(49)
\u2014
\u2014
(49)
Impairment charge for the\u00a0year
(172)
(79)
(15)
(266)
(41)
\u2014
\u2014
(41)
Releases
41
71
25
137
1
\u2014
\u2014
1
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
17
17
\u2014
34
6
\u2014
\u2014
6
Exchange differences and other
166
3
40
209
9
\u2014
\u2014
9
Balance at 31 December 2025
(349)
(27)
(368)
(744)
(74)
\u2014
\u2014
(74)
Tangible assets, net
Balances at 31 December 2023
13,408
19,518
956
33,882
2,183
\u2014
\u2014
2,183
Balances at 31 December 2024
12,636
18,576
875
32,087
1,918
\u2014
\u2014
1,918
Balances at 31 December 2025
11,663
14,753
1,022
27,438
1,556
\u2014
\u2014
1,556
The detail, by class of asset, of 'Property, plant and equipment'
which is owned by the Group in the consolidated balance sheets is
as follows:
EUR million
Tangible assets for own use
Of which:
for leasing
Cost
Accumulated
depreciation
Impairment
losses
Carrying
amount
Land and buildings
14,973
(5,010)
(154)
9,809
2,104
IT equipment and fixtures
5,614
(4,154)
\u2014
1,460
60
Furniture and vehicles
5,412
(3,424)
\u2014
1,988
19
Construction in progress and other items
244
(49)
(44)
151
\u2014
Balance at 31 December 2023
26,243
(12,637)
(198)
13,408
2,183
Land and buildings
15,113
(5,516)
(353)
9,244
1,882
IT equipment and fixtures
5,283
(3,926)
\u2014
1,357
23
Furniture and vehicles
4,963
(3,130)
\u2014
1,833
13
Construction in progress and other items
297
(47)
(48)
202
\u2014
Balance at 31 December 2024
25,656
(12,619)
(401)
12,636
1,918
Land and buildings
14,067
(5,359)
(304)
8,404
1,536
IT equipment and fixtures
4,204
(3,003)
(10)
1,191
13
Furniture and vehicles
5,548
(3,746)
(1)
1,801
7
Construction in progress and other items
322
(21)
(34)
267
\u2014
Balance at 31 December 2025
24,141
(12,129)
(349)
11,663
1,556
The detail of Intangible assets\u00a0- Other intangible assets in the
consolidated balance sheets and of the changes therein in 2025,
2024 , and 2023 is as follows:
EUR million
Estimated
useful\u00a0life
1 January
2025
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2025
Cost
15,261
1,714
(20)
(1,286)
(1,179)
14,490
Brand names
32
\u2014
\u2014
\u2014
\u2014
32
IT developments
3-10 years
13,322
1,713
(7)
(1,286)
(1,084)
12,658
Other
1,907
1
(13)
\u2014
(95)
1,800
Accumulated amortisation
(9,235)
\u2014
12
(1,847)
1,228
795
(9,047)
Development
(8,312)
\u2014
6
(1,715)
1,228
723
(8,070)
Other
(923)
\u2014
6
(132)
\u2014
72
(977)
Impairment losses
(205)
\u2014
\u2014
(108)
58
162
(93)
Of which addition
(108)
Of which Liberation
5,821
1,714
(8)
(1,955)
\u2014
(222)
5,350
EUR million
Estimated
useful\u00a0life
1 January
2024
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2024
Cost
14,773
2,104
(8)
(1,169)
(439)
15,261
Brand names
40
\u2014
\u2014
\u2014
(8)
32
IT developments
3-10 years
12,867
2,104
(8)
(1,169)
(472)
13,322
Other
1,866
\u2014
\u2014
\u2014
41
1,907
Accumulated amortisation
(8,851)
\u2014
6
(1,626)
1,062
174
(9,235)
Development
(8,078)
\u2014
6
(1,546)
1,062
244
(8,312)
Other
(773)
\u2014
\u2014
(80)
\u2014
(70)
(923)
Impairment losses
(68)
\u2014
\u2014
(227)
107
(17)
(205)
Of which addition
(227)
Of which Liberation
\u2014
5,854
2,104
(2)
(1,853)
\u2014
(282)
5,821
EUR million
Estimated
useful\u00a0life
1 January
2023
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2023
Cost
12,502
2,197
176
(230)
128
14,773
Brand names
33
\u2014
8
(2)
1
40
IT developments
3-10 years
10,721
2,197
18
(196)
127
12,867
Other
1,748
\u2014
150
(32)
\u2014
1,866
Accumulated amortisation
(7,554)
\u2014
5
(1,386)
209
(125)
(8,851)
Development
(6,866)
\u2014
\u2014
(1,294)
177
(95)
(8,078)
Other
(688)
\u2014
5
(92)
32
(30)
(773)
Impairment losses
(44)
\u2014
\u2014
(53)
21
8
(68)
Of which addition
(53)
Of which Liberation
\u2014
4,904
2,197
181
(1,439)
\u2014
11
5,854
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1894": { "value": "
a) Changes
The changes in Tangible assets in the consolidated balance sheets
were as follows:
EUR million
Tangible assets
Of which:
For leasing
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
Cost
Balance at 1 January 2023
26,570
25,166
1,580
53,316
4,692
\u2014
\u2014
4,692
Additions / disposals (net) due to
change in the scope of consolidation
11
37
\u2014
48
(13)
\u2014
\u2014
(13)
Additions / disposals (net)
1,122
742
(34)
1,830
125A
\u2014
\u2014
125
Transfers, exchange differences and
other items
(1,460)
(641)
30
(2,071)
33
\u2014
\u2014
33
Balance at 31 December 2023
26,243
25,304
1,576
53,123
4,837
\u2014
\u2014
4,837
Additions / disposals (net) due to
change in the scope of consolidation
28
(1,192)
\u2014
(1,164)
\u2014
\u2014
\u2014
\u2014
Additions / disposals (net)
730
(1,716)
(17)
(1,003)
179A
\u2014
\u2014
179
Transfers, exchange differences and
other items
(1,345)
1,003
(104)
(446)
(235)
\u2014
\u2014
(235)
Balance at 31 December 2024
25,656
23,399
1,455
50,510
4,781
\u2014
\u2014
4,781
Additions / disposals (net) due to
change in the scope of consolidation
4
\u2014
7
11
\u2014
\u2014
\u2014
\u2014
Additions / disposals (net)
326
(2,603)
(58)
(2,335)
(40)A
\u2014
\u2014
(40)
Transfers, exchange differences and
other items
(1,845)
(1,743)
188
(3,400)
(450)
\u2014
\u2014
(450)
Balance at 31 December 2025
24,141
19,053
1,592
44,786
4,291
\u2014
\u2014
4,291
Accumulated depreciation
Balances at 1 January 2023
(12,892)
(5,578)
(172)
(18,642)
(2,265)
\u2014
\u2014
(2,265)
Disposals due to change in the scope of
consolidation
7
\u2014
\u2014
7
7
\u2014
\u2014
7
Disposals
284
2,540
\u2014
2,824
160
\u2014
\u2014
160
Charge for the\u00a0year
(1,689)
\u2014
(11)
(1,700)
(580)
\u2014
\u2014
(580)
Transfers, exchange differences and
other items
1,653
(2,744)
(16)
(1,107)
69
\u2014
\u2014
69
Balance at 31 December 2023
(12,637)
(5,782)
(199)
(18,618)
(2,609)
\u2014
\u2014
(2,609)
Disposals due to change in the scope of
consolidation
\u2014
686
\u2014
686
\u2014
\u2014
\u2014
\u2014
Disposals
672
3,214
\u2014
3,886
196
\u2014
\u2014
196
Charge for the\u00a0year
(1,544)
\u2014
(9)
(1,553)
(460)
\u2014
\u2014
(460)
Transfers, exchange differences and
other items
890
(2,902)
46
(1,966)
59
\u2014
\u2014
59
Balance at 31 December 2024
(12,619)
(4,784)
(162)
(17,565)
(2,814)
\u2014
\u2014
(2,814)
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
663
2,428
\u2014
3,091
177
\u2014
\u2014
177
Charge for the\u00a0year
(1,323)
\u2014
(8)
(1,331)
(405)
\u2014
(405)
Transfers, exchange differences and
other items
1,150
(1,917)
(32)
(799)
381
\u2014
\u2014
381
Balance at 31 December 2025
(12,129)
(4,273)
(202)
(16,604)
(2,661)
\u2014
\u2014
(2,661)
A. Includes contract extensions on operating leases and repurchases.
EUR million
Tangible assets
Of which:
For leasing
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
For\u00a0own\u00a0use
Leased
out\u00a0under
an\u00a0operating
lease
Investment
property
Total
Impairment losses
Balance at 1 January 2023
(189)
(33)
(379)
(601)
(14)
\u2014
\u2014
(14)
Impairment charge for the\u00a0year
(113)
(29)
(12)
(154)
(38)
\u2014
\u2014
(38)
Releases
4
11
4
19
3
\u2014
\u2014
3
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
36
\u2014
4
40
5
5
Exchange differences and other
64
47
(38)
73
(1)
\u2014
\u2014
(1)
Balance at 31 December 2023
(198)
(4)
(421)
(623)
(45)
\u2014
\u2014
(45)
Impairment charge for the\u00a0year
(276)
(70)
(81)
(427)
(31)
\u2014
\u2014
(31)
Releases
34
3
8
45
10
\u2014
\u2014
10
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
53
\u2014
\u2014
53
19
\u2014
\u2014
19
Exchange differences and other
(14)
32
76
94
(2)
\u2014
\u2014
(2)
Balance at 31 December 2024
(401)
(39)
(418)
(858)
(49)
\u2014
\u2014
(49)
Impairment charge for the\u00a0year
(172)
(79)
(15)
(266)
(41)
\u2014
\u2014
(41)
Releases
41
71
25
137
1
\u2014
\u2014
1
Disposals due to change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
17
17
\u2014
34
6
\u2014
\u2014
6
Exchange differences and other
166
3
40
209
9
\u2014
\u2014
9
Balance at 31 December 2025
(349)
(27)
(368)
(744)
(74)
\u2014
\u2014
(74)
Tangible assets, net
Balances at 31 December 2023
13,408
19,518
956
33,882
2,183
\u2014
\u2014
2,183
Balances at 31 December 2024
12,636
18,576
875
32,087
1,918
\u2014
\u2014
1,918
Balances at 31 December 2025
11,663
14,753
1,022
27,438
1,556
\u2014
\u2014
1,556
d) Tangible assets - Investment property
The fair value of investment property at 31 December 2025, 2024,
2023 amounted to EUR 1,194, 1,041 and 1,163 million,
respectively. A comparison of the fair value of investment property
at 31 December 2025, 2024 and 2023 with the net book value
shows gross unrealised gains of EUR 172, 166 and 207 million,
respectively, attributed completely to the group.
The rental income earned from investment property and the direct
costs related both to investment properties that generated rental
income in 2025, 2024 and 2023 and to investment properties that
did not generate rental income in those years are not material in
the context of the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1896": { "value": "
c) Tangible assets - Leased out under an
operating lease
Grupo Santander has assets leased out under operating leases
where the company is the lessor and do not meet the accounting
requirements to be classified as finance leases. The net cost of
these leases is recorded as an asset and depreciated on a straight-
line basis over the contractual term of the lease to the expected
residual value.
The expected residual value and, consequently, the monthly
depreciation expense may change during the term of the lease. The
Group estimates expected residual values using independent data
sources and internal statistical models. It also assesses the
estimate of the residual value of these leases and adjusts the
depreciation rate in line with the change in the expected value of
the asset at the end of the lease.
Grupo Santander periodically assesses its investment in operating
leases for impairment in certain circumstances, such as a systemic
and material decrease in the values of used vehicles. If assets
leased out under operating leases are deemed to be impaired,
impairment is measured as the amount by which the carrying
amount of the assets exceeds the fair value as estimated by
discounted cash flows.
Of the 14,753 EUR million that the Group had assigned to
operating leases at 31 December 2025 (18,576 EUR and 19,518
EUR at 31 December 2024\u00a0 and 2023, respectively), EUR 7,227
million (EUR 11,336 and EUR 12,525 at 31 December 2024 and
2023, respectively) relate to vehicles of Santander US Auto's
business. The variable lease payments of various items of this
business are not significant.
In addition, the maturity analysis of the assets leased out under
operating leases from Santander US Auto, is as follows:
EUR million
Maturity Analysis
2025
2025
3,988
2026
4,228
2027
1,332
2028
330
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1899": { "value": "
17. Intangible assets \u2013 Goodwill
The detail of goodwill, based on the cash-generating units giving
rise thereto, is as follows:
EUR million
2025
2024
2023
Banco Santander (Brasil)
3,031
3,079
3,679
SAM Investment Holdings Limited
1,444
1,444
1,444
Santander Consumer Germany
1,304
1,304
1,304
Santander Portugal
1,040
1,040
1,040
Santander Espa\u00f1a
998
998
998
Santander US Auto
943
1,068
1,003
Santander Holding USA (ex. Auto)
765
865
814
Santander UK
609
641
612
Banco Santander - Chile
470
482
516
Grupo Financiero Santander (M\u00e9xico)
463
453
523
Ebury Partners
326
340
350
Santander Consumer Nordics
211
211
206
Santander Bank Polska
\u2014
1,178
1,159
Other companies
354
335
369
Total Goodwill
11,958
13,438
14,017
The changes in goodwill were as follows:
EUR million
2025
2024
2023
Balance at beginning of year
13,438
14,017
13,741
Additions
19
30
56
Of which:
Ebury Partners
\u2014
\u2014
45
Impairment losses
(4)
(4)
(20)
Transfer to Assets held for sale (Notes
3 y 12)
(1,176)
\u2014
\u2014
Exchange differences and other items
(291)
(605)
240
Balance at end of year
11,958
13,438
14,017
Grupo Santander has goodwill generated by cash-generating units
located in non-euro currency countries (mainly Brazil, Poland, the
United States, the United Kingdom, Chile, Mexico, Norway and
Sweden) and, therefore, this gives rise to exchange differences on
the translation to euros, at closing rates, of the amounts of
goodwill denominated in foreign currencies. Accordingly, in 2025
there was a decrease of EUR 291 million (a decrease of EUR 605
million in 2024 and an increase of EUR 240 million in 2023), due to
exchange differences and other items which, pursuant to current
standards, were recognised with a change to 'Other comprehensive
income - Items that may be reclassified to profit or loss - Exchange
differences in other comprehensive income in the consolidated
statement of recognised income and expense' (see note 29.d).
At least once per year (or whenever there is any indication of
impairment), Grupo Santander performs an analysis of the
potential impairment of its recorded goodwill with respect to its
recoverable amount. The first step that must be taken in order to
perform this analysis is the identification of the cash-generating
units, which are the Group's smallest identifiable groups of assets
that generate cash inflows that are largely independent of the cash
flows of other assets or groups of assets.
The amount to be recovered of each cash-generating unit is
determined taking into consideration the carrying amount
(including any fair value adjustment arising on the business
combination) of all the assets and liabilities of all the independent
legal entities composing the cash-generating unit, together with
the related goodwill.
The amount to be recovered of the cash-generating unit is
compared with its recoverable amount in order to determine
whether there is any impairment.
Grupo Santander assesses the existence of any indication that
might be considered to be evidence of impairment of the cash-
generating unit by reviewing information including the following
(i)\u00a0certain macroeconomic variables that might affect its
investments (population data, political situation, economic
situation\u00a0\u2014including banking concentration level\u2014, among others)
and (ii)\u00a0various microeconomic variables comparing the
investments of the Group with the financial services industry of the
country in which the cash-generating unit carries on most of its
business activities (balance sheet composition, total funds under
management, results, efficiency ratio, capital adequacy ratio,
return on equity, among others).
Regardless of whether there is any indication of impairment,
every\u00a0year the Group calculates the recoverable amount of each
cash-generating unit to which goodwill, has been allocated and, to
this end, it uses price quotations, market references (multiples),
internal estimates and valuations performed by internal and
external experts.
Firstly, the Group determines the recoverable amount by
calculating the fair value of each cash-generating unit on the basis
of the quoted price of the cash-generating units, if available.
In addition, the Group performs estimates of the recoverable
amounts of certain cash-generating units by calculating their value
in use using discounted cash flow projections. The main
assumptions used in this calculation are (i)\u00a0earnings projections
based on the financial budgets approved by the Group\u2019s directors
which cover between three and five year periods (unless a longer
time horizon can be justified), (ii)\u00a0discount rates determined as the
cost of capital taking into account the risk-free rate of return plus a
risk premium in line with the market and the business in which the
units operate and (iii)\u00a0constant growth rates used in order to
extrapolate earnings in perpetuity which do not exceed the long-
term average growth rate for the market in which the cash-
generating unit in question operates.
The cash flow projections used by Group management to obtain
the values in use are based on the financial budgets approved by
both local management of the related local units and the Group\u2019s
directors. The Group\u2019s budgetary estimation process is common for
all the cash-generating units. The local management teams
prepare their budgets using the following key assumptions:
a)Microeconomic variables of the cash-generating unit:
management takes into consideration the current balance sheet
structure, the product mix and the business decisions taken by
local management in this regard.
b)Macroeconomic variables: growth is estimated on the basis of
the changing environment, taking into consideration expected
GDP growth in the unit\u2019s geographical location and forecast
trends in interest and exchange rates. These data, which are
based on external information sources, are provided by the
Group\u2019s economic research service.
c)Past performance variables: in addition, management takes into
consideration in the projection the difference (both positive and
negative) between the cash-generating unit\u2019s past performance
and budgets.
During 2025 , the Group has recognised impairment losses of EUR 4
million of immaterial goodwill that has been recorded under the
heading 'Impairment or reversal of the impairment of non-financial
assets - Intangible assets' (EUR 4 million and EUR 20 million in
2024 and 2023, respectively). Goodwill is deducted from CET1 for
regulatory purposes, so an impairment of goodwill has no impact
on the Group's capital ratios.
Following is a detail of the main assumptions taken into account in
determining the recoverable amount, at 2025 year-end, of the
most significant cash-generating units which were valued using
the discounted cash flow method:
2025
Projected period
Discount rateA
Nominal
perpetual
growth\u00a0rate
Santander UK
5 years
12.4%
2.5%
Santander US Auto
3 years
11.5%
3.0%
Santander Holding USA (ex. Auto)B
5 years
13.6%
3.5%
Santander Consumer Germany
5 years
9.5%
2.5%
SAM Investment Holdings, Limited
5 years
11.5%
2.5%
Santander Portugal
5 years
10.6%
2.5%
A. Post-tax discount rate.
B. Weighted information of the main assumptions of the segments to which goodwill has been allocated.
The discount and nominal perpetual growth rates taken into
account in 2024 and 2023 are presented below for comparison
purposes:
Discount rateA
Nominal
perpetual
growth\u00a0rate
2024
2023
2024
2023
Santander UK
11.8%
11.9%
2.5%
2.5%
Santander Bank Polska
12.9%
13.2%
5.0%
5.0%
Santander US Auto
12.2%
12.8%
3.0%
3.0%
Santander Holding USA (ex. Auto)B
13.4%
13.4%
3.5%
3.5%
Santander Consumer Germany
9.1%
9.7%
2.0%
2.3%
SAM Investment Holdings, Limited
11.6%
11.6%
2.5%
2.5%
Santander Portugal
10.2%
11.2%
2.5%
2.5%
A. Post-tax discount rate.
B. Weighted information of the main assumptions of the segments to which goodwill has been allocated.
The variations reflected in the assumptions used in 2025 are
mainly a consequence of the current macroeconomic scenario, as
well as the level of inflation.
Given the degree of uncertainty of the above key assumptions on
which the recoverable amount of the cash-generating units is
based, the Group performs a sensitivity analysis which consisted of
adjusting\u00a0 +/- 50 basis points\u00a0 the discount rate, adjusting +/- 50
basis points\u00a0 the growth rate in perpetuity and reducing the cash
flow projections by 5%. These changes in the key assumptions in
isolation mean that the recoverable amount of all the cash-
generating units continues to exceed their amount to be recovered
and have been considered by the Group as reasonably possible
changes in the business operations of the cash-generating units
are not contemplated.
The recoverable amount of Banco Santander - Chile and Banco
Santander (Brasil) was calculated as the fair values of the
aforementioned cash-generating units obtained from the quoted
market prices of their shares at year-end. This value exceeded the
amount to be recovered. A significant reduction in the quoted
market prices of these cash generating unit could result in an
indication of impairment which in turn may lead to a goodwill
impairment charge in the future.
18. Intangible assets -
Other intangible assets
The detail of Intangible assets\u00a0- Other intangible assets in the
consolidated balance sheets and of the changes therein in 2025,
2024 , and 2023 is as follows:
EUR million
Estimated
useful\u00a0life
1 January
2025
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2025
Cost
15,261
1,714
(20)
(1,286)
(1,179)
14,490
Brand names
32
\u2014
\u2014
\u2014
\u2014
32
IT developments
3-10 years
13,322
1,713
(7)
(1,286)
(1,084)
12,658
Other
1,907
1
(13)
\u2014
(95)
1,800
Accumulated amortisation
(9,235)
\u2014
12
(1,847)
1,228
795
(9,047)
Development
(8,312)
\u2014
6
(1,715)
1,228
723
(8,070)
Other
(923)
\u2014
6
(132)
\u2014
72
(977)
Impairment losses
(205)
\u2014
\u2014
(108)
58
162
(93)
Of which addition
(108)
Of which Liberation
5,821
1,714
(8)
(1,955)
\u2014
(222)
5,350
EUR million
Estimated
useful\u00a0life
1 January
2024
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2024
Cost
14,773
2,104
(8)
(1,169)
(439)
15,261
Brand names
40
\u2014
\u2014
\u2014
(8)
32
IT developments
3-10 years
12,867
2,104
(8)
(1,169)
(472)
13,322
Other
1,866
\u2014
\u2014
\u2014
41
1,907
Accumulated amortisation
(8,851)
\u2014
6
(1,626)
1,062
174
(9,235)
Development
(8,078)
\u2014
6
(1,546)
1,062
244
(8,312)
Other
(773)
\u2014
\u2014
(80)
\u2014
(70)
(923)
Impairment losses
(68)
\u2014
\u2014
(227)
107
(17)
(205)
Of which addition
(227)
Of which Liberation
\u2014
5,854
2,104
(2)
(1,853)
\u2014
(282)
5,821
EUR million
Estimated
useful\u00a0life
1 January
2023
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2023
Cost
12,502
2,197
176
(230)
128
14,773
Brand names
33
\u2014
8
(2)
1
40
IT developments
3-10 years
10,721
2,197
18
(196)
127
12,867
Other
1,748
\u2014
150
(32)
\u2014
1,866
Accumulated amortisation
(7,554)
\u2014
5
(1,386)
209
(125)
(8,851)
Development
(6,866)
\u2014
\u2014
(1,294)
177
(95)
(8,078)
Other
(688)
\u2014
5
(92)
32
(30)
(773)
Impairment losses
(44)
\u2014
\u2014
(53)
21
8
(68)
Of which addition
(53)
Of which Liberation
\u2014
4,904
2,197
181
(1,439)
\u2014
11
5,854
In 2025, 2024 and 2023 , impairment losses of EUR 108 million,
EUR 227 million and EUR 53 million, respectively, were recognised
under Impairment or reversal of impairment on non-financial
assets, net \u2013 intangible assets. This impairment losses are related
mainly to the decline in or loss of the recoverable value of certain
computer systems and applications as a result of the processes
initiated by the Group to transform or integrate businesses and to
adapt to the various regulatory changes", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1898": { "value": "
17. Intangible assets \u2013 Goodwill
The detail of goodwill, based on the cash-generating units giving
rise thereto, is as follows:
EUR million
2025
2024
2023
Banco Santander (Brasil)
3,031
3,079
3,679
SAM Investment Holdings Limited
1,444
1,444
1,444
Santander Consumer Germany
1,304
1,304
1,304
Santander Portugal
1,040
1,040
1,040
Santander Espa\u00f1a
998
998
998
Santander US Auto
943
1,068
1,003
Santander Holding USA (ex. Auto)
765
865
814
Santander UK
609
641
612
Banco Santander - Chile
470
482
516
Grupo Financiero Santander (M\u00e9xico)
463
453
523
Ebury Partners
326
340
350
Santander Consumer Nordics
211
211
206
Santander Bank Polska
\u2014
1,178
1,159
Other companies
354
335
369
Total Goodwill
11,958
13,438
14,017
The changes in goodwill were as follows:
EUR million
2025
2024
2023
Balance at beginning of year
13,438
14,017
13,741
Additions
19
30
56
Of which:
Ebury Partners
\u2014
\u2014
45
Impairment losses
(4)
(4)
(20)
Transfer to Assets held for sale (Notes
3 y 12)
(1,176)
\u2014
\u2014
Exchange differences and other items
(291)
(605)
240
Balance at end of year
11,958
13,438
14,017
Grupo Santander has goodwill generated by cash-generating units
located in non-euro currency countries (mainly Brazil, Poland, the
United States, the United Kingdom, Chile, Mexico, Norway and
Sweden) and, therefore, this gives rise to exchange differences on
the translation to euros, at closing rates, of the amounts of
goodwill denominated in foreign currencies. Accordingly, in 2025
there was a decrease of EUR 291 million (a decrease of EUR 605
million in 2024 and an increase of EUR 240 million in 2023), due to
exchange differences and other items which, pursuant to current
standards, were recognised with a change to 'Other comprehensive
income - Items that may be reclassified to profit or loss - Exchange
differences in other comprehensive income in the consolidated
statement of recognised income and expense' (see note 29.d).
At least once per year (or whenever there is any indication of
impairment), Grupo Santander performs an analysis of the
potential impairment of its recorded goodwill with respect to its
recoverable amount. The first step that must be taken in order to
perform this analysis is the identification of the cash-generating
units, which are the Group's smallest identifiable groups of assets
that generate cash inflows that are largely independent of the cash
flows of other assets or groups of assets.
The amount to be recovered of each cash-generating unit is
determined taking into consideration the carrying amount
(including any fair value adjustment arising on the business
combination) of all the assets and liabilities of all the independent
legal entities composing the cash-generating unit, together with
the related goodwill.
The amount to be recovered of the cash-generating unit is
compared with its recoverable amount in order to determine
whether there is any impairment.
Grupo Santander assesses the existence of any indication that
might be considered to be evidence of impairment of the cash-
generating unit by reviewing information including the following
(i)\u00a0certain macroeconomic variables that might affect its
investments (population data, political situation, economic
situation\u00a0\u2014including banking concentration level\u2014, among others)
and (ii)\u00a0various microeconomic variables comparing the
investments of the Group with the financial services industry of the
country in which the cash-generating unit carries on most of its
business activities (balance sheet composition, total funds under
management, results, efficiency ratio, capital adequacy ratio,
return on equity, among others).
Regardless of whether there is any indication of impairment,
every\u00a0year the Group calculates the recoverable amount of each
cash-generating unit to which goodwill, has been allocated and, to
this end, it uses price quotations, market references (multiples),
internal estimates and valuations performed by internal and
external experts.
Firstly, the Group determines the recoverable amount by
calculating the fair value of each cash-generating unit on the basis
of the quoted price of the cash-generating units, if available.
In addition, the Group performs estimates of the recoverable
amounts of certain cash-generating units by calculating their value
in use using discounted cash flow projections. The main
assumptions used in this calculation are (i)\u00a0earnings projections
based on the financial budgets approved by the Group\u2019s directors
which cover between three and five year periods (unless a longer
time horizon can be justified), (ii)\u00a0discount rates determined as the
cost of capital taking into account the risk-free rate of return plus a
risk premium in line with the market and the business in which the
units operate and (iii)\u00a0constant growth rates used in order to
extrapolate earnings in perpetuity which do not exceed the long-
term average growth rate for the market in which the cash-
generating unit in question operates.
The cash flow projections used by Group management to obtain
the values in use are based on the financial budgets approved by
both local management of the related local units and the Group\u2019s
directors. The Group\u2019s budgetary estimation process is common for
all the cash-generating units. The local management teams
prepare their budgets using the following key assumptions:
a)Microeconomic variables of the cash-generating unit:
management takes into consideration the current balance sheet
structure, the product mix and the business decisions taken by
local management in this regard.
b)Macroeconomic variables: growth is estimated on the basis of
the changing environment, taking into consideration expected
GDP growth in the unit\u2019s geographical location and forecast
trends in interest and exchange rates. These data, which are
based on external information sources, are provided by the
Group\u2019s economic research service.
c)Past performance variables: in addition, management takes into
consideration in the projection the difference (both positive and
negative) between the cash-generating unit\u2019s past performance
and budgets.
During 2025 , the Group has recognised impairment losses of EUR 4
million of immaterial goodwill that has been recorded under the
heading 'Impairment or reversal of the impairment of non-financial
assets - Intangible assets' (EUR 4 million and EUR 20 million in
2024 and 2023, respectively). Goodwill is deducted from CET1 for
regulatory purposes, so an impairment of goodwill has no impact
on the Group's capital ratios.
Following is a detail of the main assumptions taken into account in
determining the recoverable amount, at 2025 year-end, of the
most significant cash-generating units which were valued using
the discounted cash flow method:
2025
Projected period
Discount rateA
Nominal
perpetual
growth\u00a0rate
Santander UK
5 years
12.4%
2.5%
Santander US Auto
3 years
11.5%
3.0%
Santander Holding USA (ex. Auto)B
5 years
13.6%
3.5%
Santander Consumer Germany
5 years
9.5%
2.5%
SAM Investment Holdings, Limited
5 years
11.5%
2.5%
Santander Portugal
5 years
10.6%
2.5%
A. Post-tax discount rate.
B. Weighted information of the main assumptions of the segments to which goodwill has been allocated.
The discount and nominal perpetual growth rates taken into
account in 2024 and 2023 are presented below for comparison
purposes:
Discount rateA
Nominal
perpetual
growth\u00a0rate
2024
2023
2024
2023
Santander UK
11.8%
11.9%
2.5%
2.5%
Santander Bank Polska
12.9%
13.2%
5.0%
5.0%
Santander US Auto
12.2%
12.8%
3.0%
3.0%
Santander Holding USA (ex. Auto)B
13.4%
13.4%
3.5%
3.5%
Santander Consumer Germany
9.1%
9.7%
2.0%
2.3%
SAM Investment Holdings, Limited
11.6%
11.6%
2.5%
2.5%
Santander Portugal
10.2%
11.2%
2.5%
2.5%
A. Post-tax discount rate.
B. Weighted information of the main assumptions of the segments to which goodwill has been allocated.
The variations reflected in the assumptions used in 2025 are
mainly a consequence of the current macroeconomic scenario, as
well as the level of inflation.
Given the degree of uncertainty of the above key assumptions on
which the recoverable amount of the cash-generating units is
based, the Group performs a sensitivity analysis which consisted of
adjusting\u00a0 +/- 50 basis points\u00a0 the discount rate, adjusting +/- 50
basis points\u00a0 the growth rate in perpetuity and reducing the cash
flow projections by 5%. These changes in the key assumptions in
isolation mean that the recoverable amount of all the cash-
generating units continues to exceed their amount to be recovered
and have been considered by the Group as reasonably possible
changes in the business operations of the cash-generating units
are not contemplated.
The recoverable amount of Banco Santander - Chile and Banco
Santander (Brasil) was calculated as the fair values of the
aforementioned cash-generating units obtained from the quoted
market prices of their shares at year-end. This value exceeded the
amount to be recovered. A significant reduction in the quoted
market prices of these cash generating unit could result in an
indication of impairment which in turn may lead to a goodwill
impairment charge in the future.
18. Intangible assets -
Other intangible assets
The detail of Intangible assets\u00a0- Other intangible assets in the
consolidated balance sheets and of the changes therein in 2025,
2024 , and 2023 is as follows:
EUR million
Estimated
useful\u00a0life
1 January
2025
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2025
Cost
15,261
1,714
(20)
(1,286)
(1,179)
14,490
Brand names
32
\u2014
\u2014
\u2014
\u2014
32
IT developments
3-10 years
13,322
1,713
(7)
(1,286)
(1,084)
12,658
Other
1,907
1
(13)
\u2014
(95)
1,800
Accumulated amortisation
(9,235)
\u2014
12
(1,847)
1,228
795
(9,047)
Development
(8,312)
\u2014
6
(1,715)
1,228
723
(8,070)
Other
(923)
\u2014
6
(132)
\u2014
72
(977)
Impairment losses
(205)
\u2014
\u2014
(108)
58
162
(93)
Of which addition
(108)
Of which Liberation
5,821
1,714
(8)
(1,955)
\u2014
(222)
5,350
EUR million
Estimated
useful\u00a0life
1 January
2024
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2024
Cost
14,773
2,104
(8)
(1,169)
(439)
15,261
Brand names
40
\u2014
\u2014
\u2014
(8)
32
IT developments
3-10 years
12,867
2,104
(8)
(1,169)
(472)
13,322
Other
1,866
\u2014
\u2014
\u2014
41
1,907
Accumulated amortisation
(8,851)
\u2014
6
(1,626)
1,062
174
(9,235)
Development
(8,078)
\u2014
6
(1,546)
1,062
244
(8,312)
Other
(773)
\u2014
\u2014
(80)
\u2014
(70)
(923)
Impairment losses
(68)
\u2014
\u2014
(227)
107
(17)
(205)
Of which addition
(227)
Of which Liberation
\u2014
5,854
2,104
(2)
(1,853)
\u2014
(282)
5,821
EUR million
Estimated
useful\u00a0life
1 January
2023
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2023
Cost
12,502
2,197
176
(230)
128
14,773
Brand names
33
\u2014
8
(2)
1
40
IT developments
3-10 years
10,721
2,197
18
(196)
127
12,867
Other
1,748
\u2014
150
(32)
\u2014
1,866
Accumulated amortisation
(7,554)
\u2014
5
(1,386)
209
(125)
(8,851)
Development
(6,866)
\u2014
\u2014
(1,294)
177
(95)
(8,078)
Other
(688)
\u2014
5
(92)
32
(30)
(773)
Impairment losses
(44)
\u2014
\u2014
(53)
21
8
(68)
Of which addition
(53)
Of which Liberation
\u2014
4,904
2,197
181
(1,439)
\u2014
11
5,854
In 2025, 2024 and 2023 , impairment losses of EUR 108 million,
EUR 227 million and EUR 53 million, respectively, were recognised
under Impairment or reversal of impairment on non-financial
assets, net \u2013 intangible assets. This impairment losses are related
mainly to the decline in or loss of the recoverable value of certain
computer systems and applications as a result of the processes
initiated by the Group to transform or integrate businesses and to
adapt to the various regulatory changes", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1897": { "value": "
17. Intangible assets \u2013 Goodwill
The detail of goodwill, based on the cash-generating units giving
rise thereto, is as follows:
EUR million
2025
2024
2023
Banco Santander (Brasil)
3,031
3,079
3,679
SAM Investment Holdings Limited
1,444
1,444
1,444
Santander Consumer Germany
1,304
1,304
1,304
Santander Portugal
1,040
1,040
1,040
Santander Espa\u00f1a
998
998
998
Santander US Auto
943
1,068
1,003
Santander Holding USA (ex. Auto)
765
865
814
Santander UK
609
641
612
Banco Santander - Chile
470
482
516
Grupo Financiero Santander (M\u00e9xico)
463
453
523
Ebury Partners
326
340
350
Santander Consumer Nordics
211
211
206
Santander Bank Polska
\u2014
1,178
1,159
Other companies
354
335
369
Total Goodwill
11,958
13,438
14,017
The changes in goodwill were as follows:
EUR million
2025
2024
2023
Balance at beginning of year
13,438
14,017
13,741
Additions
19
30
56
Of which:
Ebury Partners
\u2014
\u2014
45
Impairment losses
(4)
(4)
(20)
Transfer to Assets held for sale (Notes
3 y 12)
(1,176)
\u2014
\u2014
Exchange differences and other items
(291)
(605)
240
Balance at end of year
11,958
13,438
14,017
Grupo Santander has goodwill generated by cash-generating units
located in non-euro currency countries (mainly Brazil, Poland, the
United States, the United Kingdom, Chile, Mexico, Norway and
Sweden) and, therefore, this gives rise to exchange differences on
the translation to euros, at closing rates, of the amounts of
goodwill denominated in foreign currencies. Accordingly, in 2025
there was a decrease of EUR 291 million (a decrease of EUR 605
million in 2024 and an increase of EUR 240 million in 2023), due to
exchange differences and other items which, pursuant to current
standards, were recognised with a change to 'Other comprehensive
income - Items that may be reclassified to profit or loss - Exchange
differences in other comprehensive income in the consolidated
statement of recognised income and expense' (see note 29.d).
At least once per year (or whenever there is any indication of
impairment), Grupo Santander performs an analysis of the
potential impairment of its recorded goodwill with respect to its
recoverable amount. The first step that must be taken in order to
perform this analysis is the identification of the cash-generating
units, which are the Group's smallest identifiable groups of assets
that generate cash inflows that are largely independent of the cash
flows of other assets or groups of assets.
The amount to be recovered of each cash-generating unit is
determined taking into consideration the carrying amount
(including any fair value adjustment arising on the business
combination) of all the assets and liabilities of all the independent
legal entities composing the cash-generating unit, together with
the related goodwill.
The amount to be recovered of the cash-generating unit is
compared with its recoverable amount in order to determine
whether there is any impairment.
Grupo Santander assesses the existence of any indication that
might be considered to be evidence of impairment of the cash-
generating unit by reviewing information including the following
(i)\u00a0certain macroeconomic variables that might affect its
investments (population data, political situation, economic
situation\u00a0\u2014including banking concentration level\u2014, among others)
and (ii)\u00a0various microeconomic variables comparing the
investments of the Group with the financial services industry of the
country in which the cash-generating unit carries on most of its
business activities (balance sheet composition, total funds under
management, results, efficiency ratio, capital adequacy ratio,
return on equity, among others).
Regardless of whether there is any indication of impairment,
every\u00a0year the Group calculates the recoverable amount of each
cash-generating unit to which goodwill, has been allocated and, to
this end, it uses price quotations, market references (multiples),
internal estimates and valuations performed by internal and
external experts.
Firstly, the Group determines the recoverable amount by
calculating the fair value of each cash-generating unit on the basis
of the quoted price of the cash-generating units, if available.
In addition, the Group performs estimates of the recoverable
amounts of certain cash-generating units by calculating their value
in use using discounted cash flow projections. The main
assumptions used in this calculation are (i)\u00a0earnings projections
based on the financial budgets approved by the Group\u2019s directors
which cover between three and five year periods (unless a longer
time horizon can be justified), (ii)\u00a0discount rates determined as the
cost of capital taking into account the risk-free rate of return plus a
risk premium in line with the market and the business in which the
units operate and (iii)\u00a0constant growth rates used in order to
extrapolate earnings in perpetuity which do not exceed the long-
term average growth rate for the market in which the cash-
generating unit in question operates.
The cash flow projections used by Group management to obtain
the values in use are based on the financial budgets approved by
both local management of the related local units and the Group\u2019s
directors. The Group\u2019s budgetary estimation process is common for
all the cash-generating units. The local management teams
prepare their budgets using the following key assumptions:
a)Microeconomic variables of the cash-generating unit:
management takes into consideration the current balance sheet
structure, the product mix and the business decisions taken by
local management in this regard.
b)Macroeconomic variables: growth is estimated on the basis of
the changing environment, taking into consideration expected
GDP growth in the unit\u2019s geographical location and forecast
trends in interest and exchange rates. These data, which are
based on external information sources, are provided by the
Group\u2019s economic research service.
c)Past performance variables: in addition, management takes into
consideration in the projection the difference (both positive and
negative) between the cash-generating unit\u2019s past performance
and budgets.
During 2025 , the Group has recognised impairment losses of EUR 4
million of immaterial goodwill that has been recorded under the
heading 'Impairment or reversal of the impairment of non-financial
assets - Intangible assets' (EUR 4 million and EUR 20 million in
2024 and 2023, respectively). Goodwill is deducted from CET1 for
regulatory purposes, so an impairment of goodwill has no impact
on the Group's capital ratios.
Following is a detail of the main assumptions taken into account in
determining the recoverable amount, at 2025 year-end, of the
most significant cash-generating units which were valued using
the discounted cash flow method:
2025
Projected period
Discount rateA
Nominal
perpetual
growth\u00a0rate
Santander UK
5 years
12.4%
2.5%
Santander US Auto
3 years
11.5%
3.0%
Santander Holding USA (ex. Auto)B
5 years
13.6%
3.5%
Santander Consumer Germany
5 years
9.5%
2.5%
SAM Investment Holdings, Limited
5 years
11.5%
2.5%
Santander Portugal
5 years
10.6%
2.5%
A. Post-tax discount rate.
B. Weighted information of the main assumptions of the segments to which goodwill has been allocated.
The discount and nominal perpetual growth rates taken into
account in 2024 and 2023 are presented below for comparison
purposes:
Discount rateA
Nominal
perpetual
growth\u00a0rate
2024
2023
2024
2023
Santander UK
11.8%
11.9%
2.5%
2.5%
Santander Bank Polska
12.9%
13.2%
5.0%
5.0%
Santander US Auto
12.2%
12.8%
3.0%
3.0%
Santander Holding USA (ex. Auto)B
13.4%
13.4%
3.5%
3.5%
Santander Consumer Germany
9.1%
9.7%
2.0%
2.3%
SAM Investment Holdings, Limited
11.6%
11.6%
2.5%
2.5%
Santander Portugal
10.2%
11.2%
2.5%
2.5%
A. Post-tax discount rate.
B. Weighted information of the main assumptions of the segments to which goodwill has been allocated.
The variations reflected in the assumptions used in 2025 are
mainly a consequence of the current macroeconomic scenario, as
well as the level of inflation.
Given the degree of uncertainty of the above key assumptions on
which the recoverable amount of the cash-generating units is
based, the Group performs a sensitivity analysis which consisted of
adjusting\u00a0 +/- 50 basis points\u00a0 the discount rate, adjusting +/- 50
basis points\u00a0 the growth rate in perpetuity and reducing the cash
flow projections by 5%. These changes in the key assumptions in
isolation mean that the recoverable amount of all the cash-
generating units continues to exceed their amount to be recovered
and have been considered by the Group as reasonably possible
changes in the business operations of the cash-generating units
are not contemplated.
The recoverable amount of Banco Santander - Chile and Banco
Santander (Brasil) was calculated as the fair values of the
aforementioned cash-generating units obtained from the quoted
market prices of their shares at year-end. This value exceeded the
amount to be recovered. A significant reduction in the quoted
market prices of these cash generating unit could result in an
indication of impairment which in turn may lead to a goodwill
impairment charge in the future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1900": { "value": "
The detail of Intangible assets\u00a0- Other intangible assets in the
consolidated balance sheets and of the changes therein in 2025,
2024 , and 2023 is as follows:
EUR million
Estimated
useful\u00a0life
1 January
2025
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2025
Cost
15,261
1,714
(20)
(1,286)
(1,179)
14,490
Brand names
32
\u2014
\u2014
\u2014
\u2014
32
IT developments
3-10 years
13,322
1,713
(7)
(1,286)
(1,084)
12,658
Other
1,907
1
(13)
\u2014
(95)
1,800
Accumulated amortisation
(9,235)
\u2014
12
(1,847)
1,228
795
(9,047)
Development
(8,312)
\u2014
6
(1,715)
1,228
723
(8,070)
Other
(923)
\u2014
6
(132)
\u2014
72
(977)
Impairment losses
(205)
\u2014
\u2014
(108)
58
162
(93)
Of which addition
(108)
Of which Liberation
5,821
1,714
(8)
(1,955)
\u2014
(222)
5,350
EUR million
Estimated
useful\u00a0life
1 January
2024
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2024
Cost
14,773
2,104
(8)
(1,169)
(439)
15,261
Brand names
40
\u2014
\u2014
\u2014
(8)
32
IT developments
3-10 years
12,867
2,104
(8)
(1,169)
(472)
13,322
Other
1,866
\u2014
\u2014
\u2014
41
1,907
Accumulated amortisation
(8,851)
\u2014
6
(1,626)
1,062
174
(9,235)
Development
(8,078)
\u2014
6
(1,546)
1,062
244
(8,312)
Other
(773)
\u2014
\u2014
(80)
\u2014
(70)
(923)
Impairment losses
(68)
\u2014
\u2014
(227)
107
(17)
(205)
Of which addition
(227)
Of which Liberation
\u2014
5,854
2,104
(2)
(1,853)
\u2014
(282)
5,821
EUR million
Estimated
useful\u00a0life
1 January
2023
Net\u00a0
additions
and
disposals
Change\u00a0in
scope\u00a0of
consolidation
Amortization
and
impairment
Application\u00a0of
amortization
and
impairment
Exchange
differences
and\u00a0other
31
December
2023
Cost
12,502
2,197
176
(230)
128
14,773
Brand names
33
\u2014
8
(2)
1
40
IT developments
3-10 years
10,721
2,197
18
(196)
127
12,867
Other
1,748
\u2014
150
(32)
\u2014
1,866
Accumulated amortisation
(7,554)
\u2014
5
(1,386)
209
(125)
(8,851)
Development
(6,866)
\u2014
\u2014
(1,294)
177
(95)
(8,078)
Other
(688)
\u2014
5
(92)
32
(30)
(773)
Impairment losses
(44)
\u2014
\u2014
(53)
21
8
(68)
Of which addition
(53)
Of which Liberation
\u2014
4,904
2,197
181
(1,439)
\u2014
11
5,854
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1903": { "value": "
19. Other assets
The detail of 'Other' of 'Other assets' is as follows:
EUR million
2025
2024
2023
Transactions in transit
364
469
246
Net pension plan assets (note\u00a025)
784
677
1,001
Prepayments and accrued income
3,121
3,016
2,911
Other
4,376
4,310
4,598
8,645
8,472
8,756
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1902": { "value": "
19. Other assets
The detail of 'Other' of 'Other assets' is as follows:
EUR million
2025
2024
2023
Transactions in transit
364
469
246
Net pension plan assets (note\u00a025)
784
677
1,001
Prepayments and accrued income
3,121
3,016
2,911
Other
4,376
4,310
4,598
8,645
8,472
8,756
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1901": { "value": "
19. Other assets
The detail of 'Other' of 'Other assets' is as follows:
EUR million
2025
2024
2023
Transactions in transit
364
469
246
Net pension plan assets (note\u00a025)
784
677
1,001
Prepayments and accrued income
3,121
3,016
2,911
Other
4,376
4,310
4,598
8,645
8,472
8,756
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1905": { "value": "
20. Deposits from central banks and
credit institutions
The detail, by classification, counterparty, type and currency, of
'Deposits from central banks' and 'Deposits from credit institutions'
in the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
CENTRAL BANKS
Classification
Financial liabilities held for trading
12,385
13,300
7,808
Financial liabilities designated at fair
value through profit or loss
3,086
1,774
1,209
Financial liabilities at amortized cost
18,542
24,882
48,782
34,013
39,956
57,799
Type
Deposits on demand
856
405
117
Time deposits
14,709
18,488
43,853
Reverse repurchase agreements
18,448
21,063
13,829
34,013
39,956
57,799
CREDIT INSTITUTIONS
Classification
Financial liabilities held for trading
27,058
26,284
17,862
Financial liabilities designated at fair
value through profit or loss
1,424
1,625
1,735
Financial liabilities at amortized cost
74,692
90,012
81,246
103,174
117,921
100,843
Type
Deposits on demand
5,005
6,657
5,468
Time deposits
42,718
54,716
54,402
Reverse repurchase agreements
55,186
56,273
40,689
Subordinated deposits
265
275
284
103,174
117,921
100,843
Currency
Euro
54,588
53,779
53,921
Pound sterling
13,625
21,853
27,697
US dollar
43,466
57,992
49,447
Brazilian real
6,783
7,459
7,997
Other currencies
18,725
16,794
19,580
TOTAL
137,187
157,877
158,642
At 31 December 2025 and 2024, no conditional long-term
financing of the European Central Bank (TLTRO- Targeted Long-
Term Refinancing Operation-) was outstanding. As of 2023, the
balance of such financing amounted to EUR 11,583 million, all
corresponding to the TLTRO III financing program.
At 31 December 2025, no expense has been recognized in the
consolidated income statement corresponding to TLTRO III
(expenses of EUR 158 million and EUR 659 million at 31 December
2024 and 2023, respectively, as a result of the conditions of the
financing programme).
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost .
21. Customer deposits
The detail, by classification, geographical area and type, of
Customer deposits is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities held for trading
36,120
18,984
19,837
Financial liabilities designated at
fair value through profit or loss
25,930
25,407
32,052
Financial liabilities
at amortized cost
979,150
1,011,545
995,280
1,041,200
1,055,936
1,047,169
Geographical areaA
Spain
437,855
395,479
388,736
Rest of Europe
323,854
377,057
366,165
of which: United Kingdom
228,810
233,192
235,698
Rest of America
279,491
283,400
292,268
of which: United States
82,321
88,712
83,555
Rest of the world
\u2014
\u2014
\u2014
1,041,200
1,055,936
1,047,169
Type
Demand deposits-
646,125
677,818
661,262
Time deposits-
296,797
298,276
305,296
Deposits redeemable at notice
1,487
1,525
1,789
Repurchase agreements
96,791
78,317
78,822
1,041,200
1,055,936
1,047,169
A. According to the geography of the legal entity.
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1904": { "value": "
20. Deposits from central banks and
credit institutions
The detail, by classification, counterparty, type and currency, of
'Deposits from central banks' and 'Deposits from credit institutions'
in the consolidated balance sheets is as follows:
EUR million
2025
2024
2023
CENTRAL BANKS
Classification
Financial liabilities held for trading
12,385
13,300
7,808
Financial liabilities designated at fair
value through profit or loss
3,086
1,774
1,209
Financial liabilities at amortized cost
18,542
24,882
48,782
34,013
39,956
57,799
Type
Deposits on demand
856
405
117
Time deposits
14,709
18,488
43,853
Reverse repurchase agreements
18,448
21,063
13,829
34,013
39,956
57,799
CREDIT INSTITUTIONS
Classification
Financial liabilities held for trading
27,058
26,284
17,862
Financial liabilities designated at fair
value through profit or loss
1,424
1,625
1,735
Financial liabilities at amortized cost
74,692
90,012
81,246
103,174
117,921
100,843
Type
Deposits on demand
5,005
6,657
5,468
Time deposits
42,718
54,716
54,402
Reverse repurchase agreements
55,186
56,273
40,689
Subordinated deposits
265
275
284
103,174
117,921
100,843
Currency
Euro
54,588
53,779
53,921
Pound sterling
13,625
21,853
27,697
US dollar
43,466
57,992
49,447
Brazilian real
6,783
7,459
7,997
Other currencies
18,725
16,794
19,580
TOTAL
137,187
157,877
158,642
At 31 December 2025 and 2024, no conditional long-term
financing of the European Central Bank (TLTRO- Targeted Long-
Term Refinancing Operation-) was outstanding. As of 2023, the
balance of such financing amounted to EUR 11,583 million, all
corresponding to the TLTRO III financing program.
At 31 December 2025, no expense has been recognized in the
consolidated income statement corresponding to TLTRO III
(expenses of EUR 158 million and EUR 659 million at 31 December
2024 and 2023, respectively, as a result of the conditions of the
financing programme).
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost .", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1906": { "value": "
21. Customer deposits
The detail, by classification, geographical area and type, of
Customer deposits is as follows:
EUR million
2025
2024
2023
Classification
Financial liabilities held for trading
36,120
18,984
19,837
Financial liabilities designated at
fair value through profit or loss
25,930
25,407
32,052
Financial liabilities
at amortized cost
979,150
1,011,545
995,280
1,041,200
1,055,936
1,047,169
Geographical areaA
Spain
437,855
395,479
388,736
Rest of Europe
323,854
377,057
366,165
of which: United Kingdom
228,810
233,192
235,698
Rest of America
279,491
283,400
292,268
of which: United States
82,321
88,712
83,555
Rest of the world
\u2014
\u2014
\u2014
1,041,200
1,055,936
1,047,169
Type
Demand deposits-
646,125
677,818
661,262
Time deposits-
296,797
298,276
305,296
Deposits redeemable at notice
1,487
1,525
1,789
Repurchase agreements
96,791
78,317
78,822
1,041,200
1,055,936
1,047,169
A. According to the geography of the legal entity.
Note\u00a051 contains a detail of the residual maturity periods of
financial liabilities at amortised cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1907": { "value": "
23. Subordinated liabilities
a) Breakdown
The detail, by currency of issue, of Subordinated liabilities, deposits
and marketable debt securities,\u00a0 in the consolidated balance sheets
is as follows:
EUR million
2025
2025
2024
2023
Outstanding issue
amount in foreign
currency (million)
Annual interest
rate (%)
Currency of issue
Euro
11,402
14,999
13,684
11,402
4.55%
US dollar
9,750
13,425
11,300
11,462
6.53%
Brazilian real
4,354
3,600
2,518
28,117
16.30%
Pound sterling
1,347
1,409
1,353
1,176
4.28%
Other currencies
2,434
2,380
2,057
Balance at end of\u00a0year
29,287
35,813
30,912
Note 51 contains a detail of the residual maturity periods of
subordinated liabilities at each year-end.
b) Changes
The movement in the balance of subordinated liabilities in the last
three\u00a0years were as follows:
EUR million
2025
2024
2023
Balance at beginning of\u00a0year
35,813
30,912
25,926
Net inclusion of entities in the Group
\u2014
\u2014
(40)
IssuancesA
2,287
7,001
7,007
Of which:
Banco Santander, S.A.
1,862
5,625
5,610
Banco Santander (Brasil) S.A.
375
1,338
1,112
Banque Stellantis France
\u2014
25
150
Redemptions and repurchasesA
(7,110)
(2,572)
(1,781)
Of which:
Banco Santander, S.A.
(6,754)
(2,433)
(1,000)
Santander UK Group Holdings plc
(352)
\u2014
\u2014
Santander Bank Polska S.A.
\u2014
(100)
\u2014
Santander UK plc
\u2014
\u2014
(702)
Banque Stellantis France
\u2014
\u2014
(78)
Exchange differences and other
movements
(1,703)
472
(200)
Balance at end of\u00a0year
29,287
35,813
30,912
A. The balance relating to issuances, redemptions and repurchases (EUR 4,823
million), together with the interest paid in remuneration of these issuances
including PPCC (EUR 1,560 million), is included in the cash flow from financing
activities.
c) Other disclosures
This caption includes contingent convertible or redeemable
preferred participations, as well as other subordinated financial
instruments issued by consolidated companies, which do not
qualify as equity (preferred shares).
Preferred shares do not have voting rights and are non-cumulative.
They have been subscribed by third parties outside the Group, and
except for the issuances of Santander UK plc, the rest are
redeemable by decision of the issuer, according to the terms of
each issue.
Banco Santander's contingently convertible preferred
participations are subordinated debentures and rank after common
creditors and any other subordinated credit that by law and/or by
their terms, to the extent permitted by Spanish law, ranks higher
than the contingently convertible preferred participations. Their
remuneration is conditioned to the obtainment of sufficient
distributable profits, and to the limitations imposed by the
regulations on shareholders' equity, and they have no voting
rights. The other issues of Banco Santander, S.A. mentioned in this
caption are also subordinated debentures and, for credit ranking
purposes, they rank behind all the common creditors of the issuing
entities and ahead of any other subordinated credit that ranks pari
passu with the Bank's contingently convertible preferred
participations.
The main issuances of subordinated debt securities, broken down
by company, are detailed below:
Issuances by Banco Santander, S.A.
On 1 December 2025, Banco Santander, S.A. has proceeded to
redeem in advance all the issued subordinated obligations: 'EUR
60,000,000', with original maturity date on December 2026 and
with ISIN code XS1492669509.
On 19 November 2025, Banco Santander, S.A. carried out an
issuance for an amount of USD 1,500\u00a0million with ISIN code
US05971KAA79.
On 24 September 2025, Banco Santander, S.A. proceeded to
redeem in advance all the issued subordinated obligations: 'EUR
50,000,000 Fixed/Floating', with original maturity date on March
2029 and with ISIN code XS1585005314.
On 5 August 2025, Banco Santander, S.A. proceeded to redeem in
advance the subordinated debt issuances with ISIN code
XS1384064587, for a nominal amount of EUR 1,500\u00a0million, with a
coupon of 3.250% and original maturity date on April 2026 and
with ISIN code XS1548444816, for a nominal amount of EUR
1,000\u00a0million, with a coupon of 3.125% and original maturity date
on January 2027.
On 2 July 2025, Banco Santander, S.A. proceeded to repurchase for
their subsequent redeem in advance the contingently convertible
preferred shares with ISIN code XS2102912966, for a total nominal
amount of EUR 466.6 million and which are traded on the market
of the Irish Stock Exchange 'Global Exchange Market', leaving the
amount in circulation at\u00a0 EUR 1,033.4 million.
On 2 July 2025, Banco Santander, S.A. carried out a placement of
preference shares contingently convertible into newly issued
ordinary shares of the Bank (PPCC), for a nominal amount of EUR
1,500\u00a0million with ISIN code XS3100756637 . The Issuance has
been made at par and the remuneration of the PPCC, whose
payment is subject to certain conditions and is also discretionary,
has been set at 6% quarterly for the first six years, being reviewed
every five years thereafter by applying a margin of 381.9 basis
points over the five-year mid-swap rate.
On 18 March 2025, Banco Santander, S.A. carried out an issuance
for an amount of EUR 1,500\u00a0million with ISIN code XS1201001572.
On 17 February 2025, Banco Santander, S.A. prepaid EUR
600.8\u00a0million out of a total of EUR 1,500\u00a0million of the transaction
with ISIN XS138406464587 following the tender announcement
launched on 6 February 2025.
On 17 February 2025, Banco Santander, S.A. prepaid EUR
563.6\u00a0million euros out of a total of EUR 1,000\u00a0million of the
transaction with ISIN XS1548444816 following the tender
announcement launched on 6 February 2025.
On 1 August 2024, Banco Santander, S.A. carried out a placement
of preference shares contingently convertible into newly issued
ordinary shares of the Bank (PPCC), for a nominal amount of USD
1,500\u00a0million (valued at EUR 1,356\u00a0million ). The issuance has been
made at par and the remuneration of the PPCC, whose payment is
subject to certain conditions and is also discretionary, has been set
at 8% annually for the first ten years, being reviewed every five
years thereafter by applying a margin of 391.1 basis points over
the 5-year mid-swap rate.
On 20 May 2024, Banco Santander, S.A., proceeded to partially
redeem in advance the contingently convertible preferred shares
with ISIN code XS1793250041, for a total nominal amount of EUR
1,312\u00a0million and which are traded on the market of the Irish Stock
Exchange 'Global Exchange Market' (the 'PPCC'), leaving the
amount in circulation at EUR 187.6\u00a0million.
On 20 May 2024, Banco Santander, S.A. carried out a placement of
preference shares contingently convertible into newly issued
ordinary shares of the Bank (PPCC), for a nominal amount of EUR
1,500\u00a0million. The Issuance has been made at par and the
remuneration of the PPCC, whose payment is subject to certain
conditions and is also discretionary, has been set at 7% annually
for the first six years, being reviewed every five years thereafter by
applying a margin of 443.2 basis points over the 5-year mid-swap
rate.
On 14 March 2024, Banco Santander, S.A. issued subordinated
obligations for an amount of USD 1,250\u00a0million (valued at EUR
1,158\u00a0million) for a term of 10 years. The issuance was made at par
and the issue coupon was set at 6.35% per year, payable bi-
annually.
On 8 February 2024, Banco Santander, S.A., proceeded to prepay
all of the contingently convertible Tier 1 preferred shares with ISIN
code XS1951093894, for a total nominal amount of USD
1,200\u00a0million (valued at EUR 1,110\u00a0million) and that were traded
on the Irish Stock Exchange 'Global Exchange Market' (the 'PPCC').
On 22 January 2024, Banco Santander, S.A. issued subordinated
bonds for an amount of EUR 1,250\u00a0million for a term of 10 years
and 3 months. The issue was carried out at 99.74% and the issue
coupon was set at 5% per year for the first 5 years and 3 months,
with an amortization option in April 2029, reviewing the coupon, in
case of non-amortization, at a fixed rate equivalent to a margin of
250 points plus the 5-year Euro swap rate.
On 29 December 2023,\u00a0 Banco Santander, S.A., proceeded to
prepay all the Tier 1 Contingently Convertible Preferred Securities
with ISIN code\u00a0 XS1692931121 for a total nominal amount of EUR
1,000\u00a0million and which were traded on the Irish Stock Market
'Global Exchange Market' (the 'PPCC').
On 21 November 2023, Banco Santander, S.A., carried out a
placement of two series of contingently convertible preferred
shares into newly issued ordinary shares of the Bank, for a total
nominal amount of USD 1,150\u00a0million (EUR 1,054\u00a0million at the
exchange rate on the day of issue) and USD 1,350\u00a0million (EUR
1,235\u00a0million at the exchange rate on the day of issue),
respectively.
The issue was carried out at par and the remuneration of the PPCC,
whose payment is subject to certain conditions and is also
discretionary, was set (i) for the first Series at 9.625% annually for
the first five years and six months, being reviewed every five years
thereafter by applying a margin of 530.6 basis points on the five-
year UST rate (5-year UST), and (ii) for the second Series at 9.625%
annually for the first ten years, being reviewed thereafter every
five years, applying a margin of 529.8 basis points on the five-year
UST rate.
On 8 August 2023, Banco Santander, S.A. carried out an issuance of
subordinated obligations for an amount of 2,000\u00a0million dollars
(1,821\u00a0million euros at the exchange rate on the day of issuance).
The issue was carried out at par coupon was set at 6.921% per
year, payable semiannually during the 10-year life of the
operation.
On 23 May 2023, Banco Santander, S.A. issued subordinated bonds
for an amount of 1,500\u00a0million euros for a term of 10 years and 3
months. The issue was carried at 99.739% and the coupon of the
issue was set at 5.75% annually for the first 5 years and 3 months,
with the option of amortization in August 2028, revising the
coupon, in case of non-amortization, at a margin of 285 points plus
the Euro Swap type 5 years.
On 25 April 2022, Banco Santander, S.A. proceeded to prepay all
the Tier 1 Contingently Convertible Preferred Securities with ISIN
code XS1602466424 and common code 160246642 in circulation,
for a total nominal amount of EUR 750\u00a0million and which were
traded on the Irish Stock Market 'Global Exchange Market' (the
'PPCC').
On 22\u00a0 November 2021, Banco Santander, S.A. issued subordinated
debentures for a term of eleven years, with a redemption option on
the tenth anniversary of the issue date, in the amount of USD
1,000\u00a0million (EUR 1,007\u00a0million at the exchange rate on the day of
issue). The issue bears interest at an annual rate of 3.225%,
payable semi-annually, for the first ten years. This issue has an
early redemption option in the tenth year from the issue date and if
the redemption is not executed in the tenth year, the coupon is
repriced at a margin of 160 points over the one-year US
government bond.
On 4 October 2021, Banco Santander, S.A. issued subordinated
debentures for a term of eleven years, with a redemption option on
the sixth anniversary of the issue date, amounting to GBP
850\u00a0million (EUR 887\u00a0million at the exchange rate on the day of
issue). The issue bears interest at an annual rate of 2.25%, payable
annually for the first six years (then repricing at a margin of 165
points over the 5-year UK government bond).
On 21 September 2021, Banco Santander, S.A. carried out a
placement of preferential shares contingently convertible into
newly issued ordinary shares of the Bank ('PPCC') for a nominal
amount of EUR 1,000\u00a0million (issue placed on the market EUR
997\u00a0million ). The issuance was carried out at par and the
remuneration of the PPCC, whose payment is subject to certain
conditions and is also discretionary, was set at 3.625% per year for
the first eight years , being reviewed every five years applying a
margin of 376 basis points over the 5-year Mid-Swap Rate.
On 12 May 2021, Banco Santander, S.A. placed the issue of
preference shares contingently convertible into newly issued
ordinary shares of the Bank, previously announced, for a total
nominal amount of\u00a0 EUR 1,578\u00a0million, issued in a Series in Dollars
of\u00a0 USD 1,000\u00a0million (EUR 828\u00a0million at the exchange rate on the
day of issue) and a Series in Euros for an amount of EUR
750\u00a0million. The issuance was carried out at par and the
remuneration of the PPCC, whose payment is subject to certain
conditions and is also discretionary, was set (i) for the Series in
Dollars at 4.750% per annum for the first six years, being revised
every five years applying a margin of 375.3 basis points over the 5-
year UST rate and (ii) for the Series in Euros by 4.125% per annum
for the first seven years, being revised every five years applying a
margin of 431.1 basis points over the applicable 5-year euro mid-
swap.
On 3 December 2020, Banco Santander, S.A. issued subordinated
debentures with a ten-year term of USD 1,500\u00a0million (EUR
1,222\u00a0million at the date of issue). The issue bears interest at an
annual rate of 2.749%, payable semiannually.
On 22 October 2020, it carried out a ten-year subordinated
debenture issue for an amount of EUR 1,000\u00a0million. The issue
bears interest at an annual rate of 1.625%, payable annually.
On 14 January 2020, it carried out a placement of contingently
convertible preferred participations into newly issued ordinary
shares of the Bank (the 'PPCCs'), excluding the pre-emptive
subscription rights of its shareholders and for a nominal amount of\u00a0
EUR 1,500\u00a0million (the 'Issuance' and the 'PPCCs'). The Issuance
was made at par and the remuneration of the PPCCs, the payment
of which is subject to certain conditions and is also discretionary,
was set at 4.375% per annum for the first six years, revised every
five years thereafter by applying a margin of 453.4 basis points
over the 5-year mid-Swap Rate (5-year mid-Swap Rate).
On 8 February 2018, a ten-year subordinated debenture issuance
of EUR 1,250\u00a0million was carried out. The issue accrues annual
interest of 2.125% payable annually.
Issuances by Banco Santander (Brasil) S.A.
In early December 2025, Brazil closed a Tier 2 subordinated debt
issuance in its local market with a 10-year term and the first call
date at 5 years, for an amount of BRL 2.4\u00a0billion. The issuance price
was 10y CDI + 65 bps.
At September 2024, Brazil issued AT1 Financial Notes (PerpNC5) in
its local market for an amount of BRL 7,600 million at CDI + 140%
(equivalent to UST +222 bps).
At the beginning of October 2023, Banco Santander (Brasil) S.A.
carried out an issuance of Subordinated Financial Bills (TIER II) in its
local market for a 10-year term, with a repurchase option as of the
fifth anniversary of the issuance date, in the amount of BRL
6,000\u00a0million. The issuance price was CDI +1.6% per annum,
payable at maturity.
At the end of November 2021, Banco Santander (Brasil) S.A. carried
aout an issuance of Subordinated Financial Bills (TIER II) in its local
market for a 10-year term, with a repurchase option as of the fifth
anniversary of the issue date, in the amount of BRL 5,500\u00a0million.
The issue price was CDI 2% per annum, payable at maturity.
Issuance by Santander Bank Polska S.A.
At 28 November 2024, Santander Bank Polska S.A proceeded to
repay subordinated debt ISIN XS0531310182 for EUR 100\u00a0million.
The debt was originally fully subscribed by the EBRD at 5 August
2010.
The accrued interests from the subordinated liabilities during 2025
amounted to EUR 1,486 million (EUR 1,357 million and EUR 1,010
million during 2024 and 2023, respectively).
In addition, interests from the PPCC and PPCA during 2025
amounted to EUR 622 million (EUR 620 million and EUR 492
million in 2024 and 2023, respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1908": { "value": "
24. Other financial liabilities
The detail of Other financial liabilities in the consolidated balance
sheets is as follows:
EUR million
2025
2024
2023
Trade payables
1,452
1,452
1,783
Clearing houses
794
776
1,269
Tax collection accounts:
Public Institutions
6,271
6,156
4,986
Factoring accounts payable
274
226
272
Unsettled financial transactions
3,860
7,421
6,412
Lease liabilities (note 2.k)
1,822
2,202
2,400
Other financial liabilities
21,645
21,683
23,065
36,118
39,916
40,187
Note\u00a051 contains a detail of the residual maturity periods of other
financial liabilities at each year-end.
Lease liabilities
The cash outflow of leases in 2025 was EUR 510 million (EUR 684
million and EUR 738 in 2024 and 2023, respectively).
The analysis of the maturities of lease liabilities at 31 December
2025, 2024 and 2023 is shown below:
EUR million
2025
2024
2023
Maturity Analysis - Discounted
payments
Within 1 year
466
526
586
Between 1 and 3 years
619
868
918
Between 3 and 5 years
315
405
480
Later than 5 years
422
403
416
Total discounted payments at the end
of the year
1,822
2,202
2,400
During 2025, 2024 and 2023 there were no significant variable
lease payments not included in the valuation of lease liabilities.
26. Other liabilities
The detail of Other liabilities in the consolidated balance sheets is
as follows:
EUR million
2025
2024
2023
Transactions in transit
707
910
767
Accrued expenses and deferred income
9,018
9,003
9,136
Other
6,212
6,431
7,695
15,937
16,344
17,598
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1909": { "value": "
The detail of Other financial liabilities in the consolidated balance
sheets is as follows:
EUR million
2025
2024
2023
Trade payables
1,452
1,452
1,783
Clearing houses
794
776
1,269
Tax collection accounts:
Public Institutions
6,271
6,156
4,986
Factoring accounts payable
274
226
272
Unsettled financial transactions
3,860
7,421
6,412
Lease liabilities (note 2.k)
1,822
2,202
2,400
Other financial liabilities
21,645
21,683
23,065
36,118
39,916
40,187
Note\u00a051 contains a detail of the residual maturity periods of other
financial liabilities at each year-end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1910": { "value": "
25. Provisions
a) Breakdown
The detail of Provisions in the consolidated balance sheets is as
follows:
EUR million
2025
2024
2023
Provision for pensions and other
obligations post-employments
1,656
1,731
2,225
Other long term employee
benefits
993
915
880
Provisions for taxes and other
legal contingencies
2,989
2,717
2,715
Contingent liabilities and
commitments (note 2.o)
713
710
702
Other provisions
2,004
2,334
1,919
Provisions
8,355
8,407
8,441
b) Changes
The changes in 'Provisions' in the last three years were as follows:
EUR million
2025
Post
employment
plans
Long term
employee
benefits
Contingent
liabilities and
commitments
Other
provisions
Total
Balances at beginning of year
1,731
915
710
5,051
8,407
Incorporation of Group companies, net
(13)
\u2014
\u2014
\u2014
(13)
Additions charged to income
75
437
50
2,299
2,861
Interest expense (note 39)
59
32
\u2014
\u2014
91
Staff costs (note 46)
32
9
\u2014
\u2014
41
Provisions or reversion of provisions
(16)
396
50
2,299
2,729
Addition
6
424
591
4,429
5,450
Release
(22)
(28)
(541)
(2,130)
(2,721)
Other additions arising from insurance contracts linked to
pensions
(5)
\u2014
\u2014
\u2014
(5)
Changes in value recognised in equity
220
\u2014
\u2014
\u2014
220
Payments to pensioners and pre-retirees with a charge to
internal provisions
(107)
(358)
\u2014
\u2014
(465)
Benefits paid due to settlements
(31)
\u2014
\u2014
\u2014
(31)
Insurance premiums paid
\u2014
\u2014
\u2014
\u2014
\u2014
Payments to external funds
(329)
\u2014
\u2014
\u2014
(329)
Amounts used
\u2014
\u2014
\u2014
(2,252)
(2,252)
Transfer, exchange differences and other changes
115
(1)
(47)
(105)
(38)
Balances at end of\u00a0year
1,656
993
713
4,993
8,355
EUR million
2024
2023
Post
employment
plans
Long term
employee
benefits
Contingent
liabilities and
commitments
Other
provisions
Total
Post
employment
plans
Long term
employee
benefits
Contingent
liabilities and
commitments
Other
provisions
Total
Balances at beginning of year
2,225
880
702
4,634
8,441
2,392
950
734
4,073
8,149
Incorporation of Group
companies, net
\u2014
\u2014
\u2014
\u2014
\u2014
(4)
\u2014
\u2014
\u2014
(4)
Additions charged to income
94
368
47
3,106
3,615
92
244
(38)
2,247
2,545
Interest expense (note 39)
76
29
\u2014
\u2014
105
59
34
\u2014
\u2014
93
Staff costs (note 46)
34
11
\u2014
\u2014
45
33
9
\u2014
\u2014
42
Provisions or reversion of
provisions
(16)
328
47
3,106
3,465
\u2014
201
(38)
2,247
2,410
Addition
5
335
430
4,429
5,199
3
204
378
3,759
4,344
Release
(21)
(7)
(383)
(1,323)
(1,734)
(3)
(3)
(416)
(1,512)
(1,934)
Other additions arising from
insurance contracts linked to
pensions
(2)
\u2014
\u2014
\u2014
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
Changes in value recognised in
equity
643
\u2014
\u2014
\u2014
643
944
\u2014
\u2014
\u2014
944
Payments to pensioners and
pre-retirees with a charge to
internal provisions
(153)
(331)
\u2014
\u2014
(484)
(182)
(316)
\u2014
\u2014
(498)
Insurance premiums paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Payments to external funds
(708)
\u2014
\u2014
\u2014
(708)
(750)
\u2014
\u2014
\u2014
(750)
Amounts used
\u2014
\u2014
\u2014
(2,490)
(2,490)
\u2014
\u2014
(1)
(2,087)
(2,088)
Transfer, exchange differences
and other changes
(368)
(2)
(39)
(199)
(608)
(267)
2
7
401
143
Balances at end of\u00a0year
1,731
915
710
5,051
8,407
2,225
880
702
4,634
8,441
c) Provision for pensions and other obligations
post \u2013employments and Other long term
employee benefits
The detail of Provisions for pensions and similar obligations is as
follows:
EUR million
2025
2024
2023
Provisions for post-employment plans
- Spanish entities
602
674
770
Provisions for other similar obligations
- Spanish entities
927
852
817
Of which pre-retirements
916
839
805
Provisions for post-employment plans
- United Kingdom
26
28
76
Provisions for post-employment plans
- Other subsidiaries
1,028
1,029
1,379
Provisions for other similar obligations
- Other subsidiaries
66
63
63
Provision for pensions and other
obligations post -employments and
Other long term employee benefits
2,649
2,646
3,105
Of which defined benefits
2,637
2,638
3,097
i. Spanish entities\u00a0- Post-employment plans and other
similar obligations
At 31 December 2025, 2024 and 2023, the Spanish entities had
post-employment benefit obligations under defined contribution
and defined benefit plans. In addition, in various\u00a0years some of the
consolidated entities offered certain of their employees the
possibility of taking pre-retirement and, therefore, provisions are
recognised each\u00a0year for the obligations to employees taking pre-
retirement\u00a0-in terms of salaries and other employee benefit costs-
from the date of their pre-retirement to the agreed end date.
In 2023, the provisions made to cover the commitments with 502
employees covered by early retirement and incentivized dismissals
plan amounted to EUR 160\u00a0million .
In 2024, the provisions made to cover the commitments with 826
employees covered by early retirements and incentivized
dismissals amounted to EUR 303\u00a0million.
In 2025, the provisions made to cover the commitments with 1,238
employees covered by early retirements and incentivized
dismissals amounted to EUR 389 million.
The expenses incurred by the Spanish companies in 2025, 2024
and 2023 in respect of contributions to defined contribution plans
amounted to EUR 130 million, EUR 126 million and EUR 116
million, respectively.
The amount of the defined benefit obligations was determined on
the basis of the work performed by independent actuaries using
the following actuarial techniques:
1.Valuation method: projected unit credit method, which sees each
period of service as giving rise to an additional unit of benefit
entitlement and measures each unit separately.
2.Actuarial assumptions used: unbiased and mutually compatible.
Specifically, the most significant actuarial assumptions used in
the calculations were as follows:
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Annual discount rate
3.75%
3.00%
3.35%
3.75%
3.00%
3.35%
Mortality tables
PER2020 M/F
Col. Orden 1
PER2020 M/F
Col. Orden 1
PER2020 M/F
Col. Orden 1
PER2020 M/F Col.
Orden 1
PER2020 M/F Col.
Orden 1
PER2020 M/F Col.
Orden 1
Cumulative annual CPI growth
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
Annual salary increase rate
1.25%A
1.25%A
1.25%A
N/A
N/A
N/A
Annual social security pension
increase rate
2.12%
2.12%
2.12%
N/A
N/A
N/A
Annual benefit increase rate
N/A
N/A
N/A
0%
0%
0%
A. Corresponds to the group\u2019s defined-benefit obligations.
The discount rate used for the flows was determined by reference
to high-quality corporate bonds (at least AA in euros) matching the
durations of the commitments. From the bond portfolio
considered, callable, putable and sinkable bonds, which could
distort the rates, are excluded.
Any changes in the main assumptions could affect the calculation
of the obligations. At 31 December 2025 , if the discount rate used
had been decreased or increased by 50 basis points (bp), there
would have been an increase or decrease in the present value of
the post-employment obligations of 4.02% (-50 bp) to -3.75%
(+50 bp),respectively, and an increase or decrease in the present
value of the long-term obligations of 1.15% (-50 bp) to -1.15%
(+50 bp), respectively.
These changes would be offset in part by increases or decreases in
the fair value of the assets and insurance contracts linked to
pensions.
3. The estimated retirement age of each employee is the first at
which the employee is entitled to retire or the agreed-upon age,
as appropriate.
The fair value of insurance contracts was determined as the
present value of the related payment obligations, taking into
account the following assumptions:
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Expected rate of return on plan assets
3.75%
3.00%
3.35%
3.75%
3.00%
3.35%
Expected rate of return on reimbursement rights
3.75%
3.00%
3.35%
N/A
N/A
N/A
The funding status of the defined benefit obligations in 2025 and
the two preceding\u00a0years is as follows:
EUR million
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Present value of the obligations
To current employees
34
49
51
\u2014
\u2014
\u2014
Vested obligations to retired employees
1,610
1,850
1,936
\u2014
\u2014
\u2014
To pre-retirees employees
\u2014
\u2014
919
844
812
Long-service bonuses and other benefits
\u2014
\u2014
11
13
12
1,644
1,899
1,987
930
857
824
Less - Fair value of plan assets
1,058
1,234
1,235
3
5
7
Provisions - Provisions for pensions
586
665
752
927
852
817
Of which:
Internal provisions for pensions
535
593
677
927
852
817
Net pension assets
(13)
(6)
(14)
\u2014
\u2014
\u2014
Insurance contracts linked to pensions (note 14)
67
81
93
\u2014
\u2014
\u2014
Unrecognised net assets for pensions
(3)
(3)
(4)
\u2014
\u2014
\u2014
The amounts recognised in the consolidated income statements in
relation to the aforementioned defined benefit obligations are as
follows:
EUR million
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Current service cost
5
3
2
1
1
1
Interest cost (net)
27
28
42
27
25
30
Expected return on insurance contracts linked to pensions
(3)
(3)
(4)
\u2014
\u2014
\u2014
Provisions or reversion of provisions
Actuarial (gains)/losses recognised in the\u00a0year
\u2014
\u2014
\u2014
(19)
\u2014
7
Past service cost
\u2014
3
2
\u2014
\u2014
13
Pre-retirement cost
\u2014
\u2014
\u2014
389
303
160
OtherA
(16)
(10)
(1)
\u2014
(4)
(1)
13
21
41
398
325
210
A. Including reduction/settlement effect
In addition, in 2025 'Other comprehensive income\u00a0\u2013 Items not
reclassified to profit or loss\u00a0\u2013 Actuarial gains or (-) losses on
defined benefit pension plans' has decreased by EUR 33 million
with respect to defined benefit obligations ( increase of EUR 21 and
increase of EUR 10 million in 2024 and 2023, respectively).
The changes in the present value of the accrued defined benefit
obligations were as follows:
EUR million
Post-employment\u00a0plans
Other\u00a0similar\u00a0obligations
2025
2024
2023
2025
2024
2023
Present value of the obligations at beginning of year
1,899
1,987
2,076
857
824
903
Incorporation of Group companies, net
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current service cost
5
3
2
1
1
1
Interest cost
67
71
82
27
25
30
Pre-retirement cost
\u2014
\u2014
\u2014
389
303
160
Effect of curtailment/settlement
(9)
(10)
(1)
\u2014
(4)
(1)
Benefits paid
(179)
(203)
(210)
(325)
(292)
(290)
Benefits paid due to settlements
(31)
(2)
\u2014
\u2014
\u2014
\u2014
Past service cost
\u2014
3
2
\u2014
\u2014
13
Actuarial (gains)/losses
(102)
45
37
(19)
\u2014
7
Demographic actuarial (gains)/losses
(14)
\u2014
(2)
(8)
(1)
\u2014
Financial actuarial (gains)/losses
(88)
45
39
(11)
1
7
Exchange differences and other items
(6)
5
(1)
\u2014
\u2014
1
Present value of the obligations at end of year
1,644
1,899
1,987
930
857
824
The changes in the fair value of plan assets and of insurance
contracts linked to pensions were as follows:
Plan Assets
EUR million
Post-employment\u00a0plans
Other similar obligations
2025
2024
2023
2025
2024
2023
Fair value of plan assets at beginning of year
1,234
1,235
861
5
7
8
Incorporation of Group companies, net
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Expected return on plan assets
40
43
40
\u2014
\u2014
\u2014
Gains/(losses) on settlements
7
\u2014
\u2014
\u2014
\u2014
\u2014
Benefits paid
(144)
(124)
(89)
(2)
(2)
(2)
Contributions/(surrenders)
(7)
58
409
\u2014
\u2014
\u2014
Actuarial gains/(losses)
(64)
27
25
\u2014
\u2014
\u2014
Exchange differences and other items
(8)
(5)
(11)
\u2014
\u2014
1
Fair value of plan assets at end of year
1,058
1,234
1,235
3
5
7
Insurance Contracts linked to pensions
EUR million
Post-employment\u00a0plans
Other similar obligations
2025
2024
2023
2025
2024
2023
Fair value of insurance contracts linked to
pensions at beginning of year
81
93
104
\u2014
\u2014
\u2014
Incorporation of Group companies, net
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Expected return on insurance contracts linked to
pensions
3
3
4
\u2014
\u2014
\u2014
Benefits paid
(12)
(13)
(15)
\u2014
\u2014
\u2014
Paid premiums
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Actuarial gains/(losses)
(5)
(2)
\u2014
\u2014
\u2014
\u2014
Fair value of insurance contracts linked to
pensions at end of\u00a0year
67
81
93
\u2014
\u2014
\u2014
In view of the conversion of the defined-benefit obligations to
defined-contribution obligations, the Group will not make material
current contributions in Spain in 2026 to fund its defined-benefit
pension obligations.
The plan assets and the insurance contracts linked to pensions are
instrumented mainly through insurance policies.
The following table shows the estimated benefits payable at 31
December 2025 for the next ten\u00a0years:
EUR million
2026
461
2027
391
2028
331
2029
274
2030
223
2031 to 2035
672
ii. United Kingdom
At the end of each of the last three\u00a0years, the businesses in the
United Kingdom had post-employment benefit obligations under
defined contribution and defined benefit plans. The expenses
incurred in respect of contributions to defined contribution plans
amounted to EUR 92 million in 2025 (EUR 98 million in 2024 and
EUR 87 million in 2023 ).
The amount of the defined benefit obligations was determined on
the basis of the work performed by independent actuaries using
the following actuarial techniques:
1.Valuation method: projected unit credit method, which sees
each period of service as giving rise to an additional unit of
benefit entitlement and measures each unit separately.
2.Actuarial assumptions used: unbiased and mutually compatible.
Specifically, the most significant actuarial assumptions used in
the calculations were as follows:
2025
2024
2023
Annual
discount rate
5.58%
5.54%
4.63%
Mortality
tables
'S4 Light' tables
weighted 105%
males/101% females
and CMI_2024
projection [LTR=1.25%,
A=0.25%, H=1] with
both Age-Period and
Cohort convergence
periods equal to core
values except
increased to 20 years
for ages 80 to 100 and
then tapering down to
nil by age 120
The S3
Middle tables
weighted at
84% of the
CMI_2023
projection
with an initial
addition of
0.25%,
smoothing
parameter 7
and
improving
1.25%.
The S3 Middle
tables
weighted at
84% of the
CMI_2022
projection
with an initial
addition of
0.25%,
smoothing
parameter 7
and improving
1.25%.
Cumulative
annual CPI
growth
2.9%
3.11%
3.02%
Annual salary
increase rate
1.00%
1.00%
1.00%
Annual
pension
increase rate
2.78%
3.04%
2.96%
The discount rate used for the flows was determined by reference
to high-quality corporate bonds (at least AA in pounds sterling)
that coincide with the terms of the obligations.
Any changes in the main assumptions could affect the calculation
of the obligations. At 31 December 2025, if the discount rate used
had been decreased or increased by 50 basis points, there would
have been an increase or decrease in the present value of the
obligations of 5.82% (-50 bp) and -5.28% (+50 bp), respectively. If
the inflation assumption had been increased or decreased by 50
basis points, there would have been an increase or decrease in the
present value of the obligations of 4.23% (+50 bp) and -4.14% (-50
bp), respectively. These changes would be offset in part by
increases or decreases in the fair value of the assets.
The funding status of the defined benefit obligations in 2025 and
the two preceding\u00a0years is as follows:
EUR million
2025
2024
2023
Present value of the obligations
8,164
8,898
9,451
Less-
Fair value of plan assets
8,740
9,400
10,208
Provisions\u00a0- Provisions for pensions
(576)
(502)
(757)
Of which:
Internal provisions for pensions
25
28
76
Net assets for pensions
(601)
(530)
(833)
The amounts recognised in the consolidated income statements in
relation to the aforementioned defined benefit obligations are as
follows:
EUR million
2025
2024
2023
Current service cost
9
13
14
Interest cost (net)
(31)
(40)
(62)
Provisions or reversal of provisions, net
Cost of services provided
\u2014
\u2014
\u2014
Others
\u2014
\u2014
\u2014
(22)
(27)
(48)
In addition, in 2025 'Other comprehensive income\u00a0\u2013 Items not
reclassified to profit or loss\u00a0\u2013 Actuarial gains or (-) losses on
defined benefit pension plans has increased by EUR 117 million
with respect to defined benefit obligations ( increase of EU R 475
and of EUR 687 million in 2024 and 2023, respectively).
The changes in the present value of the accrued defined benefit
obligations were as follows:
EUR million
2025
2024
2023
Present value of the obligations at
beginning of year
8,898
9,451
8,982
Net incorporation of companies into the
Group
\u2014
\u2014
(28)
Current service cost
9
13
14
Interest cost
465
438
436
Benefits paid
(469)
(465)
(428)
Benefits paid by settlements
\u2014
\u2014
(9)
Contributions made by employees
3
7
6
Past service cost
\u2014
\u2014
\u2014
Actuarial (gains)/losses
(304)
(965)
281
Demographic actuarial (gains)/losses
(91)
(133)
(59)
Financial actuarial (gains)/losses
(213)
(832)
340
Exchange differences and other items
(438)
419
197
Present value of the obligations at end
of\u00a0year
8,164
8,898
9,451
The changes in the fair value of the plan assets were as follows:
EUR million
2025
2024
2023
Fair value of plan assets at beginning of
year
9,400
10,208
10,152
Net incorporation of companies into the
Group
\u2014
\u2014
(41)
Expected return on plan assets
496
478
498
Benefits paid
(469)
(465)
(434)
Contributions
203
182
225
Actuarial gains/(losses)
(421)
(1,440)
(406)
Exchange differences and other items
(469)
437
214
Fair value of plan assets at end of\u00a0year
8,740
9,400
10,208
In 2026 the Group expects to make current contributions to fund
these obligations for amounts similar to those made in 2025.
The main categories of plan assets as a\u00a0percentage of total plan
assets are as follows:
2025
2024
2023
Equity instruments
\u2014
\u2014
\u2014
Debt instruments
67%
66%
62%
Properties
11%
14%
12%
Other
22%
20%
26%
The following table shows the estimated benefits payable at 31
December 2025 for the next ten\u00a0years:
EUR million
2026
576
2027
485
2028
503
2029
527
2030
545
2031 to 2035
2,801
iii. Other foreign subsidiaries
Certain of the consolidated foreign entities have acquired
commitments to their employees similar to post-employment
benefits.
At 31 December 2025, 2024 and 2023, these entities had defined-
contribution and defined-benefit post-employment benefit
obligations. The expenses incurred in respect of contributions to
defined contribution plans amounted to EUR 110 million in 2025
(EUR 133 million at 31 December 2024\u00a0 and EUR 107 million at 31
December 2023).
The actuarial assumptions used by these entities (discount rates,
mortality tables and cumulative annual CPI growth) are consistent
with the economic and social conditions prevailing in the countries
in which they are located.
Specifically, the discount rate used for the flows was determined
by reference to high-quality corporate bonds, except in the case of
Brazil where there is no extensive corporate bond market and,
accordingly the discount rate was determined by reference to the
series B bonds issued by the Brazilian National Treasury Secretariat
for a term coinciding with that of the obligations. In Brazil the
discount rate used was between 10.52% and 10.65%, the CPI
3.00% and the mortality table the AT-2000, AT-2000 Basic y
AT-2000 S10.
Any changes in the main assumptions could affect the calculation
of the obligations. At 31 December 2025, if the discount rate used
had been decreased or increased by 50 basis points, there would
have been an increase or decrease in the present value of the
obligations of 3.92% (-50 bp) and -3.53% (+ 50 bp), respectively.
These changes would be offset in part by increases or decreases in
the fair value of the assets.
The funding status of the obligations similar to post-employment
benefits and other long-term benefits in 2025 and the two
preceding\u00a0years is as follows:
EUR million
2025
Of which
business in
Brazil
2024
2023
Present value of the obligations
6,886
4,569
6,903
8,485
Less-
Of which: with a charge to the participants
152
152
157
114
Fair value of plan assets
6,284
4,730
6,502
7,787
Provisions - Provisions for pensions
450
(313)
244
584
Of which:
Internal provisions for pensions
1,083
210
1,084
1,434
Net assets for pensions
(170)
(60)
(141)
(154)
Unrecognised net assets for pensions
(463)
(463)
(699)
(696)
The amounts recognised in the consolidated income statements in
relation to these obligations are as follows:
EUR million
2025
2024
2023
Current service cost
26
28
25
Interest cost (net)
68
92
83
Provisions or reversion of provisions
(Actuarial gains)/losses recognised in the
year
25
28
23
Past service cost
\u2014
2
1
Pre-retirement cost
3
\u2014
\u2014
Other
(2)
(10)
(3)
120
140
129
In addition, in 2025 'Other comprehensive income\u00a0\u2013 Items not
reclassified to profit or loss\u00a0\u2013 Actuarial gains or (-) losses on
defined benefit pension plans' has increased by EUR 136 million
with respect to defined benefit obligations (increase of EUR 147
million and EUR 247 million in 2024 and 2023, respectively).
The changes in the present value of the accrued obligations were
as follows:
EUR million
2025
2024
2023
Present value of the obligations at
beginning of\u00a0year
6,903
8,485
7,578
Incorporation of Group companies, net
(6)
\u2014
(20)
Current service cost
26
28
25
Interest cost
552
578
599
Pre-retirement cost
3
\u2014
\u2014
Effect of curtailment/settlement
(2)
(10)
(2)
Benefits paid
(726)
(1,113)
(730)
Benefits paid due to settlements
(133)
(20)
(2)
Contributions made by employees
4
4
3
Past service cost
\u2014
2
1
Actuarial (gains)/losses
270
(191)
697
Demographic actuarial (gains)/losses
300
(1)
40
Financial actuarial (gains)/losses
(30)
(190)
657
Exchange differences and other items
(5)
(860)
336
Present value of the obligations
at end of\u00a0year
6,886
6,903
8,485
The changes in the fair value of the plan assets were as follows:
EUR million
2025
2024
2023
Fair value of plan assets at beginning
of\u00a0year
6,502
7,787
7,321
Incorporation of Group companies, net
\u2014
\u2014
(16)
Expected return on plan assets
556
551
588
Benefits paid
(752)
(1,022)
(644)
Contributions
134
477
124
Actuarial gains/(losses)
(201)
(304)
110
Settlements gains/(losses)
(1)
\u2014
\u2014
Exchange differences and other items
46
(987)
304
Fair value of plan assets at end of\u00a0year
6,284
6,502
7,787
In 2026 the Group expects to make contributions to fund these
obligations for amounts similar to those made in 2025.
The main categories of plan assets as a\u00a0percentage of total plan
assets are as follows:
2025
2024
2023
Equity instruments
14%
13%
11%
Debt instruments
79%
79%
83%
Properties
1%
1%
1%
Other
6%
7%
5%
The following table shows the estimated benefits payable at 31
December 2025 for the next ten\u00a0years:
EUR million
2026
746
2027
736
2028
740
2029
744
2030
747
2031 to 2035
3,790
d) Provisions for taxes and other legal
contingencies and Other provisions
'Provisions\u00a0- Provisions for taxes and other legal contingencies' and
'Provisions\u00a0- Other provisions', which include, inter alia, provisions
for restructuring costs and tax-related and non-tax-related
proceedings, were estimated using prudent calculation procedures
in keeping with the uncertainty inherent to the obligations covered.
The definitive date of the outflow of resources embodying
economic benefits for the Group depends on each obligation. In
certain cases, these obligations have no fixed settlement period
and, in other cases, depend on the legal proceedings in progress.
The detail, by geographical area, of Provisions for taxes and other
legal contingencies and Other provisions is as follows:
EUR million
2025
2024
2023
Recognised by Spanish companies
2,033
1,924
1,921
Recognised by other EU companies
310
694
433
Recognised by other companies
2,650
2,433
2,280
Of which:
Brazil
1,530
1,445
1,618
United Kingdom A
736
654
373
4,993
5,051
4,634
A. Of which GBP 461\u00a0million (EUR 528.1\u00a0million) correspond to the Financial
Conduct Authority (FCA) review of the Vehicle Finance Market as detailed in
note 25.e.ii.
Set forth below is the detail, by type of provision, of the balance at
31 December 2025, 2024 and 2023 of Provisions for taxes and
other legal contingencies and Other provisions.
The types of provision were determined by grouping together
items of a similar nature:
EUR million
2025
2024
2023
Provisions for taxes
720
727
745
Provisions for employment-related
proceedings (Brazil)
594
458
611
Provisions for other legal proceedings
1,675
1,532
1,359
Provision for customer remediation
826
1,001
454
Provision for restructuring
279
589
596
Other
899
744
869
4,993
5,051
4,634
Relevant information is set forth below in relation to each type of
provision shown in the preceding table.
The provisions for taxes include provisions for tax-related
proceedings.
The provisions for employment-related proceedings (Brazil) relate
to claims filed by trade unions, associations, the prosecutor\u2019s office
and ex-employees claiming employment rights to which, in their
view, they are entitled, particularly the payment of overtime and
other employment rights, including litigation concerning
retirement benefits. The number and nature of these proceedings,
which are common for banks in Brazil, justify the classification of
these provisions in a separate category or as a separate type from
the rest. The Group calculates the provisions associated with these
claims in accordance with past experience of payments made in
relation to claims for similar items. When claims do not fall within
these categories, a case-by-case assessment is performed and the
amount of the provision is calculated in accordance with the status
of each proceeding and the risk assessment carried out by the legal
advisers.
The provisions for other legal proceedings include provisions for
court, arbitration or administrative proceedings (other than those
included in other categories or types of provisions disclosed
separately) brought against Grupo Santander companies.
The provisions for customer remediation include mainly the
estimated cost of payments to remedy errors relating to the sale of
certain products in the UK, the CHF mortgage portfolio of Poland,
as well as the estimated amount related to the floor clauses of
Banco Popular Espa\u00f1ol, S.A.U in Spain. To calculate the provision
for customer remediation, the best estimate of the provision made
by management is used, which is based on the estimated number
of claims to be received and, of these, the number that will be
accepted, as well as the estimated average payment per case.
The provisions for restructuring include only the costs arising from
restructuring processes carried out by the various Group
companies.
Lastly, the Other heading contains very atomized and individually
insignificant provisions, such as the provisions to cover the
operational risk of the different offices of the Group.
Qualitative information on the main litigation is provided in
Note\u00a025 e to the consolidated financial statements.
The Group's general policy is to record provisions for tax and legal
proceedings in which the Group assesses the chances of loss to be
probable and the Group does not record provisions when the
chances of loss are possible or remote. Grupo Santander
determines the amounts to be provided for as its best estimate of
the expenditure required to settle the corresponding claim based,
among other factors, on a case-by-case analysis of the facts and
the legal opinion of internal and external counsel or by considering
the historical average amount of the loss incurred in claims of the
same nature. The definitive date of the outflow of resources
embodying economic benefits for the Group depends on each
obligation. In certain cases, the obligations do not have a fixed
settlement term and, in others, they depend on legal proceedings
in progress.
Regarding their variations in fiscal year 2025, in provisions for
labour processes and others of a legal nature, EUR 524 million and
EUR 185 million were recorded in Brazil in 2025, making payments
of EUR 384 million and EUR 159 million, respectively.
e) Litigation and other matters
i. Tax-related litigation
At 31 December 2025 the main tax-related proceedings concerning
the Group were as follows:
\u2022 Legal actions filed by Banco Santander (Brasil) S.A. and other
Group entities to avoid the application of Law 9.718/98, which
modifies the basis to calculate Programa de Integra\u00e7ao Social
(PIS) and Contribui\u00e7\u00e3o para Financiamento da Seguridade Social
(COFINS), extending it to all the entities income, and not only to
the income from the provision of services. In relation of Banco
Santander (Brasil) S.A. process, in 2015 the Federal Supreme
Court (FSC) admitted the extraordinary appeal filed by the
Federal Union regarding PIS, and dismissed the extraordinary
appeal lodged by the Brazilian Public Prosecutor's Office
regarding COFINS contribution, confirming the decision of
Federal Regional Court favourable to Banco Santander (Brasil)
S.A. of August 2007. The Federal Supreme Court also admitted
the appeals related to the other Group entities both for PIS and
COFINS. On June 13, 2023, the Federal Supreme Court ruled
unfavorably 2 cases through General Repercussion (Theme 372),
including Banco Santander (Brasil) S.A. case. The Bank has filed a
new appeal, considering the possible loss as a contingent
liability. The cases of the other Group entities are no longer
susceptible of appeal and a provision has been recognized for the
amount of the estimated loss.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil have appealed against the assessments issued by the
Brazilian tax authorities questioning the deduction of loan losses
in their income tax returns (Imposto sobre a Renda das Pessoas
Jur\u00eddicas - IRPJ - and Contribu\u00e7ao Social sobre o Lucro Liquido -
CSLL-) in relation to different administrative processes of various
years on the ground that the requirements under the applicable
legislation were not met. The appeals, which involves several
cases, are pending decision in different administrative and
judicial instances. No provision was recognised in connection
with the amount considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil are involved in administrative and legal proceedings
against several municipalities that demand payment of the
Service Tax on certain items of income from transactions not
classified as provisions of services. There are several cases in
different judicial instances. A provision was recognised in
connection with the amount of the estimated loss.
\u2022 Banco Santander (Brasil) S.A. and other Group companies in
Brazil are involved in administrative and legal proceedings
against the tax authorities in connection with the taxation for
social security purposes of certain items which are not
considered to be employee remuneration. There are several
cases in different judicial instances. A provision was recognised in
connection with the amount of the estimated loss.
\u2022 In May 2003 the Brazilian tax authorities issued separate
infringement notices against Santander Distribuidora de T\u00edtulos e
Valores Mobiliarios, Ltda. (DTVM, actually Santander Brasil
Tecnolog\u00eda S.A.) and Banco Santander (Brasil) S.A. in relation to
the Provisional Tax on Financial Movements (Contribui\u00e7\u00e3o
Provis\u00f3ria sobre Movimenta\u00e7\u00e3o Financeira) of the years 2000 to
2002. The administrative discussion ended unfavourably for both
companies, and on July 3, 2015, filed a lawsuit requesting the
cancellation of both tax assessments. The lawsuit was judged
unfavourably in first instance. Therefore, both plaintiffs appealed
to the court of second instance. In December 2020, the appeal
was decided unfavourably and the judgement was appealed
before the higher courts. This case fell within the scope of the
Comprehensive Transaction Programme (Programa de Transa\u00e7ao
Integral) established by the Ministry of Finance, and in 2025 a
final settlement was reached. The amounts paid under the terms
of the Transaction were fully provisioned.
\u2022 In December 2010 the Brazilian tax authorities issued an
infringement notice against Santander Seguros S.A. (Brasil),
(currently Zurich Santander Brasil Seguros e Previd\u00eancia S.A.), as
the successor by merger to ABN AMRO Brasil dois Participa\u00e7\u00f5es
S.A., in relation to income tax (IRPJ and CSLL) for 2005,
questioning the tax treatment applied to a sale of shares of Real
Seguros, S.A. The administrative discussion ended unfavourably,
and the CARF decision has been appealed at the Federal Justice.
As the former parent of Santander Seguros S.A. (Brasil) (currently
Zurich Santander Brasil Seguros e Previd\u00eancia S.A.), Banco
Santander (Brasil) S.A. is liable in the event of any adverse
outcome of this proceeding. No provision was recognised in
connection with this proceeding as it is considered to be a
contingent liability.
\u2022 In November 2014 the Brazilian tax authorities issued an
infringement notice against Banco Santander (Brasil) S.A. in
relation to corporate income tax (IRPJ and CSLL) for 2009
questioning the tax-deductibility of the amortisation of the
goodwill of Banco ABN AMRO Real S.A. performed prior to the
absorption of this bank by Banco Santander (Brasil) S.A., but
accepting the amortisation performed after the merger. The Bank
appealed before the Higher Chamber of CARF, and a final
favourable decision was obtained in April 2024. No provision was
recognised in connection with this proceeding as it was
considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. has also appealed against
infringement notices issued by the tax authorities questioning
the tax deductibility of the amortisation of the goodwill arising
on the acquisition of Banco Comercial e de Investimento
Sudameris S.A from years 2007 to 2012. In May and October
2024, the appeal related to period 2009 to 2012 was finally
rejected by the CARF and the resolution was appealed at the
Federal Justice. No provision was recognised in connection with
this matter as it was considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. and other companies of the Group
in Brazil are undergoing administrative and judicial procedures
against Brazilian tax authorities for not admitting tax
compensation with credits derived from other tax concepts, not
having registered a provision for the amount considered to be a
contingent liability.
\u2022 Banco Santander (Brasil) S.A. is involved in appeals in relation to
infringement notices initiated by tax authorities regarding the
offsetting of tax losses in the CSLL of year 2009 and 2019. The
appeals are pending decision at the administrative level. No
provision was recognised in connection with this matter as it is
considered to be a contingent liability.
\u2022 Banco Santander (Brasil) S.A. filed a suspensive judicial measure
aiming to avoid the withholding income tax (Imposto sobre a
Renda Retido na Fonte - IRRF), on payments derived from
technology services provided by Group foreign entities. A
favorable decision was handed down and an appeal was filed by
the tax authority at the Federal Regional Court, where it awaits
judgment. No provision was recognized as it is considered to be a
contingent liability.
\u2022 Brazilian tax authorities have issued infringement notices against
Getnet Adquir\u00eancia e Servi\u00e7os para Meios de Pagamento S.A and
Banco Santander (Brasil) S.A. as jointly liable in relation to
corporate income tax (IRPJ and CSLL) for 2014 to 2018
questioning the tax-deductibility of the amortization of the
goodwill from the acquisition of Getnet Tecnologia\u00a0 Proces S.A.,
considering that\u00a0 the company would not have complied with the
legal requirements for such amortization. The tax assessment
notices were appealed to the CARF. In 2024, the CARF issued a
favourable partial decision on both infraction notices. In
December 2024, the tax authorities issued a new infringement
notice for 2019 and 2020. No provision was recognized as it is
considered to be a contingent liability.
The total amount for the aforementioned Brazil lawsuits that are
fully provisioned is EUR 553 million, and for lawsuits that qualify
as contingent liabilities is EUR 5,040\u00a0million.
At the date of approval of these consolidated annual accounts,
there are other less significant tax disputes.
ii. Non-tax-related proceedings
At 31 December 2025 the main non-tax-related proceedings
concerning the Group were as follows:
\u2022 Payment Protection Insurance (PPI): AXA France IARD and AXA
France Vie (former GE Capital Corporation Group entities, known
as Financial Insurance Company Ltd (FICL) and Financial
Assurance Company Ltd (FACL), acquired by AXA SA in 2015)
(together, AXA France) brought a claim against (i) Santander
Cards UK Limited (formerly known as GE Capital Bank Limited
(GECB), which was acquired by Banco Santander, S.A. in 2008
and subsequently transferred to Santander UK plc); and (ii)
Santander Insurance Services UK Limited (a Banco Santander,
S.A. subsidiary) (SISUK and together with GECB the Santander
Entities). The claim relates to the allocation of liability for
compensation and associated costs in respect of a large number
of PPI policies distributed by GECB pre-2005, which were
underwritten by FICL and FACL.
On 25 July 2025, the Commercial Court of England and Wales
handed down its judgment in relation to the claim brought by
AXA France (the Judgment). It found against SISUK in relation to
AXA France\u2019s claim pursuant to an indemnity in an agency
agreement entered into between GECB, FICL and FACL in 2000
and novated by GECB to SISUK in 2010.\u00a0 It also found GECB
negligent in the sale of PPI policies, but this element of the claim
was time barred to PPI policies sold in the period between 2002
and 2005 and overlaps with the indemnity claim. The Judgment
required the Santander Entities to pay GBP 515\u00a0million plus
interest of GBP 162\u00a0million.
In October 2025 the Santander Entities obtained permission to
appeal the findings in the Judgment relating to the application of
the indemnity arising from PPI sales occurring before the
indemnity had been agreed in December 2000 (Santander
Appeal).\u00a0 In January 2026, AXA France obtained permission to
cross-appeal the Commercial Court\u2019s rejection of AXA France\u2019s
contribution claim made under the Civil Liability (Contribution)
Act 1978 (the AXA France\u2019s cross appeal). A decision on the
Santander Appeal and AXA France\u2019s cross appeal is expected in
the second half of 2026.
With respect to the Santander Appeal and AXA France\u2019s cross-
appeal, there are points of legal interpretation to be resolved
and, in the case of the cross-appeal, factual points to be
determined. The significant uncertainties make it difficult to
predict the timing or the final impact of the resolution of the
appeals for the Group.
No customers have suffered loss as a consequence of the claim
brought by AXA France or the Judgment, nor does it impact upon
past redress paid to customers for PPI complaints.
\u2022 Motor Finance Broker Commissions: following the Financial
Conduct Authority\u2019s (FCA) Motor Market review in 2019 which
resulted in a change in rules in January 2021, Santander
Consumer (UK) plc (SCUK) has received several of county court
claims and complaints in respect of its historical use of
discretionary commission arrangements (DCAs) prior to the 2021
rule changes. In January 2024, the FCA commenced a review of
the use of DCAs between lenders and credit brokers (the FCA
Review). Pending the conclusion of its review, the FCA paused
the handling of motor finance commission related complaints.
The pause is currently in place until 31 May 2026, reflecting the
extended timeline of the FCA's Review and subsequent
Consultation (see below).
After the Court of Appeal's decision rendered on 25 October 2024
within the judicial proceedings followed against DCAs of other
financial entities, as of 31 December 2024, the Santander UK
group Holdings recognised a provision of GBP 293.0\u00a0million (EUR
353.3\u00a0million). This provision was determined based upon the
information then available. It included estimates for operational
and legal costs and potential awards based on various scenarios
and used a range of assumptions, including the possible outcome
of the appeal to the Supreme Court in 2025 of the Court of
Appeal's decision. On 1 August 2025, the Supreme Court handed
down its judgment stating that motor dealers acting as credit
brokers do not owe fiduciary or disinterested duties to their
customers and, as a consequence, commission payments by
lenders to motor dealers would not be unlawful on that basis. In
addition, the Supreme Court held that an unfair relationship
under s.140A of the Consumer Credit Act 1974 had arisen in one
of the cases on its facts and awarded the amount of the
commission paid by the lender plus interest at a commercial rate
as the remedy. It also confirmed that the test for unfairness of
the relationship with borrower was highly fact sensitive and it
outlined a series of non-exhaustive factors to consider in
assessing unfair relationships in this context (indicating that no
or partial disclosure was not necessarily enough on its own to
constitute an unfair relationship).
Following the Supreme Court\u2019s judgment, on 3 August 2025, the
FCA announced that it aimed to publish a consultation on an
industry wide redress scheme in early October (the
Consultation). Further to the publication of the FCA\u2019s
Consultation on\u00a07 October 2025, the Santander UK group
submitted its comments on 12 December 2025 and continues to
engage constructively with the FCA. The FCA has stated that its
intention is to publish the industry wide redress scheme no later
than in March 2026.
In light of the proposed sectoral scheme and taking into account
the objections raised and the uncertainty surrounding both the
final decision to be adopted by the FCA and the outcome of any
potential legal challenges, the Santander UK group has reviewed
the potential impact on SCUK in relation to the vehicle finance
market. The range of scenarios has been updated, which has
resulted in an additional estimated charge of GBP 183\u00a0million
(EUR 213.6\u00a0million). As of 31 December 2025, the total provision
amounts to GBP 461\u00a0million (EUR 528.1\u00a0million). This continues
to include estimates for operational and legal costs and potential
awards reflecting an increased likelihood of a higher number of
cases than had previously been predicted as eligible for redress
as well as an increased possibility that a remedy is sought to be
imposed which extends beyond reversing any damaging financial
consequences caused by any unfair relationships. The provision is
based on various scenarios using a range of assumptions,
including potential changes to the proposed scheme following
responses to the Consultation or publication of the FCA\u2019s final
scheme rules.
There continue to be significant uncertainties as to the nature,
extent and timing of redress payments. Therefore, while the
ultimate financial impact of this matter could materially differ
from the amount of the provision as of this date, such impact is
not expected to be material for the Group as of the date of these
financial statements.
\u2022 Delforca: dispute arising from equity swaps entered into by
Gaesco (now Delforca 2008, S.A. (Delforca)) on shares of
Inmobiliaria Colonial, S.A. Banco Santander, S.A. is claiming to
Delforca before the Court of Barcelona in charge of the
bankruptcy proceedings, a total of EUR 66\u00a0million from the
liquidation resulting from the early termination of financial
transactions due to Delforca's non-payment of the equity swaps.
In the same bankruptcy proceedings, Delforca and Mobiliaria
Monesa, S.A., parent of Delforca (Monesa) have in turn claimed
the Bank to repay EUR 57\u00a0million, which the Bank received for
the enforcement of the agreed guarantee, as a result of the
aforementioned liquidation. On 16 September 2021 the
Commercial Court Number 10 of Barcelona has ordered Delforca
to pay the Bank EUR 66\u00a0million plus EUR 11\u00a0million in interest
and has dismissed the claims filed by Delforca. This decision was
appealed by Delforca, Monesa and the bankruptcy administrator.
On 15 November 2023 the Provincial Court of Barcelona
rendered a judgment dismissing the appeals filed by Delforca,
Monesa and the bankruptcy administrator. Delforca and Monesa
(not the bankruptcy administrator) filed an appeal in cassation,
that was rejected in November 2025 by the First Chamber of
Supreme Court and, as a result, the appeal and first instance
judgments in favor of the Bank have been confirmed.
Separately, Monesa, filed in 2009 a civil procedure with the
Courts of Santander against the Bank claiming damages that
have not been specified to date. The procedure is suspended.
\u2022 'Planos Econ\u00f3micos': like the rest of the banking system in Brazil,
Santander Brazil has been the target of customer complaints and
collective civil suits stemming mainly from legislative changes
and its application to the retribution of bank deposits (economic
plans). At the end of 2017, an agreement was reached between
regulatory entities and the Brazilian Federation of Banks
(Febraban) with the purpose of closing the lawsuits and was
approved by the Supremo Tribunal Federal (the STF and the
Collective Agreement). Discussions focused on specifying the
amount to be paid to each affected client according to the
balance in their notebook at the time of the application of the
plan. Finally, the total value of the payments will depend on the
number of adhesions there may be and the number of savers
who have proved the existence of the account and its balance on
the date the indexes were changed. In November 2018, the STF
ordered the suspension of all economic plan proceedings for two
years from May 2018. On 29 May 2020,\u00a0 STF approved the
extension of the Collective Agreement for 5 additional years
starting from 3 June 2020. Condition for this extension was to
include in the Collective Agreement actions related to the 'Collor
I Plan'. On May 2025, the STF issued the judgment recognizing
the constitutionality of the Bresser, Ver\u00e3o, Collor I and II plans,
guaranteeing savers the receipt of the amounts established in
the Collective Agreement and setting a deadline of 24 months for
new adhesions. As of 31 December 2025, the provision recorded
for the economic plan proceedings amounts to EUR
155.3\u00a0million.
\u2022 Banco Popular\u00b4s acquisition: after the declaration of the
resolution of Banco Popular, some investors filed claims against
the EU\u2019s Single Resolution Board decision, and the FROB's
resolution executed in accordance with the aforementioned
decision. Likewise, numerous civil lawsuits were filed against
Banco Santander, S.A. alleging that the information provided by
Banco Popular was erroneous and requesting from Banco
Santander, S.A. the restitution of the price paid for the acquisition
of the investment instruments or, where appropriate, the
corresponding compensation.
In relation to the direct appeals filed before the General Court of
the European Union (EGC) and the Court of Justice of the
European Union (CJEU), all appeals were either dismissed or
discontinued. Currently there are no ongoing appeals. On 4
February 2026, the National Court issued its first rulings
dismissing the actions brought against the FROB\u2019s decision, in
application of the judgments of the EGC and the CJEU.
In the civil proceedings, several Spanish judges referred to the
CJEU a number of preliminary questions that have already been
resolved. In particular, in the judgments of 5 May 2022
(C-410/20) and 5 September 2024 (C-775/22, C-779/22,
C-794/22), the CJEU stated that Directive 2014/59/EU on bank
resolution prevents shareholders, subordinated debt holders,
and holders of equity instruments converted into shares bringing
actions against a financial institution subject to a resolution
proceeding or against its successor after the resolution, claiming
liability for the information contained in the prospectus, under
Directive 2003/71/EC, or actions seeking the nullity of the
contract of subscription of capital instruments, which, given its
retroactive effects, would result in the refund of the value of
such securities, plus the interest accrued as of the date of
execution of the contract. In its 11 September 2025 resolution
(C-687/23), the CJEU declared that the above referred TJUE
resolutions do not apply to actions pursued prior to the entity\u2019s
resolution. There are currently no other preliminary questions
under consideration.
On 4 March 2024, in the context of preliminary proceedings
42/2017, the Central Court of Instruction No. 4 issued a ruling
transforming the proceedings into Summary Proceedings and
terminating the investigation phase. This ruling considers that
the circumstantial evidence resulting from the investigation
which could constitute a crime is basically the following: (i) an
alleged misrepresentation in the prospectus of the 2016 capital
increase of Banco Popular; (ii) an alleged misrepresentation in
the annual accounts of Banco Popular for 2015, the interim
financial statements for 2016 and the annual accounts for 2016;
and (iii) the offer to the market of a distorted amount of
regulatory capital, after the capital increase of 2016 (for
allegedly having been granted by Banco Popular financing to
clients for the subscription of shares in the aforementioned
capital increase, without discounting it from the regulatory
capital). According to the aforementioned ruling, these facts
could constitute the crimes of fraud of investors (art. 282 of the
Criminal Code) and accounting falsehood (art. 290 of the
Criminal Code). All appeals filed against the ruling have been
dismissed.
The accusing parties, including the Public Prosecutor's Office,
filed their indictment briefs on 28 October 2024, which included
requests for compensation for civil liability and the request that
not only the defendants but also several entities are held liable
for such compensation, including Banco Santander, S.A., the
auditing firm and several insurance companies. Following the
filing of the indictment briefs, on 22 November 2024, the Court
(Investigating Judge) issued an order for the opening of the oral
trial against the defendants and civil liability parties, including
Banco Santander, S.A. as a possible civil liable party. However, in
line with what was determined by the Spanish National Court
and confirmed by the Supreme Court concerning the hypothetical
succession of Banco Popular by Banco Santander, S.A., the oral
trial has not been opened against the Bank as possible direct civil
liable party.
The order to open the oral trial states that the plaintiffs have
requested compensation for civil liability for a total amount of
EUR 2,277.65. Additionally, the order rejects the imposition of
the guarantee requested by several of the accusing parties,
considering that it is unnecessary to secure the outcome of the
trial. The defendants and potential civil liable parties submitted
their defense writs on 4 February 2025. After that, the
proceedings will be forwarded to the Criminal Chamber of the
National Court for the oral trial.
Regarding civil liability, the Bank considers that it has no
subsidiary civil liability in light of the CJEU\u2019s judgments of 5 May
2022 (C-410/20), 5 September 2024 (C-775/22, C-779/22,
C-794/22) and 11 September 2025 (C-687/23 and C-447/23).
Notwithstanding the foregoing, the Spanish National Court has
stated that this issue shall be resolved within the ongoing
proceedings.
The estimated cost of any compensation to shareholders and
bondholders of Banco Popular recognized in the 2017 accounts
amounted to EUR 680\u00a0million, of which EUR 535\u00a0million were
applied to the commercial loyalty program. On 15 December
2024, Banco Santander, S.A., proceeded to redeem in advance
voluntarily all bonds in circulation regarding such commercial
action. The CJEU judgements of 5 May 2022 (C-410/20), 5
September 2024 (C-775/22, C-779/22, C-794/22) and 11
September 2025 (C-687/23 and C-447/23) referred above,
represented a very significant reduction in the risk associated
with these claims.
\u2022 German shares investigation: the Cologne Public Prosecution
Office is conducting an investigation against the Bank and other
group entities based in the UK - Santander UK plc, Santander
Financial Services Plc and Cater Allen International Limited -, in
relation to a particular type of tax dividend linked transactions
known as cum-ex transactions.
The Group is cooperating with the German authorities. According
to the state of the investigations, the result, and the effects for
the Group, which may potentially include the imposition of
material financial consequences (penalties, and/or
disgorgement of proceeds) cannot be anticipated. For this
reason, the Bank has not recognized any provisions in relation to
the potential imposition of financial liabilities.
\u2022 Banco Santander, S.A. was sued in a legal proceeding in which
the plaintiff alleges that the Bank breached his contract as CEO
of the institution: in the lawsuit, the claimant mainly requested a
declaratory ruling upholding the existence, validity and
effectiveness of such contract and its enforcement together with
the payment of certain amounts. For the case that the main
request is not granted, the claimant sought a compensation for a
total amount of approximately EUR 112\u00a0million or, an alternative
relief for other minor amounts. Banco Santander, S.A. answered
to the legal action stating that the conditions to which the
appointment of that position was subject to were not met; that
the executive services contract required by law was not
concluded; and that in any case, the parties could terminate the
contract without any justified cause. On 17 May 2021, the
plaintiff reduced his claims for compensation to EUR 61.9\u00a0million.
On 9 December 2021, the Court upheld the claim and ordered
the Bank to compensate the claimant in the amount of EUR
67.8\u00a0million. By court order of 13 January 2022, the Court
corrected and supplemented its judgment, reducing the total
amount to be paid by the Bank to EUR 51.4\u00a0million and clarifying
that part of this amount (buy out) was to be paid under the terms
of the offer letter, i.e., entirely in Banco Santander shares, within
the deferral period for this type of remuneration at the plaintiff's
former employer and subject to the performance metrics or
parameters of the plan in force at the Bank, which was that of
2018. As explained in note 5 of the report of the consolidated
annual accounts of the year 2022, the degree of performance of
these objectives was 33.3%.
The Bank filed an appeal against the judgment before the Madrid
Court of Appeal, which was opposed by the plaintiff. At the same
time, the plaintiff filed an application for provisional
enforcement of the judgment in the First Instance Court. A court
order was issued ordering enforcement of the judgment, and the
Bank deposited in the court bank account the full amount
provisionally awarded to the claimant, including interest, for an
approximate sum of EUR 35.5\u00a0million, within the voluntary
compliance period.
On 6 February 2023, Banco Santander was notified with the
judgment of 20 January 2023 by which the Madrid Court of
Appeal partially upheld the appeal filed by the Bank. The
judgment has reduced the amount to be paid by EUR 8\u00a0million,
which, to the extent that this amount was already paid in the
provisional partial enforcement of the judgement of First
Instance Court, must be returned to the Bank together with other
amounts for interest, which the appeal judgement also rejects.
The plaintiff deposited circa EUR 9.6\u00a0million. This amount was
received by the Bank on 11 July 2023.
On 11 April 2023, the Bank filed an extraordinary appeal for
procedural infringement and an appeal in cassation against the
Madrid Court of Appeal\u2019s judgment before Spanish Supreme
Court. The extraordinary and cassation appeals submitted by the
Bank were accepted on 26 March 2025 and are pending to be
resolved. Existing provisions cover the estimated risk of loss.
\u2022 CHF Polish Mortgage Loans: In\u00a0 October 2019, the CJEU rendered
its decision in relation to the effects of the potential unfairness of
certain contractual clauses in CHF-Indexed loan agreements. The
CJEU established that it for the national courts to determine the
invalidity of a contract where it cannot be maintained without
the clause declared unfair and where no supplementary
provisions exist that would allow the contract to be maintained.
Subsequently, in\u00a0 June 2023, the CJEU confirmed that the effects
of such invalidity must be determined in accordance with
national law, interpreted in the light of Directive 93/13/EEC, and
that claims by financial institutions exceeding the
reimbursement of the loan principal and, where applicable,
default interest, are contrary to the objectives of that Directive.\u00a0
In April 2024, the Civil Chamber of the Polish Supreme Court
issued a judgment confirming that clauses relating to the
mechanism for determining the exchange rate declared abusive
cannot be replaced by alternative provisions and that, in the
absence of a binding exchange rate, the contract is not
enforceable for the parties. With regard to the effects of
invalidity, the Supreme Court confirmed the existence of
independent restitution claims for each party and ruled out the
possibility of claiming interest or other amounts for the use of
the funds. Nevertheless, certain aspects of this judgment have
been subject to internal debate within the Supreme Court itself,
reflecting the complexity and evolving nature of the
jurisprudential framework
In this context, Santander Bank Polska S.A. and Santander
Consumer Bank S.A. estimate legal risk using a model that
considers different possible outcomes and regularly review court
rulings on this matter in order to assess changes in case law,
including the impact of the aforementioned Supreme Court
judgment. Settlements are being reached both with customers
who have already initiated legal proceedings and with customers
who have not yet filed a claim. The model used to calculate
provisions for legal risks considers the evolution and expected
development of such settlements.
As of 31 December 2025, the total amount adjusted against the
gross carrying amount of loans in accordance with IFRS 9,
together with the provisions recognised under IAS 37, amounts
to PLN 5,874.3\u00a0million (EUR 1,391.9\u00a0million), of which
PLN3,191.7 million (EUR 756.3\u00a0million) corresponds to
adjustments to the gross carrying amount under IFRS 9 and PLN
2,682.6\u00a0million (EUR 635.6\u00a0million) to provisions recognised
under IAS 37. The adjustment to gross carrying amount in
accordance with IFRS9 during 2025 amounted to PLN
99.7\u00a0million (EUR 23.6\u00a0million), and the additional provisions
recognised under IAS 37 amounted to PLN 1245.3\u00a0million (EUR
293.8\u00a0million). Other costs related to the dispute amounted to
PLN 730.5\u00a0million (EUR 172.4\u00a0million). IAS 37.
As of the same date, Santander Bank Polska S.A. held a portfolio
of mortgages denominated in or indexed to CHF amounting to
approximately PLN 2,642.0\u00a0million (EUR 626.0\u00a0million) and
recognised provisions of PLN 4,766.4\u00a0million (EUR
1,129.4\u00a0million) to cover the CHF mortgage portfolio. Santander
Consumer Bank S.A. (Poland), in turn, held a portfolio of
mortgages denominated in or indexed to CHF amounting to
approximately PLN 735.9\u00a0million (EUR 174.4\u00a0million) and
recognised provisions of PLN 1,107.9\u00a0million (EUR 262.5\u00a0million)
to cover this portfolio.
Notwithstanding the above, as detailed in Note 3 b), in January
2026 the Group sold a 49% stake in Santander Bank Polska S.A.,
which ceased to be consolidated within the Group\u2019s perimeter as
of that date.
The Group continues to monitor the evolution of legal
proceedings and to periodically review the adequacy of the
provisions recognised, which represent the best estimate of the
risk existing as of the reporting date.
\u2022 Banco Santander Mexico: dispute regarding a testamentary trust
constituted in 1994 by Mr. Roberto Garza Sada in Banca Serfin
(currently Santander Mexico) in favor of his four sons in which he
affected shares of Alfa, S.A.B. de C.V. (respectively, Alfa and the
Trust). During 1999, Mr. Roberto Garza Sada instructed
Santander M\u00e9xico in its capacity as trustee to transfer
36,700,000 shares from the Trust's assets to his sons and
daughters and himself. These instructions were ratified in 2004
by Mr. Roberto Garza Sada before a Notary Public.
Mr. Roberto Garza Sada passed away on 14 August 2010 and
subsequently, in 2012, his daughters filed a complaint against
Santander Mexico alleging it had been negligent in its trustee
role. The lawsuit was dismissed at first instance in April 2017 and
on appeal in 2018. In May 2018, the plaintiffs filed an appeal
(recurso de amparo) before the First Collegiate Court of the
Fourth Circuit based in Nuevo Le\u00f3n, which ruled in favor of the
plaintiffs on 7 May 2021, annulling the 2018 appeal judgment
and condemning Santander Mexico to the petitions claimed,
consisting of the recovery of the amount of 36,700,000 Alfa
shares, together with dividends, interest and damages.
Since 2021, Santander Mexico has filed before the Supreme
Court of Justice of the Nation a constitutional review challenge
(recurso de revisi\u00f3n constitucional) against the referred decision
which was initially rejected by the Supreme Court; and several
appeals (recursos de reclamaci\u00f3n) against such rejection. On 25
June 2025, one of the appeals filed by the Bank was accepted,
and this decision was extended to a remaining one, which will
now be resolved. In case that these appeals are resolved
favorably to the Bank, the Supreme Court will decide on the
merits of the constitutional review against the judgment which
condemned the Bank.
In parallel to the foregoing, the Bank also filed an amparo
against the judgment favorable to the plaintiffs rendered by the
First District Court in the State of Nuevo Le\u00f3n before the
Collegiate Courts if such State, and in 2024, the Bank requested
the Supreme Court of Justice of the Nation to take up and resolve
the matter through the faculty of attraction, what is pending.
The challenges and appeals filed by the Bank imply that the
judgment rendered in favour of the plaintiffs is not final, and
Santander M\u00e9xico believes that the actions taken should prevail
and reverse the decision against it. The impact of a potential
unfavorable resolution for Santander M\u00e9xico will be determined
in a subsequent proceeding and will also depend on the
additional actions that Santander M\u00e9xico may take in its defense,
so it is not possible to determine it at this time. At the current
stage of the proceedings, the provisions recorded are considered
sufficient to cover the risks deriving from this claim.
\u2022 Mortgage Expenses: in December 2015 the Spanish Supreme
Court ruled that mortgage clauses relating to the payment of
fees associated to formalizing the mortgage were abusive. On 27
November 2018, the Supreme Court agreed that the taxpayer of
the documented legal acts stamp duty tax (IAJD) on the
mortgage loans should be the borrower. On 9 November 2018,
RDL 17/2018 came into force and modified the Law of the IAJD,
establishing that the taxpayer is the Bank. On 23 January 2019,
the Supreme Court ruled the distribution of the same must be
50% between the Bank and the borrower in public notary
expenses and agency expenses.\u00a0 The Supreme Court also ruled
that the Bank must pay 100% of the Registry. On 26 October
2020, the Supreme Court ruled that the Bank is fully responsible
for the management expenses; and on 27 January 2021, the
Supreme Court ruled that the Bank is also responsible for the
valuation expenses.
In relation to the statute of limitations, on 25 April 2024, two\u00a0
judgments were rendered (cases C-561/21 and C-484/21) in
which the Court of Justice of the European Union (CJEU) stated
that the commencement of the statute of limitations for the
reimbursement action of the mortgage expenses derived from
the annulment of the clause, shall be fixed on the moment when
the consumer has an effective knowledge of the abusive nature
of the clause and its effects and that this date must not be fixed
(a) on the date of payment of such expense nor of the execution
of the agreement; (b) when the Supreme Court has handed down
judgments stating the abusive nature of a clause similar to the
one included in the consumer contract; nor (c) when the CJEU has
handed down judgments confirming that the statute of
limitations for the reimbursement action of the amounts derived
from the annulment of contractual provisions is valid subject to
its compliance with the principles of equivalence and
effectiveness.
The Supreme Court has confirmed this criterion in its 14 June
2024 judgment, establishing that the public dissemination of
case-law declaring the abusive nature of a clause does not
necessarily give rise to the limitation period of the
reimbursement action derived from similar clauses. However,
the 4 July 2024 judgment, rendered in the case C-450/22, the
CJEU has established that it cannot be excluded a priori that, as a
consequence of the occurrence of an objective event or of a
notorious event, such as the amendment of the applicable
legislation or a widely disseminated and debated development of
jurisprudence, the court considers that the average consumer's
overall perception of the floor clause has changed during the
reference period and has enabled him to become aware of the
potentially significant economic consequences arising from such
clause. A further preliminary question concerning the statute of
limitations of the reimbursement action derived from the
annulment of mortgage expenses has been raised before the
CJEU by the First Instance Court No 8 of La Coru\u00f1a.
In December in 2024, the Supreme Court handed down two
additional judgments regarding statute of limitations, in which it
determines that the date to be considered for the purposes of the
application of Directive 93/1994 and, consequently, the statute
of limitations detailed in its previous judgments, is 31 December
1994 (i.e. the date when the deadline for its transposition
ended). This is based on the principle of interpretation in
accordance with directives not transposed (applicable once their
transposition period has expired). The recorded provision
includes the best estimate of Group\u2019s liability for this matter.
Banco Santander and the other Group companies are subject to
claims and, therefore, are party to certain judicial and
administrative proceedings incidental to the normal course of their
business including those in connection with lending activities,
relationships with employees and other commercial or tax matters
additional to those referred to here.
With the information available to it, the Group considers that, at 31
December 2025, it had reliably estimated the obligations
associated with each proceeding and had recognized, where
necessary, sufficient provisions to cover reasonably any liabilities
that may arise as a result of these tax and legal risks. Disputes in
which risk and/or provisions have been registered but are not
disclosed is justified on the basis that it would be prejudicial to the
proper defense of the Group. Subject to the qualifications made, it
also believes that any liability arising from such claims and
proceedings will not have, overall, a material adverse effect on the
Group\u2019s business, financial position, or results of operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1912": { "value": "
26. Other liabilities
The detail of Other liabilities in the consolidated balance sheets is
as follows:
EUR million
2025
2024
2023
Transactions in transit
707
910
767
Accrued expenses and deferred income
9,018
9,003
9,136
Other
6,212
6,431
7,695
15,937
16,344
17,598
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1911": { "value": "
26. Other liabilities
The detail of Other liabilities in the consolidated balance sheets is
as follows:
EUR million
2025
2024
2023
Transactions in transit
707
910
767
Accrued expenses and deferred income
9,018
9,003
9,136
Other
6,212
6,431
7,695
15,937
16,344
17,598
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1914": { "value": "
27. Tax matters
a) Consolidated Tax Group
According to current Spanish regulation, the Tax Consolidated
Group includes Banco Santander, S.A. as the parent company and,
as subsidiaries, those Spanish subsidiaries that meet the
requirements established by the regulations on the taxation of
consolidated groups.
The other Group companies file income tax returns in accordance
with the tax regulations applicable to them.
b) Years open for review by the tax authorities
In relation to the partial scope tax audit of Corporate Income Tax
for fiscal year 2020 and Value Added Tax for fiscal years 2020 to
2022, initiated in April 2024, in December 2025 the Spanish tax
authorities issued a Corporate Income Tax assessment, which has
been appealed before the Central Economic-Administrative Court,
and the VAT assessments were still pending at the close of the
financial year.
The main appeals filed against assessments issued in prior audits
remain pending before the Central Economic-Administrative Court
(Corporate Income Tax and Value Added Tax for fiscal years 2017
to 2019) and before the National Appellate Court (Corporate
Income Tax for fiscal years 2003 to 2015). Banco Santander, S.A.,
as the parent company of the Tax Consolidated Group, considers,
based on the advice of its external legal counsel, that the
adjustments made should not have a significant impact on the
consolidated annual accounts, as there are strong arguments for
defense in the appeals filed against these assessments.
Consequently, no provision has been recognized in this respect.
Furthermore, it should be noted that, in those cases where it was
considered appropriate, the available mechanisms have been used
to avoid international double taxation.
At the date of approval of these consolidated annual accounts,
subsequent years up to and including 2025, are subject to review.
The other entities have the corresponding years open for review,
pursuant to their respective tax regulations.
Due to possible different interpretations which can be made of the
tax regulations, the outcome of the tax audits of the rest of years
subject to review might give rise to contingent tax liabilities which
cannot be objectively quantified. However, the Group\u2019s tax advisers
consider that it is unlikely that such tax liabilities will materialize,
and that in any event the tax charge arising therefrom would not
materially affect the Group\u2019s consolidated financial statements.
c) Reconciliation
The reconciliation of the income tax expense calculated at the tax
rate applicable in Spain ( 30%) to the income tax expense
recognised and the detail of the effective tax rate are as follows:
EUR million
2025
2024
2023
Consolidated profit (loss) before tax:
From continuing operations
18,681
17,347
15,005
From discontinued operations
1,950
1,680
1,454
20,631
19,027
16,459
Income tax at tax rate applicable in
Spain (30%)
6,189
5,708
4,938
By the effect of application of the
various tax rates applicable in each
countryA
(103)
115
(100)
Of which:
Brazil
264
413
198
United Kingdom
(42)
(53)
(51)
United States
(60)
(25)
(28)
Chile
(36)
(33)
(28)
Poland
(224)
(183)
(164)
Effect of profit or loss of associates
and joint ventures
(207)
(213)
(184)
USA electric vehicle leasing
incentives
(203)
(258)
(259)
Global minimum tax Pillar Two
6
14
\u2014
Effect of reassessment of deferred
taxes
(101)
68
\u2014
Permanent differences
and other
(450)
(151)
(119)
Income tax
5,131
5,283
4,276
Effective tax rate
24.87%
27.77%
25.98%
Of which:
Continuing operations
4,723
4,844
3,880
Discontinued operations
(Note 37)
408
439
396
Of which:
Current taxes
5,666
4,855
5,568
Deferred taxes
(535)
428
(1,292)
Income tax (receipts)/payments
4,954
5,880
5,214
A. Calculated by applying the difference between the tax rate applicable in Spain
and the tax rate applicable in each jurisdiction to the profit or loss contributed to
the Group by the entities which operate in each jurisdiction.
d) Tax recognised in equity
In addition to the income tax recognised in the consolidated
income statement, the Group recognised the following amounts in
consolidated equity in 2025, 2024 and 2023:
EUR million
2025
2024
2023
Other comprehensive income
Items not reclassified to profit or loss
115
85
358
Actuarial gains or (-) losses on defined
benefit pension plans
63
172
302
Changes in the fair value of equity
instruments measured at fair value
through other comprehensive income
4
(4)
20
Financial liabilities at fair value with
changes in results attributable to
changes in credit risk
48
(83)
36
Items that may be reclassified to profit
or loss
(440)
54
(919)
Cash flow hedges
(207)
(205)
(732)
Changes in the fair value of debt
instruments through other
comprehensive income
(204)
261
(214)
Hedging instruments (items not
designated)
3
\u2014
\u2014
Non-current assets held for sale
(32)
\u2014
\u2014
Other recognised income and expense
of investments in subsidiaries, joint
ventures and associates
\u2014
(2)
27
Total
(325)
139
(561)
e) Deferred taxes
'Tax assets' in the consolidated balance sheets includes debit
balances with the Public Treasury relating to deferred tax assets.
'Tax liabilities' includes the liability for the Group\u2019s various deferred
tax liabilities.
In accordance with EU Regulation 575/2013 on prudential
requirements for credit institutions and investment firms (CRR),
and subsequently amended by EU Regulation 2019/876 of the
European Parliament and of the Council, those deferred tax assets
that do not rely on future profitability arising from temporary
differences (referred to hereinafter as 'monetizable deferred tax
assets\u2019), meeting certain conditions, should not be deducted from
regulatory capital and should not be risk-weighted at 250%
according to the thresholds set out in Article 48 of the said
Regulation, but shall apply a risk weight of 100% under Article 39.
The detail of deferred tax assets, by classification as monetizable
or non-monetizable assets, and of deferred tax liabilities at 31
December 2025 , 2024 and 2023 is as follows:
EUR million
2025
2024
2023
MonetizableA
Other
MonetizableA
Other
MonetizableA
Other
Tax assets
10,725
8,219
10,309
8,861
11,099
9,668
Tax losses and tax credits
\u2014
2,354
\u2014
2,367
\u2014
2,393
Temporary differences
10,725
5,865
10,309
6,494
11,099
7,275
Of which:
Non-deductible provisions
\u2014
1,970
\u2014
1,784
\u2014
1,965
Valuation of financial instruments
\u2014
810
\u2014
1,486
\u2014
1,543
Loan losses
8,471
1,341
7,880
1,103
8,248
1,577
Pensions
2,254
426
2,429
423
2,851
665
Valuation of tangible and intangible
assets
\u2014
832
\u2014
885
\u2014
1,060
Tax liabilities
\u2014
5,904
\u2014
6,276
\u2014
6,086
Temporary differences
\u2014
5,904
\u2014
6,276
\u2014
6,086
Of which:
Valuation of financial instruments
\u2014
1,980
\u2014
2,412
\u2014
2,059
Valuation of tangible and intangible
assets
\u2014
2,714
\u2014
2,797
\u2014
2,594
Investments in Group companies
\u2014
427
\u2014
403
\u2014
378
A. In 2023, the Spanish Economic Administrative Court ruled that in 2017 the requirements for the conversion of part of the monetizable assets of Popular Group into a
credit against the Tax Administration were met, allowing the conversion to EUR 995\u00a0million. Banco Santander was refunded without impact on results. The favourable
Economic Administrative Court decision was declared harmful to the public interests and challenged at the National Appellate Court by the Tax Administration. The
estimation of this appeal, which is pending at the National Appellate Court,\u00a0 would imply that Grupo Santander should repay the amount refunded and would, once again,
credit these monetizable assets with no impact on results except for late payment interests. However, it is considered that there are strong defense arguments in relation
to this appeal.
Grupo Santander only recognises deferred tax assets for temporary
differences or tax loss and tax credit carryforwards where it is
considered probable that consolidated entities that generated
them will have sufficient future taxable profits against which they
can be utilised.
The deferred tax assets and liabilities are reassessed at the
reporting date in order to ascertain whether any adjustments need
to be made on the basis of the findings of the analyses performed.
These analyses take into consideration all evidence, both positive
and negative, of the recoverability of such deferred tax assets,
among which we can find, (i) the results generated by the different
entities in previous years, (ii) the projections of results of each
entity or fiscal group, (iii) the estimation of the reversal of the
different temporary differences according to their nature and (iv)
the period and limits established under the applicable legislation of
each country for the recovery of the different deferred tax assets,
thus concluding on the ability of each entity or fiscal group to
recover the deferred tax assets registered.
The projections of results used in this analysis are based on the
financial planning approved by both the local directions of the
corresponding units and by the Group's directors. The Group's
budget estimation process is common for all units. The Group's
management prepares its financial planning based on the
following key assumptions:\u00a0
a) Microeconomic variables of the entities that make up the fiscal
group in each location: the existing balance structure, the mix of
products offered and the commercial strategy at each moment
defined by local directions are taken into account, based on the
competition, regulatory and market environment.
b) Macroeconomic variables: estimated growths are based on the
evolution of the economic environment considering the
expected evolution in the gross domestic product of each
location, and the forecasts of interest rates, inflation and
exchange rates fluctuations. These data are provided by the
Group\u2019s Studies Service.
Additionally, the Group performs retrospective contrasts
(backtesting) on the variables projected in the past. The differential
behaviour of these variables with respect to the real market data is
considered in the projections estimated in each fiscal year. Thus,
and in relation to Spain, the deviations identified by the Directors in
recent past years are due to a combination of exogenous factors,
mainly the changing impact of the macroeconomic environment
and competition, and management actions, such as the
acceleration of restructuring plans, investment in digitalisation,
and the optimisation of capital and shareholder returns.
Finally, and given the degree of uncertainty of these assumptions
on the referred variables, the Group conducts a sensitivity analysis
of the most significant assumptions considered in the deferred tax
assets\u2019 recoverability analysis, considering any reasonable change
in the key assumptions on which the projections of results of each
entity or fiscal group and the estimation of the reversal of the
different temporary differences are based.
In relation to Spain, the sensitivity analysis has consisted of making
reasonable changes to the key assumptions, including adjusting 50
basis points for growth (gross domestic product) and adjusting 50
basis points for inflation.
Relevant information is set forth below for the main countries
which have recognised deferred tax assets:
Spain
The deferred tax assets recognised at the Consolidated Tax Group
total EUR 7,183 million, of which EUR 5,069\u00a0million were for
monetizable temporary differences with the right to conversion
into a credit against the tax administration as explained before,
EUR 1,433\u00a0million for other temporary differences and EUR
681\u00a0million for tax losses and credits.
Brazil
The deferred tax assets recognised in Brazil total EUR 7,465, of
which EUR 5,606\u00a0million were for monetizable temporary
differences, EUR 1,150 for other temporary differences and EUR
709 for tax losses and credits.
Mexico
The deferred tax assets recognized in Mexico total EUR 1,542, of
which EUR 1,511 were for temporary differences and EUR 31 for
tax losses and credits.
United States
The deferred tax assets recognised in the United States total EUR
1,026, of which EUR 253 were for temporary differences and EUR
773 for tax losses and credits.
The Group estimates that the recognised deferred tax assets for
temporary differences, tax losses and credits in the different
jurisdictions could be recovered in a maximum period of 15 years.
The changes in Tax assets\u00a0- Deferred and Tax liabilities\u00a0- Deferred
in the last three\u00a0years were as follows:
EUR million
Balance at 1
January 2025
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit
to asset and
liability valuation
adjustments
Reclassificat
ion no-
current
asset held
for sale
Acquisition
for the year
(net)
Balance at 31
December
2025
Deferred tax assets
19,170
1,107
(102)
(132)
(1,130)
31
18,944
Tax losses and tax credits
2,367
82
(107)
\u2014
\u2014
12
2,354
Temporary differences
16,803
1,025
5
(132)
(1,130)
19
16,590
Of which monetizable
10,309
455
(39)
\u2014
\u2014
10,725
Deferred tax liabilities
(6,276)
(572)
108
(232)
1,064
\u2014
(5,904)
Temporary differences
(6,276)
(572)
108
(232)
1,064
4
(5,904)
12,894
535
6
(364)
(66)
31
13,040
EUR million
Balance at 1
January 2024
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit
to asset and
liability valuation
adjustments
Acquisition
for the year
(net)
Balance at 31
December
2024
Deferred tax assets
20,767
119
(1,670)
(41)
(5)
19,170
Tax losses and tax credits
2,393
114
(139)
\u2014
(1)
2,367
Temporary differences
18,374
5
(1,531)
(41)
(4)
16,803
Of which monetizable
11,099
147
(937)
\u2014
\u2014
10,309
Deferred tax liabilities
(6,086)
(547)
142
215
\u2014
(6,276)
Temporary differences
(6,086)
(547)
142
215
\u2014
(6,276)
14,681
(428)
(1,528)
174
(5)
12,894
EUR million
Balance at 1
January 2023
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit to
asset and liability
valuation
adjustments
Acquisition
for the year
(net)
Balance at 31
December
2023
Deferred tax assets
20,787
629
(130)
(422)
(97)
20,767
Tax losses and tax credits
1,778
392
224
\u2014
(1)
2,393
Temporary differences
19,009
237
(354)
(422)
(96)
18,374
Of which monetizable
10,660
1,232
(787)
\u2014
(6)
11,099
Deferred tax liabilities
(6,428)
663
3
(338)
14
(6,086)
Temporary differences
(6,428)
663
3
(338)
14
(6,086)
14,359
1,292
(127)
(760)
(83)
14,681
Also, the Group did not recognise deferred tax assets amounting to
approximately EUR 11,240\u00a0million\u00a0 of which EUR 6,420\u00a0million
relate to tax losses, EUR 3,430\u00a0million to tax credits, and EUR
1,390\u00a0million to other concepts.
f) Global Minimum Tax Pillar Two
The Global Minimum Tax Model Rules, known as Pillar Two and
approved in 2021 by the OECD Inclusive Framework, require
multinational groups with revenues exceeding EUR 750 million to
be subject to a minimum tax rate of 15% on adjusted accounting
profit, calculated on a jurisdiction-by-jurisdiction basis. The OECD
has complemented these rules through the approval of
administrative guidance and a document on transitional safe
harbours applicable to fiscal years 2024 to 2026. In January 2026,
the application of the transitional safe harbours was extended for
an additional year, and new permanent safe harbours were
approved with the aim of simplifying the application of the Model
Rules and implementing the 'side-by-side agreement' reached in
June 2025 within the G7, which will apply from 2026 to
multinational groups with a U.S. parent company.
In the European Union, in December 2022, the Council approved
Directive (EU) 2022/2523 on ensuring a global minimum level of
taxation for multinational enterprise groups and large scale
domestic groups in the Union, setting 1 January 2024 as the entry-
into-force date of the new minimum taxation. The Directive
implements the OECD Inclusive Framework Pillar Two rules within
the European Union, while also extending their application to large
domestic groups.
In Spain, on 20 December 2024, Law 7/2024 was approved,
establishing a Supplementary Tax to ensure a global minimum
level of taxation for multinational groups and large domestic
groups, effective as from 1 January 2024. This Law transposes
Directive (EU) 2022/2523 and also establishes a domestic
supplementary tax aligned with the Pillar Two rules. In April 2025,
Royal Decree 252/2025 was published, approving the
implementing regulations of the Law.
With regard to other jurisdictions, the rules on the new global
minimum tax are already in force in most of the main geographies
in which the Group operates, with the exception of Mexico, Chile,
and Argentina.
The Pillar Two rules require calculating, in each jurisdiction in
which the Group operates, the effective tax rate resulting from
comparing income tax expense with accounting profit, both subject
to certain adjustments. If, in a given jurisdiction, this rate is below
15%, Banco Santander, as the ultimate parent entity, must pay the
difference to the Spanish tax authorities as a supplementary tax,
unless a domestic supplementary tax aligned with the Pillar Two
rules (a qualified domestic tax) has been approved in that
jurisdiction, in which case the amount will be paid to the local tax
authorities.
Both Banco Santander, S.A., as the ultimate parent entity, and the
subsidiaries resident in jurisdictions where a qualified domestic tax
has been approved, have estimated the supplementary taxes
accrued, taking into account the application of the transitional safe
harbours in fiscal years 2024 and 2025.
These safe harbours mean that the supplementary tax, whether at
the level of the parent entity or in jurisdictions that have adopted a
qualified domestic tax, is not payable provided that any of the
following conditions are met: (i) the effective tax rate calculated
based on country-by-country reporting data exceeds 15% in 2024
and 16% in 2025; (ii) the Group\u2019s presence in a jurisdiction is not
significant if below EUR 10 million and profit before tax is below
EUR 1 million; or (iii) profit before tax is lower than the amount
resulting from the sum of tangible fixed assets and employee
expenses adjusted by a certain percentage that varies annually.
This supplementary tax expense recognized by the Group has not
been significant, as the effective tax rates calculated in accordance
with the Pillar Two rules in most of the jurisdictions in which the
Group operates are above 15%. Nevertheless, the new regulations
require the provision of a large amount of information to the tax
authorities in the jurisdictions where the Group is present, broken
down on an entity-by-entity basis, which involves a significant
administrative burden.
g) Tax reforms
In 2025 and prior years, the following significant tax reforms were
approved:
In Spain, in 2022, Law 38/2022 was approved, establishing a
temporary levy payable by credit institutions and financial credit
institutions in fiscal years 2023 and 2024. The levy amounted to
4.8% of the sum of net interest income and net fees and
commissions from the activity carried out in Spain in the previous
year. The payment obligation arose on the first day of each fiscal
year. The expense recognized for this temporary levy amounted to
EUR 224\u00a0million in 2023 and EUR 334\u00a0million in 2024. However,
the tax authorities have audited both years and consider that an
additional amount is payable due to differences in the criteria
applied in determining the taxable base, which are currently being
discussed by the Bank. Furthermore, the Law established, for 2023,
a 50% limitation on the inclusion of individual tax losses in the
taxable base of the Tax Consolidated Group, setting a 10-year
period for the reversal of this positive adjustment.
On 20 December 2024, Law 7/2024 was approved, which, among
other tax measures, introduced a tax on the net interest margin
and commissions earned in Spanish territory by certain financial
institutions, with accrual on 1 January of fiscal years 2025, 2026
and 2027. The taxable base, with certain changes compared to that
of the temporary levy, is now calculated on an individual basis for
each financial institution, and the tax liability is determined in
accordance with a progressive rate scale ranging from 1% to 7%,
after applying certain deductions. On 24 December 2024, Royal
Decree-Law 9/2024 was published in the Official State Gazette,
amending certain technical aspects of the tax and postponing its
accrual to 31 January of those fiscal years. This Royal Decree-Law
was abolished on 22 January 2025 and, therefore, no expense was
recognized for the new tax in respect of 2024 income in accordance
with the legislation in force at that time (EUR 392\u00a0million were paid
during the year). In 2025, the expense corresponding to income
accrued during the financial year, recognised as income tax,
amounts to \u20ac353\u00a0million and will be paid in 2026. The Group
considers that both the temporary levy and the tax on net interest
margin and fees and commissions are contrary to the Spanish and
European Union constitutional and legal principles and has
therefore disputed the corresponding self-assessments, requesting
a refund of the amounts paid.
Additionally, the aforementioned Law 7/2024 once again
establishes, for fiscal years 2024 and 2025, a 50% limitation on the
inclusion of individual tax losses in the taxable base of the Tax
Consolidated Group, setting a 10-year period for the reversal of
this positive adjustment. Likewise, this Law reintroduces the limits
provided for in Royal Decree-Law 3/2016\u2014which was declared
unconstitutional by the Constitutional Court ruling of 18 January
2024\u2014on the utilization of monetizable deferred tax assets and
the offsetting of tax losses (with the limit reduced from 70% to
25%), as well as on the application of deductions to avoid double
taxation (50%), and also reinstates the mandatory reversal of
impairments on shareholdings that were deductible in prior years
by third parties, regardless of any recovery in the value of the
investees.
In Brazil, Law 14,467 enacted in 2022 with effect from 2025,
amends the rules on the tax deductibility of credit provisions in
financial institutions, bringing those rules closer to the accounting
recognition criterion. In 2024, Law 15,078 was published, allowing
the recovery of the accumulated balance of provisions of
nondeductible loans at the end of 2024 within a seven-year period
(with the option to extend to ten years) from January 2026.
In 2025, several Legislative Decrees and decisions of the Federal
Supreme Court were published concerning the Financial
Transactions Tax (IOF), amending the applicable rules and setting
new rates for its various categories: (i) IOF Credit (local loans to
legal entities increased from 1.88% to a maximum of 3.37% per
annum); (ii) IOF Insurance (a 5% rate was introduced on the excess
of certain contributions to life insurance policies); and (iii) IOF
Foreign Exchange (payments for the import of services and
royalties paid abroad rose from 0.38% to 3.5%).
In December 2023, Congress approved Constitutional Amendment
132/2023 on indirect taxation reform, initiating the legislative
development process, which culminated in the enactment of
Supplementary Laws 214/2025 in January 2025 and 227/2026 in
January 2026. This reform replaces the various existing indirect
taxes in Brazil, -applicable at the federal, regional and municipal
levels-, with two taxes administered at federal level (contribution
on goods and services and selective tax) and other administered at
regional and municipal levels (tax on goods and services). The new
system will be gradually implemented over a transitional period of
8 years (from 2026 to 2033).
In 2024, Law No. 14.973/2024 partially extended, until 31
December 2027, an optional social contribution regime for
employees applicable to certain sectors of activity, allowing such
contributions to be calculated as a percentage of gross income
(ranging from 1% to 4.5%, depending on the sector), rather than
under the general regime, which applies a 20% rate to employee
payroll.
In November 2025, Law No. 15.270 was published which, among
other measures, introduced a 10% withholding tax on ordinary
dividends paid abroad as from 1 January 2026.
In December 2025, Supplementary Law No. 224 was enacted,
which, among other measures: (i) increased the withholding tax on
Interest on equity (juros sobre o capital pr\u00f3prio) from 15% to
17.5%; (ii) raised the CSLL rate applicable to non-bank financial
institutions as from 1 April 2026 on a gradual basis: payment
institutions to 12% in 2026 and 2027, and 15% as from 2028; and
credit, financing and capitalisation companies to 17.5% in 2026
and 2027, and 20% as from 2028 (the rate for banks remains at
20% and for other financial institutions at 15%), and (iii) introduced
an automatic 10% reduction in the amount of certain federal tax
incentives as from 2026.
In Argentina, as from 23 December 2024, Tax for an Inclusive and
Solidarity Argentina (PAIS), which imposed certain foreign currency
purchasing operations in order to make payments abroad, has been
eliminated. Likewise, General Resolution (AFIP) No. 5,554 repeals,
with effect from 1 September 2024, the obligation to withhold VAT
and income tax on electronic payments.
In Chile, Law 27,713 on Tax Compliance Obligations was published
in October 2024, amending, among other instruments, the Tax
Code, the Income Tax Law and the Value Added Tax Law.
Additionally, in July 2024, Law No. 21,681 was published, which,
among other measures, introduced a new Substitute Tax of Final
Tax, allowing the distribution of taxable profits at a fixed rate of
12% until 31 January 2025, thereby reducing the fiscal cost of such
distributions.
In Mexico, the Federal Revenue Law for Fiscal Year 2026 was
published in November 2025, limiting the deductibility of
contributions paid to the Institute for the Protection of Bank
Savings (IPAB) to 25% of their amount and amending the tax
treatment of loan loss provisions, bringing them into line with the
regime applicable to other entities.
In the United States, Law 119-21 ('One, Big, Beautiful Bill Act') was
passed in July 2025, introducing significant regulatory changes.
Notable among these are the repeal of tax credits linked to electric
vehicles as from 1 October 2025 (while preserving those already
generated), the elimination of the obligation to capitalise and
amortise the costs of in-house software development (which will
now be deductible), and the reintroduction of accelerated tax
depreciation for investments in certain tangible assets.
In Portugal, a gradual reduction of the corporate income tax rate
has been approved, falling from 20% in 2025 to 19% in 2026, 18%
in 2027 and 17% in 2028 and subsequent years. Including the
municipal surtax of up to 1.5% and the state surtax of up to 9%,
this results in an aggregate combined rate of 30.50%, 29.50%,
28.50% and 27.50%, respectively.
In Poland, one of the most significant changes to the tax
framework is the increase in the corporate income tax rate for
banks, from 19% to 30% in 2026, followed by a reduction to 26%
in 2027 and 23% in 2028 and subsequent years.
In Germany, the Tax Investment Programme to Strengthen
Germany\u2019s Economic Base was passed in July. It provides for a
gradual annual one-percentage-point reduction in the corporate
income tax rate from 2028, falling from the current 15% to 10% by
2032. In Germany, the combined corporate income tax and
municipal trade tax rate\u2014which also applies to business profits\u2014is
currently 32.45% and will decrease to 27.18% by 2032.
h) Other information
In compliance with the disclosure requirement established in the
listing rules\u00a0instrument 2005 published by the UK Financial
Conduct Authority, it is hereby stated that shareholders of the Bank
resident in the United Kingdom will be entitled to a tax credit for
taxes paid abroad in respect of withholdings that the Bank has to
pay on the dividends to be paid to such shareholders if the total
income of the dividend exceeds the amount of exempt dividends of
GBP 500 for the year 2025/26 (GBP 500 for the year 2024/25). The
shareholders of the Bank resident in the United Kingdom who hold
their ownership interest in the Bank through Santander Nominee
Service will be informed directly of the amount thus withheld and
of any other data they may require to complete their tax returns in
the United Kingdom. The other shareholders of the Bank resident in
the United Kingdom should contact their bank or securities broker.
Banco Santander, S.A., is part of the Large Business Forum and has
adhered since 2010 to the Code of Good Tax Practices in Spain.
Also Santander UK is a member of the HMRC\u2019s (His Majesty's
Revenue and Customs) Code of Practice on Taxation in the United
Kingdom and Santander Portugal has adhered to the Code of Good
Tax Practices in Portugal, actively participating in the cooperative
compliance programs being developed by these Tax
Administrations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1913": { "value": "
27. Tax matters
a) Consolidated Tax Group
According to current Spanish regulation, the Tax Consolidated
Group includes Banco Santander, S.A. as the parent company and,
as subsidiaries, those Spanish subsidiaries that meet the
requirements established by the regulations on the taxation of
consolidated groups.
The other Group companies file income tax returns in accordance
with the tax regulations applicable to them.
b) Years open for review by the tax authorities
In relation to the partial scope tax audit of Corporate Income Tax
for fiscal year 2020 and Value Added Tax for fiscal years 2020 to
2022, initiated in April 2024, in December 2025 the Spanish tax
authorities issued a Corporate Income Tax assessment, which has
been appealed before the Central Economic-Administrative Court,
and the VAT assessments were still pending at the close of the
financial year.
The main appeals filed against assessments issued in prior audits
remain pending before the Central Economic-Administrative Court
(Corporate Income Tax and Value Added Tax for fiscal years 2017
to 2019) and before the National Appellate Court (Corporate
Income Tax for fiscal years 2003 to 2015). Banco Santander, S.A.,
as the parent company of the Tax Consolidated Group, considers,
based on the advice of its external legal counsel, that the
adjustments made should not have a significant impact on the
consolidated annual accounts, as there are strong arguments for
defense in the appeals filed against these assessments.
Consequently, no provision has been recognized in this respect.
Furthermore, it should be noted that, in those cases where it was
considered appropriate, the available mechanisms have been used
to avoid international double taxation.
At the date of approval of these consolidated annual accounts,
subsequent years up to and including 2025, are subject to review.
The other entities have the corresponding years open for review,
pursuant to their respective tax regulations.
Due to possible different interpretations which can be made of the
tax regulations, the outcome of the tax audits of the rest of years
subject to review might give rise to contingent tax liabilities which
cannot be objectively quantified. However, the Group\u2019s tax advisers
consider that it is unlikely that such tax liabilities will materialize,
and that in any event the tax charge arising therefrom would not
materially affect the Group\u2019s consolidated financial statements.
c) Reconciliation
The reconciliation of the income tax expense calculated at the tax
rate applicable in Spain ( 30%) to the income tax expense
recognised and the detail of the effective tax rate are as follows:
EUR million
2025
2024
2023
Consolidated profit (loss) before tax:
From continuing operations
18,681
17,347
15,005
From discontinued operations
1,950
1,680
1,454
20,631
19,027
16,459
Income tax at tax rate applicable in
Spain (30%)
6,189
5,708
4,938
By the effect of application of the
various tax rates applicable in each
countryA
(103)
115
(100)
Of which:
Brazil
264
413
198
United Kingdom
(42)
(53)
(51)
United States
(60)
(25)
(28)
Chile
(36)
(33)
(28)
Poland
(224)
(183)
(164)
Effect of profit or loss of associates
and joint ventures
(207)
(213)
(184)
USA electric vehicle leasing
incentives
(203)
(258)
(259)
Global minimum tax Pillar Two
6
14
\u2014
Effect of reassessment of deferred
taxes
(101)
68
\u2014
Permanent differences
and other
(450)
(151)
(119)
Income tax
5,131
5,283
4,276
Effective tax rate
24.87%
27.77%
25.98%
Of which:
Continuing operations
4,723
4,844
3,880
Discontinued operations
(Note 37)
408
439
396
Of which:
Current taxes
5,666
4,855
5,568
Deferred taxes
(535)
428
(1,292)
Income tax (receipts)/payments
4,954
5,880
5,214
A. Calculated by applying the difference between the tax rate applicable in Spain
and the tax rate applicable in each jurisdiction to the profit or loss contributed to
the Group by the entities which operate in each jurisdiction.
d) Tax recognised in equity
In addition to the income tax recognised in the consolidated
income statement, the Group recognised the following amounts in
consolidated equity in 2025, 2024 and 2023:
EUR million
2025
2024
2023
Other comprehensive income
Items not reclassified to profit or loss
115
85
358
Actuarial gains or (-) losses on defined
benefit pension plans
63
172
302
Changes in the fair value of equity
instruments measured at fair value
through other comprehensive income
4
(4)
20
Financial liabilities at fair value with
changes in results attributable to
changes in credit risk
48
(83)
36
Items that may be reclassified to profit
or loss
(440)
54
(919)
Cash flow hedges
(207)
(205)
(732)
Changes in the fair value of debt
instruments through other
comprehensive income
(204)
261
(214)
Hedging instruments (items not
designated)
3
\u2014
\u2014
Non-current assets held for sale
(32)
\u2014
\u2014
Other recognised income and expense
of investments in subsidiaries, joint
ventures and associates
\u2014
(2)
27
Total
(325)
139
(561)
e) Deferred taxes
'Tax assets' in the consolidated balance sheets includes debit
balances with the Public Treasury relating to deferred tax assets.
'Tax liabilities' includes the liability for the Group\u2019s various deferred
tax liabilities.
In accordance with EU Regulation 575/2013 on prudential
requirements for credit institutions and investment firms (CRR),
and subsequently amended by EU Regulation 2019/876 of the
European Parliament and of the Council, those deferred tax assets
that do not rely on future profitability arising from temporary
differences (referred to hereinafter as 'monetizable deferred tax
assets\u2019), meeting certain conditions, should not be deducted from
regulatory capital and should not be risk-weighted at 250%
according to the thresholds set out in Article 48 of the said
Regulation, but shall apply a risk weight of 100% under Article 39.
The detail of deferred tax assets, by classification as monetizable
or non-monetizable assets, and of deferred tax liabilities at 31
December 2025 , 2024 and 2023 is as follows:
EUR million
2025
2024
2023
MonetizableA
Other
MonetizableA
Other
MonetizableA
Other
Tax assets
10,725
8,219
10,309
8,861
11,099
9,668
Tax losses and tax credits
\u2014
2,354
\u2014
2,367
\u2014
2,393
Temporary differences
10,725
5,865
10,309
6,494
11,099
7,275
Of which:
Non-deductible provisions
\u2014
1,970
\u2014
1,784
\u2014
1,965
Valuation of financial instruments
\u2014
810
\u2014
1,486
\u2014
1,543
Loan losses
8,471
1,341
7,880
1,103
8,248
1,577
Pensions
2,254
426
2,429
423
2,851
665
Valuation of tangible and intangible
assets
\u2014
832
\u2014
885
\u2014
1,060
Tax liabilities
\u2014
5,904
\u2014
6,276
\u2014
6,086
Temporary differences
\u2014
5,904
\u2014
6,276
\u2014
6,086
Of which:
Valuation of financial instruments
\u2014
1,980
\u2014
2,412
\u2014
2,059
Valuation of tangible and intangible
assets
\u2014
2,714
\u2014
2,797
\u2014
2,594
Investments in Group companies
\u2014
427
\u2014
403
\u2014
378
A. In 2023, the Spanish Economic Administrative Court ruled that in 2017 the requirements for the conversion of part of the monetizable assets of Popular Group into a
credit against the Tax Administration were met, allowing the conversion to EUR 995\u00a0million. Banco Santander was refunded without impact on results. The favourable
Economic Administrative Court decision was declared harmful to the public interests and challenged at the National Appellate Court by the Tax Administration. The
estimation of this appeal, which is pending at the National Appellate Court,\u00a0 would imply that Grupo Santander should repay the amount refunded and would, once again,
credit these monetizable assets with no impact on results except for late payment interests. However, it is considered that there are strong defense arguments in relation
to this appeal.
Grupo Santander only recognises deferred tax assets for temporary
differences or tax loss and tax credit carryforwards where it is
considered probable that consolidated entities that generated
them will have sufficient future taxable profits against which they
can be utilised.
The deferred tax assets and liabilities are reassessed at the
reporting date in order to ascertain whether any adjustments need
to be made on the basis of the findings of the analyses performed.
These analyses take into consideration all evidence, both positive
and negative, of the recoverability of such deferred tax assets,
among which we can find, (i) the results generated by the different
entities in previous years, (ii) the projections of results of each
entity or fiscal group, (iii) the estimation of the reversal of the
different temporary differences according to their nature and (iv)
the period and limits established under the applicable legislation of
each country for the recovery of the different deferred tax assets,
thus concluding on the ability of each entity or fiscal group to
recover the deferred tax assets registered.
The projections of results used in this analysis are based on the
financial planning approved by both the local directions of the
corresponding units and by the Group's directors. The Group's
budget estimation process is common for all units. The Group's
management prepares its financial planning based on the
following key assumptions:\u00a0
a) Microeconomic variables of the entities that make up the fiscal
group in each location: the existing balance structure, the mix of
products offered and the commercial strategy at each moment
defined by local directions are taken into account, based on the
competition, regulatory and market environment.
b) Macroeconomic variables: estimated growths are based on the
evolution of the economic environment considering the
expected evolution in the gross domestic product of each
location, and the forecasts of interest rates, inflation and
exchange rates fluctuations. These data are provided by the
Group\u2019s Studies Service.
Additionally, the Group performs retrospective contrasts
(backtesting) on the variables projected in the past. The differential
behaviour of these variables with respect to the real market data is
considered in the projections estimated in each fiscal year. Thus,
and in relation to Spain, the deviations identified by the Directors in
recent past years are due to a combination of exogenous factors,
mainly the changing impact of the macroeconomic environment
and competition, and management actions, such as the
acceleration of restructuring plans, investment in digitalisation,
and the optimisation of capital and shareholder returns.
Finally, and given the degree of uncertainty of these assumptions
on the referred variables, the Group conducts a sensitivity analysis
of the most significant assumptions considered in the deferred tax
assets\u2019 recoverability analysis, considering any reasonable change
in the key assumptions on which the projections of results of each
entity or fiscal group and the estimation of the reversal of the
different temporary differences are based.
In relation to Spain, the sensitivity analysis has consisted of making
reasonable changes to the key assumptions, including adjusting 50
basis points for growth (gross domestic product) and adjusting 50
basis points for inflation.
Relevant information is set forth below for the main countries
which have recognised deferred tax assets:
Spain
The deferred tax assets recognised at the Consolidated Tax Group
total EUR 7,183 million, of which EUR 5,069\u00a0million were for
monetizable temporary differences with the right to conversion
into a credit against the tax administration as explained before,
EUR 1,433\u00a0million for other temporary differences and EUR
681\u00a0million for tax losses and credits.
Brazil
The deferred tax assets recognised in Brazil total EUR 7,465, of
which EUR 5,606\u00a0million were for monetizable temporary
differences, EUR 1,150 for other temporary differences and EUR
709 for tax losses and credits.
Mexico
The deferred tax assets recognized in Mexico total EUR 1,542, of
which EUR 1,511 were for temporary differences and EUR 31 for
tax losses and credits.
United States
The deferred tax assets recognised in the United States total EUR
1,026, of which EUR 253 were for temporary differences and EUR
773 for tax losses and credits.
The Group estimates that the recognised deferred tax assets for
temporary differences, tax losses and credits in the different
jurisdictions could be recovered in a maximum period of 15 years.
The changes in Tax assets\u00a0- Deferred and Tax liabilities\u00a0- Deferred
in the last three\u00a0years were as follows:
EUR million
Balance at 1
January 2025
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit
to asset and
liability valuation
adjustments
Reclassificat
ion no-
current
asset held
for sale
Acquisition
for the year
(net)
Balance at 31
December
2025
Deferred tax assets
19,170
1,107
(102)
(132)
(1,130)
31
18,944
Tax losses and tax credits
2,367
82
(107)
\u2014
\u2014
12
2,354
Temporary differences
16,803
1,025
5
(132)
(1,130)
19
16,590
Of which monetizable
10,309
455
(39)
\u2014
\u2014
10,725
Deferred tax liabilities
(6,276)
(572)
108
(232)
1,064
\u2014
(5,904)
Temporary differences
(6,276)
(572)
108
(232)
1,064
4
(5,904)
12,894
535
6
(364)
(66)
31
13,040
EUR million
Balance at 1
January 2024
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit
to asset and
liability valuation
adjustments
Acquisition
for the year
(net)
Balance at 31
December
2024
Deferred tax assets
20,767
119
(1,670)
(41)
(5)
19,170
Tax losses and tax credits
2,393
114
(139)
\u2014
(1)
2,367
Temporary differences
18,374
5
(1,531)
(41)
(4)
16,803
Of which monetizable
11,099
147
(937)
\u2014
\u2014
10,309
Deferred tax liabilities
(6,086)
(547)
142
215
\u2014
(6,276)
Temporary differences
(6,086)
(547)
142
215
\u2014
(6,276)
14,681
(428)
(1,528)
174
(5)
12,894
EUR million
Balance at 1
January 2023
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit to
asset and liability
valuation
adjustments
Acquisition
for the year
(net)
Balance at 31
December
2023
Deferred tax assets
20,787
629
(130)
(422)
(97)
20,767
Tax losses and tax credits
1,778
392
224
\u2014
(1)
2,393
Temporary differences
19,009
237
(354)
(422)
(96)
18,374
Of which monetizable
10,660
1,232
(787)
\u2014
(6)
11,099
Deferred tax liabilities
(6,428)
663
3
(338)
14
(6,086)
Temporary differences
(6,428)
663
3
(338)
14
(6,086)
14,359
1,292
(127)
(760)
(83)
14,681
Also, the Group did not recognise deferred tax assets amounting to
approximately EUR 11,240\u00a0million\u00a0 of which EUR 6,420\u00a0million
relate to tax losses, EUR 3,430\u00a0million to tax credits, and EUR
1,390\u00a0million to other concepts.
f) Global Minimum Tax Pillar Two
The Global Minimum Tax Model Rules, known as Pillar Two and
approved in 2021 by the OECD Inclusive Framework, require
multinational groups with revenues exceeding EUR 750 million to
be subject to a minimum tax rate of 15% on adjusted accounting
profit, calculated on a jurisdiction-by-jurisdiction basis. The OECD
has complemented these rules through the approval of
administrative guidance and a document on transitional safe
harbours applicable to fiscal years 2024 to 2026. In January 2026,
the application of the transitional safe harbours was extended for
an additional year, and new permanent safe harbours were
approved with the aim of simplifying the application of the Model
Rules and implementing the 'side-by-side agreement' reached in
June 2025 within the G7, which will apply from 2026 to
multinational groups with a U.S. parent company.
In the European Union, in December 2022, the Council approved
Directive (EU) 2022/2523 on ensuring a global minimum level of
taxation for multinational enterprise groups and large scale
domestic groups in the Union, setting 1 January 2024 as the entry-
into-force date of the new minimum taxation. The Directive
implements the OECD Inclusive Framework Pillar Two rules within
the European Union, while also extending their application to large
domestic groups.
In Spain, on 20 December 2024, Law 7/2024 was approved,
establishing a Supplementary Tax to ensure a global minimum
level of taxation for multinational groups and large domestic
groups, effective as from 1 January 2024. This Law transposes
Directive (EU) 2022/2523 and also establishes a domestic
supplementary tax aligned with the Pillar Two rules. In April 2025,
Royal Decree 252/2025 was published, approving the
implementing regulations of the Law.
With regard to other jurisdictions, the rules on the new global
minimum tax are already in force in most of the main geographies
in which the Group operates, with the exception of Mexico, Chile,
and Argentina.
The Pillar Two rules require calculating, in each jurisdiction in
which the Group operates, the effective tax rate resulting from
comparing income tax expense with accounting profit, both subject
to certain adjustments. If, in a given jurisdiction, this rate is below
15%, Banco Santander, as the ultimate parent entity, must pay the
difference to the Spanish tax authorities as a supplementary tax,
unless a domestic supplementary tax aligned with the Pillar Two
rules (a qualified domestic tax) has been approved in that
jurisdiction, in which case the amount will be paid to the local tax
authorities.
Both Banco Santander, S.A., as the ultimate parent entity, and the
subsidiaries resident in jurisdictions where a qualified domestic tax
has been approved, have estimated the supplementary taxes
accrued, taking into account the application of the transitional safe
harbours in fiscal years 2024 and 2025.
These safe harbours mean that the supplementary tax, whether at
the level of the parent entity or in jurisdictions that have adopted a
qualified domestic tax, is not payable provided that any of the
following conditions are met: (i) the effective tax rate calculated
based on country-by-country reporting data exceeds 15% in 2024
and 16% in 2025; (ii) the Group\u2019s presence in a jurisdiction is not
significant if below EUR 10 million and profit before tax is below
EUR 1 million; or (iii) profit before tax is lower than the amount
resulting from the sum of tangible fixed assets and employee
expenses adjusted by a certain percentage that varies annually.
This supplementary tax expense recognized by the Group has not
been significant, as the effective tax rates calculated in accordance
with the Pillar Two rules in most of the jurisdictions in which the
Group operates are above 15%. Nevertheless, the new regulations
require the provision of a large amount of information to the tax
authorities in the jurisdictions where the Group is present, broken
down on an entity-by-entity basis, which involves a significant
administrative burden.
g) Tax reforms
In 2025 and prior years, the following significant tax reforms were
approved:
In Spain, in 2022, Law 38/2022 was approved, establishing a
temporary levy payable by credit institutions and financial credit
institutions in fiscal years 2023 and 2024. The levy amounted to
4.8% of the sum of net interest income and net fees and
commissions from the activity carried out in Spain in the previous
year. The payment obligation arose on the first day of each fiscal
year. The expense recognized for this temporary levy amounted to
EUR 224\u00a0million in 2023 and EUR 334\u00a0million in 2024. However,
the tax authorities have audited both years and consider that an
additional amount is payable due to differences in the criteria
applied in determining the taxable base, which are currently being
discussed by the Bank. Furthermore, the Law established, for 2023,
a 50% limitation on the inclusion of individual tax losses in the
taxable base of the Tax Consolidated Group, setting a 10-year
period for the reversal of this positive adjustment.
On 20 December 2024, Law 7/2024 was approved, which, among
other tax measures, introduced a tax on the net interest margin
and commissions earned in Spanish territory by certain financial
institutions, with accrual on 1 January of fiscal years 2025, 2026
and 2027. The taxable base, with certain changes compared to that
of the temporary levy, is now calculated on an individual basis for
each financial institution, and the tax liability is determined in
accordance with a progressive rate scale ranging from 1% to 7%,
after applying certain deductions. On 24 December 2024, Royal
Decree-Law 9/2024 was published in the Official State Gazette,
amending certain technical aspects of the tax and postponing its
accrual to 31 January of those fiscal years. This Royal Decree-Law
was abolished on 22 January 2025 and, therefore, no expense was
recognized for the new tax in respect of 2024 income in accordance
with the legislation in force at that time (EUR 392\u00a0million were paid
during the year). In 2025, the expense corresponding to income
accrued during the financial year, recognised as income tax,
amounts to \u20ac353\u00a0million and will be paid in 2026. The Group
considers that both the temporary levy and the tax on net interest
margin and fees and commissions are contrary to the Spanish and
European Union constitutional and legal principles and has
therefore disputed the corresponding self-assessments, requesting
a refund of the amounts paid.
Additionally, the aforementioned Law 7/2024 once again
establishes, for fiscal years 2024 and 2025, a 50% limitation on the
inclusion of individual tax losses in the taxable base of the Tax
Consolidated Group, setting a 10-year period for the reversal of
this positive adjustment. Likewise, this Law reintroduces the limits
provided for in Royal Decree-Law 3/2016\u2014which was declared
unconstitutional by the Constitutional Court ruling of 18 January
2024\u2014on the utilization of monetizable deferred tax assets and
the offsetting of tax losses (with the limit reduced from 70% to
25%), as well as on the application of deductions to avoid double
taxation (50%), and also reinstates the mandatory reversal of
impairments on shareholdings that were deductible in prior years
by third parties, regardless of any recovery in the value of the
investees.
In Brazil, Law 14,467 enacted in 2022 with effect from 2025,
amends the rules on the tax deductibility of credit provisions in
financial institutions, bringing those rules closer to the accounting
recognition criterion. In 2024, Law 15,078 was published, allowing
the recovery of the accumulated balance of provisions of
nondeductible loans at the end of 2024 within a seven-year period
(with the option to extend to ten years) from January 2026.
In 2025, several Legislative Decrees and decisions of the Federal
Supreme Court were published concerning the Financial
Transactions Tax (IOF), amending the applicable rules and setting
new rates for its various categories: (i) IOF Credit (local loans to
legal entities increased from 1.88% to a maximum of 3.37% per
annum); (ii) IOF Insurance (a 5% rate was introduced on the excess
of certain contributions to life insurance policies); and (iii) IOF
Foreign Exchange (payments for the import of services and
royalties paid abroad rose from 0.38% to 3.5%).
In December 2023, Congress approved Constitutional Amendment
132/2023 on indirect taxation reform, initiating the legislative
development process, which culminated in the enactment of
Supplementary Laws 214/2025 in January 2025 and 227/2026 in
January 2026. This reform replaces the various existing indirect
taxes in Brazil, -applicable at the federal, regional and municipal
levels-, with two taxes administered at federal level (contribution
on goods and services and selective tax) and other administered at
regional and municipal levels (tax on goods and services). The new
system will be gradually implemented over a transitional period of
8 years (from 2026 to 2033).
In 2024, Law No. 14.973/2024 partially extended, until 31
December 2027, an optional social contribution regime for
employees applicable to certain sectors of activity, allowing such
contributions to be calculated as a percentage of gross income
(ranging from 1% to 4.5%, depending on the sector), rather than
under the general regime, which applies a 20% rate to employee
payroll.
In November 2025, Law No. 15.270 was published which, among
other measures, introduced a 10% withholding tax on ordinary
dividends paid abroad as from 1 January 2026.
In December 2025, Supplementary Law No. 224 was enacted,
which, among other measures: (i) increased the withholding tax on
Interest on equity (juros sobre o capital pr\u00f3prio) from 15% to
17.5%; (ii) raised the CSLL rate applicable to non-bank financial
institutions as from 1 April 2026 on a gradual basis: payment
institutions to 12% in 2026 and 2027, and 15% as from 2028; and
credit, financing and capitalisation companies to 17.5% in 2026
and 2027, and 20% as from 2028 (the rate for banks remains at
20% and for other financial institutions at 15%), and (iii) introduced
an automatic 10% reduction in the amount of certain federal tax
incentives as from 2026.
In Argentina, as from 23 December 2024, Tax for an Inclusive and
Solidarity Argentina (PAIS), which imposed certain foreign currency
purchasing operations in order to make payments abroad, has been
eliminated. Likewise, General Resolution (AFIP) No. 5,554 repeals,
with effect from 1 September 2024, the obligation to withhold VAT
and income tax on electronic payments.
In Chile, Law 27,713 on Tax Compliance Obligations was published
in October 2024, amending, among other instruments, the Tax
Code, the Income Tax Law and the Value Added Tax Law.
Additionally, in July 2024, Law No. 21,681 was published, which,
among other measures, introduced a new Substitute Tax of Final
Tax, allowing the distribution of taxable profits at a fixed rate of
12% until 31 January 2025, thereby reducing the fiscal cost of such
distributions.
In Mexico, the Federal Revenue Law for Fiscal Year 2026 was
published in November 2025, limiting the deductibility of
contributions paid to the Institute for the Protection of Bank
Savings (IPAB) to 25% of their amount and amending the tax
treatment of loan loss provisions, bringing them into line with the
regime applicable to other entities.
In the United States, Law 119-21 ('One, Big, Beautiful Bill Act') was
passed in July 2025, introducing significant regulatory changes.
Notable among these are the repeal of tax credits linked to electric
vehicles as from 1 October 2025 (while preserving those already
generated), the elimination of the obligation to capitalise and
amortise the costs of in-house software development (which will
now be deductible), and the reintroduction of accelerated tax
depreciation for investments in certain tangible assets.
In Portugal, a gradual reduction of the corporate income tax rate
has been approved, falling from 20% in 2025 to 19% in 2026, 18%
in 2027 and 17% in 2028 and subsequent years. Including the
municipal surtax of up to 1.5% and the state surtax of up to 9%,
this results in an aggregate combined rate of 30.50%, 29.50%,
28.50% and 27.50%, respectively.
In Poland, one of the most significant changes to the tax
framework is the increase in the corporate income tax rate for
banks, from 19% to 30% in 2026, followed by a reduction to 26%
in 2027 and 23% in 2028 and subsequent years.
In Germany, the Tax Investment Programme to Strengthen
Germany\u2019s Economic Base was passed in July. It provides for a
gradual annual one-percentage-point reduction in the corporate
income tax rate from 2028, falling from the current 15% to 10% by
2032. In Germany, the combined corporate income tax and
municipal trade tax rate\u2014which also applies to business profits\u2014is
currently 32.45% and will decrease to 27.18% by 2032.
h) Other information
In compliance with the disclosure requirement established in the
listing rules\u00a0instrument 2005 published by the UK Financial
Conduct Authority, it is hereby stated that shareholders of the Bank
resident in the United Kingdom will be entitled to a tax credit for
taxes paid abroad in respect of withholdings that the Bank has to
pay on the dividends to be paid to such shareholders if the total
income of the dividend exceeds the amount of exempt dividends of
GBP 500 for the year 2025/26 (GBP 500 for the year 2024/25). The
shareholders of the Bank resident in the United Kingdom who hold
their ownership interest in the Bank through Santander Nominee
Service will be informed directly of the amount thus withheld and
of any other data they may require to complete their tax returns in
the United Kingdom. The other shareholders of the Bank resident in
the United Kingdom should contact their bank or securities broker.
Banco Santander, S.A., is part of the Large Business Forum and has
adhered since 2010 to the Code of Good Tax Practices in Spain.
Also Santander UK is a member of the HMRC\u2019s (His Majesty's
Revenue and Customs) Code of Practice on Taxation in the United
Kingdom and Santander Portugal has adhered to the Code of Good
Tax Practices in Portugal, actively participating in the cooperative
compliance programs being developed by these Tax
Administrations.
d) Tax on profit or loss
In the absence of specific criteria, we have included the amount
effectively paid (EUR 4,954 million in 2025, with an effective tax
rate of 24.0%) in respect of taxes whose effect is recognized under
Income tax in the consolidated income statement.
Taxes effectively paid by the companies in each jurisdiction include:
\u2022 Supplementary payments relating to income tax returns, usually
for prior years.
\u2022 Advances, prepayments, withholdings made or borne in respect
of tax on profit or loss for the year. We included taxes borne
abroad in the jurisdiction of the company that bore them.
\u2022 Refunds received with respect to prior years\u2019 returns.
\u2022 Where appropriate, the amount payable from assessments and
litigation relating to these taxes.
The foregoing form part of the cash flow statement and differ from
the corporate income tax expense recognized in the consolidated
income statement (EUR 5,131 million in 2025, representing an
effective rate of 24.9%, see note 27). This is because each country\u2019s
tax regulations establish:
\u2022 when taxes must be paid. There is often a mismatch between the
payment dates and the generation of the income bearing the tax.
\u2022 their own calculation criteria to define temporary or permanent
restrictions on expense deduction, exemptions and relief or
deferrals of certain income, generating the differences between
the accounting profit (or loss) and taxable profit (or tax loss)
which is ultimately taxed; tax loss carry forwards from prior
years, tax credits and/or relief, etc., must also be added. In
certain cases, special regimes such as the tax consolidation of
companies in the same jurisdiction are established.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1915": { "value": "
e) Deferred taxes
'Tax assets' in the consolidated balance sheets includes debit
balances with the Public Treasury relating to deferred tax assets.
'Tax liabilities' includes the liability for the Group\u2019s various deferred
tax liabilities.
In accordance with EU Regulation 575/2013 on prudential
requirements for credit institutions and investment firms (CRR),
and subsequently amended by EU Regulation 2019/876 of the
European Parliament and of the Council, those deferred tax assets
that do not rely on future profitability arising from temporary
differences (referred to hereinafter as 'monetizable deferred tax
assets\u2019), meeting certain conditions, should not be deducted from
regulatory capital and should not be risk-weighted at 250%
according to the thresholds set out in Article 48 of the said
Regulation, but shall apply a risk weight of 100% under Article 39.
The detail of deferred tax assets, by classification as monetizable
or non-monetizable assets, and of deferred tax liabilities at 31
December 2025 , 2024 and 2023 is as follows:
EUR million
2025
2024
2023
MonetizableA
Other
MonetizableA
Other
MonetizableA
Other
Tax assets
10,725
8,219
10,309
8,861
11,099
9,668
Tax losses and tax credits
\u2014
2,354
\u2014
2,367
\u2014
2,393
Temporary differences
10,725
5,865
10,309
6,494
11,099
7,275
Of which:
Non-deductible provisions
\u2014
1,970
\u2014
1,784
\u2014
1,965
Valuation of financial instruments
\u2014
810
\u2014
1,486
\u2014
1,543
Loan losses
8,471
1,341
7,880
1,103
8,248
1,577
Pensions
2,254
426
2,429
423
2,851
665
Valuation of tangible and intangible
assets
\u2014
832
\u2014
885
\u2014
1,060
Tax liabilities
\u2014
5,904
\u2014
6,276
\u2014
6,086
Temporary differences
\u2014
5,904
\u2014
6,276
\u2014
6,086
Of which:
Valuation of financial instruments
\u2014
1,980
\u2014
2,412
\u2014
2,059
Valuation of tangible and intangible
assets
\u2014
2,714
\u2014
2,797
\u2014
2,594
Investments in Group companies
\u2014
427
\u2014
403
\u2014
378
A. In 2023, the Spanish Economic Administrative Court ruled that in 2017 the requirements for the conversion of part of the monetizable assets of Popular Group into a
credit against the Tax Administration were met, allowing the conversion to EUR 995\u00a0million. Banco Santander was refunded without impact on results. The favourable
Economic Administrative Court decision was declared harmful to the public interests and challenged at the National Appellate Court by the Tax Administration. The
estimation of this appeal, which is pending at the National Appellate Court,\u00a0 would imply that Grupo Santander should repay the amount refunded and would, once again,
credit these monetizable assets with no impact on results except for late payment interests. However, it is considered that there are strong defense arguments in relation
to this appeal.
Grupo Santander only recognises deferred tax assets for temporary
differences or tax loss and tax credit carryforwards where it is
considered probable that consolidated entities that generated
them will have sufficient future taxable profits against which they
can be utilised.
The deferred tax assets and liabilities are reassessed at the
reporting date in order to ascertain whether any adjustments need
to be made on the basis of the findings of the analyses performed.
These analyses take into consideration all evidence, both positive
and negative, of the recoverability of such deferred tax assets,
among which we can find, (i) the results generated by the different
entities in previous years, (ii) the projections of results of each
entity or fiscal group, (iii) the estimation of the reversal of the
different temporary differences according to their nature and (iv)
the period and limits established under the applicable legislation of
each country for the recovery of the different deferred tax assets,
thus concluding on the ability of each entity or fiscal group to
recover the deferred tax assets registered.
The projections of results used in this analysis are based on the
financial planning approved by both the local directions of the
corresponding units and by the Group's directors. The Group's
budget estimation process is common for all units. The Group's
management prepares its financial planning based on the
following key assumptions:\u00a0
a) Microeconomic variables of the entities that make up the fiscal
group in each location: the existing balance structure, the mix of
products offered and the commercial strategy at each moment
defined by local directions are taken into account, based on the
competition, regulatory and market environment.
b) Macroeconomic variables: estimated growths are based on the
evolution of the economic environment considering the
expected evolution in the gross domestic product of each
location, and the forecasts of interest rates, inflation and
exchange rates fluctuations. These data are provided by the
Group\u2019s Studies Service.
Additionally, the Group performs retrospective contrasts
(backtesting) on the variables projected in the past. The differential
behaviour of these variables with respect to the real market data is
considered in the projections estimated in each fiscal year. Thus,
and in relation to Spain, the deviations identified by the Directors in
recent past years are due to a combination of exogenous factors,
mainly the changing impact of the macroeconomic environment
and competition, and management actions, such as the
acceleration of restructuring plans, investment in digitalisation,
and the optimisation of capital and shareholder returns.
Finally, and given the degree of uncertainty of these assumptions
on the referred variables, the Group conducts a sensitivity analysis
of the most significant assumptions considered in the deferred tax
assets\u2019 recoverability analysis, considering any reasonable change
in the key assumptions on which the projections of results of each
entity or fiscal group and the estimation of the reversal of the
different temporary differences are based.
In relation to Spain, the sensitivity analysis has consisted of making
reasonable changes to the key assumptions, including adjusting 50
basis points for growth (gross domestic product) and adjusting 50
basis points for inflation.
Relevant information is set forth below for the main countries
which have recognised deferred tax assets:
Spain
The deferred tax assets recognised at the Consolidated Tax Group
total EUR 7,183 million, of which EUR 5,069\u00a0million were for
monetizable temporary differences with the right to conversion
into a credit against the tax administration as explained before,
EUR 1,433\u00a0million for other temporary differences and EUR
681\u00a0million for tax losses and credits.
Brazil
The deferred tax assets recognised in Brazil total EUR 7,465, of
which EUR 5,606\u00a0million were for monetizable temporary
differences, EUR 1,150 for other temporary differences and EUR
709 for tax losses and credits.
Mexico
The deferred tax assets recognized in Mexico total EUR 1,542, of
which EUR 1,511 were for temporary differences and EUR 31 for
tax losses and credits.
United States
The deferred tax assets recognised in the United States total EUR
1,026, of which EUR 253 were for temporary differences and EUR
773 for tax losses and credits.
The Group estimates that the recognised deferred tax assets for
temporary differences, tax losses and credits in the different
jurisdictions could be recovered in a maximum period of 15 years.
The changes in Tax assets\u00a0- Deferred and Tax liabilities\u00a0- Deferred
in the last three\u00a0years were as follows:
EUR million
Balance at 1
January 2025
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit
to asset and
liability valuation
adjustments
Reclassificat
ion no-
current
asset held
for sale
Acquisition
for the year
(net)
Balance at 31
December
2025
Deferred tax assets
19,170
1,107
(102)
(132)
(1,130)
31
18,944
Tax losses and tax credits
2,367
82
(107)
\u2014
\u2014
12
2,354
Temporary differences
16,803
1,025
5
(132)
(1,130)
19
16,590
Of which monetizable
10,309
455
(39)
\u2014
\u2014
10,725
Deferred tax liabilities
(6,276)
(572)
108
(232)
1,064
\u2014
(5,904)
Temporary differences
(6,276)
(572)
108
(232)
1,064
4
(5,904)
12,894
535
6
(364)
(66)
31
13,040
EUR million
Balance at 1
January 2024
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit
to asset and
liability valuation
adjustments
Acquisition
for the year
(net)
Balance at 31
December
2024
Deferred tax assets
20,767
119
(1,670)
(41)
(5)
19,170
Tax losses and tax credits
2,393
114
(139)
\u2014
(1)
2,367
Temporary differences
18,374
5
(1,531)
(41)
(4)
16,803
Of which monetizable
11,099
147
(937)
\u2014
\u2014
10,309
Deferred tax liabilities
(6,086)
(547)
142
215
\u2014
(6,276)
Temporary differences
(6,086)
(547)
142
215
\u2014
(6,276)
14,681
(428)
(1,528)
174
(5)
12,894
EUR million
Balance at 1
January 2023
(Charge)/
Credit to
income
Foreign
currency
balance
translation
differences and
other items
(Charge)/Credit to
asset and liability
valuation
adjustments
Acquisition
for the year
(net)
Balance at 31
December
2023
Deferred tax assets
20,787
629
(130)
(422)
(97)
20,767
Tax losses and tax credits
1,778
392
224
\u2014
(1)
2,393
Temporary differences
19,009
237
(354)
(422)
(96)
18,374
Of which monetizable
10,660
1,232
(787)
\u2014
(6)
11,099
Deferred tax liabilities
(6,428)
663
3
(338)
14
(6,086)
Temporary differences
(6,428)
663
3
(338)
14
(6,086)
14,359
1,292
(127)
(760)
(83)
14,681
Also, the Group did not recognise deferred tax assets amounting to
approximately EUR 11,240\u00a0million\u00a0 of which EUR 6,420\u00a0million
relate to tax losses, EUR 3,430\u00a0million to tax credits, and EUR
1,390\u00a0million to other concepts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1916": { "value": "
28. Non-controlling interests
Non-controlling interests include the net amount of the equity of
subsidiaries attributable to equity instruments that do not belong,
directly or indirectly, to the Bank, including the portion attributed
to them of profit for the\u00a0year.
a) Breakdown
The detail, by Group company, of 'Equity\u00a0- Non-controlling
interests' is as follows:
EUR million
2025
2024
2023
Santander Bank Polska S.A.
2,670
2,320
1,934
Grupo PSA
1,815
1,725
1,590
Banco Santander - Chile
1,422
1,364
1,379
Banco Santander (Brasil) S.A.
1,397
1,257
1,493
Other companiesA
875
890
1,315
8,179
7,556
7,711
Profit/(Loss) for the year attributable to
non-controlling interests
1,399
1,170
1,107
Of which:
Grupo PSA
230
217
285
Banco Santander - Chile
313
271
235
Banco Santander (Brasil) S.A.
184
233
182
Santander Bank Polska S.A.
604
413
347
Other companies
68
36
58
TOTAL
9,578
8,726
8,818
A. It included, as of 31 December 2023, perpetual Santander UK plc equity
instruments convertible at the option of Santander UK plc into preferred shares
of the entity itself amounting EUR 576\u00a0million. During 2024, the last
outstanding issuance held by third parties for GBP 500\u00a0million (EUR 590\u00a0million)
was redeemed.
b) Changes
The changes in Non-controlling interests are summarised as
follows:
EUR million
2025
2024
2023
Balance at beginning of year
8,726
8,818
8,481
Other comprehensive income
73
(461)
297
Other
779
369
40
Profit attributable to non-controlling
interests
1,399
1,170
1,107
Modification of participation ratesA
339
395
(258)
Change of perimeter
(5)
(8)
(364)
Dividends paid to minority
shareholders
(896)
(660)
(748)
Changes in capital and other conceptsB
(58)
(528)
303
Balance at end of\u00a0year
9,578
8,726
8,818
A. Include the effects of the accelerated placements of 3.5% and 5.2% of the share
capital of Santander Bank Polska S.A. in 2025 and 2024, respectively, and the
public offer for the acquisition of shares of Banco Santander M\u00e9xico, S.A.,
Instituci\u00f3n de Banca M\u00faltiple, Grupo Financiero Santander M\u00e9xico that occurred
in 2023 (see note 3.b).
B. Includes the effects of the amortization of AT1 UK by EUR 590\u00a0million at closing
of fiscal year 2024.
The foregoing changes are shown in the consolidated statement of
changes in total equity.
c) Other information
The financial information on the subsidiaries with significant non-
controlling interests at 31 December 2025 is summarised below:
EUR millionA
Santander Bank Polska
S.A.
Banco Santander (Brasil)
S.A.
Banco Santander - Chile
Grupo PSA
Total assets
78,186
209,453
68,205
47,826
Total liabilities
70,380
193,380
62,604
43,717
Net assets
7,806
16,073
5,601
4,109
Total income
3,724
12,602
2,714
1,305
Total profit
1,528
2,388
1,043
460
A. Information prepared using corporate management criteria, which may not coincide with those published individually by each entity.
Appendix II
Societies of which Grupo Santander owns more than 5% (g) , entities associated with Grupo Santander and jointly controlled entities
% of ownership
held by Banco
Santander
Percentage of
voting power (f)
EUR million (a)
Company
Location
Direct
Indirect
Year
2025
Year
2024
Activity
Type of
company
Asset
Capital +
reserves
Net
results
Administrador Financiero de
Transantiago S.A.
Chile
0.00%
13.43%
20.00%
20.00%
Payments and
collection
services
Associated
59
8
2
Adprotel Strand, S.L. (consolidado)
Spain
0.00%
38.20%
38.20%
38.20%
Real estate
development
Associated
693
622
26
Aegon Santander Portugal N\u00e3o Vida
- Companhia de Seguros, S.A.
Portugal
0.00%
49.00%
49.00%
49.00%
Insurance
Joint
ventures
84
9
21
Aegon Santander Portugal Vida -
Companhia de Seguros Vida, S.A.
Portugal
0.00%
49.00%
49.00%
49.00%
Insurance
Joint
ventures
153
22
19
Aeroplan - Sociedade Construtora
de Aeroportos, Lda. (e)
Portugal
0.00%
19.97%
20.00%
20.00%
Inactive
\u2014
0
0
0
Agri Tech Investments Argentina
S.A.U.
Argentine
0.00%
50.00%
50.00%
\u2014
Financial
services
\u2014
10
6
1
Aguas de Fuensanta, S.A. (e) (k)
Spain
36.78%
0.00%
36.78%
36.78%
Food
\u2014
\u2014
\u2014
\u2014
AHLC - Promo\u00e7\u00e3o Imobili\u00e1ria, Lda.
Portugal
0.00%
35.00%
35.00%
\u2014
Real estate
development
Joint
ventures
0
0
0
Alcoaxarqu\u00eda, S.L.
Spain
0.00%
16.00%
40.00%
\u2014
Food
\u2014
25
6
2
Alma UK Holdings Ltd (consolidado)
(b)
United
Kingdom
30.00%
0.00%
30.00%
30.00%
Holding
company
Joint
ventures
3
2
4
Apolo Vault 1, S.L.
Spain
0.00%
25.00%
25.00%
25.00%
Renewable
energies
Joint
ventures
0
0
0
Aranguren Comercial de Embalaje,
S.L.
Spain
0.00%
9.96%
24.90%
\u2014
Industrial
products
\u2014
38
11
2
Arneplant, S.L.
Spain
0.00%
11.36%
28.41%
\u2014
Footwear and
textiles
\u2014
46
22
2
Asesor\u00eda Inform\u00e1tica Gallega, S.L.
Spain
0.00%
12.54%
31.34%
\u2014
IT services
\u2014
4
0
2
Atitlan Agro I, S.C.R., S.A. (b) (n)
Spain
42.54%
0.00%
0.00%
0.00%
Venture capital
company
\u2014
123
114
(5)
Attijariwafa Bank Soci\u00e9t\u00e9 Anonyme
(consolidado) (b)
Morocco
0.00%
5.10%
5.10%
5.10%
Banking
\u2014
67,801
4,942
887
AutoFi Inc. (b)
United
States
9.50%
9.40%
4.99%
4.99%
E-commerce
\u2014
19
19
(7)
Autopistas del Sol S.A. (b)
Argentine
0.00%
14.17%
14.17%
14.17%
Highway
concession
\u2014
232
191
(54)
Avanath Affordable Housing IV LLC
(b)
United
States
0.00%
7.27%
7.27%
7.27%
Investment
company
\u2014
411
405
(35)
Avanzare Innovaci\u00f3n Tecnol\u00f3gica,
S.L.
Spain
0.00%
12.66%
31.64%
\u2014
Technology
\u2014
43
19
5
Axle 2023-1 Ltd
United
Kingdom
0.00%
(h)
\u2014
\u2014
Securitization
Joint
ventures
689
2
(5)
Banco RCI Brasil S.A.
Brazil
0.00%
35.85%
39.89%
39.89%
Banking
Joint
ventures
2,231
141
54
Banco S3 Caceis M\u00e9xico, S.A.,
Instituci\u00f3n de Banca M\u00faltiple
Mexico
0.00%
50.00%
50.00%
50.00%
Banking
Joint
ventures
245
112
15
Bank of Beijing Consumer Finance
Company
China
0.00%
20.00%
20.00%
20.00%
Finance
company
Associated
1,904
156
21
Bank of Shanghai Co., Ltd.
(consolidado) (b)
China
6.54%
0.00%
6.54%
6.54%
Banking
\u2014
392,042
28,022
2,863
Biomas \u2013 Servi\u00e7os Ambientais,
Restaura\u00e7\u00e3o e Carbono S.A.
Brazil
0.00%
14.98%
16.67%
16.67%
Consulting
services
Associated
7
9
(6)
Bizum, S.L.
Spain
20.92%
0.00%
20.92%
20.92%
Payment
services
Associated
29
11
2
Campo Grande Empreendimentos
Ltda. (k) (e)
Brazil
0.00%
22.75%
25.32%
25.32%
Inactive
\u2014
0
0
0
CaptureNow Limited (q)
United
Kingdom
0.00%
22.22%
22.22%
\u2014
Software
\u2014
1
0
0
CCPT - ComprarCasa, Rede Servi\u00e7os
Imobili\u00e1rios, S.A.
Portugal
0.00%
49.98%
49.98%
49.98%
Real estate
services
Joint
ventures
0
0
0
Centro de Compensaci\u00f3n
Automatizado S.A.
Chile
0.00%
22.38%
33.33%
33.33%
Payments and
collection
services
Associated
21
12
6
Societies of which Grupo Santander owns more than 5% (g) , entities associated with Grupo Santander and jointly controlled entities
% of ownership
held by Banco
Santander
Percentage of
voting power (f)
EUR million (a)
Company
Location
Direct
Indirect
Year
2025
Year
2024
Activity
Type of
company
Asset
Capital +
reserves
Net
results
Centro para el Desarrollo,
Investigaci\u00f3n y Aplicaci\u00f3n de
Nuevas Tecnolog\u00edas, S.A. (l)
Spain
0.00%
49.00%
49.00%
49.00%
Technology
Associated
3
3
0
Cicrosa Hidra\u00falica, S.L.
Spain
0.00%
13.20%
33.00%
\u2014
Industrial
supplies
\u2014
19
12
3
CIP S.A.
Brazil
0.00%
15.74%
17.52%
17.52%
Financial
services
Associated
335
188
99
CNP Santander Insurance Europe
Designated Activity Company
Ireland
0.00%
49.00%
49.00%
49.00%
Insurance
Associated
1,475
229
56
CNP Santander Insurance Life
Designated Activity Company
Ireland
0.00%
49.00%
49.00%
49.00%
Insurance
Associated
798
63
44
CNP Santander Insurance Services
Ireland Limited
Ireland
0.00%
49.00%
49.00%
49.00%
Services
Associated
16
0
0
Companhia Promotora UCI
Brazil
0.00%
25.00%
25.00%
25.00%
Financial
services
Joint
ventures
0
0
0
Compa\u00f1ia Espa\u00f1ola de Financiaci\u00f3n
de Desarrollo, Cofides, S.A., SME (b)
Spain
20.18%
0.00%
20.18%
20.17%
Finance
company
\u2014
244
213
25
Compa\u00f1\u00eda Espa\u00f1ola de Seguros de
Cr\u00e9dito a la Exportaci\u00f3n, S.A.,
Compa\u00f1\u00eda de Seguros y Reaseguros
(consolidado) (b)
Spain
23.33%
0.55%
23.88%
23.88%
Credit
insurance
\u2014
1,432
570
64
Compa\u00f1\u00eda Espa\u00f1ola de Viviendas en
Alquiler, S.A. (consolidado)
Spain
24.07%
0.00%
24.07%
24.07%
Real estate
Associated
626
416
23
Compa\u00f1\u00eda para los Desarrollos
Inmobiliarios de la Ciudad de
Hispalis, S.L., en liquidaci\u00f3n (d) (e)
Spain
21.98%
0.00%
21.98%
21.98%
Real estate
development
\u2014
38
(325)
0
Connecting Visions Ecosystems, S.L.
Spain
29.96%
0.00%
29.96%
37.56%
Consulting
services
Joint
ventures
2
1
0
Construtora Tenda S/A (b)
Brazil
4.92%
4.05%
9.43%
\u2014
Real estate
\u2014
828
147
16
Corkfoc Corti\u00e7as, S.A. (c)
Portugal
0.00%
27.54%
27.58%
27.58%
Cork industry
\u2014
3
20
0
CSD Central de Servi\u00e7os de Registro
e Dep\u00f3sito Aos Mercados
Financeiro e de Capitais S.A.
Brazil
0.00%
16.12%
17.94%
20.00%
Financial
services
Associated
43
42
0
Decus Real Estate, S.L.
Spain
0.00%
30.00%
30.00%
30.00%
Real estate
Joint
ventures
88
76
0
Delos Financial Technologies, Inc.
(b)
United
States
0.00%
22.84%
22.84%
\u2014
Finance
company
\u2014
2
3
(1)
DoRes Securitisation S.r.l
Italy
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
0
0
0
Ebora 220, S.L.
Spain
0.00%
44.00%
50.00%
\u2014
Renewable
energies
Joint
ventures
2
2
0
Ebora Evacuaci\u00f3n, S.L.
Spain
0.00%
50.00%
50.00%
\u2014
Renewable
energies
Joint
ventures
1
1
0
Elaia Agro, S.L. (b)
Spain
49.99%
0.00%
49.99%
49.99%
Consulting
services
Associated
5
4
0
Ethias Lease N.V.
Belgium
0.00%
50.00%
50.00%
50.00%
Leasing
Associated
76
9
(7)
Euro Automatic Cash Entidad de
Pago, S.L.
Spain
50.00%
0.00%
50.00%
50.00%
Payment
services
Associated
42
21
1
European Hospitality Opportunities
S.\u00e0 r.l. (b)
Luxembourg
0.00%
49.00%
49.00%
49.00%
Holding
company
Joint
ventures
55
16
0
Evacuaci\u00f3n Liquesun, S.L.
Spain
0.00%
35.00%
50.00%
50.00%
Electricity
production
Joint
ventures
1
1
0
Evolve SPV S.r.l.
Italy
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
55
0
0
Exam Papers Plus Ltd
United
Kingdom
\u2014
25.00%
25.00%
\u2014
Commerce
Associated
6
3
2
Federal Reserve Bank of Boston (b)
United
States
\u2014
21.38%
21.38%
21.09%
Banking
\u2014
186,079
1,496
83
Fondo de Titulizaci\u00f3n de Activos
UCI 14
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
163
0
0
Fondo de Titulizaci\u00f3n de Activos
UCI 15
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
207
0
0
Societies of which Grupo Santander owns more than 5% (g) , entities associated with Grupo Santander and jointly controlled entities
% of ownership
held by Banco
Santander
Percentage of
voting power (f)
EUR million (a)
Company
Location
Direct
Indirect
Year
2025
Year
2024
Activity
Type of
company
Asset
Capital +
reserves
Net
results
Fondo de Titulizaci\u00f3n de Activos
UCI 16
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
288
0
0
Fondo de Titulizaci\u00f3n de Activos
UCI 17
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
245
0
0
Fondo de Titulizaci\u00f3n, RMBS Green
Prado XI
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
372
0
0
Fondo de Titulizaci\u00f3n, RMBS Prado
IX
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
341
0
0
Fondo de Titulizaci\u00f3n, RMBS Prado
VIII
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
291
0
0
Fondo de Titulizaci\u00f3n, RMBS Prado
X
Spain
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
392
0
0
Forest Power Aranda, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
55.00%
Renewable
energies
Joint
ventures
2
1
0
Forest Power Cantabria, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Electricity
production
Joint
ventures
0
0
0
Forest Power Delta, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Gas production
Joint
ventures
0
0
0
Forest Power Epsilon, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Chemical
products
production
Joint
ventures
0
0
0
Forest Power Gamma, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Chemical
products
production
Joint
ventures
0
0
0
Forest Power Kappa, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Gas production
Joint
ventures
0
0
0
Forest Power Lambda, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Chemical
products
production
Joint
ventures
0
0
0
Forest Power Omicron, S.L.
Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Chemical
products
production
Joint
ventures
0
0
0
Forest Power Zeta, S.L. Unipersonal
Spain
0.00%
55.00%
55.00%
\u2014
Chemical
products
production
Joint
ventures
0
0
0
Forest Power, S.L.
Spain
0.00%
55.00%
55.00%
55.00%
Renewable
energies
Joint
ventures
1
1
0
Forgepoint Capital International
Management Limited
United
Kingdom
50.00%
0.00%
50.00%
50.00%
Consulting
services
Joint
ventures
1
1
(1)
Fortune Auto Finance Co., Ltd
China
0.00%
50.00%
50.00%
50.00%
Finance
company
Joint
ventures
2,100
443
20
FrauDfense, S.L.
Spain
33.33%
0.00%
33.33%
33.33%
IT services
Joint
ventures
3
5
(2)
Fremman limited (consolidado) (b)
United
Kingdom
32.99%
0.00%
4.99%
4.99%
Consulting
services
Associated
10
6
1
Fundo de Investimento em Direitos
Credit\u00f3rios Multisegmentos NPL
Ipanema X Responsabilidade
Limitada
Brazil
0.00%
44.93%
50.00%
\u2014
Investment
fund
Joint
ventures
20
20
1
Gestamp Real Estate Assets 1, S.L.
(k)
Spain
0.00%
43.89%
43.89%
\u2014
Real estate
management
\u2014
\u2014
\u2014
\u2014
Gestamp Real Estate Bizkaia, S.L.
(k)
Spain
0.00%
24.92%
24.92%
\u2014
Real estate
management
\u2014
\u2014
\u2014
\u2014
Gestamp Real Estate Investment 2,
S.L. (k)
Spain
0.00%
37.41%
37.41%
\u2014
Real estate
management
\u2014
\u2014
\u2014
\u2014
Gestamp Real Estate Management
3, S.L. (k)
Spain
0.00%
36.19%
36.19%
\u2014
Real estate
management
\u2014
\u2014
\u2014
\u2014
Gestora de Intelig\u00eancia de Cr\u00e9dito
S.A.
Brazil
0.00%
13.98%
16.00%
16.00%
Collection
services
Associated
190
52
(4)
Gire S.A.
Argentine
0.00%
58.23%
58.33%
58.33%
Payments and
collection
services
Associated
122
77
(4)
Glenrowan Solar Holdings Pty Ltd
Australia
49.00%
0.00%
49.00%
49.00%
Holding
company
Joint
ventures
139
52
(3)
Societies of which Grupo Santander owns more than 5% (g) , entities associated with Grupo Santander and jointly controlled entities
% of ownership
held by Banco
Santander
Percentage of
voting power (f)
EUR million (a)
Company
Location
Direct
Indirect
Year
2025
Year
2024
Activity
Type of
company
Asset
Capital +
reserves
Net
results
Global Esmirna, S.L. (en liquidaci\u00f3n)
(e) (l)
Spain
0.00%
15.00%
37.51%
\u2014
Services
\u2014
26
(1)
(16)
HCUK Auto Funding 2017-2 Ltd
United
Kingdom
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
459
(2)
0
HCUK Auto Funding 2022-1 Limited
(m)
United
Kingdom
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
917
2
(4)
HCUK Auto Funding 2025-1 Ltd
United
Kingdom
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
232
0
0
Healthy Neighborhoods Equity
Fund I LP (b)
United
States
0.00%
22.37%
22.37%
22.37%
Real estate
\u2014
8
8
0
Hyundai Capital UK Limited
United
Kingdom
0.00%
50.01%
50.01%
50.01%
Finance
company
Joint
ventures
5,643
442
75
Hyundai Corretora de Seguros Ltda.
Brazil
0.00%
44.93%
50.00%
50.00%
Insurance
mediation
Joint
ventures
2
1
0
Imperial Holding S.C.A. (e) (i)
Luxembourg
0.00%
36.36%
36.36%
36.36%
Securities
investment
\u2014
0
(113)
0
Imperial Management S.\u00e0 r.l. (b) (e)
Luxembourg
0.00%
40.20%
40.20%
40.20%
Holding
company
\u2014
0
0
0
Invensa Tradeco UK Limited
United
Kingdom
25.00%
0.00%
25.00%
4.99%
Holding
company
Associated
9
13
(6)
Inverlur Aguilas I, S.L.
Spain
0.00%
50.00%
50.00%
50.00%
Real estate
Joint
ventures
0
0
0
Inverlur Aguilas II, S.L.
Spain
0.00%
50.00%
50.00%
50.00%
Real estate
Joint
ventures
1
1
0
Inversiones ZS Am\u00e9rica Dos Ltda.
Chile
0.00%
49.00%
49.00%
49.00%
Real estate and
property
investment
Associated
252
186
58
Inversiones ZS Am\u00e9rica SpA
Chile
0.00%
49.00%
49.00%
49.00%
Real estate and
property
investment
Associated
339
339
58
Klar Holdings Limited (consolidado)
(b)
Cayman
Islands
0.00%
7.35%
7.35%
\u2014
Holding
company
\u2014
491
17
(40)
LB Oprent, S.A.
Spain
40.00%
0.00%
40.00%
40.00%
Industrial
machinery
rental
Associated
6
2
1
Logitek Software Ltd (k)
United
Kingdom
0.00%
20.27%
20.27%
\u2014
Software
Joint
ventures
\u2014
\u2014
\u2014
Mapfre Santander Portugal -
Companhia de Seguros, S.A.
Portugal
0.00%
49.99%
49.99%
49.99%
Insurance
Associated
22
8
1
Massachusetts Business
Development Corp. (consolidado)
(b)
United
States
0.00%
21.61%
21.61%
21.61%
Finance
company
\u2014
49
15
1
MB Capital Fund IV, LLC (b)
United
States
0.00%
21.51%
21.51%
21.51%
Finance
company
\u2014
5
5
1
Merlin Properties, SOCIMI, S.A.
(consolidado) (b)
Spain
20.08%
4.63%
24.68%
24.90%
Real estate
investment
Associated
13,459
7,318
284
Merlion Aviation One Designated
Activity Company
Ireland
\u2014
(p)
\u2014
\u2014
Renting
\u2014
215
17
0
Metrovacesa, S.A. (consolidado) (b)
Spain
31.94%
17.46%
49.43%
49.47%
Real estate
development
Associated
2,414
1,581
16
Nera Agro Holding, S.L. (b)
Spain
50.00%
0.00%
50.00%
\u2014
Holding
company
Joint
ventures
2
4
(3)
Nera Paraguay S.A.
Paraguay
0.00%
50.00%
50.00%
\u2014
Financial
services
\u2014
0
0
0
Nera Uruguay S.A.
Uruguay
0.00%
50.00%
50.00%
\u2014
Financial
services
\u2014
0
0
0
Ocyener 2008, S.L.
Spain
0.00%
45.00%
45.00%
45.00%
Holding
company
Associated
18
18
0
Operadora de Activos Beta, S.A. de
C.V.
Mexico
49.99%
0.00%
49.99%
49.99%
Finance
company
Associated
0
0
0
Payever GmbH
Germany
0.00%
10.00%
10.00%
10.00%
Software
Associated
5
4
0
Phoenix C1 Aviation Designated
Activity Company (e)
Ireland
\u2014
(p)
\u2014
\u2014
Renting
\u2014
0
(17)
17
Societies of which Grupo Santander owns more than 5% (g) , entities associated with Grupo Santander and jointly controlled entities
% of ownership
held by Banco
Santander
Percentage of
voting power (f)
EUR million (a)
Company
Location
Direct
Indirect
Year
2025
Year
2024
Activity
Type of
company
Asset
Capital +
reserves
Net
results
Play Digital S.A.
Argentine
0.00%
13.49%
13.52%
14.21%
Payment
platform
Associated
31
6
1
Pluxee Beneficios Brasil S.A.
Brazil
0.00%
17.97%
20.00%
20.00%
Services
Associated
1,304
400
97
POLFUND - Fundusz Por\u0119cze\u0144
Kredytowych S.A.
Poland
0.00%
29.35%
50.00%
50.00%
Management
Associated
34
24
1
Portland SPV S.r.l.
Italy
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
106
0
0
Prodesa Medioambiente, S.L.
Spain
0.00%
9.80%
24.50%
\u2014
Agricultural
projects
\u2014
39
5
0
Promontoria Manzana, S.A.
(consolidado) (b)
Spain
20.00%
0.00%
20.00%
20.00%
Holding
company
Associated
558
117
(38)
Proteos Biotech, S.L.
Spain
0.00%
12.00%
30.00%
\u2014
Pharmaceutical
\u2014
17
7
2
Redbanc S.A.
Chile
0.00%
22.44%
33.43%
33.43%
Services
Associated
28
13
3
Redsys Servicios de Procesamiento,
S.L. (consolidado)
Spain
24.90%
0.06%
24.96%
24.96%
Cards
Associated
134
63
10
Resurgence, S.L.
Spain
0.00%
40.00%
40.00%
\u2014
Real estate
development
Joint
ventures
8
0
0
Retama Real Estate, S.A.
Unipersonal
Spain
0.00%
50.00%
50.00%
50.00%
Real estate
Joint
ventures
14
(55)
(2)
R\u00edas Redbanc S.A.
Uruguay
0.00%
25.00%
25.00%
25.00%
Services
\u2014
5
1
0
RMBS Bel\u00e9m No.2
Portugal
\u2014
(h)
\u2014
\u2014
Securitization
Joint
ventures
170
0
0
Roc Aviation One Designated
Activity Company
Ireland
\u2014
(p)
\u2014
\u2014
Renting
\u2014
213
(10)
(15)
Roc Shipping One Designated
Activity Company
Ireland
\u2014
(p)
\u2014
\u2014
Renting
\u2014
82
3
(1)
RP Royal Distribution, S.L.
Spain
0.00%
23.73%
23.73%
\u2014
Food
Associated
27
12
6
S3 Caceis Brasil Distribuidora de
T\u00edtulos e Valores Mobili\u00e1rios S.A.
Brazil
0.00%
50.00%
50.00%
50.00%
Securities
company
Joint
ventures
283
101
41
S3 Caceis Brasil Participa\u00e7\u00f5es S.A.
Brazil
0.00%
50.00%
50.00%
50.00%
Holding
company
Joint
ventures
233
106
40
S3 CACEIS Colombia S.A. Sociedad
Fiduciaria
Colombia
0.00%
50.00%
50.00%
50.00%
Finance
company
Joint
ventures
13
10
1
Sancus Green Investments II, S.C.R.,
S.A. (b)
Spain
0.00%
33.02%
33.02%
33.02%
Venture capital
company
\u2014
48
48
0
Santander Allianz Towarzystwo
Ubezpiecze\u0144 na \u017bycie S.A.
Poland
0.00%
28.76%
49.00%
49.00%
Insurance
Associated
240
32
45
Santander Allianz Towarzystwo
Ubezpiecze\u0144 S.A.
Poland
0.00%
28.76%
49.00%
49.00%
Insurance
Associated
86
38
10
Santander Assurance Solutions, S.A.
Spain
0.00%
66.67%
66.67%
66.67%
Insurance
mediation
Joint
ventures
18
8
1
Santander Auto S.A.
Brazil
0.00%
44.93%
50.00%
50.00%
Insurance
Associated
107
6
11
Santander Caceis Latam Holding 1,
S.L.
Spain
0.00%
50.00%
50.00%
50.00%
Holding
company
Joint
ventures
850
753
96
Santander Caceis Latam Holding 2,
S.L.
Spain
0.00%
50.00%
50.00%
50.00%
Holding
company
Joint
ventures
3
3
0
Santander Generales Seguros y
Reaseguros, S.A.
Spain
0.00%
49.00%
49.00%
49.00%
Insurance
Joint
ventures
839
143
65
Santander Mapfre Hipoteca
Inversa, E.F.C., S.A.
Spain
0.00%
50.00%
50.00%
50.00%
Finance
company
Joint
ventures
31
13
(4)
Santander Mapfre Seguros y
Reaseguros, S.A.
Spain
0.00%
49.99%
49.99%
49.99%
Insurance
Associated
240
89
4
Santander Vida Seguros y
Reaseguros, S.A.
Spain
0.00%
49.00%
49.00%
49.00%
Insurance
Joint
ventures
1,010
291
78
Seaya Holdco, S.L. (consolidado)
Spain
24.99%
0.00%
24.99%
24.99%
Holding
company
Associated
30
25
2
Servicios de Infraestructura de
Mercado OTC S.A
Chile
0.00%
8.38%
12.48%
12.48%
Services
Associated
34
16
0
SIBS-SGPS, S.A. (consolidado) (b)
Portugal
0.00%
15.54%
16.55%
15.56%
Management
of portfolios
\u2014
596
278
57
SIG RCRS A/B MF 2023 Venture LLC
United
States
0.00%
20.00%
20.00%
20.00%
Finance
company
\u2014
4,520
3,842
668
Societies of which Grupo Santander owns more than 5% (g) , entities associated with Grupo Santander and jointly controlled entities
% of ownership
held by Banco
Santander
Percentage of
voting power (f)
EUR million (a)
Company
Location
Direct
Indirect
Year
2025
Year
2024
Activity
Type of
company
Asset
Capital +
reserves
Net
results
Siguler Guff SBIC Fund LP (b)
United
States
0.00%
20.00%
20.00%
20.00%
Investment
company
\u2014
48
47
4
Sistema de Tarjetas y Medios de
Pago, S.A. (b)
Spain
20.61%
0.00%
20.61%
20.61%
Payment
methods
Associated
468
6
0
Sociedad Conjunta para la Emisi\u00f3n
y Gesti\u00f3n de Medios de Pago,
E.F.C., S.A.
Spain
45.70%
0.00%
45.70%
45.70%
Payment
services
Joint
ventures
73
37
(1)
Sociedad de Garant\u00eda Rec\u00edproca de
Santander, S.G.R. (b)
Spain
24.91%
0.22%
25.13%
25.17%
Financial
services
\u2014
18
10
0
Sociedad de Gesti\u00f3n de Activos
Procedentes de la Reestructuraci\u00f3n
Bancaria, S.A. (b)
Spain
22.21%
0.00%
22.21%
22.21%
Financial
services
\u2014
12,637
(4,744)
(2,826)
Sociedad Interbancaria de
Dep\u00f3sitos de Valores S.A.
Chile
0.00%
19.66%
29.29%
29.29%
Securities
deposits
Associated
11
9
2
Sociedad Operadora de la C\u00e1mara
de Compensaci\u00f3n de Pagos de Alto
Valor S.A.
Chile
0.00%
9.21%
13.72%
\u2014
Services
Associated
11
8
1
Solar Maritime Designated Activity
Company (b)
Ireland
\u2014
(h)
\u2014
\u2014
Leasing
Joint
ventures
119
7
(1)
STELLANTIS Insurance Europe
Limited
Malta
0.00%
50.00%
50.00%
50.00%
Insurance
Joint
ventures
230
61
35
STELLANTIS Life Insurance Europe
Limited
Malta
0.00%
50.00%
50.00%
50.00%
Insurance
Joint
ventures
93
1
14
Stephens Ranch Wind Energy
Holdco LLC (consolidado) (b)
United
States
0.00%
15.10%
15.10%
15.80%
Renewable
energies
\u2014
176
149
(7)
Tecnologia Banc\u00e1ria S.A.
Brazil
0.00%
17.05%
19.81%
18.98%
ATMs
Associated
484
149
4
Tonopah Solar Energy Holdings I,
LLC (k)
United
States
0.00%
26.80%
26.80%
26.80%
Holding
company
Joint
ventures
\u2014
\u2014
\u2014
Transbank S.A.
Chile
0.00%
16.78%
25.00%
25.00%
Cards
Associated
1,545
139
19
U.C.I., S.A.
Spain
50.00%
0.00%
50.00%
50.00%
Holding
company
Joint
ventures
750
399
(3)
UCI Greece Credit and Loan
Receivables Servicing Company
Single Member Societe Anonyme
Greece
0.00%
50.00%
50.00%
50.00%
Financial
services
Joint
ventures
2
1
0
UCI Holding Brasil Ltda.
Brazil
0.00%
50.00%
50.00%
50.00%
Holding
company
Joint
ventures
0
(1)
0
UCI Media\u00e7\u00e3o de Seguros,
Unipessoal Lda.
Portugal
0.00%
50.00%
50.00%
50.00%
Insurance
mediation
Joint
ventures
0
0
0
UCI Servicios para Profesionales
Inmobiliarios, S.A. Unipersonal
Spain
0.00%
50.00%
50.00%
50.00%
Real estate
services
Joint
ventures
1
0
0
Uncapped Limited (o)
United
Kingdom
0.00%
29.14%
29.14%
\u2014
Finance
company
\u2014
98
21
(1)
Unicre-Institui\u00e7\u00e3o Financeira de
Cr\u00e9dito, S.A.
Portugal
0.00%
21.83%
21.86%
21.86%
Finance
company
\u2014
531
129
20
Uni\u00f3n de Cr\u00e9ditos Inmobiliarios,
S.A. Unipersonal, EFC
Spain
0.00%
50.00%
50.00%
50.00%
Mortgage
lending
company
Joint
ventures
9,255
756
(72)
Valorhold, S.L.
Spain
0.00%
16.00%
39.99%
\u2014
Holding
company
\u2014
191
133
7
VCFS Germany GmbH
Germany
0.00%
50.00%
50.00%
50.00%
Marketing
Joint
ventures
1
1
0
Venda de Ve\u00edculos Fundo de
Investimento em Direitos
Credit\u00f3rios
Brazil
0.00%
35.85%
39.89%
39.89%
Securitization
Joint
ventures
584
528
55
Volvo Car Financial Services UK
Limited
United
Kingdom
0.00%
50.01%
50.01%
50.01%
Leasing
Joint
ventures
3,465
187
47
Waycarbon Solu\u00e7\u00f5es Ambientais e
Projetos de Carbono S.A.
Brazil
68.75%
0.00%
50.00%
100.00%
Consulting
services
Associated
10
5
1
Webmotors S.A.
Brazil
0.00%
26.96%
30.00%
30.00%
Services
Associated
131
67
36
WWSO II LLP
United
Kingdom
0.00%
94.00%
94.00%
\u2014
Real estate
investment
Joint
ventures
84
28
0
Zurich Santander Brasil Seguros e
Previd\u00eancia S.A.
Brazil
0.00%
48.79%
48.79%
48.79%
Insurance
Associated
19,589
262
215
Societies of which Grupo Santander owns more than 5% (g) , entities associated with Grupo Santander and jointly controlled entities
% of ownership
held by Banco
Santander
Percentage of
voting power (f)
EUR million (a)
Company
Location
Direct
Indirect
Year
2025
Year
2024
Activity
Type of
company
Asset
Capital +
reserves
Net
results
Zurich Santander Holding (Spain),
S.L. Unipersonal
Spain
0.00%
49.00%
49.00%
49.00%
Holding
company
Associated
1,025
936
311
Zurich Santander Holding Dos
(Spain), S.L. Unipersonal
Spain
0.00%
49.00%
49.00%
49.00%
Holding
company
Associated
384
382
178
Zurich Santander Insurance
Am\u00e9rica, S.L.
Spain
0.00%
49.00%
49.00%
49.00%
Holding
company
Associated
1,504
1,450
426
Zurich Santander Seguros
Argentina S.A. (j)
Argentine
0.00%
49.00%
49.00%
49.00%
Insurance
Associated
90
45
12
Zurich Santander Seguros de Vida
Chile S.A.
Chile
0.00%
49.00%
49.00%
49.00%
Insurance
Associated
235
40
36
Zurich Santander Seguros
Generales Chile S.A.
Chile
0.00%
49.00%
49.00%
49.00%
Insurance
Associated
235
53
20
Zurich Santander Seguros M\u00e9xico,
S.A.
Mexico
0.00%
49.00%
49.00%
49.00%
Insurance
Associated
2,421
50
189
Zurich Santander Seguros Uruguay
S.A.
Uruguay
0.00%
49.00%
49.00%
49.00%
Insurance
Associated
56
20
14
a. Amount according to the provisional books at the date of publication of these annexes of each company, generally referring to 31 December 2025, except where
otherwise indicated due to the fact that the annual accounts are pending formulation. The data for foreign companies are converted into euros at the exchange rate at
the end of the year.
b. Data as at 31 December 2024, latest available accounts.
c. Data as at 31 December 2019, latest available accounts.
d. Data as at 30 November 2021, latest available accounts.
e. Company in liquidation as at 31 December 2025.
f. Pursuant to Article 3 of Royal Decree 1159/ 2010, of 17 September, approving the rules for the preparation of consolidated annual accounts, in order to determine the
voting rights, voting rights held directly by the parent company have been added to those held by companies controlled by the parent company or by other persons
acting in their own name but on behalf of a group company. For these purposes, the number of votes corresponding to the parent company, in relation to the companies
indirectly dependent on it, is that corresponding to the dependent company that directly participates in the share capital of the latter.
g. Excluding the Group companies listed in Appendix I, as well as those which are of negligible interest with respect to the true and fair view that the consolidated financial
statements must give (in accordance with articles 48 of the Commercial Code and 260 of the Spanish Companies Act).
h. Companies over which joint control is maintained.
i. Data as at 31 October 2024, latest available accounts.
j. Data as at 30 June 2025, latest available accounts.
k. Company with no financial information available.
l. Data as 31 December 2023, latest available account.
m. Data as at 30 September 2025, latest available accounts.
n. Investment managed discretionally by a manager outside the Santander Group, the voting rights not being, in this case, decisive in determining control of the entity.
o. Data as 30 April 2025, latest available accounts.
p. Company over which effective control has been lost.
q. Data as 31 January 2025, latest available accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1917": { "value": "
29. Other comprehensive income
The balances of 'Other compr ehensive income' include the
amounts, net of the related tax effect, of the adjustments to assets
and liabilities recognised in equity through the consolidated
statement of recognised income and expense. The amounts arising
from subsidiaries are presented, on a line by line basis, in the
appropriate items according to their nature.
Respect to items that may be reclassified to profit or loss, the
consolidated statement of recognised income and expense
includes changes in other comprehensive income as follows:
\u2022 Revaluation gains (losses): includes the amount of the income,
net of the expenses incurred in the year, recognised directly in
equity. The amounts recognised in equity in the year remain
under this item, even if in the same year they are transferred to
the income statement or to the initial carrying amount of the
assets or liabilities or are reclassified to another line item.
\u2022 Amounts transferred to income statement: includes the amount
of the revaluation gains and losses previously recognised in
equity, even in the same year, which are recognised in the
income statement.
\u2022 Amounts transferred to initial carrying amount of hedged items:
includes the amount of the revaluation gains and losses
previously recognised in equity, even in the same year, which are
recognised in the initial carrying amount of assets or liabilities as
a result of cash flow hedges.
\u2022 Other reclassifications: includes the amount of the transfers
made in the year between the different 'Other comprehensive
income' items.
a) Breakdown of Other comprehensive income -
Items that will not be reclassified in results and
Items that can be classified in results
EUR millionA
2025
2024
2023
Other comprehensive income
(37,974)
(36,595)
(35,020)
Items that will not be reclassified to profit or loss
(4,121)
(4,757)
(5,212)
Actuarial gains and losses on defined benefit pension plans
(3,896)
(4,404)
(4,324)
Non-current assets held for sale
56
\u2014
\u2014
Share in other income and expenses recognised in investments, joint ventures and associates
1
(1)
1
Other valuation adjustments
\u2014
\u2014
\u2014
Changes in the fair value of equity instruments measured at fair value with changes in other
comprehensive income
(250)
(432)
(776)
Inefficiency of fair value hedges of equity instruments measured at fair value with changes in other
comprehensive income
\u2014
\u2014
\u2014
Changes in the fair value of equity instruments measured at fair value with changes in other
comprehensive income (hedged item)
208
284
264
Changes in the fair value of equity instruments measured at fair value with changes in other
comprehensive income (hedging instrument)
(208)
(284)
(264)
Changes in the fair value of financial liabilities measured at fair value through profit or loss
attributable to changes in credit risk
(32)
80
(113)
Items that may be reclassified to profit or loss
(33,853)
(31,838)
(29,808)
Hedges of net investments in foreign operations (Effective portion)
(7,343)
(8,002)
(8,684)
Exchange differences
(25,475)
(22,375)
(19,510)
Hedging derivatives. Cash flow hedges (Effective portion)
333
(298)
(740)
Changes in the fair value of debt instruments measured at fair value with changes in other
comprehensive income
(372)
(736)
(555)
Hedging instruments (items not designated)
(11)
\u2014
\u2014
Non-current assets classified as held for sale
(590)
\u2014
\u2014
Share in other income and expenses recognised in investments, joint ventures and associates
(395)
(427)
(319)
A. Net amount of taxes and minorities
b) Other comprehensive income- Items not
reclassified to profit or loss \u2013 Actuarial gains or
(-) losses on defined benefit pension plans
'Other comprehensive income\u00a0 \u2014Items not reclassified to profit or
loss\u2014\u00a0 Actuarial gains or (-) losses on defined benefit pension
plans' include the actuarial gains and losses and the return on plan
assets, less the administrative expenses and taxes inherent to the
plan, and any change in the effect of the asset ceiling, excluding
amounts included in net interest on the net defined benefit liability
(asset), attributed to the group net of taxes.
In 2025, the amount of actuarial losses (net of actuarial gains)
recognized in the consolidated statement of recognised income
was EUR 73 million, which corresponds to:
\u2022 In first place, due to the addition against equity of 2025
amounting to EUR 220 million - see note\u00a025.b\u00a0-, with the
following breakdown:
\u2022 Increase of EUR 117 million in the cumulative actuarial losses
relating to the Group\u00b4s businesses in the UK, mainly due to the
evolution of the asset portfolio. These losses have been
partially offset by the evolution experienced in the discount
rate-increase from 5.54% to 5.58%- in long-term inflation -
decrease from 3.11% to 2.90%- and in other demographic
hypotheses.
\u2022 Increase of EUR 116 million in accumulated actuarial losses
corresponding to the Group\u2019s business in Brazil, mainly due to\u00a0
the collective experience and the evolution of the asset
portfolio. These losses have been partially offset by the
evolution experienced by the discount rate -increase from
10.58% to 10.65% in the main pension benefits and 10.50% to
10.52% in medical benefits-.
\u2022 Decrease of EUR 33 million in the accumulates actuarial losses
relating to the Group\u00b4s entities in Spain, mainly due to the
evolution experienced by the discount rate -increase from
3.00% to 3.75%-.
\u2022 Increase of EUR 20 million in the accumulated actuarial losses
corresponding to the Group's businesses in other geographical
areas.
\u2022 In second place, due to the evolution of exchange rates, a EUR
147 million decrease.
c) Other comprehensive income - Items that will
not be reclassified in results - Changes in the fair
value of equity instruments measured at fair
value with changes in other comprehensive
income
Since the entry into force of IFRS 9, no impairment analysis is
performed of equity instruments recognised under 'Other
comprehensive income'. IFRS 9 eliminates the need to carry out the
impairment estimate on this class of equity instruments and the
reclassification to profit and loss on the disposal of these assets,
being recognised at fair value with changes in equity.
The following is a breakdown of the composition of the balance as
of 31 December 2025, 2024 and 2023 under 'Other comprehensive
income - Items that will not be reclassified to profit or loss -
Changes in the fair value of equity instruments measured at fair
value with changes in other global result' depending on the
geographical origin of the issuer:
EUR million
2025
Capital gains by
valuation
Capital losses by
valuation
Net gains/losses by
valuation
Fair Value
Equity instruments
Domestic
Spain
47
(1326)
(1,279)
133
International
Rest of Europe
75
(81)
(6)
186
United States
23
(1)
22
36
Latin America and rest
1,013
\u2014
1,013
1,926
1,158
(1,408)
(250)
2,281
Of which:
Publicly listed
1,033
(49)
985
1,993
Non publicly listed
125
(1,359)
(1,235)
288
EUR million
2024
Capital gains by
valuation
Capital losses by
valuation
Net gains/losses by
valuation
Fair Value
Equity instruments
Domestic
Spain
39
(1,328)
(1,289)
117
International
Rest of Europe
131
(71)
60
299
United States
22
\u2014
22
24
Latin America and rest
775
\u2014
775
1,753
967
(1,399)
(432)
2,193
Of which:
Publicly listed
779
(51)
728
1,780
Non publicly listed
188
(1,348)
(1,160)
413
EUR million
2023
Capital gains by
valuation
Capital losses by
valuation
Net gains/losses by
valuation
Fair Value
Equity instruments
Domestic
Spain
32
(1,173)
(1,141)
252
International
Rest of Europe
117
(71)
46
267
United States
16
\u2014
16
19
Latin America and rest
370
(67)
303
1,223
535
(1,311)
(776)
1,761
Of which:
Publicly listed
316
(118)
198
1,225
Non publicly listed
219
(1,193)
(974)
536
d) Other comprehensive income - Items that
may be reclassified to profit or loss - Hedge of
net investments in foreign operations (effective
portion) and exchange differences
The change in 2025 reflects the depreciation of the US dollar,
pound sterling, Argentine peso, Chilean peso and Brazilian real and
the positive effect of the appreciation of the Mexican peso,
whereas the change in 2024 reflected the positive effect of the
appreciation of pound sterling, the US dollar and Polish zloty and
the negative effect of the depreciation of the Brazilian real,
Argentine peso, Mexican peso and Chilean peso. The change in
2023 reflected\u00a0 the positive effect of the appreciation of the
Brazilian real, pound sterling, Polish zloty and the Mexican peso
and the negative effect of the depreciation of the US dollar,
Argentine peso and Chilean peso.
Of the change in the balance in these years, a loss of EUR 287
million, a loss of EUR 568 million and a profit of EUR 249 million in
2025, 2024 and 2023, respectively relate to the measurement of
goodwill.
The detail, by country is as follows:
EUR million
2025
2024
2023
Net balance at end of\u00a0year
(32,818)
(30,377)
(28,194)
Of which:
Brazilian real
(19,412)
(19,293)
(16,340)
Mexican peso
(4,137)
(3,995)
(2,942)
Pound sterling
(4,125)
(3,444)
(3,964)
Chilean peso
(2,926)
(2,857)
(2,531)
Argentine peso
(2,217)
(2,090)
(2,655)
Polish zloty
(43)
(709)
(786)
US dollar
1,047
2,923
1,819
Other
(1,005)
(912)
(795)
The breakdown of translation differences by currency is as follows:
EUR million
2025
Of which:
Currency
Balance at the
beginning of
the year
Balance at the
end of the year
Movement
From goodwill
From resultsA
From net
assets
From
transfersB
Brazilian real
(16,664)
(16,755)
(91)
(13)
(41)
(37)
\u2014
Pound sterling
(3,300)
(4,126)
(826)
(48)
(18)
(760)
\u2014
Mexican peso
(1,437)
(1,222)
215
11
40
164
\u2014
Argentine peso
(2,090)
(2,216)
(126)
\u2014
\u2014
(126)
\u2014
Chilean peso
(2,180)
(2,249)
(69)
(12)
9
(66)
\u2014
US dollar
4,462
2,340
(2,122)
(225)
(48)
(1,849)
\u2014
Polish zloty
(202)
18
220
1
\u2014
4
215
Other
(964)
(1,265)
(301)
(1)
6
(306)
\u2014
Total Group
(22,375)
(25,475)
(3,100)
(287)
(52)
(2,976)
215
A. Profit and loss items are translated into euros at the average exchange rate for the year as described in note 2 a) ii.
B. It includes the accumulated exchange differences of Santander Polska transferred to the heading 'Other comprehensive income - Items that may be reclassified to profit
or loss - Non-current assets held for sale' (see Note 12).
EUR million
2024
Of which:
Currency
Balance at the
beginning of the year
Balance at the end
of the year
Movement
From goodwill
From resultsA
From net assets
Brazilian real
(13,287)
(16,664)
(3,377)
(631)
(206)
(2,540)
Pound sterling
(4,064)
(3,300)
764
39
22
703
Mexican peso
(64)
(1,437)
(1,373)
(82)
(136)
(1,155)
Argentine peso
(2,658)
(2,090)
568
\u2014
\u2014
568
Chilean peso
(1,890)
(2,180)
(290)
(34)
(7)
(249)
US dollar
3,433
4,462
1,029
116
35
878
Polish zloty
(325)
(202)
123
34
5
84
Other
(655)
(964)
(309)
(10)
(8)
(291)
Total Group
(19,510)
(22,375)
(2,865)
(568)
(295)
(2,002)
A. Profit and loss items are translated into euros at the average exchange rate for the year as described in note 2 a) ii.
EUR million
2023
Of which:
Currency
Balance at the
beginning of the year
Balance at the end
of the year
Movement
From goodwill
From resultsA
From net assets
Brazilian real
(14,199)
(13,287)
912
191
11
710
Pound sterling
(4,446)
(4,064)
382
20
4
358
Mexican peso
(1,132)
(64)
1,068
62
41
965
Argentine peso
(1,754)
(2,658)
(904)
(4)
\u2014
(900)
Chilean peso
(1,605)
(1,890)
(285)
(32)
(34)
(219)
US dollar
4,062
3,433
(629)
(64)
(16)
(549)
Polish zloty
(776)
(325)
451
87
32
332
Other
(570)
(655)
(85)
(11)
(1)
(73)
Total Group
(20,420)
(19,510)
910
249
37
624
A. Profit and loss items are translated into euros at the average exchange rate for the year as described in note 2 a) ii.
e) Other comprehensive income -Items that may
be reclassified to profit or loss - Hedging
derivatives \u2013 Cash flow hedges (Effective
portion)
Other comprehensive income \u2013 Items that may be reclassified to
profit or loss - Cash flow hedges includes the gains or losses
attributable to hedging instruments that qualify as effective
hedges. These amounts will remain under this heading until they
are recognised in the consolidated income statement in the periods
in which the hedged items affect it.
f) Other comprehensive income - Items that may
be reclassified to profit or loss \u2013 Changes in the
fair value of debt instruments measured at fair
value with changes in other comprehensive
income
Includes the net amount of unrealised changes in the fair value of
assets classified as Changes in the fair value of debt instruments
measured at fair value with changes in other comprehensive
income (see note 7).
The breakdown, by type of instrument and geographical origin of
the issuer, of 'Other comprehensive income \u2013 Items that may be
reclassified to profit or loss - Changes in the fair value of debt
instruments measured at fair value with changes in other
comprehensive income' at 31 December 2025, 2024 and 2023 is as
follows:
EUR million
31 December 2025
Revaluation gains
Revaluation losses
Net revaluation
gains/ (losses)
Fair value
Debt instruments
Issued by Public-sector
Spain
118
\u2014
118
10,142
Rest of Europe
209
(36)
173
8,856
America and rest of the world
109
(528)
(419)
31,685
Issued by Private-sector
Spain
29
(53)
(24)
9,745
Rest of Europe
28
(15)
13
6,445
America and rest of the world
40
(273)
(233)
5,458
533
(905)
(372)
72,331
EUR million
31 December 2024
Revaluation gains
Revaluation losses
Net revaluation
gains/ (losses)
Fair value
Debt instruments
Issued by Public-sector
Spain
103
\u2014
103
13,764
Rest of Europe
268
(70)
198
15,413
America and rest of the world
76
(944)
(868)
38,784
Issued by Private-sector
Spain
96
(23)
73
6,019
Rest of Europe
25
(18)
7
7,478
America and rest of the world
16
(265)
(249)
6,247
584
(1,320)
(736)
87,705
EUR million
31 December 2023
Revaluation gains
Revaluation losses
Net revaluation
gains/ (losses)
Fair value
Debt instruments
Issued by Public-sector
Spain
17
\u2014
17
9,867
Rest of Europe
333
(96)
237
18,258
America and rest of the world
194
(820)
(626)
38,169
Issued by Private-sector
Spain
98
(9)
89
5,129
Rest of Europe
19
(30)
(11)
5,018
America and rest of the world
6
(267)
(261)
5,106
667
(1,222)
(555)
81,547
The Group estimates the expected losses on debt instruments
measured at fair value with changes in other comprehensive
income. These losses are recorded with a charge to the
consolidated income statement for the period.
At the end of the year 2025, the Group recorded a provision of EUR
29 million under the heading 'Impairment or reversal of
impairment on financial assets not measured at fair value through
profit or loss'. In 2024, the Group did not record any provision in
this regard and at the end of the year 2023, the Group recorded
EUR 24 million.
g) Other comprehensive income - Items that
may be reclassified to profit or loss and Items
not reclassified to profit or loss - Other
recognised income and expense of investments
in subsidiaries, joint ventures and associates
At 31 December 2025, the heading includes a negative amount of
EUR 394\u00a0million (EUR 428\u00a0million and EUR 318\u00a0million in 2024 and
2023, respectively). Of the variation in the balance of said years, a
gain of EUR 17\u00a0million, EUR 45\u00a0million EUR 44\u00a0million and has been
transferred to results in the years 2025, 2024 and 2023,
respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1918": { "value": "
30. Shareholders' equity
The changes in Shareholders' equity are presented in the
consolidated statement of changes in total equity. Significant
information on certain items of Shareholders' equity and the
changes during the year are set forth below.
31. Issued capital
a) Changes
At 31 December 2022, Banco Santander's share capital consisted
of EUR 8,397\u00a0million, represented by 16,794,401,584 shares of
EUR 0.50 of nominal value each and all of them of a unique class
and series.
On 21 March 2023, there was a capital reduction amounting EUR
170,203,286 through the redemption of 340,406,572 shares,
corresponding to the share buyback programme carried out in
2022 and ended in January 2023.
Likewise, on 30 June 2023, there was a capital reduction of EUR
134,924,476.50 through the redemption of 269,848,953 shares,
corresponding to the share buyback programme during the first
half of 2023.
Therefore, Banco Santander's share capital at 31 December 2023
consisted of EUR 8,092\u00a0million, represented by 16,184,146,059
shares of EUR 0.50 of nominal value each and all of them of a
unique class and series ; including 286,842,316 shares
corresponding to the first buyback programme of 2023 (see note
1.g.).
On 5 February 2024, a capital reduction of EUR 179,283,743.50
took place through the redemption of 358,567,487 shares,
corresponding to the share buyback programme carried out in
2023 and ended in January 2024.
On 1 July 2024, a capital reduction of EUR 165,652,500 took place
through the redemption of 331,305,000 shares, corresponding to
he share buyback programme carried out between February and
June 2024.
On 20 December 2024, a capital reduction of EUR 170,890,625\u00a0
took place through the redemption of 341,781,250 shares,
corresponding to he share buyback programme carried out during
the second semester of 2024.
Therefore, Banco Santander's share capital at 31 December 2024
consisted of EUR 7,576 million, represented by 15,152,492,322
shares of EUR 0.50 of nominal value each and all of them of a
unique class and series.
On 3 June 2025, there was a capital reduction amounting to EUR
133,583,475 through the redemption of 267,166,950 shares,
corresponding to the share buyback programme carried out
between February and June 2025.
On 23 December 2025, a capital reduction of EUR 98,002,935 took
place through the redemption of 196,005,870 shares,
corresponding to the share buyback programme carried out during
the second semester of 2025.
Aforementioned operations have not entailed the return of
contributions to the shareholders as Banco Santander was the
owner of the redeemed shares.
Therefore, Banco Santander's share capital at 31 December 2025
consisted of EUR 7,345\u00a0million, represented by 14,689,319,502
shares of EUR 0.50 of nominal value each and all of them of a
unique class and series.
Banco Santander\u2019s shares are listed on the Spanish Stock Market
Interconnection System and on the New York, London, Mexico and
Warsaw Stock Exchanges, and all of them have the same features
and rights. Santander shares are listed on the London Stock
Exchange under Crest Depository Interest (CDI), each CDI
representing one Bank\u2019s share. They are also listed on the New
York Stock Exchange under American Depositary Shares (ADS),
each ADS representing one share. Additionally, Banco Santander's
shares were listed on the traditional listing of the Mexican Stock
Exchange (BMV) and since 29 December 2023, they were listed
only in the International Quotation System of said stock exchange.
As of 31 December 2025, no Banco Santander shareholder
individually held more than 3% of its total share capital (which is
the threshold generally provided for in Spanish regulations for
mandatory notification of a significant participation in a listed
company). Even though at 31 December 2025, certain custodians
appeared in our shareholder registry as holding more than 3% of
our share capital, we understand that those shares were held in
custody on behalf of other investors, none of whom exceeded that
threshold individually. These custodians were State Street Bank
(13.90%),\u00a0 Chase Nominees Limited (7.50%), The Bank of New York
Mellon Corporation (7.18%),Citibank (6.40%), BNP Paribas
(3.74%), Caceis Bank (3.57%) y The Northern Trust (3.06%).
At 31 December 2025, neither Banco Santander's shareholder
registry nor the CNMV's registry showed any shareholder residing
in a non-cooperative jurisdiction with a shareholding equal to, or
greater than, 1% of our share capital (which is the other threshold
applicable under Spanish regulations).
b) Other considerations
Under Spanish law, only shareholders at the general meeting have
the authority to increase share capital. However, they may
delegate the authority to approve or execute capital increases to
the board of directors. Banco Santander\u00b4s Bylaws are fully aligned
with Spanish law and do not establish any different conditions for
share capital increases.
At 31 December 2025 the shares of the following companies were
listed on official stock markets: Banco Santander - Chile; Banco
Santander (Brasil) S.A. and Santander Bank Polska S.A.
At 31 December 2025 the number of Banco Santander shares
owned by third parties and managed by Group management
companies (mainly portfolio, collective investment undertaking
and pension fund managers) or jointly managed was 33 million
shares, which represented 0.22% of Banco Santander\u2019s share
capital (40 and 36\u00a0million shares, representing 0.26% and 0.22%
of the share capital in 2024 and 2023, respectively). In addition,
the number of Banco Santander shares owned by third parties and
received as security was 28\u00a0million shares (equal to 0.19% of the
Bank\u2019s share capital).
At 31 December 2025 the capital increases in progress at Group
companies and the additional capital authorised by their
shareholders at the respective general meetings were not material
at Group level (see appendix V)
32. Share premium
Share premium includes the amount paid up by the Bank\u2019s
shareholders in capital issues in excess of the par value.
The Corporate Enterprises Act expressly permits the use of the
share premium account balance to increase capital at the entities
at which it is recognised and does not establish any specific
restrictions as to its use.
The change in the balance of share premium corresponds to the
capital reductions detailed in note 31.a).
The decreased produced in 2023 by an amount of EUR
1,595\u00a0million was the consequence of the difference between the
purchase value of the redeemed shares (EUR 1,900\u00a0million) and the
par value of said shares (EUR 305\u00a0million) ( see note 4.a and
consolidated statements of changes in total equity) as a
consequence of the capital decreases described in note 31.a.
The decrease produced in 2024 by an amount of EUR 3,778\u00a0million
was the consequence of the difference between the purchase value
of the redeemed shares (EUR 4,294\u00a0million ) and the par value of
said shares (EUR 516\u00a0million) (see note 4.a and consolidated
statements of changes in total equity) as a consequence of the
capital decreases described in note 31.a.
The decrease produced in 2025 by an amount of EUR 3,055\u00a0million
has been the consequence of the difference between the purchase
value of the redeemed shares (EUR 3,287\u00a0million) and the par
value of said shares (EUR 231\u00a0million) (see note 4.a and
consolidated statements of changes in total equity) as a
consequence of the capital decreases described in note 31.a.
Likewise, in accordance with the applicable legislation, a reserve
has been provided in 2024 for amortized capital charged to the
issue premium for an amount equal to the nominal value of said
amortized shares ascending to EUR 231\u00a0million (EUR 516\u00a0million
and EUR 305\u00a0million euros in 2024 and 2023 respectively).
33. Accumulated retained earnings
a) Definitions
The balance of 'Equity - Accumulated gains and Other reserves'
includes the net amount of the accumulated results (profits or
losses) recognised in previous years through the consolidated
income statement which in the profit distribution were allocated in
equity, the expenses of own equity instrument issues, the
differences between the amount for which the treasury shares are
sold and their acquisition price, as well as the net amount of the
results accumulated in previous years, generated by the result of
non-current assets held for sale, recognised through the
consolidated income statement.
b) Breakdown
The detail of Accumulated retained earnings and Reserves of
entities accounted for using the equity method is as follows:
EUR million
2025
2024
2023
Restricted reserves
3,328
3,084
2,899
Legal reserveA
1,469
1,515
1,618
Own shares
480
421
649
Revaluation reserve Royal Decree-Law
7/1996
43
43
43
Reserve for retired capital
1,336
1,105
589
Unrestricted reserves
31,519
24,186
16,033
Voluntary reservesB
26,357
20,362
14,284
Consolidation reserves attributable to the
Bank
5,162
3,824
1,749
Reserves of subsidiaries
47,937
47,249
47,669
Reserves of entities accounted for using
the equity method
1,643
1,831
1,762
84,427
76,350
68,363
A. The board of directors has proposed to the general shareholders' meeting the
reclassification of the excess that the amount of the balance of the legal reserve
account shows over the figure that is equivalent to 20% of the resulting share
capital after the executed capital reductions, to be included in the voluntary
reserves account.
B. In accordance with the commercial regulations in force in Spain.
i. Legal reserve
Under the Consolidated Spanish Corporate Enterprises Act, 10% of
net profit for each year must be transferred to the legal reserve.
These transfers must be made until the balance of this reserve
reaches 20% of the share capital. The legal reserve can be used to
increase capital provided that the remaining reserve balance does
not fall below 10% of the increased share capital amount.
Consequently, once again, after the capital reductions described in
note\u00a031 had been carried out, the balance of the legal reserve met
the percentage of 20% of the share capital, and at 31 December
2025 the Legal reserve was at the stipulated level.
ii. Reserve for treasury shares
According to the Corporate Enterprises Act, an unavailable reserve
equivalent to the amount for which Banco Santander's shares
owned by subsidiaries are recorded. This reservation shall be freely
available when the circumstances which have obliged its
constitution disappear. In addition, this reserve covers the
outstanding balance of loans granted by the Group with Banco
Santander's share guarantee and the amount equivalent to the
credits granted by the Group companies to third parties for the
acquisition of own shares.
iii. Revaluation reserve Royal Decree Law 7/1996, of 7 June
The balance of Revaluation reserve Royal Decree-Law 7/1996 can
be used, free of tax, to increase share capital. From 1 January 2007,
the balance of this account can be taken to unrestricted reserves,
provided that the monetary surplus has been realised. The surplus
will be deemed to have been realised in respect of the portion on
which depreciation has been taken for accounting purposes or
when the revalued assets have been transferred or derecognised.
If the balance of this reserve were used in a manner other than that
provided for in Royal Decree law 7/1996, of 7 June, it would be
subject to taxation.
iv. Reserves of subsidiaries
The detail, by company, of Reserves of subsidiaries, based on the
companies\u2019 contribution to the Group (considering the effect of
consolidation adjustments) is as follows:
EUR million
2025
2024
2023
Banco Santander (Brasil) S.A.
(Consolidated Group)
16,085
15,107
14,512
Santander UK Group
7,973
8,576
8,700
Banco Santander M\u00e9xico, S.A.,
Instituci\u00f3n de Banca M\u00faltiple, Grupo
Financiero Santander M\u00e9xico
4,977
5,248
5,684
Santander Consumer Finance Group
4,804
4,729
4,344
Banco Santander - Chile
4,560
4,250
4,112
Banco Santander Argentina S.A.
3,217
2,892
2,813
Banco Santander Totta, S.A.
(Consolidated Group)
2,726
2,766
2,626
Santander Bank Polska S.A.
2,875
2,890
2,535
Grupo Santander Holdings USA
63
187
1,893
Santander Investment, S.A.
1,424
1,217
1,215
Santander Seguros y Reaseguros,
Compa\u00f1\u00eda Aseguradora, S.A.
845
836
1,044
Banco Santander International SA
(former Banco Santander (Suisse)
S.A)
450
397
346
Other companies and consolidation
adjustments
(2,062)
(1,846)
(2,155)
47,937
47,249
47,669
Of which, restricted
4,722
4,175
3,870
34. Other equity instruments and own
shares
a) Equity instruments issued not capital and
other equity instruments
Other equity instruments includes the equity component of
compound financial instruments, the increase in equity due to
personnel remuneration, and other items not recognised in other
'Shareholders\u2019 equity' items.
On 8 September 2017, Banco Santander, S.A. issued contingent
redeemable perpetual bonds (the fidelity bonds) amounting to EUR
981 million nominal value EUR - 686 million fair value -.
On 15 December 2024, Banco Santander, S.A., proceeded to
redeem in advance voluntarily all of said bonds in circulation.
Additionally, at 31 December 2025 the Group had other equity
instruments amounting to EUR 273 million.
b) Own shares
'Shareholders\u2019 equity\u00a0- Own shares' includes the amount of own
equity instruments held by all the Group entities.
Transactions involving own equity instruments, including their
issuance and cancellation, are recognised directly in equity, and no
profit or loss may be recognised on these transactions. The costs of
any transaction involving own equity instruments are deducted
directly from equity, net of any related tax effect.
At 31 December 2023, the number of treasury shares held by the
Group was 297,815,673 (1.84% of the issued share capital).
During 2024, 930,610,636 shares of the Bank were acquired at an
average price of EUR 4.34 per share, of which 403,030,171 relate
to the Share Buyback Programme carried out during the first half of
2025, and 341,781,250 relate to the Share Buyback Programme
started in September. Likewise, 1,031,653,737 shares were
amortised (note 31) and 181,243,113 shares at an average price of
EUR 4.22 per share were transferred, of which 22,167,105 shares
correspond to the donation made by Banco Santander to Fundaci\u00f3n
Banco Santander with extraordinary character.
At 31 December 2024, the number of treasury shares held by the
Group was 15,529,459 ( 0.102% of the issued share capital).
During 2025, 584,363,745 shares of the Bank have been acquired
at an average price of EUR 6.98 per share, of which 267,166,950
relate to the Share Buyback Programme carried out during the first
half of 2025, and 196,005,870 relate to the new Share Buyback
Programme started in August. Likewise, 463,172,820 shares have
been amortised (note 31) and 125,643,093 shares at an average
price of EUR 6.48 per share have been transferred.
At 31 December 2025, the Group holds 11,077,291 shares of the
Bank's issued share capital (0.075% ).
The effect on equity, net of tax, arising from the purchase and sale
of Bank shares is of EUR 34 million profit in 2025 (EUR 8 million
and EUR 13 million profit in 2024 and 2023, respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1919": { "value": "
31. Issued capital
a) Changes
At 31 December 2022, Banco Santander's share capital consisted
of EUR 8,397\u00a0million, represented by 16,794,401,584 shares of
EUR 0.50 of nominal value each and all of them of a unique class
and series.
On 21 March 2023, there was a capital reduction amounting EUR
170,203,286 through the redemption of 340,406,572 shares,
corresponding to the share buyback programme carried out in
2022 and ended in January 2023.
Likewise, on 30 June 2023, there was a capital reduction of EUR
134,924,476.50 through the redemption of 269,848,953 shares,
corresponding to the share buyback programme during the first
half of 2023.
Therefore, Banco Santander's share capital at 31 December 2023
consisted of EUR 8,092\u00a0million, represented by 16,184,146,059
shares of EUR 0.50 of nominal value each and all of them of a
unique class and series ; including 286,842,316 shares
corresponding to the first buyback programme of 2023 (see note
1.g.).
On 5 February 2024, a capital reduction of EUR 179,283,743.50
took place through the redemption of 358,567,487 shares,
corresponding to the share buyback programme carried out in
2023 and ended in January 2024.
On 1 July 2024, a capital reduction of EUR 165,652,500 took place
through the redemption of 331,305,000 shares, corresponding to
he share buyback programme carried out between February and
June 2024.
On 20 December 2024, a capital reduction of EUR 170,890,625\u00a0
took place through the redemption of 341,781,250 shares,
corresponding to he share buyback programme carried out during
the second semester of 2024.
Therefore, Banco Santander's share capital at 31 December 2024
consisted of EUR 7,576 million, represented by 15,152,492,322
shares of EUR 0.50 of nominal value each and all of them of a
unique class and series.
On 3 June 2025, there was a capital reduction amounting to EUR
133,583,475 through the redemption of 267,166,950 shares,
corresponding to the share buyback programme carried out
between February and June 2025.
On 23 December 2025, a capital reduction of EUR 98,002,935 took
place through the redemption of 196,005,870 shares,
corresponding to the share buyback programme carried out during
the second semester of 2025.
Aforementioned operations have not entailed the return of
contributions to the shareholders as Banco Santander was the
owner of the redeemed shares.
Therefore, Banco Santander's share capital at 31 December 2025
consisted of EUR 7,345\u00a0million, represented by 14,689,319,502
shares of EUR 0.50 of nominal value each and all of them of a
unique class and series.
Banco Santander\u2019s shares are listed on the Spanish Stock Market
Interconnection System and on the New York, London, Mexico and
Warsaw Stock Exchanges, and all of them have the same features
and rights. Santander shares are listed on the London Stock
Exchange under Crest Depository Interest (CDI), each CDI
representing one Bank\u2019s share. They are also listed on the New
York Stock Exchange under American Depositary Shares (ADS),
each ADS representing one share. Additionally, Banco Santander's
shares were listed on the traditional listing of the Mexican Stock
Exchange (BMV) and since 29 December 2023, they were listed
only in the International Quotation System of said stock exchange.
As of 31 December 2025, no Banco Santander shareholder
individually held more than 3% of its total share capital (which is
the threshold generally provided for in Spanish regulations for
mandatory notification of a significant participation in a listed
company). Even though at 31 December 2025, certain custodians
appeared in our shareholder registry as holding more than 3% of
our share capital, we understand that those shares were held in
custody on behalf of other investors, none of whom exceeded that
threshold individually. These custodians were State Street Bank
(13.90%),\u00a0 Chase Nominees Limited (7.50%), The Bank of New York
Mellon Corporation (7.18%),Citibank (6.40%), BNP Paribas
(3.74%), Caceis Bank (3.57%) y The Northern Trust (3.06%).
At 31 December 2025, neither Banco Santander's shareholder
registry nor the CNMV's registry showed any shareholder residing
in a non-cooperative jurisdiction with a shareholding equal to, or
greater than, 1% of our share capital (which is the other threshold
applicable under Spanish regulations).
b) Other considerations
Under Spanish law, only shareholders at the general meeting have
the authority to increase share capital. However, they may
delegate the authority to approve or execute capital increases to
the board of directors. Banco Santander\u00b4s Bylaws are fully aligned
with Spanish law and do not establish any different conditions for
share capital increases.
At 31 December 2025 the shares of the following companies were
listed on official stock markets: Banco Santander - Chile; Banco
Santander (Brasil) S.A. and Santander Bank Polska S.A.
At 31 December 2025 the number of Banco Santander shares
owned by third parties and managed by Group management
companies (mainly portfolio, collective investment undertaking
and pension fund managers) or jointly managed was 33 million
shares, which represented 0.22% of Banco Santander\u2019s share
capital (40 and 36\u00a0million shares, representing 0.26% and 0.22%
of the share capital in 2024 and 2023, respectively). In addition,
the number of Banco Santander shares owned by third parties and
received as security was 28\u00a0million shares (equal to 0.19% of the
Bank\u2019s share capital).
At 31 December 2025 the capital increases in progress at Group
companies and the additional capital authorised by their
shareholders at the respective general meetings were not material
at Group level (see appendix V)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1920": { "value": "
33. Accumulated retained earnings
a) Definitions
The balance of 'Equity - Accumulated gains and Other reserves'
includes the net amount of the accumulated results (profits or
losses) recognised in previous years through the consolidated
income statement which in the profit distribution were allocated in
equity, the expenses of own equity instrument issues, the
differences between the amount for which the treasury shares are
sold and their acquisition price, as well as the net amount of the
results accumulated in previous years, generated by the result of
non-current assets held for sale, recognised through the
consolidated income statement.
b) Breakdown
The detail of Accumulated retained earnings and Reserves of
entities accounted for using the equity method is as follows:
EUR million
2025
2024
2023
Restricted reserves
3,328
3,084
2,899
Legal reserveA
1,469
1,515
1,618
Own shares
480
421
649
Revaluation reserve Royal Decree-Law
7/1996
43
43
43
Reserve for retired capital
1,336
1,105
589
Unrestricted reserves
31,519
24,186
16,033
Voluntary reservesB
26,357
20,362
14,284
Consolidation reserves attributable to the
Bank
5,162
3,824
1,749
Reserves of subsidiaries
47,937
47,249
47,669
Reserves of entities accounted for using
the equity method
1,643
1,831
1,762
84,427
76,350
68,363
A. The board of directors has proposed to the general shareholders' meeting the
reclassification of the excess that the amount of the balance of the legal reserve
account shows over the figure that is equivalent to 20% of the resulting share
capital after the executed capital reductions, to be included in the voluntary
reserves account.
B. In accordance with the commercial regulations in force in Spain.
i. Legal reserve
Under the Consolidated Spanish Corporate Enterprises Act, 10% of
net profit for each year must be transferred to the legal reserve.
These transfers must be made until the balance of this reserve
reaches 20% of the share capital. The legal reserve can be used to
increase capital provided that the remaining reserve balance does
not fall below 10% of the increased share capital amount.
Consequently, once again, after the capital reductions described in
note\u00a031 had been carried out, the balance of the legal reserve met
the percentage of 20% of the share capital, and at 31 December
2025 the Legal reserve was at the stipulated level.
ii. Reserve for treasury shares
According to the Corporate Enterprises Act, an unavailable reserve
equivalent to the amount for which Banco Santander's shares
owned by subsidiaries are recorded. This reservation shall be freely
available when the circumstances which have obliged its
constitution disappear. In addition, this reserve covers the
outstanding balance of loans granted by the Group with Banco
Santander's share guarantee and the amount equivalent to the
credits granted by the Group companies to third parties for the
acquisition of own shares.
iii. Revaluation reserve Royal Decree Law 7/1996, of 7 June
The balance of Revaluation reserve Royal Decree-Law 7/1996 can
be used, free of tax, to increase share capital. From 1 January 2007,
the balance of this account can be taken to unrestricted reserves,
provided that the monetary surplus has been realised. The surplus
will be deemed to have been realised in respect of the portion on
which depreciation has been taken for accounting purposes or
when the revalued assets have been transferred or derecognised.
If the balance of this reserve were used in a manner other than that
provided for in Royal Decree law 7/1996, of 7 June, it would be
subject to taxation.
iv. Reserves of subsidiaries
The detail, by company, of Reserves of subsidiaries, based on the
companies\u2019 contribution to the Group (considering the effect of
consolidation adjustments) is as follows:
EUR million
2025
2024
2023
Banco Santander (Brasil) S.A.
(Consolidated Group)
16,085
15,107
14,512
Santander UK Group
7,973
8,576
8,700
Banco Santander M\u00e9xico, S.A.,
Instituci\u00f3n de Banca M\u00faltiple, Grupo
Financiero Santander M\u00e9xico
4,977
5,248
5,684
Santander Consumer Finance Group
4,804
4,729
4,344
Banco Santander - Chile
4,560
4,250
4,112
Banco Santander Argentina S.A.
3,217
2,892
2,813
Banco Santander Totta, S.A.
(Consolidated Group)
2,726
2,766
2,626
Santander Bank Polska S.A.
2,875
2,890
2,535
Grupo Santander Holdings USA
63
187
1,893
Santander Investment, S.A.
1,424
1,217
1,215
Santander Seguros y Reaseguros,
Compa\u00f1\u00eda Aseguradora, S.A.
845
836
1,044
Banco Santander International SA
(former Banco Santander (Suisse)
S.A)
450
397
346
Other companies and consolidation
adjustments
(2,062)
(1,846)
(2,155)
47,937
47,249
47,669
Of which, restricted
4,722
4,175
3,870
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1921": { "value": "
34. Other equity instruments and own
shares
a) Equity instruments issued not capital and
other equity instruments
Other equity instruments includes the equity component of
compound financial instruments, the increase in equity due to
personnel remuneration, and other items not recognised in other
'Shareholders\u2019 equity' items.
On 8 September 2017, Banco Santander, S.A. issued contingent
redeemable perpetual bonds (the fidelity bonds) amounting to EUR
981 million nominal value EUR - 686 million fair value -.
On 15 December 2024, Banco Santander, S.A., proceeded to
redeem in advance voluntarily all of said bonds in circulation.
Additionally, at 31 December 2025 the Group had other equity
instruments amounting to EUR 273 million.
b) Own shares
'Shareholders\u2019 equity\u00a0- Own shares' includes the amount of own
equity instruments held by all the Group entities.
Transactions involving own equity instruments, including their
issuance and cancellation, are recognised directly in equity, and no
profit or loss may be recognised on these transactions. The costs of
any transaction involving own equity instruments are deducted
directly from equity, net of any related tax effect.
At 31 December 2023, the number of treasury shares held by the
Group was 297,815,673 (1.84% of the issued share capital).
During 2024, 930,610,636 shares of the Bank were acquired at an
average price of EUR 4.34 per share, of which 403,030,171 relate
to the Share Buyback Programme carried out during the first half of
2025, and 341,781,250 relate to the Share Buyback Programme
started in September. Likewise, 1,031,653,737 shares were
amortised (note 31) and 181,243,113 shares at an average price of
EUR 4.22 per share were transferred, of which 22,167,105 shares
correspond to the donation made by Banco Santander to Fundaci\u00f3n
Banco Santander with extraordinary character.
At 31 December 2024, the number of treasury shares held by the
Group was 15,529,459 ( 0.102% of the issued share capital).
During 2025, 584,363,745 shares of the Bank have been acquired
at an average price of EUR 6.98 per share, of which 267,166,950
relate to the Share Buyback Programme carried out during the first
half of 2025, and 196,005,870 relate to the new Share Buyback
Programme started in August. Likewise, 463,172,820 shares have
been amortised (note 31) and 125,643,093 shares at an average
price of EUR 6.48 per share have been transferred.
At 31 December 2025, the Group holds 11,077,291 shares of the
Bank's issued share capital (0.075% ).
The effect on equity, net of tax, arising from the purchase and sale
of Bank shares is of EUR 34 million profit in 2025 (EUR 8 million
and EUR 13 million profit in 2024 and 2023, respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1922": { "value": "
a) Guarantees and contingent commitments
granted
Contingent liabilities includes all transactions under which an
entity guarantees the obligations of a third party and which result
from financial guarantees granted by the entity or from other types
of contracts. The detail is as follows:
2025
2024
2023
Loans commitment granted
321,234
302,861
279,589
Of which impaired
345
511
406
Financial guarantees granted
17,449
16,901
15,435
Of which impaired
332
217
578
Financial guarantees
17,437
16,887
15,400
Credit derivatives sold
12
14
35
Other commitments granted
148,118
134,493
113,273
Of which impaired
668
793
542
Technical guarantees
62,161
61,551
57,363
Other
85,957
72,942
55,910
The breakdown as at 31 December 2025 of the exposures and the
provision fund out of balance sheet by impairment stage is EUR
464,215 million and EUR 338 million (EUR 435,147 million and
EUR 305 million in 2024 and EUR 398,243\u00a0million and EUR
302\u00a0million in 2023) in stage 1, EUR 21,241 million and EUR
206\u00a0million (EUR 17,587 million and EUR 192 million in 2024 and
EUR 8,528\u00a0million and EUR 174\u00a0million in 2023) in stage 2 and EUR
1,345 million and EUR 169 million (EUR 1,521 million and EUR 213
million in 2024 and EUR 1,526\u00a0million and EUR 226\u00a0million in
2023) in stage 3, respectively.
Income from guarantee instruments is recognised under 'Fee and
commission income' in the consolidated income statements and is
calculated by applying the rate established in the related contract
to the nominal amount of the guarantee.
i. Loan commitments granted
Loan commitments granted: firm commitments of grating of credit
under predefined terms and conditions, except for those that
comply with the definition of derivatives as these can be settled in
cash or through the delivery of issuance of another financial
instrument. They include stand-by credit lines and long-term
deposits.
ii. Financial guarantees granted
Financial guarantees includes, inter alia, financial guarantee
contracts such as financial bank guarantees, credit derivatives sold,
and risks arising from derivatives arranged for the account of third
parties.
iii. Other commitments granted
Other contingent liabilities include all commitments that could
give rise to the recognition of financial assets not included in the
above items, such as technical guarantees and guarantees for the
import and export of goods and services.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1923": { "value": "
37. Discontinued operations
As a result of the agreement for the sale of part of the Polish
business, the effect of these businesses on the consolidated
income statement of 2025 has been classified under the line item
'Profit/(loss) after tax from discontinued operations', with the
same classification applied for comparative purposes in the
consolidated income statement of years 2024 and 2023 (see Note
3).
a) Breakdown
The following is a breakdown of the heading 'Profit/loss after tax
from discontinued operations' at 31 December of 2025, 2024 and
2023:
EUR million
2025
2024
2023
Entities held for sale
Santander Bank Polska (Note 3)
1,542
1,241
1,058
Profit/loss after tax from discontinued
operations
1,542
1,241
1,058
b) Gains or losses from entities held for sale
The following are the consolidated summary profit and loss
accounts for the business held for sale in Poland:
EUR million
Condensed consolidated income
statements
2025
2024
2023
Interest margin
3,006
2,881
2,611
Dividend income
4
4
3
Investments accounted for using the
equity method
28
24
22
Net commissions
685
634
562
Net trading income
74
62
68
Other operating results
(77)
(109)
(94)
Total income
3,720
3,496
3,172
Administrative expenses, depreciation
and amortisation cost
(1,014)
(885)
(793)
Impairment of financial assets A
(285)
(508)
(658)
Other results and provisions
(471)
(423)
(267)
Profit before taxes
1,950
1,680
1,454
Tax expense
(408)
(439)
(396)
Profit of the year
1,542
1,241
1,058
A. Of which EUR 144 million correspond to renegotiations or contractual
modifications at 31 December 2025 (EUR 334\u00a0 and 457 million at 31 December
2024 and 2023, respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1928": { "value": "
38. Interest income
Interest and similar income in the consolidated income statement
comprises the interest accruing in the year on all financial assets
with an implicit or explicit return, calculated by applying the
effective interest method, irrespective of measurement at fair
value; and the rectifications of income as a result of hedge
accounting. Interest is recognised gross, without deducting any tax
withheld at source.
The detail of the main interest and similar income items earned in
2025 , 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Loans and advances,\u00a0customers
70,830
74,900
67,879
Debt instruments
15,890
15,431
13,955
Loans and advances,\u00a0central banks and
credit institutions
7,599
8,195
7,229
Other interestA
7,391
10,486
12,679
101,710
109,012
101,742
A. Mainly include the rectification of income originating from accounting hedges
as well as interest on balances in central banks and on demand credit
institutions.
Most of the interest and similar income was generated by the
Group\u2019s financial assets that are measured either at amortised cost
or at fair value through other comprehensive income.
39. Interest expense
Interest expense and similar charges in the consolidated income
statement includes the interest accruing in the\u00a0year on all financial
liabilities with an implicit or explicit return, including remuneration
in kind, calculated by applying the effective interest method,
irrespective of measurement at fair value; the rectifications of cost
as a result of hedge accounting; and the interest cost attributable
to provisions recorded for pensions.
The detail of the main items of interest expense and similar
charges accrued in 2025, 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Customer deposits
31,735
35,714
32,457
Debt securities issued and subordinated
liabilities
15,066
14,612
12,671
Marketable debt securities
13,580
13,255
11,661
Subordinated liabilities (note\u00a023)
1,486
1,357
1,010
Central banks and credit institution
deposits
8,151
9,381
9,360
Lease Liabilities
107
122
127
Provisions for pensions (note\u00a025)
91
105
93
Other interest expense
4,212
5,291
6,384
59,362
65,225
61,092
Most of the interest expense and similar charges was generated by
the Group\u2019s financial liabilities that are measured at amortised
cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1927": { "value": "
38. Interest income
Interest and similar income in the consolidated income statement
comprises the interest accruing in the year on all financial assets
with an implicit or explicit return, calculated by applying the
effective interest method, irrespective of measurement at fair
value; and the rectifications of income as a result of hedge
accounting. Interest is recognised gross, without deducting any tax
withheld at source.
The detail of the main interest and similar income items earned in
2025 , 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Loans and advances,\u00a0customers
70,830
74,900
67,879
Debt instruments
15,890
15,431
13,955
Loans and advances,\u00a0central banks and
credit institutions
7,599
8,195
7,229
Other interestA
7,391
10,486
12,679
101,710
109,012
101,742
A. Mainly include the rectification of income originating from accounting hedges
as well as interest on balances in central banks and on demand credit
institutions.
Most of the interest and similar income was generated by the
Group\u2019s financial assets that are measured either at amortised cost
or at fair value through other comprehensive income.
41. Commission income
Commission income comprises the amount of all fees and
commissions accruing in favour of the Group in the year, except
those that form an integral part of the effective interest rate on
financial instruments.
The detail of fee and commission income is as follows:
EUR million
2025
2024
2023
Coming from collection and payment
services
Bills
209
220
232
Demand accounts
1,359
1,411
1,372
Cards
4,039
4,067
4,146
Orders
607
657
656
Cheques and other
140
138
128
6,354
6,493
6,534
Coming from non-banking financial
products
Investment funds
1,428
1,389
1,037
Pension funds
238
194
178
Insurance
2,782
2,865
2,669
4,448
4,448
3,884
Coming from Securities services
Securities underwriting and placement
602
586
502
Securities trading
654
452
331
Administration and custody
402
370
354
Asset management
385
254
341
2,043
1,662
1,528
Other
Foreign exchange
848
705
678
Commitments and financial
guarantees
718
713
621
Commitment fees
504
491
497
Structure Finance
902
709
551
Corporate Finance
243
213
136
Loans granted
259
318
259
Loan Servicing activities
118
130
45
Other fees and commissions
950
952
911
4,542
4,231
3,698
17,387
16,834
15,644
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1926": { "value": "
38. Interest income
Interest and similar income in the consolidated income statement
comprises the interest accruing in the year on all financial assets
with an implicit or explicit return, calculated by applying the
effective interest method, irrespective of measurement at fair
value; and the rectifications of income as a result of hedge
accounting. Interest is recognised gross, without deducting any tax
withheld at source.
The detail of the main interest and similar income items earned in
2025 , 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Loans and advances,\u00a0customers
70,830
74,900
67,879
Debt instruments
15,890
15,431
13,955
Loans and advances,\u00a0central banks and
credit institutions
7,599
8,195
7,229
Other interestA
7,391
10,486
12,679
101,710
109,012
101,742
A. Mainly include the rectification of income originating from accounting hedges
as well as interest on balances in central banks and on demand credit
institutions.
Most of the interest and similar income was generated by the
Group\u2019s financial assets that are measured either at amortised cost
or at fair value through other comprehensive income.
41. Commission income
Commission income comprises the amount of all fees and
commissions accruing in favour of the Group in the year, except
those that form an integral part of the effective interest rate on
financial instruments.
The detail of fee and commission income is as follows:
EUR million
2025
2024
2023
Coming from collection and payment
services
Bills
209
220
232
Demand accounts
1,359
1,411
1,372
Cards
4,039
4,067
4,146
Orders
607
657
656
Cheques and other
140
138
128
6,354
6,493
6,534
Coming from non-banking financial
products
Investment funds
1,428
1,389
1,037
Pension funds
238
194
178
Insurance
2,782
2,865
2,669
4,448
4,448
3,884
Coming from Securities services
Securities underwriting and placement
602
586
502
Securities trading
654
452
331
Administration and custody
402
370
354
Asset management
385
254
341
2,043
1,662
1,528
Other
Foreign exchange
848
705
678
Commitments and financial
guarantees
718
713
621
Commitment fees
504
491
497
Structure Finance
902
709
551
Corporate Finance
243
213
136
Loans granted
259
318
259
Loan Servicing activities
118
130
45
Other fees and commissions
950
952
911
4,542
4,231
3,698
17,387
16,834
15,644
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1924": { "value": "
38. Interest income
Interest and similar income in the consolidated income statement
comprises the interest accruing in the year on all financial assets
with an implicit or explicit return, calculated by applying the
effective interest method, irrespective of measurement at fair
value; and the rectifications of income as a result of hedge
accounting. Interest is recognised gross, without deducting any tax
withheld at source.
The detail of the main interest and similar income items earned in
2025 , 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Loans and advances,\u00a0customers
70,830
74,900
67,879
Debt instruments
15,890
15,431
13,955
Loans and advances,\u00a0central banks and
credit institutions
7,599
8,195
7,229
Other interestA
7,391
10,486
12,679
101,710
109,012
101,742
A. Mainly include the rectification of income originating from accounting hedges
as well as interest on balances in central banks and on demand credit
institutions.
Most of the interest and similar income was generated by the
Group\u2019s financial assets that are measured either at amortised cost
or at fair value through other comprehensive income.
39. Interest expense
Interest expense and similar charges in the consolidated income
statement includes the interest accruing in the\u00a0year on all financial
liabilities with an implicit or explicit return, including remuneration
in kind, calculated by applying the effective interest method,
irrespective of measurement at fair value; the rectifications of cost
as a result of hedge accounting; and the interest cost attributable
to provisions recorded for pensions.
The detail of the main items of interest expense and similar
charges accrued in 2025, 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Customer deposits
31,735
35,714
32,457
Debt securities issued and subordinated
liabilities
15,066
14,612
12,671
Marketable debt securities
13,580
13,255
11,661
Subordinated liabilities (note\u00a023)
1,486
1,357
1,010
Central banks and credit institution
deposits
8,151
9,381
9,360
Lease Liabilities
107
122
127
Provisions for pensions (note\u00a025)
91
105
93
Other interest expense
4,212
5,291
6,384
59,362
65,225
61,092
Most of the interest expense and similar charges was generated by
the Group\u2019s financial liabilities that are measured at amortised
cost.
41. Commission income
Commission income comprises the amount of all fees and
commissions accruing in favour of the Group in the year, except
those that form an integral part of the effective interest rate on
financial instruments.
The detail of fee and commission income is as follows:
EUR million
2025
2024
2023
Coming from collection and payment
services
Bills
209
220
232
Demand accounts
1,359
1,411
1,372
Cards
4,039
4,067
4,146
Orders
607
657
656
Cheques and other
140
138
128
6,354
6,493
6,534
Coming from non-banking financial
products
Investment funds
1,428
1,389
1,037
Pension funds
238
194
178
Insurance
2,782
2,865
2,669
4,448
4,448
3,884
Coming from Securities services
Securities underwriting and placement
602
586
502
Securities trading
654
452
331
Administration and custody
402
370
354
Asset management
385
254
341
2,043
1,662
1,528
Other
Foreign exchange
848
705
678
Commitments and financial
guarantees
718
713
621
Commitment fees
504
491
497
Structure Finance
902
709
551
Corporate Finance
243
213
136
Loans granted
259
318
259
Loan Servicing activities
118
130
45
Other fees and commissions
950
952
911
4,542
4,231
3,698
17,387
16,834
15,644
42. Commission expense
Commission expense shows the amount of all fees and
commissions paid or payable by the Group in the\u00a0year, except those
that form an integral part of the effective interest rate on financial
instruments.
The detail of commission expense is as follows:
EUR million
2025
2024
2023
Cards
1,744
1,816
1,858
By collection and return of effects
30
30
24
Financial guarantees and other
commitments
359
323
282
Brokerages and intermediaries
130
181
204
Sales of insurance and\u00a0 funds
456
453
352
Other fees and commissions
1,692
1,655
1,429
4,411
4,458
4,149
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1925": { "value": "
38. Interest income
Interest and similar income in the consolidated income statement
comprises the interest accruing in the year on all financial assets
with an implicit or explicit return, calculated by applying the
effective interest method, irrespective of measurement at fair
value; and the rectifications of income as a result of hedge
accounting. Interest is recognised gross, without deducting any tax
withheld at source.
The detail of the main interest and similar income items earned in
2025 , 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Loans and advances,\u00a0customers
70,830
74,900
67,879
Debt instruments
15,890
15,431
13,955
Loans and advances,\u00a0central banks and
credit institutions
7,599
8,195
7,229
Other interestA
7,391
10,486
12,679
101,710
109,012
101,742
A. Mainly include the rectification of income originating from accounting hedges
as well as interest on balances in central banks and on demand credit
institutions.
Most of the interest and similar income was generated by the
Group\u2019s financial assets that are measured either at amortised cost
or at fair value through other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1930": { "value": "
39. Interest expense
Interest expense and similar charges in the consolidated income
statement includes the interest accruing in the\u00a0year on all financial
liabilities with an implicit or explicit return, including remuneration
in kind, calculated by applying the effective interest method,
irrespective of measurement at fair value; the rectifications of cost
as a result of hedge accounting; and the interest cost attributable
to provisions recorded for pensions.
The detail of the main items of interest expense and similar
charges accrued in 2025, 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Customer deposits
31,735
35,714
32,457
Debt securities issued and subordinated
liabilities
15,066
14,612
12,671
Marketable debt securities
13,580
13,255
11,661
Subordinated liabilities (note\u00a023)
1,486
1,357
1,010
Central banks and credit institution
deposits
8,151
9,381
9,360
Lease Liabilities
107
122
127
Provisions for pensions (note\u00a025)
91
105
93
Other interest expense
4,212
5,291
6,384
59,362
65,225
61,092
Most of the interest expense and similar charges was generated by
the Group\u2019s financial liabilities that are measured at amortised
cost.
42. Commission expense
Commission expense shows the amount of all fees and
commissions paid or payable by the Group in the\u00a0year, except those
that form an integral part of the effective interest rate on financial
instruments.
The detail of commission expense is as follows:
EUR million
2025
2024
2023
Cards
1,744
1,816
1,858
By collection and return of effects
30
30
24
Financial guarantees and other
commitments
359
323
282
Brokerages and intermediaries
130
181
204
Sales of insurance and\u00a0 funds
456
453
352
Other fees and commissions
1,692
1,655
1,429
4,411
4,458
4,149
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1929": { "value": "
39. Interest expense
Interest expense and similar charges in the consolidated income
statement includes the interest accruing in the\u00a0year on all financial
liabilities with an implicit or explicit return, including remuneration
in kind, calculated by applying the effective interest method,
irrespective of measurement at fair value; the rectifications of cost
as a result of hedge accounting; and the interest cost attributable
to provisions recorded for pensions.
The detail of the main items of interest expense and similar
charges accrued in 2025, 2024 and 2023 is as follows:
EUR million
2025
2024
2023
Customer deposits
31,735
35,714
32,457
Debt securities issued and subordinated
liabilities
15,066
14,612
12,671
Marketable debt securities
13,580
13,255
11,661
Subordinated liabilities (note\u00a023)
1,486
1,357
1,010
Central banks and credit institution
deposits
8,151
9,381
9,360
Lease Liabilities
107
122
127
Provisions for pensions (note\u00a025)
91
105
93
Other interest expense
4,212
5,291
6,384
59,362
65,225
61,092
Most of the interest expense and similar charges was generated by
the Group\u2019s financial liabilities that are measured at amortised
cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1931": { "value": "
40. Dividend income
Dividend income includes the dividends and payments on equity
instruments out of profits generated by investees after the
acquisition of the equity interest.
The detail of income from dividends as follows:
EUR million
2025
2024
2023
Dividend income classified as:
Financial assets held for trading
556
521
414
Non-trading financial assets
mandatorily at fair value through
profit or loss
57
71
68
Financial assets at fair value through
other comprehensive income
102
118
86
715
710
568
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1933": { "value": "
41. Commission income
Commission income comprises the amount of all fees and
commissions accruing in favour of the Group in the year, except
those that form an integral part of the effective interest rate on
financial instruments.
The detail of fee and commission income is as follows:
EUR million
2025
2024
2023
Coming from collection and payment
services
Bills
209
220
232
Demand accounts
1,359
1,411
1,372
Cards
4,039
4,067
4,146
Orders
607
657
656
Cheques and other
140
138
128
6,354
6,493
6,534
Coming from non-banking financial
products
Investment funds
1,428
1,389
1,037
Pension funds
238
194
178
Insurance
2,782
2,865
2,669
4,448
4,448
3,884
Coming from Securities services
Securities underwriting and placement
602
586
502
Securities trading
654
452
331
Administration and custody
402
370
354
Asset management
385
254
341
2,043
1,662
1,528
Other
Foreign exchange
848
705
678
Commitments and financial
guarantees
718
713
621
Commitment fees
504
491
497
Structure Finance
902
709
551
Corporate Finance
243
213
136
Loans granted
259
318
259
Loan Servicing activities
118
130
45
Other fees and commissions
950
952
911
4,542
4,231
3,698
17,387
16,834
15,644
45. Other operating income and expenses
Other operating income and Other operating expenses in the
consolidated income statements include:
EUR million
2025
2024
2023
Other operating income
1,583
846
1,137
Non- financial services
738
654
752
Other operating income
845
192
385
Other operating expense
(2,070)
(2,258)
(2,766)
Non-financial services
(650)
(498)
(674)
Other operating expense:
(1,420)
(1,760)
(2,092)
Of which, credit institutions deposit
guarantee fund and single resolution
fund
(478)
(481)
(1,083)
(487)
(1,412)
(1,629)
In the 2025 and 2024 financial years, it was decided that there will
not be contribution in Spain to the Single Resolution Fund, as well
as a decrease in the contribution to the Deposit Guarantee Fund, by
the Single Resolution Board (SRB) and the Deposit Guarantee Fund\u00a0
Management Committee, respectively.
The amount of the Group recognises in relation to income from
sub-leases of rights of use is not material.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1932": { "value": "
41. Commission income
Commission income comprises the amount of all fees and
commissions accruing in favour of the Group in the year, except
those that form an integral part of the effective interest rate on
financial instruments.
The detail of fee and commission income is as follows:
EUR million
2025
2024
2023
Coming from collection and payment
services
Bills
209
220
232
Demand accounts
1,359
1,411
1,372
Cards
4,039
4,067
4,146
Orders
607
657
656
Cheques and other
140
138
128
6,354
6,493
6,534
Coming from non-banking financial
products
Investment funds
1,428
1,389
1,037
Pension funds
238
194
178
Insurance
2,782
2,865
2,669
4,448
4,448
3,884
Coming from Securities services
Securities underwriting and placement
602
586
502
Securities trading
654
452
331
Administration and custody
402
370
354
Asset management
385
254
341
2,043
1,662
1,528
Other
Foreign exchange
848
705
678
Commitments and financial
guarantees
718
713
621
Commitment fees
504
491
497
Structure Finance
902
709
551
Corporate Finance
243
213
136
Loans granted
259
318
259
Loan Servicing activities
118
130
45
Other fees and commissions
950
952
911
4,542
4,231
3,698
17,387
16,834
15,644
42. Commission expense
Commission expense shows the amount of all fees and
commissions paid or payable by the Group in the\u00a0year, except those
that form an integral part of the effective interest rate on financial
instruments.
The detail of commission expense is as follows:
EUR million
2025
2024
2023
Cards
1,744
1,816
1,858
By collection and return of effects
30
30
24
Financial guarantees and other
commitments
359
323
282
Brokerages and intermediaries
130
181
204
Sales of insurance and\u00a0 funds
456
453
352
Other fees and commissions
1,692
1,655
1,429
4,411
4,458
4,149
47.\u00a0Other general administrative
expenses
a) Breakdown
The detail of Other general administrative expenses is as follows:
EUR million
2025
2024
2023
Technology and systems
2,298
2,539
2,389
Property, fixtures and supplies
(note 2.k)
803
797
774
Technical reports
712
724
796
Advertising
517
512
574
Taxes other than income tax
543
554
568
Communications
367
387
400
Surveillance and cash courier services
314
337
325
Per diems and travel expenses
250
232
213
Insurance premiums
86
95
88
Other administrative expenses
2,010
1,968
2,144
7,900
8,145
8,271
The payments associated with short-term leases (leases less than
or equal to 12 months) and leases of low-value assets, that the
Group recognises as an expense in the income statement is not
material.
b) Technical reports and other
Technical reports include the fees from the various Group
companies (detailed in the accompanying appendices) for the
services provided by their respective auditors, with the following
detail:
EUR million
2025
2024
2023
Audit
118.5
122.3
117.5
Audit-related services
15.0
13.6
8.6
Tax services
0.1
0.9
1.6
All other
7.1
7.4
5.9
Total
140.7
144.2
133.6
Additionally, the firm BDO has performed audit and audit-related
services totaling EUR 1.9\u00a0million.
The audit services and main non-audit services included for each
item in the above breakdown are detailed as follows:
\u2022 Audit services: audit of the individual and consolidated financial
statements of Banco Santander and its subsidiaries (of which
PwC or another network firm is the external auditor); audit of the
interim consolidated financial statements of Banco Santander;
integrated audits prepared in order to file the Form 20-F\u00a0 with
the SEC\u00a0 and the internal control audits (SOx) for required
Group's entities; limited reviews of financial statements; and\u00a0
regulatory reports required to the external auditors regarding
several\u00a0 Grupo Santander entities.
\u2022 Audit-related services: issuance of comfort letters, verification
services of financial and non-financial information required by
regulators, and other reviews of documentation to be submitted
to domestic or foreign authorities that, due to their nature, the
external auditor typically provides.
\u2022 Tax services: tax compliance and advisory services provided to
Group companies outside Spain, which have no direct effect on
the audited financial statements and are permitted in accordance
with the applicable independence regulations.
\u2022 Other services: agreed-upon procedure reports, assurance
reports and special reports performed under the accepted
profession's standards; as well as other reports required by the
regulators.
The 'Audit' heading includes the fees for the year's audit,
regardless of the date the audit was completed. Any subsequent
adjustments, which are not significant, are shown in this note for
each year for comparison purposes. The fees corresponding to the
rest of the services are shown by reference to when the audit
committee approved them.
The services commissioned from the Group's auditors meet the
independence requirements under applicable European and
Spanish law, the SEC rules and the Public Company Accounting
Oversight Board (PCAOB), applicable to the Group, and did not
involve in any case\u00a0the\u00a0performance of any work that is
incompatible with the auditor's role.
Lastly, the Group commissioned services from audit firms other
than PwC amounting to EUR 155.9\u00a0million in 2025 (EUR
206.2\u00a0million and EUR 174.1\u00a0million in 2024 and 2023,
respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1934": { "value": "
a) Breakdown
The detail, by origin, of Gains/losses on financial assets and
liabilities:
EUR million
2025
2024
2023
Gains or losses on financial assets and
liabilities not measured at fair value
through profit or loss, net
127
(117)
96
\u00a0 Financial assets at amortized cost
(89)
(190)
(3)
\u00a0 Other financial assets and liabilities
216
73
99
Of which debt instruments
133
50
51
Gains or losses on financial assets and
liabilities held for trading, netA
1,017
1,344
2,316
Gains or losses on non-trading
financial assets and liabilities
mandatory at fair value through profit
or loss
1,106
495
198
Gains or losses on financial assets and
liabilities measured at fair value
through profit or loss, netA
(307)
691
(92)
Gains or losses from hedge accounting,
net
12
14
69
1,955
2,427
2,587
A. Includes the net result obtained by transactions with debt securities, equity
instruments, derivatives and short positions included in this portfolio when the
Group jointly manages its risk in these instruments.
As explained in note 44, the above breakdown should be analysed
in conjunction with the 'Exchange differences, net':
EUR million
2025
2024
2023
Exchange differences, net
407
(216)
(22)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1937": { "value": "
45. Other operating income and expenses
Other operating income and Other operating expenses in the
consolidated income statements include:
EUR million
2025
2024
2023
Other operating income
1,583
846
1,137
Non- financial services
738
654
752
Other operating income
845
192
385
Other operating expense
(2,070)
(2,258)
(2,766)
Non-financial services
(650)
(498)
(674)
Other operating expense:
(1,420)
(1,760)
(2,092)
Of which, credit institutions deposit
guarantee fund and single resolution
fund
(478)
(481)
(1,083)
(487)
(1,412)
(1,629)
In the 2025 and 2024 financial years, it was decided that there will
not be contribution in Spain to the Single Resolution Fund, as well
as a decrease in the contribution to the Deposit Guarantee Fund, by
the Single Resolution Board (SRB) and the Deposit Guarantee Fund\u00a0
Management Committee, respectively.
The amount of the Group recognises in relation to income from
sub-leases of rights of use is not material.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1936": { "value": "
45. Other operating income and expenses
Other operating income and Other operating expenses in the
consolidated income statements include:
EUR million
2025
2024
2023
Other operating income
1,583
846
1,137
Non- financial services
738
654
752
Other operating income
845
192
385
Other operating expense
(2,070)
(2,258)
(2,766)
Non-financial services
(650)
(498)
(674)
Other operating expense:
(1,420)
(1,760)
(2,092)
Of which, credit institutions deposit
guarantee fund and single resolution
fund
(478)
(481)
(1,083)
(487)
(1,412)
(1,629)
In the 2025 and 2024 financial years, it was decided that there will
not be contribution in Spain to the Single Resolution Fund, as well
as a decrease in the contribution to the Deposit Guarantee Fund, by
the Single Resolution Board (SRB) and the Deposit Guarantee Fund\u00a0
Management Committee, respectively.
The amount of the Group recognises in relation to income from
sub-leases of rights of use is not material.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1935": { "value": "
45. Other operating income and expenses
Other operating income and Other operating expenses in the
consolidated income statements include:
EUR million
2025
2024
2023
Other operating income
1,583
846
1,137
Non- financial services
738
654
752
Other operating income
845
192
385
Other operating expense
(2,070)
(2,258)
(2,766)
Non-financial services
(650)
(498)
(674)
Other operating expense:
(1,420)
(1,760)
(2,092)
Of which, credit institutions deposit
guarantee fund and single resolution
fund
(478)
(481)
(1,083)
(487)
(1,412)
(1,629)
In the 2025 and 2024 financial years, it was decided that there will
not be contribution in Spain to the Single Resolution Fund, as well
as a decrease in the contribution to the Deposit Guarantee Fund, by
the Single Resolution Board (SRB) and the Deposit Guarantee Fund\u00a0
Management Committee, respectively.
The amount of the Group recognises in relation to income from
sub-leases of rights of use is not material.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1939": { "value": "
46. Staff costs
a) Breakdown
The detail of Staff costs is as follows:
EUR million
2025
2024
2023
Wages and salaries
10,328
10,541
10,018
Social Security costs
1,680
1,644
1,576
Additions to provisions for defined benefit
pension plans (note\u00a025)
41
45
42
Contributions to defined contribution
pension funds
332
354
307
Other Staff costs
1,252
1,241
1,332
13,633
13,825
13,275
b) Headcount
The number of employees of Grupo Santander at 31 December
2025, 2024 and 2023 is 198,403 , 206,753 and 212,764 ,
respectively. For the years 2025, 2024 and 2023 the average
number of employees of the Group is 203,572 , 209,371 and
211,135 , respectively, being the average number of employees of
Banco Santander, S.A. 23,207 , 23,839 and 24,061 , of which 17 , 15
and 16 are executive directors and Senior management,
respectively.
The functional breakdown (final employment), by gender, at 31
December\u00a0 2025 is as follows:
Functional\u00a0breakdown\u00a0by\u00a0gender
Senior executivesA
Other executivesB
Other employees
Men
Women
Others
Not
declared
Men
Women
Others
Not
declared
Men
Women
Others
Not
declared
Europe
918
426
\u2014
\u2014
8,778
5,052
\u2014
10
31,404
37,094
3
39
North America
181
64
\u2014
\u2014
3,859
2,630
\u2014
4
14,555
18,517
2
1
South America
284
142
\u2014
\u2014
4,678
3,398
\u2014
1
30,472
35,890
\u2014
1
1,383
632
\u2014
\u2014
17,315
11,080
\u2014
15
76,431
91,501
5
41
A. Senior Executives includes employees with job profiles under the following harmonized management levels: Senior Executive VP. Executive VP and VP.
B. Other Executives includes Directors, Mangers, Experts and Branch Managers.
Note: This includes employees related to the Group's business held for sale in Poland.
The labour relations between employees and the various Group
companies are governed by the related collective agreements or
similar regulations.
The number of Group employees with disabilities at 31 December
2025, 2024 and 2023, was 4,854, 4,828 and 4,701, respectively.
Likewise, the average number of employees of Banco Santander,
S.A. with disabilities, equal to or greater than 33%, during 2025
was 419 (435 and 428 employees during 2024 and 2023). At the
end of fiscal year 2025, there were 413 employees (432 and 436
employees at 31 December, 2024 and 2023 , respectively).
An employee with disabilities is considered to be a person who is
recognised by the State or the company in each jurisdiction where
the Group operates and that entitles them to receive direct
monetary assistance, or other types of aid such as, for example,
reduction of their taxes. In the case of Spain, employees with
disabilities have been considered to be those with a degree of
disabilities greater than or equal to 33%.
c) Share-based payments
The main share-based payments granted by the Group in force at
31 December,\u00a02025, 2024 and 2023 are described below.
i. Bank
The variable remuneration policy for the Bank\u2019s executive directors
and certain executive personnel of the Bank and of other Group
companies includes Bank share-based payments, the
implementation of which requires, in conformity with the law and
the Bank\u2019s Bylaws, specific resolutions to be adopted by the
general meeting.
Were it necessary or advisable for legal, regulatory or other similar
reasons, the delivery mechanisms described below may be
adapted in specific cases without altering the maximum number of
shares linked to the plan or the essential conditions to which the
delivery thereof is subject.
These adaptations may involve replacing the delivery of shares
with the delivery of cash amounts of an equal value.
The plans that include share-based payments are as follows:
(i)\u00a0Deferred and Conditional Variable Remuneration Plan;
(ii)\u00a0Deferred Multiyear Objectives Variable Remuneration Plan;
(iii)\u00a0Digital Transformation Award, (iv) Digital Transformation
Award 2022, Digital Transformation Award 2023 and (vi) PagoNxt
incentive Plan 2024 and 2025 for Santander executives. The
characteristics of the plans are set forth below:
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(i) Deferred and
conditional
variable
remuneration
plan (2015,
2016, 2017,
2018, 2019,
2020, 2021,\u00a0
2022, 2023,
2024 and 2025)
The purpose of these cycles is to
defer a portion of the variable
remuneration of the beneficiaries
over a period of three years for the
sixth cycles, over three or five years
for the fifth, seventh, eighth, ninth,
tenth and eleventh cycles, and over
four or five years for the twelfth
cycle, for it to be paid, where
appropriate, in cash and in
Santander shares. The other portion
of the variable remuneration is also
to be paid in cash and Santander
shares, upon commencement of the
cycles, in accordance with the rules
set forth below.
Beneficiaries:
\u2022 Executive directors and certain
executives (including senior
management) and employees
who assume risk, who perform
control functions or receive an
overall remuneration which puts
them on the same remuneration
level as executives and employees
who assume risks (fifth cycle).
\u2022 In the case of the sixth, seventh,
eighth, ninth, tenth, eleventh
twelfth, thirteenth, fourteenth
and fifteenth cycle the
beneficiaries are Material Risk
Takers (Identified staff) that are
not beneficiaries of the Deferred
Multiyear Objectives Variable
Remuneration Plan.
For the fifth and sixth cycles (2015 to 2016), the
accrual of the deferred compensation is conditioned, in
addition to the requirement that the beneficiary
remains in the Group's employ, with the exceptions
included in the plan regulations on none of the
following circumstances existing during the period
prior to each delivery, pursuant to the provisions set
forth in each case in the plan regulations:
\u2022 Poor financial performance of the Group.
\u2022 Breach by the beneficiary of internal regulations,
including, in particular, those relating to risks.
\u2022 Material restatement of the Group's consolidated
financial statements, except when it is required
pursuant to a change in accounting standards.
\u2022 Significant changes in the Group\u2019s economic capital
or risk profile
In the case of the seventh, eighth, ninth, tenth,
eleventh, twelfth, thirteenth, fourteenth and fifteenth
cycles, the accrual of deferred compensation is
conditioned, in addition to the permanence of the
beneficiary in the Group, with the exceptions contained
in the plan's regulations, to non-occurrence of a poor
performance of the entity as a whole or of a specific
division or area of the entity or of the exposures
generated by the personnel:
i. significant failures in risk management by the
entity , or by a business unit or risk control unit.
ii. the increase suffered by the entity or by a business
unit of its capital needs, not foreseen at the time
of generation of the exposures.
iii. Regulatory sanctions or judicial sentences for
events that could be attributable to the unit or the
personnel responsible for those. Also, the breach
of internal codes of conduct of the entity.
iv. Irregular behaviours, whether individual or
collective, considering in particular the negative
effects derived from the marketing of
inappropriate products and the responsibilities of
the persons or bodies that made those decisions.
Fifth cycle (2015):
\u2022 Executive directors and members of the Identified
Staff with total variable remuneration higher than
2.6 million euros: 40% paid immediately and 60%
deferred over 5 years deferral period.
\u2022 Division managers, country heads (of countries
which represent at least 1% of Group's economic
capital), other executives of the Group with a similar
profile and members of the Identified Staff\u00a0 with
total variable remuneration between 1.7 million
euros (1.8 million in fourth cycle) and 2.6 million
euros: 50% paid immediately and 50% deferred over\u00a0
5 years (fifth cycle)
\u2022 Other beneficiaries: 60% paid immediately and 40%
deferred over 3 years.
Sixth cycle (2016):
\u2022 60% of bonus will be paid immediately and 40%\u00a0
deferred over a three year period.
Seventh, eighth, ninth, tenth and eleventh cycle (2017,
2018, 2019, 2020 and 2021):
\u2022 Beneficiaries of these plans with target total variable
remuneration higher or equal to 2.7 million euros:
40%\u00a0 paid immediately and 60% deferred over 5
years
\u2022 Beneficiaries of these plans with target total variable
remuneration between 1.7 million euros and 2.7
million euros: 50% paid immediately and 50%paid
over 5 years
\u2022 Other beneficiaries of these plans: 60% paid
immediately and 40% deferred over 3 years.
Twelfth (2022), thirteenth (2023),fourteenth (2024)
and fifteenth (2025) cycle:
\u2022 Beneficiaries of these plans with target total variable
remuneration higher or equal to 2.7 million euros:
40% paid immediately and 60% deferred over 5
years
\u2022 Beneficiaries of these plans with target total variable
remuneration between 1.7 million euros and 2.7
million euros: 50% paid immediately and 50% paid
over 5 years
\u2022 Other beneficiaries of these plans: 60% paid
immediately and 40% deferred over 4 years .
T
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(ii)Deferred
Multiyear
Objectives
Variable
Remuneration
Plan (2016,
2017, 2018,
2019, 2020,
2021, 2022,
2023, 2024 and
2025)
The aim is simplifying the
remuneration structure, improving
the ex ante risk adjustment and
increasing the impact of the long-
term objectives on the Group\u2019s most
relevant roles. The purpose of these
cycles is to defer a portion of the
variable remuneration of the
beneficiaries over a period of three
or five years (four or five years for
the seventh cycle) for it to be paid,
where appropriate, in cash and in
Santander shares; the other portion
of the variable remuneration is also
to be paid in cash and Santander
shares (regarding the instruments
part, executive directors in the
seventh cycle have the opportunity
to choose all in share options or half
in share options and half in shares),
upon commencement of the cycles,
in accordance with the rules set
forth below. The accrual of the last
third of the deferral (in the case of 3
years deferral), the last 2 fourths (in
the case of 4 years deferral) and the
last three fifths (in the case of 5
years deferral) is also subject to
long-term objectives.
Beneficiaries
Executive directors, senior
management and certain executives
of the Group\u2019s first lines of
responsibility.
In 2016 the accrual is conditioned, in addition to the
permanence of the beneficiary in the Group, with the
exceptions contained in the plan\u2019s regulations, to non-
occurrence of the following circumstances during the
period prior to each of the deliveries in the terms set
forth in each case in the plan\u2019s regulations:
i. Poor performance of the Group.
ii. Breach by the beneficiary of the internal
regulations, including in particular that relating to
risks.
iii. Material restatement of the Group\u2019s consolidated
financial statements, except when appropriate
under a change in accounting regulations.
iv. Significant changes in the Group\u2019s economic
capital or risk profile.
In 2017, 2018, 2019, 2020 and 2021 the accrual is
conditioned, in addition to the beneficiary' permanence
in the Group, with the exceptions contained in the
plan\u2019s regulations, to the non-occurrence of poor
financial performance from the entity as a whole or of
a specific division or area thereof or of the exposures
generated by the personnel, taking into account the
following factors:
v. Significant failures in risk management committed
by the entity, or by a business unit or risk control
unit.
vi. the increase suffered by the entity or by a business
unit of its capital needs, not foreseen at the time
of generation of the exposures.
vii. Regulatory sanctions or court rulings for events
that could be attributable to the unit or the\u00a0
personnel responsible for those. Also, the breach\u00a0
of internal codes of conduct of the entity.
viii. Irregular behaviours, whether individual or
collective, considering in particular negative
effects derived from the marketing of
inappropriate products and responsibilities of
persons or bodies that made those decisions.
Paid half in cash and half in shares. In the seventh
cycle, and only for executive directors: half in cash and
25% in share options and 25% in shares (unless the
director chooses to receive options only). The
maximum number of shares to be delivered is
calculated by taking into account the weighted average
daily volume of weighted average prices for the fifteen
trading sessions prior to the previous Friday (excluding)
on the date on which the board decides the bonus for
the Executive directors of the Bank.
In the eighth cycle, and for all Identified Staff: half in
cash and 25% in shares and 25% in share options, or
half in cash and half in shares, according to each
executive\u00b4s choice.
In the ninth and tenth cycle, half in cash and\u00a0 half in
shares.
First cycle (2016):
\u2022 Executive directors and members of the Identified
Staff with total variable remuneration higher than or
equal to 2.7 million euros: 40% paid immediately
and 60% deferred over a 5\u00a0 year period.
\u2022 Senior managers, country heads of countries
representing at least 1% of the Group\u00b4s capital and
other members of the identified staff whose total
variable remuneration is between 1.7 million and 2.7
million euros: 50% paid immediately and 50%
deferred over a 5 year period.
\u2022 Other beneficiaries: 60% paid immediately and 40%
deferred over a 3 year period.
The second, third, fourth, fifth and sixth cycles (2017,
2018, 2019,2020 and 2021 respectively) are under the
aforementioned deferral rules, except that the\u00a0 variable
remuneration considered is the target for each
executive and not the actual award.
In 2016 the metrics for the deferred portion subject to
long-term objectives (last third or last three fifths,
respectively, for the cases of three years and five years
deferrals) are:
\u2022 Earnings per share (EPS) growth in 2018 over 2015.
\u2022 Relative Total Shareholder Return (TSR) in the
2016-2018 period measured against a group of
credit institutions.
\u2022 Compliance with the fully-loaded common equity
tier 1 ('CET1') ratio target for financial year 2018.
\u2022 Compliance with Grupo Santander\u2019s underlying
return on risk-weighted assets ('RoRWA') growth
target for financial year 2018 compared to financial
year 2015.
In the second, third, fourth, fifth and sixth cycle (2017,
2018, 2019, 2020 and 2021) the metrics for the
deferred portion subject to long-term objectives (last
third or last three fifths, respectively, for the cases of
three years and five years deferrals) are:
\u2022 EPS growth in 2019, 2020, 2021, 2022 and 2023
(over 2016, 2017, 2018, 2019 and 2020, for each
respective cycle)
\u2022 Relative Total Shareholder Return (TSR) measured
against a group of 17 credit institutions (second and
third cycles) in the periods 2017-2019 and
2018-2019, respectively, and against a group of 9
entities (fourth, fifth and sixth cycle) for the
2019-2021, 2020-2022 and 2010-2023\u00a0 period.
\u2022 Compliance with the fully-loaded common equity
tier 1 ('CET1') ratio target for financial years 2019,
2020, 2021,2022 and 2023, respectively.
In the seventh (2022), eighth cycle (2023), ninth (2025)
and tenth cycle (2025), the metrics for the deferred
portion subject to long-term objectives (two last
fourths and last three fifths, for the cases of four years
and five years deferrals) are:
\u2022 Banco Santander's consolidated Return on tangible
equity (RoTE) target in 2024 (7th cycle),\u00a0 2025 (8th
cycle), 2026 (9th cycle) and 2027 (10th cycle).
\u2022 Relative Total Shareholder Return (TSR) measured
against a group of 9 credit institutions for the period
2022-2024 (7th cycle), 2023-2025 (8th cycle),
2024-2026 (9th cycle) and 2025-2027 (10th cycle).
\u2022 Progress level\u00a0 in the\u00a0 public targets of our
Sustainability agenda.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(iii) Digital
Transformation
Award (2019,
2020 and 2021)
The 2019, 2020 and 2021 Digital
Transformation Incentive (the
'Digital Incentive') is a variable
remuneration system that includes
the delivery of Santander shares and
share options.
The aim of the Digital Incentive is to
attract and retain the critical skill
sets to support and accelerate the
digital transformation of the Group.
By means of this program, the Group
offers a remuneration element
which is competitive with the
remuneration systems offered\u00a0 by
other market operators who also
compete for digital talent.
The number of beneficiaries is
limited to a maximum of 250
employees and the total amount of
the incentive is limited to 30 million
euros.
The funding of this incentive is subject to meeting
important milestones that are aligned with the Group\u00b4s
digital roadmap and have been approved by the board
of directors, taking into account the digitalization
strategy of the Group, with the aim of becoming the
best open, responsible global financial services
platform.
Performance of 2019 incentive was measured based on
achievement of the following milestones: (i) Launch of
a Global Trade Services (GTS) platform; (ii) launch of a
Global Merchant Services (GMS) platform; (iii)
migration of our fully digital bank, OpenBank, to a 'next
generation' platform and launch in 3 markets; (iv)
extension of SuperDigital in Brazil to at least one other
country; (v) and launch of our international payments
app based on blockchain Pago FX to non-Santander
customers.
The milestones for the 2020 Digital Transformation
Award were: (i) rolling out the global merchant services
(GMS) platform in 3 new geographies, enhancing the
platform functionality and achieving volume targets for
transactions and participating merchants; (ii) doing the
commercial rollout of the global trade services (GTS)
platform in 8 new geographies, enhancing platform
functionality, and achieving\u00a0 volume targets for on-
boarded clients and monthly active users; (iii)
launching OpenBank in a new market and migrating
the retail banking infrastructure to 'new-mode' bank;
(iv) launch the global platform SuperDigital in at least 4
countries, driving target active user growth; (v)
deploying machine learning across pre-defined
markets for 4 priority use cases, rolling out Conversion
Rate Optimization (Digital marketing) for at least 40
sales programs, delivering profit targets, and driving
reduction of agent handled calls in contact centers; (vi)
successfully implementing initiatives related to on-
board and identity services, common API (application
programming interface) layer, payment hubs, mobile
app for SMEs and virtual assistant services; and (vii)
launching the PagoFX global platform in at least 4
countries.
The milestones for 2021 were: (i)in relation to Pago Nxt
Consumer payment platform: implementation of
Superdigital platform in seven countries, acquisition of
over 1.5 million active customer base and accelerating
growth through B2B (business to business) and B2B2C
(business to business to customer) partnerships,
acquiring more than 50% of the new customers
through these channels, which are more cost-effective;
(ii)in relation to Digital Consumer Bank: launching
online API for checkout lending in the European Union
and completion of controllable items for Openbank
launch in USA; (iii)in relation to One Santander
strategy: implementation in Europe of One Common
Mobile Experience and, specifically, implementation of
Europe ONE app for individual customers in at least
three of the four countries by December 2021; and be
among the three-top rated entities in terms of Mobile
NetPromoter Score (Mobile NPS) in at least two of the
four countries by December 2021; (iv) In relation to
cloud adoption: host 75% of migratable virtual
machines on cloud technology (either public cloud or
OHE) by December 2021. For these purposes,
mainframes, physical servers and servers with non-x86
operating systems will be considered non-migratable.
The Digital Incentive is structured 50% in Santander
shares and 50% in options over Santander shares,
taking into account the fair value of the option at the
moment in which they are granted. For Material Risk
Takers subject to five years deferrals, the Digital
Incentive (shares and options over shares) shall be
delivered in thirds, on the third, fourth and fifth
anniversary from their granting. For Material Risk
Takers subject to three years deferrals and employees
not subject to deferrals, delivery shall be done on the
third anniversary from their granting.
Any delivery of shares, either directly or via exercise of
options overs shares, will be subject generally to the
Group\u2019s general malus & clawback provisions as
described in the Group\u2019s remuneration policy and to the
continuity of the beneficiary within the Grupo
Santander. In this regard, the board may define specific
rules for non-Identified Staff.
Vested share options can be exercised until maturity,
with all options lapsing after ten years (for granting the
2019 incentive) and eight years (for granting the 2020
and 2021 incentive).
The total achievement for 2021 Digital Incentive was
77.5% (85% en 2020 and 83% en 2019).
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(iv) Digital
Transformation
Award (2022)
The board of directors approved the
2022 Digital
Transformation Incentive. It is a variable
remuneration scheme
splits in two different blocks:
\u2022 The first one, with the same
mechanism than previous years,
that delivers Santander shares and
share options if the group hits major
milestones on its digital roadmap. This
is aimed at a group of up to 250 (is
limited to 30 million euros)employees
whose functions are deemed essential
to Santander\u2019s growth.
\u2022 And the second one, which delivers
PagoNxt, S.L. RSUs and premium prices
options (PPOs), and is aimed at up to 50
employees (and limited to 15 million
euros) whose roles are considered key
to PagoNxt\u2019s success.
The aim of the Digital Incentive is to
attract and retain the critical skill sets to
support and accelerate the digital
transformation of the Group. By means
of this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
Performance of the first block of the\u00a0 incentive shall be
measured based on achievement of the following
milestones:
i. Edelweiss: Our Santander future retail architecture
EDELWEISS will mean moving from our current Core
centric banking architecture towards a Customer and
Data-Centric Core supported by lean Record
Processing engines.
ii. Simplification: Speed up the simplification of our
technology platform and business model by Reducing
the total number of applications in production and
reducing number of products in the regions.
iii. Agile: Agile ways of working enable a better and
faster reaction to customers\u2019 needs and is based on a
value-driven delivery that increases efficiency by
reducing time-to-market and development costs, and
increasing quality. People working in Agile are more
collaborative, engaged, empowered and creative.
iv. In Digital Consumer Bank:
a) To create the BNPL platform connected to at least
one merchant in Netherlands and Germany, and to
make sure the platform is ready to connect in Spain.
b) To support the definition of Openbank US\u2019s IT digital
strategy and achieve 2022 milestones in it.
c) To have the new leasing platform connected to
dealers in Italy.
d) To expand the Wabi B2B online business to
Germany. To execute the first B2B deal with an
Original Equipment Manufacturer or mobility player in
at least one country. To expand coches.com business
and platform to Portugal.
And in regard to the second block of digital incentive:
the consolidation of PagoNxt Core Perimeter.
The first block of thee Digital Incentive is structured
50% in Santander shares and 50% in options over
Santander shares, taking into account the fair value
of the option at the moment in which they are
granted. For Material Risk Takers subject to five
years deferrals, the Digital Incentive (shares and
options over shares) shall be delivered in thirds, on
the third, fourth and fifth anniversary from their
granting. For Material Risk Takers subject to three
years deferrals and employees not subject to
deferrals, delivery shall be done on the third
anniversary from their granting.
Any delivery of shares, either directly or via exercise
of options overs shares, will be subject generally to
the Group\u2019s general malus & clawback provisions as
described in the Group\u2019s remuneration policy and to
the continuity of the beneficiary within the Grupo
Santander. In this regard, the board may define
specific rules for non-Identified Staff.
Vested share options can be exercised until maturity,
with all options lapsing after ten years .
The total achievement for 2022 Digital Incentive
was 96.5% .
The second block of Digital Incentive is structures in
restricted stock units (RSUs) and premium priced
Options (PPOs) of PagoNxt S.L. in a percentage
determined by the internal category of the
beneficiary. The total achievement for 2022 was
100%.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(v) Digital
Transformation
Award (2023)
The board of directors approved the
2023 Digital
Transformation Incentive. It is a variable
remuneration scheme\u00a0 which delivers
PagoNxt, S.L. RSUs and premium prices
options (PPOs), and is aimed at up to 50
employees (and limited to 15 million
euros) whose roles are considered key
to PagoNxt\u2019s success.
With this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
And the performance conditions were focus on key
digital projects related with PagoNxt's main
businesses (Trade, Merchant and Payments) in its core
geographies.
This incentive\u00a0 is structures in restricted stock units
(RSUs) and premium priced Options (PPOs) of
PagoNxt S.L. in a percentage determined by the
internal category of the beneficiary. The average
achievement for 2023 was 88%.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(vi) PagoNxt
incentive Plan
2024 and 2025
for Santander
executives)
The board of directors approved the
PagoNxt incentive Plan 2024 and 2025
Incentive. It is a variable remuneration
scheme\u00a0 which delivers PagoNxt, S.L.
RSUs, and is aimed at approximately\u00a0 to
50 - 60 employees whose roles are
considered key to PagoNxt\u2019s success.
With this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
And the performance conditions were focus on key
digital projects related with PagoNxt's main
businesses (Trade, Merchant and Payments) in its core
geographies.
This incentive\u00a0 is structures in restricted stock units
(RSUs) of PagoNxt S.L. in a percentage determined
by the internal category of the beneficiary. The
average achievement for 2024 was 77% and 85% in
2025.
ii. Santander UK plc
The long-term incentive plans on shares of the Bank granted by
management of Santander UK plc to its employees are as follows:
Number of
shares (in
thousand)
Exercise
price\u00a0in
pounds
sterlingA
Year
granted
Employee
group
Number
of
personsB
Date of
commencement
of\u00a0exercise
period
Date of
expiry of
exercise
period
Plans outstanding at 01/01/2023
29,988
Options granted (sharesave)
7,175
2.78
2023
Employees
4,752
01/11/23
01/11/26
01/11/23
01/11/28
Options exercised
(5,980)
1.7
Options cancelled (net) or not exercised
(4,044)
2.53
Plans outstanding at 31/12/2023
27,139
Options granted (sharesave)
4,991
3.36
2024
Employees
4,107
01/11/24
01/11/27
01/11/24
01/11/29
Options exercised
(4,004)
2.29
Options cancelled (net) or not exercised
(2,437)
2.37
Plans outstanding at 31/12/2024
25,689
Options granted (sharesave)
3,324
6.35
2025
Employees
4,637
01/11/25
01/11/28
Options exercised
(9,966)
1.9
Options cancelled (net) or not exercised
(1,554)
2.88
Plans outstanding at 31/12/2025
17,493
A. At\u00a0 31 December,\u00a02025, 2024 and 2023, the euro/pound sterling exchange rate was 1.15, 1.21 and 1.15 , respectively.
B. Number of accounts/contracts. A single employee may have more than one account/contract.
In 2008 the Group launched a voluntary savings scheme for
Santander UK employees (Sharesave Scheme) whereby employees
who join the scheme see deducted between GBP 5 and GBP 500
from their net\u00a0monthly pay over a period of three or five years. At
the end of the chosen period, the employee may choose between
collecting the amount contributed, the interest accrued and a
bonus (tax-exempt in the United Kingdom) or exercising options on
shares of the Bank in an amount equal to the sum of such three
amounts at a fixed price. The exercise price will be the result of
reducing by up to 20% the average purchase and sale prices of the
Bank shares in the three trading sessions prior to the approval of
the scheme by the UK tax authorities (HMRC). This approval must
be received within 21 to 41 days following the publication of the
Group\u2019s results for the first half of the year. This scheme was
approved by the board of directors, at the proposal of the
appointments and remuneration committee, and, since it involved
the delivery of Bank shares, its application was authorized by the
Annual General Meeting held on June 21, 2008. Also, the scheme
was authorized by the UK tax authorities (HMRC) and commenced
in September\u00a02008. In subsequent years, at the Annual General
Meetings held on June 19, 2009, June 11, 2010, June 17, 2011,
March 30, 2012, March 22, 2013, March 28, 2014, March 27, 2015,
March 18, 2016, April 7, 2017, March\u00a023, 2018, April 12, 2019,\u00a0
April 3, 2020 and March 26, 2021, respectively, the shareholders
approved the application of schemes previously approved by the
board and with similar features to the scheme approved in 2008.
iii. Fair value
The fair value of the performance share plans was calculated as
follows:
a) Deferred variable compensation plan linked to multi-year
objectives 2023, 2024 and 2025:
The Group calculates at the grant date the fair value of the plan
based on the valuation report of an independent expert, Willis
Towers Watson. According to the design of the plan for 2023, 2024
and 2025 and the levels of achievement of similar plans in
comparable entities, it has been considered that the fair value is
70%.
b) Santander UK sharesave plans:
The fair value of each option at the date of grant is estimated using
an analytical model that also reflects the correlation between EUR
and GBP. This model uses assumptions on the share price, the EUR/
GBP FX rate, the EUR/GBP risk-free interest rate, dividend yields,
the expected volatilities of both the underlying shares and EUR/
GBP for the expected lives of options granted. The weighted
average grant-date fair value of options granted during the year
was GBP 0.44 (GBP 0.23 and GBP 0.33 reported in 2024 and 2023,
respectively).
c) Number of full-time equivalent employees
The data on full-time equivalent employees stem from the average
headcount of each jurisdiction.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1938": { "value": "
46. Staff costs
a) Breakdown
The detail of Staff costs is as follows:
EUR million
2025
2024
2023
Wages and salaries
10,328
10,541
10,018
Social Security costs
1,680
1,644
1,576
Additions to provisions for defined benefit
pension plans (note\u00a025)
41
45
42
Contributions to defined contribution
pension funds
332
354
307
Other Staff costs
1,252
1,241
1,332
13,633
13,825
13,275
c) Share-based payments
The main share-based payments granted by the Group in force at
31 December,\u00a02025, 2024 and 2023 are described below.
i. Bank
The variable remuneration policy for the Bank\u2019s executive directors
and certain executive personnel of the Bank and of other Group
companies includes Bank share-based payments, the
implementation of which requires, in conformity with the law and
the Bank\u2019s Bylaws, specific resolutions to be adopted by the
general meeting.
Were it necessary or advisable for legal, regulatory or other similar
reasons, the delivery mechanisms described below may be
adapted in specific cases without altering the maximum number of
shares linked to the plan or the essential conditions to which the
delivery thereof is subject.
These adaptations may involve replacing the delivery of shares
with the delivery of cash amounts of an equal value.
The plans that include share-based payments are as follows:
(i)\u00a0Deferred and Conditional Variable Remuneration Plan;
(ii)\u00a0Deferred Multiyear Objectives Variable Remuneration Plan;
(iii)\u00a0Digital Transformation Award, (iv) Digital Transformation
Award 2022, Digital Transformation Award 2023 and (vi) PagoNxt
incentive Plan 2024 and 2025 for Santander executives. The
characteristics of the plans are set forth below:
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(i) Deferred and
conditional
variable
remuneration
plan (2015,
2016, 2017,
2018, 2019,
2020, 2021,\u00a0
2022, 2023,
2024 and 2025)
The purpose of these cycles is to
defer a portion of the variable
remuneration of the beneficiaries
over a period of three years for the
sixth cycles, over three or five years
for the fifth, seventh, eighth, ninth,
tenth and eleventh cycles, and over
four or five years for the twelfth
cycle, for it to be paid, where
appropriate, in cash and in
Santander shares. The other portion
of the variable remuneration is also
to be paid in cash and Santander
shares, upon commencement of the
cycles, in accordance with the rules
set forth below.
Beneficiaries:
\u2022 Executive directors and certain
executives (including senior
management) and employees
who assume risk, who perform
control functions or receive an
overall remuneration which puts
them on the same remuneration
level as executives and employees
who assume risks (fifth cycle).
\u2022 In the case of the sixth, seventh,
eighth, ninth, tenth, eleventh
twelfth, thirteenth, fourteenth
and fifteenth cycle the
beneficiaries are Material Risk
Takers (Identified staff) that are
not beneficiaries of the Deferred
Multiyear Objectives Variable
Remuneration Plan.
For the fifth and sixth cycles (2015 to 2016), the
accrual of the deferred compensation is conditioned, in
addition to the requirement that the beneficiary
remains in the Group's employ, with the exceptions
included in the plan regulations on none of the
following circumstances existing during the period
prior to each delivery, pursuant to the provisions set
forth in each case in the plan regulations:
\u2022 Poor financial performance of the Group.
\u2022 Breach by the beneficiary of internal regulations,
including, in particular, those relating to risks.
\u2022 Material restatement of the Group's consolidated
financial statements, except when it is required
pursuant to a change in accounting standards.
\u2022 Significant changes in the Group\u2019s economic capital
or risk profile
In the case of the seventh, eighth, ninth, tenth,
eleventh, twelfth, thirteenth, fourteenth and fifteenth
cycles, the accrual of deferred compensation is
conditioned, in addition to the permanence of the
beneficiary in the Group, with the exceptions contained
in the plan's regulations, to non-occurrence of a poor
performance of the entity as a whole or of a specific
division or area of the entity or of the exposures
generated by the personnel:
i. significant failures in risk management by the
entity , or by a business unit or risk control unit.
ii. the increase suffered by the entity or by a business
unit of its capital needs, not foreseen at the time
of generation of the exposures.
iii. Regulatory sanctions or judicial sentences for
events that could be attributable to the unit or the
personnel responsible for those. Also, the breach
of internal codes of conduct of the entity.
iv. Irregular behaviours, whether individual or
collective, considering in particular the negative
effects derived from the marketing of
inappropriate products and the responsibilities of
the persons or bodies that made those decisions.
Fifth cycle (2015):
\u2022 Executive directors and members of the Identified
Staff with total variable remuneration higher than
2.6 million euros: 40% paid immediately and 60%
deferred over 5 years deferral period.
\u2022 Division managers, country heads (of countries
which represent at least 1% of Group's economic
capital), other executives of the Group with a similar
profile and members of the Identified Staff\u00a0 with
total variable remuneration between 1.7 million
euros (1.8 million in fourth cycle) and 2.6 million
euros: 50% paid immediately and 50% deferred over\u00a0
5 years (fifth cycle)
\u2022 Other beneficiaries: 60% paid immediately and 40%
deferred over 3 years.
Sixth cycle (2016):
\u2022 60% of bonus will be paid immediately and 40%\u00a0
deferred over a three year period.
Seventh, eighth, ninth, tenth and eleventh cycle (2017,
2018, 2019, 2020 and 2021):
\u2022 Beneficiaries of these plans with target total variable
remuneration higher or equal to 2.7 million euros:
40%\u00a0 paid immediately and 60% deferred over 5
years
\u2022 Beneficiaries of these plans with target total variable
remuneration between 1.7 million euros and 2.7
million euros: 50% paid immediately and 50%paid
over 5 years
\u2022 Other beneficiaries of these plans: 60% paid
immediately and 40% deferred over 3 years.
Twelfth (2022), thirteenth (2023),fourteenth (2024)
and fifteenth (2025) cycle:
\u2022 Beneficiaries of these plans with target total variable
remuneration higher or equal to 2.7 million euros:
40% paid immediately and 60% deferred over 5
years
\u2022 Beneficiaries of these plans with target total variable
remuneration between 1.7 million euros and 2.7
million euros: 50% paid immediately and 50% paid
over 5 years
\u2022 Other beneficiaries of these plans: 60% paid
immediately and 40% deferred over 4 years .
T
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(ii)Deferred
Multiyear
Objectives
Variable
Remuneration
Plan (2016,
2017, 2018,
2019, 2020,
2021, 2022,
2023, 2024 and
2025)
The aim is simplifying the
remuneration structure, improving
the ex ante risk adjustment and
increasing the impact of the long-
term objectives on the Group\u2019s most
relevant roles. The purpose of these
cycles is to defer a portion of the
variable remuneration of the
beneficiaries over a period of three
or five years (four or five years for
the seventh cycle) for it to be paid,
where appropriate, in cash and in
Santander shares; the other portion
of the variable remuneration is also
to be paid in cash and Santander
shares (regarding the instruments
part, executive directors in the
seventh cycle have the opportunity
to choose all in share options or half
in share options and half in shares),
upon commencement of the cycles,
in accordance with the rules set
forth below. The accrual of the last
third of the deferral (in the case of 3
years deferral), the last 2 fourths (in
the case of 4 years deferral) and the
last three fifths (in the case of 5
years deferral) is also subject to
long-term objectives.
Beneficiaries
Executive directors, senior
management and certain executives
of the Group\u2019s first lines of
responsibility.
In 2016 the accrual is conditioned, in addition to the
permanence of the beneficiary in the Group, with the
exceptions contained in the plan\u2019s regulations, to non-
occurrence of the following circumstances during the
period prior to each of the deliveries in the terms set
forth in each case in the plan\u2019s regulations:
i. Poor performance of the Group.
ii. Breach by the beneficiary of the internal
regulations, including in particular that relating to
risks.
iii. Material restatement of the Group\u2019s consolidated
financial statements, except when appropriate
under a change in accounting regulations.
iv. Significant changes in the Group\u2019s economic
capital or risk profile.
In 2017, 2018, 2019, 2020 and 2021 the accrual is
conditioned, in addition to the beneficiary' permanence
in the Group, with the exceptions contained in the
plan\u2019s regulations, to the non-occurrence of poor
financial performance from the entity as a whole or of
a specific division or area thereof or of the exposures
generated by the personnel, taking into account the
following factors:
v. Significant failures in risk management committed
by the entity, or by a business unit or risk control
unit.
vi. the increase suffered by the entity or by a business
unit of its capital needs, not foreseen at the time
of generation of the exposures.
vii. Regulatory sanctions or court rulings for events
that could be attributable to the unit or the\u00a0
personnel responsible for those. Also, the breach\u00a0
of internal codes of conduct of the entity.
viii. Irregular behaviours, whether individual or
collective, considering in particular negative
effects derived from the marketing of
inappropriate products and responsibilities of
persons or bodies that made those decisions.
Paid half in cash and half in shares. In the seventh
cycle, and only for executive directors: half in cash and
25% in share options and 25% in shares (unless the
director chooses to receive options only). The
maximum number of shares to be delivered is
calculated by taking into account the weighted average
daily volume of weighted average prices for the fifteen
trading sessions prior to the previous Friday (excluding)
on the date on which the board decides the bonus for
the Executive directors of the Bank.
In the eighth cycle, and for all Identified Staff: half in
cash and 25% in shares and 25% in share options, or
half in cash and half in shares, according to each
executive\u00b4s choice.
In the ninth and tenth cycle, half in cash and\u00a0 half in
shares.
First cycle (2016):
\u2022 Executive directors and members of the Identified
Staff with total variable remuneration higher than or
equal to 2.7 million euros: 40% paid immediately
and 60% deferred over a 5\u00a0 year period.
\u2022 Senior managers, country heads of countries
representing at least 1% of the Group\u00b4s capital and
other members of the identified staff whose total
variable remuneration is between 1.7 million and 2.7
million euros: 50% paid immediately and 50%
deferred over a 5 year period.
\u2022 Other beneficiaries: 60% paid immediately and 40%
deferred over a 3 year period.
The second, third, fourth, fifth and sixth cycles (2017,
2018, 2019,2020 and 2021 respectively) are under the
aforementioned deferral rules, except that the\u00a0 variable
remuneration considered is the target for each
executive and not the actual award.
In 2016 the metrics for the deferred portion subject to
long-term objectives (last third or last three fifths,
respectively, for the cases of three years and five years
deferrals) are:
\u2022 Earnings per share (EPS) growth in 2018 over 2015.
\u2022 Relative Total Shareholder Return (TSR) in the
2016-2018 period measured against a group of
credit institutions.
\u2022 Compliance with the fully-loaded common equity
tier 1 ('CET1') ratio target for financial year 2018.
\u2022 Compliance with Grupo Santander\u2019s underlying
return on risk-weighted assets ('RoRWA') growth
target for financial year 2018 compared to financial
year 2015.
In the second, third, fourth, fifth and sixth cycle (2017,
2018, 2019, 2020 and 2021) the metrics for the
deferred portion subject to long-term objectives (last
third or last three fifths, respectively, for the cases of
three years and five years deferrals) are:
\u2022 EPS growth in 2019, 2020, 2021, 2022 and 2023
(over 2016, 2017, 2018, 2019 and 2020, for each
respective cycle)
\u2022 Relative Total Shareholder Return (TSR) measured
against a group of 17 credit institutions (second and
third cycles) in the periods 2017-2019 and
2018-2019, respectively, and against a group of 9
entities (fourth, fifth and sixth cycle) for the
2019-2021, 2020-2022 and 2010-2023\u00a0 period.
\u2022 Compliance with the fully-loaded common equity
tier 1 ('CET1') ratio target for financial years 2019,
2020, 2021,2022 and 2023, respectively.
In the seventh (2022), eighth cycle (2023), ninth (2025)
and tenth cycle (2025), the metrics for the deferred
portion subject to long-term objectives (two last
fourths and last three fifths, for the cases of four years
and five years deferrals) are:
\u2022 Banco Santander's consolidated Return on tangible
equity (RoTE) target in 2024 (7th cycle),\u00a0 2025 (8th
cycle), 2026 (9th cycle) and 2027 (10th cycle).
\u2022 Relative Total Shareholder Return (TSR) measured
against a group of 9 credit institutions for the period
2022-2024 (7th cycle), 2023-2025 (8th cycle),
2024-2026 (9th cycle) and 2025-2027 (10th cycle).
\u2022 Progress level\u00a0 in the\u00a0 public targets of our
Sustainability agenda.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation Base
(iii) Digital
Transformation
Award (2019,
2020 and 2021)
The 2019, 2020 and 2021 Digital
Transformation Incentive (the
'Digital Incentive') is a variable
remuneration system that includes
the delivery of Santander shares and
share options.
The aim of the Digital Incentive is to
attract and retain the critical skill
sets to support and accelerate the
digital transformation of the Group.
By means of this program, the Group
offers a remuneration element
which is competitive with the
remuneration systems offered\u00a0 by
other market operators who also
compete for digital talent.
The number of beneficiaries is
limited to a maximum of 250
employees and the total amount of
the incentive is limited to 30 million
euros.
The funding of this incentive is subject to meeting
important milestones that are aligned with the Group\u00b4s
digital roadmap and have been approved by the board
of directors, taking into account the digitalization
strategy of the Group, with the aim of becoming the
best open, responsible global financial services
platform.
Performance of 2019 incentive was measured based on
achievement of the following milestones: (i) Launch of
a Global Trade Services (GTS) platform; (ii) launch of a
Global Merchant Services (GMS) platform; (iii)
migration of our fully digital bank, OpenBank, to a 'next
generation' platform and launch in 3 markets; (iv)
extension of SuperDigital in Brazil to at least one other
country; (v) and launch of our international payments
app based on blockchain Pago FX to non-Santander
customers.
The milestones for the 2020 Digital Transformation
Award were: (i) rolling out the global merchant services
(GMS) platform in 3 new geographies, enhancing the
platform functionality and achieving volume targets for
transactions and participating merchants; (ii) doing the
commercial rollout of the global trade services (GTS)
platform in 8 new geographies, enhancing platform
functionality, and achieving\u00a0 volume targets for on-
boarded clients and monthly active users; (iii)
launching OpenBank in a new market and migrating
the retail banking infrastructure to 'new-mode' bank;
(iv) launch the global platform SuperDigital in at least 4
countries, driving target active user growth; (v)
deploying machine learning across pre-defined
markets for 4 priority use cases, rolling out Conversion
Rate Optimization (Digital marketing) for at least 40
sales programs, delivering profit targets, and driving
reduction of agent handled calls in contact centers; (vi)
successfully implementing initiatives related to on-
board and identity services, common API (application
programming interface) layer, payment hubs, mobile
app for SMEs and virtual assistant services; and (vii)
launching the PagoFX global platform in at least 4
countries.
The milestones for 2021 were: (i)in relation to Pago Nxt
Consumer payment platform: implementation of
Superdigital platform in seven countries, acquisition of
over 1.5 million active customer base and accelerating
growth through B2B (business to business) and B2B2C
(business to business to customer) partnerships,
acquiring more than 50% of the new customers
through these channels, which are more cost-effective;
(ii)in relation to Digital Consumer Bank: launching
online API for checkout lending in the European Union
and completion of controllable items for Openbank
launch in USA; (iii)in relation to One Santander
strategy: implementation in Europe of One Common
Mobile Experience and, specifically, implementation of
Europe ONE app for individual customers in at least
three of the four countries by December 2021; and be
among the three-top rated entities in terms of Mobile
NetPromoter Score (Mobile NPS) in at least two of the
four countries by December 2021; (iv) In relation to
cloud adoption: host 75% of migratable virtual
machines on cloud technology (either public cloud or
OHE) by December 2021. For these purposes,
mainframes, physical servers and servers with non-x86
operating systems will be considered non-migratable.
The Digital Incentive is structured 50% in Santander
shares and 50% in options over Santander shares,
taking into account the fair value of the option at the
moment in which they are granted. For Material Risk
Takers subject to five years deferrals, the Digital
Incentive (shares and options over shares) shall be
delivered in thirds, on the third, fourth and fifth
anniversary from their granting. For Material Risk
Takers subject to three years deferrals and employees
not subject to deferrals, delivery shall be done on the
third anniversary from their granting.
Any delivery of shares, either directly or via exercise of
options overs shares, will be subject generally to the
Group\u2019s general malus & clawback provisions as
described in the Group\u2019s remuneration policy and to the
continuity of the beneficiary within the Grupo
Santander. In this regard, the board may define specific
rules for non-Identified Staff.
Vested share options can be exercised until maturity,
with all options lapsing after ten years (for granting the
2019 incentive) and eight years (for granting the 2020
and 2021 incentive).
The total achievement for 2021 Digital Incentive was
77.5% (85% en 2020 and 83% en 2019).
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(iv) Digital
Transformation
Award (2022)
The board of directors approved the
2022 Digital
Transformation Incentive. It is a variable
remuneration scheme
splits in two different blocks:
\u2022 The first one, with the same
mechanism than previous years,
that delivers Santander shares and
share options if the group hits major
milestones on its digital roadmap. This
is aimed at a group of up to 250 (is
limited to 30 million euros)employees
whose functions are deemed essential
to Santander\u2019s growth.
\u2022 And the second one, which delivers
PagoNxt, S.L. RSUs and premium prices
options (PPOs), and is aimed at up to 50
employees (and limited to 15 million
euros) whose roles are considered key
to PagoNxt\u2019s success.
The aim of the Digital Incentive is to
attract and retain the critical skill sets to
support and accelerate the digital
transformation of the Group. By means
of this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
Performance of the first block of the\u00a0 incentive shall be
measured based on achievement of the following
milestones:
i. Edelweiss: Our Santander future retail architecture
EDELWEISS will mean moving from our current Core
centric banking architecture towards a Customer and
Data-Centric Core supported by lean Record
Processing engines.
ii. Simplification: Speed up the simplification of our
technology platform and business model by Reducing
the total number of applications in production and
reducing number of products in the regions.
iii. Agile: Agile ways of working enable a better and
faster reaction to customers\u2019 needs and is based on a
value-driven delivery that increases efficiency by
reducing time-to-market and development costs, and
increasing quality. People working in Agile are more
collaborative, engaged, empowered and creative.
iv. In Digital Consumer Bank:
a) To create the BNPL platform connected to at least
one merchant in Netherlands and Germany, and to
make sure the platform is ready to connect in Spain.
b) To support the definition of Openbank US\u2019s IT digital
strategy and achieve 2022 milestones in it.
c) To have the new leasing platform connected to
dealers in Italy.
d) To expand the Wabi B2B online business to
Germany. To execute the first B2B deal with an
Original Equipment Manufacturer or mobility player in
at least one country. To expand coches.com business
and platform to Portugal.
And in regard to the second block of digital incentive:
the consolidation of PagoNxt Core Perimeter.
The first block of thee Digital Incentive is structured
50% in Santander shares and 50% in options over
Santander shares, taking into account the fair value
of the option at the moment in which they are
granted. For Material Risk Takers subject to five
years deferrals, the Digital Incentive (shares and
options over shares) shall be delivered in thirds, on
the third, fourth and fifth anniversary from their
granting. For Material Risk Takers subject to three
years deferrals and employees not subject to
deferrals, delivery shall be done on the third
anniversary from their granting.
Any delivery of shares, either directly or via exercise
of options overs shares, will be subject generally to
the Group\u2019s general malus & clawback provisions as
described in the Group\u2019s remuneration policy and to
the continuity of the beneficiary within the Grupo
Santander. In this regard, the board may define
specific rules for non-Identified Staff.
Vested share options can be exercised until maturity,
with all options lapsing after ten years .
The total achievement for 2022 Digital Incentive
was 96.5% .
The second block of Digital Incentive is structures in
restricted stock units (RSUs) and premium priced
Options (PPOs) of PagoNxt S.L. in a percentage
determined by the internal category of the
beneficiary. The total achievement for 2022 was
100%.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(v) Digital
Transformation
Award (2023)
The board of directors approved the
2023 Digital
Transformation Incentive. It is a variable
remuneration scheme\u00a0 which delivers
PagoNxt, S.L. RSUs and premium prices
options (PPOs), and is aimed at up to 50
employees (and limited to 15 million
euros) whose roles are considered key
to PagoNxt\u2019s success.
With this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
And the performance conditions were focus on key
digital projects related with PagoNxt's main
businesses (Trade, Merchant and Payments) in its core
geographies.
This incentive\u00a0 is structures in restricted stock units
(RSUs) and premium priced Options (PPOs) of
PagoNxt S.L. in a percentage determined by the
internal category of the beneficiary. The average
achievement for 2023 was 88%.
Deferred
variable
remuneration
systems
Description and plan beneficiaries
Conditions
Calculation base
(vi) PagoNxt
incentive Plan
2024 and 2025
for Santander
executives)
The board of directors approved the
PagoNxt incentive Plan 2024 and 2025
Incentive. It is a variable remuneration
scheme\u00a0 which delivers PagoNxt, S.L.
RSUs, and is aimed at approximately\u00a0 to
50 - 60 employees whose roles are
considered key to PagoNxt\u2019s success.
With this program, the Group offers a
remuneration element which is
competitive with the remuneration
systems offered\u00a0 by other market
operators who also compete for digital
talent.
And the performance conditions were focus on key
digital projects related with PagoNxt's main
businesses (Trade, Merchant and Payments) in its core
geographies.
This incentive\u00a0 is structures in restricted stock units
(RSUs) of PagoNxt S.L. in a percentage determined
by the internal category of the beneficiary. The
average achievement for 2024 was 77% and 85% in
2025.
ii. Santander UK plc
The long-term incentive plans on shares of the Bank granted by
management of Santander UK plc to its employees are as follows:
Number of
shares (in
thousand)
Exercise
price\u00a0in
pounds
sterlingA
Year
granted
Employee
group
Number
of
personsB
Date of
commencement
of\u00a0exercise
period
Date of
expiry of
exercise
period
Plans outstanding at 01/01/2023
29,988
Options granted (sharesave)
7,175
2.78
2023
Employees
4,752
01/11/23
01/11/26
01/11/23
01/11/28
Options exercised
(5,980)
1.7
Options cancelled (net) or not exercised
(4,044)
2.53
Plans outstanding at 31/12/2023
27,139
Options granted (sharesave)
4,991
3.36
2024
Employees
4,107
01/11/24
01/11/27
01/11/24
01/11/29
Options exercised
(4,004)
2.29
Options cancelled (net) or not exercised
(2,437)
2.37
Plans outstanding at 31/12/2024
25,689
Options granted (sharesave)
3,324
6.35
2025
Employees
4,637
01/11/25
01/11/28
Options exercised
(9,966)
1.9
Options cancelled (net) or not exercised
(1,554)
2.88
Plans outstanding at 31/12/2025
17,493
A. At\u00a0 31 December,\u00a02025, 2024 and 2023, the euro/pound sterling exchange rate was 1.15, 1.21 and 1.15 , respectively.
B. Number of accounts/contracts. A single employee may have more than one account/contract.
In 2008 the Group launched a voluntary savings scheme for
Santander UK employees (Sharesave Scheme) whereby employees
who join the scheme see deducted between GBP 5 and GBP 500
from their net\u00a0monthly pay over a period of three or five years. At
the end of the chosen period, the employee may choose between
collecting the amount contributed, the interest accrued and a
bonus (tax-exempt in the United Kingdom) or exercising options on
shares of the Bank in an amount equal to the sum of such three
amounts at a fixed price. The exercise price will be the result of
reducing by up to 20% the average purchase and sale prices of the
Bank shares in the three trading sessions prior to the approval of
the scheme by the UK tax authorities (HMRC). This approval must
be received within 21 to 41 days following the publication of the
Group\u2019s results for the first half of the year. This scheme was
approved by the board of directors, at the proposal of the
appointments and remuneration committee, and, since it involved
the delivery of Bank shares, its application was authorized by the
Annual General Meeting held on June 21, 2008. Also, the scheme
was authorized by the UK tax authorities (HMRC) and commenced
in September\u00a02008. In subsequent years, at the Annual General
Meetings held on June 19, 2009, June 11, 2010, June 17, 2011,
March 30, 2012, March 22, 2013, March 28, 2014, March 27, 2015,
March 18, 2016, April 7, 2017, March\u00a023, 2018, April 12, 2019,\u00a0
April 3, 2020 and March 26, 2021, respectively, the shareholders
approved the application of schemes previously approved by the
board and with similar features to the scheme approved in 2008.
iii. Fair value
The fair value of the performance share plans was calculated as
follows:
a) Deferred variable compensation plan linked to multi-year
objectives 2023, 2024 and 2025:
The Group calculates at the grant date the fair value of the plan
based on the valuation report of an independent expert, Willis
Towers Watson. According to the design of the plan for 2023, 2024
and 2025 and the levels of achievement of similar plans in
comparable entities, it has been considered that the fair value is
70%.
b) Santander UK sharesave plans:
The fair value of each option at the date of grant is estimated using
an analytical model that also reflects the correlation between EUR
and GBP. This model uses assumptions on the share price, the EUR/
GBP FX rate, the EUR/GBP risk-free interest rate, dividend yields,
the expected volatilities of both the underlying shares and EUR/
GBP for the expected lives of options granted. The weighted
average grant-date fair value of options granted during the year
was GBP 0.44 (GBP 0.23 and GBP 0.33 reported in 2024 and 2023,
respectively).
47.\u00a0Other general administrative
expenses
a) Breakdown
The detail of Other general administrative expenses is as follows:
EUR million
2025
2024
2023
Technology and systems
2,298
2,539
2,389
Property, fixtures and supplies
(note 2.k)
803
797
774
Technical reports
712
724
796
Advertising
517
512
574
Taxes other than income tax
543
554
568
Communications
367
387
400
Surveillance and cash courier services
314
337
325
Per diems and travel expenses
250
232
213
Insurance premiums
86
95
88
Other administrative expenses
2,010
1,968
2,144
7,900
8,145
8,271
The payments associated with short-term leases (leases less than
or equal to 12 months) and leases of low-value assets, that the
Group recognises as an expense in the income statement is not
material.
b) Technical reports and other
Technical reports include the fees from the various Group
companies (detailed in the accompanying appendices) for the
services provided by their respective auditors, with the following
detail:
EUR million
2025
2024
2023
Audit
118.5
122.3
117.5
Audit-related services
15.0
13.6
8.6
Tax services
0.1
0.9
1.6
All other
7.1
7.4
5.9
Total
140.7
144.2
133.6
Additionally, the firm BDO has performed audit and audit-related
services totaling EUR 1.9\u00a0million.
The audit services and main non-audit services included for each
item in the above breakdown are detailed as follows:
\u2022 Audit services: audit of the individual and consolidated financial
statements of Banco Santander and its subsidiaries (of which
PwC or another network firm is the external auditor); audit of the
interim consolidated financial statements of Banco Santander;
integrated audits prepared in order to file the Form 20-F\u00a0 with
the SEC\u00a0 and the internal control audits (SOx) for required
Group's entities; limited reviews of financial statements; and\u00a0
regulatory reports required to the external auditors regarding
several\u00a0 Grupo Santander entities.
\u2022 Audit-related services: issuance of comfort letters, verification
services of financial and non-financial information required by
regulators, and other reviews of documentation to be submitted
to domestic or foreign authorities that, due to their nature, the
external auditor typically provides.
\u2022 Tax services: tax compliance and advisory services provided to
Group companies outside Spain, which have no direct effect on
the audited financial statements and are permitted in accordance
with the applicable independence regulations.
\u2022 Other services: agreed-upon procedure reports, assurance
reports and special reports performed under the accepted
profession's standards; as well as other reports required by the
regulators.
The 'Audit' heading includes the fees for the year's audit,
regardless of the date the audit was completed. Any subsequent
adjustments, which are not significant, are shown in this note for
each year for comparison purposes. The fees corresponding to the
rest of the services are shown by reference to when the audit
committee approved them.
The services commissioned from the Group's auditors meet the
independence requirements under applicable European and
Spanish law, the SEC rules and the Public Company Accounting
Oversight Board (PCAOB), applicable to the Group, and did not
involve in any case\u00a0the\u00a0performance of any work that is
incompatible with the auditor's role.
Lastly, the Group commissioned services from audit firms other
than PwC amounting to EUR 155.9\u00a0million in 2025 (EUR
206.2\u00a0million and EUR 174.1\u00a0million in 2024 and 2023,
respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1940": { "value": "
b) Technical reports and other
Technical reports include the fees from the various Group
companies (detailed in the accompanying appendices) for the
services provided by their respective auditors, with the following
detail:
EUR million
2025
2024
2023
Audit
118.5
122.3
117.5
Audit-related services
15.0
13.6
8.6
Tax services
0.1
0.9
1.6
All other
7.1
7.4
5.9
Total
140.7
144.2
133.6
Additionally, the firm BDO has performed audit and audit-related
services totaling EUR 1.9\u00a0million.
The audit services and main non-audit services included for each
item in the above breakdown are detailed as follows:
\u2022 Audit services: audit of the individual and consolidated financial
statements of Banco Santander and its subsidiaries (of which
PwC or another network firm is the external auditor); audit of the
interim consolidated financial statements of Banco Santander;
integrated audits prepared in order to file the Form 20-F\u00a0 with
the SEC\u00a0 and the internal control audits (SOx) for required
Group's entities; limited reviews of financial statements; and\u00a0
regulatory reports required to the external auditors regarding
several\u00a0 Grupo Santander entities.
\u2022 Audit-related services: issuance of comfort letters, verification
services of financial and non-financial information required by
regulators, and other reviews of documentation to be submitted
to domestic or foreign authorities that, due to their nature, the
external auditor typically provides.
\u2022 Tax services: tax compliance and advisory services provided to
Group companies outside Spain, which have no direct effect on
the audited financial statements and are permitted in accordance
with the applicable independence regulations.
\u2022 Other services: agreed-upon procedure reports, assurance
reports and special reports performed under the accepted
profession's standards; as well as other reports required by the
regulators.
The 'Audit' heading includes the fees for the year's audit,
regardless of the date the audit was completed. Any subsequent
adjustments, which are not significant, are shown in this note for
each year for comparison purposes. The fees corresponding to the
rest of the services are shown by reference to when the audit
committee approved them.
The services commissioned from the Group's auditors meet the
independence requirements under applicable European and
Spanish law, the SEC rules and the Public Company Accounting
Oversight Board (PCAOB), applicable to the Group, and did not
involve in any case\u00a0the\u00a0performance of any work that is
incompatible with the auditor's role.
Lastly, the Group commissioned services from audit firms other
than PwC amounting to EUR 155.9\u00a0million in 2025 (EUR
206.2\u00a0million and EUR 174.1\u00a0million in 2024 and 2023,
respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1941": { "value": "
50. Fair value of financial instruments
a) Details\u00a0
The following table summarises the fair values, at the end of each
of the years indicated, of the financial assets and liabilities listed
below, classified according to the different valuation
methodologies used by the Group to determine their fair value:
EUR million
2025
2024
2023
Published
price
quotations
in active
markets
(level 1)
Internal
Models
(level 2
and 3)
Total
Published
price
quotations
in active
markets
(level 1)
Internal
Models
(level 2
and 3)
Total
Published
price
quotations
in active
markets
(level 1)
Internal
Models
(level 2
and 3)
Total
Financial assets held for trading
106,560
145,758
252,318
88,147
142,106
230,253
67,842
109,079
176,921
Non-trading financial assets mandatorily at
fair value through profit or loss
2,407
5,354
7,761
2,037
4,093
6,130
1,765
4,145
5,910
Financial assets designated at fair value
through profit or loss
2,860
5,186
8,046
2,744
5,171
7,915
2,746
7,027
9,773
Financial assets at fair value through other
comprehensive income
52,589
22,023
74,612
67,680
22,218
89,898
64,631
18,677
83,308
Hedging derivatives (assets)
\u2014
3,931
3,931
\u2014
5,672
5,672
\u2014
5,297
5,297
Financial liabilities held for trading
37,192
134,354
171,546
29,974
122,177
152,151
20,298
101,972
122,270
Financial liabilities designated at fair value
through profit or loss
\u2014
42,148
42,148
\u2014
36,360
36,360
25
40,342
40,367
Hedging derivatives (liabilities)
\u2014
4,248
4,248
\u2014
4,752
4,752
\u2014
7,656
7,656
Liabilities under insurance contracts
\u2014
18,737
18,737
\u2014
17,829
17,829
\u2014
17,799
17,799
Grupo Santander has developed a formal process for the
systematic valuation and management of financial instruments,
which has been implemented worldwide across all the Group\u2019s
units. The governance scheme for this process distributes
responsibilities between two independent divisions: Treasury
(development, marketing and daily management of financial
products) and Risk (on a\u00a0periodic basis, validation of pricing models
and daily risk certification of market data, computation of risk
metrics, new transaction approval policies, management control\u00a0
of market risk and implementation of fair value adjustment
policies).
The approval of new products follows a sequence of steps
(request, development, validation, integration in corporate
systems and quality assurance) before the product is brought into
production. This process ensures that pricing systems have been
properly reviewed and are stable before they are used.
The following subsections set forth the most important products
and families of derivatives, and the related valuation techniques
and inputs, by asset class:
Interest rate and inflation
The fixed income asset class includes basic instruments such as
interest rate forwards, interest rate swaps and cross currency
swaps, which are valued using the net present value of the
estimated future cash flows discounted taking into account basis
(swap and cross currency spreads) determined on the basis of the
payment frequency and currency of each leg of the derivative.
Vanilla options, including caps, floors and swaptions, are priced
using the Black-Scholes model, which is one of the benchmark
industry models. More exotic derivatives are priced using more
complex models which are generally accepted as standard across
institutions.
These pricing models are fed with observable market data such as
deposit interest rates, futures rates, cross currency swap and
constant maturity swap rates, and basis spreads, on the basis of
which different yield curves, depending on the payment frequency,
and discounting curves are calculated for each currency. In the case
of options, implied volatilities are also used as model inputs. These
volatilities are observable in the market for cap and floor options
and swaptions, and interpolation and extrapolation of volatilities
from the quoted ranges are carried out using generally accepted
industry models. The pricing of more exotic derivatives may require
the use of non-observable data or parameters, such as correlation
(among interest rates and cross-asset), mean reversion rates and
prepayment rates, which are usually defined from historical data or
through calibration.
Inflation-related assets include zero-coupon or\u00a0year-on-year
inflation-linked bonds and swaps, valued with the present value
method using forward estimation and discounting. Derivatives on
inflation indices are priced using standard or more complex
internal models. Valuation inputs of these models consider
inflation-linked swap spreads observable in the market and
estimations of inflation seasonality, on the basis of which a
forward inflation curve is calculated. Also, implied volatilities taken
from zero-coupon and\u00a0year-on-year inflation options are also
inputs for the pricing of more complex derivatives.
Equity and foreign exchange
The most important products in these asset classes are forward
and futures contracts; they also include vanilla, listed and OTC
(Over-The-Counter) derivatives on single underlying assets and
baskets of assets. Vanilla options are priced using the standard
Black-Scholes model and more exotic derivatives involving forward
returns, average performance, or digital, barrier or callable
features are priced using generally accepted industry models or
internal models, as appropriate. For derivatives on illiquid stocks,
hedging takes into account the liquidity constraints in models.
The inputs of equity models consider yield curves, spot prices,
dividends, asset funding costs (repo margin spreads), implied
volatilities, correlation among equity stocks and indices, and cross-
asset correlation. Implied volatilities are obtained from market
quotes of European and American-style vanilla call and put
options. Various interpolation and extrapolation techniques are
used to obtain continuous volatility for illiquid stocks. Dividends
are usually estimated for the mid and long term. Correlations are
implied, when possible, from market quotes of correlation-
dependent products. In all other cases, proxies are used for
correlations between benchmark underlyings or correlations are
obtained from historical data.
The inputs of foreign exchange models include the yield curve for
each currency, the spot foreign exchange rate, the implied
volatilities and the correlation among assets of this class.
Volatilities are obtained from European call and put options which
are quoted in markets as of-the-money, risk reversal or butterfly
options. Illiquid currency pairs are usually handled by using the
data of the liquid pairs from which the illiquid currency can be
derived. For more exotic products, unobservable model parameters
may be estimated by fitting to reference prices provided by other
non-quoted market sources.
Credit
The most common instrument in this asset class is the credit
default swap (CDS), which is used to hedge credit exposure to third
parties. In addition, models for first-to-default (FTD), n-to-default
(NTD) and single-tranche collateralised debt obligation (CDO)
products\u00a0are\u00a0also available. These products are valued with
standard industry models, which estimate the probability of
default of a single issuer (for CDS) or the joint probability of default
of more than one issuer for FTD, NTD and CDO.
Valuation inputs are the yield curve, the CDS spread curve and the
recovery rate. For indices and important individual issuers, the CDS
spread curve is obtained in the market. For less liquid issuers, this
spread curve is estimated using proxies or other credit-dependent
instruments. Recovery rates are usually set to standard values. For
listed single-tranche CDO, the correlation of joint default of several
issuers is implied from the market. For FTD, NTD and internal CDO,
the correlation is estimated from proxies or historical data when no
other option is available.
Valuation adjustment for counterparty risk or default risk
The Credit valuation adjustment (CVA) is a valuation adjustment to
over-the-counter (OTC) derivatives as a result of the risk associated
with the credit exposure assumed to each counterparty.
The CVA is calculated taking into account potential exposure to
each counterparty in each future period. The CVA for a specific
counterparty is equal to the sum of the CVA for all the periods. The
following inputs are used to calculate the CVA:
\u2022 Expected exposure: including for each transaction the mark-to-
market (MtM) value plus an add-on for the potential future
exposure for each period. Mitigating factors such as collateral
and netting agreements are taken into account, as well as a
temporary impairment factor for derivatives with interim
payments.
\u2022 Severity:\u00a0percentage of final loss assumed in a counterparty
credit event/default.
\u2022 Probability of default: for cases where there is no market
information (the CDS quoted spread curve, etc.), proxies based on
companies holding exchange-listed CDS, in the same industry
and with the same external rating as the counterparty, are used.
\u2022 Discount factor curve.
The Debit Valuation Adjustment (DVA) is a valuation adjustment
similar to the CVA but, in this case, it arises as a result of the
Group\u2019s own risk assumed by its counterparties in OTC derivatives.
The CVA at 31 December 2025 amounted to EUR 224 million
(resulting in a decrease of 17.6% compared to 31 December 2024)
and DVA amounted to EUR 285 million (resulting in a decrease of
10.1% compared to 31 December 2024). These decreases are
primarily due to the performance of credit markets, with lower
spreads compared to December 2024, and secondarily to changes
in the composition of certain derivatives portfolios. Furthermore,
the observed reduction in CVA is influenced by changes in the
calculation models applicable to certain clients.
The CVA at 31 December 2024 amounted to EUR 272\u00a0million
(resulting in a decrease of 7.2% compared to 31 December 2023)
and DVA amounted to EUR 317\u00a0million (resulting in a decrease of
3.9% compared to 31 December 2023). These decreases are
mainly due to the declines in the EUR and USD interest rate
markets, lower inflation and the movements in credit markets
whose spread levels have reduced moderately compared to those
of December 2023.
The CVA at 31 December 2023 amounted to EUR 293\u00a0million
(decrease of 16.5% compared to 31 December 2022) and DVA
amounted EUR 330\u00a0million (decrease of 9.3% compared to 31
December 2022). These decreases are mainly due to movements
in credit markets whose spread levels have reduced moderately
compared to those of December 2022, partially offset by the
upward movement in interest rates.
In addition, the Group amounts the funding fair value adjustment
(FFVA) is calculated by applying future market funding spreads to
the expected future funding exposure of any uncollateralised
component of the OTC derivative portfolio. This includes the
uncollateralised component of collateralised derivatives in addition
to derivatives that are fully uncollateralised. The expected future
funding exposure is calculated by a simulation methodology,
where available. The FFVA impact is not material for the
consolidated annual accounts as of 31 December 2025, 2024 and
2023.
During 2025, the Group has continued to apply the criteria for
classifying financial instruments within the levels of the fair value
hierarchy established to comply with regulatory expectations.
These criteria, based on information from the price contributors
and real market transactions, represent a significant reduction in
the use of expert judgement to determine observability and allow
the measurement of the significance of non-observable valuation
inputs based on objective criteria.
There has been an increase in instruments classified as Level 3,
especially during the last quarter of the year. This increase is due to
higher holding volumes of some of these instruments in the
portfolio due to new trading activity. No significant reclassifications
were detected due to changes in the market observability of the
valuation inputs for the remaining positions. The main increases
include long-term repo/reverse repo transactions, illiquid equities
in non-trading portfolios, and syndicated loans with an HTC&S
business model for which there is no observable market price
based on the criteria used.
Valuation adjustments due to model risk
The valuation models described above do not involve a significant
level of subjectivity, since they can be adjusted and recalibrated,
where appropriate, through internal calculation of the fair value
and subsequent comparison with the related actively traded price.
However, valuation adjustments may be necessary when market
quoted prices are not available for comparison purposes.
The sources of risk are associated with uncertain model
parameters, illiquid underlying issuers, and poor quality market
data or missing risk factors (sometimes the best available option is
to use limited models with controllable risk). In these situations,
the Group calculates and applies valuation adjustments in
accordance with common industry practice. The main sources of
model risk are described below:
\u2022 In the interest rate markets, the sources of model risk include
interest rate indexes correlations, basis spread modelling, the
risk of calibrating model parameters and the treatment of near-
zero or negative interest rates. Other sources of risk arise from
the estimation of market data, such as volatilities or yield curves,
whether used for estimation or cash flow discounting purposes.
\u2022 In the stock markets, the sources of model risk include forward
skew modelling, the impact of stochastic interest rates,
correlation and multi-curve modelling. Other sources of risk arise
from managing hedges of digital callable and barrier option
payments. Also worthy of consideration as sources of risk are the
estimation of market data such as dividends and correlation for
quanto and composite basket options.
\u2022 For specific financial instruments relating to home mortgage
loans secured by financial institutions in the UK (which are
regulated and partially financed by the Government) and
property asset derivatives, the main input is the Halifax House
Price Index (HPI). In these cases, risk assumptions include
estimations of the future growth and the volatility of the HPI, the
mortality rate and the implied credit spreads.
\u2022 Inflation markets are exposed to model risk resulting from
uncertainty around modelling the correlation structure among
various Consumer Price Index (CPI) rates. Another source of risk
may arise from the bid-offer spread of inflation-linked swaps.
\u2022 The currency markets are exposed to model risk resulting from
forward skew modelling and the impact of stochastic interest
rate and correlation modelling for multi-asset instruments. Risk
may also arise from market data, due to the existence of specific
illiquid foreign exchange pairs.
\u2022 The most important source of model risk for credit derivatives
relates to the estimation of the correlation between the
probabilities of default of different underlying issuers. For illiquid
underlying issuers, the CDS spread may not be well defined.
Set forth below are the financial instruments at fair value whose
measurement was based on internal models (levels 2 and 3) at 31
December 2025 , 2024 and 2023:
EUR million
Fair\u00a0values\u00a0calculated
using internal models at
2025A
Level\u00a02
Level\u00a03
Valuation\u00a0techniques
Main assumptions
ASSETS
163,796
18,487
Financial assets held for trading
139,293
6,496
Central banksB
14,191
441
Present value method
Yield curves, FX market prices
Credit institutionsB
25,815
152
Present value method
Yield curves, FX market prices
CustomersB
27,986
4,592
Present value method
Yield curves, FX market prices
Debt and equity instruments
14,470
340
Present value method
Yield curves, FX market prices
Derivatives
56,831
971
Swaps
39,716
551
Present value method, Gaussian
CopulaC
Yield curves, FX market prices, HPI,
Basis, Liquidity
Exchange rate options
1,332
39
Black-Scholes Model
Yield curves, Volatility surfaces, FX
market prices, Liquidity
Interest rate options
1,490
39
Black's Model, multifactorial
advanced models interest rate
Yield curves, Volatility surfaces, FX
market prices, Liquidity
Interest rate forwards
177
\u2014
Present value method
Yield curves, FX market prices
Index and securities options
439
120
Black's Model, multifactorial
advanced models interest rate
Yield curves, Volatility surfaces, FX
& EQ market prices, Dividends,\u00a0
Liquidity
Other
13,677
222
Present value method, Advanced
stochastic volatility models and
other
Yield curves, Volatility surfaces, FX
and EQ market prices, Dividends,
Correlation, HPI, Credit, Others
Hedging derivatives
3,924
7
Swaps
3,690
7
Present value method
Yield curves, FX market prices, Basis
Interest rate options
91
\u2014
Black's Model
Yield curves, FX market prices,
Volatility surfaces
Other
143
\u2014
Present value method, Advanced
stochastic volatility models and
other
Yield curves, Volatility surfaces, FX
market prices, Credit, Liquidity,
Others
Non-trading financial assets mandatorily at
fair value through profit or loss
2,465
2,889
Equity instruments
899
2,543
Present value method
Market price, Interest rates curves,
Dividends and Others
Debt securities
54
175
Present value method
Yield curves
Loans and receivables
1,512
171
Present value method, swap
asset model & CDS
Yield curves and Credit curves
Financial assets designated at fair value
through profit or loss
5,152
34
Central banks
\u2014
\u2014
Present value method
Yield curves, FX market prices
Credit institutions
413
\u2014
Present value method
Yield curves, FX market prices, HPI
Customers
4,725
14
Present value method
Yield curves, FX market prices
Debt securities
14
20
Present value method
Yield curves, FX market prices
Financial assets\u00a0 at fair value through other
comprehensive\u00a0 income
12,962
9,061
Equity instrumentsC
19
272
Present value method
Yield curves, Market price,
Dividends and Others
Debt securities
6,819
887
Present value method
Yield curves, FX market prices
Loans and receivablesC
6,124
7,902
Present value method
Yield curves, FX market prices and
Credit curves
EUR million
Fair\u00a0values\u00a0calculated
using internal models at
2025A
Level\u00a02
Level\u00a03
Valuation\u00a0techniques
Main assumptions
LIABILITIES
198,377
1,110
Financial liabilities held for trading
133,490
864
Central banksB
12,385
\u2014
Present value method
FX market prices, Yield curves
Credit institutionsB
27,058
\u2014
Present value method
FX market prices, Yield curves
Customers
36,120
\u2014
Present value methodC
FX market prices, Yield curves
Derivatives
50,248
864
Swaps
33,597
418
Present value method, Gaussian
Copula
Yield curves, FX market prices,
Basis, Liquidity, HPI
Exchange rate options
903
34
Black's Model, multifactorial
advanced models interest rate
Yield curves, Volatility surfaces,
FX & EQ market prices, Dividends,\u00a0
Liquidity
Forwards on interest rate and variable
income
1,951
95
Black-Scholes Model
Yield curves, Volatility surfaces,
FX market prices
Index and securities options
1,094
151
Black-Scholes Model
Yield curves, FX market prices,
Liquidity
Interest rate and equity futures
121
\u2014
Present value method
Yield curves, Volatility surfaces,
FX & EQ market prices, Dividends,
Correlation, Liquidity, HPI
Other
12,582
166
Present value method, Advanced
stochastic volatility models and
others
Yield curves, Volatility surfaces,
FX & EQ market prices, Dividends,
Correlation, HPI, Credit, Others
Short positions
7,679
\u2014
Present value method
Yield curves ,FX market prices,
Equity
Hedging derivatives
4,229
19
SwapsD
4,191
19
Present value method
Yield curves, FX market prices
Interest rate options
\u2014
\u2014
Black's Model
Yield curves , Volatility surfaces,
FX market prices and Liquidity
Other
38
\u2014
Present value method, Advanced
stochastic volatility models and
other
Yield curves , Volatility surfaces,
FX market prices, Credit,
Liquidity, Other
Financial liabilities designated at fair value
through profit or loss
42,148
\u2014
Present value method
Yield curves, FX market prices
Liabilities under insurance contracts
18,510
227
Present Value Method with
actuarial techniques
Mortality tables and interest
rate curves
A. Level 2 internal models use data based on observable market parameters, while level 3 internal models use significant non-observable inputs in market data.
B. Includes mainly temporary acquisitions/disposals of assets with corporate clients and, to a lesser extent, with central banks.
C. Includes mainly syndicated loans under the HTC&S business model.
D. It mainly includes short-term deposits that are managed based on their fair value.
EUR million
Fair values calculated
using internal models at
Fair values calculated
using internal models at
2024A
2023A
Level 2
Level 3
Level 2
Level 3
Valuation techniques
ASSETS
163,941
15,319
133,874
10,351
Financial assets held for trading
138,176
3,930
106,993
2,086
Central banksB
12,966
\u2014
17,717
\u2014
Present value method
Credit institutionsB
26,546
769
14,061
\u2014
Present Value method
CustomersB
24,602
1,801
11,418
24
Present Value method
Debt and equity instruments
11,115
413
8,683
915
Present Value method
Derivatives
62,947
947
55,114
1,147
Swaps
47,519
556
44,987
577
Present Value method, Gaussian Copula
Exchange rate options
1,583
2
836
9
Black-Scholes Model
Interest rate options
1,879
30
2,210
153
Black's Model, advanced multifactor
interest rate models
Interest rate forwards
1,445
\u2014
33
\u2014
Present Value method
Index and securities options
465
241
126
235
Black's Model, advanced multifactor
interest rate models
Other
10,056
118
6,922
173
Present Value method, Advanced
stochastic volatility models and other
Hedging derivatives
5,652
20
5,297
\u2014
Swaps
5,390
20
4,665
\u2014
Present Value method
Interest rate options
2
\u2014
2
\u2014
Black\u2019s Model
Other
260
\u2014
630
\u2014
Present Value method, Advanced
stochastic volatility models and other
Non-trading financial assets mandatorily at
fair value through profit or loss
1,505
2,588
2,050
2,095
Equity instruments
763
1,841
815
1,495
Present Value method
Debt securities issued
205
242
539
313
Present Value method
Loans and receivables
537
505
696
287
Present Value method, swap asset model
& CDS
Financial assets designated at fair value
through profit or loss
5,065
106
6,846
181
Credit institutions
408
\u2014
459
\u2014
Present Value method
Customers
4,590
20
6,189
31
Present Value method
Debt securities
67
86
198
150
Present Value method
Financial assets\u00a0 at fair value through other
comprehensive\u00a0 income
13,543
8,675
12,688
5,989
Equity instruments
5
375
5
492
Present Value method
Debt securities
9,644
1,047
9,638
559
Present Value method
Loans and receivablesC
3,894
7,253
3,045
4,938
Present Value method
EUR million
Fair values calculated
using internal models at
Fair values calculated
using internal models at
2024A
2023A
Level 2
Level 3
Level 2
Level 3
Valuation techniques
LIABILITIES
179,766
1,352
166,542
1,227
Financial liabilities held for trading
121,243
934
101,103
869
Central banksB
13,300
\u2014
7,808
\u2014
Present Value method
Credit institutionsB
26,284
\u2014
17,862
\u2014
Present Value method
Customers
18,984
\u2014
19,837
\u2014
Present Value method
Derivatives
56,205
934
49,380
869
Swaps
41,283
479
39,395
388
Present Value method, Gaussian Copula
Interest rate options
2,295
79
2,207
139
Black's Model, advanced multifactor
interest rate models
Exchange rate options
1,057
\u2014
549
8
Black-Scholes Model
Index and securities options
1,160
294
466
187
Black's Model, advanced multifactor
interest rate models
Forwards on interest rate and variable
income
1,276
\u2014
101
\u2014
Present Value method
Other
9,134
82
6,662
147
Present Value method, Advanced
stochastic volatility models and other
Short positions
6,470
\u2014
6,216
\u2014
Present Value method
Hedging derivatives
4,740
12
7,650
6
Swaps
4,618
12
6,866
6
Present Value method
Interest rate options
3
\u2014
1
\u2014
Black\u2019s Model
Other
119
\u2014
783
\u2014
Present Value method, Advanced
stochastic volatility models and other
Financial liabilities designated at fair value
through profit or loss D
36,200
160
40,313
29
Present Value method
Liabilities under insurance contracts
17,583
246
17,476
323
Present Value method with actuarial
techniques
A. Level 2 internal models use data based on observable market parameters, while level 3 internal models use significant non-observable inputs in market data.
B. Includes mainly temporary acquisitions/disposals of assets with corporate clients and, to a lesser extent, with central banks.
C. Includes mainly syndicated loans under the HTC&S business model.
D. Includes, mainly, short-term deposits that are managed based on their fair value.
b) Financial Instruments (level 3)
Set forth below are the Group\u2019s main financial instruments
measured using unobservable market data as significant inputs of
the internal models (level 3):
\u2022 HTC&S (Held to collect and sale) syndicated loans classified in
the fair value category with changes in other comprehensive
income, where the cost of liquidity is not directly observable in
the market, as well as the prepayment option in favour of the
borrower.
\u2022 Repos and reverse repos classified as financial assets held for
trading, whose valuation uses significant unobservable inputs,
mainly associated with credit adjustments, liquidity and certain
specific characteristics of the counterparty and the collateral.
\u2022 Illiquid equity in non-trading portfolios, classified at fair value
through profit or loss and at fair value through equity.
\u2022 Instruments in Santander UK\u2019s portfolio (loans, debt securities
and derivatives) linked to the House Price Index (HPI). Even if the
valuation techniques used for these instruments may be the
same as those used to value similar products (present value in
the case of loans and debt securities, and the Black-Scholes
model for derivatives), the main factors used in the valuation of
these instruments are the HPI spot rate, the growth and volatility
thereof, and the mortality rates, which are not always observable
in the market and, accordingly, these instruments are considered
illiquid.
\u2022 Callable interest rate derivatives (Bermudan-style options)
where the main unobservable input is mean reversion of interest
rates.
\u2022 Trading derivatives on interest rates, taking as an underlying
asset titling and with the amortization rate (CPR, Conditional
prepayment rate) as unobservable main entry.
\u2022 Derivatives from trading on inflation in Spain, where volatility is
not observable in the market.
\u2022 Equity volatility derivatives, specifically indices and equities,
where volatility is not observable in the long term.
\u2022 Derivatives on long-term interest rate and FX in some units
(mainly South America) where for certain underlyings it is not
possible to demonstrate observability to these terms.
\u2022 Debt instruments referenced to certain illiquid interest rates, for
which there is no reasonable market observability.
The measurements obtained using the internal models might have
been different if other methods or assumptions had been used
with respect to interest rate risk, to credit risk, market risk and
foreign currency risk spreads, or to their related correlations and
volatilities. Nevertheless, the Bank considers that the fair value of
the financial assets and liabilities recognised in the consolidated
balance sheet and the gains and losses arising from these financial
instruments are reasonable.
The net amount recognised in profit and loss in 2025 arising from
models whose significant inputs are unobservable market data
(level 3) amounted to EUR 469 profit (EUR 523\u00a0million and EUR
404\u00a0million profit in 2024 and 2023, respectively).
1. Valuation techniques
The table below shows the effect, at 31 December 2025, 2024 and
2023 on the fair value of the main financial instruments classified
as level 3 of a reasonable change in the assumptions used in the
valuation. This effect was determined by applying the probable
valuation ranges of the main unobservable inputs detailed in the
following table:
2025
Portfolio/Instrument
Valuation technique
Main unobservable inputs
Range
Weighted
average
Impacts (EUR million)
(Level 3)
Unfavourable
scenario
Favourable
scenario
Financial assets held for trading
Loans and advances to
customers
Repos/Reverse repos
Market proxy
Price / Credit spread
n.a.
n.a.
(10.50)
10.50
Debt securities
Corporate debt
Discounted Cash Flows
Credit spread
0% - 10%
5.10%
(2.24)
2.29
Government debt
Discounted Cash Flows
Discount curve
0% - 8%
4.00%
(9.21)
9.24
Others
Discounted Cash Flows
Credit spread
10% - 90%
35.50%
(1.32)
0.62
Derivatives
Cap&Floor
Modelo de Black Scholes
Volatility
(6.50)bps - 6.50bps
1.00bps
(0.38)
0.52
CCS
Discounted Cash Flows
Credit spread
146.3% - 148.3%
147.30%
(0.01)
0.01
EQ Options
EQ option pricing model
Volatility
0% - 70%
40.50%
(0.17)
0.24
EQ Options
Local volatility
Volatility
10% - 90%
50.00%
(18.86)
18.86
Fx Options
Fx option pricing model
Volatility
0% - 40%
19.80%
(0.5)
0.49
FX Forward
Forward estimation
Swap Rate
0% - 15%
8.10%
(0.01)
0.02
Inflation Derivatives
Asset Swap model
Inflation Swap Rate
2% - 8%
4.90%
(0.18)
0.17
IR Options
IR option pricing model
Volatility
0% - 30%
14.80%
(0.19)
0.19
IR Options
INF option pricing model
Volatility
0% - 30%
14.90%
(0.63)
0.63
IRS
Others
Others
5% - n.a.
n.a.
(11.24)
8.23
IRS
Discounted Cash Flows
Credit spread
19.6% - 127.5%
50.50%
(2.1)
0.84
IRS
Discounted Cash Flows
Inflation Swap Rate
1.0% - 99.0%
99.00%
\u2014
1.41
Others
Forward estimation
Price
60bps - 300bps
179.80bps
(3.48)
3.47
Property derivatives
Option pricing model
Growth rate
(5)% - 5%
0.00%
(2.64)
2.64
Securitisation Swap
Discounted Cash Flows
Constant prepayment rates
10% - 90%
50.00%
\u2014
\u2014
Financial assets designated at
fair value through profit or loss
Loans and advances to
customers
Loans
Discounted Cash Flows
Credit spreads
0.1% - 3%
1.60%
(0.12)
0.12
Mortgage portfolio
Black Scholes model
Growth rate
(5)% - 5%
0.00%
(0.23)
0.23
Debt securities
Other debt securities
Others
Inflation Swap Rate
0% - 8%
4.10%
\u2014
\u2014
2025
Portfolio/Instrument
Valuation technique
Main unobservable inputs
Range
Weighted
average
Impacts (EUR million)
(Level 3)
Unfavourable
scenario
Favourable
scenario
Non-trading financial assets
mandatorily at fair value
through profit or loss
Debt securities
Property securities
Probability weighting
Growth rate
(5)% - 5%
0.00%
(0.11)
0.11
Equity instruments
Equities
Price Based
Price
90% - 110%
100.00%
(254.29)
254.29
Financial assets at fair value
through other comprehensive
income
Loans and advances to
customers
Loans
Discounted Cash Flows
Credit spread
n.a.
n.a.
(2.33)
2.33
Loans
Discounted Cash Flows
Interest rate curve
6.1% - 7.2%
6.60%
\u2014
\u2014
Loans
Discounted Cash Flows
Margin of a reference portfolio
3% - 7%
5%
(0.25)
0.25
Loans
Present value method
Credit spread
121.9bps - 174.7 bps
121.9bps
(1.6)
\u2014
Loans
Market price
Market price
(0.3)% - 0.1%
(0.30%)
(2.70)
0.54
Debt securities
Mortgage Letters
Discounted Cash Flows
Mortgage Letters
3.4% - 5.5%
4.50%
\u2014
\u2014
Equity instruments
Equities
Price Based
Price
90% - 110%
100.00%
(27.16)
27.16
Financial liabilities held for
trading
Derivatives
Cap&Floor
Volatility option model
Volatility
10% - 90%
43.80%
(0.09)
0.07
FX Options
Volatility option model
Volatility
10% - 90%
42.30%
(0.33)
0.22
IRS
Discounted Cash Flows
Inflation Swap Rate
1% - 99%
50.40%
(1.38)
1.40
IRS
Discounted Cash Flows
Credit Spread
8.4bps - 19.2bps
10.70bps
(2.42)
0.66
2024
Portfolio/Instrument
Valuation technique
Main unobservable inputs
Range
Weighted
average
Impacts (EUR million)
(Level 3)
Unfavourable
scenario
Favourable
scenario
Financial assets held for trading
Loans and advances to
customers
Repos/Reverse repos
Other
Long-term repo spread
n.a.
n.a.
(0.05)
\u2014
Debt securities
Corporate debt
Discounted Cash Flows
Credit spread
0% - 10%
5.10%
(2.24)
2.29
Government debt
Discounted Cash Flows
Discount curve
0% - 8%
4.00%
(9.21)
9.24
Others
Discounted Cash Flows
Credit spread
10% - 90%
35.50%
(1.32)
0.62
Derivatives
Cap&Floor
Forward estimation
Interest rate
(2)bps - 2bps
0.00bps
\u2014
\u2014
CCS
Discounted Cash Flows
Credit spread
158% - 165%
161.50%
(0.01)
0.01
CDS
Price
Credit spread
100% - 250%
178.83%
(0.09)
0.10
EQ Options
EQ option pricing model
Volatility
0% - 70%
41.25%
(0.48)
0.69
EQ Options
Local volatility
Volatility
10% - 90%
50.00%
(21.54)
21.54
FX Forward
Forward estimation
Swap Rate
0% - 15%
8.08%
(0.06)
0.07
FX Options
FX option pricing model
Volatility
0% - 40%
20.10%
(0.65)
0.66
Inflation Derivatives
Asset Swap model
Inflation Swap Rate
2% - 8%
4.78%
(0.21)
0.18
IR Options
IR option pricing model
Volatility
0% - 30%
17.34%
(0.16)
0.22
IRS
Others
Others
5% - n.a.
n.a.
(4.09)
\u2014
IRS
Discounted Cash Flows
Credit spread
47.8% - 273.4%
155.36%
(1.91)
1.74
IRS
Discounted Cash Flows
Swap rate
1% - 99%
49.58%
(2.45)
2.41
Others
Forward estimation
Price
60bps - 300bps
181.50bps
(3.00)
3.08
Property derivatives
Option pricing model
Growth rate
(5)% - 5%
0.00%
(3.39)
3.39
Securitisation Swap
Discounted Cash Flows
Constant prepayment rates
10% - 90%
50.00%
(0.63)
0.63
Financial assets designated at
fair value through profit or loss
Loans and advances to
customers
Loans
Discounted Cash Flows
Credit spreads
0.1% - 2.0%
1.05%
(0.15)
0.15
Mortgage portfolio
Black Scholes model
Growth rate
(5)% - 5%
0.00%
(0.24)
0.24
Debt securities
Other debt securities
Others
Inflation Swap Rate
0% - 8%
3.96%
(3.63)
3.55
2024
Portfolio/Instrument
Valuation technique
Main unobservable inputs
Range
Weighted
average
Impacts (EUR million)
(Level 3)
Unfavourable
scenario
Favourable
scenario
Non-trading financial assets
mandatorily at fair value
through profit or loss
Debt securities
Property securities
Probability weighting
Growth rate
(5)% - 5%
0.00%
(0.24)
0.24
Equity instruments
Equities
Price Based
Price
90% - 110%
100.00%
(183.98)
183.98
Financial assets at fair value
through other comprehensive
income
Loans and advances to
customers
Loans
Discounted Cash Flows
Credit spread
n.a.
n.a.
(18.61)
\u2014
Loans
Discounted Cash Flows
Interest rate curve
3.4% - 6.5%
4.95%
(0.17)
0.17
Loans
Discounted Cash Flows
Margin of a reference portfolio
(1)bps - 1bps
0bp
(30.36)
30.36
Loans
Forward estimation
Credit spread
150bps - 232bps
150bps
(1.96)
\u2014
Loans
Market price
Market price
(5)% - 20%
0.01%
(4.91)
1.23
Debt securities
Corporate debt
Discounted Cash Flows
Margin of a reference portfolio
(0.01)% - 0.01%
0.00%
(0.09)
0.09
Mortgage Letters
Discounted Cash Flows
Mortgage Letters
1.6% - 5.2%
3.40%
\u2014
\u2014
Equity instruments
Equities
Price Based
Price
90% - 110%
100.00%
(37.56)
37.56
Financial liabilities held for
trading
Derivatives
Cap&Floor
Volatility option model
Volatility
10% - 90%
42.20%
(0.11)
0.07
FX Options
Volatility option model
Volatility
10% - 90%
45.30%
(0.03)
0.02
IRS
Discounted Cash Flows
Inflation Swap Rate
1% - 99%
47.12%
(4.77)
4.24
IRS
Discounted Cash Flows
Credit spread
34bps - 68bps
44bps
(4.09)
1.65
A. For each instrument, the valuation technique, the unobservable inputs are shown in the 'Main observable inputs' column under probable scenarios, variation range,
average value and impact resulting from valuing the position in the established maximum and minimum range.
B. The breakdown of impacts is shown by type of instrument and unobservable
inputs.
C. The estimation of the range of variation of the unobservable inputs has been
carried out taking into account plausible movements of said parameters
depending on the type of instrument.
D. Zero impacts from fully hedged or back-to-back transactions have not been
included in this exercise.
2023
Portfolio/Instrument
Valuation technique
Main unobservable inputs
Range
Weighted
average
Impacts (EUR million)
(Level 3)
Unfavourable
scenario
Favourable
scenario
Financial assets held for trading
Loans and advances to
customers
Repos/Reverse repos
Other
Long-term repo spread
n.a.
n.a.
(0.05)
\u2014
Debt securities
Corporate debt
Discounted Cash Flows
Credit spread
0% - 10%
5.06%
(4.50)
4.61
Government debt
Discounted Cash Flows
Discount curve
0% - 8%
3.99%
(8.07)
8.02
Derivatives
CCS
Forward estimation
Interest rate
(6)bps - 6bps
0.40bps
(0.90)
1.03
CDS
Credit default models
Illiquid credit default spread curves
100bps - 200bps
149.14bps
(0.14)
0.14
EQ Options
EQ option pricing model
Volatility
0% - 70%
41.25%
(0.48)
0.69
EQ Options
Local volatility
Volatility
10% - 90%
50.00%
(21.54)
21.54
FX Options
FX option pricing model
Volatility
0% - 40%
20.10%
(0.65)
0.66
Inflation Derivatives
Asset Swap model
Inflation Swap Rate
2% - 8%
4.78%
(0.21)
0.18
IR Options
IR option pricing model
Volatility
0.0% - 30.0%
17.34%
(0.16)
0.22
IRS
Others
Others
5% - n.a.
n.a.
(4.09)
\u2014
IRS
Discounted Cash Flows
Credit spread
47.8% - 273.4%
155.36%
(1.91)
1.74
IRS
Discounted Cash Flows
Swap rate
1.0% - 99.0%
49.58%
(2.45)
2.41
IRS
Forward estimation
Interest rate
(5.2)bps - 5.2bps
0.09bps
(0.03)
0.03
IRS
Prepayment modelling
Prepayment rate
2.5% - 9.0%
8.92%
\u2014
0.05
Property derivatives
Option pricing model
Growth rate
(5)% - 5%
0.00%
(3.39)
3.39
Securitisation Swap
Discounted Cash Flows
Constant prepayment rates
10.00% - 90.00%
50.00%
(0.63)
0.63
Structured notes
Price based
Price
(10)% - 10%
0.00%
(1.53)
1.53
Financial assets designated at
fair value through profit or loss
Loans and advances to
customers
Loans
Discounted Cash Flows
Credit spreads
0.1% - 2%
1.05%
(0.15)
0.15
Mortgage portfolio
Black Scholes model
Growth rate
(5)% - 5%
0.00%
(0.24)
0.24
Debt securities
Other debt securities
Others
Inflation Swap Rate
0% - 8%
3.96%
(3.63)
3.55
2023
Portfolio/Instrument
Valuation technique
Main unobservable inputs
Range
Weighted
average
Impacts (EUR million)
(Level 3)
Unfavourable
scenario
Favourable
scenario
Non-trading financial assets
mandatorily at fair value
through profit or loss
Debt securities
Property securities
Probability weighting
Growth rate
(5)% - 5%
0.00%
(0.24)
0.24
Equity instruments
Equities
Price Based
Price
90% - 110%
100.00%
(183.98)
183.98
Financial assets at fair value
through other comprehensive
income
Loans and advances to
customers
Loans
Discounted Cash Flows
Credit spread
n.a.
n.a.
(18.61)
\u2014
Loans
Discounted Cash Flows
Interest rate curve
3.4% - 6.5%
4.95%
(0.17)
0.17
Loans
Discounted Cash Flows
Margin of a reference portfolio
(1)bp - 1bp
0bp
(30.36)
30.36
Loans
Forward estimation
Credit spread
150.0bps - 232.0bps
150.00bps
(1.96)
\u2014
Loans
Market price
Market price
(5)% - 20%
0.01%
(4.91)
1.23
Debt securities
Corporate debt
Discounted Cash Flows
Margin of a reference portfolio
(0.01)% - 0.01%
0.00%
(0.09)
0.09
Government debt
Discounted Cash Flows
Interest rate
0% - 2%
0.99%
\u2014
\u2014
Equity instruments
Equities
Price Based
Price
90% - 110%
100.00%
(37.56)
37.56
Financial liabilities held for
trading
Derivatives
Cap&Floor
Volatility option model
Volatility
10% - 90%
42.20%
(0.11)
0.07
CMS
Discounted Cash Flows
Volatility
10% - 90%
47.66%
\u2014
\u2014
FX Options
Volatility option model
Volatility
10% - 90%
45.30%
(0.03)
0.02
IRS
Discounted Cash Flows
Inflation Swap Rate
10% - 90%
39.03%
(4.09)
1.65
Swaptions
Volatility option model
Volatility
10% - 90%
35.55%
(0.21)
0.10
A. For each instrument, the valuation technique, the unobservable inputs are shown in the 'Main observable inputs' column under probable scenarios, variation range,
average value and impact resulting from valuing the position in the established maximum and minimum range.
B. The breakdown of impacts is shown by type of instrument and unobservable inputs.
C. The estimation of the range of variation of the unobservable inputs has been carried out taking into account plausible movements of said parameters depending on the
type of instrument.
D. Zero impacts from fully hedged or back-to-back transactions have not been included in this exercise.
2. Movement of financial instruments classified as Level 3
Lastly, the changes in the financial instruments classified as Level 3
in 2025, 2024 and 2023 were as follows:
01/01/2025
Changes
31/12/2025
EUR million
Fair value
calculated
using
internal
models
(Level 3)
Purchases/
Issuances
Sales/
Settlements
Changes in
fair value
recognised
in profit or
loss
Changes in
fair value
recognised
in equity
Level
reclassifications
Other
Fair value
calculated
using
internal
models
(level\u00a03)
Financial assets held for trading
3,930
5,353
(2,748)
57
\u2014
(9)
(87)
6,496
Central Banks
\u2014
437
\u2014
4
\u2014
\u2014
\u2014
441
Credit entities
769
128
(744)
\u2014
\u2014
\u2014
(1)
152
Customers
1,801
4,450
(1,711)
52
\u2014
2
(2)
4,592
Debt securities
413
110
(112)
(13)
\u2014
(21)
(37)
340
Trading derivatives
947
228
(181)
14
\u2014
10
(47)
971
Swaps
556
1
(81)
(30)
\u2014
(21)
126
551
Exchange rate options
2
\u2014
\u2014
5
\u2014
19
13
39
Interest rate options
30
6
\u2014
1
\u2014
20
(18)
39
Index and securities options
241
1
(41)
37
\u2014
(5)
(113)
120
Interest rate futures
\u2014
\u2014
(14)
\u2014
\u2014
(6)
20
\u2014
Other
118
220
(45)
1
\u2014
3
(75)
222
Hedging derivatives (Assets)
20
\u2014
\u2014
(7)
\u2014
(4)
(2)
7
Swaps
20
\u2014
\u2014
(7)
\u2014
(4)
(2)
7
Financial assets at fair value
through profit or loss
106
33
(100)
(5)
\u2014
\u2014
\u2014
34
Loans and advances to customers
20
\u2014
\u2014
(5)
\u2014
\u2014
(1)
14
Debt securities
86
33
(100)
\u2014
\u2014
\u2014
1
20
Non-trading financial assets
mandatorily at fair value through
profit or loss
2,588
324
(191)
360
\u2014
(266)
74
2,889
Customers
505
\u2014
\u2014
(36)
\u2014
(266)
(32)
171
Debt instruments
242
24
(40)
(27)
\u2014
\u2014
(24)
175
Equity instruments
1,841
300
(151)
423
\u2014
\u2014
130
2,543
Financial assets at fair value
through other comprehensive
income
8,675
7,635
(6,159)
\u2014
(73)
57
(1,074)
9,061
Loans and advances
7,253
7,259
(5,621)
\u2014
(87)
97
(999)
7,902
Debt securities
1,047
360
(530)
\u2014
16
(40)
34
887
Equity instruments
375
16
(8)
\u2014
(2)
\u2014
(109)
272
TOTAL ASSETS
15,319
13,345
(9,198)
405
(73)
(222)
(1,089)
18,487
Financial liabilities held for
trading
934
160
(206)
(59)
\u2014
16
19
864
Trading derivatives
934
160
(206)
(59)
\u2014
16
19
864
Swaps
479
1
(88)
(90)
\u2014
19
97
418
Exchange rate options
\u2014
\u2014
(1)
2
\u2014
18
15
34
Interest rate options
79
\u2014
(25)
17
\u2014
(3)
27
95
Index and securities options
294
1
(83)
6
\u2014
(4)
(63)
151
Securities and interest rate
futures
\u2014
\u2014
\u2014
\u2014
\u2014
(19)
19
\u2014
Others
82
158
(9)
6
\u2014
5
(76)
166
Hedging derivatives (Liabilities)
12
\u2014
(1)
14
\u2014
(6)
\u2014
19
Swaps
12
\u2014
\u2014
14
\u2014
(6)
(1)
19
Interest rate options
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
1
\u2014
Financial liabilities designated at
fair value through profit or loss
160
\u2014
(49)
\u2014
\u2014
(111)
\u2014
\u2014
Liabilities under insurance
contracts
246
\u2014
\u2014
(19)
\u2014
\u2014
\u2014
227
TOTAL LIABILITIES
1,352
160
(256)
(64)
\u2014
(101)
19
1,110
01/01/2024
Changes
31/12/2024
EUR million
Fair value
calculated
using
internal
models
(level\u00a03)
Purchases
/Issuances
Sales/
Settlements
Changes in
fair value
recognized
in profit or
loss
Changes in
fair value
recognized
in equity
Level
reclassifications
Other
Fair value
calculated
using
internal
models
(level\u00a03)
Financial assets held for trading
2,086
3,205
(813)
302
\u2014
(715)
(135)
3,930
Credit entities
\u2014
770
\u2014
(1)
\u2014
\u2014
\u2014
769
Customers
24
1,808
(24)
(7)
\u2014
\u2014
\u2014
1,801
Debt securities
914
355
(384)
(39)
\u2014
(377)
(56)
413
Equity instruments
1
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
\u2014
Trading derivatives
1,147
272
(405)
350
\u2014
(338)
(79)
947
Swaps
577
184
(278)
186
\u2014
(152)
39
556
Exchange rate options
9
\u2014
(1)
\u2014
\u2014
(6)
\u2014
2
Interest rate options
153
13
(42)
(20)
\u2014
(74)
\u2014
30
Index and securities options
235
42
(44)
128
\u2014
(106)
(14)
241
Other
173
33
(40)
56
\u2014
\u2014
(104)
118
Hedging derivatives (Assets)
\u2014
\u2014
\u2014
15
\u2014
(1)
6
20
Swaps
\u2014
\u2014
\u2014
15
\u2014
(1)
6
20
Financial assets at fair value
through profit or loss
181
417
(300)
13
\u2014
(201)
(4)
106
Loans and advances to customers
31
\u2014
\u2014
(5)
\u2014
(23)
17
20
Debt securities
150
417
(300)
18
\u2014
(178)
(21)
86
Non-trading financial assets
mandatorily at fair value through
profit or loss
2,095
719
(349)
73
\u2014
132
(82)
2,588
Customers
287
390
(128)
(31)
\u2014
41
(54)
505
Debt instruments
313
4
(96)
10
\u2014
11
\u2014
242
Equity instruments
1,495
325
(125)
94
\u2014
80
(28)
1,841
Financial assets at fair value
through other comprehensive
income
5,989
6,707
(3,781)
\u2014
(136)
6
(110)
8,675
Loans and advances
4,938
5,962
(3,685)
\u2014
43
\u2014
(5)
7,253
Debt securities
559
743
(81)
\u2014
(74)
6
(106)
1,047
Equity instruments
492
2
(15)
\u2014
(105)
\u2014
1
375
TOTAL ASSETS
10,351
11,048
(5,243)
403
(136)
(779)
(325)
15,319
Financial liabilities held for
trading
869
472
(200)
(95)
\u2014
(266)
154
934
Trading derivatives
869
472
(200)
(95)
\u2014
(266)
154
934
Swaps
388
371
(20)
(205)
\u2014
(105)
50
479
Exchange rate options
8
\u2014
(5)
\u2014
\u2014
(3)
\u2014
\u2014
Interest rate options
139
\u2014
(54)
3
\u2014
(10)
1
79
Index and securities options
187
54
(14)
113
\u2014
(40)
(6)
294
Others
147
47
(107)
(6)
\u2014
(108)
109
82
Hedging derivatives (Liabilities)
6
\u2014
\u2014
\u2014
\u2014
\u2014
6
12
Swaps
6
\u2014
\u2014
\u2014
\u2014
\u2014
6
12
Financial liabilities designated at
fair value through profit or loss
29
41
(5)
1
\u2014
94
\u2014
160
Liabilities under insurance
contracts
323
\u2014
\u2014
(26)
\u2014
\u2014
(51)
246
TOTAL LIABILITIES
1,227
513
(205)
(120)
\u2014
(172)
109
1,352
01/01/2023
Changes
31/12/2023
EUR million
Fair value
calculated
using
internal
models
(level\u00a03)
Purchases/
Issuances
Sales/
Settlements
Changes in
fair value
recognised
in profit or
loss
Changes in
fair value
recognised
in equity
Level
reclassifications
Other
Fair value
calculated
using
internal
models
(level\u00a03)
Financial assets held for trading
383
496
(149)
194
\u2014
1,162
\u2014
2,086
Customers
\u2014
23
\u2014
1
\u2014
\u2014
\u2014
24
Debt securities
42
126
(63)
30
\u2014
773
6
914
Equity instruments
1
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1
Trading derivatives
340
347
(86)
163
\u2014
389
(6)
1,147
Swaps
139
90
(4)
179
\u2014
191
(18)
577
Exchange rate options
4
1
\u2014
4
\u2014
\u2014
\u2014
9
Interest rate options
39
\u2014
\u2014
2
\u2014
112
\u2014
153
Index and securities options
48
132
(4)
(20)
\u2014
76
3
235
Other
110
124
(78)
(2)
\u2014
10
9
173
Financial assets at fair value
through profit or loss
427
51
\u2014
(21)
\u2014
22
(298)
181
Loans and advances to customers
5
\u2014
\u2014
4
\u2014
22
\u2014
31
Debt securities
422
51
\u2014
(25)
\u2014
\u2014
(298)
150
Non-trading financial assets
mandatorily at fair value through
profit or loss
1,833
345
(238)
107
\u2014
(6)
54
2,095
Customers
239
99
(73)
13
\u2014
\u2014
9
287
Debt securities
325
38
(48)
(5)
\u2014
\u2014
3
313
Equity instruments
1,269
208
(117)
99
\u2014
(6)
42
1,495
Financial assets at fair value
through other comprehensive
income
5,647
3,322
(3,411)
\u2014
(204)
231
404
5,989
Loans and advances
4,718
3,322
(3,408)
\u2014
36
160
110
4,938
Debt securities
229
\u2014
\u2014
\u2014
5
71
254
559
Equity instruments
700
\u2014
(3)
\u2014
(245)
\u2014
40
492
TOTAL ASSETS
8,290
4,214
(3,798)
280
(204)
1,409
160
10,351
Financial liabilities held for
trading
415
276
(167)
(118)
\u2014
476
(13)
869
Trading derivatives
415
276
(167)
(118)
\u2014
476
(13)
869
Swaps
235
53
(83)
(58)
\u2014
257
(16)
388
Exchange rate options
\u2014
6
\u2014
2
\u2014
\u2014
\u2014
8
Interest rate options
19
4
(5)
(16)
\u2014
137
\u2014
139
Index and securities options
42
88
(13)
(15)
\u2014
82
3
187
Others
119
125
(66)
(31)
\u2014
\u2014
\u2014
147
Hedging derivatives (Liabilities)
14
\u2014
\u2014
(3)
\u2014
(5)
\u2014
6
Swaps
14
\u2014
\u2014
(3)
\u2014
(5)
\u2014
6
Financial liabilities designated at
fair value through profit or loss
151
32
(151)
(3)
\u2014
\u2014
\u2014
29
Liabilities under insurance
contracts
345
\u2014
\u2014
\u2014
(40)
\u2014
18
323
TOTAL LIABILITIES
925
308
(318)
(124)
(40)
471
5
1,227
c) Fair value of financial assets and liabilities not
measured at fair value
The fair value at year-end of the financial instruments (certain
portfolios of loans and advances and debt securities, on the asset
side, and deposits and debt securities, on the liability side)
registered in the consolidated balance sheet at amortized cost is
presented below:
i) Financial assets measured at other than fair value
EUR million
2025
2024
2023
Assets
Carrying
amount
Fair value
Level\u00a01
Level\u00a02
Level\u00a03
Carrying
amount
Fair
value
Level\u00a01
Level\u00a02
Level\u00a03
Carrying
amount
Fair
value
Level\u00a01
Level\u00a02
Level\u00a03
Loans and
advances
1,062,675
1,062,981
\u2014
113,004
949,977
1,082,758
1,073,530
\u2014
104,582
968,948
1,087,844
1,077,543
\u2014
103,414
974,129
Debt
securities
140,014
139,242
103,120
14,100
22,022
120,949
119,539
87,170
13,149
19,220
103,559
102,888
67,951
11,057
23,880
1,202,689
1,202,223
103,120
127,104
971,999
1,203,707
1,193,069
87,170
117,731
988,168
1,191,403
1,180,431
67,951
114,471
998,009
ii) Financial liabilities measured at other than fair value
EUR million
2025
2024
2023
LiabilitiesA
Carrying
amount
Fair value
Level\u00a01
Level\u00a02
Level\u00a03
Carrying
amount
Fair value
Level\u00a01
Level\u00a02
Level\u00a03
Carrying
amount
Fair
value
Level\u00a01
Level\u00a02
Level\u00a03
Deposits
1,072,384
1,073,147
\u2014
235,998
837,149
1,126,439
1,125,532
\u2014
250,440
875,092
1,125,308
1,124,373
\u2014
263,428
860,945
Debt
securities
312,704
314,173
162,382
115,597
36,194
317,967
317,912
170,118
112,365
35,429
303,208
298,792
136,109
125,575
37,108
1,385,088
1,387,320
162,382
351,595
873,343
1,444,406
1,443,444
170,118
362,805
910,521
1,428,516
1,423,165
136,109
389,003
898,053
A. At 31 December 2025, Grupo Santander had other financial liabilities that amounted to EUR 36,096 million, EUR 39,916 million in 2024 and EUR 40,187 million in 2023.
The main valuation methods and inputs used in the estimates at
31 December 2025 of the fair values of the financial assets and
liabilities in the foregoing table were as follows:
\u2022 Financial assets at amortised cost: the fair value was estimated
using the present value method. The estimates were made
considering factors such as the expected maturity of the
portfolio, market interest rates, spreads on newly approved
transactions or market spreads\u00a0-when available-.
\u2022 Financial liabilities at amortised cost:
i) Deposits: the fair value of\u00a0 short term\u00a0 and on demand\u00a0 deposits
was taken to be their carrying amount. Factors such as the
expected maturity of the transactions and the Group\u2019s current
cost of funding in similar transactions are consider for the
estimation of long term deposits fair value. It had been used also
current rates offered for deposits of similar remaining
maturities.
ii) Marketable debt securities and subordinated liabilities: the fair
value was calculated based on market prices for these
instruments\u00a0-when available- or by the present value method
using market interest rates and spreads, as well as using any
significant input which is not observable with market data if
applicable.
iii) The fair value of cash, cash balances at central banks and other
deposits on demand was taken to be their carrying amount since
they are mainly short-term balances.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1942": { "value": "
52. Primary and secondary segments
reporting
Grupo Santander bases segment reporting on financial information
presented to the chief operating decision maker, which excludes
certain statutory results items that distort year-on-year
comparisons and are not considered for management reporting.
This financial information (underlying basis) is computed by
adjusting reported results for the effects of certain gains and losses
(e.g. capital gains, write-downs, impairment of goodwill, etc.).
These gains and losses are items that management and investors
ordinarily identify and consider separately to better understand the
underlying trends in the business.
Grupo Santander has aligned the information in this note with the
underlying information used internally for management reporting
and with that presented in Grupo Santander's other public
documents.
Grupo Santander executive committee has been selected to be its
chief operating decision maker. Grupo Santander's operating
segments reflect its organizational and managerial structures.
Grupo Santander 's executive committee reviews internal reporting
based on these segments to assess performance and allocate
resources.
The segments are split by global business and country in which
profits are earned. Santander prepares the information by
aggregating the figures for Grupo Santander\u2019s global businesses
and countries, relating it to both the accounting data of the
business units integrated in each segment and that provided by
management information systems. The same general principles as
those used in Grupo Santander are applied.
The main changes, which have been applied to management
information for all periods included in the annual accounts, relate
to the following:
1. Investment platforms (Investment Platforms Unit) and certain
stakes in companies, mainly in the real estate sector, that were
previously recorded in Retail & Commercial Banking or
Corporate & Investment Banking have been incorporated into
Wealth Management & Insurance. Grupo Santander have
therefore incorporated a new vertical, Portfolio Investments,
focusing on the management of said investment platforms and
stakes that complement Wealth's traditional business.
2. Some profit sharing criteria between Retail & Commercial
Banking and Cards have been improved, aligning criteria across
the Group.
3. Grupo Santander has completed the usual annual adjustment of
the perimeter of the Global Customer Relationship Model
between Retail & Commercial Banking and Corporate &
Investment Banking and between Retail & Commercial Banking
and Wealth Management & Insurance.
4. In secondary segments, the board of directors approved the
dissolution of the regional structures. As a result, the Group will
no longer report regional information and the secondary
segments are structured into the 10 main units (nine countries
and DCB Europe), the Corporate Centre and 'Rest of the Group',
which includes everything that is not already included in the
mentioned units.
The above-mentioned changes have no impact on the Group\u2019s
reported consolidated financial statements.
a) Primary segments
This primary level of segmentation, which is based on the Group\u2019s
management structure, comprises six reportable segments: five
operating areas plus the Corporate Centre. The operating areas are:
\u2022 Retail & Commercial Banking (Retail): area that integrates the
retail banking and commercial banking business (individuals,
SMEs and corporates), except private banking clients and
business originated in the consumer finance and the cards
businesses. Detailed financial information is provided on Spain
(Retail Spain), the UK (Retail UK), Mexico (Retail Mexico) and
Brazil (Retail Brazil), which represent the majority of the total
Retail business.
\u2022 Digital Consumer Bank (Consumer): comprises all business
originated in the consumer finance companies, plus Openbank,
Open Digital Services (ODS) and SBNA Consumer. Detailed
financial information is provided on Europe (DCB Europe) and US
(DCB US).
\u2022 Corporate & Investment Banking (CIB): this business, which
includes Global Transactional Banking, Global Banking (Global
Debt Finance and Corporate Finance) and Global Markets, offers
products and services on a global scale to corporate and
institutional customers, and collaborates with other global
businesses to better serve our broad customer base.
\u2022 Wealth Management & Insurance (Wealth): includes the
corporate unit of Private Banking and International Private
Banking in Miami and Switzerland (Santander Private Banking),
the asset management business (Santander Asset Management),
the insurance business (Santander Insurance) and the unit that
manages the investment platforms and stakes that complement
Wealth's traditional business (the new vertical, Portfolio
Investments).
\u2022 Payments: comprises the Group's digital payments solutions,
providing global technology solutions for the banks and new
customers in the open market. It is structured in two businesses:
PagoNxt (Getnet, Ebury and PagoNxt Payments) and Cards (cards
platform and business in the countries where Group operates).
In addition to these operating units, both primary and secondary,
Grupo Santander continues to maintain the area of Corporate
Centre, that includes the centralized activities relating to equity
stakes in financial companies, financial management of the
structural exchange rate position, assumed within the sphere of
Grupo Santander\u2019s assets and liabilities committee, as well as
management of liquidity and of shareholders\u2019 equity via issuances.
As Grupo Santander\u2019s holding entity, this area manages all capital
and reserves and allocations of capital and liquidity with the rest of
businesses. It also incorporates amortization of goodwill but not
the costs related to the Grupo Santander\u2019s central services
(charged to the areas), except for corporate and institutional
expenses related to the Grupo Santander\u2019s functioning.
There are no customers located in any of the areas that generate
income exceeding 10% of Total income.
The main masses of the balance sheets of the different segments,
summarized, are indicated below:
EUR million
2025
Balance sheet (condensed)
Retail &
Commercial
Banking
Digital
Consumer
Bank
Corporate &
Investment
Banking
Wealth
Management
& Insurance
Payments
Corporate
Centre
Total
Loans and advances to customers
604,870
203,857
210,245
26,585
24,469
6,289
1,076,315
Customer deposits
674,133
129,946
224,981
63,964
1,415
1,387
1,095,827
Memorandum items
Gross loans and advances to
customersA
600,686
211,894
151,894
26,749
26,618
6,349
1,024,191
Customers funds
777,742
138,999
152,903
189,870
1,415
1,387
1,262,315
Customer depositsB
662,388
129,909
140,438
62,888
1,415
1,387
998,425
Investment funds
115,354
9,089
12,465
126,982
\u2014
\u2014
263,889
EUR million
2024
Balance sheet (condensed)
Retail &
Commercial
Banking
Digital
Consumer
Bank
Corporate &
Investment
Banking
Wealth
Management
& Insurance
Payments
Corporate
Centre
Total
Loans and advances to customers
608,828
207,107
184,834
24,526
22,995
5,778
1,054,069
Customer deposits
660,748
128,975
202,360
61,337
1,086
1,430
1,055,936
Memorandum items
Gross loans and advances to
customersA
609,372
215,164
136,697
24,691
24,768
5,853
1,016,546
Customers funds
748,855
137,122
150,736
172,243
1,086
1,299
1,211,342
Customer depositsB
649,214
128,933
136,677
60,409
1,086
1,299
977,620
Investment funds
99,641
8,189
14,059
111,833
\u2014
\u2014
233,722
EUR million
2023
Balance sheet (condensed)
Retail &
Commercial
Banking
Digital
Consumer
Bank
Corporate &
Investment
Banking
Wealth
Management
& Insurance
Payments
Corporate
Centre
Total
Loans and advances to customers
618,113
199,158
168,960
22,509
22,045
5,565
1,036,349
Customer deposits
666,578
115,446
203,713
58,507
1,418
1,508
1,047,169
Memorandum items
Gross loans and advances to
customersA
618,773
206,649
137,578
22,603
23,709
5,640
1,014,951
Customers funds
725,971
120,996
169,839
157,142
1,418
1,508
1,176,874
Customer depositsB
638,169
114,334
155,274
57,643
1,418
1,508
968,346
Investment funds
87,802
6,662
14,565
99,499
\u2014
\u2014
208,528
A. Excluding reverse repos.
B. Excluding repos.
Note: 'Loans and advances to customers', 'Customer Deposits' and 'Customer funds' figures have been calculated including Poland.
The condensed income statements for the primary segments are as
follows:
EUR million
2025
Underlying income statement (condensed)
Retail &
Commercial
Banking
Digital
Consumer
Bank
Corporate &
Investment
Banking
Wealth
Management
& Insurance
Payments
Corporate
Centre
Total
Net interest incomeA
26,409
11,036
4,047
1,445
2,907
(490)
45,354
Net fee income
4,784
1,479
2,713
1,703
3,008
(27)
13,661
Gains (losses) on financial transactionsB
617
(11)
1,358
512
44
(82)
2,436
Other operating incomeC
(594)
511
370
579
55
18
940
Total income
31,216
13,015
8,488
4,239
6,013
(581)
62,390
Administrative expenses, depreciation and
amortisation
(12,314)
(5,287)
(3,866)
(1,497)
(2,360)
(402)
(25,725)
Net operating incomeD
18,902
7,728
4,622
2,742
3,654
(983)
36,665
Net loan-loss provisionsE
(5,416)
(4,457)
(291)
(22)
(2,027)
(198)
(12,411)
Other gains (losses) and provisionsF
(2,320)
(704)
(121)
(7)
(140)
(94)
(3,387)
Operating profit/(loss) before tax
11,167
2,566
4,210
2,713
1,486
(1,275)
20,867
Tax on profit
(2,812)
(489)
(1,171)
(555)
(503)
190
(5,341)
Profit from continuing operations
8,354
2,077
3,039
2,158
984
(1,085)
15,526
Net profit from discontinued operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Consolidated profit
8,354
2,077
3,039
2,158
984
(1,085)
15,526
Non-controlling interests
(689)
(336)
(205)
(95)
(101)
\u2014
(1,425)
Attributable profit to the parent
7,666
1,741
2,834
2,063
883
(1,085)
14,101
A. Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is
presented to the main operational decision maker.
B. Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and
management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets
and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on
financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C. Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting
purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets
under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D. Net Operating Income is used for the Group\u2019s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income
statement.
E. Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from
changes line item in the statutory income statement. Additionally, includes an addition of EUR 47\u00a0million mainly corresponding to the results by commitments and
contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F. Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management
reporting purposes: Provisions or reversal of provisions except an addition EUR 47\u00a0million mainly corresponding to the results by commitments and contingent risks;
Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill
recognised in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
Note: 'Loans and advances to customers', 'Customer Deposits' and 'Customer funds' figures have been calculated including Poland.
EUR million
2024
Underlying income statement (condensed)
Retail &
Commercial
Banking
Digital
Consumer
Bank
Corporate &
Investment
Banking
Wealth
Management
& Insurance
Payments
Corporate
Centre
Total
Net interest incomeA
27,937
10,777
3,988
1,706
2,567
(308)
46,668
Net fee income
4,707
1,508
2,548
1,497
2,759
(11)
13,010
Gains (losses) on financial transactionsB
738
(4)
1,629
257
61
(408)
2,273
Other operating incomeC
(1,008)
631
172
343
72
51
261
Total income
32,374
12,912
8,338
3,803
5,459
(676)
62,211
Administrative expenses, depreciation and
amortisation
(12,796)
(5,183)
(3,794)
(1,452)
(2,430)
(379)
(26,034)
Net operating incomeD
19,578
7,729
4,544
2,351
3,030
(1,055)
36,177
Net loan-loss provisionsE
(5,846)
(4,562)
(171)
(44)
(1,714)
3
(12,333)
Other gains (losses) and provisionsF
(2,875)
(939)
(354)
(23)
(360)
(265)
(4,816)
Operating profit/(loss) before tax
10,857
2,228
4,019
2,284
955
(1,317)
19,027
Tax on profit
(3,088)
(294)
(1,068)
(534)
(462)
162
(5,284)
Profit from continuing operations
7,769
1,934
2,951
1,750
493
(1,155)
13,744
Net profit from discontinued operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Consolidated profit
7,769
1,934
2,951
1,750
493
(1,155)
13,744
Non-controlling interests
(522)
(275)
(204)
(79)
(90)
1
(1,169)
Attributable profit to the parent
7,247
1,659
2,747
1,671
404
(1,154)
12,574
A. Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is
presented to the main operational decision maker.
B. Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and
management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets
and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on
financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C. Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting
purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets
under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D. 'Net Operating Income is used for the Group\u2019s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income
statement.
E. 'Net Loan loss provisions' refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from
changes line item in the statutory income statement. Additionally, includes an addition of EUR 41\u00a0million mainly corresponding to the results by commitments and
contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F. Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management
reporting purposes: Provisions or reversal of provisions except an addition of EUR 41\u00a0million\u00a0 mainly corresponding to the results by commitments and contingent risks;
Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill
recognised in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
EUR million
2023
Underlying income statement (condensed)
Retail &
Commercial
Banking
Digital
Consumer
Bank
Corporate &
Investment
Banking
Wealth
Management
& Insurance
Payments
Corporate
Centre
Total
Net interest incomeA
25,550
10,221
3,594
1,513
2,424
(41)
43,261
Net fee income
4,497
1,229
2,131
1,262
2,952
(13)
12,057
Gains (losses) on financial transactionsB
854
116
1,795
170
1
(302)
2,633
Other operating incomeC
(1,146)
730
7
266
(79)
(83)
(304)
Total income
29,754
12,296
7,527
3,210
5,298
(439)
57,647
Administrative expenses, depreciation and
amortisation
(12,825)
(5,263)
(3,387)
(1,216)
(2,344)
(391)
(25,425)
Net operating incomeD
16,930
7,033
4,140
1,994
2,954
(829)
32,222
Net loan-loss provisionsE
(6,540)
(4,106)
(165)
17
(1,666)
2
(12,458)
Other gains (losses) and provisionsF
(2,401)
(250)
(181)
(18)
(84)
(134)
(3,066)
Operating profit/(loss) before tax
7,989
2,677
3,795
1,994
1,205
(961)
16,698
Tax on profit
(1,927)
(426)
(1,137)
(454)
(509)
(36)
(4,489)
Profit from continuing operations
6,062
2,251
2,658
1,540
696
(998)
12,209
Net profit from discontinued operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Consolidated profit
6,062
2,251
2,658
1,540
696
(998)
12,209
Non-controlling interests
(403)
(350)
(219)
(73)
(89)
\u2014
(1,133)
Attributable profit to the parent
5,659
1,901
2,440
1,467
607
(998)
11,076
A. Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is
presented to the main operational decision maker.
B. Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and
management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets
and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on
financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C. Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting
purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets
under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D. Net Operating Income is used for the Group\u2019s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income
statement.
E. Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from
changes line item in the statutory income statement. Additionally, includes a release of EUR 24\u00a0million mainly corresponding to the results by commitments and
contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F. Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management
reporting purposes: Provisions or reversal of provisions except a release of EUR 24\u00a0million mainly corresponding to the results by commitments and contingent risks;
Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill
recognised in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
b) Secondary segments
Grupo Santander proceeded to the dissolution of the regional
management structures at the beginning of 2025, including at this
secondary level the main geographical units. Detailed financial
information is provided on Spain, the UK, Portugal, Poland, DCB
Europe, which includes Santander Consumer Finance (the entire
consumer finance business in Europe), Openbank in Europe and
ODS, the US, which includes the holding company (SHUSA) and the
businesses of Santander Bank (SBNA), Santander Consumer USA
(SC USA), the specialized business unit Banco Santander
International, the New York branch and Santander US Capital
Markets (SanCap), Mexico, Brazil, Chile and Argentina. Information
is also provided on the Corporate Centre and 'Rest of the Group',
which brings together everything that is not included in the
aforementioned geographical units or the Corporate Centre.
With regard to the balance sheet, due to the required segregation
of the various business units (included in a single consolidated
balance\u00a0sheet), the amounts lent and borrowed between the units
are shown as increases in the assets and liabilities of each
business. These amounts relating to intra-Group liquidity are
eliminated and are shown in the Intra-Group eliminations column
in the table below in order to reconcile the amounts contributed by
each business unit to the consolidated Grupo Santander's balance
sheet.
There are no customers located in a place different from the
location of the Group's assets that generate revenues in excess of
10% of ordinary revenues.
The main masses of the balance sheets of the different secondary
segments, summarized, are indicated below:
EUR million
2025
Balance sheet (condensed)
Spain
United
Kingdom
Portugal
Poland
DCB Europe
United States
Mexico
Loans and advances to
customers
264,950
242,624
41,260
40,203
139,322
132,659
48,083
Customer deposits
354,943
225,708
40,576
54,627
82,359
122,000
55,595
Memorandum items
Gross loans and advances to
customersA
237,385
228,273
41,980
40,913
142,477
108,950
49,442
Customers funds
429,464
227,159
46,201
62,518
87,559
103,178
68,201
Customer depositsB
322,070
219,440
40,576
54,017
82,359
87,686
45,498
Investment funds
107,394
7,719
5,625
8,501
5,200
15,492
22,703
EUR million
2025
Balance sheet (condensed)
Brazil
Chile
Argentine
Corporate
Center
Rest of the
Group
Total
Loans and advances to customers
87,653
39,924
8,032
6,289
25,316
1,076,315
Customer deposits
92,256
29,503
9,959
1,387
26,913
1,095,827
Memorandum items
Gross loans and advances to
customersA
93,030
40,986
8,611
6,349
25,795
1,024,191
Customers funds
132,581
42,256
15,893
1,387
45,917
1,262,315
Customer depositsB
80,449
28,293
9,959
1,387
26,691
998,425
Investment funds
52,132
13,963
5,934
\u2014
19,226
263,889
EUR million
2024
Balance sheet (condensed)
Spain
United
Kingdom
Portugal
Poland
DCB Europe
United States
Mexico
Loans and advances to
customers
246,897
246,453
38,410
38,042
137,038
134,856
45,054
Customer deposits
323,425
230,408
38,304
50,331
81,376
125,403
49,836
Memorandum items
Gross loans and advances to
customersA
225,759
236,496
39,143
38,729
139,927
117,511
44,715
Customers funds
399,998
230,478
43,186
56,581
85,876
108,247
61,160
Customer depositsB
306,389
222,835
38,304
50,086
81,376
93,545
41,528
Investment funds
93,609
7,643
4,882
6,495
4,500
14,702
19,632
EUR million
2024
Balance sheet (condensed)
Brazil
Chile
Argentine
Corporate
Center
Rest of the
Group
Total
Loans and advances to customers
88,620
40,332
7,684
5,778
24,906
1,054,069
Customer deposits
93,994
30,181
11,293
1,430
19,955
1,055,936
Memorandum items
Gross loans and advances to
customersA
93,785
41,405
7,938
5,853
25,285
1,016,546
Customers funds
129,881
43,384
17,047
1,299
34,205
1,211,342
Customer depositsB
81,378
30,060
11,293
1,299
19,527
977,620
Investment funds
48,503
13,324
5,754
\u2014
14,678
233,722
EUR million
2023
Balance sheet (condensed)
Spain
United
Kingdom
Portugal
Poland
DCB Europe
United States
Mexico
Loans and advances to
customers
239,214
245,743
36,864
33,850
132,692
126,843
47,905
Customer deposits
324,099
233,453
36,366
44,500
69,334
121,782
53,703
Memorandum items
Gross loans and advances to
customersA
229,803
235,111
37,658
34,729
135,202
112,671
48,688
Customers funds
386,810
231,668
40,618
49,371
72,963
108,061
62,775
Customer depositsB
308,745
224,396
36,366
44,462
69,334
95,697
45,693
Investment funds
78,065
7,272
4,252
4,909
3,629
12,364
17,082
EUR million
2023
Balance sheet (condensed)
Brazil
Chile
Argentine
Corporate
Center
Rest of the
Group
Total
Loans and advances to customers
96,399
42,616
3,767
5,565
24,890
1,036,349
Customer deposits
110,162
29,578
6,478
1,508
16,206
1,047,169
Memorandum items
Gross loans and advances to
customersA
102,583
43,823
3,878
5,640
25,165
1,014,951
Customers funds
145,044
40,098
10,288
1,508
27,670
1,176,874
Customer depositsB
90,297
29,337
6,478
1,508
16,033
968,346
Investment funds
54,747
10,761
3,810
\u2014
11,637
208,528
A. Excluding reverse repos.
B. Excluding repos.
The condensed income statements are as follows:
EUR million
2025
Underlying income statement
(condensed)
Spain
United
Kingdom
Portugal
Poland
DCB Europe
United States
Mexico
Net interest incomeA
7,305
5,008
1,346
2,953
4,685
5,888
4,554
Net fee income
3,022
369
506
733
804
1,328
1,454
Gains (losses) on financial
transactionsB
841
(100)
70
82
(39)
547
427
Other operating incomeC
822
3
37
(44)
475
166
(130)
Total income
11,990
5,280
1,959
3,724
5,925
7,929
6,305
Administrative expenses, depreciation
and amortisation
(4,284)
(2,771)
(548)
(1,036)
(2,611)
(3,812)
(2,620)
Net operating incomeD
7,706
2,509
1,411
2,687
3,314
4,116
3,685
Net loan-loss provisionsE
(1,142)
(177)
8
(283)
(1,363)
(2,244)
(1,239)
Other gains (losses) and provisionsF
(482)
(539)
(2)
(473)
(554)
(124)
(110)
Operating profit/(loss) before tax
6,083
1,794
1,417
1,930
1,398
1,748
2,336
Tax on profit
(1,811)
(486)
(405)
(402)
(322)
(207)
(627)
Profit/(loss) from continuing
operations
4,272
1,307
1,011
1,528
1,076
1,541
1,709
Net profit/(loss) from discontinued
operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Consolidated profit/(loss)
4,272
1,307
1,011
1,528
1,076
1,541
1,709
Non-controlling interests
\u2014
\u2014
(2)
(580)
(304)
\u2014
(4)
Attributable profit/(loss) to the
parent
4,272
1,307
1,010
949
772
1,541
1,705
EUR million
2025
Underlying income statement
(condensed)
Brazil
Chile
Argentina
Corporate
Centre
Rest of the
Group
Total Group
Net interest incomeA
9,380
1,917
1,727
(490)
1,081
45,354
Net fee income
3,193
582
788
(27)
908
13,661
Gains (losses) on financial
transactionsB
(64)
230
229
(82)
295
2,436
Other operating incomeC
93
(15)
(509)
18
24
940
Total income
12,602
2,714
2,235
(581)
2,308
62,390
Administrative expenses, depreciation
and amortisation
(4,109)
(912)
(964)
(402)
(1,656)
(25,725)
Net operating incomeD
8,493
1,802
1,271
(983)
654
36,665
Net loan-loss provisionsE
(4,409)
(531)
(574)
(198)
(259)
(12,411)
Other gains (losses) and provisionsF
(859)
(39)
(46)
(94)
(65)
(3,387)
Operating profit/(loss) before tax
3,224
1,232
650
(1,275)
330
20,867
Tax on profit
(836)
(189)
(216)
190
(30)
(5,341)
Profit/(loss) from continuing
operations
2,388
1,043
434
(1,085)
302
15,526
Net profit/(loss) from discontinued
operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Consolidated profit/(loss)
2,388
1,043
434
(1,085)
302
15,526
Non-controlling interests
(220)
(314)
(1)
\u2014
\u2014
(1,425)
Attributable profit/(loss) to the
parent
2,168
729
433
(1,085)
300
14,101
A. Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is
presented to the main operational decision maker.
B. Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and
management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets
and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on
financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C. Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting
purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets
under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D. Net Operating Income is used for the Group\u2019s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income
statement.
E. Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from
changes line item in the statutory income statement. Additionally, includes an addition of EUR 47 million mainly corresponding to the results by commitments and
contingent risks included in the line provisions or reversal of provisions, net of the statutory income statement.
F. Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management
reporting purposes: Provisions or reversal of provisions except an addition of EUR 47 million mainly corresponding to the results by commitments and contingent risks;
Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill
recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
EUR million
2024
Underlying income statement
(condensed)
Spain
United
Kingdom
Portugal
Poland
DCB Europe
United States
Mexico
Net interest incomeA
7,256
4,950
1,548
2,844
4,361
5,693
4,631
Net fee income
2,867
283
467
674
902
1,152
1,385
Gains (losses) on financial
transactionsB
1,100
(18)
45
57
(24)
371
396
Other operating incomeC
751
1
40
(20)
440
364
(134)
Total income
11,974
5,216
2,100
3,555
5,679
7,580
6,278
Administrative expenses, depreciation
and amortisation
(4,271)
(2,918)
(548)
(965)
(2,604)
(3,830)
(2,665)
Net operating incomeD
7,703
2,299
1,553
2,591
3,075
3,750
3,613
Net loan-loss provisionsE
(1,259)
(64)
(11)
(511)
(1,209)
(2,507)
(1,277)
Other gains (losses) and provisionsF
(1,003)
(441)
(61)
(429)
(735)
(190)
(62)
Operating profit/(loss) before tax
5,440
1,794
1,481
1,650
1,131
1,053
2,274
Tax on profit
(1,678)
(488)
(478)
(431)
(255)
56
(598)
Profit/(loss) from continuing
operations
3,763
1,306
1,003
1,219
876
1,109
1,676
Net profit/(loss) from discontinued
operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Consolidated profit/(loss)
3,763
1,306
1,003
1,219
876
1,109
1,676
Non-controlling interests
\u2014
\u2014
(2)
(419)
(234)
\u2014
(5)
Attributable profit/(loss) to the
parent
3,762
1,306
1,001
800
642
1,109
1,671
EUR million
2024
Underlying income statement
(condensed)
Brazil
Chile
Argentina
Corporate
Centre
Rest of the
Group
Total Group
Net interest incomeA
10,121
1,822
2,919
(308)
831
46,668
Net fee income
3,414
551
602
(11)
723
13,010
Gains (losses) on financial
transactionsB
(37)
238
229
(408)
324
2,273
Other operating incomeC
38
(19)
(1,263)
51
12
261
Total income
13,536
2,592
2,487
(676)
1,890
62,211
Administrative expenses, depreciation
and amortisation
(4,352)
(933)
(1,022)
(379)
(1,547)
(26,034)
Net operating incomeD
9,184
1,659
1,465
(1,055)
340
36,177
Net loan-loss provisionsE
(4,487)
(497)
(284)
3
(230)
(12,333)
Other gains (losses) and provisionsF
(867)
(51)
(353)
(265)
(359)
(4,816)
Operating profit/(loss) before tax
3,830
1,111
827
(1,317)
(247)
19,027
Tax on profit
(1,165)
(211)
(161)
162
(37)
(5,284)
Profit/(loss) from continuing
operations
2,665
899
666
(1,155)
(283)
13,744
Net profit/(loss) from discontinued
operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Consolidated profit/(loss)
2,665
899
666
(1,155)
(283)
13,744
Non-controlling interests
(243)
(271)
(1)
1
5
(1,169)
Attributable profit/(loss) to the
parent
2,422
629
665
(1,154)
(279)
12,574
A. Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is
presented to the main operational decision maker.
B. Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and
management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets
and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on
financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C. Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting
purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets
under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D. Net Operating Income is used for the Group\u2019s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income
statement.
E. Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from
changes line item in the statutory income statement. Additionally, includes an addition of EUR 41\u00a0million mainly corresponding to the results by commitments and
contingent risks included in the line provisions or reversal of provisions, net of the statutory income statement.
F. Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management
reporting purposes: Provisions or reversal of provisions except an addition of EUR 41\u00a0million mainly corresponding to the results by commitments and contingent risks;
Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill
recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
EUR million
2023
Underlying income statement
(condensed)
Spain
United
Kingdom
Portugal
Poland
DCB Europe
United States
Mexico
Net interest incomeA
6,641
5,152
1,465
2,543
4,193
5,742
4,408
Net fee income
2,699
338
464
589
796
766
1,374
Gains (losses) on financial
transactionsB
688
29
33
67
117
294
211
Other operating incomeC
104
6
20
(17)
396
407
(94)
Total income
10,132
5,525
1,982
3,182
5,502
7,209
5,899
Administrative expenses, depreciation
and amortisation
(4,227)
(2,745)
(542)
(862)
(2,618)
(3,679)
(2,588)
Net operating incomeD
5,905
2,779
1,440
2,320
2,884
3,531
3,311
Net loan-loss provisionsE
(1,522)
(247)
(77)
(674)
(792)
(2,593)
(1,135)
Other gains (losses) and provisionsF
(984)
(425)
(49)
(253)
(72)
(74)
(57)
Operating profit/(loss) before tax
3,399
2,107
1,314
1,392
2,019
863
2,119
Tax on profit
(1,029)
(563)
(416)
(377)
(493)
69
(541)
Profit/(loss) from continuing
operations
2,371
1,545
898
1,015
1,526
932
1,577
Net profit/(loss) from discontinued
operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Consolidated profit/(loss)
2,371
1,545
898
1,015
1,526
932
1,577
Non-controlling interests
\u2014
\u2014
(2)
(342)
(327)
\u2014
(17)
Attributable profit/(loss) to the
parent
2,371
1,545
896
674
1,199
932
1,560
EUR million
2023
Underlying income statement
(condensed)
Brazil
Chile
Argentina
Corporate
Centre
Rest of the
Group
Total Group
Net interest incomeA
9,116
1,383
1,879
(41)
780
43,261
Net fee income
3,462
572
396
(13)
614
12,057
Gains (losses) on financial
transactionsB
483
320
341
(302)
352
2,633
Other operating incomeC
43
10
(1,072)
(83)
(24)
(304)
Total income
13,104
2,285
1,544
(439)
1,722
57,647
Administrative expenses, depreciation
and amortisation
(4,529)
(1,020)
(775)
(391)
(1,449)
(25,425)
Net operating incomeD
8,574
1,265
769
(829)
273
32,222
Net loan-loss provisionsE
(4,701)
(365)
(150)
2
(204)
(12,458)
Other gains (losses) and provisionsF
(963)
51
(114)
(134)
8
(3,066)
Operating profit/(loss) before tax
2,911
951
505
(961)
79
16,698
Tax on profit
(776)
(135)
(117)
(36)
(75)
(4,489)
Profit/(loss) from continuing
operations
2,135
816
388
(998)
4
12,209
Net profit/(loss) from discontinued
operations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Consolidated profit/(loss)
2,135
816
388
(998)
4
12,209
Non-controlling interests
(215)
(234)
(2)
\u2014
6
(1,133)
Attributable profit/(loss) to the
parent
1,921
582
386
(998)
8
11,076
A. Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is
presented to the main operational decision maker.
B. Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and
management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets
and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on
financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C. Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting
purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets
under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D. Net Operating Income is used for the Group\u2019s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income
statement.
E. Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from
changes line item in the statutory income statement. Additionally, includes a release of EUR 24\u00a0million mainly corresponding to the results by commitments and
contingent risks included in the line provisions or reversal of provisions, net of the statutory income statement.
F. Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management
reporting purposes: Provisions or reversal of provisions except a release of EUR 24\u00a0million mainly corresponding to the results by commitments and contingent risks;
Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill
recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
c) Reconciliations of reportable segment results
The tables below reconcile the statutory basis results to the
underlying results for each of the periods presented as required by
IFRS 8. For the purposes of these reconciliations, all material
reconciling items are separately identified and described.
Grupo Santander assets and liabilities for management reporting
purposes do not differ from the statutory reported figures and
therefore are not reconciled.
EUR million
2025
Reconciliation of statutory results to underlying results
Statutory
results
Adjustments
related to the
Poland
disposal
Other
adjustments
Underlying
results
Net interest incomeA
42,348
3,006
\u2014
45,354
Net fee income
12,976
685
\u2014
13,661
Gains (losses) on financial transactionsB
2,362
74
\u2014
2,436
Other operating incomeC
984
(45)
\u2014
940
Total income
58,670
3,720
\u2014
62,390
Administrative expenses, depreciation and amortisation
(24,711)
(1,014)
\u2014
(25,725)
Net operating incomeD
33,959
2,706
\u2014
36,665
Net loan-loss provisionsE
(12,596)
(282)
467
(12,411)
Other gains (losses) and provisionsF
(2,682)
(474)
(231)
(3,387)
Operating profit/(loss) before tax
18,681
1,950
236
20,867
Tax on profit
(4,723)
(408)
(210)
(5,341)
Adjusted profit for the year from continuing operations
13,958
1,542
26
15,526
Profit from discontinued operations (net)
1,542
(1,542)
\u2014
\u2014
Consolidated profit/(loss)
15,500
\u2014
26
15,526
Non-controlling interests
(1,399)
\u2014
(26)
(1,425)
Attributable profit/(loss) to the parent
14,101
\u2014
\u2014
14,101
A. Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is
presented to the main operational decision maker.
B. Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and
management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets
and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on
financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C. Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting
purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets
under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D. Net Operating Income is used for the Group\u2019s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income
statement.
E. Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from
changes line item in the statutory income statement. Additionally, includes an addition of EUR 47\u00a0million mainly corresponding to the results by commitments and
contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F. Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management
reporting purposes: Provisions or reversal of provisions except for an addition of EUR 47 million mainly corresponding to results from commitments and contingent risks;
Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill
recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
Explanation of adjustments:
\u2022 In accordance with IFRS 5 requirements, in the statutory profit,
results subject to the Poland disposal have been reported under
the line 'Profit or loss after tax from discontinued
operations' (see Note 3). However, in the underlying profit, the
results from Poland have been reclassified so that they are
reported line by line and disaggregated in each of the
corresponding line items.
\u2022 A capital gain of EUR 231\u00a0million, from the sale of Santander's
remaining 30.5% stake in CACEIS (see Note 3).
\u2022 Charges of EUR 467\u00a0million (EUR 231\u00a0million net of taxes and
minority interests) after updating the macroeconomic
parameters in Brazil's credit provisioning models.
EUR million
2024
Reconciliation of statutory results to underlying results
Statutory
results
Adjustments
related to the
Poland
disposal
Other
adjustments
Underlying
results
Net interest incomeA
43,787
2,881
\u2014
46,668
Net fee income
12,376
634
\u2014
13,010
Gains (losses) on financial transactionsB
2,211
62
\u2014
2,273
Other operating incomeC
6
(81)
335
261
Total income
58,380
3,496
335
62,211
Administrative expenses, depreciation and amortisation
(25,149)
(885)
\u2014
(26,034)
Net operating incomeD
33,231
2,611
335
36,177
Net loan-loss provisionsE
(12,183)
(502)
352
(12,333)
Other gains (losses) and provisionsF
(3,701)
(429)
(687)
(4,816)
Operating profit/(loss) before tax
17,347
1,680
\u2014
19,027
Tax on profit
(4,844)
(439)
\u2014
(5,284)
Adjusted profit for the year from continuing operations
12,503
1,241
\u2014
13,744
Profit from discontinued operations (net)
1,241
(1,241)
\u2014
\u2014
Consolidated profit/(loss)
13,744
\u2014
\u2014
13,744
Non-controlling interests
(1,170)
\u2014
\u2014
(1,169)
Attributable profit/(loss) to the parent
12,574
\u2014
\u2014
12,574
A. Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is
presented to the main operational decision maker.
B. Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and
management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets
and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on
financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C. Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting
purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets
under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D. Net Operating Income is used for the Group\u2019s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income
statement.
E. Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from
changes line item in the statutory income statement. Additionally, includes an addition of EUR 41 million mainly corresponding to the results by commitments and
contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F. Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management
reporting purposes: Provisions or reversal of provisions except for an addition of EUR 41 million mainly corresponding to results from commitments and contingent risks;
Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill
recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations
Explanation of adjustments:
\u2022 In accordance with IFRS 5 requirements, in the statutory profit,
results subject to the Poland disposal have been reported under
the line 'Profit or loss after tax from discontinued
operations' (see Note 3). However, in the underlying profit, the
results from Poland have been reclassified so that they are
reported line by line and disaggregated in each of the
corresponding line items.
\u2022 Temporary levy on revenue in Spain in the first quarter, totalling
EUR 335\u00a0million, which was moved from total income to other
gains (losses) and provisions.
\u2022 Provisions which strengthen the balance sheet in Brazil of EUR
352\u00a0million in the second quarter (EUR 174\u00a0million net of tax and
minority interests).
EUR million
2023
Reconciliation of statutory results to underlying results
Statutory
results
Adjustments
related to the
Poland
disposal
Other
adjustments
Underlying
results
Net interest incomeA
40,650
2,611
\u2014
43,261
Net fee income
11,495
562
\u2014
12,057
Gains (losses) on financial transactionsB
2,565
68
\u2014
2,633
Other operating incomeC
(459)
(69)
224
(304)
Total income
54,251
3,172
224
57,647
Administrative expenses, depreciation and amortisation
(24,632)
(793)
\u2014
(25,425)
Net operating incomeD
29,619
2,379
224
32,222
Net loan-loss provisionsE
(12,260)
(672)
474
(12,458)
Other gains (losses) and provisionsF
(2,354)
(253)
(459)
(3,066)
Operating profit/(loss) before tax
15,005
1,454
239
16,698
Tax on profit
(3,880)
(396)
(213)
(4,489)
Adjusted profit for the year from continuing operations
11,125
1,058
26
12,209
Profit from discontinued operations (net)
1,058
(1,058)
\u2014
\u2014
Consolidated profit/(loss)
12,183
\u2014
26
12,209
Non-controlling interests
(1,107)
\u2014
(26)
(1,133)
Attributable profit/(loss) to the parent
11,076
\u2014
\u2014
11,076
A. Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is
presented to the main operational decision maker.
B. Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and
management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets
and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on
financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C. Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting
purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets
under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D. Net Operating Income is used for the Group\u2019s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income
statement.
E. Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from
changes line item in the statutory income statement. Additionally, includes a release of EUR 24 million mainly corresponding to the results by commitments and
contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F. Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management
reporting purposes: Provisions or reversal of provisions except a release of EUR 24 million mainly corresponding to results from commitments and contingent risks;
Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill
recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
Explanation of adjustments:
\u2022 In accordance with IFRS 5 requirements, in the statutory profit,
results subject to the Poland disposal have been reported under
the line 'Profit or loss after tax from discontinued
operations' (see Note 3). However, in the underlying profit, the
results from Poland have been reclassified so that they are
reported line by line and disaggregated in each of the
corresponding line items.
\u2022 Temporary levy on revenue in Spain in the first quarter, totalling
EUR 224\u00a0million, which was moved from total income to other
gains (losses) and provisions.
\u2022 Additional provisions for specific cases in the wholesale portfolio
of Brazil for an amount of EUR 235\u00a0million, net of tax and non-
controlling interests (EUR 474\u00a0million recorded in net loan-loss
provisions, EUR 213\u00a0million positive impact in tax and EUR
26\u00a0million in non-controlling interests).", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1943": { "value": "
Grupo Santander bases segment reporting on financial information
presented to the chief operating decision maker, which excludes
certain statutory results items that distort year-on-year
comparisons and are not considered for management reporting.
This financial information (underlying basis) is computed by
adjusting reported results for the effects of certain gains and losses
(e.g. capital gains, write-downs, impairment of goodwill, etc.).
These gains and losses are items that management and investors
ordinarily identify and consider separately to better understand the
underlying trends in the business.
Grupo Santander has aligned the information in this note with the
underlying information used internally for management reporting
and with that presented in Grupo Santander's other public
documents.
Grupo Santander executive committee has been selected to be its
chief operating decision maker. Grupo Santander's operating
segments reflect its organizational and managerial structures.
Grupo Santander 's executive committee reviews internal reporting
based on these segments to assess performance and allocate
resources.
The segments are split by global business and country in which
profits are earned. Santander prepares the information by
aggregating the figures for Grupo Santander\u2019s global businesses
and countries, relating it to both the accounting data of the
business units integrated in each segment and that provided by
management information systems. The same general principles as
those used in Grupo Santander are applied.
The main changes, which have been applied to management
information for all periods included in the annual accounts, relate
to the following:
1. Investment platforms (Investment Platforms Unit) and certain
stakes in companies, mainly in the real estate sector, that were
previously recorded in Retail & Commercial Banking or
Corporate & Investment Banking have been incorporated into
Wealth Management & Insurance. Grupo Santander have
therefore incorporated a new vertical, Portfolio Investments,
focusing on the management of said investment platforms and
stakes that complement Wealth's traditional business.
2. Some profit sharing criteria between Retail & Commercial
Banking and Cards have been improved, aligning criteria across
the Group.
3. Grupo Santander has completed the usual annual adjustment of
the perimeter of the Global Customer Relationship Model
between Retail & Commercial Banking and Corporate &
Investment Banking and between Retail & Commercial Banking
and Wealth Management & Insurance.
4. In secondary segments, the board of directors approved the
dissolution of the regional structures. As a result, the Group will
no longer report regional information and the secondary
segments are structured into the 10 main units (nine countries
and DCB Europe), the Corporate Centre and 'Rest of the Group',
which includes everything that is not already included in the
mentioned units.
The above-mentioned changes have no impact on the Group\u2019s
reported consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1944": { "value": "
53. Related parties
The parties related to the Group are deemed to include, in addition
to its associates and joint ventures, the Bank's key management
personnel (the members of its board of directors and the senior
management, together with their close family members) and the
entities over which the key management personnel may exercise
significant influence or control.
Following below is the balance sheet balances and amounts of the
Group's income statement corresponding to operations with the
parties related to it, distinguishing between associates and joint
ventures, members of the Bank's board of directors, the Bank's
senior management, and other related parties. Related-party
transactions were made on terms equivalent to those that prevail
in arm's-length transactions or, when this was not the case, the
related compensation in kind was recognized.
EUR million
2025
Associates and\u00a0joint
ventures
Members of the
board of directors
Senior Management
Other related parties
Assets
10,491
\u2014
18
295
Cash, cash balances at central banks and other
deposits on demand
2
\u2014
\u2014
\u2014
Loans and advances: credit institutions
286
\u2014
\u2014
\u2014
Loans and advances: customers
9,835
\u2014
18
274
Debt securities
160
\u2014
\u2014
2
Others
208
\u2014
\u2014
19
Liabilities
2,978
10
5
376
Financial liabilities: credit institutions
26
\u2014
\u2014
\u2014
Financial liabilities: customers
2,761
10
5
376
Marketable debt securities
\u2014
\u2014
\u2014
\u2014
Others
191
\u2014
\u2014
\u2014
Income statement
1,724
\u2014
\u2014
7
Interest income
441
\u2014
\u2014
8
Interest expense
(119)
\u2014
\u2014
(4)
Gains/losses on financial assets and liabilities
and others
(53)
\u2014
\u2014
\u2014
Commission income
1,546
\u2014
\u2014
4
Commission expense
(91)
\u2014
\u2014
(1)
Other
3,732
4
3
189
Financial guarantees granted and Others
11
3
2
61
Loan commitments and Other commitments
granted
335
1
1
38
Derivative financial instruments
3,386
\u2014
\u2014
90
EUR million
2024
Associates and\u00a0joint
ventures
Members of the
board of directors
Senior Management
Other related parties
Assets
10,783
\u2014
14
226
Cash, cash balances at central banks and other
deposits on demand
163
\u2014
\u2014
\u2014
Loans and advances: credit institutions
407
\u2014
\u2014
\u2014
Loans and advances: customers
9,750
\u2014
14
221
Debt securities
229
\u2014
\u2014
5
Others
234
\u2014
\u2014
\u2014
Liabilities
3,243
9
7
292
Financial liabilities: credit institutions
228
\u2014
\u2014
\u2014
Financial liabilities: customers
2,810
9
7
292
Marketable debt securities
\u2014
\u2014
\u2014
\u2014
Others
205
\u2014
\u2014
\u2014
Income statement
1,776
\u2014
\u2014
4
Interest income
508
\u2014
\u2014
9
Interest expense
(153)
\u2014
\u2014
(5)
Gains/losses on financial assets and liabilities
and others
(11)
\u2014
\u2014
\u2014
Commission income
1,535
\u2014
\u2014
1
Commission expense
(103)
\u2014
\u2014
(1)
Other
4,712
4
3
216
Financial guarantees granted and Others
18
3
2
64
Loan commitments and Other commitments
granted
317
1
1
20
Derivative financial instruments
4,377
\u2014
\u2014
132
EUR million
2023
Associates and\u00a0joint
ventures
Members of the
board of directors
Senior Management
Other related parties
Assets
10,497
\u2014
12
186
Cash, cash balances at central banks and other
deposits on demand
154
\u2014
\u2014
\u2014
Loans and advances: credit institutions
405
\u2014
\u2014
\u2014
Loans and advances: customers
9,275
\u2014
12
185
Debt securities
391
\u2014
\u2014
1
Others
272
\u2014
\u2014
\u2014
Liabilities
2,480
14
5
150
Financial liabilities: credit institutions
463
\u2014
\u2014
\u2014
Financial liabilities: customers
1,727
14
5
150
Marketable debt securities
\u2014
\u2014
\u2014
\u2014
Others
290
\u2014
\u2014
\u2014
Income statement
1,698
\u2014
\u2014
11
Interest income
427
\u2014
\u2014
9
Interest expense
(149)
\u2014
\u2014
(1)
Gains/losses on financial assets and liabilities
and others
43
\u2014
\u2014
\u2014
Commission income
1,499
\u2014
\u2014
3
Commission expense
(122)
\u2014
\u2014
\u2014
Other
4,189
3
2
1,094
Financial guarantees granted and Others
10
2
1
861
Loan commitments and Other commitments
granted
274
1
1
9
Derivative financial instruments
3,905
\u2014
\u2014
224
The remaining required information is detailed in notes 5 and 46.c.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1945": { "value": "
The parties related to the Group are deemed to include, in addition
to its associates and joint ventures, the Bank's key management
personnel (the members of its board of directors and the senior
management, together with their close family members) and the
entities over which the key management personnel may exercise
significant influence or control.
Following below is the balance sheet balances and amounts of the
Group's income statement corresponding to operations with the
parties related to it, distinguishing between associates and joint
ventures, members of the Bank's board of directors, the Bank's
senior management, and other related parties. Related-party
transactions were made on terms equivalent to those that prevail
in arm's-length transactions or, when this was not the case, the
related compensation in kind was recognized.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1946": { "value": "
54. Risk management
a) Risk principles and culture
The principles on which Grupo Santander's risk management and
control are based are detailed below. They take into account
regulatory requirements, best market practices and are mandatory:
1. All employees are responsible for risk management. They
must understand the risks arising from their activities and take
ownership for managing them.
2. Senior management involvement. Through conduct, actions
and communications, senior management promotes consistent
risk management, fosters our risk culture, and oversees that the
risk profile remains within the appetite set.
3. Independence: Risk management and control functions operate
independently according to our three-lines-of-defence model,
with clearly defined roles and responsibilities.
4. Holistic, forward-looking approach: We take a comprehensive
approach to risk management and control that extends to all
businesses and risk types that could have a material impact.
This approach is forward-looking and considers trends across
several time horizons and scenarios.
5. Corporate oversight of subsidiaries: Banco Santander sets
minimum risk management and control standards through
reference documents. Subsidiaries are responsible for
translating these standards into their own internal policies and
procedures.
1. Key risk types
Grupo Santander's risks categorization allows effective risk
management, control and reporting, and includes, among others
the following risk types:
\u2022 Credit risk is the risk of loss arising from the failure of a
customer or counterparty to meet its obligations to which the
Santander Group has provided financing or entered into a
contractual commitment, or from the deterioration of their credit
quality.
\u2022 Market risk is the risk incurred as a result of the effect of
changes in market factors interest rates, exchange rates, equities
and commodities, among others, may have on profits or capital.
\u2022 Liquidity risk is the risk incurred because of adverse movements
in the factors that determine the market value of financial
instruments, such as interest rates, exchange rates, equity prices
and commodities, among others.
\u2022 Structural Risk is the risk of changes in the value or margin
generation of the assets or liabilities in the banking book
resulting from changes in market and behavioural factors. It also
includes risks associated with insurance and pension activities, as
well as the risk of not having an adequate amount or quality of
capital to meet internal business objectives, regulatory
requirements, or market expectations.
\u2022 Capital risk, included within the scope of structural risk, is the
risk that arises from the possibility of having an inadequate
quantity or quality of capital to meet internal business objectives,
regulatory requirements or market expectations.
Grupo Santander also takes into account, on an ongoing basis in its
risk management, operational (includes fraud, technological,
cyber, legal and conduct risks), financial crime (includes, among
others, money laundering, terrorism financing, violation of
international sanctions, corruption, bribery and tax evasion),
model, reputational and strategic risks.
These risks may be affected by a range of factors that we identify
and assess in line with regulatory requirements and industry
practice, including: geopolitical developments (international
conflicts, economic and monetary decisions, new regulations or
trade tensions); digital and transformation initiatives linked to
technological change or shifts in business models; and
sustainability factors \u2014 environmental (natural and climate-
related, including extreme events and resource scarcity, as well as
those arising from the transition to a more sustainable economy),
social (relating to people\u2019s rights, welfare and interests) and
governance, both within Grupo Santander and among our
counterparties.
In particular, from an environmental and climate perspective, the
relevant elements cover, on the one hand, those stemming from
the physical effects of climate change and, on the other, those
linked to the transition towards a more sustainable economy,
including legislative and regulatory, technological or behavioural
changes among economic agents.
Given the nature of its operations, the Group has no environment-
related liabilities, expenses, assets or contingencies that may be
material to its consolidated equity, financial situation and results.
According to market consensus and our materiality assessment,
exposure in the sectors where environmental factors may have the
most impact mainly relate to wholesale customers. Our
management of these customers considers environmental aspects
in the preliminary assessment, credit origination and the
preparation and review of their credit ratings, which influence the
parameters we use to calculate their probability of default (PD).
Thus, we embed the most material climate factors in our
assessments and in capital loss and provisions calculations.
Moreover, to cover and anticipate potential future losses from
severe climate events, such as the Valencia DANA or Hurricane
Milton in Florida, we have set overlays whose amount to date has
not been material to the Group's total loan loss reserves.
Grupo Santander has enhanced its methodological framework to
quantify and assess transition and physical risks in credit losses for
climate impacts that are not specifically captured through the
forward-looking component implemented under the IFRS 9
framework. We assess these risks under several scenarios
published by the NGFS, which explore varying assumptions on
shifts in climate policies, emissions, temperatures and physical risk
impacts. We take a proportionality approach by assessing the
impact on the Group\u2019s core markets and portfolios, especially non-
financial entities and mortgage products.
Regarding impact on companies\u2019 credit quality, the model assesses
the transmission of customers\u2019 physical and transition climate risk
through defined channels (sector GVA, GHG emissions, carbon
price, regional GDP, or collateral valuations).
For mortgage products, climate risk appears mainly through a
deterioration in collateral values, as reflected in the loan-to-value
ratio, which is the main transmission channel into LGD.
These methodologies enable us to embed potential climate-event
impacts on credit losses in credit risk management. Against this
backdrop, we carried out both internal capital self-assessment
exercises and regulatory stress tests.
In light of the above and based on the best information available at
the date of these consolidated annual financial statements, we
also assessed the potential additional impact of climate and
environmental risks on the Group\u2019s equity, financial situation and
results in 2025. We did not identify any significant or material
impacts.
2. Risk and compliance governance
Grupo Santander robust risk and compliance governance structure
allows us to conduct effective oversight in line with our risk
appetite. It stands on three lines of defence, a structure of
committees and strong Group-subsidiary relations, guided by our
risk culture, Risk Pro.
2.1 Lines of defence
Grupo Santander model of three lines of defence effectively
manages and controls risks:
\u2022 First line : formed business functions, as well as all other
functions that generate risk, constitute the first line of defence.
They must establish an appropriate environment to manage all
risks associated with the business and support compliance with
internal policies and regulation. Risk management must operate
within the approved risk appetite and associated limits. The first
line executes mitigation plans for risks where weaknesses are
identified in its control environment.
\u2022 Second line: formed by the risk and compliance functions,
independently oversees and challenges the risk management
activities that the first line carries out. Its role is to help verify
that we manage risks in line with the established risk appetite
and to promote a strong risk culture across the organization.
\u2022 Third line: formed by Internal Audit is a permanent function,
independent of any other functions or units, whose objective is to
provide the Management Body and the senior management with
independent assurance on the quality and effectiveness of
internal control, risk management (current or emerging) and
governance processes and systems, thereby helping to protect
the company\u2019s value, solvency, and reputation.
Risk, Compliance and Internal Audit are sufficiently separate and
autonomous functions, with direct access to the board and its
committees. The risk and compliance functions report to the risk
supervision, regulation and compliance committee and the internal
audit function reports to the audit committee.
2.2 Risk committee structure
The board of directors has final oversight of risk and compliance
management and control to promote a sound risk culture and
review and approve risk appetite and frameworks, with support
from its risk, regulation and compliance committee (RSRCC) and its
executive committee. The Group's risk governance keeps risk
control and risk-taking areas separate.
Our governance structure also includes key roles and executive
committees that strengthen oversight and support the effective
performance of the control function.
The Group chief risk officer (CRO), who leads the application and
execution of risk strategy and promotes proper risk culture, is in
charge of overseeing all risks and challenging and advising
business lines on risk management.
The Group chief compliance officer (CCO) leads the application
and execution of the compliance and conduct risk strategy and
reports the status of risks being monitored in order to provide the
Chief Risk Officer with a comprehensive view of all risks.
The CRO and the CCO report directly to both the risk supervision,
regulation and compliance committee and the board of directors.
The executive risk, risk control and compliance and conduct
committees are executive committees with powers delegated from
the board.
Furthermore, the executive-level committees delegate part of their
responsibilities to forums and/or standing meetings to manage and
control each risk type.
Their responsibilities include:
\u2022 Inform the CRO, the CCO, the risk control committee and the
compliance and conduct committee if risks are being managed
within risk appetite;
\u2022 Conduct regular follow-ups for each key risk type; and
\u2022 Overseeing the measures adopted to meet supervisor's and
auditor's expectations.
Besides, Grupo Santander, in order to establish an adequate
control environment for the management of each risk types, the
risk and compliance functions have effective internal regulation to
create the right environment to manage and control all risks.
Grupo Santander may introduce additional governance measures
for special situations to reinforce the monitoring of all risks, with
particular focus on trends in key macroeconomic indicators and
liquidity, the identification of vulnerable sectors/customers, and
the strengthening of cybersecurity, among other aspects.
Activating these special-situations forums helps the Group address
the effects of the geopolitical and macroeconomic environment
with resilience.
2.3 The Group's relationship with subsidiaries
Grupo Santander subsidiaries\u2019 risk and compliance management
and control model is consistent with the frameworks approved by
the Group board of directors. Subsidiaries adhere to the
frameworks through their own boards and can only adapt to higher
standards according to local law and regulation.
As part of Santander's aggregated risk oversight, we challenge and
review subsidiaries\u2019 internal regulations and activities. This enables
us to maintain a common risk management and control model
across the Group.
The risk and compliance functions support the businesses and
oversee risks at both global and local levels. In addition, over the
year we continued to strengthen the Group\u2013subsidiary relationship
model, leveraging our global scale to identify synergies under a
common operating model and shared platforms. The model
promotes process simplification and the reinforcement of control
mechanisms to support the growth of our businesses.
Santander's Group\u2013subsidiary governance model (GSGM) sets out
the principles that govern the relationship between Group key
roles and the subsidiaries, which helps safeguard the
independence of local second lines. The CRO and CCO take part in
the appointment, objectives, performance reviews and
remuneration of their local counterparts, which helps confirm that
they are controlling risks appropriately.
We continue to strengthen the relationship between the Group and
its subsidiaries through close cooperation among our subsidiaries
to develop common initiatives more efficiently, such as:
\u2022 Transformation of organizational structures, sharing benchmarks
across countries and contributing to the function\u2019s strategic
vision to promote the rollout of more advanced risk-
management infrastructures and practices.
\u2022 Exchange of best practices to strengthen processes and drive
innovation.
\u2022 Promotion of internal talent and mobility, both geographic and
functional, as well as fostering diversity within teams to reflect
the diversity of the environments in which we operate.
\u2022 Developing our risk professionals, improving innovation, the
quality of decisions, and fostering a global mindset is key to
enhance organizational resilience and reinforcing a global
mindset.
The GSGM model also applies to the Group\u2019s global businesses.
This gives us a global-local organization in which countries
ultimately remain responsible for delivering the budget, the
business and customer strategy, and financial management, while
the global businesses lead shared initiatives through common
operating models and shared technologies, improving local
performance.
3. Management processes and tools
Grupo Santander has these effective risk management processes
and tools:
3.1 Risk appetite and structure of limits
Risk appetite is the aggregate level and types of risk that Grupo
Santander deems prudent for our business strategy, even in
unforeseen circumstances. Risk appetite is governed throughout
the Group by the following principles:
\u2022 Risk appetite is part of the board's duties. The board prepares
the risk appetite statement (RAS) for the whole Group every year.
Through a cascading-down process, each subsidiary's board also
sets its own risk appetite.
\u2022 Comprehensiveness and forward-looking approach. Our
appetite includes all material risks to which we are exposed and
defines our target risk profile for the current and medium term,
with a forward-looking view that considers stress scenarios.
\u2022 Common standards embedded in the day-to-day risk
management. The Group shares the same risk appetite model,
which sets common requirements for processes, metrics,
governance bodies, controls and standards. This facilitates
effective and traceable embedding of risk appetite into more
granular management policies and limits across our
subsidiaries..
\u2022 Continuous monitoring and adaptation. Risk appetite is
regularly monitored, reviewed and updated to reflect changes in
market conditions, regulatory requirements and supervisory
expectations. Compliance with risk appetite limits is monitored
on a regular basis through dedicated reporting to senior
management and the board and its committees. Breaches or
potential breaches are subject to predefined escalation,
remediation and follow-up processes, with oversight
proportionate to their materiality through senior management
and the Group\u2019s governing bodies.
\u2022 Alignment with strategy and business plans. Before approving
the three-year strategic plans, annual budget, and capital and
liquidity plans, the Group verifies their consistency with the
limits set in the Risk Appetite Statement. We promote the
alignment of strategic and business plans with our risk appetite
by:
\u2022 considering the risk appetite, long-term strategic view and the
risk culture when drafting strategic and business plans.
\u2022 challenging business and strategic plans against the risk
appetite. Misalignments trigger a review of either the three-
year strategic plan (to make sure we stay within RAS limits) or
risk appetite limits, with independent governance.
\u2022 continuous monitoring of risk appetite compliance through the
three lines of defence model.
The main elements underpinning Grupo Santander\u2019s risk appetite
and defining our business model are:\u00a0
\u2022 a medium-low, predictable target risk profile, customer focus,
internationally diversified operations and a significant market
share;
\u2022 stable, recurrent earnings and shareholder remuneration,
sustained by a sound base of capital, liquidity and sources of
funding;
\u2022 autonomous subsidiaries that are self-sufficient in terms of
capital and liquidity to safeguard their risk profiles against
compromising the Group\u2019s profile;
\u2022 an independent risk function and a senior management actively
engaged in supporting a robust control environment and risk
culture; and
\u2022 a conduct model that protects our customers and our Simple,
Personal and Fair culture.
The risk appetite is expressed through qualitative statements and
limits on metrics representative of the bank\u2019s risk profile at present
and under stress. Those metrics cover all risk types according to
our corporate risk framework. Grupo Santander articulates them in
five axes that provide the Bank with a holistic view of all risks it
incurs in the development of its business model. These five axes
are applicable to all Santander's key risk types, and comprise:
\u2022 P&L volatility: control of P&L volatility of business plan under
baseline and stressed conditions (under normal and stressed
conditions).
\u2022 Solvency: control of capital ratios under baseline and stressed
scenarios (aligned with ICAAP).
\u2022 Liquidity: control of liquidity ratios under base and stress
scenarios (aligned with ILAAP).
\u2022 Concentration: control of credit concentration on top clients,
portfolios and industries.
\u2022 Non financial risk and control environment: robust control on non
financial risks aimed to minimize events which could lead to
financial loss, operative, technological, legal and regulatory
breaches, conduct issues or reputational damage
b) Credit risk
1. Introduction to the credit risk treatment
Grupo Santander takes a holistic view of the credit risk cycle,
including the transaction, the customer and the portfolio, in order
to identify, analyse, control and decide on credit risk.
Credit risk identification facilitates active and effective portfolio
management and control. Grupo Santander identify and classify
external and internal risk in each business to adopt any corrective
or mitigating measures through:
1.1. Planning
Planning allows to set business objectives and define concrete
action plans, integrating the risk appetite statement into portfolio
management.
Strategic commercial plans (SCPs) are the management and
control tool that the Business and Risk areas define for credit
portfolios, with support from the other functions involved (Finance,
Management Control, among others). They set out the commercial
strategy, risk policies, and the resources and infrastructure
required, providing a holistic view of portfolio management.
They also provide an up-to-date view of portfolio credit quality,
enable risk measurement, support the execution of internal
controls over the defined strategy, allow for periodic monitoring,
and help detect material deviations or potential impacts,
facilitating the adoption of corrective measures when necessary.
SCPs are aligned with subsidiaries\u2019 risk appetite and capital
objectives, as well as those of the Group, and are approved and
overseen by local senior management before being reviewed and
ratified at Group level.
1.2. Risk assessment and credit rating
Credit risk approval criteria focus on borrowers\u2019 ability to meet
their financial obligations. The assessment uses statistical models
and an analysis of the net funds or cash flows generated by
economic activity, or of regular income, to determine customers\u2019
repayment capacity in a consistent and sustainable manner.
Some statistical credit quality assessment models feed into
decision engines to deliver a credit risk assessment quickly and in a
consistent, standardised way. These engines support faster and
more uniform decision-making, reduce manual errors, apply the
same assessment criteria to all customers, and provide traceability
and support regulatory compliance. These ratings have multiple
uses in risk management, including the origination process
(application of limits and pre-approvals), risk monitoring, and as an
input to transaction pricing.
These credit rating models may be:
\u2022 Rating: from mathematical algorithms that have a quantitative
model based on balance sheet ratios or macroeconomic variables
or behavioural information, and a qualitative module
supplemented by the credit analyst\u2019s expert judgement. It is used
for large corporates, corporates, institutional and SME segments
(with individualised treatment).
\u2022 Scoring: an automated system that assesses credit applications
based on the information provided (admission scoring) or
customers\u2019 credit profiles based on their relationship with the
institution (behavioural scoring). Both are complemented by
other available information (for example, from external
databases). The system automatically assigns each customer an
individual score, which then supports the subsequent decision. It
is used for individuals and small businesses with no assigned
analyst.
The Group\u2019s parameter estimation models rely on econometric
models built on historical default and loss data from the portfolios.
The Group uses them to calculate economic and regulatory capital,
and IFRS 9 provisions, at operation, customer and portfolio level.
A rigorous governance framework covers the ongoing monitoring
and continuous calibration of these models to assess their
suitability, predictive power, performance and granularity, as well
as compliance with credit policies.
In addition, the Group reviews ratings using the latest available
financial information and other relevant data.
Grupo Santander\u00b4s limits, pre-classifications and pre-approvals
processes determine the level of risk the Group can take on with
each customer. Automated processes approve and monitor these
decisions. Approved limits must align with expected profitability.
To support this, we use profitability estimation and risk-based
pricing tools that contribute to sustainable portfolio growth.
Grupo Santander applies various limits models to each segment:
\u2022 Large corporate groups are subject to a pre-classification model
based on a system for measuring and monitoring economic
capital. Pre-classification models express the level of risk Grupo
Santander is willing to assume in transactions with customers/
groups.
\u2022 In the corporate segment, for customers that meet certain
predefined criteria (including internal rating and profitability),
the Group applies a pre-classification model for the main
products related to the customer\u2019s recurring business. The model
operates through the setting of internal nominal limits, which
define the level of risk to take on with each customer based,
among other factors, on their repayment capacity and leverage.
Corporate transactions that exceed certain limits or have specific
features must be handled through the approval process for an ad
hoc proposal.
\u2022 For individual customers and SMEs with low turnover, Grupo
Santander manages large volumes of credit transactions using
automated decision models that assess each case and assign a
limit per customer and transaction.
1.3. Scenario analysis
Grupo Santander\u00b4s scenario analyses determine the potential risks
in its credit portfolios and provide a better understanding of our
portfolios' performance under various macroeconomic conditions.
They allow us to anticipate management strategies that will avoid
future deviations from defined plans and targets.
They simulate the impact of alternative scenarios in portfolios\u2019
credit parameters (PD, LGD) and expected credit losses. Grupo
Santander compares findings with portfolios\u2019 credit profile
indicators to find the right measures for managers to take. Credit
risk management of portfolios and SCPs incorporate scenario
analyses.
1.4. Monitoring
Regular, holistic monitoring of customers and portfolios is an
essential element of the Group\u2019s credit risk management, as it
enables continuous monitoring of credit quality, early identification
of potential impairment and analysis of business performance
against predefined plans and objectives.
The monitoring process systematically analyses changes in credit
exposures, customers\u2019 financial and qualitative characteristics, and
any relevant changes in their risk classification. This preventive
approach draws on transactional information, behavioural
indicators and advanced analytics tools, including early-warning
engines, which support early identification of potential
deterioration and the implementation of specific actions at both
customer and portfolio level, based on the assigned monitoring
level.
Monitoring adapts to customer segmentation and the applicable
management approach:
\u2022 in the large corporate segment, monitoring is carried out jointly
by the commercial managers and the risk analysts, which
provides an up-to-date, comprehensive view of the customer\u2019s
credit quality at all times and supports the early identification of
any potential deterioration.
\u2022 In the commercial banking, institutions and SMEs with an
assigned a credit analyst, he teams carry out enhanced
monitoring of customers whose risk profile or specific
circumstances require it. This includes the periodic review of their
internal ratings based on relevant financial, behavioural and
environmental indicators.
\u2022 Monitoring of individual customers, businesses and smaller
SMEs follows a system of automatic alerts to detect shifts in
portfolios\u2019 performance.
The Group structures this process for customers with an assigned
analyst through the SCAN (Santander Customer Assessment Note)
monitoring framework. SCAN assigns a specific monitoring level to
each customer, sets the related operating policies, defines concrete
management actions, identifies accountable owners and
establishes a review frequency aligned with the customer\u2019s risk
profile and relevance.
In addition, the Group has aggregated control and analysis
procedures that track portfolio performance, identify material
deviations from strategic plans or defined alert thresholds, and
help prioritise management focus areas. The process is
complemented by contingency plans (risk playbooks), which
support the early identification and management of impacts from
external factors \u2014 such as macroeconomic, sector or market
changes \u2014 and, where appropriate, trigger corrective measures,
including adjustments to risk policies.
1.5.\u00a0Credit risk mitigation techniques
Risk approval criteria generally focus on borrowers\u2019 ability to meet
their financial obligations, without prejudice to any collateral that
the Bank may require. Collateral and guarantees provided by the
obligor in favour of the Bank aim to modulate the level of
exposure.
To determine ability to pay, the Group analyses funds or cash flows
from businesses or other regular income, not including guarantors
or loan collateral which are always considered at credit approval as
a secondary means of recourse.
A guarantee is an additional protection mechanism in a credit
transaction, intended to mitigate loss in the event of a failure to
meet the payment obligation. The Group applies different credit
risk mitigation techniques depending, among other factors, on the
customer and product type. Some are specific to an individual
transaction (e.g., real estate guarantees), while others apply to a
set of transactions (e.g., derivatives netting or collateral
arrangements). These techniques may be grouped into personal
guarantees, real guarantees and hedges using credit derivatives.
The correct acceptance of these mitigation techniques is
established by verifying their legal enforceability in all
jurisdictions. The entire process is subject to internal control and
effective monitoring of the valuation of the guarantees, especially
real estate guarantees.
1.6.\u00a0Collections & recoveries management
Recovery activity is a relevant function within Grupo Santander\u2019s
risk management and control framework, as it contributes to
portfolio quality as one of the key pillars supporting the Bank\u2019s
development, growth and business sustainability. Collections and
debt recovery management is a specific, ongoing focus to keep
portfolio quality within the expected levels.
The Collections and Recoveries area defines a global management
strategy, based on an end-to-end approach and general lines of
action for subsidiaries. Recovery management operates under
policies and an independent control environment defined by the
risk function, aligned with regulatory requirements and with the
Group Santander conduct risk management model. The Group
carries out this activity in line with strategies defined by the
recovery function, in coordination with the Risk areas.
The recovery strategy combines advanced customer segmentation
and the intensive use of digital tools. This supports the
optimisation of mass portfolio management and provides tailored
support for customers who require individual treatment. The
customer remains the focus, and recovery strategies are defined in
the context of the relationship with the customer, prioritising the
customer\u2019s viability. As a result, teams manage the customer
holistically across all phases of the cycle.
The function\u2019s approach covers the entire credit cycle, prioritising
solutions that support customer viability. Even after the asset is
written off (failed risk), the Group continues to carry out the
necessary actions to maximise recovery. The failed risk category
includes debt instruments, whether past due or not, for which,
following an individual assessment, recovery is considered remote
due to a significant and irreversible deterioration in the solvency of
the exposure or the holder. Classification in this category entails
the full or partial cancellation of the exposure\u2019s gross carrying
amount and its derecognition from the balance sheet, without
implying that the Group stops negotiations and legal proceedings
to recover the amount.
2. Main aggregates and variations
Below are the main aggregates relating to credit risk from our
activities with customers:
Main credit risk performance metrics from activity with customersA
December data
Credit risk with customers
(EUR million)B
Credit impaired
(EUR million)
NPL ratio
(%)
2025
2024
2023
2025
2024
2023
2025
2024
2023
Spain
302,271
285,883
278,569
5,915
7,672
8,529
1.96
2.68
3.06
UK
244,303
248,061
247,360
2,645
3,299
3,518
1.08
1.33
1.42
Portugal
44,674
41,418
39,503
928
993
1,024
2.08
2.40
2.59
Poland
46,427
44,704
39,329
1,549
1,636
1,397
3.34
3.66
3.55
US
147,303
148,643
137,893
7,150
7,012
6,303
4.85
4.72
4.57
Mexico
53,476
49,927
52,785
1,420
1,352
1,489
2.65
2.71
2.82
Brazil
105,410
104,519
113,937
7,192
6,418
7,479
6.82
6.14
6.56
Chile
44,146
44,590
46,565
2,528
2,394
2,332
5.73
5.37
5.01
Argentina
8,813
8,411
3,903
677
173
78
7.68
2.06
1.99
DCB Europe
144,039
141,312
135,608
3,642
3,527
2,877
2.53
2.50
2.12
Corporate Centre
6,356
5,959
5,494
271
301
302
4.27
5.06
5.49
Total Group
1,181,945
1,157,273
1,133,898
34,393
35,265
35,620
2.91
3.05
3.14
NPL coverage\u00a0ratio
(%)
Net loan-loss provisions C
(EUR million)
Cost\u00a0of\u00a0risk
(%/risk) D
2025
2024
2023
2025
2024
2023
2025
2024
2023
Spain
55
53
49
1,142
1,259
1,522
0.44
0.50
0.62
UK
33
29
30
177
64
247
0.07
0.03
0.10
Portugal
83
79
83
(8)
11
77
(0.02)
0.03
0.20
Poland
65
62
73
283
511
674
0.71
1.38
2.08
US
55
64
68
2,244
2,507
2,593
1.63
1.82
1.92
Mexico
105
100
100
1,239
1,277
1,135
2.69
2.64
2.43
Brazil
83
83
85
4,409
4,487
4,701
4.73
4.51
4.77
Chile
48
50
53
531
497
365
1.32
1.19
0.80
Argentina
90
177
166
574
284
150
7.34
4.59
6.64
DCB Europe
87
83
88
1,363
1,209
792
0.97
0.88
0.62
Corporate Centre
24
25
33
198
(3)
(2)
3.30
(0.05)
(0.04)
Total Group
66
65
66
12,411
12,333
12,458
1.15
1.15
1.18
A. Management perimeter according to the reported segments.
B. Includes gross loans and advances to customers, guarantees and documentary credits.
C. Loan-loss provisions net of post write-off recoveries (EUR 1,795\u00a0million in 2025).
D. Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months.
Information on the estimation of impairment losses
The calculation of provisions for credit risk losses is performed at
financial asset level, estimating potential credit losses through the
difference between the contractual cash flows and the expected
cash flows, ensuring that the results are adequate considering the
status of the transaction, economic conditions and available
forward-looking information.
The IFRS 9 impairment model applies to financial assets valued at
amortized cost; debt instruments valued at fair value with changes
in other comprehensive income; leasing receivables; and
commitments and guarantees not valued at fair value.
The portfolio of financial instruments subject to IFRS 9 has three
credit risk categories (or stages) according to the status of each
instrument in relation to its level of credit risk:
\u2022 Stage 1: financial instruments with no significant increase in risk
since initial recognition \u2013 the impairment provision reflects
expected credit losses from defaults over the 12 months from
the reporting date.
\u2022 Stage 2: financial instruments with a significant credit risk
increase since initial recognition but no materialized impairment
event \u2013 the impairment provision reflects expected losses from
defaults over the financial instrument\u2019s residual life.
\u2022 Stage 3: financial instruments with true signs of impairment as a
result of one or more events resulting in a loss \u2013 the impairment
provision reflects expected losses for credit risk over the
instrument\u2019s expected residual life.
The classification of financial instrument in the IFRS 9 stages is
carried out in accordance with the guidelines through the risk
management policies of the subsidiaries, which are consistent with
the Group's policies.
Estimation of expected loss
The Group uses parameters (mainly EAD, PD, LGD and the discount
rate) to calculate impairment provisions. These parameters build
on the infrastructure of internal models used to calculate
regulatory capital and on regulatory and management expertise,
and they also reflect each financial asset\u2019s stage classification.
However, these parameters are not a simple adaptation of existing
models. We designed and validated them specifically in line with
IFRS 9 requirements and guidance from bodies such as the EBA, ,
National Competent Authority (NCA), Bank for International
Settlements (BIS) or Global Public Policy Committee (GPPC). Their
development incorporates forward-looking information, a point-in-
time (PIT) approach, multiple scenarios and lifetime loss
estimation through lifetime PD, among other elements.
Determination of significant increase in credit risk (SICR)
To determine classification in Stage 2, the Group assesses whether
a SICR has occurred since the initial recognition of the exposures.
The Group performs this assessment under common principles
applicable across the Group, reviewing all financial instruments
subject to this analysis and taking into account the specific features
of each portfolio and product type through a range of quantitative
and qualitative indicators.
Expert judgement from analysts supports the SICR assessment.
Analysts set the thresholds within an integrated management
framework and in line with the approved corporate governance.
The principles are as follows:
\u2022 Universality: all financial instruments subject to a credit rating
must be assessed for their possible SICR.
\u2022 Proportionality: the definition of the SICR must take into account
the particularities of each portfolio.
\u2022 Materiality: its implementation must be also consistent with the
relevance of each portfolio so as not to incur in unnecessary costs
or efforts.
\u2022 Holistic vision: the approach selected must be a combination of
the most relevant credit risk aspects (e.g. quantitative and
qualitative).
\u2022 Application of IFRS 9: the approach must take into consideration
IFRS 9 characteristics, focusing on a comparison with credit risk
at initial recognition, as well as considering forward-looking
information.
\u2022 Risk management integration: the criteria must be consistent
with those metrics considered in the day-to-day risk
management.
\u2022 Documentation: appropriate documentation must be prepared.
The techniques are summarised below:
\u2022 Stability of stage 2: in the absence of significant changes in the
portfolios credit quality, the volume of assets in stage 2 should
maintain a certain stability as a whole.
\u2022 Economic reasonableness: at transaction level, stage 2 is
expected to be a transitional rating for exposures that could
eventually move to a deteriorating credit status at some point or
stage 3, as well as for exposures that have suffered credit
deterioration and whose credit quality is improving and returns
to stage 1.
\u2022 Predictive power: it is expected that the SICR definition avoids, as
far as possible, direct migrations from stage 1 to stage 3 without
having been previously classified in stage 2.
\u2022 Time in stage 2: it is expected that the exposures do not remain
categorized as stage 2 for an excessive time.
The application of the aforementioned techniques, conclude in the
setting of one or several thresholds for each portfolio in each
geography. Likewise, these thresholds are subject to a regular
review by means of calibration tests, which may entail updating
the thresholds types or their values.
Identifying a significant increase in credit risk: when classifying
financial instruments under stage 2, Santander considers:
\u2022 Quantitative criteria: Grupo Santander reviews and quantifies
changes in the risk of default during their expected life based on
their credit risk level on initial recognition.
For the purposes of assessing significant changes when financial
instruments are classified in Stage 2, each subsidiary has set
quantitative thresholds for its portfolios in line with Group
guidelines, seeking a consistent interpretation across all our
geographies. The calibration principles for these thresholds are
set out in the previous paragraph and may result in two types of
thresholds:
\u2022 Relative. Thresholds that compare current credit quality with
credit quality at origination, expressed as a percentage change.
\u2022 Absolute. Thresholds that compare current credit quality with
credit quality at origination, expressed as an absolute change.
In addition, in line with the ECB\u2019s supervisory expectations, the
Group has set a 200% cap on the relative threshold, known as
the 'threefold increase'. As a result, exposures whose credit
quality has deteriorated by more than 200% in relative terms \u2014
using an approach analogous to the relative threshold described
in the previous paragraph \u2014 transfer from Stage 1 to Stage 2.
Meeting any of the absolute thresholds, the relative thresholds
or the 200% cap on the relative threshold (threefold increase) on
an individual basis results in the transfer of the financial
instrument exposure from Stage 1 to Stage 2.
In addition, the Group may apply the Low Credit Risk Exemption
at the reporting date, so that certain exposures that continue to
meet this condition may remain in Stage 1. This exemption
applies only to quantitative significant increase in credit risk
criteria; therefore, qualitative criteria are not eligible for
exemption. The Group uses it on a limited basis, documents it
and reviews it periodically. When an exposure no longer meets
the low credit risk condition, it transfers to Stage 2 in line with
the criteria above.
\u2022 Qualitative criteria: several indicators aligned with ordinary credit
risk management indicators (e.g. past due for over 30 days,
forbearance, early warning indicators system, etc.). Each
subsidiary has defined these indicators for their portfolios, with
special attention to reinforcing these qualitative criteria through
expert judgment and aligning them to the criteria used in
management.
When the presumption of a significant deterioration of credit risk
is removed, due to a sufficient improvement of the credit quality,
the obligor can be re-classified to stage 1, without any
probationary period in stage 2.
\u2022 Definition of default: Santander incorporated the new definition
to provisions calculation according to the EBA\u2019s guidelines; the
Group is also considering applying it to prudential framework. In
addition, the default definition and stage 3 have been aligned.
This definition considers the following criteria to classify
exposures as stage 3: financial instruments with one or more
payments more than 90 consecutive days past due, representing
at least 1% of the client's total exposure or the identification of
other criteria demonstrating, even in the absence of defaults,
that it is unlikely that the counterparty is unlikely to meet all of
its financial obligations.
Grupo Santander applies the default criteria to all exposures of
the impaired client. Where an obligor belongs to a group, the
default criteria may also be applied to all exposures of the group.
The default classification is maintained during the 3-month test
period following the disappearance of all default indicators
described above, and this period is extended to one year for
forbearances that have been classified as default.
\u2022 Expected life of financial instruments: Santander estimates the
expected life of financial instruments according to their
contractual terms (e.g. prepayments, duration, purchase options,
etc.).
The contractual period (including extension options) is the
maximum time frame for measuring the expected credit loss. If
financial instruments have an undefined maturity period and
undrawn amounts (e.g. credit cards), Santander estimates its
expected life based on the total exposure period and effective
management practices to mitigate exposure.
1. Forward-looking vision
Estimating expected credit losses (ECL)requires significant expert
judgement and the incorporation of historical, current and forward-
looking information. Expected loss estimates are therefore based
on an unbiased, probability-weighted likelihood of up to five
possible future scenarios that could affect the collection of
contractual cash flows. These scenarios consider the time value of
money, relevant information available on past events, current
conditions and forecasts of the macroeconomic factors considered
important in estimating this amount (e.g. GDP, house prices and
the unemployment rate, among others).
Santander uses forward-looking information in internal
management and regulatory processes under several scenarios.
The Group's guidelines and governance seek synergy and
consistency between these different processes.
2. Additional elements
Additional elements will be required when necessary because they
have not been captured under the two previous elements. This has
included, among others, the analysis of sectors most affected if
their impacts are not sufficiently captured by the macroeconomic
scenarios. Also collective analysis techniques, when the potential
impairment in a group of clients cannot be identified individually.
With the elements indicated above, Grupo Santander has
evaluated in each of the geographical areas the evolution of the
credit quality of its customers, for the purposes of classifying them
into stages and consequently calculating expected loss.
Management overlays
During 2025, the Group strengthened coverage across its portfolios
by implementing overlays, mainly in Brazil, Chile and Mexico,
where it increased the PMA buffer to anticipate the impact of the
year\u2019s model recalibrations, as well as other potential deviations.
In addition, the Group gradually released the adjustments related
to climate events, such as the Valencia dana experienced in late
October 2024, in the case of Santander Spain and the Spanish DCB
office.
Overall, the amount of overlays at year-end 2025 remains
immaterial compared with the Group\u2019s total allowance for credit
losses.
Exposure and loan-loss reserves
Then, considering the most relevant units of the Group (United
Kingdom, Spain, United States, Brazil, also Chile, Mexico, Portugal,
Poland, Argentina and Santander Consumer Finance), which
represent approximately 96% of the total Group's provisions. The
table below shows the loan-loss reserves associated with each
stage as of 31 December 2025, 2024 and 2023. In addition,
depending on the transactions credit quality, the exposure is
divided into four categories according to Standard & Poor's rating
scale:
Exposure and loan-loss reserves by stage
EUR million
2025
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
121,023
2,295
\u2014
123,318
From A+ to BB
383,494
15,188
\u2014
398,682
From BB- to B-
300,108
47,292
\u2014
347,400
CCC and below
8,146
17,733
32,664
58,543
Total exposure B
812,771
82,508
32,664
927,943
Loan-losses
reservesC
3,147
4,915
13,900
21,962
Exposure and loan-loss reserves by stage
EUR million
2024
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
108,977
2,599
\u2014
111,576
From A+ to BB
431,544
16,600
\u2014
448,144
From BB- to B-
288,302
45,129
\u2014
333,431
CCC and below
10,431
17,088
32,901
60,420
Total exposureB
839,254
81,416
32,901
953,571
Loan-losses
reservesC
3,276
4,715
13,669
21,660
Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
147,065
2,261
\u2014
149,326
From A+ to BB
421,449
13,910
\u2014
435,359
From BB- to B-
262,954
41,237
\u2014
304,191
CCC and below
11,829
19,376
33,838
65,043
Total exposure B
843,297
76,784
33,838
953,919
Loan-losses
reservesC
3,592
5,055
14,131
22,778
A. Detail of credit quality ratings calculated for Group management purposes.
B. Total exposure includes loan balances (drawn amounts) and off balance (letters
of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and
undrawn commitments.
C. Includes provisions for undrawn authorized lines (loan commitments).
The remai ning units that form the totality of the Group exposure,
account for EUR 93,731\u00a0million: EUR 89,094\u00a0million in stage 1; EUR
3,528\u00a0million in stage 2; and EUR 1,109\u00a0million in stage 3 (in 2024
EUR 80,541\u00a0million in stage 1; EUR 2,534\u00a0million in stage 2, and
EUR 874\u00a0million in stage 3. In 2023, EUR 68,788\u00a0million in stage 1;
EUR 1,504\u00a0million in stage 2, and EUR 658\u00a0million in stage 3), and
loan-loss reserves totalled EUR 759\u00a0million, of which: EUR
213\u00a0million in stage 1; EUR 152\u00a0million for stage 2, and EUR
394\u00a0million in stage 3 (in 2024, EUR 165\u00a0million, EUR 117\u00a0million
and EUR 295\u00a0million and in 2023, EUR 199\u00a0million, EUR 73\u00a0million
and EUR 161\u00a0million in stage 1, stage 2 and stage 3, respectively).
The remaining exposure, including all financial instruments not
included before, amounts to EUR 834,911\u00a0million (EUR
665,476\u00a0million in 2024 and EUR 598,385\u00a0million in 2023), and it
includes all undrawn authorized lines (loan commitments).
As of 31 December 2025, the Group had EUR 334\u00a0million net of
provisions (EUR 559\u00a0million and EUR 743\u00a0million at 31 December
2024 and 2023, respectively) of purchased credit-impaired assets,
which relate mainly to the business combinations carried out by
the Group.
In relation to the evolution of credit risk provisions, the Group,
together with its main geographies, monitors them through
sensitivity analyses that assess the impact of changes in
macroeconomic scenarios and their key variables on the allocation
of financial assets across stages and on the measurement of credit
risk provisions.
Additionally, based on consistent macroeconomic scenarios, the
Group also performs stress tests and sensitivity analysis in a
regular basis, such as ICAAP, strategic plans, budgets and recovery
and resolution plans. In this sense, a prospective view of the
sensitivity of each of the Group\u2019s loan portfolio is created in
relation to the possible deviation from the base scenario,
considering both the macroeconomic developments in different
scenarios and the three year evolution of the business. These tests
include potentially adverse and favourable scenarios.
3. Detail of the main geographical areas
Following is the risk information related to the most relevant
geographies in exposure and credit risk allowances.
This information includes sensitivity analysis, consisting on
simulations of +/-100 bp in the main macroeconomic variables. A
set of specific and complete scenarios is used in each geography,
where different shocks that affect both the reference
macroeconomic variable as well as the rest of the parameters is
simulated, with different intensities. These shocks collect mainly
the most relevant risks and may be originated by productivity, tax,
wages or exchange and interest rates factors.
Sensitivity is measured as the average variation on expected loss
corresponding to the aforementioned movement of +/-100 bp.
Following a conservative approach, the negative movements take
into account one additional standard deviation in order to reflect
the potential higher variability of losses.
3.1.\u00a0United Kingdom
Portfolio overview
Credit risk with customers in the UK remained stable in EUR
244,303\u00a0million. This credit risk represents 21% of Santander\u2019s
loan portfolio.
At 1.08%, the NPL ratio decreased 25 bps in comparison to the year
end of 2024, due to the good performance in the mortgage
portfolio.
Mortgage portfolio
Because of its size, Grupo Santander closely monitor Santander
UK\u2019s mortgage portfolio for the entity itself and the Group.
As of 31 December 2025, the mortgage portfolio of Santander UK
remained stable, at local currency, and reached EUR
192,047\u00a0million. It co mprises residential mortgages granted to
new and existing customers which are first lien mortgages. There
are no second or more liens on mortgaged properties.
Originations have increased in 2025 compared to 2024, a sign of a
more active housing market due to lower interest rates and less
pressure on households\u2019 purchasing power. The housing market
returned to growth in 2025, with a higher level of transactions and
price increases compared to 2024.\u00a0
Under Santander's risk management principles, a property must be
appraised independently before we can approve a new mortgage.
In line with market practices and the law, we get updated values of
properties used as mortgage collateral from an independent
agency's automatic appraisal system.
Santander UK's wide range of mortgages include:
\u2022 Interest-only loans (21%): Customers pay interest every month
and repay the principal at maturity. These mortgages, which are
common in the UK, require borrowers to have an appropriate
repayment vehicle, such as a pension plan or an investment fund.
To mitigate inherent risk, Santander UK has restrictive approval
requirements, such a maximum loan-to-value ratio of 50% and
an assessment of the ability to pay both interest and capital.
\u2022 Flexible loans (2%): Loan agreements allow borrowers to modify
monthly payments or draw down additional funds up to a set
limit under various conditions.
\u2022 Buy-to-let (9% ): Buy-to-let mortgages account for a small
portion of the total portfolio and are subject to strict risk
approval policies.
Santander\u2019s NPL ratio highlights the resilience of the mortgage
portfolio in a challenging economic environment and an intensely
competitive market. It stood at 0.87% at the end of December
2025 (-20 bps YoY).
At 31 December 2025, 82% of the mortgage portfolio had an LTV
lower than 70%.
Information on the estimation of impairment losses
The detail of Santander's UK exposure and loan-loss reserves
associated with each of the stages at 31 December 2025, 2024 and
2023, is shown below.
In addition, the exposure is divided in four tranches of the Standard
& Poor's rating scale, according to their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
2025
Credit qualityA
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
29,963
381
\u2014
30,344
From A+ to BB
152,981
9,529
\u2014
162,510
From BB- to B-
17,630
8,770
\u2014
26,400
CCC and below
2
615
2,475
3,092
Total exposureB
200,576
19,295
2,475
222,346
Loan-loss reservesC
163
319
373
855
Exposure and loan-loss reserves by stage
EUR million
2024
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
32,012
1,184
\u2014
33,196
From A+ to BB
159,970
10,916
\u2014
170,886
From BB- to B-
17,594
11,175
\u2014
28,769
CCC and below
12
695
3,292
3,999
Total exposure B
209,588
23,970
3,292
236,850
Loan-loss reservesC
166
401
400
967
Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
46,236
1,273
\u2014
47,509
From A+ to BB
145,884
10,850
\u2014
156,734
From BB- to B-
13,588
13,995
\u2014
27,583
CCC and below
\u2014
\u2014
3,518
3,518
Total exposure B
205,708
26,118
3,518
235,344
Loan-loss reservesC
172
498
396
1,066
A. Detail of credit quality ratings calculated for Group management purposes.
B. Total exposure includes loan balances (drawn amounts) and off balance (letters
of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and
undrawn commitments.
C. Includes provisions for undrawn authorized lines (loan commitments).
For the estimation of expected losses, prospective information is
taken into account. Specifically, Santander UK considers four
macroeconomic scenarios, which are updated periodically. The
evolution forecasted in 2025 for the next five years of the main
macroeconomic indicators used by Santander UK to estimate
expected losses is presented below:
2026 - 2030
Variables
Pessimistic
scenario\u00a02
Pessimistic
scenario\u00a01
Base
scenario
Optimistic
scenario
Interest rate
2.4%
3.5%
3.3%
3.0%
Unemployment
rate
7.3%
5.8%
4.5%
4.2%
Housing price
change
(2.9%)
(0.2%)
2.9%
4.4%
GDP growth
(0.02%)
0.2%
1.4%
2.4%
Each of the macroeconomic scenarios is associated with a given
weight. In terms of allocation, Santander UK associates the highest
weighting to the base scenario, while it associates the lowest
weightings to the most extreme or severe scenarios. In addition, at
31 December 2025, 2023 and 2022, the weights used by
Santander UK reflect the future prospects of the British economy in
relation to its current political and economic position so that higher
weights are assigned for negative scenarios:
2025
2024
2023
Pessimistic scenario\u00a03
20%
20%
Pessimistic scenario\u00a02
10%
10%
10%
Pessimistic scenario\u00a01
25%
25%
10%
Base scenario
50%
50%
50%
Optimistic scenario
15%
15%
10%
The sensitivity analysis of the main portfolios expected loss to
variations of +/-100 bp for the macroeconomic variables used in
the construction of the scenarios, as of December 2025, is as
follows:
Change in Provision
Mortgages
Corporates
GDP Growth
-100 bps
11.6%
3.9%
+100 bps
(2.9%)
(1.4%)
Housing price change
-100 bps
7.3%
6.0%
+100 bps
(3.5%)
(1.6%)
Unemployment rate
-100 bps
(12.3%)
(2.5%)
+100 bps
23.7%
5.7%
With regard to Stage 2 classification, Santander UK applies
quantitative criteria based on identifying an increase in lifetime
probability of default (PD) for the transaction that exceeds both an
absolute and a relative threshold. The PDs used in this assessment
are adjusted to the transaction\u2019s remaining term and annualised to
facilitate the definition of thresholds that cover the full range of
transaction maturities. The relative threshold is common across all
portfolios, and Santander UK considers that a transaction exceeds
this threshold when its lifetime PD increases by 100% compared to
the PD at initial recognition. The absolute threshold, by contrast,
differs across portfolios depending on the characteristics of the
transactions.
In addition, each portfolio has a set of specific qualitative criteria
indicating that the exposure has experienced a significant increase
in credit risk, irrespective of the evolution of its PD since initial
recognition. Among other criteria, Santander UK considers that a
transaction shows a significant increase in credit risk when it is
more than 30 days past due. It also has implemented early
warning indicator system to support Stage 2 classification. These
criteria align with the risk management practices of each portfolio.
3.2. Spain
P ortfolio overview
Santander Espa\u00f1a\u2019s credit risk totalled EUR 302,271\u00a0million (26% %
of Grupo Santander\u2019s total). It is appropriately diversified among
products and customer segments.
The NPL ratio was 1.96%, 73 bps lower than in December 2024.
This decrease was driven by the portfolio\u2019s strong performance,
supported by the execution of the NPL reduction plan.
The NPL coverage ratio increased slightly to 55% (+2 p.p. year-on-
year). The cost of risk decreased to 0.44% (-7 bps vs. December
2024), driven by the strong performance of the SME and corporate
portfolios, partly offset by the performance of the individuals
portfolio.
Macroeconomic projections suggest the economy will moderate its
growth pace slightly, but will remain dynamic and well above the
eurozone average, as the Spanish economy has largely been
supported by stronger domestic demand amid a weaker-than-
expected external sector.
Residential mortgage portfolio
Residential mortgages in Spain, including Santander Consumer
Finance business, amounted to EUR 60,002\u00a0million in 2025 (EUR
59,316 million and EUR 61,097 million in 2024 and 2023,
respectively), 99.64% of which have a mortgage guarantee
(99.65%and 99.65% in 2024 and 2023, respectively).
2025
EUR Million
Gross amount
Of which:
impaired
Home purchase loans to families
60,002
625
Without mortgage collateral
215
7
With mortgage collateral
59,787
618
2024
EUR Million
Gross amount
Of which:
impaired
Home purchase loans to families
59,316
789
Without mortgage collateral
208
11
With mortgage collateral
59,108
778
2023
EUR Million
Gross amount
Of which:
impaired
Home purchase loans to families
61,097
924
Without mortgage collateral
215
16
With mortgage collateral
60,882
908
The NPL ratio for the residential mortgages portfolio stood at
1.03%, with a reduction of 29 bps, compared to 31 December
2024, mainly due to by portfolio sales, although credit risk
registered an increase of 1.2% compared to December 2024.
The mortgage portfolio for the acquisition of homes in Spain is
characterised by its medium-low risk profile, which limits
expectations of any potential additional impairment:
\u2022 Principal is repaid on all mortgages from the start.
\u2022 Early repayment is common so the average life of the transaction
is well below that of the contract.
\u2022 High quality of collateral, concentrated almost exclusively in
financing for first homes.
\u2022 The average affordability rate is reduce to 22% (24% and 24% in
2024 and 2023, respectively).
\u2022 The 94% of the portfolio has a LTV below 80% calculated as total
risk/latest available house appraisal.
\u2022 All customers applying for a residential mortgage are subject to a
rigorous credit risk and viability assessment, analysing whether
their income is sufficient to meet all repayments and will remain
stable over the term of the loan.
Breakdown of the credit with mortgage guarantee to households
for house acquisition, according to the percentage that the total
risk represents on the amount of the latest available valuation
(loan to value):
2025
Loan to value ratio
EUR Million
Less than or
equal\u00a0to\u00a040%
More than
40% and less
than 60%
More than
60% and less
than 80%
More than
80% and less
than or equal
to 100%
More than
100%
Total
Gross amount
17,191
20,310
18,811
2,812
663
59,787
Of which impaired
122
158
151
84
103
618
In November 2022, Royal Decree-Law 19/2022 was published,
which establishes a Code of Good Practices in response to the rise
in interest rates on mortgage loans for primary residences and
Royal Decree-Law 6/2012 of protection measures for mortgage
debtors without resources. The code of good practices is focused
on granting capital grace periods and extending the term of the
operations. The requests made have not been significant.
Corporate & SME financing
Credit risk with SME and corporates in commercial banking
amounted to EUR 99,395\u00a0million, lower than December 2024,
mainly due to the fall in the portfolio of SMEs of 10.1%. This
portfolio accounting for 33% of the total, compared to 41% of CIB's
portfolio, which from 2022 includes branches in Europe.
Most of the portfolio corresponds to clients who have been
assigned a credit analyst, who performs continuous management
of said clients during all phases of the risk cycle. The portfolio is
broadly diversified and not concentrated by sector of activity.
The ICO loans that were granted as a result of the pandemic
(25,428\u00a0million euros) are being repaid normally and there is a
balance of EUR 10,857\u00a0million, so they now represent only around
3.6% of Santander Spain's total portfolio. During 2025, Santander
Spain maintained its support and close engagement with SMEs and
the self-employed through the various support lines, which were
significantly less material than the post-pandemic programmes
(L\u00edneas ICO Empresas y Emprendedores, L\u00ednea ICO Internacional y
Rehabilitaci\u00f3n de vivienda).
In the case of delinquent operations with ICO guarantee, the
transfer of the overdue guaranteed amounts will take place as the
guarantee is executed, regardless of whether the guarantor is
subrogated to the right to receive said amounts, according to the
regulation of these guarantees. The de-recognition of the
transferred guaranteed amounts will entail the recognition, at its
fair value, of a collection right against the guarantor.
The portfolio\u2019s NPL ratio stood at 4.10% in December 2025. The
NPL ratio decreased by 97 bps compared to December 2024,
largely due to a proactive effort to reduce the stock of NPLs in the
SME portfolio, through proactive management of non-performing
exposures supported by portfolio sales and the management of
specific cases.
Real estate activity
Santander has specialized teams that are in charge of managing
real estate business production and risk areas that cover the entire
life cycle of these operations.
The changes in gross property development loans to customers
were as follows:
EUR million
2025
2024
2023
Balance at beginning of
year
2,545
2,433
2,327
Foreclosed assets
\u2014
\u2014
(1)
Net variation
441
112
115
Written-off assets
(2)
\u2014
(8)
Balance at end of year
2,984
2,545
2,433
The NPL ratio of this portfolio (considering only the on balance
amount) ended the year at 1.04% (compared with 2.28% and
3.04% at December 2024 and 2023, respectively) . The table below
shows the distribution of the portfolio. The coverage ratio of the
real estate doubtful exposure in Spain stands at 35.48% (36.21%
and 39.19% in 2024 and 2023, respectively).
2025
EUR Million
Gross amount
Excess of gross
exposure over
maximum
recoverable
amount of
effective
collateral
Specific
allowance
Financing for
construction and
property
development
(including land)
(business in
Spain)
2,984
211
17
Of which
impaired
31
\u2014
11
Memorandum
items written-off
assets
240
\u2014
\u2014
Memorandum\u00a0items:\u00a0Data\u00a0from\u00a0the\u00a0public\u00a0
consolidated\u00a0balance\u00a0sheet
2025
EUR Million
Carrying amount
Total loans and advances to customers excluding
the Public sector (business in Spain) (Book value)
240,609
Total consolidated assets (Total business) (Book
value)
1,867,515
Impairment losses and credit risk allowances.
Coverage for unimpaired assets (business in
Spain)
1,086
At year-end, the distribution of this portfolio was as follows:
2025
EUR Million
Loans: gross amount
1. Without mortgage guarantee
14
2. With mortgage guarantee
2,970
2.1 Completed buildings
976
2.1.1 Residential
658
2.1.2 Other
318
2.2 Buildings and other constructions under
construction
1,981
2.2.1 Residential
1,913
2.2.2 Other
68
2.3 Land
13
2.3.1 Developed consolidated land
9
2.3.2 Other land
4
Total
2,984
Foreclosed properties
At 31 December 2025, the net balance of these assets amounted to
EUR 1,898 million (EUR 2,131\u00a0million and EUR 2,448\u00a0million at 31
December 2024 and 2023, respectively), gross amount of EUR
4,258 million (EUR 4,823\u00a0million and EUR 5,506\u00a0million at 31
December 2024 and 2023, respectively); recognised allowance of
EUR 2,360 million (EUR 2,692\u00a0million and EUR 3,058\u00a0million at 31
December 2024 and 2023, respectively).
The following table shows the detail of the assets foreclosed by
the businesses in Spain at the end of 2025:
2025
EUR Million
Gross carrying
amount
Valuation
adjustments
Of which
impairment
losses on
assets since
time of
foreclosure
Net Carrying
amount
Property assets arising from financing provided to construction and
property development companies
3,843
2,144
1,591
1,699
Of which:
Completed buildings
481
324
282
157
Residential
129
71
60
58
Other
352
253
222
99
Buildings under construction
107
49
35
58
Residential
\u2014
\u2014
\u2014
\u2014
Other
107
49
35
58
Land
3,255
1,771
1,274
1,484
Developed land
776
429
260
347
Other land
2,479
1,342
1,014
1,137
Property assets from home purchase mortgage loans to households
334
172
119
162
Other foreclosed property assets
81
44
36
37
Total property assets
4,258
2,360
1,746
1,898
In addition, the Group has shareholdings in entities holding
foreclosed assets amounting to EUR 36\u00a0million and equity
instruments foreclosed or received in payment of debts amounting
to EUR 10\u00a0million.
In recent years, the Group has considered foreclosure to be an
option to resolve cases of default instead of legal proceedings. The
Group initially recognises foreclosed assets at the lower of the
carrying amount of the debt (net of provisions) and the fair value of
the foreclosed asset (less estimated costs to sell). Subsequent to
initial recognition, the assets are measured at the lower of fair
value (less costs to sell) and the amount initially recognised.
The fair value of this type of assets is determined by the market
value (appraisal) adjusted with discounts obtained according to
internal valuation methodologies based on the entity's sales
experience in goods with similar characteristics.
The management of real estate assets on the balance sheet is
carried out through companies specializing in the sale of real
estate that is complemented by the structure of the commercial
network. The sale is realised with at prices in accordance with the
market situation and the offer of wholesale buyers.
The gross movement in foreclosed properties were as follows (EUR
billion):
EUR Billion
2025
2024
2023
Gross additions
0.1
0.1
0.3
Disposals
(0.7)
(0.8)
(1.2)
Difference
(0.6)
(0.7)
(0.9)
Information on the estimation of impairment losses
The detail of Santander Spain exposure and loan-loss reserves
associated with each of the stages at 31 December, 2025, 2024
and 2023, is shown below. In addition, the exposure is divided in
four tranches of the Standard & Poor's rating scale, according to
their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
2025
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
35,407
171
\u2014
35,578
From A+ to BB
109,001
1,453
\u2014
110,454
From BB- to B-
37,089
8,262
\u2014
45,351
CCC and below
2,189
1,680
5,761
9,630
Total exposureB
183,686
11,566
5,761
201,013
Loan-loss reservesC
382
483
2,204
3,069
Exposure and loan-loss reserves by stage
EUR million
2024
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
35,347
110
\u2014
35,457
From A+ to BB
104,197
1,124
\u2014
105,321
From BB- to B-
37,413
8,844
\u2014
46,257
CCC and below
2,084
3,199
6,618
11,901
Total exposureB
179,041
13,277
6,618
198,936
Loan-loss reservesC
340
570
2,953
3,863
Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
46,827
48
46,875
From A+ to BB
101,079
780
101,859
From BB- to B-
33,905
9,789
43,694
CCC and below
1,513
4,517
7,536
13,566
Total exposureB
183,324
15,134
7,536
205,994
Loan-loss reservesC
300
663
2,959
3,922
A. Detail of credit quality ratings calculated for Group management purposes.
Excluding the SCIB branches business
B. Total exposure includes loan balances (drawn amounts) and off balance
(letters of credit + guarantees) and excludes REPOs, FV portfolio, trading
portfolio and undrawn commitments.
C. Includes provisions for undrawn authorized lines (loan commitments).
For the estimation of the expected losses, the prospective
information is taken into account. Specifically, Santander Spain
considers three macroeconomic scenarios, which are updated
periodically. The projected evolution for a period of five years of
the main macroeconomic indicators used by Santander Spain for
estimating expected losses as of 2025, is presented below:
2026-2030
Variables
Pessimistic
scenario\u00a0
Base
scenario
Optimistic
scenario\u00a0
Interest rate
2.7%
2.5%
2.3%
Unemployment rate
12.1%
9.7%
8.2%
Housing price change
3.3%
4.1%
4.7%
GDP growth
0.2%
1.6%
2.4%
Each macroeconomic scenarios is associated with a given weight.
As for its allocation, Santander Spain associates the Base scenario
with the highest weight, while associating the lower weights to the
most extreme scenarios:
2025
2024
2023
Pessimistic scenario
30%
30%
30%
Base scenario
40%
40%
40%
Optimistic scenario\u00a01
30%
30%
30%
The sensitivity analysis of the main portfolios expected loss to
variations of +/-100 bp for the macroeconomic variables used in
the construction of the scenarios, at December 31 2025, is as
follows:
Change in Provision
Mortgages
Corporates
Others
GDP Growth
-100 bps
8.5%
1.1%
2.1%
+100 bps
(3.6%)
(0.9%)
(1.9%)
Housing price change
-100 bps
8.4%
1.5%
3.4%
+100 bps
(6.7%)
(0.7%)
(1.8%)
Unemployment rate
-100 bps
(6.0%)
(1.5%)
(3.7%)
+100 bps
14.7%
1.8%
4.7%
To determine Stage 2 classification, Santander Spain applies
quantitative criteria based on identifying increases in the lifetime
PD of an exposure above a relative or absolute threshold. The
threshold differs by portfolio depending on the characteristics of
the exposures, and an exposure is considered to exceed the
threshold when its lifetime PD increases by a set amount
compared with the PD at initial recognition. Santander Spain
calibrates these thresholds periodically, as described in previous
paragraphs. In addition, Santander Spain applies a backstop to the
relative threshold across all portfolios. As a result, Santander Spain
classifies contracts as Stage 2 when their current PD has increased
by more than two times compared with the PD at origination.
Santander Spain also considers specific qualitative criteria that
indicate a significant increase in credit risk, regardless of how the
PD has evolved since initial recognition. Among other criteria,
Santander Spain considers that an exposure shows a significant
increase in credit risk when it is more than 30 days past due or
when its early warning system so determines.
3.3. United States
Portfolio overview
Santander US\u2019s credit risk stood at EUR 147,303\u00a0million at the end
of December 2025. It makes up 12.5% of Grupo Santander's total
credit risk.
The NPL ratio grew to 4.85% (+14 bps in the year) due to a higher
stock of delinquencies and lower portfolio growth, and the cost of
risk decreased to 1.63% (-19 bps in the year).
Santander US includes the following business units:
Santander Bank, National Association (SBNA)
In 2025 lending amounted to EUR 45,491\u00a0million (representing 4%
of the Group's credit risk) and presents a reduction of 15% in 2025,
mainly due to the transfer of the CIB portfolio to the New York
branch.
The NPL ratio increased to 2.67% (+46 bps vs December 2024,
while the cost of risk rose to 0.93% (+2 bps in the year), mainly
driven by the Consumer Finance portfolio.
Activity in the individuals segment is primarily focused on auto
financing and leasing, as well as credit card origination. During
2025, the teams continued to develop the operating and systems
capabilities that will enable the asset product offering to be
expanded in the future through the Openbank brand.
The Commercial segment comprises seven business lines,
including Commercial Real Estate, Santander Real Estate Capital,
Commercial Equipment Vehicle Finance, and Commercial and
Industrial. The portfolio shows a slight downward trend in
exposure, driven, on the one hand, by a strategy that prioritises
risk-adjusted profitability over volume growth and, on the other, by
the gradual run-down of the real estate and dealer portfolios.
The credit risk profile of the Commercial Real Estate and dealer
portfolios shows some deterioration, mainly due to structural
uncertainties affecting these sectors, as well as the impact of an
interest-rate environment that remains elevated and
developments in commercial and tariff policies, which continue to
weigh on the financial capacity of certain customers.
Information on the estimation of impairment losses
The detail of Santander Bank, National Association exposure and
loan-loss reserves associated with each of the stages at 31
December, 2025, 2024 and 2023 is shown below. In addition, the
exposure is divided in four tranches of the Standard & Poor's rating
scale, according to their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
2025
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
1,622
24
\u2014
1,646
From A+ to BB
7,352
728
\u2014
8,080
From BB- to B-
28,758
4,459
\u2014
33,217
CCC and below
779
861
1,158
2,798
Total exposureB
38,511
6,072
1,158
45,741
Loan-loss reservesC
277
325
202
804
Exposure and loan-loss reserves by stage
EUR million
2024
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
4,215
277
\u2014
4,492
From A+ to BB
21,422
930
\u2014
22,352
From BB- to B-
21,899
3,855
\u2014
25,754
CCC and below
33
482
1,130
1,645
Total exposureB
47,569
5,544
1,130
54,243
Loan-loss reservesC
292
364
182
838
Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
4,834
76
\u2014
4,910
From A+ to BB
20,468
459
\u2014
20,927
From BB- to B-
25,312
3,439
\u2014
28,751
CCC and below
52
450
894
1,396
Total exposure B
50,666
4,424
894
55,984
Loan-loss reservesC
409
335
141
885
A. Detail of credit quality ratings calculated for Group management purposes.
B. Total exposure includes loan balances (drawn amounts) and off-balance
(letters of credit + guarantees) and excludes REPO, FV portfolio, trading
portfolio and undrawn commitments.
C. Includes provisions for undrawn authorized lines (loan commitments).
For the estimation of expected losses, prospective information is
taken into account. Specifically, Santander Bank, National
Association considers four macroeconomic scenarios, which are
updated periodically. The evolution projected in 2025 for a period
of five years of the main macroeconomic indicators used Santander
Bank, National Association to estimate expected losses is
presented below:
2026-2030
Variables
Pessimistic
scenario\u00a02
Pessimistic
scenario\u00a01
Base
scenario
Optimistic
scenario
Interest rate (annual
averaged)
1.8%
2.6%
3.2%
3.0%
Unemployment rate
6.4%
5.0%
4.2%
3.7%
House price change
0.2%
0.7%
1.3%
2.1%
GDP growth
1.7%
1.9%
2.0%
2.7%
Manheim growth A
(0.6%)
(0.1%)
0.3%
0.1%
A. US used vehicle price car index.
Each of the macroeconomic scenarios is associated with a given
weight. As for its allocation, Santander Bank, National Association
associates the highest weighting to the Base scenario, while
associates the lowest weightings to the most extreme scenarios:
2025
2024
2023
Pessimistic scenario 2
18%
18%
18%
Pessimistic scenario 1
20%
20%
20%
Base scenario
33%
33%
33%
Optimistic scenario
30%
30%
30%
The sensitivity analysis of the main portfolios expected loss to
variations of +/-100 bp for the macroeconomic variables used in
the construction of the scenarios as of 2025 is as follows:
Change in Provision
Mortgages
Corporates
Auto
GDP Growth
-100 bps
13.6%
10.9%
2.8%
+100 bps
(10.6%)
(7.7%)
(2.0%)
Housing price change
-100 bps
26.9%
18.7%
5.0%
+100 bps
(12.9%)
(9.3%)
(2.5%)
Unemployment rate
-100 bps
(41.6%)
(25.9%)
(7.9%)
+100 bps
53.9%
39.5%
11.8%
Manheim index
-100 bps
\u2014
\u2014
1.8%
+100 bps
\u2014%
\u2014%
(1.4%)
For the Stage 2 classification determination, this year SBNA
implemented, within the Auto portfolio, a system based on the
comparison of PD to determine whether there has been a
significant increase in credit risk. SBNA set both relative and
absolute thresholds, segmented by the customer\u2019s credit profile,
and also established a backstop to the relative threshold. As a
result, SBNA will classify as Stage 2 those contracts whose current
PD has increased by more than two times compared to their PD at
origination.
For the remaining retail portfolios, SBNA uses the FICO (Fair Isaac
Corporation) score as a quantitative criterion as a proxy for PD,
considering the score at origination and its current value, and
setting different limits or cut-off points depending on each
portfolio\u2019s characteristics. A significant increase in risk requires
changes in the score of around 120 bps and 20 bps.
For wholesale portfolios, SBNA uses the transaction\u2019s rating as a
proxy for PD, considering the rating at origination and its current
rating, and setting thresholds for different rating bands depending
on each portfolio\u2019s characteristics.
In addition, SBNA defines specific qualitative criteria to identify
exposures that have recorded a significant increase in credit risk.
Among other criteria, Santander Bank, National Association
considers that a transaction presents a significant increase in credit
risk when it has arrears positions for more than 30 days or when a
system of early warning indicators determines it.
Santander Consumer USA Inc.
Santander Consumer USA Inc. (SC USA) presents higher risk
indicators than other Santander US units due to the nature of its
business, which focuses on auto finance via loans and leasing.
At 31 December 2025, lending amounted to EUR 25,318\u00a0million
(representing 2.1% of the Group) and presents a decrease of 17.5%
regarding December 2024.
Regarding the NPL ratio, it increased to 22.08% (+340 bps in the
year); and the cost of risk stood at 6.10% (-51 bps YoY).
NPL coverage ratio fell to 53% (-885 pp in the year), in line with the
percentages of transfers from default to bad debts, which are at
historically low levels.
The business focuses on optimising the profitability-to-risk
relationship through pricing management aligned with each
customer\u2019s credit quality and each transaction, while also
strengthening dealer processes and the dealer experience. 2025
was marked by uncertainty stemming from tariff policy and fiscal
stimulus measures, as well as the end of the exclusivity agreement
with Stellantis.
Information on the estimation of impairment losses
The detail of Santander Consumer USA Inc. exposure and loan-loss
reserves associated with each of the stages at 31 December 2025,
2024 and 2023, is shown below. In addition, the exposure is
divided in four tranches of the Standard & Poor's rating scale,
according to their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
2025
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
\u2014
\u2014
\u2014
\u2014
From A+ to BB
54
\u2014
\u2014
54
From BB- to B-
10,167
947
\u2014
11,114
CCC and below
3,577
4,871
5,588
14,036
Total exposure B
13,798
5,818
5,588
25,204
Loan-loss reservesC
419
910
1,688
3,017
Exposure and loan-loss reserves by stage
EUR million
2024
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
\u2014
\u2014
\u2014
\u2014
From A+ to BB
202
\u2014
\u2014
202
From BB- to B-
12,802
451
\u2014
13,253
CCC and below
7,259
4,226
5,729
17,214
Total exposure B
20,263
4,677
5,729
30,669
Loan-loss reservesC
630
1,006
1,908
3,544
Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
\u2014
\u2014
\u2014
\u2014
From A+ to BB
99
0
\u2014
99
From BB- to B-
12,120
395
\u2014
12,515
CCC and below
6,754
4,237
5,272
16,263
Total exposure B
18,973
4,632
5,272
28,877
Loan-loss reservesC
597
1,019
1,712
3,328
A. Detail of credit quality ratings calculated for Group management purposes.
B. Total exposure includes loan balances (drawn amounts) and off-balance (letters
of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and
undrawn commitments.
C. Includes provisions for undrawn authorized lines (loan commitments).
For the expected losses estimation, prospective information should
be taken into account. Specifically, SC USA considers four
macroeconomic scenarios, periodically updated over a 5-year time
horizon.
The evolution forecasted in 2025 for a period of five years of the
main macroeconomic indicators used by in SC USA in the
estimation of expected losses is shown below:
2026-2030
Variables
Pessimistic
scenario\u00a02
Pessimistic
scenario\u00a01
Base
scenario
Optimistic
scenario
Interest rate
(annual averaged)
1.8%
2.6%
3.2%
3.0%
Unemployment rate
6.4%
5.0%
4.2%
3.7%
House price change
0.2%
0.7%
1.3%
2.1%
GDP growth
1.7%
1.9%
2.0%
2.7%
Manheim A index
(0.6%)
(0.1)
0.3%
0.1%
A. US used vehicle price car index.
Each of the macroeconomic scenarios is associated with a given
weight. Santander Consumer USA Inc. associates the highest
weighting to the Base scenario, whereas it associates the lowest
weightings to the most extreme or acid scenarios:
2025
2024
2023
Pessimistic scenario 2
18%
18%
18%
Pessimistic scenario 1
20%
20%
20%
Base scenario
33%
33%
33%
Optimistic scenario
30%
30%
30%
The sensitivity analysis of the main portfolios expected loss to
variations of +/-100 bp for the macroeconomic variables used in
the construction of the scenarios at the end of 2025 is as follows:
Change in provision
SC Auto
Manheim index
-100 bps
1.0%
+100 bps
(0.8%)
Unemployment Rate
-100 bps
(4.9%)
+100 bps
7.0%
House Price Change
-100 bps
3.1%
+100 bps
(1.6%)
GDP\u00a0growth
-100 bps
1.7%
+100 bps
(1.2%)
In relation to the Stage 2 classification determination, SC USA
implemented a new system based on the comparison of PDs at
origination and current PD, replacing the previous approach based
on the FICO (Fair Isaac Corporation) score. SC USA established a set
of absolute and relative thresholds, segmented based on the
customer\u2019s credit profile. Finally, it introduced a backstop to the
relative threshold whereby contracts whose current PD has
increased by more than two times compared to their PD at
origination are classified as Stage 2.
Additionally, for each portfolio, a series of specific qualitative
criteria are defined, which indicate that the exposure has
experienced a significant increase in credit risk, regardless of the
evolution of its PD since the initial recognition. Among other
criteria, the entity considers that a transaction has experienced a
significant increase in credit risk when it has past-due positions for
more than 30 days. These criteria align with the risk management
practices of each portfolio.
3.4. Banco Santander (Brasil) S.A.
Portfolio overview
Santander Brasil's credit risk amounted to EUR 105,410\u00a0million,
increasing 1% from 2024. Minus the exchange rate effect, it grew
by 1.3%. As of December 2025, Santander Brasil accounts for 9%
of Grupo Santander's loan book.
The NPL ratio went from 6.14% in December 2024 to 6.82% in
December 2025, and the coverage ratio increased from 82.8% to
83.4%.
As of 31 December 2025 loan-loss provisions reached EUR
4,409\u00a0million, a 2% year-on-year decrease. Cost of risk increased
from 4.51% in 2024 to 4.73% in 2025.
In 2025, the Brazilian economy is moderating compared to the
previous year. Several factors drive this performance: reduced
fiscal support, a more restrictive monetary policy and a less
favourable external environment.
The labour market still shows resilience, which has helped prevent
a sharp deterioration in household consumption. However, some
indicators suggest that this labour-market momentum is starting
to cool, with private-sector employment growth gradually easing.
Inflation is expected to close the year at around 4.8%, with a trend
towards further moderation in 2026. A moderate appreciation of
the Brazilian real and weaker domestic demand contribute to this
price moderation. The Brazilian real exchange rate remains a
source of uncertainty, together with public debt sustainability and
the need for fiscal adjustments to contain financial imbalances.
From a sectoral perspective, the agricultural sector and certain
industrial segments continue to provide relevant support, although
the overall slowdown and the effects of tighter monetary
conditions limit their contribution to aggregate growth.
Against this backdrop, although Brazil retains a relatively solid
base \u2014 a robust labour market and competitive export sectors \u2014
2025 is shaping up as a transition year, with the economy slowing
and facing multiple structural challenges (inflation, exchange rate,
debt and monetary policy) that condition its performance.
The retail segment (without Consumer Finance), which represents
37% of Santander Brazil's total portfolio, mainly comprises
mortgages and credit cards (29% and 26% of the total portfolio,
respectively). Thanks to the risk mitigation measures implemented
in origination and portfolio management, cost of risk has been kept
at 4.7%, despite the high SELIC rate and inflation running above the
official target, which reduces individuals\u2019 repayment capacity.
In the SME segment, which represents 11% of total risk exposure,
the Bank maintained the restrictive origination measures adopted
in recent years, particularly for the higher-risk profiles with weaker
performance. Teams continuously review and adjust strategies to
keep credit quality within expected levels. Overall, they achieved
this during the year, with an acceptable performance of new
business indicators.
In Brazil\u2019s corporate segment, 2025 was marked by an uncertain
geopolitical backdrop and some weaknesses in the local economy,
notably high interest rates that have affected the repayment
capacity of more leveraged companies. In this environment, the
portfolio\u2019s growth slowed and NPL and cost of risk levels increased.
Information on the estimation of impairment losses
The detail of Banco Santander (Brasil) S.A. exposure and loan-loss
reserves associated with each of the stages at 31 December 2025,
2024 and 2023, is shown below. In addition, the exposure is
divided in four tranches of the Standard & Poor's rating scale,
according to their current credit quality:
Exposure and loan-loss reserves
EUR million
2025
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
16,898
1,513
\u2014
18,411
From A+ to BB
29,179
1,253
\u2014
30,432
From BB- to B-
36,089
7,035
\u2014
43,124
CCC and below
1,217
3,801
7,151
12,169
Total exposureB
83,383
13,602
7,151
104,136
Loan-loss reservesC
648
1,128
4,216
5,992
Exposure and loan-loss reserves
EUR million
2024
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
19,557
970
\u2014
20,527
From A+ to BB
32,824
1,637
\u2014
34,461
From BB- to B-
33,655
5,285
\u2014
38,940
CCC and below
423
2,808
6,382
9,613
Total exposureB
86,459
10,700
6,382
103,541
Loan-loss reservesC
687
860
3,766
5,313
Exposure and loan-loss reserves
EUR million
2023
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
20,670
468
\u2014
21,138
From A+ to BB
38,869
751
\u2014
39,620
From BB- to B-
36,107
4,177
\u2014
40,284
CCC and below
1,153
3,735
7,479
12,367
Total exposureB
96,799
9,131
7,479
113,409
Loan-loss reservesC
722
1,078
4,538
6,338
A. Detail of credit quality ratings calculated for Group management purposes.
B. Total exposure includes loan balances (drawn amounts) and off-balance (letters
of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and
undrawn commitments.
C. Includes provisions for undrawn authorized lines (loan commitments).
For the expected losses estimation, prospective information is
taken into account. Particularly, Santander Brazil considers three
macroeconomic scenarios, periodically updated. The evolution for
a period of five years of the main macroeconomic indicators used
to estimate the expected losses in Santander Brazil is as follows:
2026-2030
Variables
Pessimistic
scenario
Base
scenario
Optimistic
scenario
Interest rate (annual
averaged)
11.5%
10.9%
10.3%
Unemployment rate
8.0%
6.5%
5.4%
House price change
1.1%
5.9%
10.3%
GDP growth
(0.2%)
1.9%
3.8%
Burden income
27.0%
26.8%
26.1%
Each macroeconomic scenario is associated with a given weight.
Regarding its assignation, Brazil links the highest weight to the
base scenario whilst links the lowest weights to the most extreme
scenarios:
2025
2024
2023
Pessimistic scenario
13%
13%
10%
Base scenario
75%
75%
80%
Optimistic scenario
13%
13%
10%
The sensitivity analysis of the main portfolios expected loss to
variations of +/-100 bp for the macroeconomic variables used in
the construction of the scenarios is at the end of 2025 as follows:
Change in provision
Individuals
SME
Other
GDP growth
-100 bps
1.3%
2.9%
2.6%
+100 bps
(0.7%)
(1.3%)
(1.4%)
Unemployment rate
+100 bps
(1.9%)
(3.8%)
(4.5%)
+100 bps
2.8%
6.2%
6.3%
Interest rate (SELIC)
-100 bps
(0.6%)
(1.6%)
(0.9%)
+100 bps
1.7%
4.0%
3.5%
Regarding the Stage 2 classification determination, Santander
Brasil assesses whether the increase in lifetime PD over the
expected life of the transaction exceeds the combined effect of an
absolute and a relative threshold. These thresholds vary by
portfolio, depending on the characteristics of the transactions. A
transaction is deemed to breach the threshold when its lifetime PD
increases by a specified amount compared to the PD recorded at
initial recognition.
The absolute and relative threshold levels are recalibrated
periodically and depend on the type of portfolio to which they
apply. In addition, Santander Brasil has implemented a backstop to
the relative threshold across all portfolios: contracts whose current
PD doubles the PD at origination are automatically classified as
Stage 2.
4. Other credit risk aspects
4.1.\u00a0Credit risk by activity in the financial markets
This section covers credit risk from treasury, with money market
financing and counterparty risk products to satisfy the needs of
customers (especially credit institutions) and the Group.
Counterparty credit risk is defined as the risk that could arise from
a total or partial failure to meet the financial obligations entered
into with the entity, because a customer may default before the
final settlement of the transaction\u2019s cash flows. This risk usually
increases the longer the period between the trade date and the
settlement date. It is a bilateral credit risk that can affect both
parties to the transaction, and its magnitude is uncertain, as it
depends on volatile market factors.
Within counterparty credit risk exposure, an additional risk known
as wrong-way risk may arise. It occurs when exposure to a
portfolio or counterparty increases at the same time as its credit
quality deteriorates. In other words, wrong-way risk exists when
default risk increases and, as a result, the exposure to the
counterparty also increases. Santander has specific models to
measure and control this risk.
Settlement risk arises when the settlement of a transaction
involves a bilateral exchange of flows or assets between two
counterparties. For example, when a counterparty buys dollars in
exchange for euros, settlement involves one party delivering euros
and receiving an equivalent amount of dollars from the other.
Settlement risk is the risk that one of the parties fails to meet its
settlement obligations. We have also developed a global
infrastructure and specific models to measure this risk.
To manage and control counterparty risk, it is essential to have an
infrastructure that allows measuring current and potential
exposure at different levels of aggregation and granularity in an
agile and dynamic way, ensuring the generation of reports with
sufficient detail to facilitate the understanding of exposures and
the decision-making process.
To measure exposure, Grupo Santander follows two
methodologies: mark-to-market (MtM or replacement value in
derivatives) plus potential future exposure (add-on), and Monte
Carlo simulation for calculating exposure for some countries and
products. Additionally, Santander calculates capital at risk or
unexpected loss, which is the loss that constitutes economic capital
net of guarantees and recoveries, after deducting the expected
loss.
After market close, Grupo Santander recalculates exposures by
adjusting all operations to their new time horizon, adapting the
potential future exposure and applying mitigation measures
(netting, collateral, among others), so that exposures can be
controlled daily against the limits approved by senior management
within the risk appetite. Santander performs risk control through a
real-time integrated system, which allows the Group to know at
any moment the available exposure limit with any counterparty, in
any product and term, and across all subsidiaries.
Grupo Santander runs monthly stress tests on derivatives
portfolios and securities financing transactions (SFT). These
exercises form an integral part of the counterparty credit risk
management process. They allow us to assess the resilience of
exposures under adverse scenarios and support appropriate
identification, measurement and control of the associated risks.
4.2.\u00a0Concentration risk
Concentration risk control is an essential aspect of Grupo
Santander's management. The Group continuously monitors the
level of concentration in its credit risk portfolios applying various
criteria: geographic areas and countries, economic sectors and
groups of customers.
The board, via the risk appetite framework, determines the
maximum levels of concentration.
In line with these maximum levels and limits, the executive risk
committee establishes the risk policies and reviews the appropriate
exposure levels for the effective management of the degree of
concentration in Santander\u2019s credit risk portfolios.
Grupo Santander must adhere to the regulation on large risks
contained in the CRR, according to which the exposure contracted
by an entity with a customer or group of associated customers will
be considered a large exposure when its value is equal to or greater
than 10% of eligible capital.
In addition, in order to limit large exposures, no entity may assume
exposures exceeding 25% of its eligible capital with a single
customer or group of associated customers, having factored in the
credit risk mitigation effect contained in the regulation.
At the end of December, after applying risk mitigation techniques,
no group reaches the above-mentioned thresholds.
Regulatory credit exposure with the 20 largest groups within the
scope of large risks represented 5.3% of the outstanding credit risk
with customers (lending to customers plus off-balance sheet risks)
as of December 2025. While the regulatory credit exposure with
the 40 largest groups represents 8.4% of the credit risk.
The detail, by activity and geographical area of the Group's risk
concentration at 31 December 2025 is as follows:
EUR million
2025A
Total
Spain
Other EU
countries
America
Rest of the
world
Central banks and Credit institutions
326,316
61,256
71,853
119,532
73,675
Public sector
267,765
82,131
62,620
109,109
13,905
Of which:
Central government
239,153
66,479
57,468
101,768
13,438
Other central government
28,612
15,652
5,152
7,341
467
Other financial institutions (financial business activity)
207,044
16,301
50,819
101,600
38,324
Non-financial companies and individual entrepreneurs (non-
financial business activity) (broken down by purpose)
447,496
103,836
94,760
188,078
60,822
Of which:
Construction and property development
20,322
4,130
2,090
9,396
4,706
Civil engineering construction
5,128
1,835
1,740
1,468
85
Large companies
291,515
53,841
63,635
127,003
47,036
SMEs and individual entrepreneurs
130,531
44,030
27,295
50,211
8,995
Households \u2013 other (broken down by purpose)
543,928
88,602
98,262
142,560
214,504
Of which:
Residential
333,552
61,818
27,030
46,605
198,099
Consumer loans
192,746
19,784
69,670
87,491
15,801
Other purposes
17,630
7,000
1,562
8,464
604
Total
1,792,549
352,126
378,314
660,879
401,230
A. For the purposes of this table, the definition of risk includes the following items in the public balance sheet: 'Loans and advances to credit institutions', 'Loans and
advances to Central Banks', 'Loans and advances to Customers', 'Debt securities', 'Equity Instruments', 'Trading Derivatives', 'Hedging derivatives', 'Investments and
financial guarantees given'.
4.3 Sectors identification and management
Grupo Santander conducts a quarterly review of exposure to
customers operating in sectors that could be more affected by
macroeconomic conditions (energy consumption, commodity
prices, and key macroeconomic variables). This monitoring is
complemented by the use of internal tools that allow projecting
the behaviour and evolution of clients in each sector under
different macroeconomic scenarios. Additionally, this process
considers, among other things, the following information at the
sector level:
\u2022 Market information: Industries\u2019 stock market performance.
\u2022 Analysts\u2019 EBITDA forecasts for the coming years.
\u2022 Internal information: Changes in credit exposure, defaults (in
different timelines) and stagings.
\u2022 Our industry experts\u2019 opinion, based on specific details about our
exposures and our relationships with customers
Grupo Santander continued to strengthen our ability to analyse
potential losses at the highest possible level of granularity by
enhancing the methodology and sector projection tools, based on
the resilience of each company\u2019s financial statements under
different macroeconomic scenarios.
4.4. Sovereign risk and exposure to other public sector entities
Sovereign risk arises from central bank transactions (including
regulatory cash reserves), government bonds issued by the
Treasury or equivalent bodies (public debt portfolio), and
transactions with public-sector entities funded exclusively by a
state\u2019s budget revenues and with no commercial activity.
The standard historically applied by Grupo Santander differs from
the one used by the EBA in its periodic stress tests. The most
significant differences are that the EBA\u2019s approach does not include
deposits with central banks, exposures held in insurance
companies, or indirect exposures through guarantees or other
instruments. By contrast, it does include public administrations
more broadly (including regional and local authorities), and not
only those of the central government.
Santander continues to track and manage transactions with
sovereign risk based on available information, such as reports by
rating agencies and international organizations. Grupo Santander
monitors each country where the Group has cross-border1 and
sovereign risk. Santander analyses events that could affect the
country\u2019s political or institutional stability and assign its
government or central bank a credit rating. This helps us set limits
for transactions with sovereign risk.
Over recent years, total sovereign risk exposure has remained in
line with regulatory requirements and the strategy defined for
managing this portfolio. Changes in exposure across countries
reflect the liquidity management strategy and hedging of interest
rate and foreign exchange risk. International exposure is diversified
across countries with different macroeconomic expectations and,
consequently, different growth, interest rate and exchange rate
scenarios..
At the end of December 2025, Grupo Santander\u00b4s local sovereign
exposure, in currencies other than the official currency of the
country of issuance, is not significant (EUR 4,908 million, 1.2% of
total sovereign risk) according to our management criteria.
Furthermore, exposure to non-local sovereign issuers involving
cross-border risk is even less significant2 (EUR 17,002\u00a0million, 4.0%
of total sovereign risk). Sovereign exposure in Latin America is
mostly in local currency, and is recognised in the local accounts and
concentrated in short- term maturities.
Our investment strategy for sovereign risk considers country\u2019s
credit quality to set the maximum exposure limits. The following
table shows the percentage of exposure by ratingA:
Exposure distribution by rating
2025
2024
2023
AAA
18%
21%
18%
AA
17%
18%
19%
A
43%
41%
41%
BBB
14%
11%
12%
Less than BBB
9%
9%
10%
A. Internal ratings are applied.
Sovereign exposure at the end of December 2025 is shown in the table below (data in million euros):
2025
2024
Portfolio
Financial assets held
for trading and
Financial assets
designated as FV with
changes in\u00a0results
Financial\u00a0assets
at\u00a0fair\u00a0value
through\u00a0other
comprehensive
income
Financial
assets\u00a0at
amortised\u00a0cost
Non-trading
financial assets
mandatory at fair
value through
profit or loss
Total net
direct
exposure
Total net
direct
exposure
Spain
3,852
112
58,044
\u2014
62,008
56,293
Portugal
(659)
1,199
6,767
\u2014
7,307
7,652
Italy
2,875
440
12,557
\u2014
15,872
12,915
Greece
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ireland
(38)
\u2014
\u2014
\u2014
(38)
\u2014
Rest Eurozone
3,684
254
10,443
\u2014
14,381
6,212
UK
907
1,001
5,687
\u2014
7,595
8,772
Poland
1,141
6,339
13,333
\u2014
20,813
14,286
Rest of Europe
8
\u2014
526
\u2014
534
954
US
4,783
4,320
15,943
\u2014
25,046
24,926
Brazil
8,089
9,533
8,543
\u2014
26,165
26,641
Mexico
10,663
7,652
7,599
\u2014
25,914
21,642
Chile
676
2,666
5,254
\u2014
8,596
6,900
Rest of America
2,593
1,654
2,151
\u2014
6,398
4,431
Rest of the World
211
17
4,128
\u2014
4,356
7,003
Total
38,785
35,187
150,975
\u2014
224,947
198,627
1 Risks with domestic public or private borrowers in foreign currency and originated outside the country.
2 Countries that are not considered low risk by Banco de Espa\u00f1a.
5. Forborne loan portfolio
The customer debt redirection policy incorporates the regulatory
requirements of the EBA guidelines on the management of non-
performing exposures, refinancing and restructuring. This policy
acts as a reference for the transposition in our subsidiaries and
shares the applicable supervisory expectations.
This policy also sets down rigorous criteria for evaluating,
classifying and monitoring forbearances to support the strictest
possible care and diligence in recovering due amounts. Thus, it
dictates that Santander must adapt payment obligations to
customers' current circumstances. Our forbearance policy also
defines classification criteria to support Grupo Santander
recognizes risks appropriately.
Forbearances must remain classified as non-performing or in
watch-list for a prudential period for reasonable certainty of
repayment. In no case will repayments be used to delay the
immediate recognition of losses or so that their use distorts the
timely recognition of the risk of non-payment.
At 31 December 2025, forbearance stock fell again and stood at
EUR 25,235 \u00a0million, due to the good payment behaviour in the
main geographies. In terms of credit quality, 53% of the loans is
classified as credit impaired, with a coverage ratio of 41% . In
addition, 47% of the portfolio is classified as performing.
The following terms are used with the meanings specified below:
\u2022 Refinancing transaction: transaction that is granted or used, for
reasons relating to current or foreseeable financial difficulties of
the borrower, to repay one or more of the transactions granted to
it, or through which the payments on such transactions are
brought fully or partially up to date, in order to enable the
borrowers of the cancelled or refinanced transactions to repay
their debt (principal and interest) because they are unable, or
might foreseeably become unable, to comply with the conditions
there of in due time and form.
\u2022 Restructured transaction: transaction with respect to which, for
economic or legal reasons relating to current or foreseeable
financial difficulties of the borrower, the financial terms and
conditions are modified in order to facilitate the payment of the
debt (principal and interest) because the borrower is unable, or
might foreseeably become unable, to comply with the
aforementioned terms and conditions in due time and form, even
if such modification is envisaged in the agreement.
Current refinancing and restructuring balances
Amounts in EUR million, except number of transactions that are in units
2025
Total
Without\u00a0real\u00a0guarantee
With\u00a0real\u00a0guarantee
Maximum amount of the
actual collateral that can be
considered
Impairment of accumulated
value or accumulated losses in
fair value due to credit risk
Number of
transactions
Gross
amount
Number of
transactions
Gross
amount
Real estate
guarantee
Rest of real
guarantees
Credit entities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Public sector
14
6
9
7
5
\u2014
8
Other financial institutions and: individual
shareholder
933
94
462
182
117
15
94
Non-financial institutions and individual
shareholder
489,192
5,095
42,700
5,596
3,271
923
2,713
Of which financing for constructions and
property development
249
21
523
739
695
4
75
Other warehouses
3,000,071
4,556
515,253
9,699
3,752
3,777
3,665
Total
3,490,210
9,751
558,424
15,484
7,145
4,715
6,480
Financing classified as non-current assets and
disposable groups of items that have been
classified as held for sale
13,499
261
4,630
566
406
14
171
Current refinancing and restructuring balances
Amounts in EUR million, except number of transactions that are in units
2025
Of\u00a0which,\u00a0non-performing/Doubtful
Without\u00a0real\u00a0guarantee
With\u00a0real\u00a0guarantee
Maximum amount of the
actual collateral that can be
considered
Impairment of accumulated
value or accumulated losses
in fair value due to credit risk
Number of
transactions
Gross
amount
Number of
transactions
Gross
amount
Real estate
guarantee
Rest of real
guarantees
Credit entities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Public sector
5
2
9
7
5
\u2014
8
Other financial institutions and: individual
shareholder
579
50
259
75
22
11
89
Non-financial institutions and individual
shareholder
296,008
2,901
26,767
2,585
1,166
420
2,420
Of which financing for constructions and
property development
167
3
264
156
115
4
50
Other warehouses
1,620,343
2,401
296,470
5,313
1,730
2,232
2,991
Total
1,916,935
5,354
323,505
7,980
2,923
2,663
5,508
Financing classified as non-current assets
and disposable groups of items that have
been classified as held for sale
6,901
120
1,720
235
110
5
145
In 2025, the amortised cost of financial assets whose contractual
cash flows were modified during the year when the corresponding
loss adjustment was valued at an amount equal to the expected
credit losses over the life of the asset amounted to EUR 3,031
million (3,940\u00a0million in 2024), without these modifications having
a material impact on the income statement. Also, during 2025, the
total of financial assets that have been modified since the initial
recognition, and whose correction for expected loss has gone from
being valued during the entire life of the asset to the following
twelve months, amounts to EUR 2,092 million (2,950\u00a0million in
2024).
The transactions presented in the foregoing tables were classified
at 31 December 2025 by nature, as follows:
\u2022 Credit impaired: Operations that rest on an inadequate payment
scheme will be classified within the non-performing category,
regardless they include contract clauses that delay the
repayment of the operation throughout regular payments or
present amounts written off the balance sheet for being
considered irrecoverable.
\u2022 Performing: Operations not classifiable as non-performing will
be classified within this category. Operations will also be
classified as normal if they have been reclassified from the non-
performing category for complying with the specific criteria
detailed below:
\u2022 A period of a year must have passed from the refinancing or
restructuring date.
\u2022 The owner must have paid for the accrued amounts of the
capital and interests, thus reducing the rearranged capital
amount, from the date when the restructuring of refinancing
operation was formalised.
\u2022 The owner must not have any other operation with amounts
past due by more than 90 consecutive days of material delay
on the date of the reclassification to the normal risk category.\u00a0
Attending to the credit attention 47% of the forborne loan
transactions are classified as other than non-performing.
Particularly noteworthy are the level of existing guarantees (47%
of transactions are secured by collateral) and the coverage
provided by specific allowances (representing 26% of the total
forborne loan portfolio and 41% of the non-performing portfolio).
c) Market, structural and liquidity risk
1. Activities subject to market risk and types of market risk
Activities exposed to market risk encompass transactions where
risk is assumed as a consequence of potential changes in interest
rates, inflation rates, exchange rates, stock prices, credit spreads,
commodity prices, volatility and other market factors; the liquidity
risk from our products and markets, and the balance-sheet liquidity
risk. Therefore, they include trading risks and structural risks.
\u2022 Interest rate risk arises from movements in interest rates that
reduce the value of a financial instrument, a portfolio or the
Grupo Santander . It can affect loans, deposits, debt securities,
most assets and liabilities held for trading, and derivatives.
\u2022 Inflation rate risk arises from movements in inflation that can
reduce the value of a financial instrument, a portfolio or the
entire group. It can affect loans, debt securities and derivatives
(e.g. inflation swaps and futures) whose profitability is linked to
inflation.
\u2022 Exchange rate risk is the possibility of loss because the currency
of a long or open position will depreciate against the base
currency. It can affect debt in subsidiaries whose local currency is
not the euro, as well as loans denominated in a foreign currency.
\u2022 Equity risk is the possibility of loss from open positions in
securities if their market price or expected future dividends fall. It
affects shares, stock market indices, convertible bonds and
derivatives with shares as the underlying asset (put, call, equity
swaps, etc.).
\u2022 Credit spread risk is the possibility of loss from open positions in
fixed-income securities or credit derivatives if their yield curve, or
the recovery rate of their issuer or type change. A spread is the
yield difference between financial instruments against a
benchmark (e.g. the internal rate of return (IRR) of government
bonds and interbank interest rates).
\u2022 Commodity price risk is the possibility of loss from movements
in commodity prices. Grupo Santander's commodity exposure is
minor and stems mainly from commodity derivatives.
\u2022 Volatility risk is the possibility of loss caused by movements in
interest rates, exchange rates, the stock market, credit spreads
and other risk factors affecting portfolio value. It is inherent to all
financial instruments whose value considers volatility (especially
options contracts).
Derivative contracts (such as options, futures, forwards and swaps)
can mitigate market risks partially or fully.
Additionally, other more complex coverage market risks are
considered, such as correlation risk, market liquidity risk,
prepayment or cancellation risk and subscription risk.
\u2022 Correlation risk is the possibility of loss due to an adverse
correlation between risk variables that affect portfolio value. Risk
variables could be the same (e.g. two FX rates) or different (e.g.
an interest rate and a commodity price).
\u2022 Market liquidity risk is the possibility that fewer market makers
or institutional investors, a large number of transactions, market
instability and other factors will cause the Group or a subsidiary
to exit a position at a worse market price or trade cost. Exposure
to different products and currencies can also increase this risk.
\u2022 Pre-payment or cancellation risk originates when mortgages,
deposits and other on-balance-sheet instruments give holders
the option to buy or sell them, thus altering future cash flows.
Potential mismatches on the balance sheet pose a risk since cash
flows may have to be reinvested at an interest rate that is
potentially lower (assets) or higher (liabilities).
\u2022 Underwriting risk is the possibility that the bank will have to hold
part of a debt issue it has underwritten or agreed to place if it
cannot all be placed among potential buyers.
Balance sheet liquidity risk (unlike market liquidity risk) is the
possibility of loss caused by forced disposal of assets or cash flow
imbalance if the bank meets its payment obligations late or at
excessive cost. It can cause losses by forced asset sales or impacts
on margins due to the mismatch between expected cash inflows
and outflows.
Pension and actuarial risks (explained at the end of this section)
also depend on market variables.
Grupo Santander aim to comply with the Basel Committee\u2019s
Fundamental Review of the Trading Book (FRTB) and the EBA\u2019s
Guidelines on the management of interest rate risk arising from
non-trading book activities. The purpose of several projects Grupo
Santander runs is to provide risk control managers and teams with
the best market risk management tools under the right governance
framework for the models Grupo Santander uses for metric
reporting; and to comply with regulation on the risks mentioned
above.
2 . Trading market risk management
Setting market risk limits in a dynamic process according to the risk
appetite in the annual limits plan prepared by senior management
and extended to all subsidiaries.
The standard methodology for risk management and control in
trading, measures the maximum expected loss with a specific level
of confidence and time frame. The standard for historical
simulation is a confidence level of 99% over one day.
Grupo Santander applies statistical adjustments efficiently to
incorporate recent developments affecting our levels of risk. Our
time frame is two years or at least 520 days from the reference
date of the VaR calculation.
The balance sheet items in the Group\u2019s consolidated position that
are subject to market risk are shown below, distinguishing those
positions for which the main risk metric is VaR from those for
which risk monitoring is carried out using other metrics:
Risk metric values on the consolidated balance sheet
EUR million
Main market risk metric
Balance sheet
amount
VaR
Other
Main risk factor for
'Other' balance
Assets\u00a0subject\u00a0to\u00a0market\u00a0risk
Cash, cash balances at central banks and other deposits on demand
152,281
152,281
Interest rate
Financial assets held for trading
252,318
252,318
Non-trading financial assets mandatorily at fair value through profit or loss
7,761
5,815
1,946
Interest rate, spread
Financial assets designated at fair value through profit or loss
8,046
\u2014
8,046
Interest rate, spread
Financial assets designated at fair value through other comprehensive
income
74,612
2,281
72,331
Interest rate, spread
Financial assets at amortized cost
1,202,689
1,202,689
Interest rate, spread
Hedging derivatives
3,931
3,931
Interest rate, exchange
rate
Changes in the fair value of hedged items in portfolio hedges of interest
risk
50
50
Interest rate
Other assets
165,827
Total assets
1,867,515
Liabilities subject to market risk
Financial liabilities held for trading
171,546
171,546
Financial liabilities designated at fair value through profit or loss
42,148
\u2014
42,148
Interest rate, spread
Financial liabilities at amortized cost
1,421,184
1,421,184
Interest rate, spread
Hedging derivatives
4,248
4,248
Interest rate, exchange
rate
Changes in the fair value of hedged items in portfolio hedges of interest
rate risk
49
49
Interest rate
Other liabilities
115,592
Total liabilities
1,754,767
Equity
112,748
The following table displays the latest and average VaR values at
99% by risk factor over the last three years. It also shows the
minimum and maximum VaR values in 2025 and 97.5% ES at the
end of December 2025:
VaR statistics and expected shortfall by risk factor A
EUR million. VaR at 99% and ES at 97.5% with one day time horizon
2025
2024
2023
VaR\u00a0( 99%)
ES
(97.5%)
VaR
VaR
Min
Average
Max
Latest
Latest
Average
Latest
Average
Latest
Total Trading
9.6
17.6
29.2
18.7
16.9
17.1
18.7
11.7
13.5
Diversification effect
(10.7)
(21.0)
(59.3)
(17.7)
(18.9)
(19.8)
(27.3)
(14.9)
(17.1)
Interest rate
11.2
16.5
23.0
15.3
16.4
17.0
20.2
12.2
11.1
Equities
2.4
6.5
10.8
8.1
7.5
6.0
9.5
3.2
6.0
Exchange rate
3.3
7.4
37.5
6.3
5.8
5.8
5.9
5.3
4.8
Credit spread
3.2
5.7
10.2
4.8
4.8
4.9
5.3
4.3
6.1
Commodities
0.2
2.5
7.0
1.9
1.3
3.2
5.1
1.6
2.6
Total Europe
9.6
15.0
28.2
13.2
13.2
12.7
16.0
9.4
11.8
Diversification effect
(8.9)
(18.0)
(32.4)
(15.9)
(17.8)
(15.4)
(18.4)
(10.5)
(13.8)
Interest rate
9.0
13.3
19.2
11.4
13.3
12.0
14.4
9.1
8.2
Equities
2.7
6.4
11.0
7.4
7.1
5.9
8.8
2.8
5.8
Exchange rate
3.7
7.3
19.7
5.3
5.7
5.1
5.8
3.5
5.2
Credit spread
3.0
5.8
10.4
4.9
4.8
4.9
5.3
4.3
6.1
Commodities
0.1
0.2
0.3
0.1
0.1
0.2
0.1
0.2
0.3
Total North America
3.7
5.8
8.9
5.5
5.3
6.9
6.4
4.0
5.0
Diversification effect
(0.4)
(1.7)
(6.3)
(1.6)
(1.8)
(1.1)
(0.8)
(0.7)
(0.5)
Interest rate
3.8
5.9
8.8
4.8
4.9
6.9
6.6
3.7
5.0
Equities
0.1
0.8
3.2
1.0
1.0
0.2
0.1
0.2
0.0
Exchange rate
0.2
0.8
3.2
1.3
1.2
0.9
0.5
0.8
0.5
Total South America
3.2
7.6
16.5
5.8
5.9
9.0
9.5
7.3
7.0
Diversification effect
(0.3)
(5.2)
(28.7)
(8.7)
(6.2)
(6.9)
(5.5)
(6.2)
(6.6)
Interest rate
2.8
7.2
18.1
4.0
3.8
8.8
6.5
7.3
5.6
Equities
0.2
1.5
7.2
2.2
2.3
1.2
2.1
1.4
2.4
Exchange rate
0.4
1.6
12.9
6.5
4.7
2.7
1.3
3.2
3.0
Commodities
0.1
2.5
7.0
1.8
1.3
3.2
5.1
1.6
2.6
A. In South and North America, VaR levels of credit spreads and commodities are not shown separately due to their low or null materiality.
VaR at the end of December (EU R 18.7\u00a0million ) was only EUR
0.03\u00a0million lower compared to the end of 2024, reflecting
sustained high market volatility, ongoing geopolitical risk and
concerns over inflation trends, which could pick up again as a result
of new US trade policies.
By risk factor, average VaR (EUR 17.6\u00a0million ) higher across several
risk factors, especially for foreign exchange, with high market
volatility for certain currencies such as the US dollar and the
Argentine peso. Temporary spikes in VaR across the different
factors generally reflect isolated increases in market price volatility
rather than significant changes in positions.
By region, average VaR was higher than the 2024 average in
Europe, mainly due to interest rate and foreign exchange risk
factors, while it was lower in North America and South America.
Backtesting
Actual losses can differ from predicted losses because of the VaR\u2019s
limitations. Grupo Santander measures the accuracy of the VaR
calculation model to make sure it is reliable. The most important
tests Grupo Santander runs involve backtesting:
\u2022 In hypothetical P&L backtesting and for the total portfolio, two
exceptions (a daily loss higher than VaR or a daily gain higher
than VaE) were observed in 2025 for VaR at a 99% confidence
level, on 9 and 11 April, as a result of high market volatility,
mainly driven by uncertainty over the potential impact of new US
trade policies.
\u2022 The exceptions observed in the past year are consistent with the
assumptions of the VaR calculation model.
3. Structural balance sheet risks
3.1. Main aggregates and variations
Consistent with previous years, the market risk profile of Grupo
Santander\u2019s balance sheet remained moderate in 2025 in terms of
asset, shareholders\u2019 equity and NII volumes.
Each subsidiary\u2019s finance division manages interest rate risk from
commercial banking and is responsible for handling structural risk
from interest rate fluctuations.
To measure interest rate risk, Grupo Santander uses statistical
models based on strategies to mitigate structural risk with
interest-rate instruments (such as bonds and derivatives) to keep
risk profile within risk appetite.
The NII and EVE sensitivities below are based on scenarios of
parallel interest rate movements from -100 to +100 basis points.
Structural VaR
With such a homogeneous metric as VaR, Grupo Santander can
fully monitor market risk in the banking book (excluding CIB
trading activity). The Bank differentiates fixed income based on
interest rates and credit spreads in ALCO portfolios, FX rates and
shares.
In general, the structural VaR of Grupo Santander total assets and
equity is minor.
Structural VaR
EUR million. Structural VaR 99% with a temporary horizon of one day .
2025
2024
2023
Min
Average
Max
Latest
Average
Latest
Average
Latest
Structural VaR
598.5
662.9
751.9
690.1
747.7
687.5
705.0
749.5
Diversification effect
(155.9)
(258.4)
(265.6)
(206.6)
(386.4)
(268.6)
(416.6)
(444.7)
VaR Interest RateA
158.3
177.3
205.8
177.6
412.0
235.2
348.4
380.2
VaR Exchange Rate
486.0
597.7
648.7
572.4
571.7
594.4
580.4
642.9
VaR Equities
110.1
146.3
163.0
146.7
150.4
126.5
192.8
171.1
A. Includes credit spread VaR on ALCO portfolios.
Structural interest rate risk
\u2022 Europe
At the end of December, net interest income (NII) for our main
balance sheets showed positive sensitivity to interest rate
increases. As of the same date, the economic value of equity (EVE)
showed negative sensitivity to interest rate increases.
At the end of December 2025, under the scenarios previously
described, the most significant NII sensitivity risk was concentrated
in the euro, at EUR 561\u00a0million; the pound sterling, EUR
169\u00a0million; the Polish z\u0142otyr, EUR 51\u00a0million; and the US dollar,
EUR 50\u00a0million , all linked to interest rate cut risk.
The most significant risk to the economic value of equity was
concentrated in the euro yield curve, at EUR 1,087\u00a0million; in pound
sterling, at EUR 614\u00a0million; the Polish z\u0142oty, at EUR 275\u00a0million
euros; and the US dollar, at EUR 104\u00a0million euros, all linked to
interest rate rise risk.
Exposure was moderate in relation to annual budget and capital
levels in 2025.
\u2022 North America
At the end of December, net interest income (NII) for our North
America balance sheets showed positive sensitivity to interest rate
increases in the United States, while showing negative sensitivity
to the same scenario in Mexico. In both cases, the economic value
of equity (EVE) showed negative sensitivity to interest rate
increases.
Exposure was moderate in relation to annual budget and capital
levels in 2025.
At the end of December 2025, significant risk to NII was mainly in
the US and amounted to EUR 49\u00a0million.
The most significant risk to EVE was in the US and amounted to
EUR 570\u00a0million.
\u2022 South America
EVE and NII on our main South American balance sheets are
generally positioned for interest rate cuts.
In 2025, exposure across all countries remained moderate in
relation to the annual budget and capital levels.
At the end of December, the most significant risk to NII was mainly
in Brazil (EUR 57\u00a0million).
Most significant risk to EVE was recorded in Brazil (EUR
257\u00a0million) and in Chile (EUR 225\u00a0million).
Structural foreign currency rate risk/results hedging
Grupo Santander's structural FX risk stems mainly from the income
and hedging of foreign currency transactions for permanent
financial investments. In the dynamic management of this risk,
Grupo Santander aims to limit the impact of FX rate movements on
the core capital ratio. In 2025, the hedged of the different
currencies that have an impact on our core capital ratio was close
to 100% .
In December 2025, the largest permanent exposures (with their
potential impact on equity) were, in this order, in pound sterling,
US dollars, Brazilian reais, Mexican pesos, Polish zlotys and Chilean
pesos.
Grupo Santander uses FX derivatives to hedge part of those
permanent positions. The Finance division manages FX risk and
hedging for the expected profits and dividends of subsidiaries
whose base currency is not the euro.
Structural equity risk
Grupo Santander holds equity positions in its banking and trading
books. They are either equity instruments or stock, depending on
the share of ownership or control.
At the end of December 2025, the equities and shareholdings in
the banking book were diversified among Spain, China, Morocco,
Poland and other countries. Most of them invest in the financial
and insurance sectors. Grupo Santander has minor equity exposure
to property and other sectors.
Structural equity positions are exposed to market risk. The Group
calculates its VaR with a set of market prices and proxies. At the
end of the year 2025, VaR at a 99% confidence level over a one-day
horizon was EUR 147\u00a0million (EUR 127\u00a0million and EUR 171\u00a0million
in 2024 and 2023, respectively).
3.2. Methodologies
Structural interest rate risk
Grupo Santander measures the potential impact of interest rate
movements on EVE and NII. Because changing rates may generate
impacts, Grupo Santander must manage and control many
subtypes of interest rate risk, such as repricing risk, curve risk,
basis risk and option risk (e.g. behavioural or automatic).
Interest rate risk in the balance sheet and market conditions and
outlooks could necessitate certain financial measures to achieve
Grupo Santander's desired risk profile (such as selling positions or
setting interest rates on products Grupo Santander markets).
The metrics Grupo Santander uses to monitor IRRBB include NII and
EVE sensitivity to interest rate movements.
\u2022 Net interest income sensitivity
Net interest income (NII) is the difference between interest income
from assets and the interest cost of liabilities in the banking book
over a typical one- to three-year horizon (one year being standard
in Grupo Santander). Because NII sensitivity is the difference in
income between a selected scenario and the base scenario, its
values can be as many as considered scenarios. It enables us to see
short-term risks and supplement economic value of equity (EVE)
sensitivity.
\u2022 Economic value of equity sensitivity
Economic value of equity (EVE) is the difference between the
current value of all assets minus the current value of all liabilities
in the banking book. It does not include shareholders\u2019 equity and
non-interest-bearing instruments. The sensitivity of the economic
value of own funds is obtained as the difference between said
economic value calculated with a selected scenario and that
calculated with a base scenario.
Because EVE sensitivity is the difference in EVE between a selected
scenario and the base scenario, it can have as many values as
considered scenarios. It enables us to see long-term risks and
supplement NII sensitivity.
Structural exchange-rate risk/hedging of results
Every day, Grupo Santander measures FX positions, VaR and P/L.
Structural equity risk
Grupo Santander measures equity positions, VaR and P/L.
4. Liquidity risk
Structural liquidity management aims to fund the Group\u2019s recurring
activity optimising maturities and costs, while avoiding taking on
undesired liquidity risks.
Santander\u2019s liquidity management is based on the following
principles:
\u2022 Define liquidity risk and provide detailed assessments of current
and emerging material liquidity risks.
\u2022 Define liquidity risk metrics, review and challenge liquidity risk
appetite and limits on first line of defence proposals.
\u2022 Evaluates and challenges commercial/business proposals; It
provides senior management and business units with the
necessary elements to understand the liquidity risk of
Santander's businesses and operations.
\u2022 Supervise the liquidity risk management of the first line of
defence and assess the permanence of businesses within the
limits of liquidity risk.
\u2022 Reports on compliance with risk appetite limits and exceptions, if
any, to governing bodies.
\u2022 Provides a consolidated view of liquidity risk exposures and
liquidity risk profile.
\u2022 Confirms the existence of adequate liquidity procedures to
manage the business within the limits of risk appetite.
The effective application of these principles by all institutions
comprising the Group required the development of a unique
management framework built upon three fundamental pillars:
\u2022 A solid organisational and governance model that supports the
involvement of the subsidiaries\u2019 senior management in decision-
taking and its integration into the Group\u2019s global strategy. The
decision-making process for all structural risks, including
liquidity and funding risk, is carried out by local Asset and
Liability Committees (ALCOs) in coordination with the global
ALCO, which is the body empowered by the Bank's board in
accordance with the corporate Asset and Liability Management
(ALM) framework.
This governance model has been reinforced as it has been
included within Santander's Risk Appetite Framework. This
framework meets demands from regulators and market players
emanating from the financial crisis to strengthen banks\u2019 risk
management and control systems.
\u2022 In-depth balance sheet analysis and measurement of liquidity
risk, supporting decision-taking and its control. The Group
objective is to maintains adequate liquidity levels necessary to
cover its short- and long-term needs with stable funding sources,
optimising the impact of their costs on the income statement.
Grupo Santander\u2019s liquidity risk management processes are
contained within a conservative risk appetite framework
established in each geographic area in accordance with its
commercial strategy. This risk appetite establishes the limits
within which the subsidiaries can operate in order to achieve
their strategic objectives.
\u2022 Management adapted in practice to the liquidity needs of each
business. Every year, based on business needs, a liquidity plan is
developed which seeks to achieve:
\u2022 a solid balance sheet structure, with a diversified presence in
the wholesale markets;
\u2022 the use of liquidity buffers and limited encumbrance of assets;
\u2022 compliance with both regulatory metrics and other metrics
included in each entity\u2019s risk appetite statement.
Over the course of the year, all dimensions of the plan are
monitored.
Grupo Santander continues to develop the ILAAP (Internal Liquidity
Adequacy Assessment Process), an internal self-assessment of
liquidity adequacy which must be integrated into the Group\u2019s other
risk management and strategic processes. It focuses on both
quantitative and qualitative matters and is used as an input to the
SREP (Supervisory Review and Evaluation Process). The ILAAP
evaluates the liquidity position both in ordinary and stressed
scenarios.
i. Liquidity risk measurement
Grupo Santander uses the Basel regulatory definition and
calculates a set of metrics and stress scenarios in relation to
intraday liquidity risk to maintain a high level of management and
control. On the one hand, the regulatory liquidity metrics (LCR,
NSFR) are prepared following the regulatory criteria established in
the CRR 2 and CRD IV. Regarding internal metrics, liquidity
scenarios are determined using a combination of behavioral
observation in actual liquidity crises occurred at other banks,
regulatory assumptions and expert judgment.
a) Liquidity Coverage Ratio (LCR)
The liquidity coverage ratio (LCR) is a regulatory metric. Its purpose
is to promote the short-term resilience of a bank\u2019s liquidity profile
and make sure it has enough high-quality liquid assets to
withstand a considerable idiosyncratic or market stress scenario
over 30 calendar days.
b) Net Stable Funding Ratio (NSFR)
The net stable funding ratio (NSFR) is a regulatory metric we use to
measure long-term liquidity risk. It is the ratio of available stable
funding to required stable funding. It requires banks to keep a
robust balance sheet, with off-balance-sheet assets and operations
financed by stable liabilities.
c) Liquidity buffer
The liquidity buffer is the total liquid assets a bank has to cope with
cash outflows during periods of stress. The assets are free of
encumbrances and can be used immediately to generate liquidity
without losses or excessive discounts. The liquidity buffer is a tool
for calculating most liquidity metrics. It is also a metric with
defined limits for each subsidiary.
d) Wholesale liquidity metric
The wholesale liquidity metric measures the number of days Grupo
Santander would survive if it used liquid assets to cover lost
liquidity from a wholesale deposit run-off (without possible
renewal) over a set time horizon. Grupo Santander also uses it as
an internal short-term liquidity metric to reduce risk from
dependence on wholesale funding.
e) Asset Encumbrance metrics
Grupo Santander calculates two metrics to measure asset
encumbrance risk. On the one hand, the asset encumbrance ratio
gives the proportion of encumbered assets to total assets; on the
other, the structural asset encumbrance ratio gives the proportion
of encumbered assets by structural funding transaction (namely
long-term collateralized issues and credit transactions with central
banks).
f) Other additional liquidity indicators
In addition to traditional tools to measure short and long-term
liquidity and funding risk, Grupo Santander has a set of additional
liquidity indicators to complement those and to measure other
non-covered liquidity risk factors. These include concentration
metrics, such as the main and the five largest funding
counterparties, or the distribution of funding by maturity.
In this sense, deposits do not show a tendency towards
concentration, maintaining a stable structure at 31 December
2024, where approximately 75% are transactional and more than
80% of retail deposits are insured by deposit guarantee systems of
the different countries.
g) Liquidity scenario analysis
As liquidity stress tests, five standard scenarios have been defined:
i. An idiosyncratic scenario of events detrimental only to
Santander;
ii. a local market scenario of events highly detrimental to a base
country\u2019s financial system or real economy;
iii. a global market scenario of events highly detrimental to the
global financial system; and
iv. combined scenario consisting of a combination of more severe
idiosyncratic and market events (local and global) occurring
simultaneously and interactively.
v. climate scenarios where different stress cases derived from the
effects that climate change could have on the economy are
collected.
Grupo Santander uses these stress test outcomes as tools to
determine risk appetite and support business decision-making.
h) Liquidity early warning indicators
Early warning indicator system consists of quantitative and
qualitative liquidity indicators that help predict stress situations
and weaknesses in the funding and liquidity structure of Grupo
Santander entities. External indicators relate to market-based
financial variables; internal indicators relate to our own
performance.
i) Intraday liquidity metrics
Grupo Santander follows Basel regulation and calculates several
metrics and stress scenarios for intraday liquidity risk to maintain a
high level of control.
ii. Liquidity coverage ratio and net stable financing ratio
The regulatory requirement for the LCR ratio has been set at 100%
since 2018.
Below is a breakdown of the Group's liquid assets composition
according to the criteria established in the supervisory prudential
information (Commission Implementing Regulation (EU)
2017/2114 of 9 November 2017) for the determination of high-
quality liquid assets for the calculation of the LCR ratio (HQLA):
EUR million
2025
2024
2023
Amount
weighted
applicable
Amount
weighted
applicable
Amount
weighted
applicable
High-quality liquid assets-HQLAs
Cash and reserves available at
central banks
150,883
188,745
217,935
Marketable assets Level 1
173,744
150,912
119,043
Marketable assets Level 2A
5,726
4,696
4,236
Marketable assets Level 2B
7,584
6,951
6,814
Total high-quality liquid assets
337,937
351,304
348,028
EUR million
2025
2024
2023
High-quality liquid assets-HQLAs
(numerator)
301,618
315,524
348,028
Total net cash outflows
(denominator)
208,388
206,889
209,892
Cash outflows
287,044
278,760
282,982
Cash inflows
78,656
71,871
73,090
Consolidated LCR ratio (%)
145%
153%
166%
Group LCR ratio (%)
155%
168%
NSFR ratio (%)
126%
126%
123%
Since 2024, the calculation of the consolidated LCR ratio has been
updated to comply with a series of requirements regarding asset
transferability restrictions in third countries. This new consolidated
ratio includes an adjustment whereby any excess liquidity above
100% of LCR outflows, which is subject to transferability
restrictions (legal or operational) in third countries, is not taken
into account. This applies even if the surplus liquidity can be used
to cover additional outflows within the country itself, which is not
subject to any restrictions.
The total high-quality liquid assets differ from the high-quality
liquid assets (HQLAs) considered as the numerator within the
consolidated LCR ratio, due to the aforementioned adjustment.
In addition, since 2024, we have been calculating a Group LCR ratio
using an internal methodology that determines the minimum
common coverage percentage simultaneously across all the
Group's markets and considers all existing restrictions on liquidity
transfers in third countries. This methodology reflects the Group's
resilience to liquidity risk more accurately and the internal ratio
presents a level that is consistent with what would be achieved by
applying the criteria followed until mid-2024, which did not
include restrictions on liquidity transfers between subsidiaries.
Regarding the net stable funding ratio (NSFR), its definition was
approved by the Basel Committee in October 2014. The
transposition of this requirement into European regulation took
place in June 2019 with the publication in the Official Journal of the
European Union of Regulation (EU) 2019/876 of the European
Parliament and of the Council of 20 May 2019. The Regulation
establishes that entities must have a net stable funding ratio, as
defined in the Regulation, above 100% from June 2021.
As for the funding structure, given the inherently commercial
nature of the Group's balance sheet, the loan portfolio is mainly
financed by customer deposits. In note 22, 'Debt securities,' the
composition of these liabilities is presented based on their nature
and classification, the movements and maturity profile of the debt
securities issued by the Group, reflecting the strategy of
diversification by products, markets, issuers, and terms followed
by the Group in its approach to wholesale markets.
iii. Asset encumbrance
Finally, the moderate use of assets by Grupo Santander as
collateral in the sources of structural financing of the balance sheet
should be highlighted.
In accordance with the guidelines established by the European
Banking Authority (EBA) in 2014 on committed and uncommitted
assets, the concept of assets committed in financing transactions
(asset encumbrance) includes both on-balance sheet assets
provided as collateral in transactions to obtain liquidity and off-
balance sheet assets that have been received and reused for
similar purposes, as well as other assets associated with liabilities
for reasons other than financing.
The residual maturities of the liabilities associated with the assets
and guarantees received and committed are presented below, as of
31 of December of 2025 (EUR billion):
Residual
maturities of the
liabilities
Unmatured
<=1month
>1 month
<=3
months
>3 months
<=12
months
>1 year
<=2 years
>2 years
<=3 years
3 years
<=5 years
5 years
<=10 years
>10 years
Total
Committed assets
24.2
50.7
14.1
38.4
38.8
29.5
37.7
36.3
36.6
306.4
Guarantees
received
committed
2.2
85.2
28.2
61.8
4.0
0.8
1.9
1.1
\u2014
185.2
The reported Group information as required by the EBA at 2025
year-end is as follows:
On-balance-sheet encumbered assets
EUR billion
Carrying amount of
encumbered assets
Fair value of
encumbered assets
Carrying amount of
unencumbered assets
Fair value of
unencumbered assets
Loans and advances
152.5
1,149.4
Equity instruments
11.4
11.4
18.7
\u2014
Debt securities
117.9
118.5
182.2
180.7
Other assets
23.1
212.4
Total assets
304.9
1,562.7
Encumbrance of collateral received
EUR billion
Fair value of
encumbered
collateral received
or own debt
securities issued
Fair value of
collateral received
or own debt
securities issued
available for
encumbrance
Collateral received
185.2
70.3
Loans and advances
0.5
\u2014
Equity instruments
12.2
7.1
Debt securities
172.5
63.1
Other collateral received
\u2014
0.1
Own debt securities
issued other than own
covered bonds or ABSs
1.4
1.1
Encumbered assets and collateral received and matching
liabilities
EUR billion
Matching
liabilities,
contingent
liabilities or
securities lent
Assets, collateral
received and own
debt securities
issued other than
covered bonds and
ABSs encumbered
Total sources of
encumbrance
(carrying amount)
472.0
491.5
On-balance-sheet encumbered assets amounted to
EUR\u00a0304,923\u00a0million, of which close to 50% are loans (mortgage
loans, corporate loans, etc.). Guarantees received committed
amounted to EUR 185,160\u00a0million, relating mostly to debt
securities received as security in asset purchase transactions and
re-used.
Taken together, these two categories represent a total of EUR
491,519\u00a0million of encumbered assets, which give rise to EUR
472,045\u00a0million matching liabilities.
As of December 2025, total asset encumbrance in funding
operations represented 23.1% of the Group\u2019s extended balance
sheet under EBA criteria (total assets plus guarantees received:
EUR 2,122,932\u00a0million), similar to December 2024.
d)\u00a0Capital risk
The second line of defence can independently challenge business
and first-line activities by:
\u2022 Supervising capital planning and adequacy exercises through a
review of the main components affecting the capital ratios.
\u2022 Identifying key metrics to calculate the Group\u2019s regulatory
capital, setting tolerance levels and analysing significant
variations, as well as single transactions with impact on capital.
\u2022 Reviewing and challenging the execution of capital actions
proposed in line with capital planning and risk appetite.
Grupo Santander commands a sound solvency position, above the
levels required by regulators and by the European Central bank.
Regulatory capital
At 31 December 2025, at a consolidated level, the Group must
main tain a minimum capital ratio of 9.84% of CET1 ( 4.50% being
the requirement for Pillar I, 0.98% being the requirement for Pillar
2R (requirement), 2.50% being the requirement for capital
conservation\u00a0buffer, 1.25% being the requirement for global
systemically entity (D-SIB), 0.55% being the requirement for anti-
cyclical capital buffer) and a systemic risk requirement of 0.05%
Grupo Santander must also maintain a minimum capital ratio of
11.66% of tier 1 and a minimum total ratio of 14.10%.
In 2025, the solvency target set was achieved. Santander\u2019s CET1
ratio stood at 13.46% 1 at the close of the\u00a0year, demonstrating its
organic capacity to generate capital. The key regulatory capital
figures are indicated below:
Reconciliation of accounting capital with regulatory capital
EUR million
2025
2024
2023
Subscribed capital
7,345
7,576
8,092
Share premium account
36,792
40,079
44,373
Reserves
84,700
76,568
69,278
Treasury shares
(96)
(68)
(1,078)
Attributable profit
14,101
12,574
11,076
Approved dividendC
(1,698)
(1,532)
(1,298)
Shareholders\u2019 equity on public
balance sheet
141,144
135,197
130,443
Valuation adjustments
(37,973)
(36,596)
(35,020)
Non-controlling interests
9,578
8,726
8,818
Total Equity on public balance sheet
112,748
107,327
104,241
Goodwill and intangible assets
(15,037)
(16,098)
(17,313)
Eligible preference shares and
participating securities
9,645
10,371
9,002
Accrued dividendC
(1,827)
(1,611)
(1,471)
Other adjustmentsA
(11,146)
(9,817)
(8,717)
Tier 1B
94,383
90,172
85,742
A. Fundamentally for non-computable non-controlling interests and deductions
and reasonable filters in compliance with CRR.
B. Figures calculated by applying the transitional provisions of CRR 3 .
C. Assumes 25% of underlying profit, see note 4.a for proposed distribution of
results.
Note: Certain figures presented in this capital note have been rounded for ease of
presentation. Consequently, the amounts corresponding to the rows or columns of
totals in the tables presented in this note may not coincide with the arithmetic
sum of the concepts or items that make up the total.
1 Data calculated applying the transitional provisions of CRR 3.
The following table shows the capital coefficients and a detail of
the eligible internal resources of the Group:
Capital coefficients
EUR million
2025
2024
2023
Level 1 ordinary eligible capital
(EUR million)
84,739
79,800
76,741
Level 1 additional eligible capital
(EUR million)
9,645
10,371
9,002
Level 2 eligible capital (EUR million)
17,460
18,418
16,497
Risk-weighted assets (EUR million)
629,430
624,503
623,731
Level 1 ordinary capital coefficient
(CET 1)
13.46%
12.78%
12.30%
Level 1 additional capital
coefficient (AT1)
1.53%
1.66%
1.45%
Level 1 capital coefficient (TIER1)
15.00%
14.44%
13.75%
Level 2 capital coefficient (TIER 2)
2.77%
2.95%
2.64%
Total capital coefficient
17.77%
17.39%
16.39%
Eligible\u00a0capital
EUR million
2025
2024
2023
Eligible\u00a0capital
Common Equity Tier I
84,739
79,800
76,741
Capital
7,345
7,576
8,092
(-) Treasure shares and own shares
financed
(1,892)
(1,694)
(2,847)
Share Premium
36,792
40,079
44,373
Reserves
84,663
76,608
68,721
Other retained earnings
(39,918)
(38,617)
(35,038)
Minority interests
9,037
8,479
6,899
Profit net of dividends
10,576
9,431
8,307
Deductions
(21,863)
(22,061)
(21,766)
Goodwill and intangible assets
(15,037)
(15,957)
(17,220)
\u00a0 Others
(6,826)
(6,104)
(4,546)
Additional Tier I
9,645
10,371
9,002
Eligible instruments AT1
8,937
9,725
8,461
AT1-excesses-subsidiaries
708
645
541
Tier II
17,460
18,418
16,497
Eligible instruments T2
17,754
18,869
17,101
Excess IRB provision on PE
\u2014
\u2014
76
T2-excesses -\u00a0subsidiaries
(294)
(450)
(680)
Total eligible capital
111,845
108,589
102,240
Note: Banco Santander, S.A. and its affiliates had not taken part in any State aid
programmes.
Leverage ratio
Basel III established the leverage ratio as a non-risk sensitive
measure aimed at limiting excessive balance sheet growth relative
to available capital.
The Group performs the calculation in accordance with Regulation
(EU) 2019/876 of 20 May 2019 amending Regulation (EU) No
575/2013 as regards the leverage ratio.
This ratio is calculated as tier\u00a01 capital divided by leverage
exposure. Exposure is calculated as the sum of the following items:
\u2022 Accounting assets, excluding derivatives and items treated as
deductions from tier\u00a01 capital (for example, the balance of loans
is included, but not that of goodwill) further excluding the
exposures referred to in Article 429.a (1) of the regulation.
\u2022 Off-balance-sheet items (mainly guarantees, unused credit limits
granted and documentary credits) weighted using credit
conversion factors.
\u2022 Inclusion of net value of derivatives (gains and losses are netted
with the same counterparty, minus collaterals if they comply
with certain criteria) plus a charge for the future potential
exposure.
\u2022 A charge for the potential risk of security funding transactions.
\u2022 Lastly, it includes a charge for the risk of credit derivative swaps
(CDS).
With the publication of Regulation (EU) 2019/876 of 20 May, 2019,
amending Regulation (EU) n.\u00ba 575/2013 as regards the leverage
ratio, the final calibration of the ratio is set at 3% for all entities
and, for systemic entities G-SIB, is established an additional
surcharge which would be 50% of the cushion ratio applicable to
the EISM, applicable from January 2023. In addition, modifications
are included in its calculation, including the exclusion of certain
exposures from the total exposure measure: public loans when
exceptional circumstances arise, public loans, transfer loans and
officially guaranteed export credits, transfer loans and officially
guaranteed export credits.
EUR million
2025
2024
2023
Leverage
Level 1 Capital
94,385
90,170
85,742
Exposure
1,924,349
1,885,572
1,826,922
Leverage Ratio
4.90%
4.78%
4.69%
Global systemically important banks
Grupo Santander is one of 29 banks designated as global
systemically important banks (G-SIBs).
The designation as a globally systemic entity comes from a
measurement established by the regulators (FSB and BCBS) that
they have implemented based on five indicators (size,
interjurisdictional activity, interconnection with other financial
entities, substitutability and complexity). The list uses data as of
the end of 2024 and is based on a methodology agreed in July
2018 and implemented for the first time in the assessment of G-
SIBs as of the end of 2021, incorporating, among other things, an
additional score considering the Member States of the SRM as a
single jurisdiction.
This definition means it has to fulfil certain additional
requirements, which consist mainly of a capital buffer (1%), in
TLAC requirements (total loss absorbing capacity), that Grupo
Santander has to publish relevant information more frequently
than other banks, greater regulatory requirements for internal
control bodies, special supervision and drawing up of special
reports to be submitted to supervisors.
Additionally, Grupo Santander appears both on the list of global
systemic entities and on the list of domestic systemic entities. Bank
of Spain, based on rule 23 of Circular 2/2016, requires the
application of the highest of the two corresponding buffers, in the
case of Grupo Santander being the domestic one, 1.25%, a
surcharge payable by 2025.
The fact that Grupo Santander has to comply with these
requirements makes it a more solid bank than its domestic rivals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1947": { "value": "
b) Credit risk
1. Introduction to the credit risk treatment
Grupo Santander takes a holistic view of the credit risk cycle,
including the transaction, the customer and the portfolio, in order
to identify, analyse, control and decide on credit risk.
Credit risk identification facilitates active and effective portfolio
management and control. Grupo Santander identify and classify
external and internal risk in each business to adopt any corrective
or mitigating measures through:
1.1. Planning
Planning allows to set business objectives and define concrete
action plans, integrating the risk appetite statement into portfolio
management.
Strategic commercial plans (SCPs) are the management and
control tool that the Business and Risk areas define for credit
portfolios, with support from the other functions involved (Finance,
Management Control, among others). They set out the commercial
strategy, risk policies, and the resources and infrastructure
required, providing a holistic view of portfolio management.
They also provide an up-to-date view of portfolio credit quality,
enable risk measurement, support the execution of internal
controls over the defined strategy, allow for periodic monitoring,
and help detect material deviations or potential impacts,
facilitating the adoption of corrective measures when necessary.
SCPs are aligned with subsidiaries\u2019 risk appetite and capital
objectives, as well as those of the Group, and are approved and
overseen by local senior management before being reviewed and
ratified at Group level.
1.2. Risk assessment and credit rating
Credit risk approval criteria focus on borrowers\u2019 ability to meet
their financial obligations. The assessment uses statistical models
and an analysis of the net funds or cash flows generated by
economic activity, or of regular income, to determine customers\u2019
repayment capacity in a consistent and sustainable manner.
Some statistical credit quality assessment models feed into
decision engines to deliver a credit risk assessment quickly and in a
consistent, standardised way. These engines support faster and
more uniform decision-making, reduce manual errors, apply the
same assessment criteria to all customers, and provide traceability
and support regulatory compliance. These ratings have multiple
uses in risk management, including the origination process
(application of limits and pre-approvals), risk monitoring, and as an
input to transaction pricing.
These credit rating models may be:
\u2022 Rating: from mathematical algorithms that have a quantitative
model based on balance sheet ratios or macroeconomic variables
or behavioural information, and a qualitative module
supplemented by the credit analyst\u2019s expert judgement. It is used
for large corporates, corporates, institutional and SME segments
(with individualised treatment).
\u2022 Scoring: an automated system that assesses credit applications
based on the information provided (admission scoring) or
customers\u2019 credit profiles based on their relationship with the
institution (behavioural scoring). Both are complemented by
other available information (for example, from external
databases). The system automatically assigns each customer an
individual score, which then supports the subsequent decision. It
is used for individuals and small businesses with no assigned
analyst.
The Group\u2019s parameter estimation models rely on econometric
models built on historical default and loss data from the portfolios.
The Group uses them to calculate economic and regulatory capital,
and IFRS 9 provisions, at operation, customer and portfolio level.
A rigorous governance framework covers the ongoing monitoring
and continuous calibration of these models to assess their
suitability, predictive power, performance and granularity, as well
as compliance with credit policies.
In addition, the Group reviews ratings using the latest available
financial information and other relevant data.
Grupo Santander\u00b4s limits, pre-classifications and pre-approvals
processes determine the level of risk the Group can take on with
each customer. Automated processes approve and monitor these
decisions. Approved limits must align with expected profitability.
To support this, we use profitability estimation and risk-based
pricing tools that contribute to sustainable portfolio growth.
Grupo Santander applies various limits models to each segment:
\u2022 Large corporate groups are subject to a pre-classification model
based on a system for measuring and monitoring economic
capital. Pre-classification models express the level of risk Grupo
Santander is willing to assume in transactions with customers/
groups.
\u2022 In the corporate segment, for customers that meet certain
predefined criteria (including internal rating and profitability),
the Group applies a pre-classification model for the main
products related to the customer\u2019s recurring business. The model
operates through the setting of internal nominal limits, which
define the level of risk to take on with each customer based,
among other factors, on their repayment capacity and leverage.
Corporate transactions that exceed certain limits or have specific
features must be handled through the approval process for an ad
hoc proposal.
\u2022 For individual customers and SMEs with low turnover, Grupo
Santander manages large volumes of credit transactions using
automated decision models that assess each case and assign a
limit per customer and transaction.
1.3. Scenario analysis
Grupo Santander\u00b4s scenario analyses determine the potential risks
in its credit portfolios and provide a better understanding of our
portfolios' performance under various macroeconomic conditions.
They allow us to anticipate management strategies that will avoid
future deviations from defined plans and targets.
They simulate the impact of alternative scenarios in portfolios\u2019
credit parameters (PD, LGD) and expected credit losses. Grupo
Santander compares findings with portfolios\u2019 credit profile
indicators to find the right measures for managers to take. Credit
risk management of portfolios and SCPs incorporate scenario
analyses.
1.4. Monitoring
Regular, holistic monitoring of customers and portfolios is an
essential element of the Group\u2019s credit risk management, as it
enables continuous monitoring of credit quality, early identification
of potential impairment and analysis of business performance
against predefined plans and objectives.
The monitoring process systematically analyses changes in credit
exposures, customers\u2019 financial and qualitative characteristics, and
any relevant changes in their risk classification. This preventive
approach draws on transactional information, behavioural
indicators and advanced analytics tools, including early-warning
engines, which support early identification of potential
deterioration and the implementation of specific actions at both
customer and portfolio level, based on the assigned monitoring
level.
Monitoring adapts to customer segmentation and the applicable
management approach:
\u2022 in the large corporate segment, monitoring is carried out jointly
by the commercial managers and the risk analysts, which
provides an up-to-date, comprehensive view of the customer\u2019s
credit quality at all times and supports the early identification of
any potential deterioration.
\u2022 In the commercial banking, institutions and SMEs with an
assigned a credit analyst, he teams carry out enhanced
monitoring of customers whose risk profile or specific
circumstances require it. This includes the periodic review of their
internal ratings based on relevant financial, behavioural and
environmental indicators.
\u2022 Monitoring of individual customers, businesses and smaller
SMEs follows a system of automatic alerts to detect shifts in
portfolios\u2019 performance.
The Group structures this process for customers with an assigned
analyst through the SCAN (Santander Customer Assessment Note)
monitoring framework. SCAN assigns a specific monitoring level to
each customer, sets the related operating policies, defines concrete
management actions, identifies accountable owners and
establishes a review frequency aligned with the customer\u2019s risk
profile and relevance.
In addition, the Group has aggregated control and analysis
procedures that track portfolio performance, identify material
deviations from strategic plans or defined alert thresholds, and
help prioritise management focus areas. The process is
complemented by contingency plans (risk playbooks), which
support the early identification and management of impacts from
external factors \u2014 such as macroeconomic, sector or market
changes \u2014 and, where appropriate, trigger corrective measures,
including adjustments to risk policies.
1.5.\u00a0Credit risk mitigation techniques
Risk approval criteria generally focus on borrowers\u2019 ability to meet
their financial obligations, without prejudice to any collateral that
the Bank may require. Collateral and guarantees provided by the
obligor in favour of the Bank aim to modulate the level of
exposure.
To determine ability to pay, the Group analyses funds or cash flows
from businesses or other regular income, not including guarantors
or loan collateral which are always considered at credit approval as
a secondary means of recourse.
A guarantee is an additional protection mechanism in a credit
transaction, intended to mitigate loss in the event of a failure to
meet the payment obligation. The Group applies different credit
risk mitigation techniques depending, among other factors, on the
customer and product type. Some are specific to an individual
transaction (e.g., real estate guarantees), while others apply to a
set of transactions (e.g., derivatives netting or collateral
arrangements). These techniques may be grouped into personal
guarantees, real guarantees and hedges using credit derivatives.
The correct acceptance of these mitigation techniques is
established by verifying their legal enforceability in all
jurisdictions. The entire process is subject to internal control and
effective monitoring of the valuation of the guarantees, especially
real estate guarantees.
1.6.\u00a0Collections & recoveries management
Recovery activity is a relevant function within Grupo Santander\u2019s
risk management and control framework, as it contributes to
portfolio quality as one of the key pillars supporting the Bank\u2019s
development, growth and business sustainability. Collections and
debt recovery management is a specific, ongoing focus to keep
portfolio quality within the expected levels.
The Collections and Recoveries area defines a global management
strategy, based on an end-to-end approach and general lines of
action for subsidiaries. Recovery management operates under
policies and an independent control environment defined by the
risk function, aligned with regulatory requirements and with the
Group Santander conduct risk management model. The Group
carries out this activity in line with strategies defined by the
recovery function, in coordination with the Risk areas.
The recovery strategy combines advanced customer segmentation
and the intensive use of digital tools. This supports the
optimisation of mass portfolio management and provides tailored
support for customers who require individual treatment. The
customer remains the focus, and recovery strategies are defined in
the context of the relationship with the customer, prioritising the
customer\u2019s viability. As a result, teams manage the customer
holistically across all phases of the cycle.
The function\u2019s approach covers the entire credit cycle, prioritising
solutions that support customer viability. Even after the asset is
written off (failed risk), the Group continues to carry out the
necessary actions to maximise recovery. The failed risk category
includes debt instruments, whether past due or not, for which,
following an individual assessment, recovery is considered remote
due to a significant and irreversible deterioration in the solvency of
the exposure or the holder. Classification in this category entails
the full or partial cancellation of the exposure\u2019s gross carrying
amount and its derecognition from the balance sheet, without
implying that the Group stops negotiations and legal proceedings
to recover the amount.
2. Main aggregates and variations
Below are the main aggregates relating to credit risk from our
activities with customers:
Main credit risk performance metrics from activity with customersA
December data
Credit risk with customers
(EUR million)B
Credit impaired
(EUR million)
NPL ratio
(%)
2025
2024
2023
2025
2024
2023
2025
2024
2023
Spain
302,271
285,883
278,569
5,915
7,672
8,529
1.96
2.68
3.06
UK
244,303
248,061
247,360
2,645
3,299
3,518
1.08
1.33
1.42
Portugal
44,674
41,418
39,503
928
993
1,024
2.08
2.40
2.59
Poland
46,427
44,704
39,329
1,549
1,636
1,397
3.34
3.66
3.55
US
147,303
148,643
137,893
7,150
7,012
6,303
4.85
4.72
4.57
Mexico
53,476
49,927
52,785
1,420
1,352
1,489
2.65
2.71
2.82
Brazil
105,410
104,519
113,937
7,192
6,418
7,479
6.82
6.14
6.56
Chile
44,146
44,590
46,565
2,528
2,394
2,332
5.73
5.37
5.01
Argentina
8,813
8,411
3,903
677
173
78
7.68
2.06
1.99
DCB Europe
144,039
141,312
135,608
3,642
3,527
2,877
2.53
2.50
2.12
Corporate Centre
6,356
5,959
5,494
271
301
302
4.27
5.06
5.49
Total Group
1,181,945
1,157,273
1,133,898
34,393
35,265
35,620
2.91
3.05
3.14
NPL coverage\u00a0ratio
(%)
Net loan-loss provisions C
(EUR million)
Cost\u00a0of\u00a0risk
(%/risk) D
2025
2024
2023
2025
2024
2023
2025
2024
2023
Spain
55
53
49
1,142
1,259
1,522
0.44
0.50
0.62
UK
33
29
30
177
64
247
0.07
0.03
0.10
Portugal
83
79
83
(8)
11
77
(0.02)
0.03
0.20
Poland
65
62
73
283
511
674
0.71
1.38
2.08
US
55
64
68
2,244
2,507
2,593
1.63
1.82
1.92
Mexico
105
100
100
1,239
1,277
1,135
2.69
2.64
2.43
Brazil
83
83
85
4,409
4,487
4,701
4.73
4.51
4.77
Chile
48
50
53
531
497
365
1.32
1.19
0.80
Argentina
90
177
166
574
284
150
7.34
4.59
6.64
DCB Europe
87
83
88
1,363
1,209
792
0.97
0.88
0.62
Corporate Centre
24
25
33
198
(3)
(2)
3.30
(0.05)
(0.04)
Total Group
66
65
66
12,411
12,333
12,458
1.15
1.15
1.18
A. Management perimeter according to the reported segments.
B. Includes gross loans and advances to customers, guarantees and documentary credits.
C. Loan-loss provisions net of post write-off recoveries (EUR 1,795\u00a0million in 2025).
D. Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months.
Information on the estimation of impairment losses
The calculation of provisions for credit risk losses is performed at
financial asset level, estimating potential credit losses through the
difference between the contractual cash flows and the expected
cash flows, ensuring that the results are adequate considering the
status of the transaction, economic conditions and available
forward-looking information.
The IFRS 9 impairment model applies to financial assets valued at
amortized cost; debt instruments valued at fair value with changes
in other comprehensive income; leasing receivables; and
commitments and guarantees not valued at fair value.
The portfolio of financial instruments subject to IFRS 9 has three
credit risk categories (or stages) according to the status of each
instrument in relation to its level of credit risk:
\u2022 Stage 1: financial instruments with no significant increase in risk
since initial recognition \u2013 the impairment provision reflects
expected credit losses from defaults over the 12 months from
the reporting date.
\u2022 Stage 2: financial instruments with a significant credit risk
increase since initial recognition but no materialized impairment
event \u2013 the impairment provision reflects expected losses from
defaults over the financial instrument\u2019s residual life.
\u2022 Stage 3: financial instruments with true signs of impairment as a
result of one or more events resulting in a loss \u2013 the impairment
provision reflects expected losses for credit risk over the
instrument\u2019s expected residual life.
The classification of financial instrument in the IFRS 9 stages is
carried out in accordance with the guidelines through the risk
management policies of the subsidiaries, which are consistent with
the Group's policies.
Estimation of expected loss
The Group uses parameters (mainly EAD, PD, LGD and the discount
rate) to calculate impairment provisions. These parameters build
on the infrastructure of internal models used to calculate
regulatory capital and on regulatory and management expertise,
and they also reflect each financial asset\u2019s stage classification.
However, these parameters are not a simple adaptation of existing
models. We designed and validated them specifically in line with
IFRS 9 requirements and guidance from bodies such as the EBA, ,
National Competent Authority (NCA), Bank for International
Settlements (BIS) or Global Public Policy Committee (GPPC). Their
development incorporates forward-looking information, a point-in-
time (PIT) approach, multiple scenarios and lifetime loss
estimation through lifetime PD, among other elements.
Determination of significant increase in credit risk (SICR)
To determine classification in Stage 2, the Group assesses whether
a SICR has occurred since the initial recognition of the exposures.
The Group performs this assessment under common principles
applicable across the Group, reviewing all financial instruments
subject to this analysis and taking into account the specific features
of each portfolio and product type through a range of quantitative
and qualitative indicators.
Expert judgement from analysts supports the SICR assessment.
Analysts set the thresholds within an integrated management
framework and in line with the approved corporate governance.
The principles are as follows:
\u2022 Universality: all financial instruments subject to a credit rating
must be assessed for their possible SICR.
\u2022 Proportionality: the definition of the SICR must take into account
the particularities of each portfolio.
\u2022 Materiality: its implementation must be also consistent with the
relevance of each portfolio so as not to incur in unnecessary costs
or efforts.
\u2022 Holistic vision: the approach selected must be a combination of
the most relevant credit risk aspects (e.g. quantitative and
qualitative).
\u2022 Application of IFRS 9: the approach must take into consideration
IFRS 9 characteristics, focusing on a comparison with credit risk
at initial recognition, as well as considering forward-looking
information.
\u2022 Risk management integration: the criteria must be consistent
with those metrics considered in the day-to-day risk
management.
\u2022 Documentation: appropriate documentation must be prepared.
The techniques are summarised below:
\u2022 Stability of stage 2: in the absence of significant changes in the
portfolios credit quality, the volume of assets in stage 2 should
maintain a certain stability as a whole.
\u2022 Economic reasonableness: at transaction level, stage 2 is
expected to be a transitional rating for exposures that could
eventually move to a deteriorating credit status at some point or
stage 3, as well as for exposures that have suffered credit
deterioration and whose credit quality is improving and returns
to stage 1.
\u2022 Predictive power: it is expected that the SICR definition avoids, as
far as possible, direct migrations from stage 1 to stage 3 without
having been previously classified in stage 2.
\u2022 Time in stage 2: it is expected that the exposures do not remain
categorized as stage 2 for an excessive time.
The application of the aforementioned techniques, conclude in the
setting of one or several thresholds for each portfolio in each
geography. Likewise, these thresholds are subject to a regular
review by means of calibration tests, which may entail updating
the thresholds types or their values.
Identifying a significant increase in credit risk: when classifying
financial instruments under stage 2, Santander considers:
\u2022 Quantitative criteria: Grupo Santander reviews and quantifies
changes in the risk of default during their expected life based on
their credit risk level on initial recognition.
For the purposes of assessing significant changes when financial
instruments are classified in Stage 2, each subsidiary has set
quantitative thresholds for its portfolios in line with Group
guidelines, seeking a consistent interpretation across all our
geographies. The calibration principles for these thresholds are
set out in the previous paragraph and may result in two types of
thresholds:
\u2022 Relative. Thresholds that compare current credit quality with
credit quality at origination, expressed as a percentage change.
\u2022 Absolute. Thresholds that compare current credit quality with
credit quality at origination, expressed as an absolute change.
In addition, in line with the ECB\u2019s supervisory expectations, the
Group has set a 200% cap on the relative threshold, known as
the 'threefold increase'. As a result, exposures whose credit
quality has deteriorated by more than 200% in relative terms \u2014
using an approach analogous to the relative threshold described
in the previous paragraph \u2014 transfer from Stage 1 to Stage 2.
Meeting any of the absolute thresholds, the relative thresholds
or the 200% cap on the relative threshold (threefold increase) on
an individual basis results in the transfer of the financial
instrument exposure from Stage 1 to Stage 2.
In addition, the Group may apply the Low Credit Risk Exemption
at the reporting date, so that certain exposures that continue to
meet this condition may remain in Stage 1. This exemption
applies only to quantitative significant increase in credit risk
criteria; therefore, qualitative criteria are not eligible for
exemption. The Group uses it on a limited basis, documents it
and reviews it periodically. When an exposure no longer meets
the low credit risk condition, it transfers to Stage 2 in line with
the criteria above.
\u2022 Qualitative criteria: several indicators aligned with ordinary credit
risk management indicators (e.g. past due for over 30 days,
forbearance, early warning indicators system, etc.). Each
subsidiary has defined these indicators for their portfolios, with
special attention to reinforcing these qualitative criteria through
expert judgment and aligning them to the criteria used in
management.
When the presumption of a significant deterioration of credit risk
is removed, due to a sufficient improvement of the credit quality,
the obligor can be re-classified to stage 1, without any
probationary period in stage 2.
\u2022 Definition of default: Santander incorporated the new definition
to provisions calculation according to the EBA\u2019s guidelines; the
Group is also considering applying it to prudential framework. In
addition, the default definition and stage 3 have been aligned.
This definition considers the following criteria to classify
exposures as stage 3: financial instruments with one or more
payments more than 90 consecutive days past due, representing
at least 1% of the client's total exposure or the identification of
other criteria demonstrating, even in the absence of defaults,
that it is unlikely that the counterparty is unlikely to meet all of
its financial obligations.
Grupo Santander applies the default criteria to all exposures of
the impaired client. Where an obligor belongs to a group, the
default criteria may also be applied to all exposures of the group.
The default classification is maintained during the 3-month test
period following the disappearance of all default indicators
described above, and this period is extended to one year for
forbearances that have been classified as default.
\u2022 Expected life of financial instruments: Santander estimates the
expected life of financial instruments according to their
contractual terms (e.g. prepayments, duration, purchase options,
etc.).
The contractual period (including extension options) is the
maximum time frame for measuring the expected credit loss. If
financial instruments have an undefined maturity period and
undrawn amounts (e.g. credit cards), Santander estimates its
expected life based on the total exposure period and effective
management practices to mitigate exposure.
1. Forward-looking vision
Estimating expected credit losses (ECL)requires significant expert
judgement and the incorporation of historical, current and forward-
looking information. Expected loss estimates are therefore based
on an unbiased, probability-weighted likelihood of up to five
possible future scenarios that could affect the collection of
contractual cash flows. These scenarios consider the time value of
money, relevant information available on past events, current
conditions and forecasts of the macroeconomic factors considered
important in estimating this amount (e.g. GDP, house prices and
the unemployment rate, among others).
Santander uses forward-looking information in internal
management and regulatory processes under several scenarios.
The Group's guidelines and governance seek synergy and
consistency between these different processes.
2. Additional elements
Additional elements will be required when necessary because they
have not been captured under the two previous elements. This has
included, among others, the analysis of sectors most affected if
their impacts are not sufficiently captured by the macroeconomic
scenarios. Also collective analysis techniques, when the potential
impairment in a group of clients cannot be identified individually.
With the elements indicated above, Grupo Santander has
evaluated in each of the geographical areas the evolution of the
credit quality of its customers, for the purposes of classifying them
into stages and consequently calculating expected loss.
Management overlays
During 2025, the Group strengthened coverage across its portfolios
by implementing overlays, mainly in Brazil, Chile and Mexico,
where it increased the PMA buffer to anticipate the impact of the
year\u2019s model recalibrations, as well as other potential deviations.
In addition, the Group gradually released the adjustments related
to climate events, such as the Valencia dana experienced in late
October 2024, in the case of Santander Spain and the Spanish DCB
office.
Overall, the amount of overlays at year-end 2025 remains
immaterial compared with the Group\u2019s total allowance for credit
losses.
Exposure and loan-loss reserves
Then, considering the most relevant units of the Group (United
Kingdom, Spain, United States, Brazil, also Chile, Mexico, Portugal,
Poland, Argentina and Santander Consumer Finance), which
represent approximately 96% of the total Group's provisions. The
table below shows the loan-loss reserves associated with each
stage as of 31 December 2025, 2024 and 2023. In addition,
depending on the transactions credit quality, the exposure is
divided into four categories according to Standard & Poor's rating
scale:
Exposure and loan-loss reserves by stage
EUR million
2025
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
121,023
2,295
\u2014
123,318
From A+ to BB
383,494
15,188
\u2014
398,682
From BB- to B-
300,108
47,292
\u2014
347,400
CCC and below
8,146
17,733
32,664
58,543
Total exposure B
812,771
82,508
32,664
927,943
Loan-losses
reservesC
3,147
4,915
13,900
21,962
Exposure and loan-loss reserves by stage
EUR million
2024
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
108,977
2,599
\u2014
111,576
From A+ to BB
431,544
16,600
\u2014
448,144
From BB- to B-
288,302
45,129
\u2014
333,431
CCC and below
10,431
17,088
32,901
60,420
Total exposureB
839,254
81,416
32,901
953,571
Loan-losses
reservesC
3,276
4,715
13,669
21,660
Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
147,065
2,261
\u2014
149,326
From A+ to BB
421,449
13,910
\u2014
435,359
From BB- to B-
262,954
41,237
\u2014
304,191
CCC and below
11,829
19,376
33,838
65,043
Total exposure B
843,297
76,784
33,838
953,919
Loan-losses
reservesC
3,592
5,055
14,131
22,778
A. Detail of credit quality ratings calculated for Group management purposes.
B. Total exposure includes loan balances (drawn amounts) and off balance (letters
of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and
undrawn commitments.
C. Includes provisions for undrawn authorized lines (loan commitments).
The remai ning units that form the totality of the Group exposure,
account for EUR 93,731\u00a0million: EUR 89,094\u00a0million in stage 1; EUR
3,528\u00a0million in stage 2; and EUR 1,109\u00a0million in stage 3 (in 2024
EUR 80,541\u00a0million in stage 1; EUR 2,534\u00a0million in stage 2, and
EUR 874\u00a0million in stage 3. In 2023, EUR 68,788\u00a0million in stage 1;
EUR 1,504\u00a0million in stage 2, and EUR 658\u00a0million in stage 3), and
loan-loss reserves totalled EUR 759\u00a0million, of which: EUR
213\u00a0million in stage 1; EUR 152\u00a0million for stage 2, and EUR
394\u00a0million in stage 3 (in 2024, EUR 165\u00a0million, EUR 117\u00a0million
and EUR 295\u00a0million and in 2023, EUR 199\u00a0million, EUR 73\u00a0million
and EUR 161\u00a0million in stage 1, stage 2 and stage 3, respectively).
The remaining exposure, including all financial instruments not
included before, amounts to EUR 834,911\u00a0million (EUR
665,476\u00a0million in 2024 and EUR 598,385\u00a0million in 2023), and it
includes all undrawn authorized lines (loan commitments).
As of 31 December 2025, the Group had EUR 334\u00a0million net of
provisions (EUR 559\u00a0million and EUR 743\u00a0million at 31 December
2024 and 2023, respectively) of purchased credit-impaired assets,
which relate mainly to the business combinations carried out by
the Group.
In relation to the evolution of credit risk provisions, the Group,
together with its main geographies, monitors them through
sensitivity analyses that assess the impact of changes in
macroeconomic scenarios and their key variables on the allocation
of financial assets across stages and on the measurement of credit
risk provisions.
Additionally, based on consistent macroeconomic scenarios, the
Group also performs stress tests and sensitivity analysis in a
regular basis, such as ICAAP, strategic plans, budgets and recovery
and resolution plans. In this sense, a prospective view of the
sensitivity of each of the Group\u2019s loan portfolio is created in
relation to the possible deviation from the base scenario,
considering both the macroeconomic developments in different
scenarios and the three year evolution of the business. These tests
include potentially adverse and favourable scenarios.
3. Detail of the main geographical areas
Following is the risk information related to the most relevant
geographies in exposure and credit risk allowances.
This information includes sensitivity analysis, consisting on
simulations of +/-100 bp in the main macroeconomic variables. A
set of specific and complete scenarios is used in each geography,
where different shocks that affect both the reference
macroeconomic variable as well as the rest of the parameters is
simulated, with different intensities. These shocks collect mainly
the most relevant risks and may be originated by productivity, tax,
wages or exchange and interest rates factors.
Sensitivity is measured as the average variation on expected loss
corresponding to the aforementioned movement of +/-100 bp.
Following a conservative approach, the negative movements take
into account one additional standard deviation in order to reflect
the potential higher variability of losses.
3.1.\u00a0United Kingdom
Portfolio overview
Credit risk with customers in the UK remained stable in EUR
244,303\u00a0million. This credit risk represents 21% of Santander\u2019s
loan portfolio.
At 1.08%, the NPL ratio decreased 25 bps in comparison to the year
end of 2024, due to the good performance in the mortgage
portfolio.
Mortgage portfolio
Because of its size, Grupo Santander closely monitor Santander
UK\u2019s mortgage portfolio for the entity itself and the Group.
As of 31 December 2025, the mortgage portfolio of Santander UK
remained stable, at local currency, and reached EUR
192,047\u00a0million. It co mprises residential mortgages granted to
new and existing customers which are first lien mortgages. There
are no second or more liens on mortgaged properties.
Originations have increased in 2025 compared to 2024, a sign of a
more active housing market due to lower interest rates and less
pressure on households\u2019 purchasing power. The housing market
returned to growth in 2025, with a higher level of transactions and
price increases compared to 2024.\u00a0
Under Santander's risk management principles, a property must be
appraised independently before we can approve a new mortgage.
In line with market practices and the law, we get updated values of
properties used as mortgage collateral from an independent
agency's automatic appraisal system.
Santander UK's wide range of mortgages include:
\u2022 Interest-only loans (21%): Customers pay interest every month
and repay the principal at maturity. These mortgages, which are
common in the UK, require borrowers to have an appropriate
repayment vehicle, such as a pension plan or an investment fund.
To mitigate inherent risk, Santander UK has restrictive approval
requirements, such a maximum loan-to-value ratio of 50% and
an assessment of the ability to pay both interest and capital.
\u2022 Flexible loans (2%): Loan agreements allow borrowers to modify
monthly payments or draw down additional funds up to a set
limit under various conditions.
\u2022 Buy-to-let (9% ): Buy-to-let mortgages account for a small
portion of the total portfolio and are subject to strict risk
approval policies.
Santander\u2019s NPL ratio highlights the resilience of the mortgage
portfolio in a challenging economic environment and an intensely
competitive market. It stood at 0.87% at the end of December
2025 (-20 bps YoY).
At 31 December 2025, 82% of the mortgage portfolio had an LTV
lower than 70%.
Information on the estimation of impairment losses
The detail of Santander's UK exposure and loan-loss reserves
associated with each of the stages at 31 December 2025, 2024 and
2023, is shown below.
In addition, the exposure is divided in four tranches of the Standard
& Poor's rating scale, according to their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
2025
Credit qualityA
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
29,963
381
\u2014
30,344
From A+ to BB
152,981
9,529
\u2014
162,510
From BB- to B-
17,630
8,770
\u2014
26,400
CCC and below
2
615
2,475
3,092
Total exposureB
200,576
19,295
2,475
222,346
Loan-loss reservesC
163
319
373
855
Exposure and loan-loss reserves by stage
EUR million
2024
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
32,012
1,184
\u2014
33,196
From A+ to BB
159,970
10,916
\u2014
170,886
From BB- to B-
17,594
11,175
\u2014
28,769
CCC and below
12
695
3,292
3,999
Total exposure B
209,588
23,970
3,292
236,850
Loan-loss reservesC
166
401
400
967
Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
46,236
1,273
\u2014
47,509
From A+ to BB
145,884
10,850
\u2014
156,734
From BB- to B-
13,588
13,995
\u2014
27,583
CCC and below
\u2014
\u2014
3,518
3,518
Total exposure B
205,708
26,118
3,518
235,344
Loan-loss reservesC
172
498
396
1,066
A. Detail of credit quality ratings calculated for Group management purposes.
B. Total exposure includes loan balances (drawn amounts) and off balance (letters
of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and
undrawn commitments.
C. Includes provisions for undrawn authorized lines (loan commitments).
For the estimation of expected losses, prospective information is
taken into account. Specifically, Santander UK considers four
macroeconomic scenarios, which are updated periodically. The
evolution forecasted in 2025 for the next five years of the main
macroeconomic indicators used by Santander UK to estimate
expected losses is presented below:
2026 - 2030
Variables
Pessimistic
scenario\u00a02
Pessimistic
scenario\u00a01
Base
scenario
Optimistic
scenario
Interest rate
2.4%
3.5%
3.3%
3.0%
Unemployment
rate
7.3%
5.8%
4.5%
4.2%
Housing price
change
(2.9%)
(0.2%)
2.9%
4.4%
GDP growth
(0.02%)
0.2%
1.4%
2.4%
Each of the macroeconomic scenarios is associated with a given
weight. In terms of allocation, Santander UK associates the highest
weighting to the base scenario, while it associates the lowest
weightings to the most extreme or severe scenarios. In addition, at
31 December 2025, 2023 and 2022, the weights used by
Santander UK reflect the future prospects of the British economy in
relation to its current political and economic position so that higher
weights are assigned for negative scenarios:
2025
2024
2023
Pessimistic scenario\u00a03
20%
20%
Pessimistic scenario\u00a02
10%
10%
10%
Pessimistic scenario\u00a01
25%
25%
10%
Base scenario
50%
50%
50%
Optimistic scenario
15%
15%
10%
The sensitivity analysis of the main portfolios expected loss to
variations of +/-100 bp for the macroeconomic variables used in
the construction of the scenarios, as of December 2025, is as
follows:
Change in Provision
Mortgages
Corporates
GDP Growth
-100 bps
11.6%
3.9%
+100 bps
(2.9%)
(1.4%)
Housing price change
-100 bps
7.3%
6.0%
+100 bps
(3.5%)
(1.6%)
Unemployment rate
-100 bps
(12.3%)
(2.5%)
+100 bps
23.7%
5.7%
With regard to Stage 2 classification, Santander UK applies
quantitative criteria based on identifying an increase in lifetime
probability of default (PD) for the transaction that exceeds both an
absolute and a relative threshold. The PDs used in this assessment
are adjusted to the transaction\u2019s remaining term and annualised to
facilitate the definition of thresholds that cover the full range of
transaction maturities. The relative threshold is common across all
portfolios, and Santander UK considers that a transaction exceeds
this threshold when its lifetime PD increases by 100% compared to
the PD at initial recognition. The absolute threshold, by contrast,
differs across portfolios depending on the characteristics of the
transactions.
In addition, each portfolio has a set of specific qualitative criteria
indicating that the exposure has experienced a significant increase
in credit risk, irrespective of the evolution of its PD since initial
recognition. Among other criteria, Santander UK considers that a
transaction shows a significant increase in credit risk when it is
more than 30 days past due. It also has implemented early
warning indicator system to support Stage 2 classification. These
criteria align with the risk management practices of each portfolio.
3.2. Spain
P ortfolio overview
Santander Espa\u00f1a\u2019s credit risk totalled EUR 302,271\u00a0million (26% %
of Grupo Santander\u2019s total). It is appropriately diversified among
products and customer segments.
The NPL ratio was 1.96%, 73 bps lower than in December 2024.
This decrease was driven by the portfolio\u2019s strong performance,
supported by the execution of the NPL reduction plan.
The NPL coverage ratio increased slightly to 55% (+2 p.p. year-on-
year). The cost of risk decreased to 0.44% (-7 bps vs. December
2024), driven by the strong performance of the SME and corporate
portfolios, partly offset by the performance of the individuals
portfolio.
Macroeconomic projections suggest the economy will moderate its
growth pace slightly, but will remain dynamic and well above the
eurozone average, as the Spanish economy has largely been
supported by stronger domestic demand amid a weaker-than-
expected external sector.
Residential mortgage portfolio
Residential mortgages in Spain, including Santander Consumer
Finance business, amounted to EUR 60,002\u00a0million in 2025 (EUR
59,316 million and EUR 61,097 million in 2024 and 2023,
respectively), 99.64% of which have a mortgage guarantee
(99.65%and 99.65% in 2024 and 2023, respectively).
2025
EUR Million
Gross amount
Of which:
impaired
Home purchase loans to families
60,002
625
Without mortgage collateral
215
7
With mortgage collateral
59,787
618
2024
EUR Million
Gross amount
Of which:
impaired
Home purchase loans to families
59,316
789
Without mortgage collateral
208
11
With mortgage collateral
59,108
778
2023
EUR Million
Gross amount
Of which:
impaired
Home purchase loans to families
61,097
924
Without mortgage collateral
215
16
With mortgage collateral
60,882
908
The NPL ratio for the residential mortgages portfolio stood at
1.03%, with a reduction of 29 bps, compared to 31 December
2024, mainly due to by portfolio sales, although credit risk
registered an increase of 1.2% compared to December 2024.
The mortgage portfolio for the acquisition of homes in Spain is
characterised by its medium-low risk profile, which limits
expectations of any potential additional impairment:
\u2022 Principal is repaid on all mortgages from the start.
\u2022 Early repayment is common so the average life of the transaction
is well below that of the contract.
\u2022 High quality of collateral, concentrated almost exclusively in
financing for first homes.
\u2022 The average affordability rate is reduce to 22% (24% and 24% in
2024 and 2023, respectively).
\u2022 The 94% of the portfolio has a LTV below 80% calculated as total
risk/latest available house appraisal.
\u2022 All customers applying for a residential mortgage are subject to a
rigorous credit risk and viability assessment, analysing whether
their income is sufficient to meet all repayments and will remain
stable over the term of the loan.
Breakdown of the credit with mortgage guarantee to households
for house acquisition, according to the percentage that the total
risk represents on the amount of the latest available valuation
(loan to value):
2025
Loan to value ratio
EUR Million
Less than or
equal\u00a0to\u00a040%
More than
40% and less
than 60%
More than
60% and less
than 80%
More than
80% and less
than or equal
to 100%
More than
100%
Total
Gross amount
17,191
20,310
18,811
2,812
663
59,787
Of which impaired
122
158
151
84
103
618
In November 2022, Royal Decree-Law 19/2022 was published,
which establishes a Code of Good Practices in response to the rise
in interest rates on mortgage loans for primary residences and
Royal Decree-Law 6/2012 of protection measures for mortgage
debtors without resources. The code of good practices is focused
on granting capital grace periods and extending the term of the
operations. The requests made have not been significant.
Corporate & SME financing
Credit risk with SME and corporates in commercial banking
amounted to EUR 99,395\u00a0million, lower than December 2024,
mainly due to the fall in the portfolio of SMEs of 10.1%. This
portfolio accounting for 33% of the total, compared to 41% of CIB's
portfolio, which from 2022 includes branches in Europe.
Most of the portfolio corresponds to clients who have been
assigned a credit analyst, who performs continuous management
of said clients during all phases of the risk cycle. The portfolio is
broadly diversified and not concentrated by sector of activity.
The ICO loans that were granted as a result of the pandemic
(25,428\u00a0million euros) are being repaid normally and there is a
balance of EUR 10,857\u00a0million, so they now represent only around
3.6% of Santander Spain's total portfolio. During 2025, Santander
Spain maintained its support and close engagement with SMEs and
the self-employed through the various support lines, which were
significantly less material than the post-pandemic programmes
(L\u00edneas ICO Empresas y Emprendedores, L\u00ednea ICO Internacional y
Rehabilitaci\u00f3n de vivienda).
In the case of delinquent operations with ICO guarantee, the
transfer of the overdue guaranteed amounts will take place as the
guarantee is executed, regardless of whether the guarantor is
subrogated to the right to receive said amounts, according to the
regulation of these guarantees. The de-recognition of the
transferred guaranteed amounts will entail the recognition, at its
fair value, of a collection right against the guarantor.
The portfolio\u2019s NPL ratio stood at 4.10% in December 2025. The
NPL ratio decreased by 97 bps compared to December 2024,
largely due to a proactive effort to reduce the stock of NPLs in the
SME portfolio, through proactive management of non-performing
exposures supported by portfolio sales and the management of
specific cases.
Real estate activity
Santander has specialized teams that are in charge of managing
real estate business production and risk areas that cover the entire
life cycle of these operations.
The changes in gross property development loans to customers
were as follows:
EUR million
2025
2024
2023
Balance at beginning of
year
2,545
2,433
2,327
Foreclosed assets
\u2014
\u2014
(1)
Net variation
441
112
115
Written-off assets
(2)
\u2014
(8)
Balance at end of year
2,984
2,545
2,433
The NPL ratio of this portfolio (considering only the on balance
amount) ended the year at 1.04% (compared with 2.28% and
3.04% at December 2024 and 2023, respectively) . The table below
shows the distribution of the portfolio. The coverage ratio of the
real estate doubtful exposure in Spain stands at 35.48% (36.21%
and 39.19% in 2024 and 2023, respectively).
2025
EUR Million
Gross amount
Excess of gross
exposure over
maximum
recoverable
amount of
effective
collateral
Specific
allowance
Financing for
construction and
property
development
(including land)
(business in
Spain)
2,984
211
17
Of which
impaired
31
\u2014
11
Memorandum
items written-off
assets
240
\u2014
\u2014
Memorandum\u00a0items:\u00a0Data\u00a0from\u00a0the\u00a0public\u00a0
consolidated\u00a0balance\u00a0sheet
2025
EUR Million
Carrying amount
Total loans and advances to customers excluding
the Public sector (business in Spain) (Book value)
240,609
Total consolidated assets (Total business) (Book
value)
1,867,515
Impairment losses and credit risk allowances.
Coverage for unimpaired assets (business in
Spain)
1,086
At year-end, the distribution of this portfolio was as follows:
2025
EUR Million
Loans: gross amount
1. Without mortgage guarantee
14
2. With mortgage guarantee
2,970
2.1 Completed buildings
976
2.1.1 Residential
658
2.1.2 Other
318
2.2 Buildings and other constructions under
construction
1,981
2.2.1 Residential
1,913
2.2.2 Other
68
2.3 Land
13
2.3.1 Developed consolidated land
9
2.3.2 Other land
4
Total
2,984
Foreclosed properties
At 31 December 2025, the net balance of these assets amounted to
EUR 1,898 million (EUR 2,131\u00a0million and EUR 2,448\u00a0million at 31
December 2024 and 2023, respectively), gross amount of EUR
4,258 million (EUR 4,823\u00a0million and EUR 5,506\u00a0million at 31
December 2024 and 2023, respectively); recognised allowance of
EUR 2,360 million (EUR 2,692\u00a0million and EUR 3,058\u00a0million at 31
December 2024 and 2023, respectively).
The following table shows the detail of the assets foreclosed by
the businesses in Spain at the end of 2025:
2025
EUR Million
Gross carrying
amount
Valuation
adjustments
Of which
impairment
losses on
assets since
time of
foreclosure
Net Carrying
amount
Property assets arising from financing provided to construction and
property development companies
3,843
2,144
1,591
1,699
Of which:
Completed buildings
481
324
282
157
Residential
129
71
60
58
Other
352
253
222
99
Buildings under construction
107
49
35
58
Residential
\u2014
\u2014
\u2014
\u2014
Other
107
49
35
58
Land
3,255
1,771
1,274
1,484
Developed land
776
429
260
347
Other land
2,479
1,342
1,014
1,137
Property assets from home purchase mortgage loans to households
334
172
119
162
Other foreclosed property assets
81
44
36
37
Total property assets
4,258
2,360
1,746
1,898
In addition, the Group has shareholdings in entities holding
foreclosed assets amounting to EUR 36\u00a0million and equity
instruments foreclosed or received in payment of debts amounting
to EUR 10\u00a0million.
In recent years, the Group has considered foreclosure to be an
option to resolve cases of default instead of legal proceedings. The
Group initially recognises foreclosed assets at the lower of the
carrying amount of the debt (net of provisions) and the fair value of
the foreclosed asset (less estimated costs to sell). Subsequent to
initial recognition, the assets are measured at the lower of fair
value (less costs to sell) and the amount initially recognised.
The fair value of this type of assets is determined by the market
value (appraisal) adjusted with discounts obtained according to
internal valuation methodologies based on the entity's sales
experience in goods with similar characteristics.
The management of real estate assets on the balance sheet is
carried out through companies specializing in the sale of real
estate that is complemented by the structure of the commercial
network. The sale is realised with at prices in accordance with the
market situation and the offer of wholesale buyers.
The gross movement in foreclosed properties were as follows (EUR
billion):
EUR Billion
2025
2024
2023
Gross additions
0.1
0.1
0.3
Disposals
(0.7)
(0.8)
(1.2)
Difference
(0.6)
(0.7)
(0.9)
Information on the estimation of impairment losses
The detail of Santander Spain exposure and loan-loss reserves
associated with each of the stages at 31 December, 2025, 2024
and 2023, is shown below. In addition, the exposure is divided in
four tranches of the Standard & Poor's rating scale, according to
their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
2025
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
35,407
171
\u2014
35,578
From A+ to BB
109,001
1,453
\u2014
110,454
From BB- to B-
37,089
8,262
\u2014
45,351
CCC and below
2,189
1,680
5,761
9,630
Total exposureB
183,686
11,566
5,761
201,013
Loan-loss reservesC
382
483
2,204
3,069
Exposure and loan-loss reserves by stage
EUR million
2024
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
35,347
110
\u2014
35,457
From A+ to BB
104,197
1,124
\u2014
105,321
From BB- to B-
37,413
8,844
\u2014
46,257
CCC and below
2,084
3,199
6,618
11,901
Total exposureB
179,041
13,277
6,618
198,936
Loan-loss reservesC
340
570
2,953
3,863
Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
46,827
48
46,875
From A+ to BB
101,079
780
101,859
From BB- to B-
33,905
9,789
43,694
CCC and below
1,513
4,517
7,536
13,566
Total exposureB
183,324
15,134
7,536
205,994
Loan-loss reservesC
300
663
2,959
3,922
A. Detail of credit quality ratings calculated for Group management purposes.
Excluding the SCIB branches business
B. Total exposure includes loan balances (drawn amounts) and off balance
(letters of credit + guarantees) and excludes REPOs, FV portfolio, trading
portfolio and undrawn commitments.
C. Includes provisions for undrawn authorized lines (loan commitments).
For the estimation of the expected losses, the prospective
information is taken into account. Specifically, Santander Spain
considers three macroeconomic scenarios, which are updated
periodically. The projected evolution for a period of five years of
the main macroeconomic indicators used by Santander Spain for
estimating expected losses as of 2025, is presented below:
2026-2030
Variables
Pessimistic
scenario\u00a0
Base
scenario
Optimistic
scenario\u00a0
Interest rate
2.7%
2.5%
2.3%
Unemployment rate
12.1%
9.7%
8.2%
Housing price change
3.3%
4.1%
4.7%
GDP growth
0.2%
1.6%
2.4%
Each macroeconomic scenarios is associated with a given weight.
As for its allocation, Santander Spain associates the Base scenario
with the highest weight, while associating the lower weights to the
most extreme scenarios:
2025
2024
2023
Pessimistic scenario
30%
30%
30%
Base scenario
40%
40%
40%
Optimistic scenario\u00a01
30%
30%
30%
The sensitivity analysis of the main portfolios expected loss to
variations of +/-100 bp for the macroeconomic variables used in
the construction of the scenarios, at December 31 2025, is as
follows:
Change in Provision
Mortgages
Corporates
Others
GDP Growth
-100 bps
8.5%
1.1%
2.1%
+100 bps
(3.6%)
(0.9%)
(1.9%)
Housing price change
-100 bps
8.4%
1.5%
3.4%
+100 bps
(6.7%)
(0.7%)
(1.8%)
Unemployment rate
-100 bps
(6.0%)
(1.5%)
(3.7%)
+100 bps
14.7%
1.8%
4.7%
To determine Stage 2 classification, Santander Spain applies
quantitative criteria based on identifying increases in the lifetime
PD of an exposure above a relative or absolute threshold. The
threshold differs by portfolio depending on the characteristics of
the exposures, and an exposure is considered to exceed the
threshold when its lifetime PD increases by a set amount
compared with the PD at initial recognition. Santander Spain
calibrates these thresholds periodically, as described in previous
paragraphs. In addition, Santander Spain applies a backstop to the
relative threshold across all portfolios. As a result, Santander Spain
classifies contracts as Stage 2 when their current PD has increased
by more than two times compared with the PD at origination.
Santander Spain also considers specific qualitative criteria that
indicate a significant increase in credit risk, regardless of how the
PD has evolved since initial recognition. Among other criteria,
Santander Spain considers that an exposure shows a significant
increase in credit risk when it is more than 30 days past due or
when its early warning system so determines.
3.3. United States
Portfolio overview
Santander US\u2019s credit risk stood at EUR 147,303\u00a0million at the end
of December 2025. It makes up 12.5% of Grupo Santander's total
credit risk.
The NPL ratio grew to 4.85% (+14 bps in the year) due to a higher
stock of delinquencies and lower portfolio growth, and the cost of
risk decreased to 1.63% (-19 bps in the year).
Santander US includes the following business units:
Santander Bank, National Association (SBNA)
In 2025 lending amounted to EUR 45,491\u00a0million (representing 4%
of the Group's credit risk) and presents a reduction of 15% in 2025,
mainly due to the transfer of the CIB portfolio to the New York
branch.
The NPL ratio increased to 2.67% (+46 bps vs December 2024,
while the cost of risk rose to 0.93% (+2 bps in the year), mainly
driven by the Consumer Finance portfolio.
Activity in the individuals segment is primarily focused on auto
financing and leasing, as well as credit card origination. During
2025, the teams continued to develop the operating and systems
capabilities that will enable the asset product offering to be
expanded in the future through the Openbank brand.
The Commercial segment comprises seven business lines,
including Commercial Real Estate, Santander Real Estate Capital,
Commercial Equipment Vehicle Finance, and Commercial and
Industrial. The portfolio shows a slight downward trend in
exposure, driven, on the one hand, by a strategy that prioritises
risk-adjusted profitability over volume growth and, on the other, by
the gradual run-down of the real estate and dealer portfolios.
The credit risk profile of the Commercial Real Estate and dealer
portfolios shows some deterioration, mainly due to structural
uncertainties affecting these sectors, as well as the impact of an
interest-rate environment that remains elevated and
developments in commercial and tariff policies, which continue to
weigh on the financial capacity of certain customers.
Information on the estimation of impairment losses
The detail of Santander Bank, National Association exposure and
loan-loss reserves associated with each of the stages at 31
December, 2025, 2024 and 2023 is shown below. In addition, the
exposure is divided in four tranches of the Standard & Poor's rating
scale, according to their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
2025
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
1,622
24
\u2014
1,646
From A+ to BB
7,352
728
\u2014
8,080
From BB- to B-
28,758
4,459
\u2014
33,217
CCC and below
779
861
1,158
2,798
Total exposureB
38,511
6,072
1,158
45,741
Loan-loss reservesC
277
325
202
804
Exposure and loan-loss reserves by stage
EUR million
2024
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
4,215
277
\u2014
4,492
From A+ to BB
21,422
930
\u2014
22,352
From BB- to B-
21,899
3,855
\u2014
25,754
CCC and below
33
482
1,130
1,645
Total exposureB
47,569
5,544
1,130
54,243
Loan-loss reservesC
292
364
182
838
Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
4,834
76
\u2014
4,910
From A+ to BB
20,468
459
\u2014
20,927
From BB- to B-
25,312
3,439
\u2014
28,751
CCC and below
52
450
894
1,396
Total exposure B
50,666
4,424
894
55,984
Loan-loss reservesC
409
335
141
885
A. Detail of credit quality ratings calculated for Group management purposes.
B. Total exposure includes loan balances (drawn amounts) and off-balance
(letters of credit + guarantees) and excludes REPO, FV portfolio, trading
portfolio and undrawn commitments.
C. Includes provisions for undrawn authorized lines (loan commitments).
For the estimation of expected losses, prospective information is
taken into account. Specifically, Santander Bank, National
Association considers four macroeconomic scenarios, which are
updated periodically. The evolution projected in 2025 for a period
of five years of the main macroeconomic indicators used Santander
Bank, National Association to estimate expected losses is
presented below:
2026-2030
Variables
Pessimistic
scenario\u00a02
Pessimistic
scenario\u00a01
Base
scenario
Optimistic
scenario
Interest rate (annual
averaged)
1.8%
2.6%
3.2%
3.0%
Unemployment rate
6.4%
5.0%
4.2%
3.7%
House price change
0.2%
0.7%
1.3%
2.1%
GDP growth
1.7%
1.9%
2.0%
2.7%
Manheim growth A
(0.6%)
(0.1%)
0.3%
0.1%
A. US used vehicle price car index.
Each of the macroeconomic scenarios is associated with a given
weight. As for its allocation, Santander Bank, National Association
associates the highest weighting to the Base scenario, while
associates the lowest weightings to the most extreme scenarios:
2025
2024
2023
Pessimistic scenario 2
18%
18%
18%
Pessimistic scenario 1
20%
20%
20%
Base scenario
33%
33%
33%
Optimistic scenario
30%
30%
30%
The sensitivity analysis of the main portfolios expected loss to
variations of +/-100 bp for the macroeconomic variables used in
the construction of the scenarios as of 2025 is as follows:
Change in Provision
Mortgages
Corporates
Auto
GDP Growth
-100 bps
13.6%
10.9%
2.8%
+100 bps
(10.6%)
(7.7%)
(2.0%)
Housing price change
-100 bps
26.9%
18.7%
5.0%
+100 bps
(12.9%)
(9.3%)
(2.5%)
Unemployment rate
-100 bps
(41.6%)
(25.9%)
(7.9%)
+100 bps
53.9%
39.5%
11.8%
Manheim index
-100 bps
\u2014
\u2014
1.8%
+100 bps
\u2014%
\u2014%
(1.4%)
For the Stage 2 classification determination, this year SBNA
implemented, within the Auto portfolio, a system based on the
comparison of PD to determine whether there has been a
significant increase in credit risk. SBNA set both relative and
absolute thresholds, segmented by the customer\u2019s credit profile,
and also established a backstop to the relative threshold. As a
result, SBNA will classify as Stage 2 those contracts whose current
PD has increased by more than two times compared to their PD at
origination.
For the remaining retail portfolios, SBNA uses the FICO (Fair Isaac
Corporation) score as a quantitative criterion as a proxy for PD,
considering the score at origination and its current value, and
setting different limits or cut-off points depending on each
portfolio\u2019s characteristics. A significant increase in risk requires
changes in the score of around 120 bps and 20 bps.
For wholesale portfolios, SBNA uses the transaction\u2019s rating as a
proxy for PD, considering the rating at origination and its current
rating, and setting thresholds for different rating bands depending
on each portfolio\u2019s characteristics.
In addition, SBNA defines specific qualitative criteria to identify
exposures that have recorded a significant increase in credit risk.
Among other criteria, Santander Bank, National Association
considers that a transaction presents a significant increase in credit
risk when it has arrears positions for more than 30 days or when a
system of early warning indicators determines it.
Santander Consumer USA Inc.
Santander Consumer USA Inc. (SC USA) presents higher risk
indicators than other Santander US units due to the nature of its
business, which focuses on auto finance via loans and leasing.
At 31 December 2025, lending amounted to EUR 25,318\u00a0million
(representing 2.1% of the Group) and presents a decrease of 17.5%
regarding December 2024.
Regarding the NPL ratio, it increased to 22.08% (+340 bps in the
year); and the cost of risk stood at 6.10% (-51 bps YoY).
NPL coverage ratio fell to 53% (-885 pp in the year), in line with the
percentages of transfers from default to bad debts, which are at
historically low levels.
The business focuses on optimising the profitability-to-risk
relationship through pricing management aligned with each
customer\u2019s credit quality and each transaction, while also
strengthening dealer processes and the dealer experience. 2025
was marked by uncertainty stemming from tariff policy and fiscal
stimulus measures, as well as the end of the exclusivity agreement
with Stellantis.
Information on the estimation of impairment losses
The detail of Santander Consumer USA Inc. exposure and loan-loss
reserves associated with each of the stages at 31 December 2025,
2024 and 2023, is shown below. In addition, the exposure is
divided in four tranches of the Standard & Poor's rating scale,
according to their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
2025
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
\u2014
\u2014
\u2014
\u2014
From A+ to BB
54
\u2014
\u2014
54
From BB- to B-
10,167
947
\u2014
11,114
CCC and below
3,577
4,871
5,588
14,036
Total exposure B
13,798
5,818
5,588
25,204
Loan-loss reservesC
419
910
1,688
3,017
Exposure and loan-loss reserves by stage
EUR million
2024
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
\u2014
\u2014
\u2014
\u2014
From A+ to BB
202
\u2014
\u2014
202
From BB- to B-
12,802
451
\u2014
13,253
CCC and below
7,259
4,226
5,729
17,214
Total exposure B
20,263
4,677
5,729
30,669
Loan-loss reservesC
630
1,006
1,908
3,544
Exposure and loan-loss reserves by stage
EUR million
2023
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
\u2014
\u2014
\u2014
\u2014
From A+ to BB
99
0
\u2014
99
From BB- to B-
12,120
395
\u2014
12,515
CCC and below
6,754
4,237
5,272
16,263
Total exposure B
18,973
4,632
5,272
28,877
Loan-loss reservesC
597
1,019
1,712
3,328
A. Detail of credit quality ratings calculated for Group management purposes.
B. Total exposure includes loan balances (drawn amounts) and off-balance (letters
of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and
undrawn commitments.
C. Includes provisions for undrawn authorized lines (loan commitments).
For the expected losses estimation, prospective information should
be taken into account. Specifically, SC USA considers four
macroeconomic scenarios, periodically updated over a 5-year time
horizon.
The evolution forecasted in 2025 for a period of five years of the
main macroeconomic indicators used by in SC USA in the
estimation of expected losses is shown below:
2026-2030
Variables
Pessimistic
scenario\u00a02
Pessimistic
scenario\u00a01
Base
scenario
Optimistic
scenario
Interest rate
(annual averaged)
1.8%
2.6%
3.2%
3.0%
Unemployment rate
6.4%
5.0%
4.2%
3.7%
House price change
0.2%
0.7%
1.3%
2.1%
GDP growth
1.7%
1.9%
2.0%
2.7%
Manheim A index
(0.6%)
(0.1)
0.3%
0.1%
A. US used vehicle price car index.
Each of the macroeconomic scenarios is associated with a given
weight. Santander Consumer USA Inc. associates the highest
weighting to the Base scenario, whereas it associates the lowest
weightings to the most extreme or acid scenarios:
2025
2024
2023
Pessimistic scenario 2
18%
18%
18%
Pessimistic scenario 1
20%
20%
20%
Base scenario
33%
33%
33%
Optimistic scenario
30%
30%
30%
The sensitivity analysis of the main portfolios expected loss to
variations of +/-100 bp for the macroeconomic variables used in
the construction of the scenarios at the end of 2025 is as follows:
Change in provision
SC Auto
Manheim index
-100 bps
1.0%
+100 bps
(0.8%)
Unemployment Rate
-100 bps
(4.9%)
+100 bps
7.0%
House Price Change
-100 bps
3.1%
+100 bps
(1.6%)
GDP\u00a0growth
-100 bps
1.7%
+100 bps
(1.2%)
In relation to the Stage 2 classification determination, SC USA
implemented a new system based on the comparison of PDs at
origination and current PD, replacing the previous approach based
on the FICO (Fair Isaac Corporation) score. SC USA established a set
of absolute and relative thresholds, segmented based on the
customer\u2019s credit profile. Finally, it introduced a backstop to the
relative threshold whereby contracts whose current PD has
increased by more than two times compared to their PD at
origination are classified as Stage 2.
Additionally, for each portfolio, a series of specific qualitative
criteria are defined, which indicate that the exposure has
experienced a significant increase in credit risk, regardless of the
evolution of its PD since the initial recognition. Among other
criteria, the entity considers that a transaction has experienced a
significant increase in credit risk when it has past-due positions for
more than 30 days. These criteria align with the risk management
practices of each portfolio.
3.4. Banco Santander (Brasil) S.A.
Portfolio overview
Santander Brasil's credit risk amounted to EUR 105,410\u00a0million,
increasing 1% from 2024. Minus the exchange rate effect, it grew
by 1.3%. As of December 2025, Santander Brasil accounts for 9%
of Grupo Santander's loan book.
The NPL ratio went from 6.14% in December 2024 to 6.82% in
December 2025, and the coverage ratio increased from 82.8% to
83.4%.
As of 31 December 2025 loan-loss provisions reached EUR
4,409\u00a0million, a 2% year-on-year decrease. Cost of risk increased
from 4.51% in 2024 to 4.73% in 2025.
In 2025, the Brazilian economy is moderating compared to the
previous year. Several factors drive this performance: reduced
fiscal support, a more restrictive monetary policy and a less
favourable external environment.
The labour market still shows resilience, which has helped prevent
a sharp deterioration in household consumption. However, some
indicators suggest that this labour-market momentum is starting
to cool, with private-sector employment growth gradually easing.
Inflation is expected to close the year at around 4.8%, with a trend
towards further moderation in 2026. A moderate appreciation of
the Brazilian real and weaker domestic demand contribute to this
price moderation. The Brazilian real exchange rate remains a
source of uncertainty, together with public debt sustainability and
the need for fiscal adjustments to contain financial imbalances.
From a sectoral perspective, the agricultural sector and certain
industrial segments continue to provide relevant support, although
the overall slowdown and the effects of tighter monetary
conditions limit their contribution to aggregate growth.
Against this backdrop, although Brazil retains a relatively solid
base \u2014 a robust labour market and competitive export sectors \u2014
2025 is shaping up as a transition year, with the economy slowing
and facing multiple structural challenges (inflation, exchange rate,
debt and monetary policy) that condition its performance.
The retail segment (without Consumer Finance), which represents
37% of Santander Brazil's total portfolio, mainly comprises
mortgages and credit cards (29% and 26% of the total portfolio,
respectively). Thanks to the risk mitigation measures implemented
in origination and portfolio management, cost of risk has been kept
at 4.7%, despite the high SELIC rate and inflation running above the
official target, which reduces individuals\u2019 repayment capacity.
In the SME segment, which represents 11% of total risk exposure,
the Bank maintained the restrictive origination measures adopted
in recent years, particularly for the higher-risk profiles with weaker
performance. Teams continuously review and adjust strategies to
keep credit quality within expected levels. Overall, they achieved
this during the year, with an acceptable performance of new
business indicators.
In Brazil\u2019s corporate segment, 2025 was marked by an uncertain
geopolitical backdrop and some weaknesses in the local economy,
notably high interest rates that have affected the repayment
capacity of more leveraged companies. In this environment, the
portfolio\u2019s growth slowed and NPL and cost of risk levels increased.
Information on the estimation of impairment losses
The detail of Banco Santander (Brasil) S.A. exposure and loan-loss
reserves associated with each of the stages at 31 December 2025,
2024 and 2023, is shown below. In addition, the exposure is
divided in four tranches of the Standard & Poor's rating scale,
according to their current credit quality:
Exposure and loan-loss reserves
EUR million
2025
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
16,898
1,513
\u2014
18,411
From A+ to BB
29,179
1,253
\u2014
30,432
From BB- to B-
36,089
7,035
\u2014
43,124
CCC and below
1,217
3,801
7,151
12,169
Total exposureB
83,383
13,602
7,151
104,136
Loan-loss reservesC
648
1,128
4,216
5,992
Exposure and loan-loss reserves
EUR million
2024
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
19,557
970
\u2014
20,527
From A+ to BB
32,824
1,637
\u2014
34,461
From BB- to B-
33,655
5,285
\u2014
38,940
CCC and below
423
2,808
6,382
9,613
Total exposureB
86,459
10,700
6,382
103,541
Loan-loss reservesC
687
860
3,766
5,313
Exposure and loan-loss reserves
EUR million
2023
Credit quality A
Stage 1
Stage 2
Stage 3
Total
From AAA to AA-
20,670
468
\u2014
21,138
From A+ to BB
38,869
751
\u2014
39,620
From BB- to B-
36,107
4,177
\u2014
40,284
CCC and below
1,153
3,735
7,479
12,367
Total exposureB
96,799
9,131
7,479
113,409
Loan-loss reservesC
722
1,078
4,538
6,338
A. Detail of credit quality ratings calculated for Group management purposes.
B. Total exposure includes loan balances (drawn amounts) and off-balance (letters
of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and
undrawn commitments.
C. Includes provisions for undrawn authorized lines (loan commitments).
For the expected losses estimation, prospective information is
taken into account. Particularly, Santander Brazil considers three
macroeconomic scenarios, periodically updated. The evolution for
a period of five years of the main macroeconomic indicators used
to estimate the expected losses in Santander Brazil is as follows:
2026-2030
Variables
Pessimistic
scenario
Base
scenario
Optimistic
scenario
Interest rate (annual
averaged)
11.5%
10.9%
10.3%
Unemployment rate
8.0%
6.5%
5.4%
House price change
1.1%
5.9%
10.3%
GDP growth
(0.2%)
1.9%
3.8%
Burden income
27.0%
26.8%
26.1%
Each macroeconomic scenario is associated with a given weight.
Regarding its assignation, Brazil links the highest weight to the
base scenario whilst links the lowest weights to the most extreme
scenarios:
2025
2024
2023
Pessimistic scenario
13%
13%
10%
Base scenario
75%
75%
80%
Optimistic scenario
13%
13%
10%
The sensitivity analysis of the main portfolios expected loss to
variations of +/-100 bp for the macroeconomic variables used in
the construction of the scenarios is at the end of 2025 as follows:
Change in provision
Individuals
SME
Other
GDP growth
-100 bps
1.3%
2.9%
2.6%
+100 bps
(0.7%)
(1.3%)
(1.4%)
Unemployment rate
+100 bps
(1.9%)
(3.8%)
(4.5%)
+100 bps
2.8%
6.2%
6.3%
Interest rate (SELIC)
-100 bps
(0.6%)
(1.6%)
(0.9%)
+100 bps
1.7%
4.0%
3.5%
Regarding the Stage 2 classification determination, Santander
Brasil assesses whether the increase in lifetime PD over the
expected life of the transaction exceeds the combined effect of an
absolute and a relative threshold. These thresholds vary by
portfolio, depending on the characteristics of the transactions. A
transaction is deemed to breach the threshold when its lifetime PD
increases by a specified amount compared to the PD recorded at
initial recognition.
The absolute and relative threshold levels are recalibrated
periodically and depend on the type of portfolio to which they
apply. In addition, Santander Brasil has implemented a backstop to
the relative threshold across all portfolios: contracts whose current
PD doubles the PD at origination are automatically classified as
Stage 2.
4. Other credit risk aspects
4.1.\u00a0Credit risk by activity in the financial markets
This section covers credit risk from treasury, with money market
financing and counterparty risk products to satisfy the needs of
customers (especially credit institutions) and the Group.
Counterparty credit risk is defined as the risk that could arise from
a total or partial failure to meet the financial obligations entered
into with the entity, because a customer may default before the
final settlement of the transaction\u2019s cash flows. This risk usually
increases the longer the period between the trade date and the
settlement date. It is a bilateral credit risk that can affect both
parties to the transaction, and its magnitude is uncertain, as it
depends on volatile market factors.
Within counterparty credit risk exposure, an additional risk known
as wrong-way risk may arise. It occurs when exposure to a
portfolio or counterparty increases at the same time as its credit
quality deteriorates. In other words, wrong-way risk exists when
default risk increases and, as a result, the exposure to the
counterparty also increases. Santander has specific models to
measure and control this risk.
Settlement risk arises when the settlement of a transaction
involves a bilateral exchange of flows or assets between two
counterparties. For example, when a counterparty buys dollars in
exchange for euros, settlement involves one party delivering euros
and receiving an equivalent amount of dollars from the other.
Settlement risk is the risk that one of the parties fails to meet its
settlement obligations. We have also developed a global
infrastructure and specific models to measure this risk.
To manage and control counterparty risk, it is essential to have an
infrastructure that allows measuring current and potential
exposure at different levels of aggregation and granularity in an
agile and dynamic way, ensuring the generation of reports with
sufficient detail to facilitate the understanding of exposures and
the decision-making process.
To measure exposure, Grupo Santander follows two
methodologies: mark-to-market (MtM or replacement value in
derivatives) plus potential future exposure (add-on), and Monte
Carlo simulation for calculating exposure for some countries and
products. Additionally, Santander calculates capital at risk or
unexpected loss, which is the loss that constitutes economic capital
net of guarantees and recoveries, after deducting the expected
loss.
After market close, Grupo Santander recalculates exposures by
adjusting all operations to their new time horizon, adapting the
potential future exposure and applying mitigation measures
(netting, collateral, among others), so that exposures can be
controlled daily against the limits approved by senior management
within the risk appetite. Santander performs risk control through a
real-time integrated system, which allows the Group to know at
any moment the available exposure limit with any counterparty, in
any product and term, and across all subsidiaries.
Grupo Santander runs monthly stress tests on derivatives
portfolios and securities financing transactions (SFT). These
exercises form an integral part of the counterparty credit risk
management process. They allow us to assess the resilience of
exposures under adverse scenarios and support appropriate
identification, measurement and control of the associated risks.
4.2.\u00a0Concentration risk
Concentration risk control is an essential aspect of Grupo
Santander's management. The Group continuously monitors the
level of concentration in its credit risk portfolios applying various
criteria: geographic areas and countries, economic sectors and
groups of customers.
The board, via the risk appetite framework, determines the
maximum levels of concentration.
In line with these maximum levels and limits, the executive risk
committee establishes the risk policies and reviews the appropriate
exposure levels for the effective management of the degree of
concentration in Santander\u2019s credit risk portfolios.
Grupo Santander must adhere to the regulation on large risks
contained in the CRR, according to which the exposure contracted
by an entity with a customer or group of associated customers will
be considered a large exposure when its value is equal to or greater
than 10% of eligible capital.
In addition, in order to limit large exposures, no entity may assume
exposures exceeding 25% of its eligible capital with a single
customer or group of associated customers, having factored in the
credit risk mitigation effect contained in the regulation.
At the end of December, after applying risk mitigation techniques,
no group reaches the above-mentioned thresholds.
Regulatory credit exposure with the 20 largest groups within the
scope of large risks represented 5.3% of the outstanding credit risk
with customers (lending to customers plus off-balance sheet risks)
as of December 2025. While the regulatory credit exposure with
the 40 largest groups represents 8.4% of the credit risk.
The detail, by activity and geographical area of the Group's risk
concentration at 31 December 2025 is as follows:
EUR million
2025A
Total
Spain
Other EU
countries
America
Rest of the
world
Central banks and Credit institutions
326,316
61,256
71,853
119,532
73,675
Public sector
267,765
82,131
62,620
109,109
13,905
Of which:
Central government
239,153
66,479
57,468
101,768
13,438
Other central government
28,612
15,652
5,152
7,341
467
Other financial institutions (financial business activity)
207,044
16,301
50,819
101,600
38,324
Non-financial companies and individual entrepreneurs (non-
financial business activity) (broken down by purpose)
447,496
103,836
94,760
188,078
60,822
Of which:
Construction and property development
20,322
4,130
2,090
9,396
4,706
Civil engineering construction
5,128
1,835
1,740
1,468
85
Large companies
291,515
53,841
63,635
127,003
47,036
SMEs and individual entrepreneurs
130,531
44,030
27,295
50,211
8,995
Households \u2013 other (broken down by purpose)
543,928
88,602
98,262
142,560
214,504
Of which:
Residential
333,552
61,818
27,030
46,605
198,099
Consumer loans
192,746
19,784
69,670
87,491
15,801
Other purposes
17,630
7,000
1,562
8,464
604
Total
1,792,549
352,126
378,314
660,879
401,230
A. For the purposes of this table, the definition of risk includes the following items in the public balance sheet: 'Loans and advances to credit institutions', 'Loans and
advances to Central Banks', 'Loans and advances to Customers', 'Debt securities', 'Equity Instruments', 'Trading Derivatives', 'Hedging derivatives', 'Investments and
financial guarantees given'.
4.3 Sectors identification and management
Grupo Santander conducts a quarterly review of exposure to
customers operating in sectors that could be more affected by
macroeconomic conditions (energy consumption, commodity
prices, and key macroeconomic variables). This monitoring is
complemented by the use of internal tools that allow projecting
the behaviour and evolution of clients in each sector under
different macroeconomic scenarios. Additionally, this process
considers, among other things, the following information at the
sector level:
\u2022 Market information: Industries\u2019 stock market performance.
\u2022 Analysts\u2019 EBITDA forecasts for the coming years.
\u2022 Internal information: Changes in credit exposure, defaults (in
different timelines) and stagings.
\u2022 Our industry experts\u2019 opinion, based on specific details about our
exposures and our relationships with customers
Grupo Santander continued to strengthen our ability to analyse
potential losses at the highest possible level of granularity by
enhancing the methodology and sector projection tools, based on
the resilience of each company\u2019s financial statements under
different macroeconomic scenarios.
4.4. Sovereign risk and exposure to other public sector entities
Sovereign risk arises from central bank transactions (including
regulatory cash reserves), government bonds issued by the
Treasury or equivalent bodies (public debt portfolio), and
transactions with public-sector entities funded exclusively by a
state\u2019s budget revenues and with no commercial activity.
The standard historically applied by Grupo Santander differs from
the one used by the EBA in its periodic stress tests. The most
significant differences are that the EBA\u2019s approach does not include
deposits with central banks, exposures held in insurance
companies, or indirect exposures through guarantees or other
instruments. By contrast, it does include public administrations
more broadly (including regional and local authorities), and not
only those of the central government.
Santander continues to track and manage transactions with
sovereign risk based on available information, such as reports by
rating agencies and international organizations. Grupo Santander
monitors each country where the Group has cross-border1 and
sovereign risk. Santander analyses events that could affect the
country\u2019s political or institutional stability and assign its
government or central bank a credit rating. This helps us set limits
for transactions with sovereign risk.
Over recent years, total sovereign risk exposure has remained in
line with regulatory requirements and the strategy defined for
managing this portfolio. Changes in exposure across countries
reflect the liquidity management strategy and hedging of interest
rate and foreign exchange risk. International exposure is diversified
across countries with different macroeconomic expectations and,
consequently, different growth, interest rate and exchange rate
scenarios..
At the end of December 2025, Grupo Santander\u00b4s local sovereign
exposure, in currencies other than the official currency of the
country of issuance, is not significant (EUR 4,908 million, 1.2% of
total sovereign risk) according to our management criteria.
Furthermore, exposure to non-local sovereign issuers involving
cross-border risk is even less significant2 (EUR 17,002\u00a0million, 4.0%
of total sovereign risk). Sovereign exposure in Latin America is
mostly in local currency, and is recognised in the local accounts and
concentrated in short- term maturities.
Our investment strategy for sovereign risk considers country\u2019s
credit quality to set the maximum exposure limits. The following
table shows the percentage of exposure by ratingA:
Exposure distribution by rating
2025
2024
2023
AAA
18%
21%
18%
AA
17%
18%
19%
A
43%
41%
41%
BBB
14%
11%
12%
Less than BBB
9%
9%
10%
A. Internal ratings are applied.
Sovereign exposure at the end of December 2025 is shown in the table below (data in million euros):
2025
2024
Portfolio
Financial assets held
for trading and
Financial assets
designated as FV with
changes in\u00a0results
Financial\u00a0assets
at\u00a0fair\u00a0value
through\u00a0other
comprehensive
income
Financial
assets\u00a0at
amortised\u00a0cost
Non-trading
financial assets
mandatory at fair
value through
profit or loss
Total net
direct
exposure
Total net
direct
exposure
Spain
3,852
112
58,044
\u2014
62,008
56,293
Portugal
(659)
1,199
6,767
\u2014
7,307
7,652
Italy
2,875
440
12,557
\u2014
15,872
12,915
Greece
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ireland
(38)
\u2014
\u2014
\u2014
(38)
\u2014
Rest Eurozone
3,684
254
10,443
\u2014
14,381
6,212
UK
907
1,001
5,687
\u2014
7,595
8,772
Poland
1,141
6,339
13,333
\u2014
20,813
14,286
Rest of Europe
8
\u2014
526
\u2014
534
954
US
4,783
4,320
15,943
\u2014
25,046
24,926
Brazil
8,089
9,533
8,543
\u2014
26,165
26,641
Mexico
10,663
7,652
7,599
\u2014
25,914
21,642
Chile
676
2,666
5,254
\u2014
8,596
6,900
Rest of America
2,593
1,654
2,151
\u2014
6,398
4,431
Rest of the World
211
17
4,128
\u2014
4,356
7,003
Total
38,785
35,187
150,975
\u2014
224,947
198,627
1 Risks with domestic public or private borrowers in foreign currency and originated outside the country.
2 Countries that are not considered low risk by Banco de Espa\u00f1a.
5. Forborne loan portfolio
The customer debt redirection policy incorporates the regulatory
requirements of the EBA guidelines on the management of non-
performing exposures, refinancing and restructuring. This policy
acts as a reference for the transposition in our subsidiaries and
shares the applicable supervisory expectations.
This policy also sets down rigorous criteria for evaluating,
classifying and monitoring forbearances to support the strictest
possible care and diligence in recovering due amounts. Thus, it
dictates that Santander must adapt payment obligations to
customers' current circumstances. Our forbearance policy also
defines classification criteria to support Grupo Santander
recognizes risks appropriately.
Forbearances must remain classified as non-performing or in
watch-list for a prudential period for reasonable certainty of
repayment. In no case will repayments be used to delay the
immediate recognition of losses or so that their use distorts the
timely recognition of the risk of non-payment.
At 31 December 2025, forbearance stock fell again and stood at
EUR 25,235 \u00a0million, due to the good payment behaviour in the
main geographies. In terms of credit quality, 53% of the loans is
classified as credit impaired, with a coverage ratio of 41% . In
addition, 47% of the portfolio is classified as performing.
The following terms are used with the meanings specified below:
\u2022 Refinancing transaction: transaction that is granted or used, for
reasons relating to current or foreseeable financial difficulties of
the borrower, to repay one or more of the transactions granted to
it, or through which the payments on such transactions are
brought fully or partially up to date, in order to enable the
borrowers of the cancelled or refinanced transactions to repay
their debt (principal and interest) because they are unable, or
might foreseeably become unable, to comply with the conditions
there of in due time and form.
\u2022 Restructured transaction: transaction with respect to which, for
economic or legal reasons relating to current or foreseeable
financial difficulties of the borrower, the financial terms and
conditions are modified in order to facilitate the payment of the
debt (principal and interest) because the borrower is unable, or
might foreseeably become unable, to comply with the
aforementioned terms and conditions in due time and form, even
if such modification is envisaged in the agreement.
Current refinancing and restructuring balances
Amounts in EUR million, except number of transactions that are in units
2025
Total
Without\u00a0real\u00a0guarantee
With\u00a0real\u00a0guarantee
Maximum amount of the
actual collateral that can be
considered
Impairment of accumulated
value or accumulated losses in
fair value due to credit risk
Number of
transactions
Gross
amount
Number of
transactions
Gross
amount
Real estate
guarantee
Rest of real
guarantees
Credit entities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Public sector
14
6
9
7
5
\u2014
8
Other financial institutions and: individual
shareholder
933
94
462
182
117
15
94
Non-financial institutions and individual
shareholder
489,192
5,095
42,700
5,596
3,271
923
2,713
Of which financing for constructions and
property development
249
21
523
739
695
4
75
Other warehouses
3,000,071
4,556
515,253
9,699
3,752
3,777
3,665
Total
3,490,210
9,751
558,424
15,484
7,145
4,715
6,480
Financing classified as non-current assets and
disposable groups of items that have been
classified as held for sale
13,499
261
4,630
566
406
14
171
Current refinancing and restructuring balances
Amounts in EUR million, except number of transactions that are in units
2025
Of\u00a0which,\u00a0non-performing/Doubtful
Without\u00a0real\u00a0guarantee
With\u00a0real\u00a0guarantee
Maximum amount of the
actual collateral that can be
considered
Impairment of accumulated
value or accumulated losses
in fair value due to credit risk
Number of
transactions
Gross
amount
Number of
transactions
Gross
amount
Real estate
guarantee
Rest of real
guarantees
Credit entities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Public sector
5
2
9
7
5
\u2014
8
Other financial institutions and: individual
shareholder
579
50
259
75
22
11
89
Non-financial institutions and individual
shareholder
296,008
2,901
26,767
2,585
1,166
420
2,420
Of which financing for constructions and
property development
167
3
264
156
115
4
50
Other warehouses
1,620,343
2,401
296,470
5,313
1,730
2,232
2,991
Total
1,916,935
5,354
323,505
7,980
2,923
2,663
5,508
Financing classified as non-current assets
and disposable groups of items that have
been classified as held for sale
6,901
120
1,720
235
110
5
145
In 2025, the amortised cost of financial assets whose contractual
cash flows were modified during the year when the corresponding
loss adjustment was valued at an amount equal to the expected
credit losses over the life of the asset amounted to EUR 3,031
million (3,940\u00a0million in 2024), without these modifications having
a material impact on the income statement. Also, during 2025, the
total of financial assets that have been modified since the initial
recognition, and whose correction for expected loss has gone from
being valued during the entire life of the asset to the following
twelve months, amounts to EUR 2,092 million (2,950\u00a0million in
2024).
The transactions presented in the foregoing tables were classified
at 31 December 2025 by nature, as follows:
\u2022 Credit impaired: Operations that rest on an inadequate payment
scheme will be classified within the non-performing category,
regardless they include contract clauses that delay the
repayment of the operation throughout regular payments or
present amounts written off the balance sheet for being
considered irrecoverable.
\u2022 Performing: Operations not classifiable as non-performing will
be classified within this category. Operations will also be
classified as normal if they have been reclassified from the non-
performing category for complying with the specific criteria
detailed below:
\u2022 A period of a year must have passed from the refinancing or
restructuring date.
\u2022 The owner must have paid for the accrued amounts of the
capital and interests, thus reducing the rearranged capital
amount, from the date when the restructuring of refinancing
operation was formalised.
\u2022 The owner must not have any other operation with amounts
past due by more than 90 consecutive days of material delay
on the date of the reclassification to the normal risk category.\u00a0
Attending to the credit attention 47% of the forborne loan
transactions are classified as other than non-performing.
Particularly noteworthy are the level of existing guarantees (47%
of transactions are secured by collateral) and the coverage
provided by specific allowances (representing 26% of the total
forborne loan portfolio and 41% of the non-performing portfolio).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1948": { "value": "
c) Market, structural and liquidity risk
1. Activities subject to market risk and types of market risk
Activities exposed to market risk encompass transactions where
risk is assumed as a consequence of potential changes in interest
rates, inflation rates, exchange rates, stock prices, credit spreads,
commodity prices, volatility and other market factors; the liquidity
risk from our products and markets, and the balance-sheet liquidity
risk. Therefore, they include trading risks and structural risks.
\u2022 Interest rate risk arises from movements in interest rates that
reduce the value of a financial instrument, a portfolio or the
Grupo Santander . It can affect loans, deposits, debt securities,
most assets and liabilities held for trading, and derivatives.
\u2022 Inflation rate risk arises from movements in inflation that can
reduce the value of a financial instrument, a portfolio or the
entire group. It can affect loans, debt securities and derivatives
(e.g. inflation swaps and futures) whose profitability is linked to
inflation.
\u2022 Exchange rate risk is the possibility of loss because the currency
of a long or open position will depreciate against the base
currency. It can affect debt in subsidiaries whose local currency is
not the euro, as well as loans denominated in a foreign currency.
\u2022 Equity risk is the possibility of loss from open positions in
securities if their market price or expected future dividends fall. It
affects shares, stock market indices, convertible bonds and
derivatives with shares as the underlying asset (put, call, equity
swaps, etc.).
\u2022 Credit spread risk is the possibility of loss from open positions in
fixed-income securities or credit derivatives if their yield curve, or
the recovery rate of their issuer or type change. A spread is the
yield difference between financial instruments against a
benchmark (e.g. the internal rate of return (IRR) of government
bonds and interbank interest rates).
\u2022 Commodity price risk is the possibility of loss from movements
in commodity prices. Grupo Santander's commodity exposure is
minor and stems mainly from commodity derivatives.
\u2022 Volatility risk is the possibility of loss caused by movements in
interest rates, exchange rates, the stock market, credit spreads
and other risk factors affecting portfolio value. It is inherent to all
financial instruments whose value considers volatility (especially
options contracts).
Derivative contracts (such as options, futures, forwards and swaps)
can mitigate market risks partially or fully.
Additionally, other more complex coverage market risks are
considered, such as correlation risk, market liquidity risk,
prepayment or cancellation risk and subscription risk.
\u2022 Correlation risk is the possibility of loss due to an adverse
correlation between risk variables that affect portfolio value. Risk
variables could be the same (e.g. two FX rates) or different (e.g.
an interest rate and a commodity price).
\u2022 Market liquidity risk is the possibility that fewer market makers
or institutional investors, a large number of transactions, market
instability and other factors will cause the Group or a subsidiary
to exit a position at a worse market price or trade cost. Exposure
to different products and currencies can also increase this risk.
\u2022 Pre-payment or cancellation risk originates when mortgages,
deposits and other on-balance-sheet instruments give holders
the option to buy or sell them, thus altering future cash flows.
Potential mismatches on the balance sheet pose a risk since cash
flows may have to be reinvested at an interest rate that is
potentially lower (assets) or higher (liabilities).
\u2022 Underwriting risk is the possibility that the bank will have to hold
part of a debt issue it has underwritten or agreed to place if it
cannot all be placed among potential buyers.
2 . Trading market risk management
Setting market risk limits in a dynamic process according to the risk
appetite in the annual limits plan prepared by senior management
and extended to all subsidiaries.
The standard methodology for risk management and control in
trading, measures the maximum expected loss with a specific level
of confidence and time frame. The standard for historical
simulation is a confidence level of 99% over one day.
Grupo Santander applies statistical adjustments efficiently to
incorporate recent developments affecting our levels of risk. Our
time frame is two years or at least 520 days from the reference
date of the VaR calculation.
The balance sheet items in the Group\u2019s consolidated position that
are subject to market risk are shown below, distinguishing those
positions for which the main risk metric is VaR from those for
which risk monitoring is carried out using other metrics:
Risk metric values on the consolidated balance sheet
EUR million
Main market risk metric
Balance sheet
amount
VaR
Other
Main risk factor for
'Other' balance
Assets\u00a0subject\u00a0to\u00a0market\u00a0risk
Cash, cash balances at central banks and other deposits on demand
152,281
152,281
Interest rate
Financial assets held for trading
252,318
252,318
Non-trading financial assets mandatorily at fair value through profit or loss
7,761
5,815
1,946
Interest rate, spread
Financial assets designated at fair value through profit or loss
8,046
\u2014
8,046
Interest rate, spread
Financial assets designated at fair value through other comprehensive
income
74,612
2,281
72,331
Interest rate, spread
Financial assets at amortized cost
1,202,689
1,202,689
Interest rate, spread
Hedging derivatives
3,931
3,931
Interest rate, exchange
rate
Changes in the fair value of hedged items in portfolio hedges of interest
risk
50
50
Interest rate
Other assets
165,827
Total assets
1,867,515
Liabilities subject to market risk
Financial liabilities held for trading
171,546
171,546
Financial liabilities designated at fair value through profit or loss
42,148
\u2014
42,148
Interest rate, spread
Financial liabilities at amortized cost
1,421,184
1,421,184
Interest rate, spread
Hedging derivatives
4,248
4,248
Interest rate, exchange
rate
Changes in the fair value of hedged items in portfolio hedges of interest
rate risk
49
49
Interest rate
Other liabilities
115,592
Total liabilities
1,754,767
Equity
112,748
The following table displays the latest and average VaR values at
99% by risk factor over the last three years. It also shows the
minimum and maximum VaR values in 2025 and 97.5% ES at the
end of December 2025:
VaR statistics and expected shortfall by risk factor A
EUR million. VaR at 99% and ES at 97.5% with one day time horizon
2025
2024
2023
VaR\u00a0( 99%)
ES
(97.5%)
VaR
VaR
Min
Average
Max
Latest
Latest
Average
Latest
Average
Latest
Total Trading
9.6
17.6
29.2
18.7
16.9
17.1
18.7
11.7
13.5
Diversification effect
(10.7)
(21.0)
(59.3)
(17.7)
(18.9)
(19.8)
(27.3)
(14.9)
(17.1)
Interest rate
11.2
16.5
23.0
15.3
16.4
17.0
20.2
12.2
11.1
Equities
2.4
6.5
10.8
8.1
7.5
6.0
9.5
3.2
6.0
Exchange rate
3.3
7.4
37.5
6.3
5.8
5.8
5.9
5.3
4.8
Credit spread
3.2
5.7
10.2
4.8
4.8
4.9
5.3
4.3
6.1
Commodities
0.2
2.5
7.0
1.9
1.3
3.2
5.1
1.6
2.6
Total Europe
9.6
15.0
28.2
13.2
13.2
12.7
16.0
9.4
11.8
Diversification effect
(8.9)
(18.0)
(32.4)
(15.9)
(17.8)
(15.4)
(18.4)
(10.5)
(13.8)
Interest rate
9.0
13.3
19.2
11.4
13.3
12.0
14.4
9.1
8.2
Equities
2.7
6.4
11.0
7.4
7.1
5.9
8.8
2.8
5.8
Exchange rate
3.7
7.3
19.7
5.3
5.7
5.1
5.8
3.5
5.2
Credit spread
3.0
5.8
10.4
4.9
4.8
4.9
5.3
4.3
6.1
Commodities
0.1
0.2
0.3
0.1
0.1
0.2
0.1
0.2
0.3
Total North America
3.7
5.8
8.9
5.5
5.3
6.9
6.4
4.0
5.0
Diversification effect
(0.4)
(1.7)
(6.3)
(1.6)
(1.8)
(1.1)
(0.8)
(0.7)
(0.5)
Interest rate
3.8
5.9
8.8
4.8
4.9
6.9
6.6
3.7
5.0
Equities
0.1
0.8
3.2
1.0
1.0
0.2
0.1
0.2
0.0
Exchange rate
0.2
0.8
3.2
1.3
1.2
0.9
0.5
0.8
0.5
Total South America
3.2
7.6
16.5
5.8
5.9
9.0
9.5
7.3
7.0
Diversification effect
(0.3)
(5.2)
(28.7)
(8.7)
(6.2)
(6.9)
(5.5)
(6.2)
(6.6)
Interest rate
2.8
7.2
18.1
4.0
3.8
8.8
6.5
7.3
5.6
Equities
0.2
1.5
7.2
2.2
2.3
1.2
2.1
1.4
2.4
Exchange rate
0.4
1.6
12.9
6.5
4.7
2.7
1.3
3.2
3.0
Commodities
0.1
2.5
7.0
1.8
1.3
3.2
5.1
1.6
2.6
A. In South and North America, VaR levels of credit spreads and commodities are not shown separately due to their low or null materiality.
VaR at the end of December (EU R 18.7\u00a0million ) was only EUR
0.03\u00a0million lower compared to the end of 2024, reflecting
sustained high market volatility, ongoing geopolitical risk and
concerns over inflation trends, which could pick up again as a result
of new US trade policies.
By risk factor, average VaR (EUR 17.6\u00a0million ) higher across several
risk factors, especially for foreign exchange, with high market
volatility for certain currencies such as the US dollar and the
Argentine peso. Temporary spikes in VaR across the different
factors generally reflect isolated increases in market price volatility
rather than significant changes in positions.
By region, average VaR was higher than the 2024 average in
Europe, mainly due to interest rate and foreign exchange risk
factors, while it was lower in North America and South America.
Backtesting
Actual losses can differ from predicted losses because of the VaR\u2019s
limitations. Grupo Santander measures the accuracy of the VaR
calculation model to make sure it is reliable. The most important
tests Grupo Santander runs involve backtesting:
\u2022 In hypothetical P&L backtesting and for the total portfolio, two
exceptions (a daily loss higher than VaR or a daily gain higher
than VaE) were observed in 2025 for VaR at a 99% confidence
level, on 9 and 11 April, as a result of high market volatility,
mainly driven by uncertainty over the potential impact of new US
trade policies.
\u2022 The exceptions observed in the past year are consistent with the
assumptions of the VaR calculation model.
3. Structural balance sheet risks
3.1. Main aggregates and variations
Consistent with previous years, the market risk profile of Grupo
Santander\u2019s balance sheet remained moderate in 2025 in terms of
asset, shareholders\u2019 equity and NII volumes.
Each subsidiary\u2019s finance division manages interest rate risk from
commercial banking and is responsible for handling structural risk
from interest rate fluctuations.
To measure interest rate risk, Grupo Santander uses statistical
models based on strategies to mitigate structural risk with
interest-rate instruments (such as bonds and derivatives) to keep
risk profile within risk appetite.
The NII and EVE sensitivities below are based on scenarios of
parallel interest rate movements from -100 to +100 basis points.
Structural VaR
With such a homogeneous metric as VaR, Grupo Santander can
fully monitor market risk in the banking book (excluding CIB
trading activity). The Bank differentiates fixed income based on
interest rates and credit spreads in ALCO portfolios, FX rates and
shares.
In general, the structural VaR of Grupo Santander total assets and
equity is minor.
Structural VaR
EUR million. Structural VaR 99% with a temporary horizon of one day .
2025
2024
2023
Min
Average
Max
Latest
Average
Latest
Average
Latest
Structural VaR
598.5
662.9
751.9
690.1
747.7
687.5
705.0
749.5
Diversification effect
(155.9)
(258.4)
(265.6)
(206.6)
(386.4)
(268.6)
(416.6)
(444.7)
VaR Interest RateA
158.3
177.3
205.8
177.6
412.0
235.2
348.4
380.2
VaR Exchange Rate
486.0
597.7
648.7
572.4
571.7
594.4
580.4
642.9
VaR Equities
110.1
146.3
163.0
146.7
150.4
126.5
192.8
171.1
A. Includes credit spread VaR on ALCO portfolios.
Structural interest rate risk
\u2022 Europe
At the end of December, net interest income (NII) for our main
balance sheets showed positive sensitivity to interest rate
increases. As of the same date, the economic value of equity (EVE)
showed negative sensitivity to interest rate increases.
At the end of December 2025, under the scenarios previously
described, the most significant NII sensitivity risk was concentrated
in the euro, at EUR 561\u00a0million; the pound sterling, EUR
169\u00a0million; the Polish z\u0142otyr, EUR 51\u00a0million; and the US dollar,
EUR 50\u00a0million , all linked to interest rate cut risk.
The most significant risk to the economic value of equity was
concentrated in the euro yield curve, at EUR 1,087\u00a0million; in pound
sterling, at EUR 614\u00a0million; the Polish z\u0142oty, at EUR 275\u00a0million
euros; and the US dollar, at EUR 104\u00a0million euros, all linked to
interest rate rise risk.
Exposure was moderate in relation to annual budget and capital
levels in 2025.
\u2022 North America
At the end of December, net interest income (NII) for our North
America balance sheets showed positive sensitivity to interest rate
increases in the United States, while showing negative sensitivity
to the same scenario in Mexico. In both cases, the economic value
of equity (EVE) showed negative sensitivity to interest rate
increases.
Exposure was moderate in relation to annual budget and capital
levels in 2025.
At the end of December 2025, significant risk to NII was mainly in
the US and amounted to EUR 49\u00a0million.
The most significant risk to EVE was in the US and amounted to
EUR 570\u00a0million.
\u2022 South America
EVE and NII on our main South American balance sheets are
generally positioned for interest rate cuts.
In 2025, exposure across all countries remained moderate in
relation to the annual budget and capital levels.
At the end of December, the most significant risk to NII was mainly
in Brazil (EUR 57\u00a0million).
Most significant risk to EVE was recorded in Brazil (EUR
257\u00a0million) and in Chile (EUR 225\u00a0million).
Structural foreign currency rate risk/results hedging
Grupo Santander's structural FX risk stems mainly from the income
and hedging of foreign currency transactions for permanent
financial investments. In the dynamic management of this risk,
Grupo Santander aims to limit the impact of FX rate movements on
the core capital ratio. In 2025, the hedged of the different
currencies that have an impact on our core capital ratio was close
to 100% .
In December 2025, the largest permanent exposures (with their
potential impact on equity) were, in this order, in pound sterling,
US dollars, Brazilian reais, Mexican pesos, Polish zlotys and Chilean
pesos.
Grupo Santander uses FX derivatives to hedge part of those
permanent positions. The Finance division manages FX risk and
hedging for the expected profits and dividends of subsidiaries
whose base currency is not the euro.
Structural equity risk
Grupo Santander holds equity positions in its banking and trading
books. They are either equity instruments or stock, depending on
the share of ownership or control.
At the end of December 2025, the equities and shareholdings in
the banking book were diversified among Spain, China, Morocco,
Poland and other countries. Most of them invest in the financial
and insurance sectors. Grupo Santander has minor equity exposure
to property and other sectors.
Structural equity positions are exposed to market risk. The Group
calculates its VaR with a set of market prices and proxies. At the
end of the year 2025, VaR at a 99% confidence level over a one-day
horizon was EUR 147\u00a0million (EUR 127\u00a0million and EUR 171\u00a0million
in 2024 and 2023, respectively).
3.2. Methodologies
Structural interest rate risk
Grupo Santander measures the potential impact of interest rate
movements on EVE and NII. Because changing rates may generate
impacts, Grupo Santander must manage and control many
subtypes of interest rate risk, such as repricing risk, curve risk,
basis risk and option risk (e.g. behavioural or automatic).
Interest rate risk in the balance sheet and market conditions and
outlooks could necessitate certain financial measures to achieve
Grupo Santander's desired risk profile (such as selling positions or
setting interest rates on products Grupo Santander markets).
The metrics Grupo Santander uses to monitor IRRBB include NII and
EVE sensitivity to interest rate movements.
\u2022 Net interest income sensitivity
Net interest income (NII) is the difference between interest income
from assets and the interest cost of liabilities in the banking book
over a typical one- to three-year horizon (one year being standard
in Grupo Santander). Because NII sensitivity is the difference in
income between a selected scenario and the base scenario, its
values can be as many as considered scenarios. It enables us to see
short-term risks and supplement economic value of equity (EVE)
sensitivity.
\u2022 Economic value of equity sensitivity
Economic value of equity (EVE) is the difference between the
current value of all assets minus the current value of all liabilities
in the banking book. It does not include shareholders\u2019 equity and
non-interest-bearing instruments. The sensitivity of the economic
value of own funds is obtained as the difference between said
economic value calculated with a selected scenario and that
calculated with a base scenario.
Because EVE sensitivity is the difference in EVE between a selected
scenario and the base scenario, it can have as many values as
considered scenarios. It enables us to see long-term risks and
supplement NII sensitivity.
Structural exchange-rate risk/hedging of results
Every day, Grupo Santander measures FX positions, VaR and P/L.
Structural equity risk
Grupo Santander measures equity positions, VaR and P/L.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1949": { "value": "
Balance sheet liquidity risk (unlike market liquidity risk) is the
possibility of loss caused by forced disposal of assets or cash flow
imbalance if the bank meets its payment obligations late or at
excessive cost. It can cause losses by forced asset sales or impacts
on margins due to the mismatch between expected cash inflows
and outflows.
Pension and actuarial risks (explained at the end of this section)
also depend on market variables.
Grupo Santander aim to comply with the Basel Committee\u2019s
Fundamental Review of the Trading Book (FRTB) and the EBA\u2019s
Guidelines on the management of interest rate risk arising from
non-trading book activities. The purpose of several projects Grupo
Santander runs is to provide risk control managers and teams with
the best market risk management tools under the right governance
framework for the models Grupo Santander uses for metric
reporting; and to comply with regulation on the risks mentioned
above.
4. Liquidity risk
Structural liquidity management aims to fund the Group\u2019s recurring
activity optimising maturities and costs, while avoiding taking on
undesired liquidity risks.
Santander\u2019s liquidity management is based on the following
principles:
\u2022 Define liquidity risk and provide detailed assessments of current
and emerging material liquidity risks.
\u2022 Define liquidity risk metrics, review and challenge liquidity risk
appetite and limits on first line of defence proposals.
\u2022 Evaluates and challenges commercial/business proposals; It
provides senior management and business units with the
necessary elements to understand the liquidity risk of
Santander's businesses and operations.
\u2022 Supervise the liquidity risk management of the first line of
defence and assess the permanence of businesses within the
limits of liquidity risk.
\u2022 Reports on compliance with risk appetite limits and exceptions, if
any, to governing bodies.
\u2022 Provides a consolidated view of liquidity risk exposures and
liquidity risk profile.
\u2022 Confirms the existence of adequate liquidity procedures to
manage the business within the limits of risk appetite.
The effective application of these principles by all institutions
comprising the Group required the development of a unique
management framework built upon three fundamental pillars:
\u2022 A solid organisational and governance model that supports the
involvement of the subsidiaries\u2019 senior management in decision-
taking and its integration into the Group\u2019s global strategy. The
decision-making process for all structural risks, including
liquidity and funding risk, is carried out by local Asset and
Liability Committees (ALCOs) in coordination with the global
ALCO, which is the body empowered by the Bank's board in
accordance with the corporate Asset and Liability Management
(ALM) framework.
This governance model has been reinforced as it has been
included within Santander's Risk Appetite Framework. This
framework meets demands from regulators and market players
emanating from the financial crisis to strengthen banks\u2019 risk
management and control systems.
\u2022 In-depth balance sheet analysis and measurement of liquidity
risk, supporting decision-taking and its control. The Group
objective is to maintains adequate liquidity levels necessary to
cover its short- and long-term needs with stable funding sources,
optimising the impact of their costs on the income statement.
Grupo Santander\u2019s liquidity risk management processes are
contained within a conservative risk appetite framework
established in each geographic area in accordance with its
commercial strategy. This risk appetite establishes the limits
within which the subsidiaries can operate in order to achieve
their strategic objectives.
\u2022 Management adapted in practice to the liquidity needs of each
business. Every year, based on business needs, a liquidity plan is
developed which seeks to achieve:
\u2022 a solid balance sheet structure, with a diversified presence in
the wholesale markets;
\u2022 the use of liquidity buffers and limited encumbrance of assets;
\u2022 compliance with both regulatory metrics and other metrics
included in each entity\u2019s risk appetite statement.
Over the course of the year, all dimensions of the plan are
monitored.
Grupo Santander continues to develop the ILAAP (Internal Liquidity
Adequacy Assessment Process), an internal self-assessment of
liquidity adequacy which must be integrated into the Group\u2019s other
risk management and strategic processes. It focuses on both
quantitative and qualitative matters and is used as an input to the
SREP (Supervisory Review and Evaluation Process). The ILAAP
evaluates the liquidity position both in ordinary and stressed
scenarios.
i. Liquidity risk measurement
Grupo Santander uses the Basel regulatory definition and
calculates a set of metrics and stress scenarios in relation to
intraday liquidity risk to maintain a high level of management and
control. On the one hand, the regulatory liquidity metrics (LCR,
NSFR) are prepared following the regulatory criteria established in
the CRR 2 and CRD IV. Regarding internal metrics, liquidity
scenarios are determined using a combination of behavioral
observation in actual liquidity crises occurred at other banks,
regulatory assumptions and expert judgment.
a) Liquidity Coverage Ratio (LCR)
The liquidity coverage ratio (LCR) is a regulatory metric. Its purpose
is to promote the short-term resilience of a bank\u2019s liquidity profile
and make sure it has enough high-quality liquid assets to
withstand a considerable idiosyncratic or market stress scenario
over 30 calendar days.
b) Net Stable Funding Ratio (NSFR)
The net stable funding ratio (NSFR) is a regulatory metric we use to
measure long-term liquidity risk. It is the ratio of available stable
funding to required stable funding. It requires banks to keep a
robust balance sheet, with off-balance-sheet assets and operations
financed by stable liabilities.
c) Liquidity buffer
The liquidity buffer is the total liquid assets a bank has to cope with
cash outflows during periods of stress. The assets are free of
encumbrances and can be used immediately to generate liquidity
without losses or excessive discounts. The liquidity buffer is a tool
for calculating most liquidity metrics. It is also a metric with
defined limits for each subsidiary.
d) Wholesale liquidity metric
The wholesale liquidity metric measures the number of days Grupo
Santander would survive if it used liquid assets to cover lost
liquidity from a wholesale deposit run-off (without possible
renewal) over a set time horizon. Grupo Santander also uses it as
an internal short-term liquidity metric to reduce risk from
dependence on wholesale funding.
e) Asset Encumbrance metrics
Grupo Santander calculates two metrics to measure asset
encumbrance risk. On the one hand, the asset encumbrance ratio
gives the proportion of encumbered assets to total assets; on the
other, the structural asset encumbrance ratio gives the proportion
of encumbered assets by structural funding transaction (namely
long-term collateralized issues and credit transactions with central
banks).
f) Other additional liquidity indicators
In addition to traditional tools to measure short and long-term
liquidity and funding risk, Grupo Santander has a set of additional
liquidity indicators to complement those and to measure other
non-covered liquidity risk factors. These include concentration
metrics, such as the main and the five largest funding
counterparties, or the distribution of funding by maturity.
In this sense, deposits do not show a tendency towards
concentration, maintaining a stable structure at 31 December
2024, where approximately 75% are transactional and more than
80% of retail deposits are insured by deposit guarantee systems of
the different countries.
g) Liquidity scenario analysis
As liquidity stress tests, five standard scenarios have been defined:
i. An idiosyncratic scenario of events detrimental only to
Santander;
ii. a local market scenario of events highly detrimental to a base
country\u2019s financial system or real economy;
iii. a global market scenario of events highly detrimental to the
global financial system; and
iv. combined scenario consisting of a combination of more severe
idiosyncratic and market events (local and global) occurring
simultaneously and interactively.
v. climate scenarios where different stress cases derived from the
effects that climate change could have on the economy are
collected.
Grupo Santander uses these stress test outcomes as tools to
determine risk appetite and support business decision-making.
h) Liquidity early warning indicators
Early warning indicator system consists of quantitative and
qualitative liquidity indicators that help predict stress situations
and weaknesses in the funding and liquidity structure of Grupo
Santander entities. External indicators relate to market-based
financial variables; internal indicators relate to our own
performance.
i) Intraday liquidity metrics
Grupo Santander follows Basel regulation and calculates several
metrics and stress scenarios for intraday liquidity risk to maintain a
high level of control.
ii. Liquidity coverage ratio and net stable financing ratio
The regulatory requirement for the LCR ratio has been set at 100%
since 2018.
Below is a breakdown of the Group's liquid assets composition
according to the criteria established in the supervisory prudential
information (Commission Implementing Regulation (EU)
2017/2114 of 9 November 2017) for the determination of high-
quality liquid assets for the calculation of the LCR ratio (HQLA):
EUR million
2025
2024
2023
Amount
weighted
applicable
Amount
weighted
applicable
Amount
weighted
applicable
High-quality liquid assets-HQLAs
Cash and reserves available at
central banks
150,883
188,745
217,935
Marketable assets Level 1
173,744
150,912
119,043
Marketable assets Level 2A
5,726
4,696
4,236
Marketable assets Level 2B
7,584
6,951
6,814
Total high-quality liquid assets
337,937
351,304
348,028
EUR million
2025
2024
2023
High-quality liquid assets-HQLAs
(numerator)
301,618
315,524
348,028
Total net cash outflows
(denominator)
208,388
206,889
209,892
Cash outflows
287,044
278,760
282,982
Cash inflows
78,656
71,871
73,090
Consolidated LCR ratio (%)
145%
153%
166%
Group LCR ratio (%)
155%
168%
NSFR ratio (%)
126%
126%
123%
Since 2024, the calculation of the consolidated LCR ratio has been
updated to comply with a series of requirements regarding asset
transferability restrictions in third countries. This new consolidated
ratio includes an adjustment whereby any excess liquidity above
100% of LCR outflows, which is subject to transferability
restrictions (legal or operational) in third countries, is not taken
into account. This applies even if the surplus liquidity can be used
to cover additional outflows within the country itself, which is not
subject to any restrictions.
The total high-quality liquid assets differ from the high-quality
liquid assets (HQLAs) considered as the numerator within the
consolidated LCR ratio, due to the aforementioned adjustment.
In addition, since 2024, we have been calculating a Group LCR ratio
using an internal methodology that determines the minimum
common coverage percentage simultaneously across all the
Group's markets and considers all existing restrictions on liquidity
transfers in third countries. This methodology reflects the Group's
resilience to liquidity risk more accurately and the internal ratio
presents a level that is consistent with what would be achieved by
applying the criteria followed until mid-2024, which did not
include restrictions on liquidity transfers between subsidiaries.
Regarding the net stable funding ratio (NSFR), its definition was
approved by the Basel Committee in October 2014. The
transposition of this requirement into European regulation took
place in June 2019 with the publication in the Official Journal of the
European Union of Regulation (EU) 2019/876 of the European
Parliament and of the Council of 20 May 2019. The Regulation
establishes that entities must have a net stable funding ratio, as
defined in the Regulation, above 100% from June 2021.
As for the funding structure, given the inherently commercial
nature of the Group's balance sheet, the loan portfolio is mainly
financed by customer deposits. In note 22, 'Debt securities,' the
composition of these liabilities is presented based on their nature
and classification, the movements and maturity profile of the debt
securities issued by the Group, reflecting the strategy of
diversification by products, markets, issuers, and terms followed
by the Group in its approach to wholesale markets.
iii. Asset encumbrance
Finally, the moderate use of assets by Grupo Santander as
collateral in the sources of structural financing of the balance sheet
should be highlighted.
In accordance with the guidelines established by the European
Banking Authority (EBA) in 2014 on committed and uncommitted
assets, the concept of assets committed in financing transactions
(asset encumbrance) includes both on-balance sheet assets
provided as collateral in transactions to obtain liquidity and off-
balance sheet assets that have been received and reused for
similar purposes, as well as other assets associated with liabilities
for reasons other than financing.
The residual maturities of the liabilities associated with the assets
and guarantees received and committed are presented below, as of
31 of December of 2025 (EUR billion):
Residual
maturities of the
liabilities
Unmatured
<=1month
>1 month
<=3
months
>3 months
<=12
months
>1 year
<=2 years
>2 years
<=3 years
3 years
<=5 years
5 years
<=10 years
>10 years
Total
Committed assets
24.2
50.7
14.1
38.4
38.8
29.5
37.7
36.3
36.6
306.4
Guarantees
received
committed
2.2
85.2
28.2
61.8
4.0
0.8
1.9
1.1
\u2014
185.2
The reported Group information as required by the EBA at 2025
year-end is as follows:
On-balance-sheet encumbered assets
EUR billion
Carrying amount of
encumbered assets
Fair value of
encumbered assets
Carrying amount of
unencumbered assets
Fair value of
unencumbered assets
Loans and advances
152.5
1,149.4
Equity instruments
11.4
11.4
18.7
\u2014
Debt securities
117.9
118.5
182.2
180.7
Other assets
23.1
212.4
Total assets
304.9
1,562.7
Encumbrance of collateral received
EUR billion
Fair value of
encumbered
collateral received
or own debt
securities issued
Fair value of
collateral received
or own debt
securities issued
available for
encumbrance
Collateral received
185.2
70.3
Loans and advances
0.5
\u2014
Equity instruments
12.2
7.1
Debt securities
172.5
63.1
Other collateral received
\u2014
0.1
Own debt securities
issued other than own
covered bonds or ABSs
1.4
1.1
Encumbered assets and collateral received and matching
liabilities
EUR billion
Matching
liabilities,
contingent
liabilities or
securities lent
Assets, collateral
received and own
debt securities
issued other than
covered bonds and
ABSs encumbered
Total sources of
encumbrance
(carrying amount)
472.0
491.5
On-balance-sheet encumbered assets amounted to
EUR\u00a0304,923\u00a0million, of which close to 50% are loans (mortgage
loans, corporate loans, etc.). Guarantees received committed
amounted to EUR 185,160\u00a0million, relating mostly to debt
securities received as security in asset purchase transactions and
re-used.
Taken together, these two categories represent a total of EUR
491,519\u00a0million of encumbered assets, which give rise to EUR
472,045\u00a0million matching liabilities.
As of December 2025, total asset encumbrance in funding
operations represented 23.1% of the Group\u2019s extended balance
sheet under EBA criteria (total assets plus guarantees received:
EUR 2,122,932\u00a0million), similar to December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1951": { "value": "
Appendix I
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
2 & 3 Triton Limited (j)
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Real estate
0
0
0
A & L CF (Guernsey) Limited (j) (n)
Guernsey
0.00%
100.00%
100.00%
100.00%
Leasing
1
0
0
Abbey Covered Bonds (Holdings) Limited
United
Kingdom
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Abbey Covered Bonds (LM) Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
0
0
0
Abbey Covered Bonds LLP
United
Kingdom
\u2014
(b)
\u2014
\u2014
Securitization
1,807
(589)
0
Abbey National Business Office
Equipment Leasing Limited (j)
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Abbey National Nominees Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Abbey National PLP (UK) Limited (j)
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Abbey National Property Investments
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
240
8
158
Abbey Stockbrokers (Nominees) Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Abbey Stockbrokers Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Abent 3T, S.A.P.I de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Electricity
production
(127)
(22)
0
Ablasa Participaciones, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
811
208
894
Aduro S.A.
Uruguay
0.00%
100.00%
100.00%
100.00%
Payments and
collection
services
1
0
1
Aevis Europa, S.L.
Spain
96.34%
0.00%
96.34%
96.34%
Cards
2
0
1
AFB SAM Holdings, S.L.
Spain
1.00%
99.00%
100.00%
100.00%
Holding
company
1
0
0
Afisa S.A.
Chile
0.00%
100.00%
100.00%
100.00%
Fund
management
company
4
0
4
Agro Flex Fundo de Investimento em
Direitos Credit\u00f3rios
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
419
54
425
Allane Leasing GmbH
Austria
0.00%
46.95%
100.00%
100.00%
Renting
(2)
0
0
Allane Location Longue Dur\u00e9e S.a.r.l.
France
0.00%
46.95%
100.00%
100.00%
Renting
25
4
0
Allane Mobility Consulting AG
Switzerland
0.00%
46.95%
100.00%
100.00%
Consulting
services
0
0
0
Allane Mobility Consulting B.V.
Netherlands
0.00%
46.95%
100.00%
100.00%
Consulting
services
(3)
0
0
Allane Mobility Consulting GmbH
Germany
0.00%
46.95%
100.00%
100.00%
Consulting
services
11
10
5
Allane Mobility Consulting \u00d6sterreich
GmbH
Austria
0.00%
46.95%
100.00%
100.00%
Consulting
services
(1)
0
0
Allane Mobility Consulting S.a.r.l
France
0.00%
46.95%
100.00%
100.00%
Consulting
services
(2)
0
0
Allane Schweiz AG
Switzerland
0.00%
46.95%
100.00%
100.00%
Renting
10
(6)
2
Allane SE
Germany
0.00%
46.95%
92.07%
92.07%
Renting
172
24
150
Allane Services GmbH & co. KG
Germany
0.00%
46.95%
100.00%
100.00%
Services
2
0
0
Allane Services Verwaltungs GmbH
Germany
0.00%
46.95%
100.00%
100.00%
Management
of portfolios
0
0
0
Alliance & Leicester Investments (No.2)
Limited (j)
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Alliance & Leicester Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Alliance & Leicester Personal Finance
Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
2
0
2
Altamira Santander Real Estate, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Real estate
138
(4)
164
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Alternative Leasing, FIL (Compartimento
B)
Spain
100.00%
0.00%
100.00%
100.00%
Investment
fund
88
6
74
Amazonia Trade Limited
United
Kingdom
100.00%
0.00%
100.00%
100.00%
Inactive
0
0
0
Am\u00e9rica Gest\u00e3o Servi\u00e7os em Energ\u00eda S.A.
Brazil
0.00%
62.90%
70.00%
70.00%
Electricity
production
2
(1)
1
Amherst Pierpont Commercial Mortgage
Securities LLC
United
States
0.00%
100.00%
100.00%
100.00%
Securitization
0
0
0
Amherst Pierpont International Ltd.
Hong-Kong
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
AMS Auto Markt Am Schieferstein GmbH
(d)
Germany
0.00%
90.01%
100.00%
100.00%
Vehicle sales
0
0
0
AN (123) Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Andromeda Principal Investments, S.L.
Unipersonal
Spain
100.00%
0.00%
100.00%
\u2014
Holding
company
72
5
72
ANITCO Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
AP Acquisition Trust I
United
States
0.00%
100.00%
100.00%
100.00%
Trust company
0
0
0
AP Acquisition Trust II
United
States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
AP Asset Acquisition LLC
United
States
0.00%
100.00%
100.00%
100.00%
Financial
services
1
0
1
APSG GP LLC
United
States
0.00%
100.00%
100.00%
100.00%
Holding
company
0
0
0
Aquanima Brasil Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
E-commerce
2
(1)
2
Aquanima Chile S.A.
Chile
0.00%
100.00%
100.00%
100.00%
Services
3
(1)
3
Aquanima M\u00e9xico S. de R.L. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
E-commerce
4
(1)
2
Aquanima S.A.
Argentine
0.00%
100.00%
100.00%
100.00%
Services
2
0
4
Ararinha Renda Fixa Cr\u00e9dito Privado -
Fundo de Investimento Financeiro
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
8
0
7
Artarien S.A.
Uruguay
100.00%
0.00%
100.00%
100.00%
Insurance
mediation
6
18
2
Atempo Growth I - Sub-Fund 4
Luxembourg
100.00%
0.00%
100.00%
100.00%
Investment
fund
30
4
31
Atempo Growth II - Sub Fund 3
Luxembourg
100.00%
0.00%
100.00%
\u2014
Investment
fund
5
0
5
Atlantes Mortgage No. 3
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Atual - Fundo de Invest Multimercado
Cr\u00e9dito Privado Investimento no Exterior
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
521
27
492
Auto ABS DFP Master Compartment
France 2013
France
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS French Leases 2023
France
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS French Leases 2025
France
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS French Leases Master
Compartment 2016
France
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS French Loans 2024
France
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS French Loans Master
France
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Italian Balloon 2019-1 S.r.l.
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Italian Rainbow Loans\u00a0S.r.l. (j)
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Italian Stella Loans 2023-1 S.r.l.
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Italian Stella Loans S.r.l. (series
2024-1)
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Italian Stella Loans S.r.l. (series
2024-2)
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Italian Stella Loans S.r.l. (series
2025-1)
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Italian Stella Loans S.r.l. (series
2025-2)
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Spanish Loans 2022-1, Fondo de
Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Auto ABS Spanish Loans 2024-1, Fondo de
Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Autodescuento, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Vehicles
purchased by
internet
3
(1)
12
Autohaus24 GmbH
Germany
0.00%
46.95%
100.00%
100.00%
Internet
(2)
0
0
Auto-Interleasing AG
Switzerland
0.00%
100.00%
100.00%
100.00%
Renting
27
4
22
Auttar HUT Processamento de Dados
Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
IT services
7
(1)
6
Aviaci\u00f3n Antares, A.I.E.
Spain
99.99%
0.01%
100.00%
100.00%
Renting
72
(14)
28
Aviaci\u00f3n Brit\u00e1nica, A.I.E.
Spain
99.99%
0.01%
100.00%
100.00%
Renting
28
1
6
Aviaci\u00f3n Comillas, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Renting
7
0
8
Aviaci\u00f3n Laredo, S.L.
Spain
99.00%
1.00%
100.00%
100.00%
Air transport
3
0
3
Aviaci\u00f3n Oyambre, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Renting
1
0
0
Aviaci\u00f3n Santillana, S.L.
Spain
99.00%
1.00%
100.00%
100.00%
Renting
6
1
2
Aviaci\u00f3n Suances, S.L.
Spain
99.00%
1.00%
100.00%
100.00%
Air transport
7
1
3
Banco Bandepe S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Banking
825
100
831
Banco de Albacete, S.A. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Banking
14
0
9
Banco Hyundai Capital Brasil S.A.
Brazil
0.00%
44.93%
50.00%
50.00%
Banking
92
30
55
Banco Santander - Chile
Chile
0.00%
67.13%
67.18%
67.18%
Banking
4,056
994
3,646
Banco Santander (Brasil) S.A.
Brazil
0.04%
89.82%
90.45%
90.60%
Banking
12,347
2,395
10,795
Banco Santander (M\u00e9xico), S.A.,
Instituci\u00f3n de Banca M\u00faltiple, Grupo
Financiero Santander M\u00e9xico como
Fiduciaria del Fideicomiso 100740
Mexico
0.00%
99.98%
100.00%
100.00%
Finance
company
182
20
149
Banco Santander (M\u00e9xico), S.A.,
Instituci\u00f3n de Banca M\u00faltiple, Grupo
Financiero Santander M\u00e9xico como
Fiduciaria del Fideicomiso 2002114
Mexico
0.00%
99.98%
100.00%
100.00%
Finance
company
9
0
10
Banco Santander (M\u00e9xico), S.A.,
Instituci\u00f3n de Banca M\u00faltiple, Grupo
Financiero Santander M\u00e9xico como
Fiduciaria del Fideicomiso GFSSLPT
Mexico
0.00%
99.98%
100.00%
100.00%
Finance
company
11
1
12
Banco Santander Argentina S.A.
Argentine
0.00%
99.82%
99.77%
99.77%
Banking
2,427
379
598
Banco Santander Colombia S.A.
Colombia
92.95%
7.05%
100.00%
100.00%
Banking
272
11
299
Banco Santander International
United
States
0.00%
100.00%
100.00%
100.00%
Banking
879
176
1,055
Banco Santander International SA
Switzerland
34.70%
65.30%
100.00%
100.00%
Banking
1,424
(46)
809
Banco Santander M\u00e9xico, S.A., Instituci\u00f3n
de Banca M\u00faltiple, Grupo Financiero
Santander M\u00e9xico
Mexico
24.93%
75.05%
99.98%
99.98%
Banking
6,161
1,531
8,373
Banco Santander Per\u00fa S.A.
Peru
99.90%
0.10%
100.00%
100.00%
Banking
329
70
132
Banco Santander S.A.
Uruguay
97.75%
2.25%
100.00%
100.00%
Banking
660
156
180
Banco Santander Totta, S.A.
Portugal
99.42%
0.45%
99.87%
99.96%
Banking
3,608
946
6,149
Banque Stellantis France
France
0.00%
50.00%
50.00%
50.00%
Banking
998
152
881
Bansa Santander S.A.
Chile
0.00%
100.00%
100.00%
100.00%
Real estate
28
5
34
Beyond Wealth, S.A.
Spain
99.99%
0.01%
100.00%
100.00%
Consulting
services
3
(1)
2
Bilkreditt 7 Designated Activity Company
(j)
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Blecno Investments, S.L. Unipersonal (e)
Spain
\u2014
\u2014
\u2014
100.00%
Real estate
\u2014
\u2014
\u2014
Blue Ocean SBT, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
404
6
389
BRS Investments S.A.
Argentine
5.10%
94.90%
100.00%
100.00%
Finance
company
100
13
75
C\u00e1ntabro Catalana de Inversiones, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
419
4
422
Capital Street Delaware LP
United
States
0.00%
100.00%
100.00%
100.00%
Holding
company
0
0
0
Capital Street Holdings, LLC
United
States
0.00%
100.00%
100.00%
100.00%
Holding
company
11
0
11
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Capital Street REIT Holdings, LLC
United
States
0.00%
100.00%
100.00%
100.00%
Holding
company
973
26
999
Capital Street S.A.
Luxembourg
0.00%
100.00%
100.00%
100.00%
Finance
company
0
0
0
Carmine D - Services, Unipessoal Lda.
Portugal
0.00%
100.00%
100.00%
100.00%
Software
0
0
2
Cartasur Cards S.A.
Argentine
0.00%
99.82%
100.00%
100.00%
Finance
company
13
1
15
Casa de Bolsa Santander, S.A. de C.V.,
Grupo Financiero Santander M\u00e9xico
Mexico
0.00%
99.97%
99.97%
99.97%
Securities
company
92
15
107
Cater Allen Holdings Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Cater Allen International Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Cater Allen Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Banking
284
100
255
Cater Allen Syndicate Management
Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
CCAP Auto Lease Ltd.
United
States
0.00%
100.00%
100.00%
100.00%
Leasing
398
22
420
Centro de Capacitaci\u00f3n Santander, A.C.
Mexico
0.00%
99.98%
100.00%
100.00%
Non-profit
institute
1
0
1
Certidesa, S.L. Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Aircraft rental
(67)
(8)
0
Charlotte 2023 Funding Plc
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
0
0
0
Charlotte 2023 Holdings Limited
United
Kingdom
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Cianite New Energy, S.r.l.
Italy
0.00%
49.00%
70.00%
70.00%
Renewable
energies
1
0
1
CIMA Commodities 2025-4
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
CIMA Finance DAC Series 2022-1
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
CIMA Finance DAC Series 2023-1
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
CIMA Luxembourg S.\u00e0 r.l. 2025-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
CLM Fleet Management Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Vehicle rental
2
0
7
Cobranza Amigable, S.A.P.I. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Collection
services
5
0
4
Community Development and Affordable
Housing Fund LLC (c)
United
States
0.00%
96.00%
96.00%
96.00%
Asset
management
33
(2)
30
Compagnie Generale de Credit Aux
Particuliers - Credipar S.A.
France
0.00%
50.00%
100.00%
100.00%
Banking
363
(313)
428
Compagnie Pour la Location de Vehicules
- CLV
France
0.00%
50.00%
100.00%
100.00%
Banking
28
6
26
Comparanet, S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Insurance
mediation
7
0
7
Consumer Totta 1
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Consumer Totta 2
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Consumer Totta 3 2025
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Contrato de Fideicomiso Irrevocable de
Administraci\u00f3n INV/6206
Mexico
\u2014
(b)
\u2014
\u2014
Trust company
12
(8)
0
Contrato de Fideicomiso Irrevocable de
Administraci\u00f3n Nro. 6168
Mexico
\u2014
(b)
\u2014
\u2014
Trust company
0
13
0
Contrato de Fideicomiso Irrevocable Nro.
F/6236
Mexico
\u2014
(b)
\u2014
\u2014
Trust company
0
17
0
Credileads S.A.
Uruguay
0.00%
100.00%
100.00%
100.00%
Advertising
1
0
5
D365 Fundo de Investimento em Direitos
Credit\u00f3rios
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
(16)
19
3
Darep Designated Activity Company
Ireland
100.00%
0.00%
100.00%
100.00%
Reinsurances
12
2
13
Decarome, S.A.P.I. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Finance
company
24
(1)
22
Decarope S.A.C.
Peru
0.00%
100.00%
100.00%
100.00%
Investment
company
9
2
9
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Deva Capital Advisory Company, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Advisory
services
4
1
2
Deva Capital Holding Company, S.L.
Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
891
(12)
946
Deva Capital Investment Company, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Holding
company
862
3
810
Deva Capital Management Company, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Advisory
services
20
(12)
7
Deva Capital Servicer Company, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Holding
company
59
0
59
Diamante New Energy S.r.l.
Italy
0.00%
80.00%
80.00%
\u2014
Renewable
energies
2
0
1
Diglo Servicer Company 2021, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Real estate
management
26
3
19
Diners Club Spain, S.A. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Cards
10
2
11
Direcci\u00f3n Estratega, S.C.
Mexico
0.00%
100.00%
100.00%
100.00%
Services
0
0
0
Drive Auto Receivables Trust 2024-1
United
States
\u2014
(b)
\u2014
\u2014
Securitization
(127)
82
0
Drive Auto Receivables Trust 2024-2
United
States
\u2014
(b)
\u2014
\u2014
Securitization
(286)
166
0
Drive Auto Receivables Trust 2025-1
United
States
\u2014
(b)
\u2014
\u2014
Securitization
0
(157)
0
Drive Auto Receivables Trust 2025-2
United
States
\u2014
(b)
\u2014
\u2014
Securitization
0
(223)
0
Drive S.r.l.
Italy
0.00%
100.00%
100.00%
75.00%
Renting
5
(3)
9
Ductor Real Estate, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Real estate
22
4
17
Ebury Agent UK Limited
United
Kingdom
0.00%
66.43%
100.00%
\u2014
Financial
services
0
0
0
Ebury Banco de Cambio S.A.
Brazil
0.00%
66.43%
100.00%
100.00%
Payment
services
21
5
17
Ebury Banco Holding Participa\u00e7\u00f5es Ltda.
Brazil
0.00%
66.43%
100.00%
100.00%
Holding
company
10
0
8
Ebury Brasil Consultoria S.A.
Brazil
0.00%
66.43%
100.00%
100.00%
Consulting
services
93
0
95
Ebury Brasil Holding Ltda.
Brazil
0.00%
66.43%
100.00%
100.00%
Holding
company
11
0
93
Ebury Brasil Participa\u00e7\u00f5es S.A.
Brazil
0.00%
66.43%
100.00%
100.00%
Holding
company
95
0
95
Ebury Facilitadora De Pagamentos Ltda.
Brazil
0.00%
66.43%
100.00%
100.00%
Software
0
0
0
Ebury Global Services, S.L.
Spain
0.00%
66.43%
100.00%
\u2014
Advisory
services
0
0
0
Ebury Mass Payments Holdco Limited (g)
United
Kingdom
0.00%
66.43%
100.00%
100.00%
Holding
company
8
3
18
Ebury Mass Payments Limited (g)
United
Kingdom
0.00%
66.43%
100.00%
100.00%
Payment
services
6
0
0
Ebury Partners (DIFC) Limited (g)
Arab United
Emirates
0.00%
66.43%
100.00%
100.00%
Finance
company
4
0
5
Ebury Partners Australia Pty Ltd. (g)
Australia
0.00%
66.43%
100.00%
100.00%
Finance
company
2
0
2
Ebury Partners Belgium NV /SA (g)
Belgium
0.00%
66.43%
100.00%
100.00%
Payment
services
20
11
20
Ebury Partners Canada Limited (g)
Canada
0.00%
66.43%
100.00%
100.00%
Finance
company
2
1
6
Ebury Partners Chile SpA
Chile
0.00%
66.43%
100.00%
100.00%
Finance
company
0
0
0
Ebury Partners China Limited
China
0.00%
66.43%
100.00%
100.00%
Marketing
0
0
0
Ebury Partners Finance Limited (g)
United
Kingdom
0.00%
66.43%
100.00%
100.00%
Finance
company
(11)
(5)
0
Ebury Partners Hong Kong Limited (g)
Hong-Kong
0.00%
66.43%
100.00%
100.00%
Finance
company
2
2
3
Ebury Partners Limited (g)
United
Kingdom
0.00%
66.43%
66.43%
66.43%
Holding
company
222
(18)
412
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Ebury Partners Lithuania UAB
Lithuania
0.00%
66.43%
100.00%
\u2014
Payment
services
0
0
4
Ebury Partners Markets Cyprus Limited (g)
Cyprus
0.00%
66.43%
100.00%
100.00%
Finance
company
0
0
1
Ebury Partners Markets Limited (g)
United
Kingdom
0.00%
66.43%
100.00%
100.00%
Finance
company
23
2
17
Ebury Partners M\u00e9xico, S.A. de C.V.
Mexico
0.00%
66.43%
100.00%
100.00%
Payment
services
0
0
0
Ebury Partners Payment Solutions
Uganda Limited
Uganda
0.00%
66.43%
100.00%
\u2014
Finance
company
0
0
0
Ebury Partners Payments - L.L.C.
Arab United
Emirates
0.00%
66.43%
100.00%
\u2014
Payment
services
0
0
0
Ebury Partners Payments Solutions
Limited
Kenya
0.00%
66.43%
100.00%
\u2014
Payment
services
0
0
0
Ebury Partners South Africa (Pty) Ltd (g)
Republic of
South Africa
0.00%
66.43%
100.00%
100.00%
Finance
company
0
(1)
0
Ebury Partners Switzerland AG (g)
Switzerland
0.00%
66.43%
100.00%
100.00%
Finance
company
6
1
5
Ebury Partners Tanzania Limited
Tanzania
0.00%
66.43%
100.00%
\u2014
Payment
services
0
0
0
Ebury Partners UK Limited (g)
United
Kingdom
0.00%
66.43%
100.00%
100.00%
Electronic
money
19
6
158
Ebury Payments PTE Ltd. (g)
Singapore
0.00%
66.43%
100.00%
100.00%
Payment
services
1
0
1
Ebury Solu\u00e7\u00f5es de Pagamentos Ltda.
Brazil
0.00%
66.43%
100.00%
100.00%
Financial
services
2
0
4
Ebury Technology Limited (g)
United
Kingdom
0.00%
66.43%
100.00%
100.00%
Software
(56)
6
0
Ebury Technology Spain, S.L.
Spain
0.00%
66.43%
100.00%
\u2014
IT consulting
0
(1)
0
EDT FTPYME Pastor 3, Fondo de
Titulizaci\u00f3n de Activos
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Elcano Renovables, S.L.
Spain
0.00%
70.00%
70.00%
70.00%
Holding
company
0
0
0
Electrolyser, S.A. de C.V.
Mexico
0.00%
99.98%
100.00%
100.00%
Services
0
0
0
Elevate Tech Platforms, S.L. Unipersonal
(e)
Spain
\u2014
\u2014
\u2014
100.00%
Holding
company
\u2014
\u2014
\u2014
Emdia Servi\u00e7os Especializados em
Cobran\u00e7as Ltda.
Brazil
0.00%
89.86%
100.00%
100.00%
Collection
services
33
5
34
Empresa de Cr\u00e9ditos Santander Consumo
Per\u00fa S.A.
Peru
100.00%
0.00%
100.00%
100.00%
Finance
company
55
13
50
Energias Renovables de Ormonde 30, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Renewable
energies
17
0
24
Energias Renovables de Titania, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Renewable
energies
2
0
6
Energias Renovables Gladiateur 45, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Renewable
energies
16
(1)
23
Energias Renovables Prometeo, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Renewable
energies
3
0
7
Esfera Fidelidade S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Services
2
135
124
Evidence Previd\u00eancia S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Insurance
118
2
107
Eyemobile Tecnologia Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
IT services
0
(1)
0
F1rst Tecnologia e Inova\u00e7\u00e3o Ltda.
Brazil
0.00%
89.86%
100.00%
100.00%
IT services
76
9
77
Factum Identity Solutions, S.L.
Spain
0.00%
67.20%
84.00%
\u2014
IT consulting
0
0
0
Factum Information Technologies, S.L.
Spain
0.00%
80.00%
80.00%
\u2014
IT consulting
8
(1)
6
Factum IT Limited
United
Kingdom
0.00%
80.00%
100.00%
\u2014
IT consulting
0
0
0
Factum Navarra, S.L. Unipersonal
Spain
0.00%
80.00%
100.00%
\u2014
IT consulting
0
0
0
FIDC Santander Auto Loans I Segmento
Financeiro - Responsabilidade Limitada
Brazil
\u2014
(b)
\u2014
\u2014
Securitization
465
2
0
Fideicomiso Empresarial Irrevocable de
Administraci\u00f3n y Garant\u00eda F/3443
Mexico
\u2014
(b)
\u2014
\u2014
Trust company
0
1
0
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Financeira El Corte Ingl\u00e9s, Portugal, S.F.C.,
S.A.
Portugal
0.00%
51.00%
100.00%
100.00%
Finance
company
8
1
4
Financiera El Corte Ingl\u00e9s, E.F.C., S.A.
Spain
0.00%
51.00%
51.00%
51.00%
Finance
company
248
55
140
Finsantusa, S.L. Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Holding
company
1,320
23
1,020
First National Motor plc
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
First National Tricity Finance Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
6
0
6
FIT Economia de Energia S.A.
Brazil
0.00%
58.41%
65.00%
65.00%
Electricity
production
(2)
(7)
0
Flexliving Valdemar\u00edn, S.L.
Spain
0.00%
27.57%
27.57%
90.00%
Real estate
14
0
4
Fondo de Titulizaci\u00f3n PYMES Santander
15
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fondo de Titulizaci\u00f3n Santander
Financiaci\u00f3n 1
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fondo de Titulizaci\u00f3n, RMBS Santander 7
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fondo de Titulizaci\u00f3n, Santander
Consumo 8
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fondo de Titulizaci\u00f3n, Santander
Consumo 9
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fondos Santander, S.A. Administradora de
Fondos de Inversi\u00f3n (en liquidaci\u00f3n) (j)
Uruguay
0.00%
100.00%
100.00%
100.00%
Fund
management
company
0
0
0
Fortensky Trading, Ltd.
Ireland
0.00%
100.00%
100.00%
100.00%
Finance
company
0
0
0
Fosse (Master Issuer) Holdings Limited
United
Kingdom
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fosse Funding (No.1) Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
102
(51)
0
Fosse Master Issuer PLC
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
0
0
0
Fosse Trustee (UK) Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
0
0
0
Freedom Depository Holdings, LLC
United
States
0.00%
100.00%
100.00%
100.00%
Holding
company
0
0
0
Freedom Depository, LLC
United
States
0.00%
100.00%
100.00%
100.00%
Securitization
0
0
0
Fulvia SPV S.r.l.
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fulvia SPV S.r.l. (2025-1)
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fundo de Investimento em Direitos
Credit\u00f3rios Atacado - N\u00e3o Padronizado
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
115
7
110
Fundo de Investimento em Direitos
Credit\u00f3rios Conretorno - Responsabilidade
Limitada
Brazil
0.00%
89.86%
100.00%
\u2014
Investment
fund
19
1
18
Fundo de Investimento em Direitos
Credit\u00f3rios Multisegmentos NPL Ipanema
VI \u2013 N\u00e3o padronizado
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
367
20
347
Fundo de Investimento em Direitos
Credit\u00f3rios Tellus
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
0
0
0
Gamma, Sociedade Financeira de
Titulariza\u00e7\u00e3o de Cr\u00e9ditos, S.A.
Portugal
0.00%
99.87%
100.00%
100.00%
Securitization
8
0
8
GC FTPYME Pastor 4, Fondo de
Titulizaci\u00f3n de Activos
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Generaci\u00f3n de Energ\u00eda Villahermosa,
S.A.P.I. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Electricity
production
6
0
7
Gesban M\u00e9xico Servicios Administrativos
Globales, S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Services
2
0
0
Gesban Santander Servicios Profesionales
Contables Limitada
Chile
0.00%
100.00%
100.00%
100.00%
Accounting
services
1
0
0
Gesban Servicios Administrativos
Globales, S.L.
Spain
99.99%
0.01%
100.00%
100.00%
Services
4
0
1
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Gesban UK Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Payments and
collection
services
2
0
0
Gesti\u00f3n de Inversiones JILT, S.A.
Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Services
15
0
15
Gestora de Procesos S.A. en liquidaci\u00f3n (j)
Peru
100.00%
0.00%
100.00%
100.00%
Financial
services
(1)
0
0
Getnet Adquir\u00eancia e Servi\u00e7os para Meios
de Pagamento S.A. - Institui\u00e7\u00e3o de
Pagamento
Brazil
0.00%
100.00%
100.00%
100.00%
Payment
services
434
98
317
Getnet Argentina S.A.U.
Argentine
0.00%
100.00%
100.00%
100.00%
Payment
methods
25
(1)
23
Getnet Europe, Entidad de Pago, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Payment
services
158
22
137
Getnet Fundo de Investimento em
Direitos Credit\u00f3rios
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
9
1
8
Getnet Merchant Solutions UK Ltd
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Financial
services
0
0
0
Getnet M\u00e9xico Servicios de Adquirencia,
S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Payments and
collection
services
154
59
175
Getnet Payments, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Holding
company
927
135
1,199
Getnet Sociedade de Credito Direto S.A.
Brazil
0.00%
100.00%
100.00%
100.00%
Finance
company
14
1
15
Getnet Technology and Operations Brasil
Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
IT services
127
(15)
112
Getnet Uruguay S.A.
Uruguay
0.00%
100.00%
100.00%
100.00%
Payment
methods
15
(1)
15
GNXT Servi\u00e7os de Atendimento Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
Telemarketing
4
0
4
Golden Bar (Securitisation) S.r.l.
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Golden Bar Stand Alone 2021-1
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Golden Bar Stand Alone 2022-1
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Golden Bar Stand Alone 2023-2
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Golden Bar Stand Alone 2024-1
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Golden Bar Stand Alone 2025-1
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Golden Bar Stand Alone 2025-2
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Grafite New Energy, S.r.l.
Italy
0.00%
49.00%
70.00%
70.00%
Renewable
energies
1
0
1
Gravity Cloud Technology, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
IT services
34
0
33
Grupo Empresarial Santander, S.L.
Spain
99.62%
0.38%
100.00%
100.00%
Holding
company
5,259
403
2,879
Grupo Financiero Santander M\u00e9xico, S.A.
de C.V.
Mexico
100.00%
0.00%
100.00%
100.00%
Holding
company
4,961
1,096
5,860
Hipototta No. 13
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Hipototta No. 14
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Hipototta No. 4 plc (j)
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Hipototta No. 5 plc (j)
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Holbah Santander, S.L. Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Holding
company
797
84
870
Holmes Funding Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
215
(79)
0
Holmes Holdings Limited
United
Kingdom
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Holmes Master Issuer plc
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
1
0
0
Holmes Trustees Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
0
0
0
Hyundai Capital Bank Europe GmbH
Germany
0.00%
51.00%
51.00%
51.00%
Banking
1,125
16
558
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Hyundai Fundo de Investimento em
Direitos Credit\u00f3rios
Brazil
0.00%
44.93%
100.00%
100.00%
Investment
fund
266
48
141
Ib\u00e9rica de Compras Corporativas, S.L.
Spain
97.17%
2.82%
100.00%
100.00%
E-commerce
29
(2)
6
Innohub, S.A.P.I. de C.V. (j)
Mexico
0.00%
62.01%
69.54%
69.54%
IT services
0
0
0
Insurance Funding Solutions Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Inversiones Capital Global, S.A.
Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
102
6
107
Inversiones Mar\u00edtimas del Mediterr\u00e1neo,
S.A., en liquidaci\u00f3n (c) (j)
Spain
0.00%
100.00%
100.00%
100.00%
Inactive
2
(1)
0
Investment Holdings 1857, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
32
357
33
Isar Valley S.A.
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
(3)
0
0
Isla de los Buques, S.A.
Spain
99.98%
0.02%
100.00%
100.00%
Finance
company
1
0
1
Klare Corredora de Seguros Limitada
Chile
0.00%
100.00%
100.00%
100.00%
Insurance
mediation
(4)
(1)
0
Landcompany 2020, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Real estate
management
1,577
(22)
1,609
Laparanza, S.A.
Spain
61.59%
0.00%
61.59%
61.59%
Agricultural
holding
29
0
16
Lerma Investments 2018, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Real estate
11
0
11
Liquetine, S.L. Unipersonal
Spain
0.00%
70.00%
100.00%
100.00%
Renewable
energies
11
0
10
Lynx Financial Crime Tech, S.A.
Spain
0.00%
79.99%
79.99%
79.99%
IT services
54
1
48
MAC No. 1 Limited
United
Kingdom
\u2014
(b)
\u2014
\u2014
Inactive
(1)
0
0
Macroscope S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
\u2014
Consulting
services
3
(1)
4
Mascor SPV 2025, S.L.
Spain
0.00%
29.10%
29.10%
\u2014
Real estate
8
0
2
Master Red Europa, S.L.
Spain
96.34%
0.00%
96.34%
96.34%
Cards
1
0
1
Mata Alta, S.L. Unipersonal
Spain
0.00%
61.59%
100.00%
100.00%
Agricultural
holding
0
0
0
MCE Bank GmbH (d)
Germany
0.00%
90.01%
90.01%
90.01%
Banking
168
0
117
MCE Verwaltung GmbH (d)
Germany
0.00%
90.01%
100.00%
100.00%
Real estate
rental
10
0
9
Mercadotecnia, Ideas y Tecnolog\u00eda, S.A.
de C.V.
Mexico
0.00%
70.00%
70.00%
70.00%
Payment
methods
0
13
45
Merciver, S.L.
Spain
99.90%
0.10%
100.00%
100.00%
Financial
advisory
0
0
0
Midata Service GmbH (d)
Germany
0.00%
90.01%
100.00%
100.00%
IT services
0
0
0
Moon GC&P Investments, S.L.
Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
91
(2)
85
Mouro Capital I LP
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Investment
fund
787
311
822
Multiplica SpA
Chile
0.00%
100.00%
100.00%
100.00%
Payment
services
2
0
2
Murattabat International Business
Services
Palestine
0.00%
66.43%
100.00%
\u2014
IT consulting
0
0
0
Navegante Am\u00e9rico Vespucio SpA
Chile
0.00%
100.00%
100.00%
100.00%
Real estate
59
(2)
90
Naviera Mirambel, S.L. Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Finance
company
0
0
0
Naviera Trans Gas, A.I.E.
Spain
99.99%
0.01%
100.00%
100.00%
Renting
60
(1)
62
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Naviera Transcant\u00e1brica, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
Leasing
5
0
4
Naviera Transchem, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Leasing
1
0
1
Navigator Global Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Internet
14
(4)
14
NeoAuto S.A.C.
Peru
0.00%
100.00%
100.00%
100.00%
Vehicles
purchased by
internet
1
(1)
2
Newcomar, S.L., en liquidaci\u00f3n (j)
Spain
40.00%
40.00%
80.00%
80.00%
Real estate
0
0
0
Novimovest \u2013 Fundo de Investimento
Imobili\u00e1rio
Portugal
0.00%
78.76%
78.86%
78.74%
Investment
fund
119
2
96
NW Services CO.
United States
0.00%
100.00%
100.00%
100.00%
E-commerce
7
3
8
One Mobility Management GmbH
Germany
0.00%
46.95%
100.00%
100.00%
Services
0
0
0
Open Bank, S.A. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Banking
666
66
630
Open Digital Market, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Commerce
0
0
0
Open Digital Services, S.L.
Spain
99.97%
0.03%
100.00%
100.00%
Services
38
(12)
20
Openbank M\u00e9xico, S.A., Instituci\u00f3n de
Banca M\u00faltiple, Grupo Financiero
Santander M\u00e9xico
Mexico
0.00%
100.00%
100.00%
100.00%
Banking
244
(66)
177
Operadora de Carteras Gamma, S.A.P.I.
de C.V.
Mexico
100.00%
0.00%
100.00%
100.00%
Holding
company
12
0
6
Optimal Investment Services SA
Switzerland
100.00%
0.00%
100.00%
100.00%
Fund
management
company
45
0
30
Optimal Multiadvisors Ireland Plc /
Optimal Strategic US Equity Ireland
Euro Fund (i) (m)
Ireland
0.00%
0.00%
0.00%
0.00%
Fund
management
company
0
0
0
Optimal Multiadvisors Ireland Plc /
Optimal Strategic US Equity Ireland US
Dollar Fund (i) (m)
Ireland
0.00%
0.00%
0.00%
0.00%
Fund
management
company
0
0
0
Paga Despu\u00e9s, S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Financial
services
3
0
3
PagoNxt Emoney, E.D.E., S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Financial
services
4
(1)
4
PagoNxt Ltd
United
Kingdom
100.00%
0.00%
100.00%
100.00%
Holding
company
0
0
0
PagoNxt Merchant Solutions FZ-LLC (j)
Arab United
Emirates
0.00%
100.00%
100.00%
100.00%
Financial
services
1
0
1
PagoNxt Merchant Solutions India
Private Limited (d) (j)
India
0.00%
100.00%
100.00%
100.00%
Financial
services
0
0
0
PagoNxt Payments Brasil Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
Financial
services
3
0
3
PagoNxt Payments Chile SpA
Chile
0.00%
100.00%
100.00%
100.00%
Services
1
0
1
PagoNxt Payments M\u00e9xico, S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
IT services
1
1
2
PagoNxt Payments Services, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Services
275
(47)
227
PagoNxt Payments UK Ltd
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Payment
services
4
(2)
4
PagoNxt Payments, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
IT services
348
(57)
291
PagoNxt US, LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
PagoNxt, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
1,964
(22)
3,332
Paytec Tecnologia em Pagamentos
Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
Commerce
4
(1)
4
PBE Companies, LLC
United States
0.00%
100.00%
100.00%
100.00%
Real estate
104
(4)
101
Pereda Gesti\u00f3n, S.A.
Spain
99.99%
0.01%
100.00%
100.00%
Securities
brokerage
52
42
4
Phoenix S.A.
Uruguay
0.00%
100.00%
100.00%
100.00%
Payment
methods
4
1
7
Pinle SPV 2024, S.L.
Spain
0.00%
27.57%
27.57%
\u2014
Real estate
5
0
1
Pony S.A.
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Pony S.A., Compartment German Auto
Loans 2023-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Pony S.A., Compartment German Auto
Loans 2024-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Pony S.A., Compartment German Auto
Loans 2025-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Portal Universia Argentina S.A.
Argentine
0.00%
75.75%
75.75%
75.75%
Internet
0
0
0
Portal Universia Portugal, Presta\u00e7\u00e3o de
Servi\u00e7os de Inform\u00e1tica, S.A.
Portugal
0.00%
100.00%
100.00%
100.00%
Internet
0
0
0
Precato IV Fundo de Investimento em
Direitos Credit\u00f3rios - N\u00e3o
Padronizados
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
45
8
41
Prime 16 \u2013 Fundo de Investimentos
Imobili\u00e1rio
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
4
0
4
PT Trans Skills Employer Services
Indonesia
0.00%
66.43%
100.00%
\u2014
Consulting
services
0
0
0
Pulse Client Experts Ltda.
Brazil
0.00%
89.86%
100.00%
100.00%
Telemarketing
18
2
18
Punta Lima, LLC
United States
0.00%
100.00%
100.00%
100.00%
Leasing
0
1
0
Redoto SPV 2025, S.L.
Spain
0.00%
30.60%
30.60%
\u2014
Real estate
46
0
14
Repton 2023-1 Limited
United
Kingdom
\u2014
(b)
\u2014
\u2014
Securitization
1
1
0
Retailcompany 2021, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Real estate
298
(15)
293
Retop S.A. (f)
Uruguay
100.00%
0.00%
100.00%
100.00%
Finance
company
39
(1)
62
Return Capital Gest\u00e3o de Ativos e
Participa\u00e7\u00f5es S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Collection
services
(32)
90
52
Rojo Entretenimento S.A.
Brazil
0.00%
85.01%
94.60%
94.60%
Real estate
25
2
23
SAFO Alternative Lending, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Finance
company
39
1
43
SAI Alternative Investments M\u00e9xico,
S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Consulting
services
1
(1)
1
SAI Lux Carry SCSp
Luxembourg
0.00%
100.00%
100.00%
100.00%
Fund
management
company
0
0
0
Sainte Julie Fundo de Investimento em
Direitos Credit\u00f3rios N\u00e3o-Padronizados
Responsabilidade Limitada
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
81
30
100
SALCO, Servicios de Seguridad
Santander, S.A.
Spain
99.99%
0.01%
100.00%
100.00%
Safety
2
1
1
SAM Argentina Sociedad Gerente de
Fondos Comunes de Inversi\u00f3n S.A.
Argentine
0.00%
100.00%
100.00%
100.00%
Investment
fund
management
2
0
2
SAM Asset Management, S.A. de C.V.,
Sociedad Operadora de Fondos de
Inversi\u00f3n
Mexico
0.00%
100.00%
100.00%
100.00%
Fund
management
company
14
43
193
SAM Inversiones Argentina S.A.
Argentine
0.00%
100.00%
100.00%
100.00%
Pension fund
management
company
0
0
1
SAM Investment Holdings, S.L.
Spain
92.37%
7.63%
100.00%
100.00%
Holding
company
1,274
194
1,450
San Pietro Solar PV, S.r.l.
Italy
0.00%
56.00%
80.00%
80.00%
Renewable
energies
18
(1)
19
San Preca Federal I Fundo de
Investimento em Direitos Credit\u00f3rios
N\u00e3o-Padronizados
Brazil
0.00%
86.59%
96.36%
50.00%
Investment
fund
8
8
14
SANB Promotora de Vendas e
Cobran\u00e7a S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Finance
company
1
5
6
Sancap Investimentos e Participa\u00e7\u00f5es
S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Holding
company
94
110
164
Santander (CF Trustee Property
Nominee) Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander (CF Trustee) Limited (d)
United
Kingdom
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
Santander (Luxembourg) Issuer S.\u00e0 r.l.
Luxembourg
100.00%
0.00%
100.00%
\u2014
Securitization
0
0
0
Santander (UK) Group Pension
Schemes Trustees Limited (d)
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander Alternative Investments,
S.G.I.I.C., S.A. Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Fund
management
company
21
(6)
40
Santander AM Global Working Capital
Fund I
Luxembourg
100.00%
0.00%
100.00%
100.00%
Investment
fund
70
3
71
Santander Asesor\u00edas Financieras
Limitada
Chile
0.00%
67.45%
100.00%
100.00%
Financial
advisory
11
4
11
Santander Asset Finance Opportunities
Luxembourg
100.00%
0.00%
100.00%
100.00%
Investment
fund
192
11
191
Santander Asset Finance plc
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Leasing
96
86
166
Santander Asset Management - SGOIC,
S.A.
Portugal
0.00%
100.00%
100.00%
100.00%
Fund
management
company
6
4
9
Santander Asset Management Chile
S.A.
Chile
0.00%
100.00%
100.00%
100.00%
Securities
investment
0
0
0
Santander Asset Management Gerente
de Fondos Comunes de Inversi\u00f3n S.A.
Argentine
0.00%
100.00%
100.00%
100.00%
Fund
management
company
6
20
3
Santander Asset Management
Luxembourg, S.A.
Luxembourg
0.00%
100.00%
100.00%
100.00%
Fund
management
company
5
1
0
Santander Asset Management S.A.
Administradora General de Fondos
Chile
0.00%
100.00%
100.00%
100.00%
Fund
management
company
(3)
18
132
Santander Asset Management UK
Holdings Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Holding
company
218
74
186
Santander Asset Management UK
Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Management
of funds and
portfolios
30
6
129
Santander Asset Management, S.A.,
SGIIC Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Fund
management
company
227
101
277
Santander Auto Lease Titling Ltd.
United States
0.00%
100.00%
100.00%
100.00%
Leasing
8
(15)
0
Santander Back-Offices Globales
Mayoristas, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Services
5
6
1
Santander Banca de Inversi\u00f3n
Colombia, S.A.S.
Colombia
100.00%
0.00%
100.00%
100.00%
Advisory
services
1
3
2
Santander Bank Polska S.A.
Poland
58.70%
0.00%
58.70%
62.20%
Banking
6,308
1,590
4,051
Santander Bank, National Association
United States
0.00%
100.00%
100.00%
100.00%
Banking
10,871
1,183
12,035
Santander Brasil Administradora de
Cons\u00f3rcio Ltda.
Brazil
0.00%
89.86%
100.00%
100.00%
Services
70
83
138
Santander Brasil Gest\u00e3o de Recursos
Ltda.
Brazil
0.08%
99.92%
100.00%
100.00%
Securities
investment
387
45
423
Santander Capital Holdings LLC
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
851
53
904
Santander Capital Structuring, S.A. de
C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Holding
company
5
0
0
Santander Capitaliza\u00e7\u00e3o S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Insurance
(47)
101
48
Santander Cards Ireland Limited (n)
Ireland
0.00%
100.00%
100.00%
100.00%
Cards
(8)
0
0
Santander Cards Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
96
0
96
Santander Cards UK Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
145
(15)
121
Santander Chile Holding S.A.
Chile
22.11%
77.75%
99.86%
99.86%
Holding
company
1,565
355
1,862
Santander Commercial Mortgage
Securities LLC
United States
0.00%
100.00%
100.00%
\u2014
Finance
company
0
0
0
Santander Compara Holding, S.L.
Spain
99.97%
0.03%
100.00%
100.00%
Holding
company
12
0
12
Santander Consulting (Beijing) Co., Ltd.
China
0.00%
100.00%
100.00%
100.00%
Advisory
services
10
0
4
Santander Consumer (UK) plc
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
938
(109)
298
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander Consumer Auto Receivables
Funding 2018-L3 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
117
(1)
0
Santander Consumer Auto Receivables
Funding 2022-B1 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(56)
17
0
Santander Consumer Auto Receivables
Funding 2022-B2 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(64)
22
0
Santander Consumer Auto Receivables
Funding 2022-B3 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(103)
66
0
Santander Consumer Auto Receivables
Funding 2022-B4 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(58)
30
0
Santander Consumer Auto Receivables
Funding 2023-B1 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(48)
53
0
Santander Consumer Auto Receivables
Funding 2023-B2 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(44)
22
0
Santander Consumer Auto Receivables
Funding 2023-B3 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(40)
20
0
Santander Consumer Auto Receivables
Funding 2023-B4 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(46)
23
0
Santander Consumer Auto Receivables
Funding 2023-B5 LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Consumer Auto Receivables
Funding 2023-B6 LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Consumer Auto Receivables
Funding 2024-B2 LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Consumer Auto Receivables
Funding 2024-B3 LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Consumer Auto Receivables
Funding 2025-B1 LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Consumer Auto Receivables
Funding 2025-L1 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
0
(14)
0
Santander Consumer Auto Receivables
Funding 2025-L2 LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Consumer Auto Receivables
Funding 2025-L3 LLC
United States
0.00%
100.00%
100.00%
\u2014
Inactive
0
0
0
Santander Consumer Auto Receivables
Funding 2025-L4 LLC
United States
0.00%
100.00%
100.00%
\u2014
Inactive
0
0
0
Santander Consumer Bank
Canada
0.00%
100.00%
100.00%
\u2014
Banking
140
3
167
Santander Consumer Bank AG
Germany
0.00%
100.00%
100.00%
100.00%
Banking
3,588
187
5,345
Santander Consumer Bank AS
Norway
0.00%
100.00%
100.00%
100.00%
Banking
1,912
183
2,141
Santander Consumer Bank GmbH
Austria
0.00%
100.00%
100.00%
100.00%
Banking
584
39
363
Santander Consumer Bank S.A.
Poland
0.00%
100.00%
100.00%
100.00%
Banking
988
93
940
Santander Consumer Bank S.A.
Peru
100.00%
0.00%
100.00%
\u2014
Banking
187
25
160
Santander Consumer Bank S.p.A.
Italy
0.00%
100.00%
100.00%
100.00%
Banking
970
68
603
Santander Consumer Credit Services
Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
1
(1)
0
Santander Consumer Finance Global
Services, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
IT
6
4
5
Santander Consumer Finance Limitada
Chile
49.00%
34.24%
100.00%
100.00%
Finance
company
120
27
65
Santander Consumer Finance M\u00e9xico,
S.A. de C.V., S.O.F.O.M., E.R., Grupo
Financiero Santander M\u00e9xico
Mexico
0.00%
99.98%
100.00%
100.00%
Inactive
2
0
2
Santander Consumer Finance Oy
Finland
0.00%
100.00%
100.00%
100.00%
Finance
company
488
20
159
Santander Consumer Finance Schweiz
AG
Switzerland
0.00%
100.00%
100.00%
100.00%
Leasing
61
(13)
60
Santander Consumer Finance, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Banking
9,109
612
10,039
Santander Consumer Financial
Solutions Sp. z o.o.
Poland
0.00%
100.00%
100.00%
100.00%
Leasing
(3)
1
7
Santander Consumer Holding Austria
GmbH
Austria
0.00%
100.00%
100.00%
100.00%
Holding
company
364
0
518
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander Consumer Holding GmbH
Germany
0.00%
100.00%
100.00%
100.00%
Holding
company
5,564
83
6,077
Santander Consumer Lease
Receivables 1 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(20)
3
0
Santander Consumer Leasing GmbH
Germany
0.00%
100.00%
100.00%
100.00%
Leasing
77
104
158
Santander Consumer Leasing S.A.
France
0.00%
100.00%
100.00%
100.00%
Renting
3
0
3
Santander Consumer Mobility Services,
S.A.
Spain
0.00%
100.00%
100.00%
100.00%
Renting
8
(2)
8
Santander Consumer Multirent Sp. z
o.o.
Poland
0.00%
100.00%
100.00%
100.00%
Leasing
42
9
36
Santander Consumer Operations
Services GmbH
Germany
0.00%
100.00%
100.00%
100.00%
Services
16
0
18
Santander Consumer Receivables 11
LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
618
283
0
Santander Consumer Receivables 15
LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(8)
75
0
Santander Consumer Receivables 16
LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(6)
130
0
Santander Consumer Receivables 20
LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
0
(254)
0
Santander Consumer Receivables 21
LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Consumer Receivables 7 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
726
164
0
Santander Consumer Receivables
Funding LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
10
3
0
Santander Consumer Renting S.r.l.
Italy
0.00%
100.00%
100.00%
100.00%
Renting
12
(5)
18
Santander Consumer Renting, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Renting
47
2
41
Santander Consumer S.A.
Argentine
0.00%
99.82%
100.00%
100.00%
Finance
company
15
(3)
13
Santander Consumer Services GmbH
Austria
0.00%
100.00%
100.00%
100.00%
Services
0
0
0
Santander Consumer Services, S.A.
Portugal
0.00%
100.00%
100.00%
100.00%
Finance
company
13
1
6
Santander Consumer Spain Auto
2019-1, Fondo de Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumer Spain Auto
2020-1, Fondo de Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumer Spain Auto
2021-1, Fondo de Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumer Spain Auto
2022-1, Fondo de Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumer Spain Auto
2023-1, Fondo de Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumer Spain Auto
2024-1, Fondo de Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumer Spain Auto
2025-1, Fondo de Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumer Technology
Services GmbH
Germany
0.00%
100.00%
100.00%
100.00%
IT services
31
1
22
Santander Consumer USA Holdings Inc.
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
3,079
589
4,580
Santander Consumer USA Inc.
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
4,922
590
5,512
Santander Consumo 4, F.T.
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumo 5, F.T.
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumo 6, F.T.
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumo 7, F.T.
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Corredora de Seguros
Limitada
Chile
0.00%
67.21%
100.00%
100.00%
Insurance
mediation
19
3
14
Santander Corredores de Bolsa
Limitada
Chile
0.00%
83.24%
100.00%
100.00%
Securities
company
58
3
51
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander Corretora de C\u00e2mbio e
Valores Mobili\u00e1rios S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Securities
company
143
28
154
Santander Corretora de Seguros,
Investimentos e Servi\u00e7os S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Insurance
mediation
665
325
887
Santander Customer Voice, S.A.
Spain
99.50%
0.50%
100.00%
100.00%
Services
9
(10)
0
Santander de Titulizaci\u00f3n, S.G.F.T., S.A.
Spain
81.00%
19.00%
100.00%
100.00%
Fund
management
company
5
5
2
Santander Distribuidora de T\u00edtulos e
Valores Mobili\u00e1rios S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Securities
company
75
11
77
Santander Drive Auto Receivables LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
0
0
0
Santander Drive Auto Receivables
Trust 2022-2
United States
\u2014
(b)
\u2014
\u2014
Securitization
(25)
33
0
Santander Drive Auto Receivables
Trust 2022-3
United States
\u2014
(b)
\u2014
\u2014
Securitization
(41)
26
0
Santander Drive Auto Receivables
Trust 2022-4
United States
\u2014
(b)
\u2014
\u2014
Securitization
(72)
36
0
Santander Drive Auto Receivables
Trust 2022-5
United States
\u2014
(b)
\u2014
\u2014
Securitization
(102)
37
0
Santander Drive Auto Receivables
Trust 2022-6
United States
\u2014
(b)
\u2014
\u2014
Securitization
(96)
40
0
Santander Drive Auto Receivables
Trust 2022-7
United States
\u2014
(b)
\u2014
\u2014
Securitization
(45)
24
0
Santander Drive Auto Receivables
Trust 2023-1
United States
\u2014
(b)
\u2014
\u2014
Securitization
(24)
38
0
Santander Drive Auto Receivables
Trust 2023-2
United States
\u2014
(b)
\u2014
\u2014
Securitization
(47)
56
0
Santander Drive Auto Receivables
Trust 2023-3
United States
\u2014
(b)
\u2014
\u2014
Securitization
(74)
65
0
Santander Drive Auto Receivables
Trust 2023-4
United States
\u2014
(b)
\u2014
\u2014
Securitization
(78)
53
0
Santander Drive Auto Receivables
Trust 2023-5
United States
\u2014
(b)
\u2014
\u2014
Securitization
(74)
54
0
Santander Drive Auto Receivables
Trust 2023-6
United States
\u2014
(b)
\u2014
\u2014
Securitization
(62)
47
0
Santander Drive Auto Receivables
Trust 2024-1
United States
\u2014
(b)
\u2014
\u2014
Securitization
(99)
68
0
Santander Drive Auto Receivables
Trust 2024-2
United States
\u2014
(b)
\u2014
\u2014
Securitization
(149)
103
0
Santander Drive Auto Receivables
Trust 2024-3
United States
\u2014
(b)
\u2014
\u2014
Securitization
(182)
127
0
Santander Drive Auto Receivables
Trust 2024-4
United States
\u2014
(b)
\u2014
\u2014
Securitization
(207)
146
0
Santander Drive Auto Receivables
Trust 2024-5
United States
\u2014
(b)
\u2014
\u2014
Securitization
(182)
119
0
Santander Drive Auto Receivables
Trust 2025-1
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
(116)
0
Santander Drive Auto Receivables
Trust 2025-2
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
(134)
0
Santander Drive Auto Receivables
Trust 2025-3
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
(186)
0
Santander Drive Auto Receivables
Trust 2025-4
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
(218)
0
Santander Empresa Administradora de
Fondos Colectivos S.A.
Peru
99.00%
1.00%
100.00%
100.00%
Investment
company
1
(1)
0
Santander Equity Investments Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
94
5
34
Santander Espa\u00f1a Servicios Legales,
S.L.
Spain
99.97%
0.03%
100.00%
100.00%
Services
9
0
8
Santander Estates Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Real estate
7
0
7
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander European Hospitality
Opportunities
Luxembourg
100.00%
0.00%
100.00%
100.00%
Investment
fund
33
0
30
Santander F24 S.A.
Poland
0.00%
58.70%
100.00%
100.00%
Finance
company
3
0
2
Santander Facility Management
Espa\u00f1a, S.L. Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Real estate
786
0
786
Santander Factoring S.A.
Chile
0.00%
99.86%
100.00%
100.00%
Factoring
9
0
9
Santander Factoring Sp. z o.o.
Poland
0.00%
58.70%
100.00%
100.00%
Financial
services
78
11
1
Santander Factoring y Confirming, S.A.
Unipersonal, E.F.C.
Spain
100.00%
0.00%
100.00%
100.00%
Factoring
223
47
126
Santander FI Hedge Strategies
Ireland
0.00%
89.86%
100.00%
100.00%
Investment
fund
421
110
478
Santander Finance 2012-1 LLC
United States
0.00%
100.00%
100.00%
100.00%
Financial
services
3
0
3
Santander Financial Exchanges Limited
(j)
United
Kingdom
100.00%
0.00%
100.00%
100.00%
Inactive
0
0
0
Santander Financial Services plc
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Banking
350
27
443
Santander Financiamientos S.A.
Peru
100.00%
0.00%
100.00%
100.00%
Finance
company
34
0
34
Santander Financing S.A.S.
Colombia
100.00%
0.00%
100.00%
100.00%
Financial
advisory
3
0
3
Santander Finanse Sp. z o.o.
Poland
0.00%
58.70%
100.00%
100.00%
Financial
services
64
12
18
Santander Fundo de Investimento
Amazonas Multimercado Cr\u00e9dito
Privado Investimento no Exterior (o)
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
440
64
453
Santander Fundo de Investimento
Diamantina Multimercado Cr\u00e9dito
Privado Investimento no Exterior (h)
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
776
142
824
Santander Fundo de Investimento
Guaruj\u00e1 Multimercado Cr\u00e9dito Privado
Investimento no Exterior
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
150
14
148
Santander Gesti\u00f3n de Recaudaci\u00f3n y
Cobranzas Ltda.
Chile
0.00%
99.86%
100.00%
100.00%
Financial
services
8
1
9
Santander Global Cards & Digital
Solutions Brasil S.A.
Brazil
0.00%
100.00%
100.00%
100.00%
IT consulting
85
4
93
Santander Global Cards & Digital
Solutions, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
IT services
222
1
222
Santander Global Consumer Finance
Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
7
0
7
Santander Global Facilities, S.A. de C.V.
Mexico
100.00%
0.00%
100.00%
100.00%
Services
167
8
174
Santander Global Services S.A. (j)
Uruguay
0.00%
100.00%
100.00%
100.00%
Services
0
0
0
Santander Global Services, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
Real estate
7
1
7
Santander Global Technology and
Operations Brasil Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
IT services
26
0
18
Santander Global Technology and
Operations Chile Limitada
Chile
0.00%
100.00%
100.00%
100.00%
IT services
5
1
6
Santander Global Technology and
Operations, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
IT services
694
15
668
Santander Green Investment, S.L.
Spain
99.97%
0.03%
100.00%
100.00%
Holding
company
139
1
135
Santander Group Properties, S.L.
Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
1,100
5
1,077
Santander Guarantee Company (j)
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Hera Renda Fixa Fundo
Incentivado de Investimento em
Infraestrutura Responsabilidade
Limitada
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
2,779
212
2,688
Santander Hermes Multimercado
Cr\u00e9dito Privado Infraestructura Fundo
de Investimento
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
169
9
160
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander Hipotecario 2 Fondo de
Titulizaci\u00f3n de Activos
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Hipotecario 3 Fondo de
Titulizaci\u00f3n de Activos
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Holding Imobili\u00e1ria S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Real estate
64
6
63
Santander Holding Internacional, S.A.
Spain
99.95%
0.05%
100.00%
100.00%
Holding
company
4,271
96
2,506
Santander Holdings USA, Inc.
United States
100.00%
0.00%
100.00%
100.00%
Holding
company
13,865
1,399
14,425
Santander Inclusi\u00f3n Financiera, S.A. de
C.V., S.O.F.O.M., E.R., Grupo Financiero
Santander M\u00e9xico
Mexico
0.00%
99.98%
100.00%
100.00%
Finance
company
8
2
9
Santander Insurance Agency, U.S., LLC
United States
0.00%
100.00%
100.00%
100.00%
Insurance
mediation
1
0
1
Santander Insurance Services UK
Limited
United
Kingdom
100.00%
0.00%
100.00%
100.00%
Wealth
management
827
(588)
543
Santander Insurance, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
2,433
478
2,440
Santander Intermediaci\u00f3n Corredur\u00eda
de Seguros, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Insurance
mediation
25
5
18
Santander International Products, Plc.
(l)
Ireland
99.99%
0.01%
100.00%
100.00%
Finance
company
1
0
0
Santander International Wealth
Management M\u00e9xico, S. de R.L. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Advisory
services
3
(2)
2
Santander International Wealth
Solutions LLC
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
0
0
0
Santander Inversiones S.A.
Chile
5.12%
94.88%
100.00%
100.00%
Holding
company
1,574
279
1,051
Santander Investment Chile Limitada
Chile
16.12%
83.88%
100.00%
100.00%
Finance
company
305
11
308
Santander Investment, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Banking
1,316
429
245
Santander Investments GP 1 S.\u00e0.r.l.
Luxembourg
0.00%
100.00%
100.00%
100.00%
Fund
management
company
1
0
1
Santander Inwestycje Sp. z o.o.
Poland
0.00%
58.70%
100.00%
100.00%
Securities
company
0
0
0
Santander ISA Managers Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Management
of funds and
portfolios
45
6
6
Santander Lease, S.A., E.F.C.
Spain
100.00%
0.00%
100.00%
100.00%
Leasing
56
3
51
Santander Leasing AB
Sweden
0.00%
100.00%
100.00%
100.00%
Leasing and
renting
13
2
22
Santander Leasing B.V.
Netherlands
0.00%
100.00%
100.00%
100.00%
Renting
13
0
21
Santander Leasing S.A.
Poland
0.00%
58.70%
100.00%
100.00%
Leasing
210
13
35
Santander Leasing S.A. Arrendamento
Mercantil
Brazil
0.00%
89.86%
100.00%
100.00%
Leasing
1,458
129
1,426
Santander Leasing, LLC
United States
0.00%
100.00%
100.00%
100.00%
Leasing
(2)
(10)
0
Santander Lending Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Mortgage
credit
company
278
13
291
Santander Mediaci\u00f3n Operador de
Banca-Seguros Vinculado, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Insurance
mediation
52
1
3
Santander Merchant S.A.
Argentine
5.10%
94.90%
100.00%
100.00%
Finance
company
2
1
2
Santander Mortgage Asset Depositor
LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
0
0
0
Santander Mortgage Asset Receivable
Trust 2025-CES1
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Mortgage Asset Receivable
Trust 2025-NQM1
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Mortgage Asset Receivable
Trust 2025-NQM2
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander Mortgage Asset Receivable
Trust 2025-NQM3
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Mortgage Asset Receivable
Trust 2025-NQM4
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Mortgage Asset Receivable
Trust 2025-NQM5
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Mortgage Asset Receivable
Trust 2025-NQM6
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Mortgage Asset Receivable
Trust 2026-NQM1
United States
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
Santander Mortgage Holdings Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Holding
company
(2)
2
0
Santander New Business, S.A.
Spain
99.00%
1.00%
100.00%
100.00%
Trade
intermediary
3
0
2
Santander Paraty Qif PLC
Ireland
0.00%
89.86%
100.00%
100.00%
Investment
company
421
110
478
Santander Pensiones, S.A., E.G.F.P.
Spain
0.00%
100.00%
100.00%
100.00%
Pension fund
management
company
57
17
152
Santander Prime Auto Issuance Notes
2018-A Designated Activity Company
(j)
Ireland
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
Santander Prime Auto Issuance Notes
2018-B Designated Activity Company
(j)
Ireland
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
Santander Prime Auto Issuance Notes
2018-C Designated Activity Company
(j)
Ireland
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
Santander Prime Auto Issuance Notes
2018-D Designated Activity Company
(j)
Ireland
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
Santander Prime Auto Issuance Notes
2018-E Designated Activity Company
(j)
Ireland
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
Santander Private Banking S.p.A. in
Liquidazione (j)
Italy
100.00%
0.00%
100.00%
100.00%
Finance
company
14
0
8
Santander Private Banking UK Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Holding
company
296
174
399
Santander Private Real Estate Advisory,
S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Real estate
20
6
26
Santander Real Estate Debt 1 sub-fund
Luxembourg
100.00%
0.00%
100.00%
100.00%
Investment
fund
103
6
100
Santander Real Estate Equity I, F.C.R.
Spain
100.00%
0.00%
100.00%
100.00%
Venture capital
fund
19
0
19
Santander Real Estate, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Inactive
1
0
1
Santander Retail Auto Lease Funding
LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
0
0
0
Santander RMBS 6, Fondo de
Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander S.A. Sociedad Securitizadora
Chile
0.00%
67.25%
100.00%
100.00%
Fund
management
company
1
0
1
Santander SBAC II Renda Fixa Curto
Prazo - Classe de Investimento em
Cotas de Fundo de Investimento
Financeiro Responsabilidade Limitada
Brazil
0.00%
89.86%
100.00%
\u2014
Investment
fund
1,750
242
1,770
Santander Secretariat Services Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Securities LLC
United States
0.00%
100.00%
100.00%
100.00%
Securities
company
25
6
31
Santander Seguros y Reaseguros,
Compa\u00f1\u00eda Aseguradora, S.A.
Spain
0.00%
100.00%
100.00%
100.00%
Insurance
676
164
914
Santander Services Solutions, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Payment
services
15
(2)
14
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander Servicios Corporativos, S.A.
de C.V.
Mexico
0.00%
99.98%
100.00%
100.00%
Services
14
0
15
Santander Servicos Digitais Brasil Ltda.
Brazil
0.00%
100.00%
100.00%
\u2014
IT services
23
2
23
Santander Sociedade de Cr\u00e9dito,
Financiamento e Investimento S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Finance
company
289
441
655
Santander Technology USA, LLC
United States
0.00%
100.00%
100.00%
100.00%
IT services
47
0
47
Santander Tecnolog\u00eda Argentina S.A.
Argentine
0.00%
99.83%
100.00%
100.00%
IT services
7
6
10
Santander Tecnolog\u00eda M\u00e9xico, S.A. de
C.V.
Mexico
0.00%
99.98%
100.00%
100.00%
IT services
52
0
52
Santander Totta Seguros, Companhia
de Seguros de Vida, S.A.
Portugal
0.00%
100.00%
100.00%
100.00%
Insurance
99
27
246
Santander Towarzystwo Funduszy
Inwestycyjnych S.A.
Poland
50.00%
29.35%
100.00%
100.00%
Fund
management
company
4
33
172
Santander Trade Services Limited
Hong-Kong
0.00%
100.00%
100.00%
100.00%
Inactive
24
1
16
Santander Trust S.A.
Argentine
0.00%
100.00%
100.00%
100.00%
Services
0
0
0
Santander UK Group Holdings plc
United
Kingdom
77.67%
22.33%
100.00%
100.00%
Holding
company
15,277
192
19,046
Santander UK Investments
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
114
(2)
114
Santander UK Operations Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
7
0
0
Santander UK plc
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Banking
12,746
2,167
15,039
Santander UK Technology Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
IT services
25
0
6
Santander US Capital Markets LLC
United States
0.00%
100.00%
100.00%
100.00%
Securities
investment
904
53
957
Santander Valores S.A.
Argentine
5.10%
94.73%
100.00%
100.00%
Securities
company
30
11
42
Santusa Holding, S.L.
Spain
69.76%
30.24%
100.00%
100.00%
Holding
company
10,589
495
6,525
SBNA Auto Lease Funding LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(58)
(87)
0
SBNA Auto Lease Trust 2023-A
United States
\u2014
(b)
\u2014
\u2014
Securitization
(31)
(23)
0
SBNA Auto Lease Trust 2024-A
United States
\u2014
(b)
\u2014
\u2014
Securitization
(18)
(26)
0
SBNA Auto Lease Trust 2024-B
United States
\u2014
(b)
\u2014
\u2014
Securitization
(12)
(30)
0
SBNA Auto Lease Trust 2024-C
United States
\u2014
(b)
\u2014
\u2014
Securitization
4
(8)
0
SBNA Auto Lease Trust 2025-A
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SBNA Auto Lease Trust 2025-B
United States
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
SBNA Auto Receivables Funding LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
2
3
4
SBNA Auto Receivables Grantor Trust
2025-SF1
United States
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
SBNA Auto Receivables Trust 2025-SF1
United States
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
SBNA Investor LLC
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
795
119
914
SC Austria Auto Finance 2020-1
Designated Activity Company
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Austria Consumer Loan 2021
Designated Activity Company
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Austria S.\u00e0 r.l.
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Austria S.\u00e0 r.l., Compartment
Consumer 2025-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Canada Asset Securitization Trust
Canada
\u2014
(b)
\u2014
\u2014
Securitization
2
4
0
SC Germany Auto 2019-1 UG
(haftungsbeschr\u00e4nkt) (j)
Germany
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A.
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer 2020-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
SC Germany S.A., Compartment
Consumer 2021-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer 2022-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer 2023-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer 2024-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer 2024-2
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer 2025-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer 2025-2
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer Private 2023-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Leasing 2023-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Leasing 2025-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Mobility 2020-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Mobility AB
Sweden
0.00%
100.00%
100.00%
100.00%
Renting
0
0
0
SC Mobility AS
Norway
0.00%
100.00%
100.00%
100.00%
Renting
32
0
33
SC Nordics S.\u00e0 r.l.
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Nordics S.\u00e0 r.l. , Compartment
Rahoituspalvelut 2025
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Poland Consumer 23-1 Designated
Activity Company
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SCF Ajoneuvohallinto IX Limited (j)
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SCF Ajoneuvohallinto X Limited
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SCF Ajoneuvohallinto XI Limited
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SCF Ajoneuvohallinto XII Limited
Ireland
\u2014
(b)
\u2014
\u2014
\u2014
Securitization
0
0
0
SCF Ajoneuvohallinto XIII Limited
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SCF Eastside Locks GP Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Real estate
management
0
0
0
SCF Rahoituspalvelut IX DAC (j)
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SCF Rahoituspalvelut X DAC
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SCF Rahoituspalvelut XI Designated
Activity Company
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
(15)
0
0
SCF Rahoituspalvelut XII DAC
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
(1)
0
0
SCF Rahoituspalvelut XIII DAC
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
3
0
0
SCM Poland Auto 2019-1 DAC
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SDMX Superdigital, S.A. de C.V.,
Instituci\u00f3n de Fondos de Pago
Electr\u00f3nico
Mexico
0.00%
100.00%
100.00%
100.00%
Payment
platform
1
(1)
0
Secucor Finance 2021-1, DAC (j)
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Secucor Finance 2025-1 Designated
Activity Company
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Services and Promotions Delaware
Corporation
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
125
0
198
Services and Promotions Miami LLC
United States
0.00%
100.00%
100.00%
100.00%
Real estate
126
0
126
Servicios de Cobranza, Recuperaci\u00f3n y
Seguimiento, S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Finance
company
38
0
40
Servicios Inmobiliarios Residencial en
Venta JV2, S.L.
Spain
0.00%
27.57%
27.57%
90.00%
Real estate
10
0
3
Sheppards Moneybrokers Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Shiloh III Wind Project, LLC
United States
0.00%
100.00%
100.00%
100.00%
Renewable
energies
327
5
333
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Silk Finance No. 5
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
25
(5)
0
Silk Finance No. 6
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
0
8
0
Sociedad Integral de Valoraciones
Automatizadas, S.A. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Appraisals
2
0
1
Sociedad Operadora de Tarjetas de
Pago Santander Getnet Chile S.A.
Chile
0.00%
67.13%
100.00%
100.00%
Payments and
collection
services
1
47
32
Socur S.A. (f)
Uruguay
100.00%
0.00%
100.00%
100.00%
Finance
company
69
19
58
Solution 4Fleet Consultoria
Empresarial S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Vehicle rental
1
0
1
Sovereign Community Development
Company
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
42
1
43
Sovereign Delaware Investment
Corporation
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
146
5
151
Sovereign Lease Holdings, LLC
United States
0.00%
100.00%
100.00%
100.00%
Financial
services
228
5
233
Sovereign REIT Holdings, Inc.
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
8,060
268
8,328
SPIRE SA Compartment 2025-148
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SSA Swiss Advisors AG
Switzerland
0.00%
100.00%
100.00%
100.00%
Wealth
management
2
0
4
Stellantis Consumer Financial Services
Polska Sp. z o.o.
Poland
0.00%
50.00%
100.00%
100.00%
Finance
company
5
2
1
Stellantis Financial Services Belux SA
Belgium
0.00%
50.00%
100.00%
100.00%
Finance
company
101
11
57
Stellantis Financial Services Espa\u00f1a,
E.F.C., S.A.
Spain
0.00%
50.00%
50.00%
50.00%
Finance
company
401
(21)
190
Stellantis Financial Services Italia
S.p.A.
Italy
0.00%
50.00%
50.00%
50.00%
Banking
807
112
293
Stellantis Financial Services Nederland
B.V.
Netherlands
0.00%
50.00%
100.00%
100.00%
Finance
company
80
15
39
Stellantis Financial Services Polska Sp.
z o.o.
Poland
0.00%
50.00%
50.00%
50.00%
Finance
company
74
13
17
Stellantis Renting Italia S.p.A.
Italy
0.00%
50.00%
100.00%
100.00%
Renting
11
5
3
Sterrebeeck B.V.
Netherlands
100.00%
0.00%
100.00%
100.00%
Holding
company
6,373
515
10,860
Suleyado 2003, S.L. Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Securities
investment
34
0
31
Superdigital Holding Company, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Holding
company
28
(4)
24
Superdigital Log\u00edstica S.A.
Brazil
0.00%
100.00%
100.00%
100.00%
Payment
services
6
(1)
5
Suzuki Servicios Financieros, S.L.
Spain
0.00%
51.00%
51.00%
51.00%
Intermediation
16
2
8
Swesant SA
Switzerland
0.00%
100.00%
100.00%
100.00%
Holding
company
323
(3)
0
Tabasco Energ\u00eda Espa\u00f1a, S.L.
Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
7
0
7
Taxos Luz, S.L. Unipersonal
Spain
0.00%
70.00%
100.00%
100.00%
Renewable
energies
3
0
11
Teatinos Siglo XXI Inversiones S.A.
Chile
50.00%
50.00%
100.00%
100.00%
Holding
company
1,521
333
2,167
Terras Fundo de Investimento nas
Cadeias Produtivas do Agronegocio -
Fiagro - Resp Limitada
Brazil
0.00%
89.86%
100.00%
\u2014
Investment
fund
2
0
1
The Best Specialty Coffee, S.L.
Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Restaurant
services
3
0
3
TIMFin S.p.A.
Italy
0.00%
51.00%
51.00%
51.00%
Finance
company
63
4
38
Titularizadora Colombiana S.A. -
Universalidad TIV V9
Colombia
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Tonopah Solar I, LLC
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
5
0
5
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Tools Solu\u00e7\u00f5es e Servi\u00e7os
Compartilhados Ltda.
Brazil
0.00%
89.86%
100.00%
100.00%
Services
31
4
31
Tornquist Asesores de Seguros S.A. (j)
Argentine
0.00%
99.99%
99.99%
99.99%
Inactive
0
0
0
Toro Corretora de T\u00edtulos e Valores
Mobili\u00e1rios S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Securities
company
62
(1)
55
Toro Investimentos S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Securities
company
43
(2)
36
Totta (Ireland), PLC
Ireland
0.00%
99.87%
100.00%
100.00%
Finance
company
451
11
450
Totta Urbe - Empresa de
Administra\u00e7\u00e3o e Constru\u00e7\u00f5es, S.A.
Portugal
0.00%
99.87%
100.00%
100.00%
Real estate
88
1
89
Trainera Venture Finance I, F.C.R.-
PYME
Spain
99.00%
0.00%
99.00%
99.00%
Venture capital
fund
21
2
20
Trans Skills Employment Services -
Sole Proprietorship LLC
Arab United
Emirates
0.00%
66.43%
100.00%
100.00%
Human
resources
services
0
1
2
Trans Skills Employment Services
Malaysia SDN. BHD.
Malaysia
0.00%
66.43%
100.00%
\u2014
Services
0
0
0
Trans Skills Employment Services
Vietnam Company Limited
Vietnam
0.00%
66.43%
100.00%
\u2014
Consulting
services
0
0
0
Trans Skills General Supplies Egypt LLC
Egypt
0.00%
66.43%
100.00%
\u2014
Consulting
services
0
0
0
Trans Skills Information Technology
LLC
Saudi Arabia
0.00%
66.43%
100.00%
100.00%
Inactive
0
0
0
Trans Skills Investment in Commercial
Enterprises & Management Co. LLC
Arab United
Emirates
0.00%
66.43%
100.00%
100.00%
Holding
company
1
0
7
Trans Skills Services SPC
Oman
0.00%
66.43%
100.00%
\u2014
Consulting
0
0
0
Trans Skills South Africa (Pty) Limited
Republic of
South Africa
0.00%
66.43%
100.00%
100.00%
Inactive
0
0
0
Trans Skills Technology Services LLC
Arab United
Emirates
0.00%
66.43%
100.00%
100.00%
IT services
0
(3)
0
Transolver Finance EFC, S.A.
Spain
0.00%
51.00%
51.00%
51.00%
Leasing
76
6
17
Transskills Employer Services Private
Limited
India
0.00%
66.43%
100.00%
100.00%
Consulting
services
0
0
0
Tresmares Capital Corporate S.L.
Spain
89.90%
0.00%
89.90%
\u2014
Holding
company
2
2
21
Tresmares Capital Deutschland GmbH
Germany
0.00%
89.90%
100.00%
\u2014
Finance
company
0
0
0
Tresmares Capital UK Limited
United
Kingdom
0.00%
89.90%
100.00%
\u2014
Fund
management
company
1
1
1
Tresmares Direct Lending, S.G.E.I.C,
S.A.
Spain
0.00%
89.90%
100.00%
\u2014
Fund
management
company
3
3
2
Tresmares Growth Fund II, S.C.R., S.A.
Spain
40.00%
0.00%
40.00%
40.00%
40.00%
Holding
company
72
6
39
Tresmares Growth Fund III, S.C.R., S.A.
Spain
40.00%
0.00%
40.00%
40.00%
40.00%
Holding
company
55
4
30
Tresmares Growth Fund Santander,
S.C.R., S.A.
Spain
100.00%
0.00%
100.00%
100.00%
100.00%
Holding
company
139
(3)
131
Tresmares Private Equity, S.G.E.I.C,
S.A.
Spain
0.00%
89.90%
100.00%
100.00%
\u2014
Fund
management
company
1
4
1
Tresmares Santander Direct Lending,
SICC, S.A.
Spain
99.67%
0.00%
99.67%
99.67%
99.67%
Fund
management
company
1,419
69
1,410
TS HR & Payroll Services Morocco SARL
AU
Morocco
0.00%
66.43%
100.00%
100.00%
\u2014
Consulting
services
0
0
0
TVG-Trappgroup
Versicherungsvermittlungs-GmbH (d)
Germany
0.00%
90.01%
100.00%
100.00%
100.00%
Insurance
brokerage
0
0
2
Universia Brasil S.A.
Brazil
0.00%
100.00%
100.00%
100.00%
100.00%
Internet
0
0
0
Universia Chile S.A.
Chile
0.00%
86.84%
86.84%
86.84%
86.84%
Internet
1
0
0
Universia Colombia S.A.S.
Colombia
0.00%
100.00%
100.00%
100.00%
100.00%
Internet
0
0
0
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Universia Espa\u00f1a Red de
Universidades, S.A.
Spain
0.00%
89.43%
89.43%
89.43%
89.43%
Internet
3
0
2
Universia Holding, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
100.00%
Holding
company
18
0
18
Universia M\u00e9xico, S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
100.00%
Internet
1
0
1
Universia Per\u00fa, S.A.
Peru
0.00%
99.73%
99.73%
99.73%
99.64%
Internet
0
0
0
Universia Uruguay, S.A.
Uruguay
0.00%
100.00%
100.00%
100.00%
100.00%
Internet
0
0
0
Uro Property Holdings, S.A. (e)
Spain
\u2014
\u2014
0.00%
\u2014
99.99%
Real estate
investment
\u2014
\u2014
\u2014
VERT-11 Companhia Securitizadora de
Cr\u00e9ditos Financeiros
Brazil
\u2014
(b)
\u2014
\u2014
\u2014
Securitization
0
0
0
Wallcesa, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
100.00%
Financial
services
(914)
17
0
WIM Servicios Corporativos, S.A. de
C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
100.00%
Advisory
services
1
0
0
WTW Shipping Designated Activity
Company
Ireland
100.00%
0.00%
100.00%
100.00%
100.00%
Leasing
20
0
9
a. Amount according to the provisional books of each company as of the date of publication of these annexes, generally referring to 31 December 2025 without
considering, where appropriate, interim dividends that have been made during the year. In the book value (net provision cost), the percentage of ownership of the Group
has been applied to the figure of each of the holding companies, without considering the impairment of goodwill made in the consolidation process. The data for foreign
companies are converted into euros at the exchange rate at the end of the year.
b. Companies over which effective control is maintained.
c. Data as at 31 December 2024, latest available accounts.
d. Data as at 31 March 2025, latest accounts available.
e. Accounting merged company, Pending registration.
f. Data as at 30 September 2025, last accounts available.
g. Data as at 30 April 2025, last accounts available.
h. Data as at 31 July 2025, last accounts available.
i. Companies in liquidation. Pending registration.
j. Company in liquidation as at 31 December 2025.
k. Pursuant to Article 3 of Royal Decree 1159/ 2010, of 17 September, approving the rules for the preparation of consolidated annual accounts, in order to determine the
voting rights, voting rights held directly by the parent company have been added to those held by companies controlled by the parent company or by other persons
acting in their own name but on behalf of a Group company. For these purposes, the number of votes corresponding to the parent company, in relation to the companies
indirectly dependent on it, is that corresponding to the dependent company that directly participates in the share capital of the latter.
l. Company resident for tax purposes in Spain.
m. Data as at 30 June 2021, latest available accounts.
n. Company resident for tax purposes in the United Kingdom.
o. Data as at 28 February 2025, latest available accounts.
(1) Companies issuing preference shares are listed in Annex III, together with other relevant information.
Appendix III
Issuing subsidiaries of shares and preference shares
% of ownership held
by Banco Santander
EUR million (a)
Company
Location
Direct
Indirect
Activity
Capital
Reserves
Cost of
preferred
Net
results
Emisora Santander Espa\u00f1a, S.A. Unipersonal
(c)
Spain
\u2014
\u2014
Finance
company
\u2014
\u2014
\u2014
\u2014
Santander UK (Structured Solutions) Limited
United
Kingdom
0.00%
100.00%
Finance
company
0
0
0
0
Santander Global Issuances B.V. (b)
Netherlands
100.00%
0.00%
Finance
company
0
0
0
0
Sovereign Real Estate Investment Trust
United States
0.00%
100.00%
Finance
company
4,751
(3,383)
82
9
a. Amount according to the books of each interim company as at 31 December 2025, converted into euro (in the case of foreign companies) at the year-end exchange rate.
b. Company with tax residence in Spain.
c. Accounting merged company. Pending registration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1950": { "value": "
Appendix I
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
2 & 3 Triton Limited (j)
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Real estate
0
0
0
A & L CF (Guernsey) Limited (j) (n)
Guernsey
0.00%
100.00%
100.00%
100.00%
Leasing
1
0
0
Abbey Covered Bonds (Holdings) Limited
United
Kingdom
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Abbey Covered Bonds (LM) Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
0
0
0
Abbey Covered Bonds LLP
United
Kingdom
\u2014
(b)
\u2014
\u2014
Securitization
1,807
(589)
0
Abbey National Business Office
Equipment Leasing Limited (j)
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Abbey National Nominees Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Abbey National PLP (UK) Limited (j)
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Abbey National Property Investments
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
240
8
158
Abbey Stockbrokers (Nominees) Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Abbey Stockbrokers Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Abent 3T, S.A.P.I de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Electricity
production
(127)
(22)
0
Ablasa Participaciones, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
811
208
894
Aduro S.A.
Uruguay
0.00%
100.00%
100.00%
100.00%
Payments and
collection
services
1
0
1
Aevis Europa, S.L.
Spain
96.34%
0.00%
96.34%
96.34%
Cards
2
0
1
AFB SAM Holdings, S.L.
Spain
1.00%
99.00%
100.00%
100.00%
Holding
company
1
0
0
Afisa S.A.
Chile
0.00%
100.00%
100.00%
100.00%
Fund
management
company
4
0
4
Agro Flex Fundo de Investimento em
Direitos Credit\u00f3rios
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
419
54
425
Allane Leasing GmbH
Austria
0.00%
46.95%
100.00%
100.00%
Renting
(2)
0
0
Allane Location Longue Dur\u00e9e S.a.r.l.
France
0.00%
46.95%
100.00%
100.00%
Renting
25
4
0
Allane Mobility Consulting AG
Switzerland
0.00%
46.95%
100.00%
100.00%
Consulting
services
0
0
0
Allane Mobility Consulting B.V.
Netherlands
0.00%
46.95%
100.00%
100.00%
Consulting
services
(3)
0
0
Allane Mobility Consulting GmbH
Germany
0.00%
46.95%
100.00%
100.00%
Consulting
services
11
10
5
Allane Mobility Consulting \u00d6sterreich
GmbH
Austria
0.00%
46.95%
100.00%
100.00%
Consulting
services
(1)
0
0
Allane Mobility Consulting S.a.r.l
France
0.00%
46.95%
100.00%
100.00%
Consulting
services
(2)
0
0
Allane Schweiz AG
Switzerland
0.00%
46.95%
100.00%
100.00%
Renting
10
(6)
2
Allane SE
Germany
0.00%
46.95%
92.07%
92.07%
Renting
172
24
150
Allane Services GmbH & co. KG
Germany
0.00%
46.95%
100.00%
100.00%
Services
2
0
0
Allane Services Verwaltungs GmbH
Germany
0.00%
46.95%
100.00%
100.00%
Management
of portfolios
0
0
0
Alliance & Leicester Investments (No.2)
Limited (j)
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Alliance & Leicester Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Alliance & Leicester Personal Finance
Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
2
0
2
Altamira Santander Real Estate, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Real estate
138
(4)
164
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Alternative Leasing, FIL (Compartimento
B)
Spain
100.00%
0.00%
100.00%
100.00%
Investment
fund
88
6
74
Amazonia Trade Limited
United
Kingdom
100.00%
0.00%
100.00%
100.00%
Inactive
0
0
0
Am\u00e9rica Gest\u00e3o Servi\u00e7os em Energ\u00eda S.A.
Brazil
0.00%
62.90%
70.00%
70.00%
Electricity
production
2
(1)
1
Amherst Pierpont Commercial Mortgage
Securities LLC
United
States
0.00%
100.00%
100.00%
100.00%
Securitization
0
0
0
Amherst Pierpont International Ltd.
Hong-Kong
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
AMS Auto Markt Am Schieferstein GmbH
(d)
Germany
0.00%
90.01%
100.00%
100.00%
Vehicle sales
0
0
0
AN (123) Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Andromeda Principal Investments, S.L.
Unipersonal
Spain
100.00%
0.00%
100.00%
\u2014
Holding
company
72
5
72
ANITCO Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
AP Acquisition Trust I
United
States
0.00%
100.00%
100.00%
100.00%
Trust company
0
0
0
AP Acquisition Trust II
United
States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
AP Asset Acquisition LLC
United
States
0.00%
100.00%
100.00%
100.00%
Financial
services
1
0
1
APSG GP LLC
United
States
0.00%
100.00%
100.00%
100.00%
Holding
company
0
0
0
Aquanima Brasil Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
E-commerce
2
(1)
2
Aquanima Chile S.A.
Chile
0.00%
100.00%
100.00%
100.00%
Services
3
(1)
3
Aquanima M\u00e9xico S. de R.L. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
E-commerce
4
(1)
2
Aquanima S.A.
Argentine
0.00%
100.00%
100.00%
100.00%
Services
2
0
4
Ararinha Renda Fixa Cr\u00e9dito Privado -
Fundo de Investimento Financeiro
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
8
0
7
Artarien S.A.
Uruguay
100.00%
0.00%
100.00%
100.00%
Insurance
mediation
6
18
2
Atempo Growth I - Sub-Fund 4
Luxembourg
100.00%
0.00%
100.00%
100.00%
Investment
fund
30
4
31
Atempo Growth II - Sub Fund 3
Luxembourg
100.00%
0.00%
100.00%
\u2014
Investment
fund
5
0
5
Atlantes Mortgage No. 3
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Atual - Fundo de Invest Multimercado
Cr\u00e9dito Privado Investimento no Exterior
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
521
27
492
Auto ABS DFP Master Compartment
France 2013
France
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS French Leases 2023
France
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS French Leases 2025
France
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS French Leases Master
Compartment 2016
France
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS French Loans 2024
France
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS French Loans Master
France
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Italian Balloon 2019-1 S.r.l.
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Italian Rainbow Loans\u00a0S.r.l. (j)
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Italian Stella Loans 2023-1 S.r.l.
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Italian Stella Loans S.r.l. (series
2024-1)
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Italian Stella Loans S.r.l. (series
2024-2)
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Italian Stella Loans S.r.l. (series
2025-1)
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Italian Stella Loans S.r.l. (series
2025-2)
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Auto ABS Spanish Loans 2022-1, Fondo de
Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Auto ABS Spanish Loans 2024-1, Fondo de
Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Autodescuento, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Vehicles
purchased by
internet
3
(1)
12
Autohaus24 GmbH
Germany
0.00%
46.95%
100.00%
100.00%
Internet
(2)
0
0
Auto-Interleasing AG
Switzerland
0.00%
100.00%
100.00%
100.00%
Renting
27
4
22
Auttar HUT Processamento de Dados
Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
IT services
7
(1)
6
Aviaci\u00f3n Antares, A.I.E.
Spain
99.99%
0.01%
100.00%
100.00%
Renting
72
(14)
28
Aviaci\u00f3n Brit\u00e1nica, A.I.E.
Spain
99.99%
0.01%
100.00%
100.00%
Renting
28
1
6
Aviaci\u00f3n Comillas, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Renting
7
0
8
Aviaci\u00f3n Laredo, S.L.
Spain
99.00%
1.00%
100.00%
100.00%
Air transport
3
0
3
Aviaci\u00f3n Oyambre, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Renting
1
0
0
Aviaci\u00f3n Santillana, S.L.
Spain
99.00%
1.00%
100.00%
100.00%
Renting
6
1
2
Aviaci\u00f3n Suances, S.L.
Spain
99.00%
1.00%
100.00%
100.00%
Air transport
7
1
3
Banco Bandepe S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Banking
825
100
831
Banco de Albacete, S.A. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Banking
14
0
9
Banco Hyundai Capital Brasil S.A.
Brazil
0.00%
44.93%
50.00%
50.00%
Banking
92
30
55
Banco Santander - Chile
Chile
0.00%
67.13%
67.18%
67.18%
Banking
4,056
994
3,646
Banco Santander (Brasil) S.A.
Brazil
0.04%
89.82%
90.45%
90.60%
Banking
12,347
2,395
10,795
Banco Santander (M\u00e9xico), S.A.,
Instituci\u00f3n de Banca M\u00faltiple, Grupo
Financiero Santander M\u00e9xico como
Fiduciaria del Fideicomiso 100740
Mexico
0.00%
99.98%
100.00%
100.00%
Finance
company
182
20
149
Banco Santander (M\u00e9xico), S.A.,
Instituci\u00f3n de Banca M\u00faltiple, Grupo
Financiero Santander M\u00e9xico como
Fiduciaria del Fideicomiso 2002114
Mexico
0.00%
99.98%
100.00%
100.00%
Finance
company
9
0
10
Banco Santander (M\u00e9xico), S.A.,
Instituci\u00f3n de Banca M\u00faltiple, Grupo
Financiero Santander M\u00e9xico como
Fiduciaria del Fideicomiso GFSSLPT
Mexico
0.00%
99.98%
100.00%
100.00%
Finance
company
11
1
12
Banco Santander Argentina S.A.
Argentine
0.00%
99.82%
99.77%
99.77%
Banking
2,427
379
598
Banco Santander Colombia S.A.
Colombia
92.95%
7.05%
100.00%
100.00%
Banking
272
11
299
Banco Santander International
United
States
0.00%
100.00%
100.00%
100.00%
Banking
879
176
1,055
Banco Santander International SA
Switzerland
34.70%
65.30%
100.00%
100.00%
Banking
1,424
(46)
809
Banco Santander M\u00e9xico, S.A., Instituci\u00f3n
de Banca M\u00faltiple, Grupo Financiero
Santander M\u00e9xico
Mexico
24.93%
75.05%
99.98%
99.98%
Banking
6,161
1,531
8,373
Banco Santander Per\u00fa S.A.
Peru
99.90%
0.10%
100.00%
100.00%
Banking
329
70
132
Banco Santander S.A.
Uruguay
97.75%
2.25%
100.00%
100.00%
Banking
660
156
180
Banco Santander Totta, S.A.
Portugal
99.42%
0.45%
99.87%
99.96%
Banking
3,608
946
6,149
Banque Stellantis France
France
0.00%
50.00%
50.00%
50.00%
Banking
998
152
881
Bansa Santander S.A.
Chile
0.00%
100.00%
100.00%
100.00%
Real estate
28
5
34
Beyond Wealth, S.A.
Spain
99.99%
0.01%
100.00%
100.00%
Consulting
services
3
(1)
2
Bilkreditt 7 Designated Activity Company
(j)
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Blecno Investments, S.L. Unipersonal (e)
Spain
\u2014
\u2014
\u2014
100.00%
Real estate
\u2014
\u2014
\u2014
Blue Ocean SBT, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
404
6
389
BRS Investments S.A.
Argentine
5.10%
94.90%
100.00%
100.00%
Finance
company
100
13
75
C\u00e1ntabro Catalana de Inversiones, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
419
4
422
Capital Street Delaware LP
United
States
0.00%
100.00%
100.00%
100.00%
Holding
company
0
0
0
Capital Street Holdings, LLC
United
States
0.00%
100.00%
100.00%
100.00%
Holding
company
11
0
11
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Capital Street REIT Holdings, LLC
United
States
0.00%
100.00%
100.00%
100.00%
Holding
company
973
26
999
Capital Street S.A.
Luxembourg
0.00%
100.00%
100.00%
100.00%
Finance
company
0
0
0
Carmine D - Services, Unipessoal Lda.
Portugal
0.00%
100.00%
100.00%
100.00%
Software
0
0
2
Cartasur Cards S.A.
Argentine
0.00%
99.82%
100.00%
100.00%
Finance
company
13
1
15
Casa de Bolsa Santander, S.A. de C.V.,
Grupo Financiero Santander M\u00e9xico
Mexico
0.00%
99.97%
99.97%
99.97%
Securities
company
92
15
107
Cater Allen Holdings Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Cater Allen International Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Cater Allen Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Banking
284
100
255
Cater Allen Syndicate Management
Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
CCAP Auto Lease Ltd.
United
States
0.00%
100.00%
100.00%
100.00%
Leasing
398
22
420
Centro de Capacitaci\u00f3n Santander, A.C.
Mexico
0.00%
99.98%
100.00%
100.00%
Non-profit
institute
1
0
1
Certidesa, S.L. Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Aircraft rental
(67)
(8)
0
Charlotte 2023 Funding Plc
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
0
0
0
Charlotte 2023 Holdings Limited
United
Kingdom
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Cianite New Energy, S.r.l.
Italy
0.00%
49.00%
70.00%
70.00%
Renewable
energies
1
0
1
CIMA Commodities 2025-4
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
CIMA Finance DAC Series 2022-1
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
CIMA Finance DAC Series 2023-1
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
CIMA Luxembourg S.\u00e0 r.l. 2025-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
CLM Fleet Management Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Vehicle rental
2
0
7
Cobranza Amigable, S.A.P.I. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Collection
services
5
0
4
Community Development and Affordable
Housing Fund LLC (c)
United
States
0.00%
96.00%
96.00%
96.00%
Asset
management
33
(2)
30
Compagnie Generale de Credit Aux
Particuliers - Credipar S.A.
France
0.00%
50.00%
100.00%
100.00%
Banking
363
(313)
428
Compagnie Pour la Location de Vehicules
- CLV
France
0.00%
50.00%
100.00%
100.00%
Banking
28
6
26
Comparanet, S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Insurance
mediation
7
0
7
Consumer Totta 1
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Consumer Totta 2
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Consumer Totta 3 2025
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Contrato de Fideicomiso Irrevocable de
Administraci\u00f3n INV/6206
Mexico
\u2014
(b)
\u2014
\u2014
Trust company
12
(8)
0
Contrato de Fideicomiso Irrevocable de
Administraci\u00f3n Nro. 6168
Mexico
\u2014
(b)
\u2014
\u2014
Trust company
0
13
0
Contrato de Fideicomiso Irrevocable Nro.
F/6236
Mexico
\u2014
(b)
\u2014
\u2014
Trust company
0
17
0
Credileads S.A.
Uruguay
0.00%
100.00%
100.00%
100.00%
Advertising
1
0
5
D365 Fundo de Investimento em Direitos
Credit\u00f3rios
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
(16)
19
3
Darep Designated Activity Company
Ireland
100.00%
0.00%
100.00%
100.00%
Reinsurances
12
2
13
Decarome, S.A.P.I. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Finance
company
24
(1)
22
Decarope S.A.C.
Peru
0.00%
100.00%
100.00%
100.00%
Investment
company
9
2
9
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Deva Capital Advisory Company, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Advisory
services
4
1
2
Deva Capital Holding Company, S.L.
Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
891
(12)
946
Deva Capital Investment Company, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Holding
company
862
3
810
Deva Capital Management Company, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Advisory
services
20
(12)
7
Deva Capital Servicer Company, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Holding
company
59
0
59
Diamante New Energy S.r.l.
Italy
0.00%
80.00%
80.00%
\u2014
Renewable
energies
2
0
1
Diglo Servicer Company 2021, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Real estate
management
26
3
19
Diners Club Spain, S.A. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Cards
10
2
11
Direcci\u00f3n Estratega, S.C.
Mexico
0.00%
100.00%
100.00%
100.00%
Services
0
0
0
Drive Auto Receivables Trust 2024-1
United
States
\u2014
(b)
\u2014
\u2014
Securitization
(127)
82
0
Drive Auto Receivables Trust 2024-2
United
States
\u2014
(b)
\u2014
\u2014
Securitization
(286)
166
0
Drive Auto Receivables Trust 2025-1
United
States
\u2014
(b)
\u2014
\u2014
Securitization
0
(157)
0
Drive Auto Receivables Trust 2025-2
United
States
\u2014
(b)
\u2014
\u2014
Securitization
0
(223)
0
Drive S.r.l.
Italy
0.00%
100.00%
100.00%
75.00%
Renting
5
(3)
9
Ductor Real Estate, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Real estate
22
4
17
Ebury Agent UK Limited
United
Kingdom
0.00%
66.43%
100.00%
\u2014
Financial
services
0
0
0
Ebury Banco de Cambio S.A.
Brazil
0.00%
66.43%
100.00%
100.00%
Payment
services
21
5
17
Ebury Banco Holding Participa\u00e7\u00f5es Ltda.
Brazil
0.00%
66.43%
100.00%
100.00%
Holding
company
10
0
8
Ebury Brasil Consultoria S.A.
Brazil
0.00%
66.43%
100.00%
100.00%
Consulting
services
93
0
95
Ebury Brasil Holding Ltda.
Brazil
0.00%
66.43%
100.00%
100.00%
Holding
company
11
0
93
Ebury Brasil Participa\u00e7\u00f5es S.A.
Brazil
0.00%
66.43%
100.00%
100.00%
Holding
company
95
0
95
Ebury Facilitadora De Pagamentos Ltda.
Brazil
0.00%
66.43%
100.00%
100.00%
Software
0
0
0
Ebury Global Services, S.L.
Spain
0.00%
66.43%
100.00%
\u2014
Advisory
services
0
0
0
Ebury Mass Payments Holdco Limited (g)
United
Kingdom
0.00%
66.43%
100.00%
100.00%
Holding
company
8
3
18
Ebury Mass Payments Limited (g)
United
Kingdom
0.00%
66.43%
100.00%
100.00%
Payment
services
6
0
0
Ebury Partners (DIFC) Limited (g)
Arab United
Emirates
0.00%
66.43%
100.00%
100.00%
Finance
company
4
0
5
Ebury Partners Australia Pty Ltd. (g)
Australia
0.00%
66.43%
100.00%
100.00%
Finance
company
2
0
2
Ebury Partners Belgium NV /SA (g)
Belgium
0.00%
66.43%
100.00%
100.00%
Payment
services
20
11
20
Ebury Partners Canada Limited (g)
Canada
0.00%
66.43%
100.00%
100.00%
Finance
company
2
1
6
Ebury Partners Chile SpA
Chile
0.00%
66.43%
100.00%
100.00%
Finance
company
0
0
0
Ebury Partners China Limited
China
0.00%
66.43%
100.00%
100.00%
Marketing
0
0
0
Ebury Partners Finance Limited (g)
United
Kingdom
0.00%
66.43%
100.00%
100.00%
Finance
company
(11)
(5)
0
Ebury Partners Hong Kong Limited (g)
Hong-Kong
0.00%
66.43%
100.00%
100.00%
Finance
company
2
2
3
Ebury Partners Limited (g)
United
Kingdom
0.00%
66.43%
66.43%
66.43%
Holding
company
222
(18)
412
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Ebury Partners Lithuania UAB
Lithuania
0.00%
66.43%
100.00%
\u2014
Payment
services
0
0
4
Ebury Partners Markets Cyprus Limited (g)
Cyprus
0.00%
66.43%
100.00%
100.00%
Finance
company
0
0
1
Ebury Partners Markets Limited (g)
United
Kingdom
0.00%
66.43%
100.00%
100.00%
Finance
company
23
2
17
Ebury Partners M\u00e9xico, S.A. de C.V.
Mexico
0.00%
66.43%
100.00%
100.00%
Payment
services
0
0
0
Ebury Partners Payment Solutions
Uganda Limited
Uganda
0.00%
66.43%
100.00%
\u2014
Finance
company
0
0
0
Ebury Partners Payments - L.L.C.
Arab United
Emirates
0.00%
66.43%
100.00%
\u2014
Payment
services
0
0
0
Ebury Partners Payments Solutions
Limited
Kenya
0.00%
66.43%
100.00%
\u2014
Payment
services
0
0
0
Ebury Partners South Africa (Pty) Ltd (g)
Republic of
South Africa
0.00%
66.43%
100.00%
100.00%
Finance
company
0
(1)
0
Ebury Partners Switzerland AG (g)
Switzerland
0.00%
66.43%
100.00%
100.00%
Finance
company
6
1
5
Ebury Partners Tanzania Limited
Tanzania
0.00%
66.43%
100.00%
\u2014
Payment
services
0
0
0
Ebury Partners UK Limited (g)
United
Kingdom
0.00%
66.43%
100.00%
100.00%
Electronic
money
19
6
158
Ebury Payments PTE Ltd. (g)
Singapore
0.00%
66.43%
100.00%
100.00%
Payment
services
1
0
1
Ebury Solu\u00e7\u00f5es de Pagamentos Ltda.
Brazil
0.00%
66.43%
100.00%
100.00%
Financial
services
2
0
4
Ebury Technology Limited (g)
United
Kingdom
0.00%
66.43%
100.00%
100.00%
Software
(56)
6
0
Ebury Technology Spain, S.L.
Spain
0.00%
66.43%
100.00%
\u2014
IT consulting
0
(1)
0
EDT FTPYME Pastor 3, Fondo de
Titulizaci\u00f3n de Activos
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Elcano Renovables, S.L.
Spain
0.00%
70.00%
70.00%
70.00%
Holding
company
0
0
0
Electrolyser, S.A. de C.V.
Mexico
0.00%
99.98%
100.00%
100.00%
Services
0
0
0
Elevate Tech Platforms, S.L. Unipersonal
(e)
Spain
\u2014
\u2014
\u2014
100.00%
Holding
company
\u2014
\u2014
\u2014
Emdia Servi\u00e7os Especializados em
Cobran\u00e7as Ltda.
Brazil
0.00%
89.86%
100.00%
100.00%
Collection
services
33
5
34
Empresa de Cr\u00e9ditos Santander Consumo
Per\u00fa S.A.
Peru
100.00%
0.00%
100.00%
100.00%
Finance
company
55
13
50
Energias Renovables de Ormonde 30, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Renewable
energies
17
0
24
Energias Renovables de Titania, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Renewable
energies
2
0
6
Energias Renovables Gladiateur 45, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Renewable
energies
16
(1)
23
Energias Renovables Prometeo, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Renewable
energies
3
0
7
Esfera Fidelidade S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Services
2
135
124
Evidence Previd\u00eancia S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Insurance
118
2
107
Eyemobile Tecnologia Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
IT services
0
(1)
0
F1rst Tecnologia e Inova\u00e7\u00e3o Ltda.
Brazil
0.00%
89.86%
100.00%
100.00%
IT services
76
9
77
Factum Identity Solutions, S.L.
Spain
0.00%
67.20%
84.00%
\u2014
IT consulting
0
0
0
Factum Information Technologies, S.L.
Spain
0.00%
80.00%
80.00%
\u2014
IT consulting
8
(1)
6
Factum IT Limited
United
Kingdom
0.00%
80.00%
100.00%
\u2014
IT consulting
0
0
0
Factum Navarra, S.L. Unipersonal
Spain
0.00%
80.00%
100.00%
\u2014
IT consulting
0
0
0
FIDC Santander Auto Loans I Segmento
Financeiro - Responsabilidade Limitada
Brazil
\u2014
(b)
\u2014
\u2014
Securitization
465
2
0
Fideicomiso Empresarial Irrevocable de
Administraci\u00f3n y Garant\u00eda F/3443
Mexico
\u2014
(b)
\u2014
\u2014
Trust company
0
1
0
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Financeira El Corte Ingl\u00e9s, Portugal, S.F.C.,
S.A.
Portugal
0.00%
51.00%
100.00%
100.00%
Finance
company
8
1
4
Financiera El Corte Ingl\u00e9s, E.F.C., S.A.
Spain
0.00%
51.00%
51.00%
51.00%
Finance
company
248
55
140
Finsantusa, S.L. Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Holding
company
1,320
23
1,020
First National Motor plc
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
First National Tricity Finance Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
6
0
6
FIT Economia de Energia S.A.
Brazil
0.00%
58.41%
65.00%
65.00%
Electricity
production
(2)
(7)
0
Flexliving Valdemar\u00edn, S.L.
Spain
0.00%
27.57%
27.57%
90.00%
Real estate
14
0
4
Fondo de Titulizaci\u00f3n PYMES Santander
15
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fondo de Titulizaci\u00f3n Santander
Financiaci\u00f3n 1
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fondo de Titulizaci\u00f3n, RMBS Santander 7
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fondo de Titulizaci\u00f3n, Santander
Consumo 8
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fondo de Titulizaci\u00f3n, Santander
Consumo 9
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fondos Santander, S.A. Administradora de
Fondos de Inversi\u00f3n (en liquidaci\u00f3n) (j)
Uruguay
0.00%
100.00%
100.00%
100.00%
Fund
management
company
0
0
0
Fortensky Trading, Ltd.
Ireland
0.00%
100.00%
100.00%
100.00%
Finance
company
0
0
0
Fosse (Master Issuer) Holdings Limited
United
Kingdom
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fosse Funding (No.1) Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
102
(51)
0
Fosse Master Issuer PLC
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
0
0
0
Fosse Trustee (UK) Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
0
0
0
Freedom Depository Holdings, LLC
United
States
0.00%
100.00%
100.00%
100.00%
Holding
company
0
0
0
Freedom Depository, LLC
United
States
0.00%
100.00%
100.00%
100.00%
Securitization
0
0
0
Fulvia SPV S.r.l.
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fulvia SPV S.r.l. (2025-1)
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Fundo de Investimento em Direitos
Credit\u00f3rios Atacado - N\u00e3o Padronizado
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
115
7
110
Fundo de Investimento em Direitos
Credit\u00f3rios Conretorno - Responsabilidade
Limitada
Brazil
0.00%
89.86%
100.00%
\u2014
Investment
fund
19
1
18
Fundo de Investimento em Direitos
Credit\u00f3rios Multisegmentos NPL Ipanema
VI \u2013 N\u00e3o padronizado
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
367
20
347
Fundo de Investimento em Direitos
Credit\u00f3rios Tellus
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
0
0
0
Gamma, Sociedade Financeira de
Titulariza\u00e7\u00e3o de Cr\u00e9ditos, S.A.
Portugal
0.00%
99.87%
100.00%
100.00%
Securitization
8
0
8
GC FTPYME Pastor 4, Fondo de
Titulizaci\u00f3n de Activos
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Generaci\u00f3n de Energ\u00eda Villahermosa,
S.A.P.I. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Electricity
production
6
0
7
Gesban M\u00e9xico Servicios Administrativos
Globales, S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Services
2
0
0
Gesban Santander Servicios Profesionales
Contables Limitada
Chile
0.00%
100.00%
100.00%
100.00%
Accounting
services
1
0
0
Gesban Servicios Administrativos
Globales, S.L.
Spain
99.99%
0.01%
100.00%
100.00%
Services
4
0
1
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Gesban UK Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Payments and
collection
services
2
0
0
Gesti\u00f3n de Inversiones JILT, S.A.
Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Services
15
0
15
Gestora de Procesos S.A. en liquidaci\u00f3n (j)
Peru
100.00%
0.00%
100.00%
100.00%
Financial
services
(1)
0
0
Getnet Adquir\u00eancia e Servi\u00e7os para Meios
de Pagamento S.A. - Institui\u00e7\u00e3o de
Pagamento
Brazil
0.00%
100.00%
100.00%
100.00%
Payment
services
434
98
317
Getnet Argentina S.A.U.
Argentine
0.00%
100.00%
100.00%
100.00%
Payment
methods
25
(1)
23
Getnet Europe, Entidad de Pago, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Payment
services
158
22
137
Getnet Fundo de Investimento em
Direitos Credit\u00f3rios
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
9
1
8
Getnet Merchant Solutions UK Ltd
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Financial
services
0
0
0
Getnet M\u00e9xico Servicios de Adquirencia,
S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Payments and
collection
services
154
59
175
Getnet Payments, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Holding
company
927
135
1,199
Getnet Sociedade de Credito Direto S.A.
Brazil
0.00%
100.00%
100.00%
100.00%
Finance
company
14
1
15
Getnet Technology and Operations Brasil
Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
IT services
127
(15)
112
Getnet Uruguay S.A.
Uruguay
0.00%
100.00%
100.00%
100.00%
Payment
methods
15
(1)
15
GNXT Servi\u00e7os de Atendimento Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
Telemarketing
4
0
4
Golden Bar (Securitisation) S.r.l.
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Golden Bar Stand Alone 2021-1
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Golden Bar Stand Alone 2022-1
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Golden Bar Stand Alone 2023-2
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Golden Bar Stand Alone 2024-1
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Golden Bar Stand Alone 2025-1
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Golden Bar Stand Alone 2025-2
Italy
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Grafite New Energy, S.r.l.
Italy
0.00%
49.00%
70.00%
70.00%
Renewable
energies
1
0
1
Gravity Cloud Technology, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
IT services
34
0
33
Grupo Empresarial Santander, S.L.
Spain
99.62%
0.38%
100.00%
100.00%
Holding
company
5,259
403
2,879
Grupo Financiero Santander M\u00e9xico, S.A.
de C.V.
Mexico
100.00%
0.00%
100.00%
100.00%
Holding
company
4,961
1,096
5,860
Hipototta No. 13
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Hipototta No. 14
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Hipototta No. 4 plc (j)
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Hipototta No. 5 plc (j)
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Holbah Santander, S.L. Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Holding
company
797
84
870
Holmes Funding Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
215
(79)
0
Holmes Holdings Limited
United
Kingdom
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Holmes Master Issuer plc
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
1
0
0
Holmes Trustees Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Securitization
0
0
0
Hyundai Capital Bank Europe GmbH
Germany
0.00%
51.00%
51.00%
51.00%
Banking
1,125
16
558
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
Reserves
Net
results
Carrying
amount
Hyundai Fundo de Investimento em
Direitos Credit\u00f3rios
Brazil
0.00%
44.93%
100.00%
100.00%
Investment
fund
266
48
141
Ib\u00e9rica de Compras Corporativas, S.L.
Spain
97.17%
2.82%
100.00%
100.00%
E-commerce
29
(2)
6
Innohub, S.A.P.I. de C.V. (j)
Mexico
0.00%
62.01%
69.54%
69.54%
IT services
0
0
0
Insurance Funding Solutions Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Inversiones Capital Global, S.A.
Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
102
6
107
Inversiones Mar\u00edtimas del Mediterr\u00e1neo,
S.A., en liquidaci\u00f3n (c) (j)
Spain
0.00%
100.00%
100.00%
100.00%
Inactive
2
(1)
0
Investment Holdings 1857, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
32
357
33
Isar Valley S.A.
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
(3)
0
0
Isla de los Buques, S.A.
Spain
99.98%
0.02%
100.00%
100.00%
Finance
company
1
0
1
Klare Corredora de Seguros Limitada
Chile
0.00%
100.00%
100.00%
100.00%
Insurance
mediation
(4)
(1)
0
Landcompany 2020, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Real estate
management
1,577
(22)
1,609
Laparanza, S.A.
Spain
61.59%
0.00%
61.59%
61.59%
Agricultural
holding
29
0
16
Lerma Investments 2018, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Real estate
11
0
11
Liquetine, S.L. Unipersonal
Spain
0.00%
70.00%
100.00%
100.00%
Renewable
energies
11
0
10
Lynx Financial Crime Tech, S.A.
Spain
0.00%
79.99%
79.99%
79.99%
IT services
54
1
48
MAC No. 1 Limited
United
Kingdom
\u2014
(b)
\u2014
\u2014
Inactive
(1)
0
0
Macroscope S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
\u2014
Consulting
services
3
(1)
4
Mascor SPV 2025, S.L.
Spain
0.00%
29.10%
29.10%
\u2014
Real estate
8
0
2
Master Red Europa, S.L.
Spain
96.34%
0.00%
96.34%
96.34%
Cards
1
0
1
Mata Alta, S.L. Unipersonal
Spain
0.00%
61.59%
100.00%
100.00%
Agricultural
holding
0
0
0
MCE Bank GmbH (d)
Germany
0.00%
90.01%
90.01%
90.01%
Banking
168
0
117
MCE Verwaltung GmbH (d)
Germany
0.00%
90.01%
100.00%
100.00%
Real estate
rental
10
0
9
Mercadotecnia, Ideas y Tecnolog\u00eda, S.A.
de C.V.
Mexico
0.00%
70.00%
70.00%
70.00%
Payment
methods
0
13
45
Merciver, S.L.
Spain
99.90%
0.10%
100.00%
100.00%
Financial
advisory
0
0
0
Midata Service GmbH (d)
Germany
0.00%
90.01%
100.00%
100.00%
IT services
0
0
0
Moon GC&P Investments, S.L.
Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
91
(2)
85
Mouro Capital I LP
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Investment
fund
787
311
822
Multiplica SpA
Chile
0.00%
100.00%
100.00%
100.00%
Payment
services
2
0
2
Murattabat International Business
Services
Palestine
0.00%
66.43%
100.00%
\u2014
IT consulting
0
0
0
Navegante Am\u00e9rico Vespucio SpA
Chile
0.00%
100.00%
100.00%
100.00%
Real estate
59
(2)
90
Naviera Mirambel, S.L. Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Finance
company
0
0
0
Naviera Trans Gas, A.I.E.
Spain
99.99%
0.01%
100.00%
100.00%
Renting
60
(1)
62
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Naviera Transcant\u00e1brica, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
Leasing
5
0
4
Naviera Transchem, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Leasing
1
0
1
Navigator Global Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Internet
14
(4)
14
NeoAuto S.A.C.
Peru
0.00%
100.00%
100.00%
100.00%
Vehicles
purchased by
internet
1
(1)
2
Newcomar, S.L., en liquidaci\u00f3n (j)
Spain
40.00%
40.00%
80.00%
80.00%
Real estate
0
0
0
Novimovest \u2013 Fundo de Investimento
Imobili\u00e1rio
Portugal
0.00%
78.76%
78.86%
78.74%
Investment
fund
119
2
96
NW Services CO.
United States
0.00%
100.00%
100.00%
100.00%
E-commerce
7
3
8
One Mobility Management GmbH
Germany
0.00%
46.95%
100.00%
100.00%
Services
0
0
0
Open Bank, S.A. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Banking
666
66
630
Open Digital Market, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Commerce
0
0
0
Open Digital Services, S.L.
Spain
99.97%
0.03%
100.00%
100.00%
Services
38
(12)
20
Openbank M\u00e9xico, S.A., Instituci\u00f3n de
Banca M\u00faltiple, Grupo Financiero
Santander M\u00e9xico
Mexico
0.00%
100.00%
100.00%
100.00%
Banking
244
(66)
177
Operadora de Carteras Gamma, S.A.P.I.
de C.V.
Mexico
100.00%
0.00%
100.00%
100.00%
Holding
company
12
0
6
Optimal Investment Services SA
Switzerland
100.00%
0.00%
100.00%
100.00%
Fund
management
company
45
0
30
Optimal Multiadvisors Ireland Plc /
Optimal Strategic US Equity Ireland
Euro Fund (i) (m)
Ireland
0.00%
0.00%
0.00%
0.00%
Fund
management
company
0
0
0
Optimal Multiadvisors Ireland Plc /
Optimal Strategic US Equity Ireland US
Dollar Fund (i) (m)
Ireland
0.00%
0.00%
0.00%
0.00%
Fund
management
company
0
0
0
Paga Despu\u00e9s, S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Financial
services
3
0
3
PagoNxt Emoney, E.D.E., S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Financial
services
4
(1)
4
PagoNxt Ltd
United
Kingdom
100.00%
0.00%
100.00%
100.00%
Holding
company
0
0
0
PagoNxt Merchant Solutions FZ-LLC (j)
Arab United
Emirates
0.00%
100.00%
100.00%
100.00%
Financial
services
1
0
1
PagoNxt Merchant Solutions India
Private Limited (d) (j)
India
0.00%
100.00%
100.00%
100.00%
Financial
services
0
0
0
PagoNxt Payments Brasil Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
Financial
services
3
0
3
PagoNxt Payments Chile SpA
Chile
0.00%
100.00%
100.00%
100.00%
Services
1
0
1
PagoNxt Payments M\u00e9xico, S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
IT services
1
1
2
PagoNxt Payments Services, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Services
275
(47)
227
PagoNxt Payments UK Ltd
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Payment
services
4
(2)
4
PagoNxt Payments, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
IT services
348
(57)
291
PagoNxt US, LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
PagoNxt, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
1,964
(22)
3,332
Paytec Tecnologia em Pagamentos
Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
Commerce
4
(1)
4
PBE Companies, LLC
United States
0.00%
100.00%
100.00%
100.00%
Real estate
104
(4)
101
Pereda Gesti\u00f3n, S.A.
Spain
99.99%
0.01%
100.00%
100.00%
Securities
brokerage
52
42
4
Phoenix S.A.
Uruguay
0.00%
100.00%
100.00%
100.00%
Payment
methods
4
1
7
Pinle SPV 2024, S.L.
Spain
0.00%
27.57%
27.57%
\u2014
Real estate
5
0
1
Pony S.A.
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Pony S.A., Compartment German Auto
Loans 2023-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Pony S.A., Compartment German Auto
Loans 2024-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Pony S.A., Compartment German Auto
Loans 2025-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Portal Universia Argentina S.A.
Argentine
0.00%
75.75%
75.75%
75.75%
Internet
0
0
0
Portal Universia Portugal, Presta\u00e7\u00e3o de
Servi\u00e7os de Inform\u00e1tica, S.A.
Portugal
0.00%
100.00%
100.00%
100.00%
Internet
0
0
0
Precato IV Fundo de Investimento em
Direitos Credit\u00f3rios - N\u00e3o
Padronizados
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
45
8
41
Prime 16 \u2013 Fundo de Investimentos
Imobili\u00e1rio
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
4
0
4
PT Trans Skills Employer Services
Indonesia
0.00%
66.43%
100.00%
\u2014
Consulting
services
0
0
0
Pulse Client Experts Ltda.
Brazil
0.00%
89.86%
100.00%
100.00%
Telemarketing
18
2
18
Punta Lima, LLC
United States
0.00%
100.00%
100.00%
100.00%
Leasing
0
1
0
Redoto SPV 2025, S.L.
Spain
0.00%
30.60%
30.60%
\u2014
Real estate
46
0
14
Repton 2023-1 Limited
United
Kingdom
\u2014
(b)
\u2014
\u2014
Securitization
1
1
0
Retailcompany 2021, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Real estate
298
(15)
293
Retop S.A. (f)
Uruguay
100.00%
0.00%
100.00%
100.00%
Finance
company
39
(1)
62
Return Capital Gest\u00e3o de Ativos e
Participa\u00e7\u00f5es S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Collection
services
(32)
90
52
Rojo Entretenimento S.A.
Brazil
0.00%
85.01%
94.60%
94.60%
Real estate
25
2
23
SAFO Alternative Lending, S.L.
Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Finance
company
39
1
43
SAI Alternative Investments M\u00e9xico,
S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Consulting
services
1
(1)
1
SAI Lux Carry SCSp
Luxembourg
0.00%
100.00%
100.00%
100.00%
Fund
management
company
0
0
0
Sainte Julie Fundo de Investimento em
Direitos Credit\u00f3rios N\u00e3o-Padronizados
Responsabilidade Limitada
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
81
30
100
SALCO, Servicios de Seguridad
Santander, S.A.
Spain
99.99%
0.01%
100.00%
100.00%
Safety
2
1
1
SAM Argentina Sociedad Gerente de
Fondos Comunes de Inversi\u00f3n S.A.
Argentine
0.00%
100.00%
100.00%
100.00%
Investment
fund
management
2
0
2
SAM Asset Management, S.A. de C.V.,
Sociedad Operadora de Fondos de
Inversi\u00f3n
Mexico
0.00%
100.00%
100.00%
100.00%
Fund
management
company
14
43
193
SAM Inversiones Argentina S.A.
Argentine
0.00%
100.00%
100.00%
100.00%
Pension fund
management
company
0
0
1
SAM Investment Holdings, S.L.
Spain
92.37%
7.63%
100.00%
100.00%
Holding
company
1,274
194
1,450
San Pietro Solar PV, S.r.l.
Italy
0.00%
56.00%
80.00%
80.00%
Renewable
energies
18
(1)
19
San Preca Federal I Fundo de
Investimento em Direitos Credit\u00f3rios
N\u00e3o-Padronizados
Brazil
0.00%
86.59%
96.36%
50.00%
Investment
fund
8
8
14
SANB Promotora de Vendas e
Cobran\u00e7a S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Finance
company
1
5
6
Sancap Investimentos e Participa\u00e7\u00f5es
S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Holding
company
94
110
164
Santander (CF Trustee Property
Nominee) Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander (CF Trustee) Limited (d)
United
Kingdom
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
Santander (Luxembourg) Issuer S.\u00e0 r.l.
Luxembourg
100.00%
0.00%
100.00%
\u2014
Securitization
0
0
0
Santander (UK) Group Pension
Schemes Trustees Limited (d)
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander Alternative Investments,
S.G.I.I.C., S.A. Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Fund
management
company
21
(6)
40
Santander AM Global Working Capital
Fund I
Luxembourg
100.00%
0.00%
100.00%
100.00%
Investment
fund
70
3
71
Santander Asesor\u00edas Financieras
Limitada
Chile
0.00%
67.45%
100.00%
100.00%
Financial
advisory
11
4
11
Santander Asset Finance Opportunities
Luxembourg
100.00%
0.00%
100.00%
100.00%
Investment
fund
192
11
191
Santander Asset Finance plc
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Leasing
96
86
166
Santander Asset Management - SGOIC,
S.A.
Portugal
0.00%
100.00%
100.00%
100.00%
Fund
management
company
6
4
9
Santander Asset Management Chile
S.A.
Chile
0.00%
100.00%
100.00%
100.00%
Securities
investment
0
0
0
Santander Asset Management Gerente
de Fondos Comunes de Inversi\u00f3n S.A.
Argentine
0.00%
100.00%
100.00%
100.00%
Fund
management
company
6
20
3
Santander Asset Management
Luxembourg, S.A.
Luxembourg
0.00%
100.00%
100.00%
100.00%
Fund
management
company
5
1
0
Santander Asset Management S.A.
Administradora General de Fondos
Chile
0.00%
100.00%
100.00%
100.00%
Fund
management
company
(3)
18
132
Santander Asset Management UK
Holdings Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Holding
company
218
74
186
Santander Asset Management UK
Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Management
of funds and
portfolios
30
6
129
Santander Asset Management, S.A.,
SGIIC Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Fund
management
company
227
101
277
Santander Auto Lease Titling Ltd.
United States
0.00%
100.00%
100.00%
100.00%
Leasing
8
(15)
0
Santander Back-Offices Globales
Mayoristas, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Services
5
6
1
Santander Banca de Inversi\u00f3n
Colombia, S.A.S.
Colombia
100.00%
0.00%
100.00%
100.00%
Advisory
services
1
3
2
Santander Bank Polska S.A.
Poland
58.70%
0.00%
58.70%
62.20%
Banking
6,308
1,590
4,051
Santander Bank, National Association
United States
0.00%
100.00%
100.00%
100.00%
Banking
10,871
1,183
12,035
Santander Brasil Administradora de
Cons\u00f3rcio Ltda.
Brazil
0.00%
89.86%
100.00%
100.00%
Services
70
83
138
Santander Brasil Gest\u00e3o de Recursos
Ltda.
Brazil
0.08%
99.92%
100.00%
100.00%
Securities
investment
387
45
423
Santander Capital Holdings LLC
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
851
53
904
Santander Capital Structuring, S.A. de
C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Holding
company
5
0
0
Santander Capitaliza\u00e7\u00e3o S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Insurance
(47)
101
48
Santander Cards Ireland Limited (n)
Ireland
0.00%
100.00%
100.00%
100.00%
Cards
(8)
0
0
Santander Cards Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
96
0
96
Santander Cards UK Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
145
(15)
121
Santander Chile Holding S.A.
Chile
22.11%
77.75%
99.86%
99.86%
Holding
company
1,565
355
1,862
Santander Commercial Mortgage
Securities LLC
United States
0.00%
100.00%
100.00%
\u2014
Finance
company
0
0
0
Santander Compara Holding, S.L.
Spain
99.97%
0.03%
100.00%
100.00%
Holding
company
12
0
12
Santander Consulting (Beijing) Co., Ltd.
China
0.00%
100.00%
100.00%
100.00%
Advisory
services
10
0
4
Santander Consumer (UK) plc
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
938
(109)
298
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander Consumer Auto Receivables
Funding 2018-L3 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
117
(1)
0
Santander Consumer Auto Receivables
Funding 2022-B1 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(56)
17
0
Santander Consumer Auto Receivables
Funding 2022-B2 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(64)
22
0
Santander Consumer Auto Receivables
Funding 2022-B3 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(103)
66
0
Santander Consumer Auto Receivables
Funding 2022-B4 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(58)
30
0
Santander Consumer Auto Receivables
Funding 2023-B1 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(48)
53
0
Santander Consumer Auto Receivables
Funding 2023-B2 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(44)
22
0
Santander Consumer Auto Receivables
Funding 2023-B3 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(40)
20
0
Santander Consumer Auto Receivables
Funding 2023-B4 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(46)
23
0
Santander Consumer Auto Receivables
Funding 2023-B5 LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Consumer Auto Receivables
Funding 2023-B6 LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Consumer Auto Receivables
Funding 2024-B2 LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Consumer Auto Receivables
Funding 2024-B3 LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Consumer Auto Receivables
Funding 2025-B1 LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Consumer Auto Receivables
Funding 2025-L1 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
0
(14)
0
Santander Consumer Auto Receivables
Funding 2025-L2 LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Consumer Auto Receivables
Funding 2025-L3 LLC
United States
0.00%
100.00%
100.00%
\u2014
Inactive
0
0
0
Santander Consumer Auto Receivables
Funding 2025-L4 LLC
United States
0.00%
100.00%
100.00%
\u2014
Inactive
0
0
0
Santander Consumer Bank
Canada
0.00%
100.00%
100.00%
\u2014
Banking
140
3
167
Santander Consumer Bank AG
Germany
0.00%
100.00%
100.00%
100.00%
Banking
3,588
187
5,345
Santander Consumer Bank AS
Norway
0.00%
100.00%
100.00%
100.00%
Banking
1,912
183
2,141
Santander Consumer Bank GmbH
Austria
0.00%
100.00%
100.00%
100.00%
Banking
584
39
363
Santander Consumer Bank S.A.
Poland
0.00%
100.00%
100.00%
100.00%
Banking
988
93
940
Santander Consumer Bank S.A.
Peru
100.00%
0.00%
100.00%
\u2014
Banking
187
25
160
Santander Consumer Bank S.p.A.
Italy
0.00%
100.00%
100.00%
100.00%
Banking
970
68
603
Santander Consumer Credit Services
Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
1
(1)
0
Santander Consumer Finance Global
Services, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
IT
6
4
5
Santander Consumer Finance Limitada
Chile
49.00%
34.24%
100.00%
100.00%
Finance
company
120
27
65
Santander Consumer Finance M\u00e9xico,
S.A. de C.V., S.O.F.O.M., E.R., Grupo
Financiero Santander M\u00e9xico
Mexico
0.00%
99.98%
100.00%
100.00%
Inactive
2
0
2
Santander Consumer Finance Oy
Finland
0.00%
100.00%
100.00%
100.00%
Finance
company
488
20
159
Santander Consumer Finance Schweiz
AG
Switzerland
0.00%
100.00%
100.00%
100.00%
Leasing
61
(13)
60
Santander Consumer Finance, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Banking
9,109
612
10,039
Santander Consumer Financial
Solutions Sp. z o.o.
Poland
0.00%
100.00%
100.00%
100.00%
Leasing
(3)
1
7
Santander Consumer Holding Austria
GmbH
Austria
0.00%
100.00%
100.00%
100.00%
Holding
company
364
0
518
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander Consumer Holding GmbH
Germany
0.00%
100.00%
100.00%
100.00%
Holding
company
5,564
83
6,077
Santander Consumer Lease
Receivables 1 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(20)
3
0
Santander Consumer Leasing GmbH
Germany
0.00%
100.00%
100.00%
100.00%
Leasing
77
104
158
Santander Consumer Leasing S.A.
France
0.00%
100.00%
100.00%
100.00%
Renting
3
0
3
Santander Consumer Mobility Services,
S.A.
Spain
0.00%
100.00%
100.00%
100.00%
Renting
8
(2)
8
Santander Consumer Multirent Sp. z
o.o.
Poland
0.00%
100.00%
100.00%
100.00%
Leasing
42
9
36
Santander Consumer Operations
Services GmbH
Germany
0.00%
100.00%
100.00%
100.00%
Services
16
0
18
Santander Consumer Receivables 11
LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
618
283
0
Santander Consumer Receivables 15
LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(8)
75
0
Santander Consumer Receivables 16
LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(6)
130
0
Santander Consumer Receivables 20
LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
0
(254)
0
Santander Consumer Receivables 21
LLC
United States
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Consumer Receivables 7 LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
726
164
0
Santander Consumer Receivables
Funding LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
10
3
0
Santander Consumer Renting S.r.l.
Italy
0.00%
100.00%
100.00%
100.00%
Renting
12
(5)
18
Santander Consumer Renting, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Renting
47
2
41
Santander Consumer S.A.
Argentine
0.00%
99.82%
100.00%
100.00%
Finance
company
15
(3)
13
Santander Consumer Services GmbH
Austria
0.00%
100.00%
100.00%
100.00%
Services
0
0
0
Santander Consumer Services, S.A.
Portugal
0.00%
100.00%
100.00%
100.00%
Finance
company
13
1
6
Santander Consumer Spain Auto
2019-1, Fondo de Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumer Spain Auto
2020-1, Fondo de Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumer Spain Auto
2021-1, Fondo de Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumer Spain Auto
2022-1, Fondo de Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumer Spain Auto
2023-1, Fondo de Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumer Spain Auto
2024-1, Fondo de Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumer Spain Auto
2025-1, Fondo de Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumer Technology
Services GmbH
Germany
0.00%
100.00%
100.00%
100.00%
IT services
31
1
22
Santander Consumer USA Holdings Inc.
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
3,079
589
4,580
Santander Consumer USA Inc.
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
4,922
590
5,512
Santander Consumo 4, F.T.
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumo 5, F.T.
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumo 6, F.T.
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Consumo 7, F.T.
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Corredora de Seguros
Limitada
Chile
0.00%
67.21%
100.00%
100.00%
Insurance
mediation
19
3
14
Santander Corredores de Bolsa
Limitada
Chile
0.00%
83.24%
100.00%
100.00%
Securities
company
58
3
51
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander Corretora de C\u00e2mbio e
Valores Mobili\u00e1rios S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Securities
company
143
28
154
Santander Corretora de Seguros,
Investimentos e Servi\u00e7os S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Insurance
mediation
665
325
887
Santander Customer Voice, S.A.
Spain
99.50%
0.50%
100.00%
100.00%
Services
9
(10)
0
Santander de Titulizaci\u00f3n, S.G.F.T., S.A.
Spain
81.00%
19.00%
100.00%
100.00%
Fund
management
company
5
5
2
Santander Distribuidora de T\u00edtulos e
Valores Mobili\u00e1rios S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Securities
company
75
11
77
Santander Drive Auto Receivables LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
0
0
0
Santander Drive Auto Receivables
Trust 2022-2
United States
\u2014
(b)
\u2014
\u2014
Securitization
(25)
33
0
Santander Drive Auto Receivables
Trust 2022-3
United States
\u2014
(b)
\u2014
\u2014
Securitization
(41)
26
0
Santander Drive Auto Receivables
Trust 2022-4
United States
\u2014
(b)
\u2014
\u2014
Securitization
(72)
36
0
Santander Drive Auto Receivables
Trust 2022-5
United States
\u2014
(b)
\u2014
\u2014
Securitization
(102)
37
0
Santander Drive Auto Receivables
Trust 2022-6
United States
\u2014
(b)
\u2014
\u2014
Securitization
(96)
40
0
Santander Drive Auto Receivables
Trust 2022-7
United States
\u2014
(b)
\u2014
\u2014
Securitization
(45)
24
0
Santander Drive Auto Receivables
Trust 2023-1
United States
\u2014
(b)
\u2014
\u2014
Securitization
(24)
38
0
Santander Drive Auto Receivables
Trust 2023-2
United States
\u2014
(b)
\u2014
\u2014
Securitization
(47)
56
0
Santander Drive Auto Receivables
Trust 2023-3
United States
\u2014
(b)
\u2014
\u2014
Securitization
(74)
65
0
Santander Drive Auto Receivables
Trust 2023-4
United States
\u2014
(b)
\u2014
\u2014
Securitization
(78)
53
0
Santander Drive Auto Receivables
Trust 2023-5
United States
\u2014
(b)
\u2014
\u2014
Securitization
(74)
54
0
Santander Drive Auto Receivables
Trust 2023-6
United States
\u2014
(b)
\u2014
\u2014
Securitization
(62)
47
0
Santander Drive Auto Receivables
Trust 2024-1
United States
\u2014
(b)
\u2014
\u2014
Securitization
(99)
68
0
Santander Drive Auto Receivables
Trust 2024-2
United States
\u2014
(b)
\u2014
\u2014
Securitization
(149)
103
0
Santander Drive Auto Receivables
Trust 2024-3
United States
\u2014
(b)
\u2014
\u2014
Securitization
(182)
127
0
Santander Drive Auto Receivables
Trust 2024-4
United States
\u2014
(b)
\u2014
\u2014
Securitization
(207)
146
0
Santander Drive Auto Receivables
Trust 2024-5
United States
\u2014
(b)
\u2014
\u2014
Securitization
(182)
119
0
Santander Drive Auto Receivables
Trust 2025-1
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
(116)
0
Santander Drive Auto Receivables
Trust 2025-2
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
(134)
0
Santander Drive Auto Receivables
Trust 2025-3
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
(186)
0
Santander Drive Auto Receivables
Trust 2025-4
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
(218)
0
Santander Empresa Administradora de
Fondos Colectivos S.A.
Peru
99.00%
1.00%
100.00%
100.00%
Investment
company
1
(1)
0
Santander Equity Investments Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
94
5
34
Santander Espa\u00f1a Servicios Legales,
S.L.
Spain
99.97%
0.03%
100.00%
100.00%
Services
9
0
8
Santander Estates Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Real estate
7
0
7
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander European Hospitality
Opportunities
Luxembourg
100.00%
0.00%
100.00%
100.00%
Investment
fund
33
0
30
Santander F24 S.A.
Poland
0.00%
58.70%
100.00%
100.00%
Finance
company
3
0
2
Santander Facility Management
Espa\u00f1a, S.L. Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Real estate
786
0
786
Santander Factoring S.A.
Chile
0.00%
99.86%
100.00%
100.00%
Factoring
9
0
9
Santander Factoring Sp. z o.o.
Poland
0.00%
58.70%
100.00%
100.00%
Financial
services
78
11
1
Santander Factoring y Confirming, S.A.
Unipersonal, E.F.C.
Spain
100.00%
0.00%
100.00%
100.00%
Factoring
223
47
126
Santander FI Hedge Strategies
Ireland
0.00%
89.86%
100.00%
100.00%
Investment
fund
421
110
478
Santander Finance 2012-1 LLC
United States
0.00%
100.00%
100.00%
100.00%
Financial
services
3
0
3
Santander Financial Exchanges Limited
(j)
United
Kingdom
100.00%
0.00%
100.00%
100.00%
Inactive
0
0
0
Santander Financial Services plc
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Banking
350
27
443
Santander Financiamientos S.A.
Peru
100.00%
0.00%
100.00%
100.00%
Finance
company
34
0
34
Santander Financing S.A.S.
Colombia
100.00%
0.00%
100.00%
100.00%
Financial
advisory
3
0
3
Santander Finanse Sp. z o.o.
Poland
0.00%
58.70%
100.00%
100.00%
Financial
services
64
12
18
Santander Fundo de Investimento
Amazonas Multimercado Cr\u00e9dito
Privado Investimento no Exterior (o)
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
440
64
453
Santander Fundo de Investimento
Diamantina Multimercado Cr\u00e9dito
Privado Investimento no Exterior (h)
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
776
142
824
Santander Fundo de Investimento
Guaruj\u00e1 Multimercado Cr\u00e9dito Privado
Investimento no Exterior
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
150
14
148
Santander Gesti\u00f3n de Recaudaci\u00f3n y
Cobranzas Ltda.
Chile
0.00%
99.86%
100.00%
100.00%
Financial
services
8
1
9
Santander Global Cards & Digital
Solutions Brasil S.A.
Brazil
0.00%
100.00%
100.00%
100.00%
IT consulting
85
4
93
Santander Global Cards & Digital
Solutions, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
IT services
222
1
222
Santander Global Consumer Finance
Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
7
0
7
Santander Global Facilities, S.A. de C.V.
Mexico
100.00%
0.00%
100.00%
100.00%
Services
167
8
174
Santander Global Services S.A. (j)
Uruguay
0.00%
100.00%
100.00%
100.00%
Services
0
0
0
Santander Global Services, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
Real estate
7
1
7
Santander Global Technology and
Operations Brasil Ltda.
Brazil
0.00%
100.00%
100.00%
100.00%
IT services
26
0
18
Santander Global Technology and
Operations Chile Limitada
Chile
0.00%
100.00%
100.00%
100.00%
IT services
5
1
6
Santander Global Technology and
Operations, S.L. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
IT services
694
15
668
Santander Green Investment, S.L.
Spain
99.97%
0.03%
100.00%
100.00%
Holding
company
139
1
135
Santander Group Properties, S.L.
Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
1,100
5
1,077
Santander Guarantee Company (j)
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Hera Renda Fixa Fundo
Incentivado de Investimento em
Infraestrutura Responsabilidade
Limitada
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
2,779
212
2,688
Santander Hermes Multimercado
Cr\u00e9dito Privado Infraestructura Fundo
de Investimento
Brazil
0.00%
89.86%
100.00%
100.00%
Investment
fund
169
9
160
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander Hipotecario 2 Fondo de
Titulizaci\u00f3n de Activos
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Hipotecario 3 Fondo de
Titulizaci\u00f3n de Activos
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Holding Imobili\u00e1ria S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Real estate
64
6
63
Santander Holding Internacional, S.A.
Spain
99.95%
0.05%
100.00%
100.00%
Holding
company
4,271
96
2,506
Santander Holdings USA, Inc.
United States
100.00%
0.00%
100.00%
100.00%
Holding
company
13,865
1,399
14,425
Santander Inclusi\u00f3n Financiera, S.A. de
C.V., S.O.F.O.M., E.R., Grupo Financiero
Santander M\u00e9xico
Mexico
0.00%
99.98%
100.00%
100.00%
Finance
company
8
2
9
Santander Insurance Agency, U.S., LLC
United States
0.00%
100.00%
100.00%
100.00%
Insurance
mediation
1
0
1
Santander Insurance Services UK
Limited
United
Kingdom
100.00%
0.00%
100.00%
100.00%
Wealth
management
827
(588)
543
Santander Insurance, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
2,433
478
2,440
Santander Intermediaci\u00f3n Corredur\u00eda
de Seguros, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Insurance
mediation
25
5
18
Santander International Products, Plc.
(l)
Ireland
99.99%
0.01%
100.00%
100.00%
Finance
company
1
0
0
Santander International Wealth
Management M\u00e9xico, S. de R.L. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Advisory
services
3
(2)
2
Santander International Wealth
Solutions LLC
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
0
0
0
Santander Inversiones S.A.
Chile
5.12%
94.88%
100.00%
100.00%
Holding
company
1,574
279
1,051
Santander Investment Chile Limitada
Chile
16.12%
83.88%
100.00%
100.00%
Finance
company
305
11
308
Santander Investment, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Banking
1,316
429
245
Santander Investments GP 1 S.\u00e0.r.l.
Luxembourg
0.00%
100.00%
100.00%
100.00%
Fund
management
company
1
0
1
Santander Inwestycje Sp. z o.o.
Poland
0.00%
58.70%
100.00%
100.00%
Securities
company
0
0
0
Santander ISA Managers Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Management
of funds and
portfolios
45
6
6
Santander Lease, S.A., E.F.C.
Spain
100.00%
0.00%
100.00%
100.00%
Leasing
56
3
51
Santander Leasing AB
Sweden
0.00%
100.00%
100.00%
100.00%
Leasing and
renting
13
2
22
Santander Leasing B.V.
Netherlands
0.00%
100.00%
100.00%
100.00%
Renting
13
0
21
Santander Leasing S.A.
Poland
0.00%
58.70%
100.00%
100.00%
Leasing
210
13
35
Santander Leasing S.A. Arrendamento
Mercantil
Brazil
0.00%
89.86%
100.00%
100.00%
Leasing
1,458
129
1,426
Santander Leasing, LLC
United States
0.00%
100.00%
100.00%
100.00%
Leasing
(2)
(10)
0
Santander Lending Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Mortgage
credit
company
278
13
291
Santander Mediaci\u00f3n Operador de
Banca-Seguros Vinculado, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Insurance
mediation
52
1
3
Santander Merchant S.A.
Argentine
5.10%
94.90%
100.00%
100.00%
Finance
company
2
1
2
Santander Mortgage Asset Depositor
LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
0
0
0
Santander Mortgage Asset Receivable
Trust 2025-CES1
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Mortgage Asset Receivable
Trust 2025-NQM1
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Mortgage Asset Receivable
Trust 2025-NQM2
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander Mortgage Asset Receivable
Trust 2025-NQM3
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Mortgage Asset Receivable
Trust 2025-NQM4
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Mortgage Asset Receivable
Trust 2025-NQM5
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Mortgage Asset Receivable
Trust 2025-NQM6
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander Mortgage Asset Receivable
Trust 2026-NQM1
United States
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
Santander Mortgage Holdings Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Holding
company
(2)
2
0
Santander New Business, S.A.
Spain
99.00%
1.00%
100.00%
100.00%
Trade
intermediary
3
0
2
Santander Paraty Qif PLC
Ireland
0.00%
89.86%
100.00%
100.00%
Investment
company
421
110
478
Santander Pensiones, S.A., E.G.F.P.
Spain
0.00%
100.00%
100.00%
100.00%
Pension fund
management
company
57
17
152
Santander Prime Auto Issuance Notes
2018-A Designated Activity Company
(j)
Ireland
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
Santander Prime Auto Issuance Notes
2018-B Designated Activity Company
(j)
Ireland
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
Santander Prime Auto Issuance Notes
2018-C Designated Activity Company
(j)
Ireland
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
Santander Prime Auto Issuance Notes
2018-D Designated Activity Company
(j)
Ireland
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
Santander Prime Auto Issuance Notes
2018-E Designated Activity Company
(j)
Ireland
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
Santander Private Banking S.p.A. in
Liquidazione (j)
Italy
100.00%
0.00%
100.00%
100.00%
Finance
company
14
0
8
Santander Private Banking UK Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Holding
company
296
174
399
Santander Private Real Estate Advisory,
S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Real estate
20
6
26
Santander Real Estate Debt 1 sub-fund
Luxembourg
100.00%
0.00%
100.00%
100.00%
Investment
fund
103
6
100
Santander Real Estate Equity I, F.C.R.
Spain
100.00%
0.00%
100.00%
100.00%
Venture capital
fund
19
0
19
Santander Real Estate, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
Inactive
1
0
1
Santander Retail Auto Lease Funding
LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
0
0
0
Santander RMBS 6, Fondo de
Titulizaci\u00f3n
Spain
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Santander S.A. Sociedad Securitizadora
Chile
0.00%
67.25%
100.00%
100.00%
Fund
management
company
1
0
1
Santander SBAC II Renda Fixa Curto
Prazo - Classe de Investimento em
Cotas de Fundo de Investimento
Financeiro Responsabilidade Limitada
Brazil
0.00%
89.86%
100.00%
\u2014
Investment
fund
1,750
242
1,770
Santander Secretariat Services Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Santander Securities LLC
United States
0.00%
100.00%
100.00%
100.00%
Securities
company
25
6
31
Santander Seguros y Reaseguros,
Compa\u00f1\u00eda Aseguradora, S.A.
Spain
0.00%
100.00%
100.00%
100.00%
Insurance
676
164
914
Santander Services Solutions, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Payment
services
15
(2)
14
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Santander Servicios Corporativos, S.A.
de C.V.
Mexico
0.00%
99.98%
100.00%
100.00%
Services
14
0
15
Santander Servicos Digitais Brasil Ltda.
Brazil
0.00%
100.00%
100.00%
\u2014
IT services
23
2
23
Santander Sociedade de Cr\u00e9dito,
Financiamento e Investimento S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Finance
company
289
441
655
Santander Technology USA, LLC
United States
0.00%
100.00%
100.00%
100.00%
IT services
47
0
47
Santander Tecnolog\u00eda Argentina S.A.
Argentine
0.00%
99.83%
100.00%
100.00%
IT services
7
6
10
Santander Tecnolog\u00eda M\u00e9xico, S.A. de
C.V.
Mexico
0.00%
99.98%
100.00%
100.00%
IT services
52
0
52
Santander Totta Seguros, Companhia
de Seguros de Vida, S.A.
Portugal
0.00%
100.00%
100.00%
100.00%
Insurance
99
27
246
Santander Towarzystwo Funduszy
Inwestycyjnych S.A.
Poland
50.00%
29.35%
100.00%
100.00%
Fund
management
company
4
33
172
Santander Trade Services Limited
Hong-Kong
0.00%
100.00%
100.00%
100.00%
Inactive
24
1
16
Santander Trust S.A.
Argentine
0.00%
100.00%
100.00%
100.00%
Services
0
0
0
Santander UK Group Holdings plc
United
Kingdom
77.67%
22.33%
100.00%
100.00%
Holding
company
15,277
192
19,046
Santander UK Investments
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
114
(2)
114
Santander UK Operations Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Finance
company
7
0
0
Santander UK plc
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Banking
12,746
2,167
15,039
Santander UK Technology Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
IT services
25
0
6
Santander US Capital Markets LLC
United States
0.00%
100.00%
100.00%
100.00%
Securities
investment
904
53
957
Santander Valores S.A.
Argentine
5.10%
94.73%
100.00%
100.00%
Securities
company
30
11
42
Santusa Holding, S.L.
Spain
69.76%
30.24%
100.00%
100.00%
Holding
company
10,589
495
6,525
SBNA Auto Lease Funding LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
(58)
(87)
0
SBNA Auto Lease Trust 2023-A
United States
\u2014
(b)
\u2014
\u2014
Securitization
(31)
(23)
0
SBNA Auto Lease Trust 2024-A
United States
\u2014
(b)
\u2014
\u2014
Securitization
(18)
(26)
0
SBNA Auto Lease Trust 2024-B
United States
\u2014
(b)
\u2014
\u2014
Securitization
(12)
(30)
0
SBNA Auto Lease Trust 2024-C
United States
\u2014
(b)
\u2014
\u2014
Securitization
4
(8)
0
SBNA Auto Lease Trust 2025-A
United States
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SBNA Auto Lease Trust 2025-B
United States
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
SBNA Auto Receivables Funding LLC
United States
0.00%
100.00%
100.00%
100.00%
Finance
company
2
3
4
SBNA Auto Receivables Grantor Trust
2025-SF1
United States
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
SBNA Auto Receivables Trust 2025-SF1
United States
\u2014
(b)
\u2014
\u2014
Inactive
0
0
0
SBNA Investor LLC
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
795
119
914
SC Austria Auto Finance 2020-1
Designated Activity Company
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Austria Consumer Loan 2021
Designated Activity Company
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Austria S.\u00e0 r.l.
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Austria S.\u00e0 r.l., Compartment
Consumer 2025-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Canada Asset Securitization Trust
Canada
\u2014
(b)
\u2014
\u2014
Securitization
2
4
0
SC Germany Auto 2019-1 UG
(haftungsbeschr\u00e4nkt) (j)
Germany
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A.
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer 2020-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
SC Germany S.A., Compartment
Consumer 2021-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer 2022-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer 2023-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer 2024-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer 2024-2
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer 2025-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer 2025-2
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Consumer Private 2023-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Leasing 2023-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Leasing 2025-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Germany S.A., Compartment
Mobility 2020-1
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Mobility AB
Sweden
0.00%
100.00%
100.00%
100.00%
Renting
0
0
0
SC Mobility AS
Norway
0.00%
100.00%
100.00%
100.00%
Renting
32
0
33
SC Nordics S.\u00e0 r.l.
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Nordics S.\u00e0 r.l. , Compartment
Rahoituspalvelut 2025
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SC Poland Consumer 23-1 Designated
Activity Company
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SCF Ajoneuvohallinto IX Limited (j)
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SCF Ajoneuvohallinto X Limited
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SCF Ajoneuvohallinto XI Limited
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SCF Ajoneuvohallinto XII Limited
Ireland
\u2014
(b)
\u2014
\u2014
\u2014
Securitization
0
0
0
SCF Ajoneuvohallinto XIII Limited
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SCF Eastside Locks GP Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Real estate
management
0
0
0
SCF Rahoituspalvelut IX DAC (j)
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SCF Rahoituspalvelut X DAC
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SCF Rahoituspalvelut XI Designated
Activity Company
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
(15)
0
0
SCF Rahoituspalvelut XII DAC
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
(1)
0
0
SCF Rahoituspalvelut XIII DAC
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
3
0
0
SCM Poland Auto 2019-1 DAC
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SDMX Superdigital, S.A. de C.V.,
Instituci\u00f3n de Fondos de Pago
Electr\u00f3nico
Mexico
0.00%
100.00%
100.00%
100.00%
Payment
platform
1
(1)
0
Secucor Finance 2021-1, DAC (j)
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Secucor Finance 2025-1 Designated
Activity Company
Ireland
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Services and Promotions Delaware
Corporation
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
125
0
198
Services and Promotions Miami LLC
United States
0.00%
100.00%
100.00%
100.00%
Real estate
126
0
126
Servicios de Cobranza, Recuperaci\u00f3n y
Seguimiento, S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
Finance
company
38
0
40
Servicios Inmobiliarios Residencial en
Venta JV2, S.L.
Spain
0.00%
27.57%
27.57%
90.00%
Real estate
10
0
3
Sheppards Moneybrokers Limited
United
Kingdom
0.00%
100.00%
100.00%
100.00%
Inactive
0
0
0
Shiloh III Wind Project, LLC
United States
0.00%
100.00%
100.00%
100.00%
Renewable
energies
327
5
333
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Silk Finance No. 5
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
25
(5)
0
Silk Finance No. 6
Portugal
\u2014
(b)
\u2014
\u2014
Securitization
0
8
0
Sociedad Integral de Valoraciones
Automatizadas, S.A. Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Appraisals
2
0
1
Sociedad Operadora de Tarjetas de
Pago Santander Getnet Chile S.A.
Chile
0.00%
67.13%
100.00%
100.00%
Payments and
collection
services
1
47
32
Socur S.A. (f)
Uruguay
100.00%
0.00%
100.00%
100.00%
Finance
company
69
19
58
Solution 4Fleet Consultoria
Empresarial S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Vehicle rental
1
0
1
Sovereign Community Development
Company
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
42
1
43
Sovereign Delaware Investment
Corporation
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
146
5
151
Sovereign Lease Holdings, LLC
United States
0.00%
100.00%
100.00%
100.00%
Financial
services
228
5
233
Sovereign REIT Holdings, Inc.
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
8,060
268
8,328
SPIRE SA Compartment 2025-148
Luxembourg
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
SSA Swiss Advisors AG
Switzerland
0.00%
100.00%
100.00%
100.00%
Wealth
management
2
0
4
Stellantis Consumer Financial Services
Polska Sp. z o.o.
Poland
0.00%
50.00%
100.00%
100.00%
Finance
company
5
2
1
Stellantis Financial Services Belux SA
Belgium
0.00%
50.00%
100.00%
100.00%
Finance
company
101
11
57
Stellantis Financial Services Espa\u00f1a,
E.F.C., S.A.
Spain
0.00%
50.00%
50.00%
50.00%
Finance
company
401
(21)
190
Stellantis Financial Services Italia
S.p.A.
Italy
0.00%
50.00%
50.00%
50.00%
Banking
807
112
293
Stellantis Financial Services Nederland
B.V.
Netherlands
0.00%
50.00%
100.00%
100.00%
Finance
company
80
15
39
Stellantis Financial Services Polska Sp.
z o.o.
Poland
0.00%
50.00%
50.00%
50.00%
Finance
company
74
13
17
Stellantis Renting Italia S.p.A.
Italy
0.00%
50.00%
100.00%
100.00%
Renting
11
5
3
Sterrebeeck B.V.
Netherlands
100.00%
0.00%
100.00%
100.00%
Holding
company
6,373
515
10,860
Suleyado 2003, S.L. Unipersonal
Spain
0.00%
100.00%
100.00%
100.00%
Securities
investment
34
0
31
Superdigital Holding Company, S.L.
Spain
0.00%
100.00%
100.00%
100.00%
Holding
company
28
(4)
24
Superdigital Log\u00edstica S.A.
Brazil
0.00%
100.00%
100.00%
100.00%
Payment
services
6
(1)
5
Suzuki Servicios Financieros, S.L.
Spain
0.00%
51.00%
51.00%
51.00%
Intermediation
16
2
8
Swesant SA
Switzerland
0.00%
100.00%
100.00%
100.00%
Holding
company
323
(3)
0
Tabasco Energ\u00eda Espa\u00f1a, S.L.
Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Holding
company
7
0
7
Taxos Luz, S.L. Unipersonal
Spain
0.00%
70.00%
100.00%
100.00%
Renewable
energies
3
0
11
Teatinos Siglo XXI Inversiones S.A.
Chile
50.00%
50.00%
100.00%
100.00%
Holding
company
1,521
333
2,167
Terras Fundo de Investimento nas
Cadeias Produtivas do Agronegocio -
Fiagro - Resp Limitada
Brazil
0.00%
89.86%
100.00%
\u2014
Investment
fund
2
0
1
The Best Specialty Coffee, S.L.
Unipersonal
Spain
100.00%
0.00%
100.00%
100.00%
Restaurant
services
3
0
3
TIMFin S.p.A.
Italy
0.00%
51.00%
51.00%
51.00%
Finance
company
63
4
38
Titularizadora Colombiana S.A. -
Universalidad TIV V9
Colombia
\u2014
(b)
\u2014
\u2014
Securitization
0
0
0
Tonopah Solar I, LLC
United States
0.00%
100.00%
100.00%
100.00%
Holding
company
5
0
5
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Tools Solu\u00e7\u00f5es e Servi\u00e7os
Compartilhados Ltda.
Brazil
0.00%
89.86%
100.00%
100.00%
Services
31
4
31
Tornquist Asesores de Seguros S.A. (j)
Argentine
0.00%
99.99%
99.99%
99.99%
Inactive
0
0
0
Toro Corretora de T\u00edtulos e Valores
Mobili\u00e1rios S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Securities
company
62
(1)
55
Toro Investimentos S.A.
Brazil
0.00%
89.86%
100.00%
100.00%
Securities
company
43
(2)
36
Totta (Ireland), PLC
Ireland
0.00%
99.87%
100.00%
100.00%
Finance
company
451
11
450
Totta Urbe - Empresa de
Administra\u00e7\u00e3o e Constru\u00e7\u00f5es, S.A.
Portugal
0.00%
99.87%
100.00%
100.00%
Real estate
88
1
89
Trainera Venture Finance I, F.C.R.-
PYME
Spain
99.00%
0.00%
99.00%
99.00%
Venture capital
fund
21
2
20
Trans Skills Employment Services -
Sole Proprietorship LLC
Arab United
Emirates
0.00%
66.43%
100.00%
100.00%
Human
resources
services
0
1
2
Trans Skills Employment Services
Malaysia SDN. BHD.
Malaysia
0.00%
66.43%
100.00%
\u2014
Services
0
0
0
Trans Skills Employment Services
Vietnam Company Limited
Vietnam
0.00%
66.43%
100.00%
\u2014
Consulting
services
0
0
0
Trans Skills General Supplies Egypt LLC
Egypt
0.00%
66.43%
100.00%
\u2014
Consulting
services
0
0
0
Trans Skills Information Technology
LLC
Saudi Arabia
0.00%
66.43%
100.00%
100.00%
Inactive
0
0
0
Trans Skills Investment in Commercial
Enterprises & Management Co. LLC
Arab United
Emirates
0.00%
66.43%
100.00%
100.00%
Holding
company
1
0
7
Trans Skills Services SPC
Oman
0.00%
66.43%
100.00%
\u2014
Consulting
0
0
0
Trans Skills South Africa (Pty) Limited
Republic of
South Africa
0.00%
66.43%
100.00%
100.00%
Inactive
0
0
0
Trans Skills Technology Services LLC
Arab United
Emirates
0.00%
66.43%
100.00%
100.00%
IT services
0
(3)
0
Transolver Finance EFC, S.A.
Spain
0.00%
51.00%
51.00%
51.00%
Leasing
76
6
17
Transskills Employer Services Private
Limited
India
0.00%
66.43%
100.00%
100.00%
Consulting
services
0
0
0
Tresmares Capital Corporate S.L.
Spain
89.90%
0.00%
89.90%
\u2014
Holding
company
2
2
21
Tresmares Capital Deutschland GmbH
Germany
0.00%
89.90%
100.00%
\u2014
Finance
company
0
0
0
Tresmares Capital UK Limited
United
Kingdom
0.00%
89.90%
100.00%
\u2014
Fund
management
company
1
1
1
Tresmares Direct Lending, S.G.E.I.C,
S.A.
Spain
0.00%
89.90%
100.00%
\u2014
Fund
management
company
3
3
2
Tresmares Growth Fund II, S.C.R., S.A.
Spain
40.00%
0.00%
40.00%
40.00%
40.00%
Holding
company
72
6
39
Tresmares Growth Fund III, S.C.R., S.A.
Spain
40.00%
0.00%
40.00%
40.00%
40.00%
Holding
company
55
4
30
Tresmares Growth Fund Santander,
S.C.R., S.A.
Spain
100.00%
0.00%
100.00%
100.00%
100.00%
Holding
company
139
(3)
131
Tresmares Private Equity, S.G.E.I.C,
S.A.
Spain
0.00%
89.90%
100.00%
100.00%
\u2014
Fund
management
company
1
4
1
Tresmares Santander Direct Lending,
SICC, S.A.
Spain
99.67%
0.00%
99.67%
99.67%
99.67%
Fund
management
company
1,419
69
1,410
TS HR & Payroll Services Morocco SARL
AU
Morocco
0.00%
66.43%
100.00%
100.00%
\u2014
Consulting
services
0
0
0
TVG-Trappgroup
Versicherungsvermittlungs-GmbH (d)
Germany
0.00%
90.01%
100.00%
100.00%
100.00%
Insurance
brokerage
0
0
2
Universia Brasil S.A.
Brazil
0.00%
100.00%
100.00%
100.00%
100.00%
Internet
0
0
0
Universia Chile S.A.
Chile
0.00%
86.84%
86.84%
86.84%
86.84%
Internet
1
0
0
Universia Colombia S.A.S.
Colombia
0.00%
100.00%
100.00%
100.00%
100.00%
Internet
0
0
0
Subsidiaries of Banco Santander, S.A. 1
% of ownership
held by
Banco Santander
Percentage of voting
power (k)
EUR million (a)
Company
Location
Direct
Indirect
Year 2025
Year 2024
Activity
Capital +
reserves
Net
results
Carrying
amount
Universia Espa\u00f1a Red de
Universidades, S.A.
Spain
0.00%
89.43%
89.43%
89.43%
89.43%
Internet
3
0
2
Universia Holding, S.L.
Spain
100.00%
0.00%
100.00%
100.00%
100.00%
Holding
company
18
0
18
Universia M\u00e9xico, S.A. de C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
100.00%
Internet
1
0
1
Universia Per\u00fa, S.A.
Peru
0.00%
99.73%
99.73%
99.73%
99.64%
Internet
0
0
0
Universia Uruguay, S.A.
Uruguay
0.00%
100.00%
100.00%
100.00%
100.00%
Internet
0
0
0
Uro Property Holdings, S.A. (e)
Spain
\u2014
\u2014
0.00%
\u2014
99.99%
Real estate
investment
\u2014
\u2014
\u2014
VERT-11 Companhia Securitizadora de
Cr\u00e9ditos Financeiros
Brazil
\u2014
(b)
\u2014
\u2014
\u2014
Securitization
0
0
0
Wallcesa, S.A.
Spain
100.00%
0.00%
100.00%
100.00%
100.00%
Financial
services
(914)
17
0
WIM Servicios Corporativos, S.A. de
C.V.
Mexico
0.00%
100.00%
100.00%
100.00%
100.00%
Advisory
services
1
0
0
WTW Shipping Designated Activity
Company
Ireland
100.00%
0.00%
100.00%
100.00%
100.00%
Leasing
20
0
9
a. Amount according to the provisional books of each company as of the date of publication of these annexes, generally referring to 31 December 2025 without
considering, where appropriate, interim dividends that have been made during the year. In the book value (net provision cost), the percentage of ownership of the Group
has been applied to the figure of each of the holding companies, without considering the impairment of goodwill made in the consolidation process. The data for foreign
companies are converted into euros at the exchange rate at the end of the year.
b. Companies over which effective control is maintained.
c. Data as at 31 December 2024, latest available accounts.
d. Data as at 31 March 2025, latest accounts available.
e. Accounting merged company, Pending registration.
f. Data as at 30 September 2025, last accounts available.
g. Data as at 30 April 2025, last accounts available.
h. Data as at 31 July 2025, last accounts available.
i. Companies in liquidation. Pending registration.
j. Company in liquidation as at 31 December 2025.
k. Pursuant to Article 3 of Royal Decree 1159/ 2010, of 17 September, approving the rules for the preparation of consolidated annual accounts, in order to determine the
voting rights, voting rights held directly by the parent company have been added to those held by companies controlled by the parent company or by other persons
acting in their own name but on behalf of a Group company. For these purposes, the number of votes corresponding to the parent company, in relation to the companies
indirectly dependent on it, is that corresponding to the dependent company that directly participates in the share capital of the latter.
l. Company resident for tax purposes in Spain.
m. Data as at 30 June 2021, latest available accounts.
n. Company resident for tax purposes in the United Kingdom.
o. Data as at 28 February 2025, latest available accounts.
(1) Companies issuing preference shares are listed in Annex III, together with other relevant information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1952": { "value": "
e) Public subsidies
In the context of the legally-required disclosures, this was
interpreted as any aid or subsidy in line with the European
Commission\u2019s Guidance on the notion of State aid. Grupo
Santander did not receive significant public subsidies in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5493006QMFDDMYWIAM13", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }