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Hedging derivatives (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure of detailed information about hedges [abstract] |
Schedule of details of hedging instruments | 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 amount |  |
| Nominal value | Assets | Liabilities | Changes in fair value used for calculating hedge ineffectiveness | Balance sheet line items
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 | — |  | — |  | — |  | 2 |  |
Exchange rate risk | 2,656 |  | 6 |  | 20 |  | 46 |  | Hedging derivatives
Fx forward | 2,414 |  | 6 |  | 20 |  | 5 |  |
Fx Swap | — |  | — |  | — |  | 46 |  |
Future interest rate | 242 |  | — |  | — |  | (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 |  | — |  | 1 |  | — |  | Hedging derivatives
Interest rate swap | 500 |  | — |  | 1 |  | — |  |
Inflation risk | 2,120 |  | 145 |  | — |  | 9 |  | Hedging derivatives
Inflation swap | 2,120 |  | 145 |  | — |  | 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 |  | — |  | — |  |
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 | — |  | — |  | — |  | 131 |  | Hedging derivatives
Inflation swap | — |  | — |  | — |  | 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 amount |  |
| Nominal value | Assets | Liabilities | Changes in fair value used for calculating hedge ineffectiveness | Balance sheet line items
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 |  | — |  | — |  | 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 |  | — |  | — |  | — |  | Hedging derivatives
Interest rate swap | 500 |  | — |  | — |  | — |  |
Equity risk | 95 |  | — |  | — |  | 1 |  | Hedging derivatives
Equity swap | 95 |  | — |  | — |  | 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 |  | — |  | — |  | 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 |  | — |  | (69) |  | Hedging derivatives
Of which: |  |  |  |  |
Inflation swap | 2,163 |  | 57 |  | — |  | 82 |  |
Equity risk | 75 |  | 20 |  | — |  | (2) |  | Hedging derivatives
Equity swap | 75 |  | 20 |  | — |  | (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 amount |  |
| Nominal value | Assets | Liabilities | Changes in fair value used for calculating hedge ineffectiveness | Balance sheet line items
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 |  | — |  | — |  | (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 |  | — |  | — |  | 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 |  | — |  | (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 |  | — |  | 9 |  | Hedging derivatives
Option | 68 |  | 22 |  | — |  | 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) |  |
Schedule of maturity profile of hedging instruments and average interest and exchange rate by maturity | 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 to one month | One to three months | Three months to one year | One year to five years | More than 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 |  | — |  | 242 |  | 2,656 |
Fx forward | 963 |  | 365 |  | 1,086 |  | — |  | — |  | 2,414 |
Future interest rate | — |  | — |  | — |  | — |  | 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 | — |  | — |  | — |  | 500 |  | — |  | 500 |
Interest rate swap | — |  | — |  | — |  | 500 |  | — |  | 500 |
Inflation risk | — |  | — |  | — |  | — |  | 2,120 |  | 2,120 |
Inflation swap | — |  | — |  | — |  | — |  | 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 | — |  | — |  | 13 |  | 11,837 |  | 507 |  | 12,357 |
Interest rate swap | 3,497 |  | 1,347 |  | 12,077 |  | 64,712 |  | 5,779 |  | 87,412 |
Cap&Floor | — |  | — |  | — |  | 200 |  | — |  | 200 |
Exchange rate risk | 981 |  | 1,169 |  | 4,062 |  | 15,467 |  | 3,112 |  | 24,791 |
FX forward | 874 |  | 1,025 |  | 1,546 |  | — |  | — |  | 3,445 |
FX swap | 66 |  | 92 |  | 492 |  | 956 |  | — |  | 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 |  | — |  | 227 |  | 2,085 |  | 180 |  | 3,253 |
Currency swap | 1,260 |  | 1,887 |  | 5,144 |  | 9,605 |  | 2,296 |  | 20,192 |
Equity risk | — |  | 2 |  | 13 |  | 49 |  | — |  | 64 |
Equity option | — |  | 2 |  | 13 |  | 49 |  | — |  | 64 |
Hedges of net investments in foreign operations: | 2,945 |  | 5,218 |  | 11,296 |  | 207 |  | — |  | 19,666 |
Exchange rate risk | 2,945 |  | 5,218 |  | 11,296 |  | 207 |  | — |  | 19,666 |
FX forward | 2,893 |  | 5,218 |  | 11,296 |  | 207 |  | — |  | 19,614 |
FX swap | 52 |  | — |  | — |  | — |  | — |  | 52 |
| 26,707 |  | 29,976 |  | 120,662 |  | 280,202 |  | 48,445 |  | 505,992 |
EUR million
| 31 December 2024
| Up to one month | One to three months | Three months to one year | One year to five years | More than 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 |  | — |  | — |  | 2,240 |
Future interest rate | — |  | — |  | — |  | — |  | 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 | — |  | 149 |  | 104 |  | 1,543 |  | 924 |  | 2,720 |
Currency swap | 12 |  | 361 |  | 1,915 |  | 6,491 |  | 2,240 |  | 11,019 |
Base risk | — |  | — |  | — |  | 500 |  | — |  | 500 |
Interest rate swap | — |  | — |  | — |  | 500 |  | — |  | 500 |
Equity risk | — |  | 45 |  | 50 |  | — |  | — |  | 95 |
Equity swap | — |  | 45 |  | 50 |  | — |  | — |  | 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 |  | — |  | — |  | — |  | — |  | 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 |  | — |  | — |  | 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 |  | — |  | 395 |  | 1,260 |  | 440 |  | 3,092 |
Currency swap | 1,090 |  | 778 |  | 3,389 |  | 2,553 |  | 822 |  | 8,632 |
Inflation risk | — |  | — |  | 153 |  | — |  | 2,163 |  | 2,316 |
Of which: |  |  |  |  |  |
Inflation swap | — |  | — |  | — |  | — |  | 2,163 |  | 2,163 |
Equity risk | — |  | 1 |  | 18 |  | 55 |  | 1 |  | 75 |
Option | — |  | 1 |  | 18 |  | 55 |  | 1 |  | 75 |
Hedges of net investments in foreign operations: | 3,918 |  | 5,644 |  | 13,997 |  | — |  | — |  | 23,559 |
Exchange rate risk | 3,918 |  | 5,644 |  | 13,997 |  | — |  | — |  | 23,559 |
FX forward | 3,918 |  | 5,644 |  | 13,997 |  | — |  | — |  | 23,559 |
| 33,405 |  | 31,685 |  | 145,627 |  | 257,116 |  | 43,894 |  | 511,727 |
EUR million
| 31 December 2023
| Up to one month | One to three months | Three months to one year | One year to five years | More than 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 |  | — |  | 1,913 |
Future interest rate | — |  | — |  | — |  | — |  | 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 | — |  | 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 | — |  | — |  | — |  | 3,020 |  | — |  | 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 |  | — |  | 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 | — |  | 80 |  | — |  | 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 | — |  | — |  | 8 |  | 59 |  | 1 |  | 68 |
Option | — |  | — |  | 8 |  | 59 |  | 1 |  | 68 |
Hedges of net investments in foreign operations: | 4,303 |  | 4,940 |  | 9,463 |  | — |  | — |  | 18,706 |
Exchange rate risk | 4,303 |  | 4,940 |  | 9,463 |  | — |  | — |  | 18,706 |
FX forward | 4,303 |  | 4,940 |  | 9,463 |  | — |  | — |  | 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 months to one year | One year to five years | More than 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 | — |  | 0.216 |  | — |  | 0.621 |  | 0.437 |  |
Average fixed interest rate (%) USD | — |  | — |  | — |  | 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 | — | — | 1.249 | 1.346 | 1.293 |
Average fixed interest rate (%) EUR | 2 |  | 3 |  | 4.080 |  | 2.812 |  | 2.822 |  |
Average fixed interest rate (%) USD | — |  | — |  | 4.991 |  | 4.385 |  | 4.364 |  |
Inflation risk |  |  |  |  |  |
Interest rate instruments |  |  |  |  |  |
Nominal | — | — | — |  | — |  | 2,120 |  | 2,120 |
Average fixed interest rate (%) GBP | — |  | — |  | — |  | — |  | 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 | — |  | — |  | 1,982 |  | 14,238 |  | 3,112 |  | 19,332 |
Average GBP/JPY exchange rate | — | — | — | — | — |
Average GBP/CHF exchange rate | — | — | 1.121 | 1.111 | — |
Average GBP/EUR exchange rate | — | — | — | 1.180 | 1.172 |
Average GBP/USD exchange rate | — | — | 1.334 | 1.275 | 1.373 |
Average GBP/CAD exchange rate | — | — | — | — | — |
Equity risk |  |  |  |  |  |
Equity instruments |  |  |  |  |  |
Nominal | — | 2 | 13 | 49 | — | 64
Interest rate and foreign exchange rate risk |  |  |  |  |  |
Exchange and interest rate instruments |  |  |  |  |  |
Nominal | — |  | — |  | 87 |  | 2,206 |  | 420 |  | 2,713 |
Average GBP/EUR exchange rate | — | — | 1.166 | 1.181 | 1.172 |
Average GBP/USD exchange rate | — | — | 1.334 | 1.281 | 1.397 |
Average fixed interest rate (%) GBP | — |  | — |  | 2.609 |  | 3.973 |  | 4.475 |  |
| 31 December 2024
| EUR million
| Up to one month | One to three months | Three months to one year | One year to five years | More than five years | Total
Fair value hedges |  |  |  |  |  |
Interest rate risk |  |  |  |  |  |
Interest rate instruments |  |  |  |  |  |
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 |  |  |  |  |  |
Nominal | — | 212 | 258 |  | 2,280 |  | 1,152 |  | 3,902 |
Average GBP/EUR exchange rate | — | 1.136 | 1.158 | 1.162 | 1.176 |
Average GBP/USD exchange rate | — | — | — | 1.318 | 1.281 |
Average fixed interest rate (%) EUR | — |  | — |  | 1.350 |  | 3.304 |  | 2.940 |  |
Average fixed interest rate (%) USD | — |  | — |  | — |  | 4.831 |  | 4.375 |  |
Cash flow hedges |  |  |  |  |  |
Interest rate risk |  |  |  |  |  |
Interest rate instruments |  |  |  |  |  |
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 |  |  |  |  |  |
Nominal | 311 |  | 954 |  | 5,941 |  | 13,235 |  | 2,730 |  | 23,171 |
Average GBP/JPY exchange rate | 178.368 | 179.995 | 187.640 | — | — |
Average GBP/CHF exchange rate | — | — | 1.086 | 1.115 | — |
Average GBP/EUR exchange rate | — | 1.203 | 1.188 | 1.177 | 1.162 |
Average GBP/USD exchange rate | — | — | 1.238 | 1.297 | 1.388 |
Average GBP/CAD exchange rate | — | — | 1.758 | — | — |
Equity risk |  |  |  |  |  |
Equity instruments |  |  |  |  |  |
Nominal | — | — | 19 | 55 | 1 | 75
Interest rate and foreign exchange rate risk |  |  |  |  |  |
Exchange and interest rate instruments |  |  |  |  |  |
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 | — | — | 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 | — |  | — |  | — |  | — |  | 2,163 |  | 2,163 |
Average fixed interest rate (%) GBP | — |  | — |  | — |  | — |  | 4.983 |  |
| 31 December 2023
| EUR million
| Up to one month | One to three months | Three months to one year | One year to five years | 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 | — |  | 41 |  | — |  | 2,172 |  | 198 |  | 2,411 |
Average GBP/EUR exchange rate | — |  | 1.113 | — | 1.156 | 1.148 |
Average GBP/USD exchange rate | — | — | — | 1.318 | — |
Average fixed interest rate (%) EUR | — |  | — |  | — |  | 2.770 |  | 3.480 |  |
Average fixed interest rate (%) USD | — |  | — |  | — |  | 4.830 |  | — |  |
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 | — |  | — |  |
Average GBP/CHF exchange rate | 1.092 | 1.093 | 1.089 | 1.121 | 1.121 |
Average GBP/EUR exchange rate | — |  | 1.197 | 1.167 | 1.179 | — |
Average GBP/USD exchange rate | — | 1.392 | — | 1.277 | 1.388 |
Equity risk |  |  |  |  |  |
Equity instruments |  |  |  |  |  |
Nominal | — |  | — |  | 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 |  | — |  | 1.254 | 1.198 | 1.189 |
Average GBP/USD exchange rate | — |  | 1,663 | — | 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 year | One year to five years | 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 | — | 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 | — | — | — | 0.403 | — |
Average fixed interest rate (%) USD | 5.075 | 4.422 | 1.983 | 3.653 | 4.991 |
Average fixed interest rate (%) CZK | — | 1.650 | 2.350 | — | — |
Average fixed interest rate (%) NOK | — | — | — | — | 2.403 |
Average fixed interest rate (%) AUD | — | — | — | — | 3.824 |
Average fixed interest rate (%) RON | — | — | 4.880 | 3.200 | — |
Average fixed interest rate (%) HKD | — | — | — | 1.960 | — |
Average fixed interest rate (%) NZD | — | — | — | — | 3.252 |
Foreign exchange risk |  |  |  |  |  |
Exchange and interest rate instruments |  |  |  |  |  |
Nominal | 329 |  | 250 |  | 697 |  | — |  | — |  | 1,276 |
Average CNY/EUR exchange rate | — | 8,273 | 8,284 | — | — |
Average MXN/EUR exchange rate | 2,173 | — | — | — | — |
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 | — |  | — |  | — |  | 5.710 |  | 6.101 |  |
Average fixed interest rate (%) CZK/EUR | — |  | — |  | — |  | 4.264 |  | — |  |
Average fixed interest rate (%) RON/EUR | — |  | — |  | — |  | — |  | 0.697 |  |
Average fixed interest rate (%) HKD/EUR | — |  | — |  | — |  | 4.618 |  | — |  |
Average fixed interest rate (%) JPY/EUR | — |  | — |  | — |  | 0.975 |  | 1.407 |  |
Average fixed interest rate (%) NOK/EUR | — |  | — |  | — |  | 3.441 |  | 4.155 |  |
Average fixed interest rate (%) CHF/EUR | — |  | — |  | — |  | 2.021 |  | 1.919 |  |
Average fixed interest rate (%) USD/CLP | — |  | — |  | — |  | — |  | — |  |
Average fixed interest rate (%) USD/COP | 11.669 |  | 11.703 |  | 9.869 |  | 9.356 |  | — |  |
Average fixed interest rate (%) USD/MXN | — | — | 8.800 | — | — |
Average AUD/EUR exchange rate | — | — | — | 1.617 | 1.584 |
Average NZD/EUR exchange rate | — | — | — | — | 1.666 |
Average CZK/EUR exchange rate | — | 26.131 | 25.365 | 24.832 | — |
Average EUR/COP exchange rate | — | — | — | — | — |
Average EUR/USD exchange rate | — | — | 0.940 | 0.948 | — |
Average HKD/EUR exchange rate | — | — | — | 8.488 | — |
Average JPY/EUR exchange rate | — | — | — | 137.802 | 129.229 |
Average MXN/EUR exchange rate | — | — | — | 19.083 | — |
Average NOK/EUR exchange rate | — | — | — | 9.519 | 10.651 |
Average RON/EUR exchange rate | — | — | 4.948 | 4.927 | 4.980 |
Average CHF/EUR exchange rate | — | — | — | 1.019 | 0.935 |
Average USD/COP exchange rate | — | — | — | — | — |
Average USD/MXN exchange rate | — | — | 0.055 | — | — |
Basis Risk |  |  |  |  |  |
Basis risk instruments |  |  |  |  |  |
Nominal | — |  | — |  | — |  | 500 |  | — |  | 500 |
| 31 December 2025
| EUR million
| Up to one month | One to three months | Three months to one year | One year to five years | More than five years | Total
Cash flow hedges |  |  |  |  |  |
Interest rate and foreign exchange rate risk |  |  |  |  |  |
Interest rate and foreign exchange rate instruments |  |  |  |  |  |
Nominal | 236 |  | — |  | 288 |  | 213 |  | 80 |  | 817 |
Average fixed interest rate (%) AUD/EUR | — |  | — |  | — |  | 5.678 |  | — |  |
Average fixed interest rate (%) CHF/EUR | 2.258 |  | — |  | — |  | — |  | — |  |
Average AUD/EUR exchange rate | — | — | 1.590 | 1.577 | 1.562 |
Average RON/EUR exchange rate | — | — | 4.940 | — | — |
Average CHF/EUR exchange rate | 1.002 | — | — | — | — |
Interest rate risk |  |  |  |  |  |
Bond Forward instruments |  |  |  |  |  |
Nominal | — |  | — |  | 2,120 |  | 9,003 |  | 507 |  | 11,630 |
Average fixed interest rate (%) EUR | — |  | — |  | 2.964 |  | 2.695 |  | 3.016 |  |
Average fixed interest rate (%) AUD | — |  | — |  | 1.650 |  | — |  | — |  |
Exchange rate risk |  |  |  |  |  |
Exchange instruments |  |  |  |  |  |
Nominal | 9 |  | — |  | 9 |  | — |  | — |  | 18 |
Average exchange rate GBP/EUR | 1.129 | — |  | 1.119 | — |  | — |  |
Hedges of net investments in foreign operations |  |  |  |  |  |
Exchange rate risk |  |  |  |  |  |
Exchange and interest rate instruments |  |  |  |  |  |
Nominal | 2,574 |  | 4,530 |  | 9,866 |  | 207 |  | — |  | 17,177 |
Average BRL/EUR exchange rate | 6.892 | 6.979 | 6.652 | — | — |
Average CLP/EUR exchange rate | 1,054.241 | 1,018.994 | 1,108.027 | 1,099.571 | — |
Average COP/EUR exchange rate | — | 4,566 | — | — | — |
Average GBP/EUR exchange rate | 0.860 | 0.867 | 0.884 | — | — |
Average MXN/EUR exchange rate | 22.187 | 23.465 | 22.823 | — | — |
Average USD/EUR exchange rate | — | 1.078 | 1.175 | — | — |
Average PLN/EUR exchange rate | 4.321 | 4.307 | 4.309 | — | — |
Average CAD/EUR exchange rate | 1.611 | — | — | — | — |
Average UYU/EUR exchange rate | 48.093 | 48.729 | 49.916 | 53.350 | — |
| 31 December 2024
| EUR million
| Up to one month | One to three months | Three months to one year | One year to five years | More than five years | Total
Fair value hedges |  |  |  |  |  |
Interest rate risk |  |  |  |  |  |
Interest rate instruments |  |  |  |  |  |
Nominal | 1,431 | 4,446 | 6,878 | 33,324 | 15,991 | 62,070
Average fixed interest rate (%) GBP | — | 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 | — | — | — | 2.000 | — |
Average fixed interest rate (%) NOK | — | — | — | — | 2.400 |
Average fixed interest rate (%) AUD | — | — | — | — | 3.820 |
Average fixed interest rate (%) RON | — | 3.610 | — | 4.200 | — |
Average fixed interest rate (%) HKD | — | — | — | 1.960 | — |
Average fixed interest rate (%) NZD | — | — | — | — | 3.250 |
Foreign exchange risk |  |  |  |  |  |
Exchange and interest rate instruments |  |  |  |  |  |
Nominal | 473 |  | 405 |  | 287 |  | — |  | — |  | 1,165 |
Average CNY/EUR exchange rate | 7,710 | 7,710 | 7,710 | — | — |
Average MXN/EUR exchange rate | 2,178 | — | — | — | — |
Interest rate and foreign exchange rate risk |  |  |  |  |  |
Exchange and interest rate instruments |  |  |  |  |  |
Nominal | 12 |  | 148 |  | 1,355 |  | 4,859 |  | 1,669 |  | 8,043 |
Average fixed interest rate (%) AUD/EUR | — |  | — |  | — |  | 5.690 |  | 6.100 |  |
Average fixed interest rate (%) CZK/EUR | — |  | — |  | — |  | 4.190 |  | — |  |
Average fixed interest rate (%) RON/EUR | — |  | — |  | — |  | — |  | 6.970 |  |
Average fixed interest rate (%) HKD/EUR | — |  | — |  | — |  | 4.620 |  | — |  |
Average fixed interest rate (%) JPY/EUR | — |  | — |  | — |  | 1.300 |  | 1.410 |  |
Average fixed interest rate (%) NOK/EUR | — |  | — |  | — |  | 3.440 |  | 4.500 |  |
Average fixed interest rate (%) CHF/EUR | — |  | — |  | — |  | 2.030 |  | 2.250 |  |
Average fixed interest rate (%) USD/COP | — |  | 12.750 |  | 10.580 |  | 10.540 |  | 7.760 |  |
Average fixed interest rate (%) EUR/GBP | 6.690 |  | — |  | — |  | — |  | — |  |
Average fixed interest rate (%) USD/MXN | — | — | 11.300 | — | — |
Average AUD/EUR exchange rate | — | — | — | 1.599 | 1.584 |
Average NZD/EUR exchange rate | — | — | — | — | 1.666 |
Average CZK/EUR exchange rate | — | — | 26.030 | 25.634 | — |
Average EUR/GBP exchange rate | 1.189 | — | — | — | — |
Average EUR/USD exchange rate | — | — | 0.982 | 0.943 | — |
Average HKD/EUR exchange rate | — | — | — | 8.488 | — |
Average JPY/EUR exchange rate | — | — | — | 134.151 | 129.229 |
Average MXN/EUR exchange rate | — | — | — | 19.083 | — |
Average NOK/EUR exchange rate | — | — | — | 9.519 | 10.429 |
Average RON/EUR exchange rate | — | 4.810 | — | 4.940 | 4.980 |
Average CHF/EUR exchange rate | — | — | — | 1.019 | 0.932 |
Average USD/COP exchange rate | — | — | — | — | — |
Average USD/MXN exchange rate | — | — | 0.052 | — | — |
Basis Risk |  |  |  |  |  |
Basis risk instruments |  |  |  |  |  |
Nominal | — |  | — |  | — |  | 500 |  | — |  | 500 |
| 31 December 2024
| EUR million
| Up to one month | One to three months | Three months to one year | One year to five years | More than five years | Total
Cash flow hedges |  |  |  |  |  |
Interest rate and foreign exchange rate risk |  |  |  |  |  |
Interest rate and foreign exchange rate instruments |  |  |  |  |  |
Nominal | — |  | — |  | — |  | 1,055 |  | 84 |  | 1,139 |
Average fixed interest rate (%) AUD/EUR | — |  | — |  | — |  | 3.520 |  | — |  |
Average fixed interest rate (%) CHF/EUR | — |  | — |  | — |  | 3.110 |  | — |  |
Average AUD/EUR exchange rate | — | — | — | 1.580 | 1.560 |
Average RON/EUR exchange rate | — | — | — | 4.940 | — |
Average CHF/EUR exchange rate | — | — | — | 1.000 | — |
Interest rate risk |  |  |  |  |  |
Bond Forward instruments |  |  |  |  |  |
Nominal | — |  | — |  | 6,200 |  | 5,820 |  | — |  | 12,020 |
Average fixed interest rate (%) EUR | — |  | — |  | — |  | 2.910 |  | — |  |
Exchange rate risk |  |  |  |  |  |
Exchange instruments |  |  |  |  |  |
Nominal | 14 |  | 83 |  | 125 |  | — |  | — |  | 222 |
Average exchange rate GBP/EUR | 1.200 | 1.170 | 1.190 | — |  | — |  |
Hedges of net investments in foreign operations |  |  |  |  |  |
Exchange rate risk |  |  |  |  |  |
Exchange and interest rate instruments |  |  |  |  |  |
Nominal | 3,240 |  | 5,070 |  | 12,821 |  | — |  | — |  | 21,131 |
Average BRL/EUR exchange rate | 5.990 | 6.120 | 6.270 | — | — |
Average CLP/EUR exchange rate | 1,052.780 | 1,066.580 | 1,045.090 | — | — |
Average COP/EUR exchange rate | — | 4,703 | — | — | — |
Average GBP/EUR exchange rate | 0.860 | 0.850 | 0.850 | — | — |
Average MXN/EUR exchange rate | 20.280 | 19.830 | 21.970 | — | — |
Average USD/EUR exchange rate | 1.090 | 1.080 | 1.090 | — | — |
Average PLN/EUR exchange rate | 4.370 | 4.410 | 4.410 | — | — |
Average CAD/EUR exchange rate | — | 1.500 | — | — | — |
Average CHF/EUR exchange rate | — | 0.940 | — | — | — |
Average UYU/EUR exchange rate | 45.820 | 45.160 | 48.290 | — | — |
| 31 December 2023
| EUR million
| Up to one month | One to three months | Three months to one year | One year to five years | 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 | — |  | — |  | 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 | — |  | — |  | 1.010 |  | — |  | — |  |
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 | — | 1,486
Average PEN/USD exchange rate | 3.784 | 3.751 | — | — | — |
Average CNY/EUR exchange rate | — | 7.323 | 7.732 | 7.716 | — |
Average AUD/EUR exchange rate | 1.648 | 1.665 | — | — | — |
Average MXN/EUR exchange rate | — | 19.363 | — | — | — |
Average COP/USD exchange rate | 4,159.190 | 3,998.060 | — | — | — |
Average MAD/EUR exchange rate | 10.929 | 11.057 | — | — | — |
Average PEN/EUR exchange rate | 4.095 | 4.110 | — | — | — |
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 | — |  | — |  | — |  | 4.800 |  | 3.615 |  |
Average fixed interest rate (%) CZK/EUR | — |  | — |  | — |  | 2.000 |  | — |  |
Average fixed interest rate (%) RON/EUR | 5.130 |  | — |  | — |  | 3.967 |  | — |  |
Average fixed interest rate (%) HKD/EUR | — |  | — |  | 2.580 |  | 5.270 |  | — |  |
Average fixed interest rate (%) JPY/EUR | — |  | — |  | 0.465 |  | 1.298 |  | 1.407 |  |
Average fixed interest rate (%) NOK/EUR | — |  | — |  | — |  | 3.441 |  | 4.501 |  |
Average fixed interest rate (%) CHF/EUR | — |  | — |  | — |  | 1.243 |  | — |  |
Average fixed interest rate (%) USD/MXN | — |  | — |  | 14.250 |  | — |  | — |  |
Average fixed interest rate (%) USD/COP | — |  | 17.980 |  | 6.152 |  | 13.207 |  | 7.149 |  |
Average fixed interest rate (%) EUR/USD | — |  | — |  | (0.140) |  | — |  | — |  |
Average fixed interest rate (%) USD/CLP | — |  | — |  | 3.450 |  | — |  | — |  |
Average AUD/EUR exchange rate | — | — | — | 1.499 | 1.545 |
Average CZK/EUR exchange rate | — | — | — | 25.831 | — |
Average EUR/USD exchange rate | — | — | 0.891 | 0.961 | — |
Average HKD/EUR exchange rate | — | — | 8.782 | 8.666 | — |
Average JPY/EUR exchange rate | — | — | 120.568 | 134.151 | 129.229 |
Average NOK/EUR exchange rate | — | — | — | 9.519 | 10.429 |
Average RON/EUR exchange rate | 4.711 | — | — | 4.887 | — |
Average CHF/EUR exchange rate | — | — | — | 1.104 | — |
Average MXN/EUR exchange rate | — | — | — | — | 19.083 |
Average USD/CLP exchange rate | — | — | 0.001 | — | — |
Average NZD/EUR exchange rate | — |  | — |  | — |  | — |  | 1.666 |  |
Average USD/MXN exchange rate | — |  | — |  | 0.058 |  | — |  | — |  |
| 31 December 2023
| EUR million
| Up to one month | One to three months | Three months to one year | One year to five years | More than five years | Total
Cash flow hedges |  |  |  |  |  |
Interest rate and foreign exchange rate risk |  |  |  |  |  |
Interest rate and foreign exchange rate instruments |  |  |  |  |  |
Nominal | — |  | — |  | 414 |  | 1,075 |  | 86 |  | 1,575 |
Average fixed interest rate (%) CHF/EUR | — |  | — |  | — |  | 3.106 |  | — |  |
Average fixed interest rate (%) AUD/EUR | — |  | — |  | — |  | 3.521 |  | — |  |
Average EUR/GBP exchange rate | — |  | — |  | 1.173 |  | — |  | — |  |
Average AUD/EUR exchange rate | — |  | — |  | 1.625 |  | 1.584 |  | 1.562 |  |
Average RON/EUR exchange rate | — |  | — |  | — |  | 4.940 |  | — |  |
Average CHF/EUR exchange rate | — |  | — |  | — |  | 1.002 |  | — |  |
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 |  | — |  | — |  |
Exchange rate risk |  |  |  |  |  |
Exchange instruments |  |  |  |  |  |
Nominal | 13 |  | 25 |  | 111 |  | — |  | — |  |
Average exchange rate GBP/EUR | 1.148 |  | 1.146 |  | 1.138 |  | — |  | — |  |
Hedges of net investments in foreign operations |  |  |  |  |  |
Exchange rate risk |  |  |  |  |  |
Exchange and interest rate instruments |  |  |  |  |  |
Nominal | 3,593 |  | 4,870 |  | 8,034 |  | — |  | — |  | 16,497 |
Average BRL/EUR exchange rate | 5.569 |  | 5.505 |  | 5.481 |  | — |  | — |  |
Average CLP/EUR exchange rate | 916.724 |  | 936.166 |  | 987.202 |  | — |  | — |  |
Average COP/EUR exchange rate | — |  | 4,525.656 |  | — |  | — |  | — |  |
Average GBP/EUR exchange rate | 0.866 |  | 0.867 |  | 0.876 |  | — |  | — |  |
Average MXN/EUR exchange rate | 20.078 |  | 20.589 |  | 20.210 |  | — |  | — |  |
Average USD/EUR exchange rate | — |  | 1.129 |  | 1.081 |  | — |  | — |  |
Average PLN/EUR exchange rate | 4.664 |  | 4.752 |  | 4.580 |  | — |  | — |  |
Average CAD/EUR exchange rate | — |  | 1.461 |  | — |  | — |  | — |  |
Average CHF/EUR exchange rate | — |  | 0.940 |  | — |  | — |  | — |  |
Average UYU/EUR exchange rate | 43.235 |  | 43.521 |  | 44.400 |  | — |  | — |  |
Schedule of details of hedged exposure/hedged items | 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 at 31 December 2025, 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 sheet line item | 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 |  | — |  | — |
Interest rate risk | 152,380 |  | 93,395 |  |  | (201) |  | 364 |  |  | 400 |  | — |  | — |
Exchange rate risk | 2,154 |  | 242 |  |  | (6) |  | — |  |  | (43) |  | — |  | — |
Interest and Exchange rate risk | 9,619 |  | 13,487 |  |  | 3 |  | 126 |  |  | 66 |  | — |  | — |
Inflation risk | 2,253 |  | — |  |  | 13 |  | — |  |  | 38 |  | — |  | — |
Credit risk | — |  | — |  |  | — |  | — |  |  | — |  | — |  | — |
Base risk | 501 |  | — |  |  | — |  | — |  |  | — |  | — |  | — |
Equity risk | — |  | — |  |  | — |  | — |  |  | — |  | — |  | — |
Cash flow hedges |  |  |  |  |  |  | (1,063) |  | 401 |  | 235 |
Interest rate risk |  |  |  |  |  |  | (1,174) |  | 381 |  | 86 |
Exchange rate risk |  |  |  |  |  |  | 240 |  | (8) |  | — |
Interest and Exchange rate risk |  |  |  |  |  |  | (8) |  | 28 |  | (13) |
Inflation risk |  |  |  |  |  |  | (131) |  | — |  | 162 |
Equity risk |  |  |  |  |  |  | 10 |  |  | — |
Other risk |  |  |  |  |  |  | — |  | — |  | — |
Net foreign investments hedges | 19,666 | — |  |  |  |  | (136) |  | (7,867) |  | 2 |
Exchange rate risk | 19,666 | — |  |  |  |  | (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 sheet line item | 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) |  | — |  | — |
Interest rate risk | 133,149 |  | 23,780 |  |  | (1,345) |  | (1,176) |  |  | (343) |  | — |  | — |
Exchange rate risk | 2,017 |  | 1,562 |  |  | 1 |  | 3 |  |  | (118) |  | — |  | — |
Interest and Exchange rate risk | 3,238 |  | 7,205 |  |  | (68) |  | (27) |  |  | 1 |  | — |  | — |
Inflation risk | — |  | — |  |  | — |  | — |  |  | — |  | — |  | — |
Credit risk | — |  | — |  |  | — |  | — |  |  | — |  | — |  | — |
Base risk | 502 |  | — |  |  | — |  | — |  |  | — |  | — |  | — |
Equity risk | — |  | 95 |  |  | — |  | — |  |  | (1) |  | — |  | — |
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 |  | — |
Inflation risk |  |  |  |  |  |  | 69 |  | 82 |  | (52) |
Equity risk |  |  |  |  |  |  | 2 |  | 10 |  | — |
Net foreign investments hedges | 23,559 | — |  |  |  |  | (420) |  | (8,002) |  | — |
Exchange rate risk | 23,559 | — |  |  |  |  | (420) |  | (8,002) |  | — |
| 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 sheet line item | 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 |  |  | — |
Interest rate risk | 130,672 |  | 19,176 |  |  | (1,682) |  | (1,546) |  |  | 1,757 |  | — |  | — |
Exchange rate risk | 637 |  | 1,365 |  |  | (1) |  | (3) |  |  | 60 |  | — |  | — |
Interest and Exchange rate risk | 2,786 |  | 6,405 |  |  | (115) |  | (103) |  |  | 111 |  | — |  | — |
Inflation risk | — |  | — |  |  | — |  | — |  |  | — |  | — |  | — |
Credit risk | — |  | — |  |  | — |  | — |  |  | — |  | — |  | — |
Cash flow hedges |  |  |  |  |  |  | (1,824) |  | (813) |  | (173) |
Interest rate risk |  |  |  |  |  |  | (2,182) |  | (797) |  | (77) |
Exchange rate risk |  |  |  |  |  |  | 500 |  | (80) |  | — |
Interest and Exchange rate risk |  |  |  |  |  |  | 100 |  | (144) |  | — |
Inflation risk |  |  |  |  |  |  | (233) |  | 196 |  | (96) |
Equity risk |  |  |  |  |  |  | (9) |  | 12 |  | — |
Net foreign investments hedges | 18,706 |  | — |  |  |  |  |  | 1,888 |  | (8,684) |  | — |
Exchange rate risk | 18,706 |  | — |  |  |  |  |  | 1,888 |  | (8,684) |  | — |
| 152,801 |  | 26,946 |  |  | (1,798) |  | (1,652) |  |  | 1,992 |  | (9,497) |  | (173) |
Schedule of effectiveness of hedging, impacts on profit or loss and other comprehensive income | 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 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 |  | — | 0 |  |
Net foreign investments hedges | 136 |  | — |  |  | — |  |
Exchange rate risk | 136 |  | — |  |  | — |  |
| 1,199 |  | 11 |  |  | (706) |  |
| EUR million
31 December 2024
Earnings/(losses) recognised in another cumulative overall result | Ineffective 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 |  | — |  |
Exchange rate risk |  | (17) |  | — |  |
Interest rate and exchange rate risk |  | 9 |  | — |  |
Cash flow hedges | 558 |  | (6) |  | — |  | (1,256) |  | Interest margin/Gains or losses financial assets/liabilities
Interest rate risk | 163 |  | (12) |  | — | (1,166) |  |
Exchange rate risk | 312 |  | 20 |  | — | 319 |  |
Interest rate and exchange rate risk | 155 |  | (14) |  | — | (340) |  |
Inflation risk | (70) |  | — |  | — | (69) |  |
Equity risk | (2) |  | — |  | — | 0 |  |
Net foreign investments hedges | 420 |  | — |  | — |  | — |  |
Exchange rate risk | 420 |  | — |  |  | — |  |
| 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 |  | — |  |  | 0 |  |
Net foreign investments hedges hedges | (1,888) |  | — |  |  | — |  |
Exchange rate risk | (1,888) |  | — |  |  | — |  |
| 704 |  | 63 |  |  | (2,622) |  |
Schedule of movement in hedging components in other comprehensive income | 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) |  | — |  | — |
Gain or loss in value - recognized in equity | (19) |  | — |  | — |
Amounts transferred to income statements | — |  | — |  | — |
Other reclassifications | — |  | — |  | — |
B) Not designated elements - linked to a transaction | — |  | — |  | — |
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 |  | — |  | — |
Gain or loss in value - recognized in equity | 26 |  | — |  | — |
Amounts transferred to income statements | (15) |  | — |  | — |
Other reclassifications | — |  | — |  | — |
B) Not designated elements - linked to a transaction | — |  | — |  | — |
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 | — |  | — |  | — |
B) Not designated elements - linked to a transaction | — |  | — |  | — |
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) |  | — |  | — |
Gain or loss in value - recognized in equity | (8) |  | — |  | — |
Amounts transferred to income statements | 2 |  | — |  | — |
Other reclassifications | — |  | — |  | — |
B) Not designated elements - linked to a transaction | — |  | — |  | — |
C) Designated elements | (10) |  | (2) |  | 9 |
Amounts transferred to income statements | — |  | — |  | — |
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 | — |  | — | —
B) Not designated elements - linked to a transaction | — |  | — | —
C) Designated elements | 136 |  | 420 | (1,888)
Amounts transferred to income statements | — |  | — | —
Gain or loss in value CFE - recognized in equity | 136 |  | 420 | (1,888)
Fair Value hedges | — |  | — | —
Interest rate risk | — |  | — | —
A) Not designated elements - linked to a time period | — |  | — | —
B) Not designated elements - linked to a transaction | — |  | — | —
Exchange rate risk | — |  | — | —
A) Not designated elements - linked to a time period | — |  | — | —
B) Not designated elements - linked to a transaction | — |  | — |  | — |
Interest rate and exchange rate risk | — |  | — |  | — |
A) Not designated elements - linked to a time period | — |  | — |  | — |
B) Not designated elements - linked to a transaction | — |  | — |  | — |
Minorities, taxes and others | (330) |  | 146 |  | (941) |
Balance at end of year | (7,445) |  | (8,300) |  | (9,424) |

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