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Trading derivatives (assets and liabilities) and short positions - Schedule of short positions (Details) - EUR (€) € in Millions | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023
--- | --- | --- | ---
Financial instruments |  |  |
FINANCIAL LIABILITIES HELD FOR TRADING | € 171,546 | € 152,151 | € 122,270
Short positions |  |  |
Financial instruments |  |  |
FINANCIAL LIABILITIES HELD FOR TRADING | 44,015 | 35,830 | 26,174
Debt securities | Short positions |  |  |
Financial instruments |  |  |
Borrowed securities | 2,938 | 2,566 | 3,263
Short sales | 40,387 | 32,726 | 22,365
Debt securities | Short positions | Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México |  |  |
Financial instruments |  |  |
Borrowed securities | 1,358 | 1,199 | 1,881
Debt securities | Short positions | Banco Santander (Brasil) S.A. |  |  |
Financial instruments |  |  |
Short sales | 7,417 | 5,950 | 3,462
Debt securities | Short positions | Santander US Capital Markets LLC |  |  |
Financial instruments |  |  |
Short sales | 3,396 | 2,382 | 2,442
Equity instruments | Short positions |  |  |
Financial instruments |  |  |
Borrowed securities | 690 | 538 | 546
Banco Santander, S.A. | Debt securities | Short positions |  |  |
Financial instruments |  |  |
Borrowed securities | 1,555 | 1,347 | 1,383
Short sales | 28,710 | 23,813 | 16,143
Banco Santander, S.A. | Equity instruments | Short positions |  |  |
Financial instruments |  |  |
Borrowed securities | € 429 | € 358 | € 312

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- Definition The amount of financial liabilities at fair value through profit or loss that meet the definition of held for trading. A financial liability is classified as held for trading if: (a) it is acquired or incurred principally for the purpose of selling or repurchasing it in the near term; (b) on initial recognition it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking; or (c) it is a derivative (except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument). [Refer: Financial liabilities at fair value through profit or loss] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2025-01-01 -Paragraph 8 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2025-en-r&anchor=para_8_e&doctype=Standard -URIDate 2025-03-27 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2027-01-01 -Name IFRS -Number 19 -IssueDate 2025-01-01 -Paragraph 44 -Subparagraph b -Clause ii -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_44_b_ii&doctype=Standard -URIDate 2025-03-27 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2027-01-01 -Name IFRS -Number 19 -IssueDate 2025-01-01 -Paragraph 44 -Subparagraph b -Clause ii -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_44_b_ii&doctype=Standard -URIDate 2025-03-27 + Details
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