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Primary and secondary segments reporting | 12 Months Ended
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Dec. 31, 2025
Disclosure of operating segments [abstract] |
Primary and secondary segments reporting | 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 by country in which profits are earned. Santander prepares the information by aggregating the figures for Grupo Santander’s 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. On 10 February 2026, the Group announced the implementation of a series of changes to its reporting structure. These changes are intended to improve the transparency and comparability of the metrics and financial statements, as well as to align the reporting with the way the bank has been managed since the beginning of 2026. These changes, which affect the statutory and underlying income statements, the segment reporting and certain management metrics, have been applied to the periods presented herein and will apply to the information reported from the first quarter of 2026. These changes do not affect the Group’s consolidated balance sheet. The main changes are as follows: •In the underlying income statement, the results associated with the business subject to the Poland disposal are recorded in a single line item under 'non-recurring items'. Consequently, the global businesses, which, in accordance with IFRS 8, are reported only on an underlying basis, also exclude Poland. •Certain charges that, until 31 December 2025, were recorded under the 'other provisions' line item are now presented in different lines of the income statement. In particular, charges mainly relating to bank levies and other taxes applicable to the banking sector, are reclassified to 'other operating costs' to ensure uniformity across the Group. In addition, certain recurring operating charges, primarily related to labour (mainly in Brazil) and legal processes, are presented in 'total costs' (comprising 'administrative expenses and amortizations' and 'other operating costs'). •Given that our payments platform strategy is now largely established, we are positioning Payments, renamed Payment Solutions, as the Group’s payments platform business. In this context, from 1 January 2026, the income statement and balance sheet items relating to the Cards business have been reclassified to Retail (previously recorded in Payments), to better align reporting with the management structure in these businesses in 2026. •In addition to the change in the Payments business described above, two minor adjustments have been introduced to the primary segments: i) the Digital Consumer Bank (Consumer) business has been renamed Openbank; and ii) Wealth Management & Insurance has been reorganized into two business lines. These changes do not impact figures at the Group or primary segment levels. The Group has recast the corresponding information of earlier periods to reflect these changes in the structure of its internal organization. a) Primary segments This primary level of segmentation, which is based on the Group’s management structure, comprises six reportable segments: five global businesses plus the Corporate Centre. The operating areas are: •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 businesses. •Openbank, formerly Digital Consumer Bank (Consumer): comprises all business originated by consumer finance companies, plus our digital bank (formerly Openbank), Open Digital Services (ODS) and SBNA Consumer. •Corporate & Investment Banking (CIB): this business, which includes Global Transactional Banking, Global Banking (Global Debt Financing 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. •Wealth Management & Insurance (Wealth): comprises two business lines: i) Private Banking, which includes the corporate private banking unit and International Private Banking in the US, Switzerland and the UAE; and ii) Insurance & Asset Management Solutions, which brings together the insurance business and liquid and illiquid asset management activities and includes the investment platforms and holdings that complement the traditional Wealth business. •Payment Solutions (Payments): brings together the Group’s digital payment solutions, providing global technological solutions to Group entities and new customers in the open market. It comprises Getnet, Getnet Platforms and Ebury. •Corporate Centre: includes the centralized activities relating to equity stakes in financial companies, financial management of the structural exchange rate position, assumed within the sphere of the Group's asset and liability committee, as well as management of liquidity and of shareholders' equity via issuances. As Grupo Santander’s holding entity, this area manages all capital and reserves and allocations of capital and liquidity with the other businesses. It also incorporates goodwill impairments but not the costs related to the Grupo Santander’s central services (charged to the areas), except for corporate and institutional expenses related to the Grupo Santander’s 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 | Openbank | Corporate & Investment Banking | Wealth Management & Insurance | Payment Solutions | Corporate Centre | Total
Loans and advances to customers | 594,262 |  | 203,857 |  | 204,210 |  | 26,516 |  | 977 |  | 7,465 |  | 1,037,288 |
Customer deposits | 628,026 |  | 129,946 |  | 221,321 |  | 59,127 |  | 1,392 |  | 1,387 |  | 1,041,200 |
Memorandum items |  |  |  |  |  |  |
Gross loans and advances to customers A | 591,287 |  | 211,894 |  | 146,065 |  | 26,680 |  | 1,002 |  | 7,537 |  | 984,466 |
Customers funds | 726,779 |  | 138,999 |  | 149,731 |  | 181,509 |  | 1,392 |  | 1,387 |  | 1,199,798 |
Customer deposits B | 616,402 |  | 129,909 |  | 137,267 |  | 58,051 |  | 1,392 |  | 1,387 |  | 944,409 |
Mutual funds | 110,377 |  | 9,089 |  | 12,464 |  | 123,458 |  | — |  | — |  | 255,389 |
EUR million |
| 2024
Balance sheet (condensed) | Retail & Commercial Banking | Openbank | Corporate & Investment Banking | Wealth Management & Insurance | Payment Solutions | Corporate Centre | Total
Loans and advances to customers | 598,852 |  | 207,107 |  | 178,746 |  | 24,478 |  | 1,066 |  | 6,911 |  | 1,017,160 |
Customer deposits | 618,628 |  | 128,975 |  | 198,872 |  | 56,663 |  | 1,038 |  | 1,430 |  | 1,005,605 |
Memorandum items |  |  |  |  |  |  |
Gross loans and advances to customers A | 600,230 |  | 215,164 |  | 130,840 |  | 24,643 |  | 1,087 |  | 6,997 |  | 978,961 |
Customers funds | 706,505 |  | 137,122 |  | 147,492 |  | 161,304 |  | 1,038 |  | 1,299 |  | 1,154,759 |
Customer deposits B | 607,094 |  | 128,933 |  | 133,433 |  | 55,736 |  | 1,038 |  | 1,299 |  | 927,533 |
Mutual funds | 99,411 |  | 8,189 |  | 14,059 |  | 105,568 |  | — |  | — |  | 227,226 |
EUR million |
| 2023
Balance sheet (condensed) | Retail & Commercial Banking | Openbank | Corporate & Investment Banking | Wealth Management & Insurance | Payment Solutions | Corporate Centre | Total
Loans and advances to customers | 610,528 |  | 199,158 |  | 163,627 |  | 22,456 |  | 1,165 |  | 6,531 |  | 1,003,465 |
Customer deposits | 629,243 |  | 115,446 |  | 200,592 |  | 54,462 |  | 1,418 |  | 1,508 |  | 1,002,669 |
Memorandum items |  |  |  |  |  |  |
Gross loans and advances to customers A | 611,882 |  | 206,649 |  | 132,308 |  | 22,550 |  | 1,194 |  | 6,608 |  | 981,192 |
Customers funds | 688,569 |  | 120,996 |  | 166,721 |  | 148,292 |  | 1,418 |  | 1,508 |  | 1,127,503 |
Customer deposits B | 600,871 |  | 114,334 |  | 152,156 |  | 53,599 |  | 1,418 |  | 1,508 |  | 923,884 |
Mutual funds | 87,698 |  | 6,662 |  | 14,565 |  | 94,693 |  | — |  | — |  | 203,618 |
A. Excluding reverse repos. B. Excluding repos. The condensed income statements for the primary segments are as follows:
EUR million
| 2025
Underlying income statement (condensed) | Retail & Commercial Banking | Openbank | Corporate & Investment Banking | Wealth Management & Insurance | Payment Solutions | Corporate Centre | Total
Net interest income A | 26,528 |  | 11,036 |  | 3,824 |  | 1,335 |  | 167 |  | (490) |  | 42,401 |
Net fee income | 6,222 |  | 1,479 |  | 2,552 |  | 1,642 |  | 1,059 |  | (27) |  | 12,928 |
Gains (losses) on financial transactions B | 680 |  | (11) |  | 1,281 |  | 512 |  | (24) |  | (82) |  | 2,354 |
Other operating income C | (983) |  | 511 |  | 359 |  | 552 |  | 171 |  | 14 |  | 625 |
Total income | 32,447 |  | 13,015 |  | 8,016 |  | 4,042 |  | 1,373 |  | (585) |  | 58,308 |
Total Costs | (13,913) |  | (5,680) |  | (3,752) |  | (1,444) |  | (1,203) |  | (417) |  | (26,410) |
Net operating income D | 18,534 |  | 7,335 |  | 4,264 |  | 2,598 |  | 170 |  | (1,003) |  | 31,898 |
Net loan-loss provisions E | (7,150) |  | (4,457) |  | (278) |  | (20) |  | (24) |  | (198) |  | (12,128) |
Other gains (losses) and provisions F | (385) |  | (312) |  | (37) |  | (14) |  | (12) |  | (75) |  | (834) |
Operating profit/(loss) before tax | 10,998 |  | 2,566 |  | 3,949 |  | 2,564 |  | 134 |  | (1,275) |  | 18,936 |
Tax on profit | (2,974) |  | (489) |  | (1,114) |  | (532) |  | (19) |  | 190 |  | (4,939) |
Profit from continuing operations | 8,024 |  | 2,077 |  | 2,835 |  | 2,032 |  | 115 |  | (1,085) |  | 13,997 |
Net profit from discontinued operations | — |  | — |  | — |  | — |  | — |  | — |  | — |
Consolidated profit | 8,024 |  | 2,077 |  | 2,835 |  | 2,032 |  | 115 |  | (1,085) |  | 13,997 |
Non-controlling interests | (314) |  | (336) |  | (127) |  | (50) |  | (19) |  | — |  | (845) |
Underlying profit attributable to the parent | 7,710 |  | 1,741 |  | 2,708 |  | 1,983 |  | 96 |  | (1,085) |  | 13,152 |
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’s 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 50 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 an addition EUR 50 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 recognised 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) | Retail & Commercial Banking | Openbank | Corporate & Investment Banking | Wealth Management & Insurance | Payment Solutions | Corporate Centre | Total
Net interest income A | 27,854 |  | 10,777 |  | 3,779 |  | 1,591 |  | 132 |  | (308) |  | 43,824 |
Net fee income | 6,022 |  | 1,508 |  | 2,415 |  | 1,442 |  | 958 |  | (11) |  | 12,335 |
Gains (losses) on financial transactions B | 805 |  | (4) |  | 1,568 |  | 256 |  | — |  | (408) |  | 2,216 |
Other operating income C | (1,617) |  | 596 |  | 136 |  | 298 |  | 150 |  | 47 |  | (391) |
Total income | 33,064 |  | 12,877 |  | 7,897 |  | 3,587 |  | 1,240 |  | (680) |  | 57,984 |
Total Costs | (14,704) |  | (5,576) |  | (3,922) |  | (1,403) |  | (1,209) |  | (540) |  | (27,354) |
Net operating income D | 18,359 |  | 7,302 |  | 3,975 |  | 2,183 |  | 31 |  | (1,220) |  | 30,630 |
Net loan-loss provisions E | (7,064) |  | (4,562) |  | (141) |  | (42) |  | (16) |  | 3 |  | (11,822) |
Other gains (losses) and provisions F | (545) |  | (512) |  | (19) |  | (8) |  | (247) |  | (99) |  | (1,431) |
Operating profit/(loss) before tax | 10,750 |  | 2,228 |  | 3,815 |  | 2,134 |  | (233) |  | (1,317) |  | 17,377 |
Tax on profit | (3,132) |  | (294) |  | (1,023) |  | (509) |  | (57) |  | 162 |  | (4,853) |
Profit from continuing operations | 7,619 |  | 1,934 |  | 2,792 |  | 1,624 |  | (290) |  | (1,155) |  | 12,524 |
Net profit from discontinued operations | — |  | — |  | — |  | — |  | — |  | — |  | — |
Consolidated profit | 7,619 |  | 1,934 |  | 2,792 |  | 1,624 |  | (290) |  | (1,155) |  | 12,524 |
Non-controlling interests | (273) |  | (275) |  | (153) |  | (40) |  | (9) |  | 1 |  | (750) |
Underlying profit attributable to the parent | 7,345 |  | 1,659 |  | 2,639 |  | 1,584 |  | (299) |  | (1,154) |  | 11,774 |
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’s 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 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 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 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 | Openbank | Corporate & Investment Banking | Wealth Management & Insurance | Payment Solutions | Corporate Centre | Total
Net interest income A | 25,586 |  | 10,221 |  | 3,361 |  | 1,499 |  | 92 |  | (41) |  | 40,718 |
Net fee income | 6,077 |  | 1,229 |  | 2,013 |  | 1,209 |  | 954 |  | (13) |  | 11,468 |
Gains (losses) on financial transactions B | 837 |  | 116 |  | 1,748 |  | 178 |  | (10) |  | (302) |  | 2,566 |
Other operating income C | (1,707) |  | 709 |  | (22) |  | 197 |  | 97 |  | (86) |  | (812) |
Total income | 30,792 |  | 12,274 |  | 7,100 |  | 3,082 |  | 1,134 |  | (442) |  | 53,940 |
Total Costs | (14,757) |  | (5,526) |  | (3,381) |  | (1,266) |  | (1,111) |  | (460) |  | (26,501) |
Net operating income D | 16,036 |  | 6,748 |  | 3,719 |  | 1,816 |  | 23 |  | (901) |  | 27,439 |
Net loan-loss provisions E | (7,542) |  | (4,106) |  | (132) |  | 19 |  | (24) |  | 2 |  | (11,784) |
Other gains (losses) and provisions F | (298) |  | 35 |  | (9) |  | (1) |  | (15) |  | (62) |  | (350) |
Operating profit/(loss) before tax | 8,195 |  | 2,677 |  | 3,578 |  | 1,834 |  | (17) |  | (961) |  | 15,305 |
Tax on profit | (2,076) |  | (426) |  | (1,086) |  | (429) |  | (59) |  | (36) |  | (4,112) |
Profit from continuing operations | 6,120 |  | 2,251 |  | 2,491 |  | 1,405 |  | (75) |  | (998) |  | 11,193 |
Net profit from discontinued operations | — |  | — |  | — |  | — |  | — |  | — |  | — |
Consolidated profit | 6,120 |  | 2,251 |  | 2,491 |  | 1,405 |  | (75) |  | (998) |  | 11,193 |
Non-controlling interests | (232) |  | (350) |  | (163) |  | (45) |  | (1) |  | — |  | (791) |
Underlying profit attributable to the parent | 5,887 |  | 1,901 |  | 2,328 |  | 1,360 |  | (77) |  | (998) |  | 10,402 |
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’s 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 38 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 38 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 recognised in results and Gains or losses on non-current assets held for sale not classified as discontinued operations. b) Secondary segments This secondary level includes our main geographical units and the Corporate Centre, as described in the primary segments. Detailed financial information is provided on Spain, the UK, Portugal, Openbank Europe (previously referred to as DCB Europe), which includes all consumer business, our digital bank in Europe and ODS, the US, Mexico, Brazil, Chile and Argentina. Information is also provided for the 'Rest of the Group', the grouping which brings together everything that is not included in the aforementioned geographical units or the Corporate Centre. 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 | Openbank Europe | United States | Mexico
Loans and advances to customers | 264,950 |  | 242,624 |  | 41,260 |  | 139,322 |  | 132,659 |  | 48,083 |
Customer deposits | 354,943 |  | 225,708 |  | 40,576 |  | 82,359 |  | 122,000 |  | 55,595 |
Memorandum items |  |  |  |  |  |
Gross loans and advances to customers A | 237,385 |  | 228,273 |  | 41,980 |  | 142,477 |  | 108,950 |  | 49,442 |
Customers funds | 429,464 |  | 227,160 |  | 46,201 |  | 87,559 |  | 103,178 |  | 68,201 |
Customer deposits B | 322,070 |  | 219,440 |  | 40,576 |  | 82,359 |  | 87,686 |  | 45,498 |
Mutual funds | 107,394 |  | 7,719 |  | 5,625 |  | 5,200 |  | 15,492 |  | 22,703 |
EUR million
| 2025
Balance sheet (condensed) | Brazil | Chile | Argentina | Corporate Center | Rest of the Group | Total
Loans and advances to customers | 87,653 |  | 39,924 |  | 8,032 |  | 7,465 |  | 25,315 |  | 1,037,288 |
Customer deposits | 92,256 |  | 29,503 |  | 9,959 |  | 1,387 |  | 26,913 |  | 1,041,200 |
Memorandum items |  |  |  |  |  |
Gross loans and advances to customers A | 93,030 |  | 40,986 |  | 8,611 |  | 7,537 |  | 25,796 |  | 984,466 |
Customers funds | 132,580 |  | 42,256 |  | 15,894 |  | 1,387 |  | 45,916 |  | 1,199,798 |
Customer deposits B | 80,449 |  | 28,293 |  | 9,959 |  | 1,387 |  | 26,691 |  | 944,409 |
Mutual funds | 52,132 |  | 13,963 |  | 5,934 |  | — |  | 19,225 |  | 255,389 |
EUR million
| 2024
Balance sheet (condensed) | Spain | United Kingdom | Portugal | Openbank Europe | United States | Mexico
Loans and advances to customers | 246,897 |  | 246,453 |  | 38,410 |  | 137,038 |  | 134,856 |  | 45,054 |
Customer deposits | 323,425 |  | 230,408 |  | 38,304 |  | 81,376 |  | 125,403 |  | 49,836 |
Memorandum items |  |  |  |  |  |
Gross loans and advances to customers A | 225,759 |  | 236,496 |  | 39,143 |  | 139,927 |  | 117,511 |  | 44,715 |
Customers funds | 399,999 |  | 230,479 |  | 43,186 |  | 85,876 |  | 108,246 |  | 61,160 |
Customer deposits B | 306,389 | 222,835 | 38,304 | 81,376 | 93,545 | 41,528
Mutual funds | 93,609 | 7,643 | 4,882 | 4,500 | 14,702 | 19,632
EUR million
| 2024
Balance sheet (condensed) | Brazil | Chile | Argentina | Corporate Center | Rest of the Group | Total
Loans and advances to customers | 88,620 |  | 40,332 |  | 7,684 |  | 6,911 |  | 24,905 |  | 1,017,160 |
Customer deposits | 93,994 |  | 30,181 |  | 11,293 |  | 1,430 |  | 19,955 |  | 1,005,605 |
Memorandum items |  |  |  |  |  |
Gross loans and advances to customers A | 93,785 |  | 41,405 |  | 7,938 |  | 6,997 |  | 25,285 |  | 978,961 |
Customers funds | 129,881 |  | 43,383 |  | 17,047 |  | 1,299 |  | 34,204 |  | 1,154,759 |
Customer deposits B | 81,378 |  | 30,060 |  | 11,293 |  | 1,299 |  | 19,527 |  | 927,533 |
Mutual funds | 48,503 |  | 13,324 |  | 5,754 |  | — |  | 14,677 |  | 227,226 |
EUR million
| 2023
Balance sheet (condensed) | Spain | United Kingdom | Portugal | Openbank Europe | United States | Mexico
Loans and advances to customers | 239,214 |  | 245,743 |  | 36,864 |  | 132,692 |  | 126,843 |  | 47,905 |
Customer deposits | 324,099 |  | 233,453 |  | 36,366 |  | 69,334 |  | 121,782 |  | 53,703 |
Memorandum items |  |  |  |  |  |
Gross loans and advances to customers A | 229,803 |  | 235,111 |  | 37,658 |  | 135,202 |  | 112,671 |  | 48,688 |
Customers funds | 386,810 |  | 231,667 |  | 40,618 |  | 72,963 |  | 108,062 |  | 62,775 |
Customer deposits B | 308,745 |  | 224,396 |  | 36,366 |  | 69,334 |  | 95,697 |  | 45,693 |
Mutual funds | 78,065 |  | 7,272 |  | 4,252 |  | 3,629 |  | 12,364 |  | 17,082 |
EUR million
| 2023
Balance sheet (condensed) | Brazil | Chile | Argentina | Corporate Center | Rest of the Group | Total
Loans and advances to customers | 96,399 |  | 42,616 |  | 3,767 |  | 6,531 |  | 24,892 |  | 1,003,465 |
Customer deposits | 110,162 |  | 29,578 |  | 6,478 |  | 1,508 |  | 16,207 |  | 1,002,669 |
Memorandum items |  |  |  |  |  |
Gross loans and advances to customers A | 102,583 |  | 43,823 |  | 3,878 |  | 6,608 |  | 25,164 |  | 981,192 |
Customers funds | 145,044 |  | 40,098 |  | 10,288 |  | 1,508 |  | 27,670 |  | 1,127,503 |
Customer deposits B | 90,297 |  | 29,337 |  | 6,478 |  | 1,508 |  | 16,034 |  | 923,884 |
Mutual funds | 54,747 |  | 10,761 |  | 3,810 |  | — |  | 11,636 |  | 203,618 |
A. Excluding reverse repos. B. Excluding repos. The condensed income statements are as follow
EUR million
| 2025
Underlying income statement (condensed) | Spain | United Kingdom | Portugal | Openbank Europe | United States | Mexico
Net interest income A | 7,305 | 5,008 |  | 1,346 |  | 4,685 |  | 5,888 |  | 4,554 |
Net fee income | 3,022 |  | 369 |  | 506 |  | 804 |  | 1,328 |  | 1,454 |
Gains (losses) on financial transactions B | 841 |  | (100) |  | 70 |  | (39) |  | 547 |  | 427 |
Other operating income C | 720 |  | (245) |  | 33 |  | 474 |  | 165 |  | (130) |
Total income | 11,887 |  | 5,032 |  | 1,956 |  | 5,925 |  | 7,929 |  | 6,305 |
Total Costs | (4,465) |  | (2,937) |  | (544) |  | (2,899) |  | (3,890) |  | (2,730) |
Net operating income D | 7,423 |  | 2,095 |  | 1,412 |  | 3,026 |  | 4,039 |  | 3,575 |
Net loan-loss provisions E | (1,142) |  | (177) |  | 8 |  | (1,363) |  | (2,244) |  | (1,239) |
Other gains (losses) and provisions F | (198) |  | (124) |  | (3) |  | (266) |  | (47) |  | — |
Operating profit/(loss) before tax | 6,083 |  | 1,794 |  | 1,417 |  | 1,398 |  | 1,748 |  | 2,336 |
Tax on profit | (1,811) |  | (486) |  | (405) |  | (322) |  | (207) |  | (627) |
Profit/(loss) from continuing operations | 4,272 |  | 1,307 |  | 1,011 |  | 1,076 |  | 1,541 |  | 1,709 |
Net profit/(loss) from discontinued operations | — |  | — |  | — |  | — |  | — |  | — |
Consolidated profit/(loss) | 4,272 |  | 1,307 |  | 1,011 |  | 1,076 |  | 1,541 |  | 1,709 |
Non-controlling interests | — |  | — |  | (2) |  | (304) |  | — |  | (4) |
Attributable profit/(loss) to the parent | 4,272 |  | 1,307 |  | 1,010 |  | 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 income A | 9,380 | 1,917 |  | 1,727 |  | (490) |  | 1,080 |  | 42,401 |
Net fee income | 3,193 |  | 582 |  | 788 |  | (27) |  | 908 |  | 12,928 |
Gains (losses) on financial transactions B | (64) |  | 230 |  | 229 |  | (82) |  | 296 |  | 2,354 |
Other operating income C | 93 |  | (15) |  | (510) |  | 14 |  | 25 |  | 625 |
Total income | 12,602 |  | 2,714 |  | 2,235 |  | (585) |  | 2,309 |  | 58,308 |
Total Costs | (4,957) |  | (919) |  | (978) |  | (417) |  | (1,676) |  | (26,410) |
Net operating income D | 7,645 |  | 1,795 |  | 1,257 |  | (1,003) |  | 634 |  | 31,898 |
Net loan-loss provisions E | (4,409) |  | (531) |  | (574) |  | (198) |  | (260) |  | (12,128) |
Other gains (losses) and provisions F | (11) |  | (32) |  | (33) |  | (75) |  | (45) |  | (834) |
Operating profit/(loss) before tax | 3,224 |  | 1,232 |  | 650 |  | (1,275) |  | 328 |  | 18,936 |
Tax on profit | (836) |  | (189) |  | (216) |  | 190 |  | (29) |  | (4,939) |
Profit/(loss) from continuing operations | 2,388 |  | 1,043 |  | 434 |  | (1,085) |  | 300 |  | 13,997 |
Net profit/(loss) from discontinued operations | — |  | — |  | — |  | — |  | — |  | — |
Consolidated profit/(loss) | 2,388 |  | 1,043 |  | 434 |  | (1,085) |  | 300 |  | 13,997 |
Non-controlling interests | (220) |  | (314) |  | (1) |  | — |  | 1 |  | (845) |
Attributable profit/(loss) to the parent | 2,168 |  | 729 |  | 433 |  | (1,085) |  | 300 |  | 13,152 |
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’s 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 50 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 50 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 | Openbank Europe | United States | Mexico
Net interest income A | 7,256 | 4,950 |  | 1,548 |  | 4,361 |  | 5,693 |  | 4,631 |
Net fee income | 2,867 |  | 283 |  | 467 |  | 902 |  | 1,152 |  | 1,385 |
Gains (losses) on financial transactions B | 1,100 |  | (18) |  | 45 |  | (24) |  | 371 |  | 396 |
Other operating income C | 358 |  | (203) |  | 5 |  | 405 |  | 365 |  | (133) |
Total income | 11,580 |  | 5,011 |  | 2,065 |  | 5,644 |  | 7,580 |  | 6,278 |
Total Costs | (4,509) |  | (3,050) |  | (574) |  | (2,848) |  | (3,965) |  | (2,727) |
Net operating income D | 7,071 |  | 1,962 |  | 1,492 |  | 2,796 |  | 3,615 |  | 3,551 |
Net loan-loss provisions E | (1,259) |  | (64) |  | (11) |  | (1,209) |  | (2,507) |  | (1,277) |
Other gains (losses) and provisions F | (372) |  | (104) |  | — |  | (456) |  | (55) |  | — |
Operating profit/(loss) before tax | 5,440 |  | 1,794 |  | 1,481 |  | 1,131 |  | 1,053 |  | 2,274 |
Tax on profit | (1,678) |  | (488) |  | (478) |  | (255) |  | 56 |  | (598) |
Profit/(loss) from continuing operations | 3,763 |  | 1,306 |  | 1,003 |  | 876 |  | 1,109 |  | 1,676 |
Net profit/(loss) from discontinued operations | — |  | — |  | — |  | — |  | — |  | — |
Consolidated profit/(loss) | 3,763 |  | 1,306 |  | 1,003 |  | 876 |  | 1,109 |  | 1,676 |
Non-controlling interests | — |  | — |  | (2) |  | (234) |  | — |  | (5) |
Attributable profit/(loss) to the parent | 3,762 |  | 1,306 |  | 1,001 |  | 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 income A | 10,121 | 1,822 |  | 2,919 |  | (308) |  | 832 |  | 43,824 |
Net fee income | 3,414 |  | 551 |  | 602 |  | (11) |  | 722 |  | 12,335 |
Gains (losses) on financial transactions B | (37) |  | 238 |  | 229 |  | (408) |  | 326 |  | 2,216 |
Other operating income C | 39 |  | (18) |  | (1,263) |  | 47 |  | 9 |  | (391) |
Total income | 13,536 |  | 2,592 |  | 2,487 |  | (680) |  | 1,889 |  | 57,984 |
Total Costs | (5,219) |  | (942) |  | (1,337) |  | (540) |  | (1,643) |  | (27,354) |
Net operating income D | 8,318 |  | 1,650 |  | 1,150 |  | (1,220) |  | 246 |  | 30,630 |
Net loan-loss provisions E | (4,487) |  | (497) |  | (284) |  | 3 |  | (230) |  | (11,822) |
Other gains (losses) and provisions F | — |  | (42) |  | (39) |  | (99) |  | (263) |  | (1,431) |
Operating profit/(loss) before tax | 3,830 |  | 1,111 |  | 827 |  | (1,317) |  | (248) |  | 17,377 |
Tax on profit | (1,165) |  | (211) |  | (161) |  | 162 |  | (37) |  | (4,853) |
Profit/(loss) from continuing operations | 2,665 |  | 899 |  | 666 |  | (1,155) |  | (285) |  | 12,524 |
Net profit/(loss) from discontinued operations | — |  | — |  | — |  | — |  | — |  | — |
Consolidated profit/(loss) | 2,665 |  | 899 |  | 666 |  | (1,155) |  | (285) |  | 12,524 |
Non-controlling interests | (243) |  | (271) |  | (1) |  | 1 |  | 5 |  | (750) |
Attributable profit/(loss) to the parent | 2,422 |  | 629 |  | 665 |  | (1,154) |  | (280) |  | 11,774 |
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’s 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
| 2023
Underlying income statement (condensed) | Spain | United Kingdom | Portugal | Openbank Europe | United States | Mexico
Net interest income A | 6,641 | 5,152 |  | 1,465 |  | 4,193 |  | 5,742 |  | 4,408 |
Net fee income | 2,699 |  | 338 |  | 464 |  | 796 |  | 766 |  | 1,374 |
Gains (losses) on financial transactions B | 688 |  | 29 |  | 33 |  | 117 |  | 294 |  | 211 |
Other operating income C | (190) |  | (162) |  | (17) |  | 375 |  | 406 |  | (94) |
Total income | 9,837 |  | 5,358 |  | 1,944 |  | 5,481 |  | 7,209 |  | 5,899 |
Total Costs | (4,815) |  | (2,928) |  | (567) |  | (2,751) |  | (3,707) |  | (2,645) |
Net operating income D | 5,022 |  | 2,430 |  | 1,378 |  | 2,730 |  | 3,502 |  | 3,254 |
Net loan-loss provisions E | (1,522) |  | (247) |  | (77) |  | (792) |  | (2,593) |  | (1,135) |
Other gains (losses) and provisions F | (100) |  | (75) |  | 14 |  | 82 |  | (46) |  | — |
Operating profit/(loss) before tax | 3,399 |  | 2,107 |  | 1,314 |  | 2,019 |  | 863 |  | 2,119 |
Tax on profit | (1,029) |  | (563) |  | (416) |  | (493) |  | 69 |  | (541) |
Profit/(loss) from continuing operations | 2,371 |  | 1,545 |  | 898 |  | 1,526 |  | 932 |  | 1,577 |
Net profit/(loss) from discontinued operations | — |  | — |  | — |  | — |  | — |  | — |
Consolidated profit/(loss) | 2,371 |  | 1,545 |  | 898 |  | 1,526 |  | 932 |  | 1,577 |
Non-controlling interests | — |  | — |  | (2) |  | (327) |  | — |  | (17) |
Attributable profit/(loss) to the parent | 2,371 |  | 1,545 |  | 896 |  | 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 income A | 9,116 | 1,383 |  | 1,879 |  | (41) |  | 780 |  | 40,718 |
Net fee income | 3,462 |  | 572 |  | 396 |  | (13) |  | 615 |  | 11,468 |
Gains (losses) on financial transactions B | 483 |  | 320 |  | 341 |  | (302) |  | 353 |  | 2,566 |
Other operating income C | 43 |  | 11 |  | (1,071) |  | (86) |  | (26) |  | (812) |
Total income | 13,104 |  | 2,285 |  | 1,544 |  | (442) |  | 1,721 |  | 53,940 |
Total Costs | (5,430) |  | (953) |  | (831) |  | (460) |  | (1,415) |  | (26,501) |
Net operating income D | 7,674 |  | 1,332 |  | 713 |  | (901) |  | 306 |  | 27,439 |
Net loan-loss provisions E | (4,701) |  | (365) |  | (150) |  | 2 |  | (203) |  | (11,784) |
Other gains (losses) and provisions F | (62) |  | (16) |  | (58) |  | (62) |  | (25) |  | (350) |
Operating profit/(loss) before tax | 2,911 |  | 951 |  | 505 |  | (961) |  | 77 |  | 15,305 |
Tax on profit | (776) |  | (135) |  | (117) |  | (36) |  | (75) |  | (4,112) |
Profit/(loss) from continuing operations | 2,135 |  | 816 |  | 388 |  | (998) |  | 2 |  | 11,193 |
Net profit/(loss) from discontinued operations | — |  | — |  | — |  | — |  | — |  | — |
Consolidated profit/(loss) | 2,135 |  | 816 |  | 388 |  | (998) |  | 2 |  | 11,193 |
Non-controlling interests | (215) |  | (234) |  | (2) |  | — |  | 7 |  | (791) |
Attributable profit/(loss) to the parent | 1,921 |  | 582 |  | 386 |  | (998) |  | 9 |  | 10,402 |
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’s 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 38 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 a release of EUR 38 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. 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 income A | 42,348 |  | 53 |  | — |  | 42,401 |
Net fee income | 12,976 |  | (48) |  | — |  | 12,928 |
Gains (losses) on financial transactions B | 2,362 |  | (8) |  | — |  | 2,354 |
Other operating income C | 625 |  | — |  | — |  | 625 |
Total income | 58,311 |  | (3) |  | — |  | 58,308 |
Administrative expenses, depreciation and amortisation | (24,779) |  | 22 |  | — |  | (24,757) |
Other operating costs | 0 |  | 0 |  | (1,653) |  | (1,653) |
Net operating income D | 33,532 |  | 19 |  | (1,653) |  | 31,898 |
Net loan-loss provisions E | (12,596) |  | 1 |  | 467 |  | (12,128) |
Other gains (losses) and provisions F | (2,255) |  | (1) |  | 1,422 |  | (834) |
Operating profit/(loss) before tax | 18,681 |  | 19 |  | 236 |  | 18,936 |
Tax on profit | (4,723) |  | (6) |  | (210) |  | (4,939) |
Adjusted profit for the year from continuing operations | 13,958 |  | 13 |  | 26 |  | 13,997 |
Profit from discontinued operations (net) | 1,542 |  | (1,542) |  | — |  | — |
Consolidated profit/(loss) | 15,500 |  | (1,529) |  | 26 |  | 13,997 |
Non-controlling interests | (1,399) |  | 580 |  | (26) |  | (845) |
Attributable profit/(loss) to the parent | 14,101 |  | (949) |  | — |  | 13,152 |
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’s 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 50 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 50 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. To better understand the business trends, we reclassified certain items under some headings of the underlying income statement. These reclassifications between the statutory and underlying income statements include: •In the statutory income statement, results associated with the business subject to the Poland disposal are reported in the 'profit/(loss) after tax from discontinued operations' line item. However, in the underlying income statement, the results related to the business subject to the Poland disposal are excluded. •Certain charges recorded in the statutory account under the line items that comprise 'other gains (losses) and provisions' are presented in the underlying income statement under the 'total costs' line item. These are mainly recurring operating charges, primarily related to labour and legal processes, and exclude EUR 620 million of restructuring charges and EUR 214 million of provisions for potential complaints related to motor finance dealer commissions. •A capital gain in Q2 2025 of EUR 231 million from the sale of Santander’s remaining 30.5% stake in CACEIS was completely offset by a charge of EUR 467 million in Q2 2025 (EUR 231 million net of tax and minority interests), which strengthens the balance sheet after having updated macroeconomic parameters in Brazil’s credit provisioning models in 'Other gains (losses) and provisions'.
EUR million
2024
Reconciliation of statutory results to underlying results | Statutory results | Adjustments related to the Poland disposal | Other adjustments | Underlying results
Net interest income A | 43,787 |  | 37 |  |  | 43,824 |
Net fee income | 12,376 |  | (41) |  |  | 12,335 |
Gains (losses) on financial transactions B | 2,211 |  | 5 |  |  | 2,216 |
Other operating income C | (331) |  | (60) |  |  | (391) |
Total income | 58,043 |  | (59) |  | — |  | 57,984 |
Administrative expenses, depreciation and amortisation | (25,215) |  | 80 |  | — |  | (25,135) |
Other operating costs | — |  | — |  | (2,219) |  | (2,219) |
Net operating income D | 32,828 |  | 21 |  | (2,219) |  | 30,630 |
Net loan-loss provisions E | (12,183) |  | 9 |  | 352 |  | (11,822) |
Other gains (losses) and provisions F | (3,298) |  | — |  | 1,867 |  | (1,431) |
Operating profit/(loss) before tax | 17,347 |  | 30 |  | — |  | 17,377 |
Tax on profit | (4,844) |  | (9) |  | — |  | (4,853) |
Adjusted profit for the year from continuing operations | 12,503 |  | 21 |  | — |  | 12,524 |
Profit from discontinued operations (net) | 1,241 |  | (1,241) |  | — |  | — |
Consolidated profit/(loss) | 13,744 |  | (1,220) |  | — |  | 12,524 |
Non-controlling interests | (1,170) |  | 420 |  | — |  | (750) |
Attributable profit/(loss) to the parent | 12,574 |  | (800) |  | — |  | 11,774 |
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’s 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 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 To better understand the business trends, we reclassified certain items under some headings of the underlying income statement. These reclassifications between the statutory and underlying income statements include: •In the statutory income statement, results associated with the business subject to the Poland disposal are reported in the 'profit/(loss) after tax from discontinued operations' line item. However, in the underlying income statement, the results related to the business subject to the Poland disposal are excluded. •Certain charges recorded in the statutory account under the line items that comprise 'other gains (losses) and provisions' are presented in the underlying income statement under the 'total costs' line item. These are mainly recurring operating charges, primarily related to labour and legal processes, and exclude EUR 835 million of restructuring charges, EUR 353 million of provisions for potential complaints related to motor finance dealer commissions and EUR 243 million from charges related to the discontinuation of our merchant platform in Germany and Superdigital in Latin America. •The recognition of provisions to strengthen the balance sheet in Brazil, amounted to EUR 352 million gross in Q2 2024 (EUR 174 million net of tax and non-controlling interests) were compensated with gains on Pluxee in Brazil in 'Other gains (losses) and provisions'.
EUR million
2023
Reconciliation of statutory results to underlying results | Statutory results | Adjustments related to the Poland disposal | Other adjustments | Underlying results
Net interest income A | 40,650 |  | 68 |  | — |  | 40,718 |
Net fee income | 11,495 |  | (27) |  | — |  | 11,468 |
Gains (losses) on financial transactions B | 2,565 |  | 1 |  | — |  | 2,566 |
Other operating income C | (759) |  | (53) |  | — |  | (812) |
Total income | 53,951 |  | (11) |  | — |  | 53,940 |
Administrative expenses, depreciation and amortisation | (24,684) |  | 69 |  | — |  | (24,615) |
Other operating costs | 0 |  | — |  | (1,886) |  | (1,886) |
Net operating income D | 29,267 |  | 58 |  | (1,886) |  | 27,439 |
Net loan-loss provisions E | (12,260) |  | 2 |  | 474 |  | (11,784) |
Other gains (losses) and provisions F | (2,002) |  | 1 |  | 1,651 |  | (350) |
Operating profit/(loss) before tax | 15,005 |  | 61 |  | 239 |  | 15,305 |
Tax on profit | (3,880) |  | (19) |  | (213) |  | (4,112) |
Adjusted profit for the year from continuing operations | 11,125 |  | 42 |  | 26 |  | 11,193 |
Profit from discontinued operations (net) | 1,058 |  | (1,058) |  | — |  | — |
Consolidated profit/(loss) | 12,183 |  | (1,016) |  | 26 |  | 11,193 |
Non-controlling interests | (1,107) |  | 342 |  | (26) |  | (791) |
Attributable profit/(loss) to the parent | 11,076 |  | (674) |  | — |  | 10,402 |
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’s 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 38 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 38 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. To better understand the business trends, we reclassified certain items under some headings of the underlying income statement. These reclassifications between the statutory and underlying income statements include: •In the statutory income statement, results associated with the business subject to the Poland disposal are reported in the 'profit/(loss) after tax from discontinued operations' line item. However, in the underlying income statement, the results related to the business subject to the Poland disposal are excluded. • Certain charges recorded in the statutory account under the line items that comprise 'other gains (losses) and provisions' are presented in the underlying income statement under the 'total costs' line item. These are mainly recurring operating charges, primarily related to labour and legal processes, and exclude EUR 385 million of restructuring charges. •Provisions to strengthen the balance sheet in Brazil in Q1 2023, totalling EUR 235 million, net of tax and non-controlling interests (EUR 474 million recorded in net loan-loss provisions, EUR 213 million positive tax impact and EUR 26 million in non-controlling interests), were more than offset by gains of EUR 270 million resulting primarily from the divestments of stakes in Brazil and Openbank in 'Other gains (losses) and provisions'.

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