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Additional disclosures | 12 Months Ended
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Dec. 31, 2025
Additional information [abstract] |
Additional disclosures | Additional disclosures This note includes relevant information about additional disclosure requirements. 55.1 Parent company financial statements Following are the summarized balance sheets of Banco Santander, S.A. as of 31 December 2025, 2024 and 2023. In the financial information of the Parent company, investments in subsidiaries, jointly controlled entities and associates are recorded at cost. As of 31 December 2025 we have reclassified assets associated with the businesses held for sale in Poland from 'Investment in affiliated companies' to 'Non-current assets held for sale' under the 'Other assets' item. See note 3 above.
EUR million |  |  |  |  |  |
CONDENSED BALANCE SHEETS (Parent company only) |  | 31 December 2025 |  | 31 December 2024 |  | 31 December 2023
Assets |  |  |  |  |  |
Cash and due from banks |  | 144,292 |  |  | 157,665 |  |  | 172,524 |
Of which: |  |  |  |  |  |
To bank subsidiaries |  | 11,517 |  |  | 5,952 |  |  | 6,834 |
Trading account assets |  | 154,939 |  |  | 135,758 |  |  | 102,296 |
Investment securities |  | 91,217 |  |  | 77,230 |  |  | 63,325 |
Of which: |  |  |  |  |  |
To bank subsidiaries |  | 13,607 |  |  | 16,191 |  |  | 16,137 |
To non-bank subsidiaries |  | 1,697 |  |  | 1,005 |  |  | 1,229 |
Net loans and leases |  | 323,253 |  |  | 301,937 |  |  | 298,068 |
Of which: |  |  |  |  |  |
To non-bank subsidiaries |  | 23,340 |  |  | 21,127 |  |  | 22,435 |
Investment in affiliated companies |  | 98,317 |  |  | 100,045 |  |  | 99,326 |
Of which: |  |  |  |  |  |
To bank subsidiaries |  | 71,796 |  |  | 74,624 |  |  | 74,016 |
To non-bank subsidiaries |  | 26,521 |  |  | 25,421 |  |  | 25,310 |
Premises and equipment, net |  | 5,825 |  |  | 6,219 |  |  | 6,368 |
Other assets |  | 18,941 |  |  | 15,986 |  |  | 15,435 |
Total assets |  | 836,784 |  |  | 794,840 |  |  | 757,342 |
Liabilities |  |  |  |  |  |
Deposits |  | 415,898 |  |  | 393,787 |  |  | 398,374 |
Of which: |  |  |  |  |  |
To bank subsidiaries |  | 8,773 |  |  | 6,645 |  |  | 7,832 |
To non-bank subsidiaries |  | 26,412 |  |  | 19,176 |  |  | 14,610 |
Short-term debt |  | 129,462 |  |  | 88,263 |  |  | 70,771 |
Long-term debt |  | 114,756 |  |  | 137,549 |  |  | 129,258 |
Total debt |  | 244,218 |  |  | 225,812 |  |  | 200,029 |
Of which: |  |  |  |  |  |
To bank subsidiaries |  | 3,994 |  |  | 100 |  |  | — |
To non-bank subsidiaries |  | 1,363 |  |  | 2,428 |  |  | 1,816 |
Other liabilities |  | 94,325 |  |  | 96,909 |  |  | 84,065 |
Total liabilities |  | 754,441 |  |  | 716,508 |  |  | 682,468 |
Stockholders' equity |  |  |  |  |  |
Capital stock |  | 7,345 |  |  | 7,576 |  |  | 8,092 |
Retained earnings and other reserves |  | 74,998 |  |  | 70,756 |  |  | 66,782 |
Total stockholders' equity |  | 82,343 |  |  | 78,332 |  |  | 74,874 |
Total liabilities and Stockholders’ Equity |  | 836,784 |  |  | 794,840 |  |  | 757,342 |
Following are the condensed statements of income of Banco Santander, S.A. for the years ended 31 December 2025, 2024 and 2023. Results associated with the businesses held for sale in Poland have been reclassified to 'Income/(charges) after tax from discontinued operations' for all periods presented. See note 3 above.
EUR million |  |  |  |  |  |
|  | Year ended
CONDENSED STATEMENTS OF INCOME (Parent company only) |  | 31 December 2025 |  | 31 December 2024 |  | 31 December 2023
Interest income |  | 31,363 |  |  | 34,752 |  |  | 31,854 |
Interest from earning assets |  | 25,293 |  |  | 27,639 |  |  | 23,049 |
Dividends from affiliated companies |  | 6,070 |  |  | 7,113 |  |  | 8,805 |
Of which: |  |  |  |  |  |
From bank subsidiaries |  | 5,029 |  |  | 6,248 |  |  | 7,790 |
From non-bank subsidiaries |  | 1,041 |  |  | 865 |  |  | 1,015 |
Interest expense |  | (18,170) |  |  | (20,112) |  |  | (16,204) |
Interest income / (charges) |  | 13,193 |  |  | 14,640 |  |  | 15,650 |
Provision for credit losses |  | (1,162) |  |  | (1,334) |  |  | (1,372) |
Interest income / (charges) after provision for credit losses |  | 12,031 |  |  | 13,306 |  |  | 14,278 |
Non-interest income |  | 6,981 |  |  | 5,502 |  |  | 4,777 |
Non-interest expense |  | (7,848) |  |  | (8,552) |  |  | (9,662) |
Income before income taxes |  | 11,164 |  |  | 10,256 |  |  | 9,393 |
Tax expense or income from continuing operations |  | (1,073) |  |  | (1,091) |  |  | (533) |
Income/ (charges) for the period from continuing operations |  | 10,092 |  |  | 9,167 |  |  | 8,860 |
Income/ (charges) after tax from discontinued operations |  | 1,021 |  |  | 935 |  |  | 378 |
Net income |  | 11,113 |  |  | 10,101 |  |  | 9,239 |
Following are the condensed statements of comprehensive income of Banco Santander, S.A. for the years ended 31 December 2025, 2024 and 2023:
EUR million |  |  |  |  |  |
|  | Year ended
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parent company only) |  | 31 December 2025 |  | 31 December 2024 |  | 31 December 2023
NET INCOME |  | 11,113 |  |  | 10,101 |  |  | 9,239 |
OTHER COMPREHENSIVE INCOME |  | (79) |  |  | 730 |  |  | (57) |
Items that may be reclassified subsequently to profit or loss |  | (101) |  |  | 305 |  |  | 276 |
Hedges of net investments in foreign operations (effective portion) |  | 283 |  |  | — |  |  | — |
Revaluation gains (losses) |  | 283 |  |  | — |  |  | — |
Amounts transferred to income statement |  | — |  |  | — |  |  | — |
Other reclassifications |  | — |  |  | — |  |  | — |
Debt instruments at fair value with changes in other comprehensive income |  | (27) |  |  | 28 |  |  | 104 |
Revaluation gains (losses) |  | 36 |  |  | (55) |  |  | 65 |
Amounts transferred to income statement |  | (63) |  |  | 84 |  |  | 39 |
Other reclassifications |  | — |  |  | — |  |  | — |
Cash flow hedges: |  | (100) |  |  | 409 |  |  | 284 |
Revaluation gains/(losses) |  | (79) |  |  | 140 |  |  | (70) |
Amounts transferred to income statement |  | (21) |  |  | 269 |  |  | 354 |
Amounts transferred to initial carrying amount of hedged items |  | — |  |  | — |  |  | — |
Other reclassifications |  | — |  |  | — |  |  | — |
Hedges of net investments in foreign operations |  | — |  |  | — |  |  | — |
Exchange differences |  | (299) |  |  | — |  |  | — |
Revaluation gains (losses) |  | (299) |  |  | — |  |  | — |
Amounts transferred to income statement |  | — |  |  | — |  |  | — |
Other reclassifications |  | — |  |  | — |  |  | — |
Non-current assets held for sale |  | — |  |  | — |  |  | — |
Income tax |  | 42 |  |  | (132) |  |  | (112) |
Items that will not be reclassified to profit or loss |  | 21 |  |  | 425 |  |  | (333) |
Actuarial gains/(losses) on pension plans |  | 30 |  |  | (16) |  |  | (14) |
Other recognised income and expense of investments in subsidiaries, joint ventures and associates |  | — |  |  | — |  |  | — |
Changes in the fair value of equity instruments measured at fair value through other comprehensive income |  | 100 |  |  | 262 |  |  | (250) |
Gains or losses resulting from the accounting for hedges of equity instruments measured at fair value through other comprehensive income, net |  | — |  |  | — |  |  | — |
Changes in the fair value of equity instruments measured at fair value through other comprehensive income (hedged item) |  | (76) |  |  | 20 |  |  | (31) |
Changes in the fair value of equity instruments measured at fair value through other comprehensive income (hedging instrument) |  | 76 |  |  | (20) |  |  | 31 |
Changes in the fair value of financial liabilities at fair value through profit or loss attributable to changes in credit risk |  | (136) |  |  | 247 |  |  | (107) |
Income tax relating to items that will not be reclassified |  | 27 |  |  | (68) |  |  | 38 |
TOTAL COMPREHENSIVE INCOME |  | 11,034 |  |  | 10,831 |  |  | 9,182 |
Following are the condensed cash flow statements of Banco Santander, S.A. for the years ended 31 December 2025, 2024 and 2023.
EUR million |  |  |  |  |  |
|  | Year ended
CONDENSED CASH FLOW STATEMENTS (Parent company only) |  | 31 December 2025 |  | 31 December 2024 |  | 31 December 2023
1. Cash flows from operating activities |  |  |  |  |  |
Consolidated profit |  | 11,113 |  |  | 10,101 |  |  | 9,239 |
Adjustments to profit |  | (1,119) |  |  | (4,439) |  |  | (3,746) |
Net increase/decrease in operating assets |  | (60,570) |  |  | (63,686) |  |  | (6,765) |
Net increase/decrease in operating liabilities |  | 41,113 |  |  | 27,480 |  |  | (6,880) |
Reimbursements/payments of income tax |  | (862) |  |  | (591) |  |  | (360) |
Total net cash flows from operating activities (1) |  | (10,325) |  |  | (31,135) |  |  | (8,512) |
2. Cash flows from investing activities |  |  |  |  |  |
Investments (-) |  | (4,231) |  |  | (2,915) |  |  | (5,458) |
Divestments (+) |  | 9,210 |  |  | 9,544 |  |  | 10,880 |
Total net cash flows from investment activities (2) |  | 4,979 |  |  | 6,629 |  |  | 5,422 |
3. Cash flows from financing activities |  |  |  |  |  |
Issuance of own equity instruments |  | — |  |  | — |  |  | — |
Disposal of own equity instruments |  | 578 |  |  | 485 |  |  | 649 |
Acquisition of own equity instruments |  | (3,865) |  |  | (3,740) |  |  | (2,974) |
Issuance of debt securities |  | 1,852 |  |  | 5,625 |  |  | 5,636 |
Redemption of debt securities |  | (8,310) |  |  | (3,615) |  |  | (1,813) |
Dividends paid |  | (3,341) |  |  | (3,017) |  |  | (2,261) |
Issuance/Redemption of equity instruments |  | — |  |  | (751) |  |  | — |
Other collections/payments related to financing activities |  | (141) |  |  | (300) |  |  | (166) |
Total net cash flows from financing activities (3) |  | (13,227) |  |  | (5,313) |  |  | (929) |
4. Effect of exchange rate changes on cash and cash equivalents (4) |  | (4,099) |  |  | 2,256 |  |  | (1,044) |
5. Net increase/decrease in cash and cash equivalents (1+2+3+4) |  | (22,671) |  |  | (27,563) |  |  | (5,063) |
Cash and cash equivalents at beginning of period |  | 97,457 |  |  | 125,020 |  |  | 130,083 |
Cash and cash equivalents at end of period |  | 74,786 |  |  | 97,457 |  |  | 125,020 |
55.2 Preference shares and preferred securities The following table shows the balance of the preference shares and preferred securities as of 31 December 2025, 2024 and 2023:
EUR million |  |  |  |  |  |
|  | 2025 |  | 2024 |  | 2023
Preference shares |  | 201 |  |  | 211 |  |  | 202 |
Preferred securities |  | 10,103 |  |  | 9,821 |  |  | 9,081 |
Total |  | 10,304 |  |  | 10,032 |  |  | 9,283 |
Both preference shares and preferred securities are recorded under the 'Financial liabilities at amortized cost - Subordinated Liabilities' caption in the consolidated balance sheet as of 31 December 2025, 2024 and 2023. Preference shares include the financial instruments issued by the consolidated companies which, although equity for legal purposes, do not meet the requirements for classification as equity in the financial statements. These shares do not carry any voting rights and are non-cumulative. Preference shares include non-cumulative preferred non-voting shares issued by Santander UK plc. Preferred securities include non-cumulative preferred non-voting securities issued by Banco Santander, S.A. For the purposes of payment priority, preferred securities are junior to all general creditors and to subordinated deposits. The payment of dividends on these securities, which have no voting rights, is conditional upon the obtainment of sufficient distributable profit and upon the limits imposed by Spanish banking regulations on equity. Preference shares and preferred securities are perpetual securities and there is no obligation that requires the Group to redeem them. All securities have been fully subscribed for by third parties outside the Group. Santander Finance Preferred, S.A. (Unipersonal)- issuer of registered securities guaranteed by Banco Santander, S.A. until November 2017, merged in that month with Banco Santander, S.A. For further information, see note 23.c. 'Subordinated liabilities-other disclosures'.
|  | Outstanding at 31 December 2025
Preference Shares Issuer/Date of issue |  | Currency |  | Amount in currency (million) |  | Interest rate |  | Redemption Option (A)
Santander UK plc, October 1995 |  | Pounds Sterling |  | 80.3 |  |  | 10.375% |  | No option
Santander UK plc, February 1996 |  | Pounds Sterling |  | 80.3 |  |  | 10.375% |  | No option
|  | Outstanding at 31 December 2025
Preferred Securities Issuer/Date of issue |  | Currency |  | Amount in currency (million) |  | Interest rate |  | Maturity date
Banco Santander, S.A., January 2020 |  | Euro |  | 1,032.4 |  |  | 4.375% | (B) | Perpetuity
Banco Santander, S.A., May 2021 |  | US Dollar |  | 999.9 |  |  | 4.750% | (C) | Perpetuity
Banco Santander, S.A., May 2021 |  | Euro |  | 749.2 |  |  | 4.125% | (D) | Perpetuity
Banco Santander, S.A., September 2021 |  | Euro |  | 994.0 |  |  | 3.625% | (E) | Perpetuity
Banco Santander, S.A., November 2023 |  | US Dollar |  | 1,149.0 |  |  | 9.625% | (F) | Perpetuity
Banco Santander, S.A., November 2023 |  | US Dollar |  | 1,349.7 |  |  | 9.625% | (G) | Perpetuity
Banco Santander, S.A., May 2024 |  | Euro |  | 1,500.0 |  |  | 7.00% | (H) | Perpetuity
Banco Santander, S.A., August 2024 |  | US Dollar |  | 1,494.5 |  |  | 8.00% | (I) | Perpetuity
Banco Santander, S.A., July 2025 |  | Euro |  | 1,500.0 |  |  | 6.00% | (J) | Perpetuity
Santander Finance Preferred, S.A. (Unipersonal), September 2004 |  | Euro |  | 143.8 |  |  | €CMS 10 + 0.05% subject to a maximum distribution of 8% per annum |  | Perpetuity
A.From these dates the issuer can redeem the shares, subject to prior authorization by the national supervisor. B. Payment is subject to certain conditions and to the discretion of Banco Santander. The 4.375% interest rate is set for the first six years. After that, it will be reviewed every 5 years by applying a margin of 453.4 basis point on the 5-year mid-swap rate. C.Payment is subject to certain conditions and to the discretion of Banco Santander. The 4.750% interest rate is set for the first six years, revised every 5 years thereafter by applying a margin of 375.3 basis points over the 5-year UST rate. D.Payment is subject to certain conditions and to the discretion of Banco Santander. The 4.125% interest rate is set for the first seven years, revised every 5 years thereafter by applying a margin of 431.1 basis points over the applicable 5-year Euro mid-swap. E. Payment is subject to certain conditions and to the discretion of Banco Santander. The 3.625% interest rate is set for the first eight years, revised every 5 years thereafter by applying a margin of 376 basis points over the 5-year mid-swap rate. F. Payment is subject to certain conditions and to the discretion of Banco Santander. The 9.625% interest rate is set for the first five years and six months, revised every 5 years thereafter by applying a margin of 530.6 basis points on the 5-year UST rate. G. Payment is subject to certain conditions and to the discretion of Banco Santander. The 9.625% interest rate is set for the first ten years, revised every 5 years thereafter by applying a margin of 529.8 basis points on the 5-year UST rate. H. Payment is subject to certain conditions and to the discretion of Banco Santander. The 7.00% interest rate is set for the first six years, revised every 5 years thereafter by applying a margin of 443.2 basis points on the 5-year mid-swap rate. I. Payment is subject to certain conditions and to the discretion of Banco Santander. The 8.00% interest rate is set for the first ten years, revised every 5 years thereafter by applying a margin of 391.1 basis points on the 5-year mid-swap rate J. Payment is subject to certain conditions and to the discretion of Banco Santander. The 6.00% interest rate is set for the first six years, revised every 5 years thereafter by applying a margin of 381.9 basis points on the 5-year mid-swap rate.

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