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Remuneration and other benefits paid to the Bank’s directors and senior managers (Tables) | 12 Months Ended
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Dec. 31, 2025
Remuneration And Other Benefits Paid To The Bank's Directors And Senior Managers [Abstract] |
Schedule summarising annual emolument | For 2025, the board of directors, upon recommendation of the remuneration committee, approved a 3% increase in the annual allotments payable to the chair and members of the board and its committees (including the executive committee), as well as to the lead independent director and the non-executive Vice Chair . Accordingly, each director received, in respect of 2024 and 2025, the amounts corresponding to their service on the board and its committees, with such amounts determined by the specific position held, as detailed in the table below.
Amount per director in euros | 2025 | 2024
Members of the board of directors | 100,940 |  | 98,000 |
Members of the executive committee | 175,100 | 170,000
Members of the audit committee | 44,290 | 43,000
Members of the appointments committee | 28,840 | 28,000
Members of the remuneration committee | 28,840 | 28,000
Members of the risk supervision, regulation and compliance committee | 44,290 | 43,000
Members of the responsible banking, sustainability and culture committee | 28,840 | 28,000
Members of the innovation and technology committee | 28,840 | 28,000 |
Chair of the audit committee | 72,100 | 70,000
Chair of the appointments committee | 51,500 | 50,000
Chair of the remuneration committee | 51,500 | 50,000
Chair of the risk supervision, regulation and compliance committee | 72,100 | 70,000
Chair of the responsible banking, sustainability and culture committee | 51,500 | 50,000
Chair of the innovation and technology committee | 72,100 | 70,000 |
Lead independent director A | 113,300 | 110,000
Non-executive Vice Chair | 30,900 | 30,000
A. Glenn Hutchins has been allocated EUR 700,000 (including annual allowances and attendance fees) in minimum total annual pay set for the required time and dedication to perform his roles.
Schedule summarising attendance fees | :
Attendance fees per director per meeting in euros | 2025 | 2024
Board of directors | 2,785 |  | 2,704 |
Audit committee and risk supervision, regulation and compliance committee | 1,821 |  | 1,768 |
Other committees (excluding executive committee) | 1,606 |  | 1,560 |
Schedule summarising short-term remuneration (excluding remuneration subject to long-term objectives) | The detail, by bank director, of the short-term (immediate) and deferred (not subject to long-term goals) remuneration for 2025 and 2024 is provided below:
EUR thousand
| 2025
Bylaw-stipulated emoluments
Annual emolument
Board F | Executive committee | Audit committee | Nomination committee | Remuneration committee 1 | Risk supervision, regulation and compliance oversight committee 2 | Responsible banking, sustainability and culture committee | Innovation and technology committee | Attendance fees and commissions
Ana Botín | 101 |  | 175 |  | — |  | — |  | — |  | — |  | — |  | 29 |  | 44 |
Héctor Grisi | 101 |  | 175 |  | — |  | — |  | — |  | — |  | — |  | 29 |  | 44 |
José Antonio Álvarez | 132 |  | 175 |  | — |  | — |  | — |  | 44 |  | — |  | 29 |  | 67 |
Glenn Hutchins | 412 |  | — |  | — |  | 29 |  | 80 |  | — |  | — |  | 101 |  | 78 |
Homaira Akbari | 101 |  | — |  | 44 |  | — |  | — |  | — |  | 29 |  | 29 |  | 81 |
Javier Botín A | 101 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 36 |
Sol Daurella | 101 |  | — |  | — |  | 29 |  | 29 |  | — |  | 80 |  | — |  | 75 |
Henrique de Castro | 101 |  | — |  | 44 |  | — |  | 29 |  | — |  | — |  | 29 |  | 80 |
Gina Díez | 101 |  | — |  | — |  | 29 |  | — |  | — |  | 29 |  | — |  | 63 |
Luis Isasi | 101 |  | 175 |  | — |  | — |  | 29 |  | 44 |  | — |  | — |  | 74 |
Belén Romana | 101 |  | 175 |  | 44 |  | 80 |  | — |  | 44 |  | — |  | 29 |  | 107 |
Pamela Walkden | 101 |  | — |  | 44 |  | — |  | — |  | 116 |  | 29 |  | — |  | 93 |
Germán de la Fuente | 101 |  | — |  | 116 |  | — |  | — |  | 44 |  | — |  | — |  | 83 |
Carlos Barrabés B | 101 |  | — |  | — |  | 29 |  | — |  | — |  | 29 |  | 29 |  | 71 |
Antonio Weiss C | 101 |  | — |  | — |  | — |  | 29 |  | — |  | — |  | — |  | 50 |
Bruce Carnegie-Brown D | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Ramiro Mato E | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total 2025 | 1,857 |  | 875 |  | 292 |  | 196 |  | 196 |  | 292 |  | 196 |  | 304 |  | 1,047 |
Total 2024 | 1,791 |  | 933 |  | 306 |  | 183 |  | 168 |  | 263 |  | 190 |  | 280 |  | 1,240 |
A. All amounts received were reimbursed to Fundación Botín. B. Director and member of the nomination committee, responsible banking, sustainability and culture committee and innovation and technology committee since 27 June 2024. C. Director since 27 June 2024. D. Stepped down as director on 22 March 2024. E. Stepped down as director on 27 June 2024. F. Also includes emoluments for other roles in the board. Changes in the chairship or membership of the committees: 1. Antonio Weiss was appointed member of the remuneration committee on 1 January 2025. 2. José Antonio Álvarez was appointed member of the risk supervision, regulation and compliance oversight committee on 1 January 2025. Other remuneration includes EUR 1,000 thousand for the role as non-executive Chair of the Santander España business unit and for attending its board and committee meetings for Luis Isasi. For José Antonio Álvarez, this amount includes remuneration as strategic advisor of Grupo Santander, life and health insurance contributions (EUR 678 thousand) and part of the former supplement for having waived the death and disability policy (EUR 12 thousand).
| 2025 |  | 2024
| Short-term and deferred (not subject to long-term goals) salaries of executive directors |  |  |  |  |
| Fixed | Variable - immediate payment | Deferred variable |  |  |  |  |  |
| In cash | In instruments | In cash | In instruments | Total | Pension contribution | Other remuneration | Total |  | Total
Ana Botín | 3,435 |  | 2,003 |  | 2,003 |  | 1,001 |  | 1,002 |  | 9,444 |  | 1,341 |  | 843 |  | 11,977 |  |  | 12,127 |
Héctor Grisi | 3,150 |  | 1,384 |  | 1,384 |  | 692 |  | 692 |  | 7,302 |  | 1,120 |  | 718 |  | 9,489 |  |  | 9,137 |
José Antonio Álvarez | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 2,440 |  | 2,887 |  |  | 3,698 |
Glenn Hutchins | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 700 |  |  | 700 |
Homaira Akbari | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 284 |  |  | 285 |
Javier Botín A | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 137 |  |  | 144 |
Sol Daurella | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 314 |  |  | 292 |
Henrique de Castro | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 283 |  |  | 300 |
Gina Díez | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 222 |  |  | 225 |
Luis Isasi | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,000 |  | 1,423 |  |  | 1,440 |
Belén Romana | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 581 |  |  | 599 |
Pamela Walkden | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 383 |  |  | 381 |
Germán de la Fuente | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 344 |  |  | 338 |
Carlos Barrabés B | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 259 |  |  | 128 |
Antonio Weiss C | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 180 |  |  | 72 |
Bruce Carnegie-Brown D | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |  | 78 |
Ramiro Mato E | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |  | 271 |
Total 2025 | 6,585 |  | 3,387 |  | 3,387 |  | 1,693 |  | 1,694 |  | 16,746 |  | 2,461 |  | 5,001 |  | 29,462 |  |  | — |
Total 2024 | 6,585 |  | 3,130 |  | 3,130 |  | 1,877 |  | 1,879 |  | 16,601 |  | 2,444 |  | 5,815 |  | — |  |  | 30,214 |
Footnotes in previous table. The table below includes the amounts relating to the short-term remuneration of the members of senior management at 31 December 2025 and those at 31 December 2024, excluding the remuneration of the executive directors, which is detailed above.
EUR thousand
|  | Short-term salaries and deferred remuneration |  |  |
|  |  | Variable remuneration (bonus) - Immediate payment |  | Deferred variable remuneration |  |  |
Year | Number of persons | Fixed | In cash | In instruments 2 |  | In cash | In instruments 3 | Pensions | Other remuneration 1 | Total
2025 | 15 | 19,255 | 9,179 | 9,180 |  | 4,306 | 4,306 | 4,910 | 6,456 | 57,592
2024 | 14 | 16,466 | 7,376 | 7,377 |  | 3,319 | 3,320 | 4,520 | 7,153 | 49,531
1.Includes other remuneration items such as life and medical insurance premiums and localization aids and lastly RSUs from PagoNxt S.L., for the work of one director in said entity. 2. The amount of immediate payment for 2024 is 894,587 shares (1,611,965 Santander shares in 2024). 3. The deferred amount in instruments not linked to long-term objectives for 2024 is 416,410 shares ( 725,399 Santander shares in 2024).
Schedule summarising remuneration related to multi-annual variable objectives | Following is the detail by executive director of the salaries linked to multi-year objectives at their fair Value, which will only be received if the conditions of permanence in the Group, non-applicability of malus clauses and achievement of the established objectives are met (or, as the case may be, of the minimum thresholds thereof, with the consequent reduction of amount agreed-upon at the end of the year) in the terms described in Note 46.
EUR thousand
| 2025 | 2024
| Variable subject to long-term objectives 1 |  |
| In cash | In shares | In RSUs | Total | Total
Ana Botín | 701 |  | 1,893 |  | 210 |  | 2,804 |  | 2,332 |
Héctor Grisi | 484 |  | 1,277 |  | 176 |  | 1,938 |  | 1,611 |
Total | 1,185 |  | 3,170 |  | 386 |  | 4,742 |  | 3,943 |
1. Corresponds with the fair value of the maximum amount they are entitled to in a total of 3 years: 2029, 2030 and 2031, subject to conditions of continued service, with the exceptions provided, and to the non-applicability of malus clauses and achievement of the objectives established. The face value of the three aforementioned deferred amounts is EUR 6,774 thousand for 2025 (EUR 4,006 thousand for Ana Botín and EUR 2,768 thousand for Héctor Grisi). These remuneration payments shall be received, as the case may be, in the corresponding deferral periods, upon achievement of the conditions stipulated for each payment (see note 46):
EUR thousand
|  | Variable remuneration subject to long-term objectives 1 |
Year | Number of people | Cash payment | Instrument payment | Total
2025 | 15 | 4,521 |  | 4,522 |  | 9,043 |
2024 | 14 | 3,485 |  | 3,486 |  | 6,971 |
1. Relates to the fair value of the maximum annual amounts for years 2029, 2030 and 2031 of the tenth cycle of the deferred conditional variable remuneration plan (2028, 2029 and 2030 for the ninth cycle of the deferred variable compensation plan linked to annual objectives for the year 2024). The face value of the three aforementioned deferred amounts is EUR 12,919 thousand for 2025.
Schedule summarising remuneration related to provisions for retirement pensions and supplementary benefits | The provisions recognised in 2025 and 2024 for retirement pensions were as follows:
EUR thousand
| 2025 | 2024
Ana Botín | 1,341 |  | 1,339 |
Héctor Grisi | 1,120 |  | 1,105 |
Total | 2,461 |  | 2,445 |
Schedule summarising remuneration related to welfare system | Following is a detail of the balances relating to each of the directors under the welfare system as of 31 December 2025 and 2024:
EUR thousand
| 2025 | 2024
Ana Botín | 65,027 |  | 54,731 |
Héctor Grisi | 2,033 |  | 1,299 |
José Antonio Álvarez | 23,178 |  | 20,326 |
Total | 90,238 |  | 76,356 |
Schedule summarising remuneration related to life and disability insurance | Also, the following table provides information on the sums insured for the Bank’s directors:
Insured capital
EUR thousand |
| 2025 | 2024
Ana Botín | 20,659 |  | 21,525 |
Héctor Grisi | 12,600 |  | 12,600 |
José Antonio Álvarez | 10,500 |  | 11,215 |
Total | 43,759 |  | 45,340 |
Schedule summarising shares assigned for deferred variable remuneration plans |
Share-based variable remuneration |  |  |  |  |  |  |
| Maximum number of shares to be delivered at January 1,2024 | Shares delivered in 2024 (immediate payment 2023 variable remuneration) | Shares delivered in 2024 (deferred payment 2022 variable remuneration) | Shares delivered in 2024 (deferred payment 2021 variable remuneration) | Shares delivered in 2024 (deferred payment 2020 variable remuneration) | Shares delivered in 2024 (deferred payment 2019 variable remuneration) | Variable remuneration 2024 (Maximum number of shares to be delivered)
2019 variable remuneration |  |  |  |  |  |  |
Ana Botín | 70,905 |  | — |  | — |  | — |  | — |  | (35,452) |  | — |
José Antonio Álvarez | 47,386 |  | — |  | — |  | — |  | — |  | (23,693) |  | — |
| 118,290 |  | — |  | — |  | — |  | — |  | (59,145) |  | — |
2020 variable remuneration |  |  |  |  |  |  |
Ana Botín | 93,146 |  | — |  | — |  | — |  | (31,049) |  | — |  | — |
José Antonio Álvarez | 50,594 |  | — |  | — |  | — |  | (16,865) |  | — |  | — |
| 143,740 |  | — |  | — |  | — |  | (47,914) |  | — |  | — |
2021 variable remuneration |  |  |  |  |  |  |
Ana Botín | 710,698 |  | — |  | — |  | (177,675) |  | — |  | — |  | — |
José Antonio Álvarez | 479,644 |  | — |  | — |  | (119,911) |  | — |  | — |  | — |
| 1,190,342 |  | — |  | — |  | (297,586) |  | — |  | — |  | — |
2022 variable remuneration |  |  |  |  |  |  |
Ana Botín | 358,419 |  | — |  | (62,334) |  | — |  | — |  | — |  | — |
José Antonio Álvarez | 241,954 |  | — |  | (42,079) |  | — |  | — |  | — |  | — |
| 600,374 |  | — |  | (104,413) |  | — |  | — |  | — |  | — |
2023 variable remuneration |  |  |  |  |  |  |
Ana Botín | 1,127,209 |  | (469,286) |  | — |  | — |  | — |  | — |  | — |
Héctor Grisi | 749,143 |  | (321,645) |  | — |  | — |  | — |  | — |  | — |
| 1,876,352 |  | (790,931) |  | — |  | — |  | — |  | — |  | — |
2024 variable remuneration |  |  |  |  |  |  |
Ana Botín | — |  | — |  | — |  | — |  | — |  | — |  | 976,463 |
Héctor Grisi | — |  | — |  | — |  | — |  | — |  | — |  | 656,033 |
| — |  | — |  | — |  | — |  | — |  | — |  | 1,632,496 |
2025 variable remuneration 1 |  |  |  |  |  |  |
Ana Botín | — |  | — |  | — |  | — |  | — |  | — |  | — |
Héctor Grisi | — |  | — |  | — |  | — |  | — |  | — |  | — |
| — |  | — |  | — |  | — |  | — |  | — |  | — |
1. For each director, 40% of the shares indicated correspond to the short-term variable (or immediate payment). The remaining 60% is deferred for delivery, where appropriate, in the next five years, the last three being subject to the fulfilment of multiannual objectives. Maximum opportunity subject to regulatory ratio compliance.
Maximum number of shares to be delivered at December 31, 2024 | Instruments matured but not consolidated at January 1, 2025 2 | Shares delivered in 2025 (immediate payment 2024 variable remuneration) | Shares delivered in 2025 (deferred payment 2023 variable remuneration) | Shares delivered in 2025 (deferred payment 2022 variable remuneration) | Shares delivered in 2025 (deferred payment 2021 variable remuneration) | Shares delivered in 2025 (deferred payment 2020 variable remuneration) | Shares delivered in 2025 (deferred payment 2019 variable remuneration) | Variable remuneration 2025 (Maximum number of shares to be delivered) | Maximum number of shares to be delivered at December 31, 2025
35,452 |  | — |  | — |  | — |  | — |  | — |  | — |  | (35,452) |  | — |  | — |
23,693 |  | — |  | — |  | — |  | — |  | — |  | — |  | (23,693) |  | — |  | — |
59,145 |  | — |  | — |  | — |  | — |  | — |  | — |  | (59,145) |  | — |  | — |
62,097 |  | — |  | — |  | — |  | — |  | — |  | (31,049) |  | — |  | — |  | 31,048 |
33,729 |  | — |  | — |  | — |  | — |  | — |  | (16,865) |  | — |  | — |  | 16,864 |
95,826 |  | — |  | — |  | — |  | — |  | — |  | (47,914) |  | — |  | — |  | 47,912 |
533,023 |  | (44,774) |  | — |  | — |  | — |  | (162,750) |  | — |  | — |  | — |  | 325,499 |
359,733 |  | (30,218) |  | — |  | — |  | — |  | (109,838) |  | — |  | — |  | — |  | 219,677 |
892,756 |  | (74,992) |  | — |  | — |  | — |  | (272,588) |  | — |  | — |  | — |  | 545,176 |
296,085 |  | — |  | — |  | — |  | (62,334) |  | — |  | — |  | — |  | — |  | 233,751 |
199,875 |  | — |  | — |  | — |  | (42,079) |  | — |  | — |  | — |  | — |  | 157,796 |
495,961 |  | — |  | — |  | — |  | (104,413) |  | — |  | — |  | — |  | — |  | 391,548 |
657,923 |  | — |  | — |  | (114,421) |  | — |  | — |  | — |  | — |  | — |  | 543,502 |
427,498 |  | — |  | — |  | (74,347) |  | — |  | — |  | — |  | — |  | — |  | 353,151 |
1,085,421 |  | — |  | — |  | (188,768) |  | — |  | — |  | — |  | — |  | — |  | 896,653 |
976,463 |  | — |  | (404,447) |  | — |  | — |  | — |  | — |  | — |  | — |  | 572,016 |
656,033 |  | — |  | (279,480) |  | — |  | — |  | — |  | — |  | — |  | — |  | 376,553 |
1,632,496 |  | — |  | (683,927) |  | — |  | — |  | — |  | — |  | — |  | — |  | 948,569 |
— |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 602,746 |  | 602,746 |
— |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 408,159 |  | 408,159 |
— |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,010,904 |  | 1,010,904 |
2. The levels of achievement of the multi-year metrics of the long-term variable remuneration plans: 1) Seventh cycle of the deferred multi-year objectives variable remuneration plan (2022): 115.2% of achievement for the period 2022-2024. a. RoTE metric for 2024 year-end period at 150%. Weight of 40.0%. b. Relative TSR metric in 2022-2024 period at 83% of achievement. Weight of 40.0%. c. Sustainability metrics at 25% of achievement. Weight of 20.0%. 2) Sixth cycle of the deferred multi-year objectives variable remuneration plan (2021): 91.6% of achievement for the period 2021-2023. a. CET1 metric at 100% of achievement for 2023 year-end period (target 12.00%). Weight of 33.3%. b. Underlying BPA growth at 150% of achievement (target growth of 100%). Weight of 33.3%. c. TSR metric at 25% of achievement (target of 33 to 66 percentile). Weight of 33.3%. 3) Fifth cycle of the deferred multi-year objectives variable remuneration plan (2020): 83.0% of achievement for the period 2020-2022. a. CET1 metric at 100% of achievement for 2022 year-end period (target 12.00%). Weight of 33.3%. b. Underlying BPA growth at 150% of achievement (target growth of 10%). Weight of 33.3%. c. TSR metric at 0% of achievement (minimum target of 33% not reached). Weight of 33.3%
Schedule summarising the cash paid for awards | Furthermore, the maximum number of RSUs of PagoNxt, S.L. to be delivered under the current plan (and subject to regulatory ratio compliance) is 9,415 and 7,909 units for Ana Botín and Héctor Grisi, respectively. In addition, the table below shows the cash delivered in 2025 and 2024, by way of either immediate payment or deferred payment, in the latter case once the Board had determined, at the proposal of the remuneration committee, that one deferral relating to each plan had accrued:
EUR thousand |
| 2025 |  | 2024
| Cash paid (immediate payment 2024 variable remuneration) | Cash paid (deferred payments from 2023, 2022, 2021 and 2020 variable remuneration) |  | Cash paid (immediate payment 2023 variable remuneration) | Cash paid (deferred payments from 2022, 2021, 2020 and 2019 variable remuneration)
Ana Botín | 1,851 | 1,759 |  | 1,780 | 1,419
Héctor Grisi | 1,279 | 366 |  | 1,220 | 863
José Antonio Álvarez | — | 815 |  | — | 945
Total | 3,130 | 2,940 |  | 3,000 | 3,228
Schedule summarising maximum number of shares to be delivered and actual number of shares delivered | Also set forth below is information on the deliveries, whether in shares or in cash, made in 2025 and 2024 to former board members, upon achievement of the conditions for the receipt thereof (see note 46):
Maximum number of shares to be delivered |  |
| 2025 |  | 2024 |
Deferred conditional variable remuneration plan and linked to objectives (2019) | — | 24,490
Deferred conditional variable remuneration plan and linked to objectives (2020) | 35,511 | 71,024
Deferred conditional variable remuneration plan and linked to objectives (2021) | 137,400 | 206,100
Number of shares delivered |  |
| 2025 |  | 2024 |
Deferred conditional variable remuneration plan and linked to objectives (2018) | — | 29,860
Deferred conditional variable remuneration plan and linked to objectives (2019) | 24,490 | 24,490
Deferred conditional variable remuneration plan and linked to objectives (2020) | 35,512 | 35,512
Deferred conditional variable remuneration plan and linked to objectives (2021) | 68,700 | 12,911
The maximum number of Santander shares that the members of senior management at each plan grant date (excluding executive directors) were entitled to receive as of 31 December 2025 and 31 December 2024 relating to the deferred portion under the various plans then in force is the following (see note 46):
Maximum number of shares to be delivered
| 2025 | 2024
Deferred conditional variable remuneration plan and linked to objectives (2019) | — |  | 71,294 |
Deferred conditional variable remuneration plan and linked to objectives (2020) | 145,704 |  | 370,522 |
Deferred conditional variable remuneration plan and linked to objectives (2021) | 486,863 |  | 966,680 |
Deferred conditional variable remuneration plan and linked to objectives (2022) | 891,305 |  | 1,430,464 |
Deferred conditional variable remuneration plan and linked to objectives (2023) | 934,609 |  | 1,395,815 |
Deferred conditional variable remuneration plan and linked to objectives (2024) | 1,601,213 |  | — |
Since the conditions established in the corresponding deferred share-based remuneration schemes for prior years had been met, the following number of Santander shares was delivered in 2025 and 2024 to the senior management, in addition to the payment of the related cash amounts:
Number of shares delivered
| 2025 | 2024
Deferred conditional variable remuneration plan and linked to objectives (2018) | — |  | 57,730 |
Deferred conditional variable remuneration plan and linked to objectives (2019) | 54,249 |  | 71,294 |
Deferred conditional variable remuneration plan and linked to objectives (2020) | 145,704 |  | 185,261 |
Deferred conditional variable remuneration plan and linked to objectives (2021) | 243,433 |  | 351,777 |
Deferred conditional variable remuneration plan and linked to objectives (2022) | 266,390 |  | 357,615 |
Deferred conditional variable remuneration plan and linked to objectives (2023) | 233,652 |  | 1,212,984 |
Deferred conditional variable remuneration plan and linked to objectives (2024) | 1,399,679 |  | — |
Schedule of direct risk exposure to bank's directors and the guarantees provided | These transactions were made on terms equivalent to those that prevail in arm’s-length transactions or the related compensation in kind was recognized:
EUR thousand
| 2025 |  | 2024
| Loans and credits | Guarantees | Total |  | Loans and credits | Guarantees | Total
Ana Botín | 3 |  | — |  | 3 |  |  | — |  | — |  | — |
Héctor Grisi | — |  | — |  | — |  |  | — |  | — |  | — |
José Antonio Álvarez | — |  | — |  | — |  |  | — |  | — |  | — |
Glenn Hutchins | — |  | — |  | — |  |  | — |  | — |  | — |
Antonio Francesco Weiss B | — |  | — |  | — |  |  | — |  | — |  | — |
Belén Romana | — |  | — |  | — |  |  | — |  | — |  | — |
Bruce Carnegie-Brown A | — |  | — |  | — |  |  | — |  | — |  | — |
Germán de la Fuente | — |  | — |  | — |  |  | — |  | — |  | — |
Gina Díez Barroso | — |  | — |  | — |  |  | 5 |  | — |  | 5 |
Henrique de Castro | — |  | — |  | — |  |  | — |  | — |  | — |
Homaira Akbari | — |  | — |  | — |  |  | — |  | — |  | — |
Javier Botín | — |  | — |  | — |  |  | — |  | — |  | — |
Juan Carlos Barrabés C | 137 |  | — |  | 137 |  |  | 138 |  | — |  | 138 |
Luis Isasi | — |  | — |  | — |  |  | — |  | — |  | — |
Pamela Walkden | — |  | — |  | — |  |  | — |  | — |  | — |
Ramiro Mato D | — |  | — |  | — |  |  | — |  | — |  | — |
Sol Daurella | — |  | — |  | — |  |  | — |  | — |  | — |
| 140 |  | — |  | 140 |  |  | 143 |  | — |  | 143 |
A. Ceased as director of Banco Santander, S.A. on 22 March 2024. B. Director since 27 June 2024. C. Director since 27 June 2024. D. Ceased as director of Banco Santander, S.A. on 27 June 2024 .
| 2025
EUR Million | Gross amount | Of which: impaired
Home purchase loans to families | 60,002 |  | 625 |
Without mortgage collateral | 215 |  | 7 |
With mortgage collateral | 59,787 |  | 618 |
| 2024
EUR Million | Gross amount | Of which: impaired
Home purchase loans to families | 59,316 |  | 789 |
Without mortgage collateral | 208 |  | 11 |
With mortgage collateral | 59,108 |  | 778 |
| 2023
EUR Million | Gross amount | Of which: impaired
Home purchase loans to families | 61,097 |  | 924 |
Without mortgage collateral | 215 |  | 16 |
With mortgage collateral | 60,882 |  | 908 |
| 2025
EUR Million | Gross amount | Excess of gross exposure over maximum recoverable amount of effective collateral | Specific allowance
Financing for construction and property development (including land) (business in Spain) | 2,984 | 211 | 17
Of which impaired | 31 | — | 11
Memorandum items written-off assets | 240 | — | —
Memorandum items: Data from the public consolidated balance sheet |
| 2025
EUR Million | Carrying amount
Total loans and advances to customers excluding the Public sector (business in Spain) (Book value) | 240,609 |
Total consolidated assets (Total business) (Book value) | 1,867,515 |
Impairment losses and credit risk allowances. Coverage for unimpaired assets (business in Spain) | 1,086 |
The following table shows the detail of the assets foreclosed by the businesses in Spain at the end of 2025:
| 2025
EUR Million | Gross carrying amount | Valuation adjustments | Of which impairment losses on assets since time of foreclosure | Net Carrying amount
Property assets arising from financing provided to construction and property development companies | 3,843 |  | 2,144 |  | 1,591 |  | 1,699 |
Of which: |  |  |  |
Completed buildings | 481 |  | 324 |  | 282 |  | 157 |
Residential | 129 |  | 71 |  | 60 |  | 58 |
Other | 352 |  | 253 |  | 222 |  | 99 |
Buildings under construction | 107 |  | 49 |  | 35 |  | 58 |
Residential | — |  | — |  | — |  | — |
Other | 107 |  | 49 |  | 35 |  | 58 |
Land | 3,255 |  | 1,771 |  | 1,274 |  | 1,484 |
Developed land | 776 |  | 429 |  | 260 |  | 347 |
Other land | 2,479 |  | 1,342 |  | 1,014 |  | 1,137 |
Property assets from home purchase mortgage loans to households | 334 |  | 172 |  | 119 |  | 162 |
Other foreclosed property assets | 81 |  | 44 |  | 36 |  | 37 |
Total property assets | 4,258 |  | 2,360 |  | 1,746 |  | 1,898 |
| 2025 |  | 2024
| Portfolio |  |  |
| Financial assets held for trading and Financial assets designated as FV with changes in results | Financial assets at fair value through other comprehensive income | Financial assets at amortised cost | Non-trading financial assets mandatory at fair value through profit or loss | Total net direct exposure |  | Total net direct exposure
Spain | 3,852 |  | 112 |  | 58,044 |  | — |  | 62,008 |  |  | 56,293 |
Portugal | (659) |  | 1,199 |  | 6,767 |  | — |  | 7,307 |  |  | 7,652 |
Italy | 2,875 |  | 440 |  | 12,557 |  | — |  | 15,872 |  |  | 12,915 |
Greece | — |  | — |  | — |  | — |  | — |  |  | — |
Ireland | (38) |  | — |  | — |  | — |  | (38) |  |  | — |
Rest Eurozone | 3,684 |  | 254 |  | 10,443 |  | — |  | 14,381 |  |  | 6,212 |
UK | 907 |  | 1,001 |  | 5,687 |  | — |  | 7,595 |  |  | 8,772 |
Poland | 1,141 |  | 6,339 |  | 13,333 |  | — |  | 20,813 |  |  | 14,286 |
Rest of Europe | 8 |  | — |  | 526 |  | — |  | 534 |  |  | 954 |
US | 4,783 |  | 4,320 |  | 15,943 |  | — |  | 25,046 |  |  | 24,926 |
Brazil | 8,089 |  | 9,533 |  | 8,543 |  | — |  | 26,165 |  |  | 26,641 |
Mexico | 10,663 |  | 7,652 |  | 7,599 |  | — |  | 25,914 |  |  | 21,642 |
Chile | 676 |  | 2,666 |  | 5,254 |  | — |  | 8,596 |  |  | 6,900 |
Rest of America | 2,593 |  | 1,654 |  | 2,151 |  | — |  | 6,398 |  |  | 4,431 |
Rest of the World | 211 |  | 17 |  | 4,128 |  | — |  | 4,356 |  |  | 7,003 |
Total | 38,785 |  | 35,187 |  | 150,975 |  | — |  | 224,947 |  |  | 198,627 |
1 Risks with domestic public or private borrowers in foreign currency and originated outside the country. 2 Countries that are not considered low risk by Banco de España.
Current refinancing and restructuring balances
Amounts in EUR million, except number of transactions that are in units
2025
| Total
| Without real guarantee | With real guarantee |
|  |  |  |  | Maximum amount of the actual collateral that can be considered | Impairment of accumulated value or accumulated losses in fair value due to credit risk
| Number of transactions | Gross amount | Number of transactions | Gross amount | Real estate guarantee | Rest of real guarantees
Credit entities | — |  | — |  | — |  | — |  | — |  | — |  | — |
Public sector | 14 |  | 6 |  | 9 |  | 7 |  | 5 |  | — |  | 8 |
Other financial institutions and: individual shareholder | 933 |  | 94 |  | 462 |  | 182 |  | 117 |  | 15 |  | 94 |
Non-financial institutions and individual shareholder | 489,192 |  | 5,095 |  | 42,700 |  | 5,596 |  | 3,271 |  | 923 |  | 2,713 |
Of which financing for constructions and property development | 249 |  | 21 |  | 523 |  | 739 |  | 695 |  | 4 |  | 75 |
Other warehouses | 3,000,071 |  | 4,556 |  | 515,253 |  | 9,699 |  | 3,752 |  | 3,777 |  | 3,665 |
Total | 3,490,210 |  | 9,751 |  | 558,424 |  | 15,484 |  | 7,145 |  | 4,715 |  | 6,480 |
Financing classified as non-current assets and disposable groups of items that have been classified as held for sale | 13,499 |  | 261 |  | 4,630 |  | 566 |  | 406 |  | 14 |  | 171 |
Current refinancing and restructuring balances
Amounts in EUR million, except number of transactions that are in units
2025
Of which, non-performing/Doubtful
| Without real guarantee | With real guarantee |
|  |  |  |  | Maximum amount of the actual collateral that can be considered | Impairment of accumulated value or accumulated losses in fair value due to credit risk
| Number of transactions | Gross amount | Number of transactions | Gross amount | Real estate guarantee | Rest of real guarantees
Credit entities | — |  | — |  | — |  | — |  | — |  | — |  | — |
Public sector | 5 |  | 2 |  | 9 |  | 7 |  | 5 |  | — |  | 8 |
Other financial institutions and: individual shareholder | 579 |  | 50 |  | 259 |  | 75 |  | 22 |  | 11 |  | 89 |
Non-financial institutions and individual shareholder | 296,008 |  | 2,901 |  | 26,767 |  | 2,585 |  | 1,166 |  | 420 |  | 2,420 |
Of which financing for constructions and property development | 167 |  | 3 |  | 264 |  | 156 |  | 115 |  | 4 |  | 50 |
Other warehouses | 1,620,343 |  | 2,401 |  | 296,470 |  | 5,313 |  | 1,730 |  | 2,232 |  | 2,991 |
Total | 1,916,935 |  | 5,354 |  | 323,505 |  | 7,980 |  | 2,923 |  | 2,663 |  | 5,508 |
Financing classified as non-current assets and disposable groups of items that have been classified as held for sale | 6,901 |  | 120 |  | 1,720 |  | 235 |  | 110 |  | 5 |  | 145 |
The balance sheet items in the Group’s consolidated position that are subject to market risk are shown below, distinguishing those positions for which the main risk metric is VaR from those for which risk monitoring is carried out using other metrics:
Risk metric values on the consolidated balance sheet
EUR million |  |  |  |
|  | Main market risk metric |
| Balance sheet amount | VaR | Other | Main risk factor for 'Other' balance
Assets subject to market risk |  |  |  |
Cash, cash balances at central banks and other deposits on demand | 152,281 |  |  | 152,281 |  | Interest rate
Financial assets held for trading | 252,318 |  | 252,318 |  |  |
Non-trading financial assets mandatorily at fair value through profit or loss | 7,761 |  | 5,815 |  | 1,946 |  | Interest rate, spread
Financial assets designated at fair value through profit or loss | 8,046 |  | — |  | 8,046 |  | Interest rate, spread
Financial assets designated at fair value through other comprehensive income | 74,612 |  | 2,281 |  | 72,331 |  | Interest rate, spread
Financial assets at amortized cost | 1,202,689 |  |  | 1,202,689 |  | Interest rate, spread
Hedging derivatives | 3,931 |  |  | 3,931 |  | Interest rate, exchange rate
Changes in the fair value of hedged items in portfolio hedges of interest risk | 50 |  |  | 50 |  | Interest rate
Other assets | 165,827 |  |  |  |
Total assets | 1,867,515 |  |  |  |
Liabilities subject to market risk |  |  |  |
Financial liabilities held for trading | 171,546 |  | 171,546 |  |  |
Financial liabilities designated at fair value through profit or loss | 42,148 |  | — |  | 42,148 |  | Interest rate, spread
Financial liabilities at amortized cost | 1,421,184 |  |  | 1,421,184 |  | Interest rate, spread
Hedging derivatives | 4,248 |  |  | 4,248 |  | Interest rate, exchange rate
Changes in the fair value of hedged items in portfolio hedges of interest rate risk | 49 |  |  | 49 |  | Interest rate
Other liabilities | 115,592 |  |  |  |
Total liabilities | 1,754,767 |  |  |  |
Equity | 112,748 |  |  |  |

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