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Marketable debt securities | 12 Months Ended
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Dec. 31, 2025
Marketable Debt Securities [Abstract] |
Marketable debt securities | Marketable debt securities a) Breakdown The detail, by classification and type, of Marketable debt securities is as follows:
EUR million
| 2025 | 2024 | 2023
Classification |  |  |
Financial liabilities held for trading | — |  | — |  | — |
Financial liabilities designated at fair value through profit or loss | 11,686 |  | 7,554 |  | 5,371 |
Financial liabilities at amortized cost | 312,704 |  | 317,967 |  | 303,208 |
| 324,390 |  | 325,521 |  | 308,579 |
Type |  |  |
Bonds and debentures outstanding | 253,893 |  | 252,765 |  | 231,880 |
Subordinated | 28,859 |  | 35,461 |  | 30,529 |
Notes and other securities | 41,638 |  | 37,295 |  | 46,170 |
| 324,390 |  | 325,521 |  | 308,579 |
The distribution of the book value of debt securities issued by contractual maturity at 31 December 2025 is shown below:
EUR million |  |
| Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
Subordinated debt | — | 798 | 1,760 | 2,277 | 24,024 | 28,859
Senior unsecured debt | 10,509 | 13,643 | 51,461 | 34,465 | 35,618 | 145,696
Senior secured debt | 11,529 | 12,308 | 43,661 | 28,106 | 12,593 | 108,197
Promissory notes and other securities | 17,747 | 23,060 | 335 | 170 | 326 | 41,638
Debt securities issued | 39,785 |  | 49,809 |  | 97,217 |  | 65,018 |  | 72,561 |  | 324,390 |
The distribution by contractual maturity of the notional amounts of these debt securities issued at 31 December 2025 is as follows:
EUR million |  |
| Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
Subordinated debt | — | 790 | 1,744 | 2,255 | 22,926 | 27,715
Senior unsecured debt | 10,056 | 12,654 | 50,189 | 34,089 | 36,469 | 143,457
Senior secured debt | 11,038 | 12,110 | 43,467 | 28,116 | 12,513 | 107,244
Promissory notes and other securities | 17,709 | 23,042 | 299 | 154 | 312 | 41,516
Debt securities issued | 38,803 |  | 48,596 |  | 95,699 |  | 64,614 |  | 72,220 |  | 319,932 |
b) Bonds and debentures outstanding The detail, by currency of issue, of 'Bonds and debentures outstanding' is as follows:
| EUR million | 2025
Currency of issue | 2025 | 2024 | 2023 | Outstanding issue amount in foreign currency (Million) | Annual interest rate (%)
Euro | 117,350 | 110,973 | 101,657 | 117,350 | 2.72%
US dollar | 71,140 | 79,740 | 70,229 | 83,632 | 4.73%
Pound sterling | 25,548 | 23,961 | 20,520 | 22,301 | 5.14%
Brazilian real | 21,848 | 18,683 | 21,861 | 141,089 | 14.21%
Chilean peso | 4,697 | 4,579 | 4,921 | 4,977,648 | 3.61%
Other currencies | 13,310 | 14,829 | 12,692 |  |
Balance at end of year | 253,893 |  | 252,765 |  | 231,880 |  |  |
The changes in 'Bonds and debentures outstanding' were as follows:
EUR million
| 2025 | 2024 | 2023
Balance at beginning of year | 252,765 |  | 231,880 |  | 211,597 |
Net inclusion of entities in the Group | — |  | (1,224) |  | (1,467) |
Of which: |  |  |
SPIRE SA Compartment 2023-374 | — |  | (1,224) |  | — |
Auto ABS UK Loans PLC | — |  | — |  | (841) |
PSA Bank Deutschland GmbH | — |  | — |  | (626) |
Issues | 72,014 |  | 77,921 |  | 68,568 |
Of which: |  |  |
Banco Santander, S.A. | 12,682 |  | 20,559 |  | 19,706 |
Banco Santander (Brasil) S.A. | 11,827 |  | 8,039 |  | 12,781 |
Santander Group UK | 11,450 |  | 9,884 |  | 6,002 |
Santander Consumer USA Holdings Inc. | 8,705 |  | 8,949 |  | 7,309 |
Santander International Products, Plc. | 5,071 |  | 2,752 |  | 1,054 |
Stellantis Financial Services Italia S.p.A. | 2,020 |  | 2,021 |  | 761 |
Santander Consumer Bank S.p.A. | 1,799 |  | 1,001 |  | 1,460 |
Santander Holdings USA, Inc. | 1,772 |  | 3,004 |  | 1,850 |
Fondo de Titulización, Santander Consumo 8 | 1,523 |  | — |  | — |
Fondo de Titulización, Santander Consumo 9 | 1,421 |  | — |  | — |
Banco Santander - Chile | 1,204 |  | 1,171 |  | 814 |
Santander Consumer Finance, S.A. | 1,181 |  | 2,271 |  | 2,557 |
Banco Santander Totta, S.A. | 1,069 |  | 1,129 |  | 1,734 |
Santander Bank, National Association | 853 |  | 4,133 |  | 1,346 |
SC Germany S.A., Compartment Consumer 2025-2 | 850 |  | — |  | — |
SC Austria S.à r.l., Compartment Consumer 2025-1 | 803 |  | — |  | — |
Secucor Finance 2025-1 Designated Activity Company | 801 |  | — |  | — |
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México | 787 |  | 875 |  | 634 |
Hyundai Capital Bank Europe GmbH Italy | 749 |  | — |  | — |
Banque Stellantis France | 728 |  | 897 |  | 1,145 |
Santander Consumer Bank AG | — |  | 180 |  | 1,256 |
SC Germany S.A., Compartment Consumer 2024-1 | — |  | 1,500 |  | — |
Santander Consumo 6, F.T. | — |  | 1,230 |  | — |
Santander Consumo 7, F.T. | — |  | 1,218 |  | — |
Santander Bank Polska S.A. | — |  | 1,002 |  | 1,102 |
SC Germany S.A., Compartment Consumer 2024-2 | — |  | 1,000 |  | — |
Redemptions and repurchases | (60,335) |  | (57,676) |  | (48,825) |
Of which: |  |  |
Banco Santander, S.A. | (14,854) |  | (15,888) |  | (7,889) |
Banco Santander (Brasil) S.A. | (9,430) |  | (6,919) |  | (10,542) |
Santander Consumer USA Holdings Inc. | (7,905) |  | (10,806) |  | (14,466) |
Santander Group UK | (4,936) |  | (7,764) |  | (6,185) |
Santander Consumer Finance, S.A. | (2,743) |  | (2,900) |  | (1,800) |
Santander Holdings USA, Inc. | (2,693) |  | (1,387) |  | — |
Santander Bank, National Association | (2,648) |  | (1,440) |  | (567) |
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México | (2,084) |  | (122) |  | (140) |
Banco Santander - Chile | (1,930) |  | (1,486) |  | (575) |
Santander International Products, Plc. | (1,327) |  | (584) |  | (728) |
Santander Consumer Bank S.p.A. | (1,327) |  | (233) |  | (266) |
Santander Consumer Bank AS | (1,174) |  | (839) |  | (681) |
Banque Stellantis France | (746) |  | (565) |  | (813) |
Stellantis Financial Services Italia S.p.A. | (698) |  | (22) |  | — |
Banco Santander Totta, S.A. | (223) |  | (1,055) |  | (108) |
Exchange differences and other movements | (10,551) |  | 1,864 |  | 2,007 |
Balance at year-end | 253,893 |  | 252,765 |  | 231,880 |
c) Notes and other securities The notes of the Group (see Note 22.a) were issued basically by Santander Consumer Finance, S.A., Santander UK plc, Banco Santander (México), S.A. Institución de Banca Múltiple, Grupo Financiero Santander México, Banco Santander, S.A., Santander Consumer Bank AG, Banque Stellantis France, Banco Santander -Chile and Banco Santander S.A. - Uruguay. d) Guarantees Set forth below is information on the liabilities secured by assets:
EUR million
| 2025 | 2024 | 2023
Asset-backed securities | 55,031 |  | 49,723 |  | 37,717 |
Of which, mortgage-backed securities | 5,961 |  | 4,377 |  | 3,019 |
Other mortgage securities | 51,438 |  | 50,141 |  | 49,478 |
Of which: mortgage-backed bonds | 22,624 |  | 22,631 |  | 24,619 |
Covered bonds (non mortgage and export financing) | 1,728 |  | 995 |  | 764 |
| 108,197 |  | 100,859 |  | 87,959 |
The main characteristics of the assets securing the aforementioned financial liabilities are as follows: 1. Asset-backed securities a. Mortgage-backed securities- these securities are secured by mortgage assets (see Note 10.e) with average maturities of more than ten years that must: be a first mortgage for acquisition of principal or second residence, be current in payments, have a loan-to-value ratio below 80% and have a liability insurance policy in force covering at least the appraisal value. The value of the financial liabilities broken down in the foregoing table is lower than the balance of the assets securing them —securitised assets retained on the balance sheet— mainly because the Group repurchases a portion of the bonds issued, and in such cases they are not recognised on the liability side of the consolidated balance sheet. b. Other asset - backed securities: includes asset-backed securities, notes issued by securitization funds collateralized mainly by mortgage loans that do not meet the above requirements and other loans (mainly personal loans with an average maturity of five years and loans to SMEs with average maturities of seven years) and private issues of Santander Consumer USA Holdings Inc. collateralized by vehicles assigned under operating leases. 2. Other mortgage securities include mainly: a. Mortgage-backed bonds with average maturities of more than ten years that are secured by a portfolio of mortgage loans and credits (included in secured loans —see note 10.b—) which must: not be classified as of procedural stage; have available appraisals performed by specialised entities; have a loan-to-value (LTV) ratio below 80% in the case of home loans and below 60% for loans for other assets and have sufficient liability insurance. b. Other debt securities issued as part of the Group’s liquidity strategy in the UK, mainly covered bonds in the UK secured by mortgage loans and other assets. Grupo Santander has a balance corresponding to mortgage bonds at 31 December 2025 of EUR 22,624 million (all of them issued in euros), which correspond to issues of Banco Santander, S.A. (with an outstanding face value of EUR 22,360 million). The issuing entity may repay the mortgage bonds early, if this has been expressly established in the final conditions of the issue in question and in the conditions established there. None of the mortgage bonds issued by Banco Santander have replacement assets involved. During 2023, the Bank of Spain has published Circular 1/2023 of 4 February , which modifies Circular 4/2017, repealing the breakdown in the annual accounts and the information related to internal accounting development and management control. Additionally, Banco Santander, S.A. issues internationalization certificates, which are securities whose capital and interest are guaranteed by loans and credits that are linked to the financing of export contracts or the internationalization of companies. The fair value of the guarantees received by the Group (financial and non-financial assets) which the Group is authorised to sell or pledge even if the owner of the guarantee has not defaulted is scantly material taking into account the Consolidated financial statements as a whole.

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