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Other comprehensive income (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure Of Other Comprehensive Income [Abstract] |
Schedule of components of other comprehensive income |
EUR million A
| 2025 |  | 2024 |  | 2023 |
Other comprehensive income | (37,974) |  | (36,595) |  | (35,020) |
Items that will not be reclassified to profit or loss | (4,121) |  | (4,757) |  | (5,212) |
Actuarial gains and losses on defined benefit pension plans | (3,896) |  | (4,404) |  | (4,324) |
Non-current assets held for sale | 56 |  | — |  | — |
Share in other income and expenses recognised in investments, joint ventures and associates | 1 |  | (1) |  | 1 |
Other valuation adjustments | — |  | — |  | — |
Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income | (250) |  | (432) |  | (776) |
Inefficiency of fair value hedges of equity instruments measured at fair value with changes in other comprehensive income | — |  | — |  | — |
Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income (hedged item) | 208 |  | 284 |  | 264 |
Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income (hedging instrument) | (208) |  | (284) |  | (264) |
Changes in the fair value of financial liabilities measured at fair value through profit or loss attributable to changes in credit risk | (32) |  | 80 |  | (113) |
Items that may be reclassified to profit or loss | (33,853) |  | (31,838) |  | (29,808) |
Hedges of net investments in foreign operations (Effective portion) | (7,343) |  | (8,002) |  | (8,684) |
Exchange differences | (25,475) |  | (22,375) |  | (19,510) |
Hedging derivatives. Cash flow hedges (Effective portion) | 333 |  | (298) |  | (740) |
Changes in the fair value of debt instruments measured at fair value with changes in other comprehensive income | (372) |  | (736) |  | (555) |
Hedging instruments (items not designated) | (11) |  | — |  | — |
Non-current assets classified as held for sale | (590) |  | — |  | — |
Share in other income and expenses recognised in investments, joint ventures and associates | (395) |  | (427) |  | (319) |
A. Net amount of taxes and minorities
Schedule of changes in fair value of equity instruments that will not be reclassified | The following is a breakdown of the composition of the balance as of 31 December 2025, 2024 and 2023 under 'Other comprehensive income - Items that will not be reclassified to profit or loss - Changes in the fair value of equity instruments measured at fair value with changes in other global result' depending on the geographical origin of the issuer:
EUR million
| 2025
| Capital gains by valuation | Capital losses by valuation | Net gains/losses by valuation | Fair Value
Equity instruments |  |  |  |
Domestic |  |  |  |
Spain | 47 |  | (1326) |  | (1,279) |  | 133 |
International |  |  |  |
Rest of Europe | 75 |  | (81) |  | (6) |  | 186 |
United States | 23 |  | (1) |  | 22 |  | 36 |
Latin America and rest | 1,013 |  | — |  | 1,013 |  | 1,926 |
| 1,158 |  | (1,408) |  | (250) |  | 2,281 |
Of which: |  |  |  |
Publicly listed | 1,033 |  | (49) |  | 985 |  | 1,993 |
Non publicly listed | 125 |  | (1,359) |  | (1,235) |  | 288 |
EUR million
| 2024
| Capital gains by valuation | Capital losses by valuation | Net gains/losses by valuation | Fair Value
Equity instruments |  |  |  |
Domestic |  |  |  |
Spain | 39 |  | (1,328) |  | (1,289) |  | 117 |
International |  |  |  |
Rest of Europe | 131 |  | (71) |  | 60 |  | 299 |
United States | 22 |  | — |  | 22 |  | 24 |
Latin America and rest | 775 |  | — |  | 775 |  | 1,753 |
| 967 |  | (1,399) |  | (432) |  | 2,193 |
Of which: |  |  |  |
Publicly listed | 779 |  | (51) |  | 728 |  | 1,780 |
Non publicly listed | 188 |  | (1,348) |  | (1,160) |  | 413 |
EUR million
| 2023
| Capital gains by valuation | Capital losses by valuation | Net gains/losses by valuation | Fair Value
Equity instruments |  |  |  |
Domestic |  |  |  |
Spain | 32 |  | (1,173) |  | (1,141) |  | 252 |
International |  |  |  |
Rest of Europe | 117 |  | (71) |  | 46 |  | 267 |
United States | 16 |  | — |  | 16 |  | 19 |
Latin America and rest | 370 |  | (67) |  | 303 |  | 1,223 |
| 535 |  | (1,311) |  | (776) |  | 1,761 |
Of which: |  |  |  |
Publicly listed | 316 |  | (118) |  | 198 |  | 1,225 |
Non publicly listed | 219 |  | (1,193) | (974) |  | 536 |
Schedule of exchange differences included in other comprehensive income that may be reclassified to profit or loss | The detail, by country is as follows:
EUR million
| 2025 | 2024 | 2023
Net balance at end of year | (32,818) |  | (30,377) |  | (28,194) |
Of which: |  |  |
Brazilian real | (19,412) |  | (19,293) |  | (16,340) |
Mexican peso | (4,137) |  | (3,995) |  | (2,942) |
Pound sterling | (4,125) |  | (3,444) |  | (3,964) |
Chilean peso | (2,926) |  | (2,857) |  | (2,531) |
Argentine peso | (2,217) |  | (2,090) |  | (2,655) |
Polish zloty | (43) |  | (709) |  | (786) |
US dollar | 1,047 |  | 2,923 |  | 1,819 |
Other | (1,005) |  | (912) |  | (795) |
The breakdown of translation differences by currency is as follows:
EUR million |  |  |  |  |  |  |
2025 |  |  |  | Of which:
Currency | Balance at the beginning of the year | Balance at the end of the year | Movement | From goodwill | From results A | From net assets | From transfers B
Brazilian real | (16,664) |  | (16,755) |  | (91) |  | (13) |  | (41) |  | (37) |  | — |
Pound sterling | (3,300) |  | (4,126) |  | (826) |  | (48) |  | (18) |  | (760) |  | — |
Mexican peso | (1,437) |  | (1,222) |  | 215 |  | 11 |  | 40 |  | 164 |  | — |
Argentine peso | (2,090) |  | (2,216) |  | (126) |  | — |  | — |  | (126) |  | — |
Chilean peso | (2,180) |  | (2,249) |  | (69) |  | (12) |  | 9 |  | (66) |  | — |
US dollar | 4,462 |  | 2,340 |  | (2,122) |  | (225) |  | (48) |  | (1,849) |  | — |
Polish zloty | (202) |  | 18 |  | 220 |  | 1 |  | — |  | 4 |  | 215 |
Other | (964) |  | (1,265) |  | (301) |  | (1) |  | 6 |  | (306) |  | — |
Total Group | (22,375) |  | (25,475) |  | (3,100) |  | (287) |  | (52) |  | (2,976) |  | 215 |
A. Profit and loss items are translated into euros at the average exchange rate for the year as described in note 2 a) ii. B. It includes the accumulated exchange differences of Santander Polska transferred to the heading 'Other comprehensive income - Items that may be reclassified to profit or loss - Non-current assets held for sale' (see Note 12).
EUR million |  |  |  |  |  |
2024 |  |  |  | Of which:
Currency | Balance at the beginning of the year | Balance at the end of the year | Movement | From goodwill | From results A | From net assets
Brazilian real | (13,287) |  | (16,664) |  | (3,377) |  | (631) |  | (206) |  | (2,540) |
Pound sterling | (4,064) |  | (3,300) |  | 764 |  | 39 |  | 22 |  | 703 |
Mexican peso | (64) |  | (1,437) |  | (1,373) |  | (82) |  | (136) |  | (1,155) |
Argentine peso | (2,658) |  | (2,090) |  | 568 |  | — |  | — |  | 568 |
Chilean peso | (1,890) |  | (2,180) |  | (290) |  | (34) |  | (7) |  | (249) |
US dollar | 3,433 |  | 4,462 |  | 1,029 |  | 116 |  | 35 |  | 878 |
Polish zloty | (325) |  | (202) |  | 123 |  | 34 |  | 5 |  | 84 |
Other | (655) |  | (964) |  | (309) |  | (10) |  | (8) |  | (291) |
Total Group | (19,510) |  | (22,375) |  | (2,865) |  | (568) |  | (295) |  | (2,002) |
A. Profit and loss items are translated into euros at the average exchange rate for the year as described in note 2 a) ii.
EUR million |  |  |  |  |  |
2023 |  |  |  | Of which:
Currency | Balance at the beginning of the year | Balance at the end of the year | Movement | From goodwill | From results A | From net assets
Brazilian real | (14,199) |  | (13,287) |  | 912 |  | 191 |  | 11 |  | 710 |
Pound sterling | (4,446) |  | (4,064) |  | 382 |  | 20 |  | 4 |  | 358 |
Mexican peso | (1,132) |  | (64) |  | 1,068 |  | 62 |  | 41 |  | 965 |
Argentine peso | (1,754) |  | (2,658) |  | (904) |  | (4) |  | — |  | (900) |
Chilean peso | (1,605) |  | (1,890) |  | (285) |  | (32) |  | (34) |  | (219) |
US dollar | 4,062 |  | 3,433 |  | (629) |  | (64) |  | (16) |  | (549) |
Polish zloty | (776) |  | (325) |  | 451 |  | 87 |  | 32 |  | 332 |
Other | (570) |  | (655) |  | (85) |  | (11) |  | (1) |  | (73) |
Total Group | (20,420) |  | (19,510) |  | 910 |  | 249 |  | 37 |  | 624 |
A. Profit and loss items are translated into euros at the average exchange rate for the year as described in note 2 a) ii.
Schedule of other comprehensive income, that may be reclassified to profit or loss, by type of instrument and geographical origin of the issuer | The breakdown, by type of instrument and geographical origin of the issuer, of 'Other comprehensive income – Items that may be reclassified to profit or loss - Changes in the fair value of debt instruments measured at fair value with changes in other comprehensive income' at 31 December 2025, 2024 and 2023 is as follows:
EUR million
| 31 December 2025
| Revaluation gains | Revaluation losses | Net revaluation gains/ (losses) | Fair value
Debt instruments |  |  |  |
Issued by Public-sector |  |  |  |
Spain | 118 |  | — |  | 118 |  | 10,142 |
Rest of Europe | 209 |  | (36) |  | 173 |  | 8,856 |
America and rest of the world | 109 |  | (528) |  | (419) |  | 31,685 |
Issued by Private-sector |  |  |  |
Spain | 29 |  | (53) |  | (24) |  | 9,745 |
Rest of Europe | 28 |  | (15) |  | 13 |  | 6,445 |
America and rest of the world | 40 |  | (273) |  | (233) |  | 5,458 |
| 533 |  | (905) |  | (372) |  | 72,331 |
EUR million
| 31 December 2024
| Revaluation gains | Revaluation losses | Net revaluation gains/ (losses) | Fair value
Debt instruments |  |  |  |
Issued by Public-sector |  |  |  |
Spain | 103 |  | — |  | 103 |  | 13,764 |
Rest of Europe | 268 |  | (70) |  | 198 |  | 15,413 |
America and rest of the world | 76 |  | (944) |  | (868) |  | 38,784 |
Issued by Private-sector |  |  |  |
Spain | 96 |  | (23) |  | 73 |  | 6,019 |
Rest of Europe | 25 |  | (18) |  | 7 |  | 7,478 |
America and rest of the world | 16 |  | (265) |  | (249) |  | 6,247 |
| 584 |  | (1,320) |  | (736) |  | 87,705 |
EUR million
| 31 December 2023
| Revaluation gains | Revaluation losses | Net revaluation gains/ (losses) | Fair value
Debt instruments |  |  |  |
Issued by Public-sector |  |  |  |
Spain | 17 |  | — |  | 17 |  | 9,867 |
Rest of Europe | 333 |  | (96) |  | 237 |  | 18,258 |
America and rest of the world | 194 |  | (820) |  | (626) |  | 38,169 |
Issued by Private-sector |  |  |  |
Spain | 98 |  | (9) |  | 89 |  | 5,129 |
Rest of Europe | 19 |  | (30) |  | (11) |  | 5,018 |
America and rest of the world | 6 |  | (267) |  | (261) |  | 5,106 |
| 667 |  | (1,222) |  | (555) |  | 81,547 |

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