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Trading derivatives (assets and liabilities) and short positions | 12 Months Ended
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Dec. 31, 2025
Trading Derivatives And Short Positions [Abstract] |
Trading derivatives (assets and liabilities) and short positions | Trading derivatives (assets and liabilities) and short positions a) Trading Derivatives The detail, by type of inherent risk, of the fair value of the trading derivatives arranged by the Group is as follows (see note 11):
EUR million
| 2025 | 2024 | 2023
| Debit balance | Credit balance | Debit balance | Credit balance | Debit balance | Credit balance
Interest rate risk | 29,550 |  | 23,728 |  | 30,834 |  | 24,754 |  | 31,480 |  | 26,014 |
Currency risk | 24,755 |  | 20,508 |  | 29,395 |  | 29,110 |  | 22,834 |  | 23,094 |
Price risk | 1,858 |  | 2,279 |  | 1,765 |  | 1,632 |  | 1,279 |  | 904 |
Other risks | 2,192 |  | 5,453 |  | 2,106 |  | 2,257 |  | 735 |  | 577 |
| 58,355 |  | 51,968 |  | 64,100 |  | 57,753 |  | 56,328 |  | 50,589 |
b) Short positions Following is a breakdown of the short positions (liabilities):
EUR million
| 2025 | 2024 | 2023
Borrowed securities |  |  |
Debt instruments | 2,938 |  | 2,566 | 3,263 |
Of which: |  |  |
Banco Santander, S.A. | 1,555 |  | 1,347 | 1,383 |
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México | 1,358 |  | 1,199 |  | 1,881 |
Equity instruments | 690 |  | 538 |  | 546 |
Of which: |  |  |
Banco Santander, S.A. | 429 |  | 358 |  | 312 |
Short sales |  |  |
Debt instruments | 40,387 |  | 32,726 |  | 22,365 |
Of which: |  |  |
Banco Santander, S.A. | 28,710 |  | 23,813 |  | 16,143 |
Banco Santander (Brasil) S.A. | 7,417 |  | 5,950 |  | 3,462 |
Santander US Capital Markets LLC | 3,396 |  | 2,382 |  | 2,442 |
| 44,015 |  | 35,830 |  | 26,174 |

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