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Investments | 12 Months Ended
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Dec. 31, 2025
Investment [Abstract] |
Investments | Investments a) Breakdown The detail, by company, of Investments is as follows:
EUR million
| 2025 | 2024 | 2023
Associated entities | 5,096 |  | 5,216 |  | 5,682 |
Merlin Properties, SOCIMI, S.A. A | 1,830 |  | 1,803 |  | 1,621 |
Zurich Santander Insurance America, S.L. - Consolidated | 940 |  | 884 |  | 936 |
Metrovacesa, S.A. | 748 |  | 841 |  | 899 |
CNP Santander | 399 |  | 397 |  | 423 |
Pluxee Beneficios Brasil S.A. A | 295 |  | 309 |  | — |
Caceis (Notes 3 and 12) | — |  | — |  | 1,139 |
Other companies | 884 |  | 982 |  | 664 |
Joint Ventures entities | 1,956 |  | 2,061 |  | 1,964 |
Santander Caceis Latam Holding 1, S.L. - Consolidated (previously Santander Securities Services Latam Holding, S.L) | 404 |  | 381 |  | 389 |
Santander Vida Seguros y Reaseguros, S.A. | 329 |  | 356 |  | 362 |
U.C.I., S.A. - Consolidated | 293 |  | 325 |  | 349 |
Fortune Auto Finance Co., Ltd | 232 |  | 261 |  | 254 |
Hyundai Capital UK Limited | 270 |  | 249 |  | 205 |
Volvo Car Financial Services UK Limited | 116 |  | 99 |  | 76 |
Banco RCI Brasil S.A. | 77 |  | 94 |  | 92 |
Other companies | 235 |  | 296 |  | 237 |
Total Associated entities and Joint ventures | 7,052 |  | 7,277 |  | 7,646 |
A. Acquisition of 20% of Pluxee Beneficios Brasil S.A. and capital increase of Merlin Properties, SOCIMI, S.A., both carried out in 2024. Of the entities included above, at 31 December 2025, the entities Merlin Properties, SOCIMI, S.A, and Metrovacesa, S.A. and Compañía Española de Viviendas en Alquiler, S.A., are the only listed companies. Below is a breakdown of the Goodwill of the main investments in joint ventures and associates included in the balance of this heading:
EUR million
| 2025 | 2024 | 2023
Goodwill | 1,096 |  | 1,238 |  | 1,460 |
Of which: |  |  |
Zurich Santander Insurance America, S.L. - Consolidated | 526 |  | 526 |  | 526 |
Pluxee Beneficios Brasil S.A. A | 71 |  | 122 |  | — |
Caceis (Notes 3 and 12) | — |  | — |  | 337 |
A. Acquisition of 20% of Pluxee Beneficios Brasil S.A. in 2024. b) Changes The changes in the investments were as follows:
EUR million
| 2025 | 2024 | 2023
Balance at beginning of year | 7,277 |  | 7,646 |  | 7,615 |
Acquisitions (disposals) of companies and capital increases (reductions)A | (17) |  | 1,011 |  | 52 |
Changes in the consolidation method (Note 3) | 15 |  | (13) |  | (43) |
Entities for sale (Notes 3 y 12)B | (168) |  | (1,137) |  | — |
Effect of equity accounting | 665 |  | 687 |  | 591 |
Dividends distributed and reimbursements of share premium | (694) |  | (745) |  | (565) |
Of which: |  |  |
Zurich Santander Insurance América, S.L. - Consolidado | (206) |  | (202) |  | (202) |
Metrovacesa, S.A. | (118) |  | (52) |  | (50) |
Santander Vida Seguros y Reaseguros, S.A.- Consolidated | (87) |  | (82) |  | (52) |
Merlin Properties, SOCIMI, S.A. | (57) |  | (53) |  | (51) |
CNP Santander | (54) |  | (88) |  | (51) |
CIP S.A. | (16) |  | (56) |  | — |
Caceis | — |  | (114) |  | — |
Hyundai Capital UK Limited | — |  | — |  | (58) |
Other global result | 28 |  | (32) |  | (24) |
Exchange differences and other changes | (54) |  | (140) |  | 20 |
Balance at end of year | 7,052 |  | 7,277 |  | 7,646 |
A. Includes the acquisition of 20% of Pluxee Beneficios Brasil S.A. and the capital increase of Merlin Properties, SOCIMI, S.A carried out in 2024. B. Stakes of Santander Bank Polska S.A. and Caceis (Notes 3 and 12). c) Impairment adjustments During the years 2025, 2024 and 2023 there was no evidence of significant impairment in the Group's associated interests. d) Other information A summary of the financial information at the end of December 2025 of the main associates and joint ventures (obtained from the information available at the date of preparation of the consolidated financial statements) is shown below:
EUR million |
| Associates |  | Joint ventures
| Merlin Properties, SOCIMI, S.A. A | Metrovacesa, S.A. A | Pluxee Beneficios Brasil S.A. | Zurich Santander Insurance América, S.L. - Consolidated | CNP Santander |  | Santander Caceis Latam Holding, S.L. - Consolidated | U.C.I., S.A. - Consolidated | Hyundai Capital UK Limited | Fortune Auto Finance Co., LTD | Santander Vida Seguros y Reaseguros, S.A.- Consolidated (note 3) | Banco RCI Brasil S.A.
Current assets | 1,701 |  | 2,025 |  | 689 |  | 2,434 |  | 165 |  |  | 201 |  | 397 |  | 2,022 |  | 167 |  | 157 |  | 10 |
Non current assets | 11,758 |  | 389 |  | 652 |  | 20,190 |  | 2,139 |  |  | 579 |  | 8,876 |  | 3,665 |  | 1,933 |  | 1,710 |  | 2,221 |
Total assets | 13,459 |  | 2,414 |  | 1,341 |  | 22,624 |  | 2,304 |  |  | 780 |  | 9,273 |  | 5,687 |  | 2,100 |  | 1,867 |  | 2,231 |
Current liabilities | 840 |  | 507 |  | 254 |  | 657 |  | 186 |  |  | 315 |  | 6,930 |  | 3,685 |  | 10 |  | 140 |  | 112 |
Non current liabilities | 5,118 |  | 310 |  | 578 |  | 21,021 |  | 1,726 |  |  | 35 |  | 1,715 |  | 1,480 |  | 1,627 |  | 1,243 |  | 1,924 |
Total liabilities | 5,958 |  | 817 |  | 832 |  | 21,678 |  | 1,912 |  |  | 350 |  | 8,645 |  | 5,165 |  | 1,637 |  | 1,383 |  | 2,036 |
Attributable profit for the period | 284 |  | 16 |  | 87 |  | 534 |  | 101 |  |  | 97 |  | (75) |  | 77 |  | 20 |  | 145 |  | 54 |
Other accumulated comprehensive income | (11) |  | — |  | — |  | (33) |  | (9) |  |  | — |  | 114 |  | (1) |  | — |  | (21) |  | 4 |
Rest of equity | 7,228 |  | 1,581 |  | 422 |  | 445 |  | 300 |  |  | 333 |  | 589 |  | 446 |  | 443 |  | 360 |  | 137 |
Total Equity | 7,501 |  | 1,597 |  | 509 |  | 946 |  | 392 |  |  | 430 |  | 628 |  | 522 |  | 463 |  | 484 |  | 195 |
Total liabilities and equity | 13,459 |  | 2,414 |  | 1,341 |  | 22,624 |  | 2,304 |  |  | 780 |  | 9,273 |  | 5,687 |  | 2,100 |  | 1,867 |  | 2,231 |
Ordinary activities income | 544 |  | 658 |  | 457 |  | 4,559 |  | 568 |  |  | 163 |  | 499 |  | 426 |  | 159 |  | 907 |  | 312 |
Profit (loss) from continuing operations | 284 |  | 16 |  | 87 |  | 534 |  | 101 |  |  | 97 |  | (75) |  | 77 |  | 20 |  | 145 |  | 54 |
Profit (loss) for the year from discontinuing operations | — |  | — |  | — |  | — |  | — |  |  | — |  | — |  | — |  | — |  | — |  | — |
A. Data as of 31 December 2024, latest accounts available.

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