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v3.26.1

Other disclosures (Tables) | 12 Months Ended
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Dec. 31, 2025
Other Disclosures [Abstract] |
Schedule of certain financial assets and liabilities by maturity | The detail, by maturity, of the balances of certain items in the consolidated balance sheet at 31 December 2025, 2024 and 2023 is presented below:
| 31 December 2025
| EUR million
| On demand | Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
Assets |  |  |  |  |  |  |
Cash, cash balances at Central Banks and other deposits on demand | 152,281 |  |  |  |  |  |  | 152,281 |
Financial assets at fair value through other comprehensive income | — |  | 12,721 |  | 8,593 |  | 14,012 |  | 8,315 |  | 28,690 |  | 72,331 |
Debt securities | — |  | 10,677 |  | 7,631 |  | 12,139 |  | 6,619 |  | 21,239 |  | 58,305 |
Loans and advances | — |  | 2,044 |  | 962 |  | 1,873 |  | 1,696 |  | 7,451 |  | 14,026 |
Credits institutions | — |  | — |  | 111 |  | 3 |  | 5 |  | 1,001 |  | 1,120 |
Customers | — |  | 2,044 |  | 851 |  | 1,870 |  | 1,691 |  | 6,450 |  | 12,906 |
Financial assets at amortized cost | 40,174 |  | 213,109 |  | 173,400 |  | 208,743 |  | 163,374 |  | 403,889 |  | 1,202,689 |
Debt securities | — |  | 8,547 |  | 9,312 |  | 25,469 |  | 17,474 |  | 79,212 |  | 140,014 |
Loans and advances | 40,174 |  | 204,562 |  | 164,088 |  | 183,274 |  | 145,900 |  | 324,677 |  | 1,062,675 |
Central banks | — |  | 14,782 |  | — |  | — |  | 1,134 |  | 70 |  | 15,986 |
Credits institutions | 4,577 |  | 26,620 |  | 10,564 |  | 5,594 |  | 1,198 |  | 12,960 |  | 61,513 |
Customers | 35,597 |  | 163,160 |  | 153,524 |  | 177,680 |  | 143,568 |  | 311,647 |  | 985,176 |
| 192,455 |  | 225,830 |  | 181,993 |  | 222,755 |  | 171,689 |  | 432,579 |  | 1,427,301 |
Liabilities |  |  |  |  |  |  |
Financial liabilities at amortized cost | 700,717 |  | 271,366 |  | 147,951 |  | 132,783 |  | 72,048 |  | 96,319 |  | 1,421,184 |
Deposits | 688,927 |  | 223,636 |  | 96,132 |  | 37,030 |  | 9,216 |  | 17,443 |  | 1,072,384 |
Central banks | 857 |  | 8,550 |  | 4,615 |  | 2,892 |  | — |  | 1,628 |  | 18,542 |
Credit institutions | 6,342 |  | 34,993 |  | 11,677 |  | 12,197 |  | 1,845 |  | 7,638 |  | 74,692 |
Customer deposits | 681,728 |  | 180,093 |  | 79,840 |  | 21,941 |  | 7,371 |  | 8,177 |  | 979,150 |
Marketable debt securities A | — |  | 38,875 |  | 48,971 |  | 94,735 |  | 62,275 |  | 67,848 |  | 312,704 |
Other financial liabilities | 11,790 |  | 8,855 |  | 2,848 |  | 1,018 |  | 557 |  | 11,028 |  | 36,096 |
| 700,717 |  | 271,366 |  | 147,951 |  | 132,783 |  | 72,048 |  | 96,319 |  | 1,421,184 |
Difference (assets less liabilities) | (508,262) |  | (45,536) |  | 34,042 |  | 89,972 |  | 99,641 |  | 336,260 |  | 6,117 |
A. Includes promissory notes, certificates of deposit and other short-term debt issues. See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, notes and other securities) (see note 22).
| 31 December 2024
| EUR million
| On demand | Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
Assets |  |  |  |  |  |  |
Cash, cash balances at Central Banks and other deposits on demand | 192,208 |  | — |  | — |  | — |  | — |  | — |  | 192,208 |
Financial assets at fair value through other comprehensive income | — |  | 13,401 |  | 9,153 |  | 23,902 |  | 8,905 |  | 32,344 |  | 87,705 |
Debt securities | — |  | 11,072 |  | 8,449 |  | 22,137 |  | 7,623 |  | 27,277 |  | 76,558 |
Loans and advances | — |  | 2,329 |  | 704 |  | 1,765 |  | 1,282 |  | 5,067 |  | 11,147 |
Credits institutions | — |  | 36 |  | — |  | 98 |  | 6 |  | 223 |  | 363 |
Customers | — |  | 2,293 |  | 704 |  | 1,667 |  | 1,276 |  | 4,844 |  | 10,784 |
Financial assets at amortized cost | 41,652 |  | 208,565 |  | 167,974 |  | 220,871 |  | 176,710 |  | 387,935 |  | 1,203,707 |
Debt securities | — |  | 9,628 |  | 14,041 |  | 17,071 |  | 22,705 |  | 57,504 |  | 120,949 |
Loans and advances | 41,652 |  | 198,937 |  | 153,933 |  | 203,800 |  | 154,005 |  | 330,431 |  | 1,082,758 |
Central banks | — |  | 15,067 |  | — |  | — |  | — |  | 1,112 |  | 16,179 |
Credits institutions | 6,208 |  | 23,550 |  | 4,166 |  | 5,760 |  | 1,843 |  | 14,010 |  | 55,537 |
Customers | 35,444 |  | 160,320 |  | 149,767 |  | 198,040 |  | 152,162 |  | 315,309 |  | 1,011,042 |
| 233,860 |  | 221,966 |  | 177,127 |  | 244,773 |  | 185,615 |  | 420,279 |  | 1,483,620 |
Liabilities |  |  |  |  |  |  |
Financial liabilities at amortized cost | 720,659 |  | 256,651 |  | 171,362 |  | 155,620 |  | 89,229 |  | 90,801 |  | 1,484,322 |
Deposits | 707,418 |  | 213,220 |  | 121,914 |  | 46,431 |  | 21,510 |  | 15,946 |  | 1,126,439 |
Central banks | 17 |  | 9,063 |  | 11,022 |  | 4,772 |  | — |  | 8 |  | 24,882 |
Credit institutions | 13,948 |  | 27,149 |  | 19,300 |  | 15,655 |  | 6,477 |  | 7,483 |  | 90,012 |
Customer deposits | 693,453 |  | 177,008 |  | 91,592 |  | 26,004 |  | 15,033 |  | 8,455 |  | 1,011,545 |
Marketable debt securities A | — |  | 35,570 |  | 47,977 |  | 100,451 |  | 60,128 |  | 73,841 |  | 317,967 |
Other financial liabilities | 13,241 |  | 7,861 |  | 1,471 |  | 8,738 |  | 7,591 |  | 1,014 |  | 39,916 |
| 720,659 |  | 256,651 |  | 171,362 |  | 155,620 |  | 89,229 |  | 90,801 |  | 1,484,322 |
Difference (assets less liabilities) | (486,799) |  | (34,685) |  | 5,765 |  | 89,153 |  | 96,386 |  | 329,478 |  | (702) |
A. Includes promissory notes, certificates of deposit and other short-term debt issues.
| 31 December 2023
| EUR million
| On demand | Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
Assets |  |  |  |  |  |  |
Cash, cash balances at Central Banks and other deposits on demand | 220,342 |  | — |  | — |  | — |  | — |  | — |  | 220,342 |
Financial assets at fair value through other comprehensive income | — |  | 13,544 |  | 9,234 |  | 19,372 |  | 14,162 |  | 25,235 |  | 81,547 |
Debt securities | — |  | 13,078 |  | 8,433 |  | 18,432 |  | 12,764 |  | 20,858 |  | 73,565 |
Loans and advances | — |  | 466 |  | 801 |  | 940 |  | 1,398 |  | 4,377 |  | 7,982 |
Customers | — |  | 466 |  | 801 |  | 940 |  | 1,085 |  | 4,377 |  | 7,669 |
Financial assets at amortized cost | 40,687 |  | 202,066 |  | 171,494 |  | 232,190 |  | 158,556 |  | 386,410 |  | 1,191,403 |
Debt securities | — |  | 12,281 |  | 14,114 |  | 18,608 |  | 11,281 |  | 47,275 |  | 103,559 |
Loans and advances | 40,687 |  | 189,785 |  | 157,380 |  | 213,582 |  | 147,275 |  | 339,135 |  | 1,087,844 |
Central banks | — |  | 18,730 |  | — |  | — |  | — |  | 1,352 |  | 20,082 |
Credit institutions | 6,783 |  | 26,671 |  | 6,313 |  | 7,151 |  | 1,521 |  | 9,478 |  | 57,917 |
Customers | 33,904 |  | 144,384 |  | 151,067 |  | 206,431 |  | 145,754 |  | 328,305 |  | 1,009,845 |
| 261,029 |  | 215,610 |  | 180,728 |  | 251,562 |  | 172,718 |  | 411,645 |  | 1,493,292 |
Liabilities |  |  |  |  |  |  |
Financial liabilities at amortized cost | 711,093 |  | 246,898 |  | 182,516 |  | 161,784 |  | 88,527 |  | 77,885 |  | 1,468,703 |
Deposits | 697,339 |  | 210,538 |  | 118,035 |  | 61,332 |  | 22,161 |  | 15,903 |  | 1,125,308 |
Central banks | 168 |  | 20,224 |  | 6,941 |  | 16,846 |  | 4,581 |  | 22 |  | 48,782 |
Credit institutions | 6,572 |  | 25,990 |  | 21,390 |  | 13,434 |  | 5,963 |  | 7,897 |  | 81,246 |
Customer deposits | 690,599 |  | 164,324 |  | 89,704 |  | 31,052 |  | 11,617 |  | 7,984 |  | 995,280 |
Marketable debt securities A | — |  | 28,371 |  | 63,440 |  | 92,554 |  | 57,639 |  | 61,204 |  | 303,208 |
Other financial liabilities | 13,754 |  | 7,989 |  | 1,041 |  | 7,898 |  | 8,727 |  | 778 |  | 40,187 |
| 711,093 |  | 246,898 |  | 182,516 |  | 161,784 |  | 88,527 |  | 77,885 |  | 1,468,703 |
Difference (assets less liabilities) | (450,064) |  | (31,288) |  | (1,788) |  | 89,778 |  | 84,191 |  | 333,760 |  | 24,589 |
A. Includes promissory notes, certificates of deposit and other short-term debt issues.
Schedule of undiscounted contractual maturities of financial liabilities at amortized cost by maturity | The detail of the remaining contractual maturities of the existing financial liabilities at amortised cost at 31 December 2025, 2024 and 2023 is as follows:
| 31 December 2025
| EUR million
| On demand | Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
Financial liabilities at amortized cost |  |  |  |  |  |  |
Deposits | 687,708 |  | 221,487 |  | 95,553 |  | 36,937 |  | 9,204 |  | 17,423 |  | 1,068,312 |
Central banks | 857 |  | 8,497 |  | 4,581 |  | 2,892 |  | — |  | 1,627 |  | 18,454 |
Credit institutions | 6,298 |  | 34,993 |  | 11,677 |  | 12,197 |  | 1,841 |  | 7,636 |  | 74,642 |
Customer | 680,553 |  | 177,997 |  | 79,295 |  | 21,848 |  | 7,363 |  | 8,160 |  | 975,216 |
Marketable debt securities | — |  | 37,742 |  | 47,782 |  | 93,250 |  | 62,071 |  | 66,107 |  | 306,952 |
Other financial liabilities | 11,790 |  | 8,855 |  | 2,848 |  | 1,018 |  | 557 |  | 11,029 |  | 36,097 |
| 699,498 |  | 268,084 |  | 146,183 |  | 131,205 |  | 71,832 |  | 94,559 |  | 1,411,361 |
| 31 December 2024
| EUR million
| On demand | Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
Financial liabilities at amortized cost |  |  |  |  |  |  |
Deposits | 699,007 |  | 207,554 |  | 117,431 |  | 43,090 |  | 19,248 |  | 15,796 |  | 1,102,126 |
Central banks | 17 |  | 9,082 |  | 11,026 |  | 4,772 |  | — |  | 7 |  | 24,904 |
Credit institutions | 13,634 |  | 27,170 |  | 19,258 |  | 15,674 |  | 6,482 |  | 7,462 |  | 89,680 |
Customer | 685,356 |  | 171,302 |  | 87,147 |  | 22,644 |  | 12,766 |  | 8,327 |  | 987,542 |
Marketable debt securities | — |  | 36,315 |  | 48,973 |  | 102,306 |  | 61,260 |  | 74,817 |  | 323,671 |
Other financial liabilities | 13,241 |  | 7,861 |  | 1,471 |  | 8,738 |  | 7,591 |  | 1,014 |  | 39,916 |
| 712,248 |  | 251,730 |  | 167,875 |  | 154,134 |  | 88,099 |  | 91,627 |  | 1,465,713 |
.
| 31 December 2023
| EUR million
| On demand | Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
Financial liabilities at amortized cost |  |  |  |  |  |  |
Deposits | 698,595 |  | 204,001 |  | 109,311 |  | 51,191 |  | 20,761 |  | 15,585 |  | 1,099,444 |
Central banks | 168 |  | 20,334 |  | 6,853 |  | 16,846 |  | 4,581 |  | 35 |  | 48,817 |
Credit institutions | 6,884 |  | 25,642 |  | 21,334 |  | 13,079 |  | 5,924 |  | 7,685 |  | 80,548 |
Customer | 691,543 |  | 158,025 |  | 81,124 |  | 21,266 |  | 10,256 |  | 7,865 |  | 970,079 |
Marketable debt securities | — |  | 28,258 |  | 62,935 |  | 91,492 |  | 56,944 |  | 60,166 |  | 299,795 |
Other financial liabilities | 13,666 |  | 8,078 |  | 1,041 |  | 7,898 |  | 8,727 |  | 777 |  | 40,187 |
| 712,261 |  | 240,337 |  | 173,287 |  | 150,581 |  | 86,432 |  | 76,528 |  | 1,439,426 |
Schedule of remainder of financial assets, liabilities and memorandum item by maturity | Below is a breakdown of contractual maturities for the rest of financial assets and liabilities as of 31 December 2025, 2024 and 2023:
| 31 December 2025
| EUR million
| Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
FINANCIAL ASSETS |  |  |  |  |  |
Financial assets held for trading | 85,732 |  | 38,979 |  | 35,639 |  | 22,880 |  | 69,088 |  | 252,318 |
Derivatives | 15,579 |  | 4,967 |  | 13,348 |  | 10,446 |  | 14,015 |  | 58,355 |
Equity instruments | — |  | — |  | — |  | — |  | 22,030 |  | 22,030 |
Debt securities | 8,666 |  | 26,749 |  | 20,034 |  | 11,618 |  | 31,501 |  | 98,568 |
Loans and advances | 61,487 |  | 7,263 |  | 2,257 |  | 816 |  | 1,542 |  | 73,365 |
Central banks | 13,143 |  | 1,181 |  | 308 |  | — |  | — |  | 14,632 |
Credits institutions | 22,532 |  | 2,114 |  | 1,104 |  | 213 |  | 4 |  | 25,967 |
Customers | 25,812 |  | 3,968 |  | 845 |  | 603 |  | 1,538 |  | 32,766 |
Financial assets designated at fair value through profit or loss | 611 |  | 893 |  | 1,595 |  | 819 |  | 4,128 |  | 8,046 |
Debt securities | 333 |  | 480 |  | 1,032 |  | 394 |  | 655 |  | 2,894 |
Loans and advances | 278 |  | 413 |  | 563 |  | 425 |  | 3,473 |  | 5,152 |
Credit institutions | 20 |  | 1 |  | 9 |  | 30 |  | 353 |  | 413 |
Customers | 258 |  | 412 |  | 553 |  | 396 |  | 3,120 |  | 4,739 |
Non-trading financial assets mandatorily at fair value through profit or loss | 1,091 |  | 174 |  | 407 |  | — |  | 6,089 |  | 7,761 |
Equity instruments |  |  |  |  | 5,815 |  | 5,815 |
Debt securities | 34 |  | 9 |  | 93 |  | — |  | 109 |  | 245 |
Loans and advances | 1,057 |  | 165 |  | 314 |  | — |  | 165 |  | 1,701 |
Central banks | — |  | — |  | — |  | — |  | — |  | — |
Credits institutions | — |  | — |  | — |  | — |  | — |  | — |
Customers | 1,057 |  | 165 |  | 314 |  | — |  | 165 |  | 1,701 |
Financial assets at fair value through other comprehensive income | — |  | — |  | — |  | — |  | 2,281 |  | 2,281 |
Equity instruments | — |  | — |  | — |  | — |  | 2,281 |  | 2,281 |
Hedging derivatives | 1,066 |  | 293 |  | 609 |  | 440 |  | 1,523 |  | 3,931 |
Changes in the fair value of hedged items in portfolio hedges of interest rate risk | (22) |  | 63 |  | (17) |  | 72 |  | (46) |  | 50 |
TOTAL FINANCIAL ASSETS | 88,478 |  | 40,402 |  | 38,233 |  | 24,211 |  | 83,063 |  | 274,387 |
| 31 December 2025
| EUR million
| Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
FINANCIAL LIABILITIES |  |  |  |  |  |
Financial liabilities held for trading | 131,052 |  | 5,783 |  | 14,084 |  | 10,642 |  | 9,985 |  | 171,546 |
Derivatives | 18,105 |  | 4,339 |  | 11,403 |  | 10,051 |  | 8,070 |  | 51,968 |
Shorts positions | 39,712 |  | 661 |  | 1,271 |  | 478 |  | 1,893 |  | 44,015 |
Deposits | 73,235 |  | 783 |  | 1,410 |  | 113 |  | 22 |  | 75,563 |
Central banks | 12,385 |  | — |  | — |  | — |  | — |  | 12,385 |
Credits institutions | 24,759 |  | 770 |  | 1,410 |  | 113 |  | 6 |  | 27,058 |
Customers | 36,091 |  | 13 |  | — |  | — |  | 16 |  | 36,120 |
Financial liabilities designated at fair value through profit or loss | 19,717 |  | 4,015 |  | 6,934 |  | 3,849 |  | 7,633 |  | 42,148 |
Deposits | 18,785 |  | 3,177 |  | 4,452 |  | 1,105 |  | 2,921 |  | 30,440 |
Central banks | 3,086 |  | — |  | — |  | — |  | — |  | 3,086 |
Credits institutions | 914 |  | 23 |  | 115 |  | 31 |  | 341 |  | 1,424 |
Customers | 14,785 |  | 3,154 |  | 4,337 |  | 1,074 |  | 2,580 |  | 25,930 |
Marketable debt securities A | 910 |  | 838 |  | 2,482 |  | 2,744 |  | 4,712 |  | 11,686 |
Other financial liabilities | 22 |  | — |  | — |  | — |  | — |  | 22 |
Hedging derivatives | 447 |  | 681 |  | 735 |  | 917 |  | 1,468 |  | 4,248 |
Changes in the fair value of hedged items in portfolio hedges of interest rate risk | (16) |  | 25 |  | 4 |  | 36 |  | — |  | 49 |
TOTAL FINANCIAL LIABILITIES | 151,200 |  | 10,504 |  | 21,757 |  | 15,444 |  | 19,086 |  | 217,991 |
A. See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, promissory notes and other securities) (see note 22).
| 31 December 2025
| EUR million
| Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
Memorandum items |  |  |  |  |  |
Loans commitment granted | 146,340 |  | 31,411 |  | 45,392 |  | 58,085 |  | 40,006 |  | 321,234 |
Financial guarantees granted | 8,348 |  | 6,018 |  | 1,803 |  | 630 |  | 650 |  | 17,449 |
Other commitments granted | 102,278 |  | 21,002 |  | 11,820 |  | 3,643 |  | 9,375 |  | 148,118 |
MEMORANDUM ITEMS | 256,966 |  | 58,431 |  | 59,015 |  | 62,358 |  | 50,031 |  | 486,801 |
In the Group’s experience, no outflows of cash or other financial assets take place prior to the contractual maturity date that might affect the information broken down above.
| 31 December 2024
| EUR million
| Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
FINANCIAL ASSETS |  |  |  |  |  |
Financial assets held for trading | 64,300 |  | 56,571 |  | 33,945 |  | 24,504 |  | 50,933 |  | 230,253 |
Derivatives | 14,231 |  | 14,504 |  | 16,676 |  | 12,384 |  | 6,305 |  | 64,100 |
Equity instruments | — |  | — |  | — |  | — |  | 16,636 |  | 16,636 |
Debt securities | 6,930 |  | 21,305 |  | 15,319 |  | 11,944 |  | 27,148 |  | 82,646 |
Loans and advances | 43,139 |  | 20,762 |  | 1,950 |  | 176 |  | 844 |  | 66,871 |
Central banks | 1,241 |  | 11,725 |  | — |  | — |  | — |  | 12,966 |
Credits institutions | 21,840 |  | 4,088 |  | 1,287 |  | — |  | 99 |  | 27,314 |
Customers | 20,058 |  | 4,949 |  | 663 |  | 176 |  | 745 |  | 26,591 |
Financial assets designated at fair value through profit or loss | 152 |  | 750 |  | 2,421 |  | 1,075 |  | 3,517 |  | 7,915 |
Debt securities | 95 |  | 342 |  | 1,254 |  | 680 |  | 526 |  | 2,897 |
Loans and advances | 57 |  | 408 |  | 1,167 |  | 395 |  | 2,991 |  | 5,018 |
Central banks | — |  | — |  | — |  | — |  | — |  | — |
Credit institutions | 16 |  | — |  | 5 |  | 34 |  | 353 |  | 408 |
Customers | 41 |  | 408 |  | 1,162 |  | 361 |  | 2,638 |  | 4,610 |
Non-trading financial assets mandatorily at fair value through profit or loss | 794 |  | 8 |  | 29 |  | 102 |  | 5,197 |  | 6,130 |
Equity instruments | — |  | — |  | — |  | — |  | 4,641 |  | 4,641 |
Debt instruments | 39 |  | 2 |  | 3 |  | 10 |  | 393 |  | 447 |
Loans and advances | 755 |  | 6 |  | 26 |  | 92 |  | 163 |  | 1,042 |
Central banks | — |  | — |  | — |  | — |  | — |  | — |
Credits institutions | — |  | — |  | — |  | — |  | — |  | — |
Customers | 755 |  | 6 |  | 26 |  | 92 |  | 163 |  | 1,042 |
Financial assets at fair value through other comprehensive income | — |  | — |  | — |  | — |  | 2,193 |  | 2,193 |
Equity instruments | — |  | — |  | — |  | — |  | 2,193 |  | 2,193 |
Hedging derivatives | 1,786 |  | 1,423 |  | 957 |  | 800 |  | 706 |  | 5,672 |
Changes in the fair value of hedged items in portfolio hedges of interest rate risk | (61) |  | 18 |  | (569) |  | (50) |  | (42) |  | (704) |
TOTAL FINANCIAL ASSETS | 66,971 |  | 58,770 |  | 36,783 |  | 26,431 |  | 62,504 |  | 251,459 |
| 31 December 2024
| EUR million
| Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
FINANCIAL LIABILITIES |  |  |  |  |  |
Financial liabilities held for trading | 100,071 |  | 16,537 |  | 14,244 |  | 12,530 |  | 8,769 |  | 152,151 |
Derivatives | 14,364 |  | 13,296 |  | 11,946 |  | 12,335 |  | 5,812 |  | 57,753 |
Shorts positions | 28,548 |  | 2,931 |  | 1,199 |  | 195 |  | 2,957 |  | 35,830 |
Deposits | 57,159 |  | 310 |  | 1,099 |  | — |  | — |  | 58,568 |
Central banks | 13,300 |  | — |  | — |  | — |  | — |  | 13,300 |
Credits institutions | 24,875 |  | 310 |  | 1,099 |  | — |  | — |  | 26,284 |
Customers | 18,984 |  | — |  | — |  | — |  | — |  | 18,984 |
Financial liabilities designated at fair value through profit or loss | 16,036 |  | 6,000 |  | 6,422 |  | 1,918 |  | 5,984 |  | 36,360 |
Deposits | 15,193 |  | 4,860 |  | 4,037 |  | 490 |  | 4,226 |  | 28,806 |
Central banks | 1,774 |  | — |  | — |  | — |  | — |  | 1,774 |
Credits institutions | 1,035 |  | 133 |  | 15 |  | 49 |  | 393 |  | 1,625 |
Customers | 12,384 |  | 4,727 |  | 4,022 |  | 441 |  | 3,833 |  | 25,407 |
Marketable debt securities A | 843 |  | 1,140 |  | 2,385 |  | 1,428 |  | 1,758 |  | 7,554 |
Hedging derivatives | 832 |  | 668 |  | 826 |  | 814 |  | 1,612 |  | 4,752 |
Changes in the fair value of hedged items in portfolio hedges of interest rate risk | — |  | (5) |  | 13 |  | 47 |  | (64) |  | (9) |
TOTAL FINANCIAL LIABILITIES | 116,939 |  | 23,200 |  | 21,505 |  | 15,309 |  | 16,301 |  | 193,254 |
A. See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, promissory notes and other securities) (see note 22).
| 31 December 2024
| EUR million
| Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
Memorandum items |  |  |  |  |  |
Loans commitment granted | 133,084 |  | 35,747 |  | 57,157 |  | 57,285 |  | 19,588 |  | 302,861 |
Financial guarantees granted | 5,103 |  | 6,803 |  | 3,691 |  | 796 |  | 508 |  | 16,901 |
Other commitments granted | 92,172 |  | 20,681 |  | 13,197 |  | 5,032 |  | 3,411 |  | 134,493 |
MEMORANDUM ITEMS | 230,359 |  | 63,231 |  | 74,045 |  | 63,113 |  | 23,507 |  | 454,255 |
| 31 December 2023
| EUR million
| Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
FINANCIAL ASSETS |  |  |  |  |  |
Financial assets held for trading | 36,120 |  | 49,668 |  | 30,602 |  | 17,912 |  | 42,619 |  | 176,921 |
Derivatives | 8,777 |  | 10,551 |  | 17,775 |  | 9,532 |  | 9,693 |  | 56,328 |
Equity instruments | — |  | — |  | — |  | — |  | 15,057 |  | 15,057 |
Debt securities | 7,598 |  | 18,315 |  | 10,274 |  | 8,137 |  | 17,800 |  | 62,124 |
Loans and advances | 19,745 |  | 20,802 |  | 2,553 |  | 243 |  | 69 |  | 43,412 |
Central banks | 1,146 |  | 16,571 |  | — |  | — |  | — |  | 17,717 |
Credits institutions | 10,861 |  | 2,076 |  | 1,079 |  | 45 |  | — |  | 14,061 |
Customers | 7,738 |  | 2,155 |  | 1,474 |  | 198 |  | 69 |  | 11,634 |
Financial assets designated at fair value through profit or loss | 1,657 |  | 557 |  | 2,529 |  | 1,350 |  | 3,680 |  | 9,773 |
Debt securities | 252 |  | 77 |  | 1,269 |  | 690 |  | 807 |  | 3,095 |
Loans and advances | 1,405 |  | 480 |  | 1,260 |  | 660 |  | 2,873 |  | 6,678 |
Credit institutions | 26 |  | 22 |  | 3 |  | 15 |  | 393 |  | 459 |
Customers | 1,379 |  | 458 |  | 1,257 |  | 645 |  | 2,480 |  | 6,219 |
Non-trading financial assets mandatorily at fair value through profit or loss | 591 |  | 153 |  | 71 |  | 80 |  | 5,015 |  | 5,910 |
Equity instruments | — |  | — |  | — |  | — |  | 4,068 |  | 4,068 |
Debt instruments | 41 |  | — |  | 57 |  | 3 |  | 759 |  | 860 |
Loans and advances | 550 |  | 153 |  | 14 |  | 77 |  | 188 |  | 982 |
Customers | 550 |  | 153 |  | 14 |  | 77 |  | 188 |  | 982 |
Financial assets at fair value through other comprehensive income | — |  | — |  | — |  | — |  | 1,761 |  | 1,761 |
Equity instruments | — |  | — |  | — |  | — |  | 1,761 |  | 1,761 |
Hedging derivatives | 1,188 |  | 412 |  | 1,535 |  | 937 |  | 1,225 |  | 5,297 |
Changes in the fair value of hedged items in portfolio hedges of interest rate risk | (237) |  | (225) |  | 156 |  | (402) |  | (80) |  | (788) |
TOTAL FINANCIAL ASSETS | 39,319 |  | 50,565 |  | 34,893 |  | 19,877 |  | 54,220 |  | 198,874 |
| 31 December 2023
| EUR million
| Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
FINANCIAL LIABILITIES |  |  |  |  |  |
Financial liabilities held for trading | 73,257 |  | 12,127 |  | 19,180 |  | 10,591 |  | 7,115 |  | 122,270 |
Derivatives | 8,147 |  | 9,486 |  | 17,990 |  | 10,060 |  | 4,906 |  | 50,589 |
Shorts positions | 21,381 |  | 1,288 |  | 765 |  | 531 |  | 2,209 |  | 26,174 |
Deposits | 43,729 |  | 1,353 |  | 425 |  | — |  | — |  | 45,507 |
Central banks | 7,808 |  | — |  | — |  | — |  | — |  | 7,808 |
Credits institutions | 17,228 |  | 209 |  | 425 |  | — |  | — |  | 17,862 |
Customers | 18,693 |  | 1,144 |  | — |  | — |  | — |  | 19,837 |
Financial liabilities designated at fair value through profit or loss | 23,190 |  | 7,583 |  | 4,863 |  | 1,359 |  | 3,372 |  | 40,367 |
Deposits | 22,688 |  | 6,459 |  | 3,223 |  | 338 |  | 2,288 |  | 34,996 |
Central banks | 1,158 |  | 51 |  | — |  | — |  | — |  | 1,209 |
Credits institutions | 1,161 |  | 57 |  | 84 |  | 61 |  | 372 |  | 1,735 |
Customers | 20,369 |  | 6,351 |  | 3,139 |  | 277 |  | 1,916 |  | 32,052 |
Marketable debt securities A | 502 |  | 1,124 |  | 1,640 |  | 1,021 |  | 1,084 |  | 5,371 |
Hedging derivatives | 1,525 |  | 2,064 |  | 1,577 |  | 878 |  | 1,612 |  | 7,656 |
Changes in the fair value of hedged items in portfolio hedges of interest rate risk | (1) |  | (4) |  | 36 |  | (5) |  | 29 |  | 55 |
TOTAL FINANCIAL LIABILITIES | 97,971 |  | 21,770 |  | 25,656 |  | 12,823 |  | 12,128 |  | 170,348 |
A. See breakdown by type of debt (subordinated debt, senior unsecured debt, senior secured debt, promissory notes and other securities) (see note 22).
| 31 December 2023
| EUR million
| Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
Memorandum items |  |  |  |  |  |
Loans commitment granted | 125,083 |  | 31,658 |  | 55,344 |  | 47,204 |  | 20,300 |  | 279,589 |
Financial guarantees granted | 7,870 |  | 4,734 |  | 1,654 |  | 686 |  | 491 |  | 15,435 |
Other commitments granted | 81,146 |  | 17,448 |  | 9,699 |  | 3,386 |  | 1,594 |  | 113,273 |
MEMORANDUM ITEMS | 214,099 |  | 53,840 |  | 66,697 |  | 51,276 |  | 22,385 |  | 408,297 |
Schedule of equivalent euro value of assets and liabilities | The detail of the main foreign currency balances in the consolidated balance sheet, based on the nature of the related items, is as follows:
Equivalent value in EUR million
| 2025 |  | 2024 |  | 2023
Assets | Liabilities |  | Assets | Liabilities |  | Assets | Liabilities
Cash, cash balances at central banks and other deposits on demand | 89,186 |  | — |  |  | 109,932 |  | — |  |  | 114,410 |  | — |
Financial assets/liabilities held for trading | 136,499 |  | 75,272 |  |  | 130,076 |  | 76,216 |  |  | 106,011 |  | 60,581 |
Non-trading financial assets mandatorily at fair value through profit or loss | 3,530 |  | — |  |  | 3,208 |  | — |  |  | 3,291 |  | — |
Other financial assets/liabilities at fair value through profit or loss | 666 |  | 14,943 |  |  | 793 |  | 13,844 |  |  | 1,721 |  | 12,699 |
Financial assets at fair value through other comprehensive income | 45,564 |  | — |  |  | 60,861 |  | — |  |  | 60,516 |  | — |
Financial assets at amortized cost | 745,401 |  | — |  |  | 777,226 |  | — |  |  | 773,504 |  | — |
Investments | 1,859 |  | — |  |  | 2,103 |  | — |  |  | 1,689 |  | — |
Tangible assets | 14,437 |  | — |  |  | 18,812 |  | — |  |  | 20,797 |  | — |
Intangible assets | 10,296 |  | — |  |  | 12,282 |  | — |  |  | 12,772 |  | — |
Financial liabilities at amortized cost | — |  | 854,517 |  |  | — |  | 938,844 |  |  | — |  | 937,917 |
Liabilities under insurance contracts | — |  | 227 |  |  | — |  | 261 |  |  | — |  | 330 |
Other A | 96,469 |  | 82,901 |  |  | 25,891 |  | 22,385 |  |  | 26,236 |  | 25,740 |
| 1,143,907 |  | 1,027,860 |  |  | 1,141,184 |  | 1,051,550 |  |  | 1,120,947 |  | 1,037,267 |
A. Includes the import of the Polish business held for sale.
Schedule of financial assets measured at other than fair value | i) Financial assets measured at other than fair value
EUR million
| 2025 |  | 2024 |  | 2023
Assets | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |  | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |  | Carrying amount | Fair value | Level 1 | Level 2 | Level 3
Loans and advances | 1,062,675 |  | 1,062,981 |  | — |  | 113,004 |  | 949,977 |  |  | 1,082,758 |  | 1,073,530 |  | — |  | 104,582 |  | 968,948 |  |  | 1,087,844 |  | 1,077,543 |  | — |  | 103,414 |  | 974,129 |
Debt securities | 140,014 |  | 139,242 |  | 103,120 |  | 14,100 |  | 22,022 |  |  | 120,949 |  | 119,539 |  | 87,170 |  | 13,149 |  | 19,220 |  |  | 103,559 |  | 102,888 |  | 67,951 |  | 11,057 |  | 23,880 |
| 1,202,689 |  | 1,202,223 |  | 103,120 |  | 127,104 |  | 971,999 |  |  | 1,203,707 |  | 1,193,069 |  | 87,170 |  | 117,731 |  | 988,168 |  |  | 1,191,403 |  | 1,180,431 |  | 67,951 |  | 114,471 |  | 998,009 |
Schedule of financial liabilities measured at other than fair value | ii) Financial liabilities measured at other than fair value
EUR million
| 2025 |  | 2024 |  | 2023
Liabilities A | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |  | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |  | Carrying amount | Fair value | Level 1 | Level 2 | Level 3
Deposits | 1,072,384 |  | 1,073,147 |  | — |  | 235,998 |  | 837,149 |  |  | 1,126,439 |  | 1,125,532 |  | — |  | 250,440 |  | 875,092 |  |  | 1,125,308 |  | 1,124,373 |  | — |  | 263,428 |  | 860,945 |
Debt securities | 312,704 |  | 314,173 |  | 162,382 |  | 115,597 |  | 36,194 |  |  | 317,967 |  | 317,912 |  | 170,118 |  | 112,365 |  | 35,429 |  |  | 303,208 |  | 298,792 |  | 136,109 |  | 125,575 |  | 37,108 |
| 1,385,088 |  | 1,387,320 |  | 162,382 |  | 351,595 |  | 873,343 |  |  | 1,444,406 |  | 1,443,444 |  | 170,118 |  | 362,805 |  | 910,521 |  |  | 1,428,516 |  | 1,423,165 |  | 136,109 |  | 389,003 |  | 898,053 |
A. At 31 December 2025, Grupo Santander had other financial liabilities that amounted to EUR 36,096 million, EUR 39,916 million in 2024 and EUR 40,187 million in 2023.
Schedule of offsetting of financial instruments | Following is the detail of financial assets and liabilities that were offset in the consolidated balance sheets as of 31 December 2025, 2024 and 2023:
| 31 December 2025
| EUR million
Assets | Gross amount of financial assets | Gross amount of financial assets offset in the balance sheet | Net amount of financial assets presented in the balance sheet
Derivatives | 117,733 |  | (55,447) |  | 62,286 |
Reverse repurchase agreements | 217,509 |  | (76,535) |  | 140,974 |
Total | 335,242 |  | (131,982) |  | 203,260 |
| 31 December 2024
| EUR million
Assets | Gross amount of financial assets | Gross amount of financial assets offset in the balance sheet | Net amount of financial assets presented in the balance sheet
Derivatives | 152,331 |  | (82,559) |  | 69,772 |
Reverse repurchase agreements | 189,034 |  | (67,488) |  | 121,546 |
Total | 341,365 |  | (150,047) |  | 191,318 |
| 31 December 2023
| EUR million
Assets | Gross amount of financial assets | Gross amount of financial assets offset in the balance sheet | Net amount of financial assets presented in the balance sheet
Derivatives | 149,508 |  | (87,883) |  | 61,625 |
Reverse repurchase agreements | 179,580 |  | (79,500) |  | 100,080 |
Total | 329,088 |  | (167,383) |  | 161,705 |
| 31 December 2025
| EUR million
Liabilities | Gross amount of financial liabilities | Gross amount of financial liabilities offset in the balance sheet | Net amount of financial liabilities presented in the balance sheet
Derivatives | 111,664 |  | (55,447) |  | 56,217 |
Reverse repurchase agreements | 246,961 |  | (76,535) |  | 170,426 |
Total | 358,625 |  | (131,982) |  | 226,643 |
| 31 December 2024
| EUR million
Liabilities | Gross amount of financial liabilities | Gross amount of financial liabilities offset in the balance sheet | Net amount of financial liabilities presented in the balance sheet
Derivatives | 145,064 |  | (82,559) |  | 62,505 |
Reverse repurchase agreements | 223,141 |  | (67,488) |  | 155,653 |
Total | 368,205 |  | (150,047) |  | 218,158 |
| 31 December 2023
| EUR million
Liabilities | Gross amount of financial liabilities | Gross amount of financial liabilities offset in the balance sheet | Net amount of financial liabilities presented in the balance sheet
Derivatives | 146,128 |  | (87,883) |  | 58,245 |
Reverse repurchase agreements | 212,840 |  | (79,500) |  | 133,340 |
Total | 358,968 |  | (167,383) |  | 191,585 |

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