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Risk management (Tables) | 12 Months Ended
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Dec. 31, 2025
Risk Management [Abstract] |
Disclosure of main credit risk aggregates arising on customer business | Below are the main aggregates relating to credit risk from our activities with customers:
Main credit risk performance metrics from activity with customers A
| Credit risk with customers (EUR million)B |  | Credit impaired (EUR million) |  | NPL ratio (%)
| 2025 | 2024 | 2023 |  | 2025 | 2024 | 2023 |  | 2025 | 2024 | 2023
Spain | 305,156 | 288,162 | 280,629 |  | 5,915 | 7,677 | 8,531 |  | 1.94 |  | 2.66 |  | 3.04 |
UK | 244,303 | 248,061 | 247,360 |  | 2,645 | 3,299 | 3,518 |  | 1.08 |  | 1.33 |  | 1.42 |
Portugal | 47,760 | 44,573 | 42,455 |  | 948 | 1,014 | 1,024 |  | 1.99 |  | 2.27 |  | 2.41 |
Openbank Europe | 144,039 | 141,312 | 135,608 |  | 3,642 | 3,527 | 2,877 |  | 2.53 |  | 2.50 |  | 2.12 |
US | 148,488 | 149,907 | 137,894 |  | 7,150 | 7,012 | 6,303 |  | 4.82 |  | 4.68 |  | 4.57 |
Mexico | 53,476 | 49,927 | 52,785 |  | 1,420 | 1,352 | 1,489 |  | 2.65 |  | 2.71 |  | 2.82 |
Brazil | 118,546 | 116,247 | 126,722 |  | 8,010 | 7,090 | 7,923 |  | 6.76 |  | 6.10 |  | 6.25 |
Chile | 44,146 | 44,590 | 46,565 |  | 2,528 | 2,394 | 2,332 |  | 5.73 |  | 5.37 |  | 5.01 |
Argentina | 8,813 | 8,411 | 3,903 |  | 677 | 173 | 78 |  | 7.68 |  | 2.06 |  | 1.99 |
Corporate Centre | 9,340 | 9,256 | 8,206 |  | 327 | 360 | 302 |  | 3.50 |  | 3.89 |  | 3.67 |
Total Group | 1,159,180 | 1,134,418 | 1,115,288 |  | 33,739 | 34,383 | 34,671 |  | 2.91 |  | 3.03 |  | 3.11 |
| NPL coverage ratio (%) |  | Net loan-loss provisions C (EUR million) |  | Cost of risk (%/risk)D
| 2025 | 2024 | 2023 |  | 2025 | 2024 | 2023 |  | 2025 | 2024 | 2023
Spain | 55 |  | 53 |  | 49 |  |  | 1,142 | 1,259 | 1,522 |  | 0.43 |  | 0.50 |  | 0.61 |
UK | 33 |  | 29 |  | 30 |  |  | 177 | 64 | 247 |  | 0.07 |  | 0.03 |  | 0.10 |
Portugal | 81 |  | 78 |  | 83 |  |  | (8) | 11 | 77 |  | (0.02) |  | 0.03 |  | 0.19 |
Openbank Europe | 87 |  | 83 |  | 88 |  |  | 1,363 | 1,209 | 792 |  | 0.97 |  | 0.88 |  | 0.62 |
US | 55 |  | 64 |  | 68 |  |  | 2,244 | 2,507 | 2,593 |  | 1.62 |  | 1.82 |  | 1.92 |
Mexico | 105 |  | 100 |  | 100 |  |  | 1,239 | 1,277 | 1,135 |  | 2.69 |  | 2.64 |  | 2.43 |
Brazil | 81 |  | 79 |  | 83 |  |  | 4,409 | 4,487 | 4,701 |  | 4.17 |  | 4.03 |  | 4.27 |
Chile | 48 |  | 50 |  | 53 |  |  | 531 | 497 | 365 |  | 1.32 |  | 1.19 |  | 0.80 |
Argentina | 90 |  | 177 |  | 166 |  |  | 574 | 284 | 150 |  | 7.34 |  | 4.59 |  | 6.64 |
Corporate Centre | 24 |  | 25 |  | 34 |  |  | 198 | (3) | (2) |  | 2.79 |  | (0.05) |  | (0.04) |
Total Group | 66 |  | 64 |  | 66 |  |  | 12,128 | 11,822 | 11,784 |  | 1.14 |  | 1.12 |  | 1.13 |
A. Data for 2025, 2024 and 2023 reflect the new reporting structure. Management perimeter according to the reported segments. B. Includes gross loans and advances to customers, guarantees. impaired undrawn customer balances and debt securities issued by non-financial institutions. C. Loan-loss provisions net of post write-off recoveries (EUR 1,791 million in 2025). D. Provisions to cover losses due to impairment of loans in the last 12 months / average customer loans and advances of the last 12 months.
Schedule of exposure and impairment losses by stage | In addition, depending on the transactions credit quality, the exposure is divided into four categories according to Standard & Poor's rating scale:
Exposure and loan-loss reserves by stage
EUR million |  |  |  |
| 2025
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | 112,795 |  | 2,243 |  | — |  | 115,038 |
From A+ to BB | 367,186 |  | 14,393 |  | — |  | 381,579 |
From BB- to B- | 291,014 |  | 44,363 |  | — |  | 335,376 |
CCC and below | 8,114 |  | 17,114 |  | 31,275 |  | 56,503 |
Total exposure B | 779,109 |  | 78,112 |  | 31,275 |  | 888,496 |
Loan-losses reserves C | 3,068 |  | 4,698 |  | 13,177 |  | 20,942 |
Exposure and loan-loss reserves by stage
EUR million
| 2024
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | 102,394 |  | 2,564 |  | — |  | 104,958 |
From A+ to BB | 411,158 |  | 15,678 |  | — |  | 426,837 |
From BB- to B- | 276,422 |  | 42,456 |  | — |  | 318,878 |
CCC and below | 10,385 |  | 16,633 |  | 31,273 |  | 58,291 |
Total exposure B | 800,360 |  | 77,330 |  | 31,273 |  | 908,963 |
Loan-losses reserves C | 3,184 |  | 4,512 |  | 12,938 |  | 20,635 |
Exposure and loan-loss reserves by stage
EUR million
| 2023
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | 140,792 |  | 2,237 |  | — |  | 143,029 |
From A+ to BB | 404,184 |  | 13,746 |  | — |  | 417,930 |
From BB- to B- | 250,619 |  | 39,979 |  | — |  | 290,599 |
CCC and below | 11,633 |  | 18,846 |  | 32,455 |  | 62,933 |
Total exposure B | 807,228 |  | 74,808 |  | 32,455 |  | 914,491 |
Loan-losses reserves C | 3,463 |  | 4,883 |  | 13,404 |  | 21,750 |
A. Detail of credit quality ratings calculated for Group management purposes. B. Total exposure includes loan balances (drawn amounts) and off balance (letters of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and undrawn commitments. C. Includes provisions for undrawn authorized lines (loan commitments). Data for 2025, 2024 and 2023 reflect the new reporting structure, mainly the disposal of Poland. In addition, the exposure is divided in four tranches of the Standard & Poor's rating scale, according to their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
| 2025
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | 29,963 |  | 381 |  | — |  | 30,344 |
From A+ to BB | 152,981 | 9,529 |  | — |  | 162,510 |
From BB- to B- | 17,630 | 8,770 |  | — |  | 26,400 |
CCC and below | 2 | 615 | 2,475 |  | 3,092 |
Total exposure B | 200,576 |  | 19,295 |  | 2,475 |  | 222,346 |
Loan-loss reserves C | 163 |  | 319 |  | 373 |  | 855 |
Exposure and loan-loss reserves by stage
EUR million
| 2024
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | 32,012 |  | 1,184 |  | — |  | 33,196 |
From A+ to BB | 159,970 | 10,916 | — |  | 170,886 |
From BB- to B- | 17,594 |  | 11,175 |  | — |  | 28,769 |
CCC and below | 12 |  | 695 |  | 3,292 |  | 3,999 |
Total exposure B | 209,588 |  | 23,970 |  | 3,292 |  | 236,850 |
Loan-loss reserves C | 166 |  | 401 |  | 400 |  | 967 |
Exposure and loan-loss reserves by stage
EUR million
| 2023
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | 46,236 |  | 1,273 |  | — |  | 47,509 |
From A+ to BB | 145,884 | 10,850 | — |  | 156,734 |
From BB- to B- | 13,588 |  | 13,995 |  | — |  | 27,583 |
CCC and below | — |  | — |  | 3,518 |  | 3,518 |
Total exposure B | 205,708 |  | 26,118 |  | 3,518 |  | 235,344 |
Loan-loss reserves C | 172 |  | 498 |  | 396 |  | 1,066 |
A. Detail of credit quality ratings calculated for Group management purposes. B. Total exposure includes loan balances (drawn amounts) and off balance (letters of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and undrawn commitments. C. Includes provisions for undrawn authorized lines (loan commitments). In addition, the exposure is divided in four tranches of the Standard & Poor's rating scale, according to their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
| 2025
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | 35,407 |  | 171 |  | — |  | 35,578 |
From A+ to BB | 109,001 | 1,453 | — |  | 110,454 |
From BB- to B- | 37,089 |  | 8,262 |  | — |  | 45,351 |
CCC and below | 2,189 | 1,680 | 5,761 |  | 9,630 |
Total exposure B | 183,686 |  | 11,566 |  | 5,761 |  | 201,013 |
Loan-loss reserves C | 382 |  | 483 |  | 2,204 |  | 3,069 |
Exposure and loan-loss reserves by stage |
EUR million |
| 2024 |
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total |
From AAA to AA- | 35,347 |  | 110 |  | — |  | 35,457 |  |
From A+ to BB | 104,197 | 1,124 | — |  | 105,321 |  |
From BB- to B- | 37,413 |  | 8,844 |  | — |  | 46,257 |  |
CCC and below | 2,084 | 3,199 | 6,618 |  | 11,901 |  |
Total exposure B | 179,041 |  | 13,277 |  | 6,618 |  | 198,936 |  |
Loan-loss reserves C | 340 |  | 570 |  | 2,953 |  | 3,863 |  |
Exposure and loan-loss reserves by stage
EUR million
| 2023
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | 46,827 |  | 48 |  |  | 46,875 |
From A+ to BB | 101,079 | 780 |  | 101,859 |
From BB- to B- | 33,905 |  | 9,789 |  |  | 43,694 |
CCC and below | 1,513 |  | 4,517 |  | 7,536 |  | 13,566
Total exposure B | 183,324 |  | 15,134 |  | 7,536 |  | 205,994 |
Loan-loss reserves C | 300 |  | 663 |  | 2,959 |  | 3,922 |
A. Detail of credit quality ratings calculated for Group management purposes. Excluding the SCIB branches business B. Total exposure includes loan balances (drawn amounts) and off balance (letters of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and undrawn commitments. C. Includes provisions for undrawn authorized lines (loan commitments). The detail of Santander Bank, National Association exposure and loan-loss reserves associated with each of the stages at 31 December, 2025, 2024 and 2023 is shown below. In addition, the exposure is divided in four tranches of the Standard & Poor's rating scale, according to their current credit quality:
Exposure and loan-loss reserves by stage
EUR million
| 2025
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | 1,622 |  | 24 |  | — |  | 1,646 |
From A+ to BB | 7,352 | 728 | — |  | 8,080
From BB- to B- | 28,758 | 4,459 | — |  | 33,217
CCC and below | 779 | 861 | 1,158 | 2,798
Total exposure B | 38,511 |  | 6,072 |  | 1,158 |  | 45,741 |
Loan-loss reserves C | 277 |  | 325 |  | 202 |  | 804 |
Exposure and loan-loss reserves by stage
EUR million
| 2024
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | 4,215 |  | 277 |  | — |  | 4,492 |
From A+ to BB | 21,422 | 930 | — |  | 22,352
From BB- to B- | 21,899 | 3,855 | — |  | 25,754
CCC and below | 33 | 482 | 1,130 |  | 1,645
Total exposure B | 47,569 |  | 5,544 |  | 1,130 |  | 54,243 |
Loan-loss reserves C | 292 |  | 364 |  | 182 |  | 838 |
Exposure and loan-loss reserves by stage
EUR million
| 2023
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | 4,834 |  | 76 |  | — |  | 4,910 |
From A+ to BB | 20,468 | 459 | — |  | 20,927 |
From BB- to B- | 25,312 |  | 3,439 |  | — |  | 28,751 |
CCC and below | 52 | 450 | 894 |  | 1,396 |
Total exposure B | 50,666 |  | 4,424 |  | 894 |  | 55,984 |
Loan-loss reserves C | 409 |  | 335 |  | 141 |  | 885 |
A. Detail of credit quality ratings calculated for Group management purposes. B. Total exposure includes loan balances (drawn amounts) and off-balance (letters of credit + guarantees) and excludes REPO, FV portfolio, trading portfolio and undrawn commitments. C. Includes provisions for undrawn authorized lines (loan commitments).
Exposure and loan-loss reserves by stage
EUR million
| 2025
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | — |  | — |  | — |  | — |
From A+ to BB | 54 |  | — |  | — |  | 54 |
From BB- to B- | 10,167 |  | 947 |  | — |  | 11,114 |
CCC and below | 3,577 |  | 4,871 |  | 5,588 |  | 14,036 |
Total exposure B | 13,798 |  | 5,818 |  | 5,588 |  | 25,204 |
Loan-loss reserves C | 419 |  | 910 |  | 1,688 |  | 3,017 |
Exposure and loan-loss reserves by stage
EUR million
| 2024
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | — |  | — |  | — |  | — |
From A+ to BB | 202 | — |  | — |  | 202 |
From BB- to B- | 12,802 | 451 | — |  | 13,253 |
CCC and below | 7,259 | 4,226 | 5,729 |  | 17,214 |
Total exposure B | 20,263 |  | 4,677 |  | 5,729 |  | 30,669 |
Loan-loss reserves C | 630 |  | 1,006 |  | 1,908 |  | 3,544 |
Exposure and loan-loss reserves by stage
EUR million
| 2023
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | — |  | — |  | — |  | — |
From A+ to BB | 99 | 0 | — |  | 99 |
From BB- to B- | 12,120 | 395 | — |  | 12,515 |
CCC and below | 6,754 | 4,237 | 5,272 |  | 16,263 |
Total exposure B | 18,973 |  | 4,632 |  | 5,272 |  | 28,877 |
Loan-loss reserves C | 597 |  | 1,019 |  | 1,712 |  | 3,328 |
A. Detail of credit quality ratings calculated for Group management purposes. B. Total exposure includes loan balances (drawn amounts) and off-balance (letters of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and undrawn commitments. C. Includes provisions for undrawn authorized lines (loan commitments).
Exposure and loan-loss reserves
EUR million | 2025
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | 16,898 |  | 1,513 |  | — |  | 18,411 |
From A+ to BB | 29,179 | 1,253 | — |  | 30,432 |
From BB- to B- | 36,089 |  | 7,035 |  | — |  | 43,124 |
CCC and below | 1,217 |  | 3,801 |  | 7,151 |  | 12,169 |
Total exposure B | 83,383 |  | 13,602 |  | 7,151 |  | 104,136 |
Loan-loss reserves C | 648 |  | 1,128 |  | 4,216 |  | 5,992 |
Exposure and loan-loss reserves
EUR million |  |  |  |
| 2024
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | 19,557 |  | 970 |  | — |  | 20,527 |
From A+ to BB | 32,824 | 1,637 | — |  | 34,461 |
From BB- to B- | 33,655 |  | 5,285 |  | — |  | 38,940 |
CCC and below | 423 |  | 2,808 |  | 6,382 |  | 9,613 |
Total exposure B | 86,459 |  | 10,700 |  | 6,382 |  | 103,541 |
Loan-loss reserves C | 687 |  | 860 |  | 3,766 |  | 5,313 |
Exposure and loan-loss reserves
EUR million |  |  |  |
| 2023
Credit quality A | Stage 1 | Stage 2 | Stage 3 | Total
From AAA to AA- | 20,670 |  | 468 |  | — |  | 21,138 |
From A+ to BB | 38,869 | 751 | — |  | 39,620 |
From BB- to B- | 36,107 |  | 4,177 |  | — |  | 40,284 |
CCC and below | 1,153 |  | 3,735 |  | 7,479 |  | 12,367 |
Total exposure B | 96,799 |  | 9,131 |  | 7,479 |  | 113,409 |
Loan-loss reserves C | 722 |  | 1,078 |  | 4,538 |  | 6,338 |
A. Detail of credit quality ratings calculated for Group management purposes. B. Total exposure includes loan balances (drawn amounts) and off-balance (letters of credit + guarantees) and excludes REPOs, FV portfolio, trading portfolio and undrawn commitments. C. Includes provisions for undrawn authorized lines (loan commitments).
Schedule of evolution projection based on main macroeconomic indicators | The evolution forecasted in 2025 for the next five years of the main macroeconomic indicators used by Santander UK to estimate expected losses is presented below:
|  | 2026 - 2030
Variables |  | Pessimistic scenario 2 | Pessimistic scenario 1 | Base scenario | Optimistic scenario
Interest rate |  | 2.4 | % | 3.5 | % | 3.3 | % | 3.0 | %
Unemployment rate |  | 7.3 | % | 5.8 | % | 4.5 | % | 4.2 | %
Housing price change |  | (2.9 | %) | (0.2 | %) | 2.9 | % | 4.4 | %
GDP growth |  | (0.02 | %) | 0.2 | % | 1.4 | % | 2.4 | %
The projected evolution for a period of five years of the main macroeconomic indicators used by Santander Spain for estimating expected losses as of 2025, is presented below:
| 2026-2030
Variables | Pessimistic scenario | Base scenario | Optimistic scenario
Interest rate | 2.7 | % | 2.5 | % | 2.3 | %
Unemployment rate | 12.1 | % | 9.7 | % | 8.2 | %
Housing price change | 3.3 | % | 4.1 | % | 4.7 | %
GDP growth | 0.2 | % | 1.6 | % | 2.4 | %
The evolution projected in 2025 for a period of five years of the main macroeconomic indicators used Santander Bank, National Association to estimate expected losses is presented below:
| 2026-2030
Variables | Pessimistic scenario 2 | Pessimistic scenario 1 | Base scenario | Optimistic scenario
Interest rate (annual averaged) | 1.8 | % | 2.6 | % | 3.2 | % | 3.0 | %
Unemployment rate | 6.4 | % | 5.0 | % | 4.2 | % | 3.7 | %
House price change | 0.2 | % | 0.7 | % | 1.3 | % | 2.1 | %
GDP growth | 1.7 | % | 1.9 | % | 2.0 | % | 2.7 | %
Manheim growth A | (0.6 | %) | (0.1 | %) | 0.3 | % | 0.1 | %
A. US used vehicle price car index. The evolution forecasted in 2025 for a period of five years of the main macroeconomic indicators used by in SC USA in the estimation of expected losses is shown below:
| 2026-2030
Variables | Pessimistic scenario 2 | Pessimistic scenario 1 | Base scenario | Optimistic scenario
Interest rate (annual averaged) | 1.8 | % | 2.6 | % | 3.2 | % | 3.0 | %
Unemployment rate | 6.4 | % | 5.0 | % | 4.2 | % | 3.7 | %
House price change | 0.2 | % | 0.7 | % | 1.3 | % | 2.1 | %
GDP growth | 1.7 | % | 1.9 | % | 2.0 | % | 2.7 | %
Manheim A index | (0.6 | %) | (0.1) |  | 0.3 | % | 0.1 | %
A. US used vehicle price car index. The evolution for a period of five years of the main macroeconomic indicators used to estimate the expected losses in Santander Brazil is as follows:
| 2026-2030
Variables | Pessimistic scenario | Base scenario | Optimistic scenario
Interest rate (annual averaged) | 11.5 | % | 10.9 | % | 10.3 | %
Unemployment rate | 8.0 | % | 6.5 | % | 5.4 | %
House price change | 1.1 | % | 5.9 | % | 10.3 | %
GDP growth | (0.2 | %) | 1.9 | % | 3.8 | %
Burden income | 27.0 | % | 26.8 | % | 26.1 | %
Schedule of weights used for current political and economic positions | In addition, at 31 December 2025, 2023 and 2022, the weights used by Santander UK reflect the future prospects of the British economy in relation to its current political and economic position so that higher weights are assigned for negative scenarios:
| 2025 | 2024 | 2023
Pessimistic scenario 3 |  | 20 | % | 20 | %
Pessimistic scenario 2 | 10 | % | 10 | % | 10 | %
Pessimistic scenario 1 | 25 | % | 25 | % | 10 | %
Base scenario | 50 | % | 50 | % | 50 | %
Optimistic scenario | 15 | % | 15 | % | 10 | %
As for its allocation, Santander Spain associates the Base scenario with the highest weight, while associating the lower weights to the most extreme scenarios:
| 2025 | 2024 | 2023
Pessimistic scenario | 30 | % | 30 | % | 30 | %
Base scenario | 40 | % | 40 | % | 40 | %
Optimistic scenario 1 | 30 | % | 30 | % | 30 | %
As for its allocation, Santander Bank, National Association associates the highest weighting to the Base scenario, while associates the lowest weightings to the most extreme scenarios:
| 2025 | 2024 | 2023
Pessimistic scenario 2 | 18 | % | 18 | % | 18 | %
Pessimistic scenario 1 | 20 | % | 20 | % | 20 | %
Base scenario | 33 | % | 33 | % | 33 | %
Optimistic scenario | 30 | % | 30 | % | 30 | %
Each of the macroeconomic scenarios is associated with a given weight. Santander Consumer USA Inc. associates the highest weighting to the Base scenario, whereas it associates the lowest weightings to the most extreme or acid scenarios:
| 2025 | 2024 | 2023
Pessimistic scenario 2 | 18 | % | 18 | % | 18 | %
Pessimistic scenario 1 | 20 | % | 20 | % | 20 | %
Base scenario | 33 | % | 33 | % | 33 | %
Optimistic scenario | 30 | % | 30 | % | 30 | %
Regarding its assignation, Brazil links the highest weight to the base scenario whilst links the lowest weights to the most extreme scenarios:
| 2025 | 2024 | 2023
Pessimistic scenario | 13 | % | 13 | % | 10 | %
Base scenario | 75 | % | 75 | % | 80 | %
Optimistic scenario | 13 | % | 13 | % | 10 | %
Disclosure of sensitivity analysis | The sensitivity analysis of the main portfolios expected loss to variations of +/-100 bp for the macroeconomic variables used in the construction of the scenarios, as of December 2025, is as follows:
| Change in Provision
| Mortgages | Corporates
GDP Growth |  |
-100 bps | 11.6 | % | 3.9 | %
+100 bps | (2.9 | %) | (1.4 | %)
Housing price change |  |
-100 bps | 7.3 | % | 6.0 | %
+100 bps | (3.5 | %) | (1.6 | %)
Unemployment rate |  |
-100 bps | (12.3 | %) | (2.5 | %)
+100 bps | 23.7 | % | 5.7 | %
The sensitivity analysis of the main portfolios expected loss to variations of +/-100 bp for the macroeconomic variables used in the construction of the scenarios, at December 31 2025, is as follows:
| Change in Provision
| Mortgages | Corporates | Others
GDP Growth |  |  |
-100 bps | 8.5 | % | 1.1 | % | 2.1 | %
+100 bps | (3.6 | %) | (0.9 | %) | (1.9 | %)
Housing price change |  |  |
-100 bps | 8.4 | % | 1.5 | % | 3.4 | %
+100 bps | (6.7 | %) | (0.7 | %) | (1.8 | %)
Unemployment rate |  |  |
-100 bps | (6.0 | %) | (1.5 | %) | (3.7 | %)
+100 bps | 14.7 | % | 1.8 | % | 4.7 | %
The sensitivity analysis of the main portfolios expected loss to variations of +/-100 bp for the macroeconomic variables used in the construction of the scenarios as of 2025 is as follows:
| Change in Provision
| Mortgages | Corporates | Auto
GDP Growth |  |  |
-100 bps | 13.6% | 10.9% | 2.8%
+100 bps | (10.6%) | (7.7%) | (2.0%)
Housing price change |  |  |
-100 bps | 26.9% | 18.7% | 5.0%
+100 bps | (12.9%) | (9.3%) | (2.5%)
Unemployment rate |  |  |
-100 bps | (41.6%) | (25.9%) | (7.9%)
+100 bps | 53.9% | 39.5% | 11.8%
Manheim index |  |  |
-100 bps | — | — | 1.8%
+100 bps | —% | —% | (1.4%)
The sensitivity analysis of the main portfolios expected loss to variations of +/-100 bp for the macroeconomic variables used in the construction of the scenarios at the end of 2025 is as follows:
| Change in provision
| SC Auto
Manheim index |
-100 bps | 1.0%
+100 bps | (0.8%)
Unemployment Rate |
-100 bps | (4.9%)
+100 bps | 7.0%
House Price Change |
-100 bps | 3.1%
+100 bps | (1.6%)
GDP growth |
-100 bps | 1.7%
+100 bps | (1.2%)
The sensitivity analysis of the main portfolios expected loss to variations of +/-100 bp for the macroeconomic variables used in the construction of the scenarios is at the end of 2025 as follows:
| Change in provision
| Individuals | SME | Other
GDP growth |  |  |
-100 bps | 1.3 | % | 2.9 | % | 2.6 | %
+100 bps | (0.7 | %) | (1.3 | %) | (1.4 | %)
Unemployment rate |  |  |
+100 bps | (1.9 | %) | (3.8 | %) | (4.5 | %)
+100 bps | 2.8 | % | 6.2 | % | 6.3 | %
Interest rate (SELIC) |  |  |
-100 bps | (0.6 | %) | (1.6 | %) | (0.9 | %)
+100 bps | 1.7 | % | 4.0 | % | 3.5 | %
Schedule of exposure to risk | These transactions were made on terms equivalent to those that prevail in arm’s-length transactions or the related compensation in kind was recognized:
EUR thousand
| 2025 |  | 2024
| Loans and credits | Guarantees | Total |  | Loans and credits | Guarantees | Total
Ana Botín | 3 |  | — |  | 3 |  |  | — |  | — |  | — |
Héctor Grisi | — |  | — |  | — |  |  | — |  | — |  | — |
José Antonio Álvarez | — |  | — |  | — |  |  | — |  | — |  | — |
Glenn Hutchins | — |  | — |  | — |  |  | — |  | — |  | — |
Antonio Francesco Weiss B | — |  | — |  | — |  |  | — |  | — |  | — |
Belén Romana | — |  | — |  | — |  |  | — |  | — |  | — |
Bruce Carnegie-Brown A | — |  | — |  | — |  |  | — |  | — |  | — |
Germán de la Fuente | — |  | — |  | — |  |  | — |  | — |  | — |
Gina Díez Barroso | — |  | — |  | — |  |  | 5 |  | — |  | 5 |
Henrique de Castro | — |  | — |  | — |  |  | — |  | — |  | — |
Homaira Akbari | — |  | — |  | — |  |  | — |  | — |  | — |
Javier Botín | — |  | — |  | — |  |  | — |  | — |  | — |
Juan Carlos Barrabés C | 137 |  | — |  | 137 |  |  | 138 |  | — |  | 138 |
Luis Isasi | — |  | — |  | — |  |  | — |  | — |  | — |
Pamela Walkden | — |  | — |  | — |  |  | — |  | — |  | — |
Ramiro Mato D | — |  | — |  | — |  |  | — |  | — |  | — |
Sol Daurella | — |  | — |  | — |  |  | — |  | — |  | — |
| 140 |  | — |  | 140 |  |  | 143 |  | — |  | 143 |
A. Ceased as director of Banco Santander, S.A. on 22 March 2024. B. Director since 27 June 2024. C. Director since 27 June 2024. D. Ceased as director of Banco Santander, S.A. on 27 June 2024 .
| 2025
EUR Million | Gross amount | Of which: impaired
Home purchase loans to families | 60,002 |  | 625 |
Without mortgage collateral | 215 |  | 7 |
With mortgage collateral | 59,787 |  | 618 |
| 2024
EUR Million | Gross amount | Of which: impaired
Home purchase loans to families | 59,316 |  | 789 |
Without mortgage collateral | 208 |  | 11 |
With mortgage collateral | 59,108 |  | 778 |
| 2023
EUR Million | Gross amount | Of which: impaired
Home purchase loans to families | 61,097 |  | 924 |
Without mortgage collateral | 215 |  | 16 |
With mortgage collateral | 60,882 |  | 908 |
| 2025
EUR Million | Gross amount | Excess of gross exposure over maximum recoverable amount of effective collateral | Specific allowance
Financing for construction and property development (including land) (business in Spain) | 2,984 | 211 | 17
Of which impaired | 31 | — | 11
Memorandum items written-off assets | 240 | — | —
Memorandum items: Data from the public consolidated balance sheet |
| 2025
EUR Million | Carrying amount
Total loans and advances to customers excluding the Public sector (business in Spain) (Book value) | 240,609 |
Total consolidated assets (Total business) (Book value) | 1,867,515 |
Impairment losses and credit risk allowances. Coverage for unimpaired assets (business in Spain) | 1,086 |
The following table shows the detail of the assets foreclosed by the businesses in Spain at the end of 2025:
| 2025
EUR Million | Gross carrying amount | Valuation adjustments | Of which impairment losses on assets since time of foreclosure | Net Carrying amount
Property assets arising from financing provided to construction and property development companies | 3,843 |  | 2,144 |  | 1,591 |  | 1,699 |
Of which: |  |  |  |
Completed buildings | 481 |  | 324 |  | 282 |  | 157 |
Residential | 129 |  | 71 |  | 60 |  | 58 |
Other | 352 |  | 253 |  | 222 |  | 99 |
Buildings under construction | 107 |  | 49 |  | 35 |  | 58 |
Residential | — |  | — |  | — |  | — |
Other | 107 |  | 49 |  | 35 |  | 58 |
Land | 3,255 |  | 1,771 |  | 1,274 |  | 1,484 |
Developed land | 776 |  | 429 |  | 260 |  | 347 |
Other land | 2,479 |  | 1,342 |  | 1,014 |  | 1,137 |
Property assets from home purchase mortgage loans to households | 334 |  | 172 |  | 119 |  | 162 |
Other foreclosed property assets | 81 |  | 44 |  | 36 |  | 37 |
Total property assets | 4,258 |  | 2,360 |  | 1,746 |  | 1,898 |
| 2025 |  | 2024
| Portfolio |  |  |
| Financial assets held for trading and Financial assets designated as FV with changes in results | Financial assets at fair value through other comprehensive income | Financial assets at amortised cost | Non-trading financial assets mandatory at fair value through profit or loss | Total net direct exposure |  | Total net direct exposure
Spain | 3,852 |  | 112 |  | 58,044 |  | — |  | 62,008 |  |  | 56,293 |
Portugal | (659) |  | 1,199 |  | 6,767 |  | — |  | 7,307 |  |  | 7,652 |
Italy | 2,875 |  | 440 |  | 12,557 |  | — |  | 15,872 |  |  | 12,915 |
Greece | — |  | — |  | — |  | — |  | — |  |  | — |
Ireland | (38) |  | — |  | — |  | — |  | (38) |  |  | — |
Rest Eurozone | 3,684 |  | 254 |  | 10,443 |  | — |  | 14,381 |  |  | 6,212 |
UK | 907 |  | 1,001 |  | 5,687 |  | — |  | 7,595 |  |  | 8,772 |
Poland | 1,141 |  | 6,339 |  | 13,333 |  | — |  | 20,813 |  |  | 14,286 |
Rest of Europe | 8 |  | — |  | 526 |  | — |  | 534 |  |  | 954 |
US | 4,783 |  | 4,320 |  | 15,943 |  | — |  | 25,046 |  |  | 24,926 |
Brazil | 8,089 |  | 9,533 |  | 8,543 |  | — |  | 26,165 |  |  | 26,641 |
Mexico | 10,663 |  | 7,652 |  | 7,599 |  | — |  | 25,914 |  |  | 21,642 |
Chile | 676 |  | 2,666 |  | 5,254 |  | — |  | 8,596 |  |  | 6,900 |
Rest of America | 2,593 |  | 1,654 |  | 2,151 |  | — |  | 6,398 |  |  | 4,431 |
Rest of the World | 211 |  | 17 |  | 4,128 |  | — |  | 4,356 |  |  | 7,003 |
Total | 38,785 |  | 35,187 |  | 150,975 |  | — |  | 224,947 |  |  | 198,627 |
1 Risks with domestic public or private borrowers in foreign currency and originated outside the country. 2 Countries that are not considered low risk by Banco de España.
Current refinancing and restructuring balances
Amounts in EUR million, except number of transactions that are in units
2025
| Total
| Without real guarantee | With real guarantee |
|  |  |  |  | Maximum amount of the actual collateral that can be considered | Impairment of accumulated value or accumulated losses in fair value due to credit risk
| Number of transactions | Gross amount | Number of transactions | Gross amount | Real estate guarantee | Rest of real guarantees
Credit entities | — |  | — |  | — |  | — |  | — |  | — |  | — |
Public sector | 14 |  | 6 |  | 9 |  | 7 |  | 5 |  | — |  | 8 |
Other financial institutions and: individual shareholder | 933 |  | 94 |  | 462 |  | 182 |  | 117 |  | 15 |  | 94 |
Non-financial institutions and individual shareholder | 489,192 |  | 5,095 |  | 42,700 |  | 5,596 |  | 3,271 |  | 923 |  | 2,713 |
Of which financing for constructions and property development | 249 |  | 21 |  | 523 |  | 739 |  | 695 |  | 4 |  | 75 |
Other warehouses | 3,000,071 |  | 4,556 |  | 515,253 |  | 9,699 |  | 3,752 |  | 3,777 |  | 3,665 |
Total | 3,490,210 |  | 9,751 |  | 558,424 |  | 15,484 |  | 7,145 |  | 4,715 |  | 6,480 |
Financing classified as non-current assets and disposable groups of items that have been classified as held for sale | 13,499 |  | 261 |  | 4,630 |  | 566 |  | 406 |  | 14 |  | 171 |
Current refinancing and restructuring balances
Amounts in EUR million, except number of transactions that are in units
2025
Of which, non-performing/Doubtful
| Without real guarantee | With real guarantee |
|  |  |  |  | Maximum amount of the actual collateral that can be considered | Impairment of accumulated value or accumulated losses in fair value due to credit risk
| Number of transactions | Gross amount | Number of transactions | Gross amount | Real estate guarantee | Rest of real guarantees
Credit entities | — |  | — |  | — |  | — |  | — |  | — |  | — |
Public sector | 5 |  | 2 |  | 9 |  | 7 |  | 5 |  | — |  | 8 |
Other financial institutions and: individual shareholder | 579 |  | 50 |  | 259 |  | 75 |  | 22 |  | 11 |  | 89 |
Non-financial institutions and individual shareholder | 296,008 |  | 2,901 |  | 26,767 |  | 2,585 |  | 1,166 |  | 420 |  | 2,420 |
Of which financing for constructions and property development | 167 |  | 3 |  | 264 |  | 156 |  | 115 |  | 4 |  | 50 |
Other warehouses | 1,620,343 |  | 2,401 |  | 296,470 |  | 5,313 |  | 1,730 |  | 2,232 |  | 2,991 |
Total | 1,916,935 |  | 5,354 |  | 323,505 |  | 7,980 |  | 2,923 |  | 2,663 |  | 5,508 |
Financing classified as non-current assets and disposable groups of items that have been classified as held for sale | 6,901 |  | 120 |  | 1,720 |  | 235 |  | 110 |  | 5 |  | 145 |
The balance sheet items in the Group’s consolidated position that are subject to market risk are shown below, distinguishing those positions for which the main risk metric is VaR from those for which risk monitoring is carried out using other metrics:
Risk metric values on the consolidated balance sheet
EUR million |  |  |  |
|  | Main market risk metric |
| Balance sheet amount | VaR | Other | Main risk factor for 'Other' balance
Assets subject to market risk |  |  |  |
Cash, cash balances at central banks and other deposits on demand | 152,281 |  |  | 152,281 |  | Interest rate
Financial assets held for trading | 252,318 |  | 252,318 |  |  |
Non-trading financial assets mandatorily at fair value through profit or loss | 7,761 |  | 5,815 |  | 1,946 |  | Interest rate, spread
Financial assets designated at fair value through profit or loss | 8,046 |  | — |  | 8,046 |  | Interest rate, spread
Financial assets designated at fair value through other comprehensive income | 74,612 |  | 2,281 |  | 72,331 |  | Interest rate, spread
Financial assets at amortized cost | 1,202,689 |  |  | 1,202,689 |  | Interest rate, spread
Hedging derivatives | 3,931 |  |  | 3,931 |  | Interest rate, exchange rate
Changes in the fair value of hedged items in portfolio hedges of interest risk | 50 |  |  | 50 |  | Interest rate
Other assets | 165,827 |  |  |  |
Total assets | 1,867,515 |  |  |  |
Liabilities subject to market risk |  |  |  |
Financial liabilities held for trading | 171,546 |  | 171,546 |  |  |
Financial liabilities designated at fair value through profit or loss | 42,148 |  | — |  | 42,148 |  | Interest rate, spread
Financial liabilities at amortized cost | 1,421,184 |  |  | 1,421,184 |  | Interest rate, spread
Hedging derivatives | 4,248 |  |  | 4,248 |  | Interest rate, exchange rate
Changes in the fair value of hedged items in portfolio hedges of interest rate risk | 49 |  |  | 49 |  | Interest rate
Other liabilities | 115,592 |  |  |  |
Total liabilities | 1,754,767 |  |  |  |
Equity | 112,748 |  |  |  |
Disclosure of concentrations | Breakdown of the credit with mortgage guarantee to households for house acquisition, according to the percentage that the total risk represents on the amount of the latest available valuation (loan to value):
| 2025
| Loan to value ratio
EUR Million | Less than or equal to 40% | More than 40% and less than 60% | More than 60% and less than 80% | More than 80% and less than or equal to 100% | More than 100% | Total
Gross amount | 17,191 |  | 20,310 |  | 18,811 |  | 2,812 |  | 663 |  | 59,787 |
Of which impaired | 122 |  | 158 |  | 151 |  | 84 |  | 103 |  | 618 |
At year-end, the distribution of this portfolio was as follows:
| 2025
EUR Million | Loans: gross amount
1. Without mortgage guarantee | 14 |
2. With mortgage guarantee | 2,970 |
2.1 Completed buildings | 976 |
2.1.1 Residential | 658 |
2.1.2 Other | 318 |
2.2 Buildings and other constructions under construction | 1,981 |
2.2.1 Residential | 1,913 |
2.2.2 Other | 68 |
2.3 Land | 13 |
2.3.1 Developed consolidated land | 9 |
2.3.2 Other land | 4 |
Total | 2,984 |
The detail, by activity and geographical area of the Group's risk concentration at 31 December 2025 is as follows:
EUR million |  |  |  |  |
| 2025 A
| Total | Spain | Other EU countries | America | Rest of the world
Central banks and Credit institutions | 326,316 |  | 61,256 |  | 71,853 |  | 119,532 |  | 73,675 |
Public sector | 267,765 |  | 82,131 |  | 62,620 |  | 109,109 |  | 13,905 |
Of which: |  |  |  |  |
Central government | 239,153 |  | 66,479 |  | 57,468 |  | 101,768 |  | 13,438 |
Other central government | 28,612 |  | 15,652 |  | 5,152 |  | 7,341 |  | 467 |
Other financial institutions (financial business activity) | 207,044 |  | 16,301 |  | 50,819 |  | 101,600 |  | 38,324 |
Non-financial companies and individual entrepreneurs (non-financial business activity) (broken down by purpose) | 447,496 |  | 103,836 |  | 94,760 |  | 188,078 |  | 60,822 |
Of which: |  |  |  |  |
Construction and property development | 20,322 |  | 4,130 |  | 2,090 |  | 9,396 |  | 4,706 |
Civil engineering construction | 5,128 |  | 1,835 |  | 1,740 |  | 1,468 |  | 85 |
Large companies | 291,515 |  | 53,841 |  | 63,635 |  | 127,003 |  | 47,036 |
SMEs and individual entrepreneurs | 130,531 |  | 44,030 |  | 27,295 |  | 50,211 |  | 8,995 |
Households – other (broken down by purpose) | 543,928 |  | 88,602 |  | 98,262 |  | 142,560 |  | 214,504 |
Of which: |  |  |  |  |
Residential | 333,552 |  | 61,818 |  | 27,030 |  | 46,605 |  | 198,099 |
Consumer loans | 192,746 |  | 19,784 |  | 69,670 |  | 87,491 |  | 15,801 |
Other purposes | 17,630 |  | 7,000 |  | 1,562 |  | 8,464 |  | 604 |
Total | 1,792,549 |  | 352,126 |  | 378,314 |  | 660,879 |  | 401,230 |
A.For the purposes of this table, the definition of risk includes the following items in the public balance sheet: 'Loans and advances to credit institutions', 'Loans and advances to Central Banks', 'Loans and advances to Customers', 'Debt securities', 'Equity Instruments', 'Trading Derivatives', 'Hedging derivatives', 'Investments and financial guarantees given'.
Schedule of changes in impairment losses on debt instruments | The changes in the impairment losses on debt securities are summarised below:
EUR million
| 2025 | 2024 | 2023
Balance at beginning of year | 349 |  | 286 |  | 226 |
Net impairment losses for the year A | 182 |  | 226 |  | 24 |
Of which: |  |  |
Impairment losses charged to income | 238 |  | 234 |  | 36 |
Impairment losses reversed with a credit to income | (56) |  | (8) |  | (12) |
Assets written off | — |  | (131) |  | 0 |
Exchange differences and other items | (11) |  | (32) |  | 36 |
Balance at end of year | 520 |  | 349 |  | 286 |
Of which: |  |  |
By geographical location of risk: |  |  |
European Union | 26 |  | 23 |  | 22 |
America | 494 |  | 326 |  | 264 |
A. Of the EUR 182 million corresponding to net provisions for the year ended 31 December 2025 (EUR 226 million and EUR 24 million at 31 December 2024 and 2023, respectively), EUR 182 million relates to financial assets at amortized cost (EUR 227 million and EUR 23 million at 31 December 2024 and 2023, respectively) and EUR 0 million relates to financial assets designated at fair value through other comprehensive income (EUR -1 million and EUR 1 million at 31 December 2024 and 2023, respectively). Following is the movement of the loan loss provision broken down by impairment stage of loans and advances to customers during 2025, 2024 and 2023:
2025
EUR million
| Stage 1 | Stage 2 | Stage 3 | Total
Loss allowance at the beginning of the year | 3,293 |  | 4,744 |  | 14,088 |  | 22,125 |
Transfers |  |  |  |
To stage 2 from stage 1 | (847) |  | 2,734 |  |  | 1,887 |
To stage 3 from stage 1 | (701) |  |  | 4,931 |  | 4,230 |
To stage 3 from stage 2 |  | (1,189) |  | 2,760 |  | 1,571 |
To stage 1 from stage 2 | 82 |  | (466) |  |  | (384) |
To stage 2 from stage 3 |  | 177 |  | (344) |  | (167) |
To stage 1 from stage 3 | 16 |  |  | (59) |  | (43) |
Net changes of the exposure and modifications in the credit risk | 1,269 |  | (800) |  | 6,581 |  | 7,050 |
Write-offs | — |  | — |  | (13,266) |  | (13,266) |
FX and other movements | (112) |  | (569) |  | (1,164) |  | (1,845) |
Loss allowance at the end of the year | 3,000 |  | 4,631 |  | 13,527 |  | 21,158 |
2024
EUR million
| Stage 1 | Stage 2 | Stage 3 | Total
Loss allowance at the beginning of the year | 3,596 |  | 4,954 |  | 14,238 |  | 22,788 |
Transfers |  |  |  |
To stage 2 from stage 1 | (626) |  | 2,676 |  |  | 2,050 |
To stage 3 from stage 1 | (385) |  |  | 4,548 |  | 4,163 |
To stage 3 from stage 2 |  | (1,591) |  | 3,444 |  | 1,853 |
To stage 1 from stage 2 | 109 |  | (725) |  |  | (616) |
To stage 2 from stage 3 |  | 278 |  | (693) |  | (415) |
To stage 1 from stage 3 | 23 |  |  | (156) |  | (133) |
Net changes of the exposure and modifications in the credit risk | 755 |  | (704) |  | 6,655 |  | 6,706 |
Write-offs | — |  | — |  | (13,212) |  | (13,212) |
FX and other movements | (179) |  | (144) |  | (736) |  | (1,059) |
Loss allowance at the end of the year | 3,293 |  | 4,744 |  | 14,088 |  | 22,125 |
2023
EUR million
| Stage 1 | Stage 2 | Stage 3 | Total
Loss allowance at the beginning of the year | 3,626 |  | 5,127 |  | 13,931 |  | 22,684 |
Transfers |  |  |  |
To stage 2 from stage 1 | (696) |  | 2,954 |  |  | 2,258 |
To stage 3 from stage 1 | (405) |  |  | 4,278 |  | 3,873 |
To stage 3 from stage 2 |  | (1,820) |  | 3,721 |  | 1,901 |
To stage 1 from stage 2 | 149 |  | (905) |  |  | (756) |
To stage 2 from stage 3 |  | 282 |  | (920) |  | (638) |
To stage 1 from stage 3 | 27 |  |  | (184) |  | (157) |
Net changes of the exposure and modifications in the credit risk | 875 |  | (557) |  | 7,212 |  | 7,530 |
Write-offs | — |  | — |  | (13,847) |  | (13,847) |
FX and other movements | 20 |  | (127) |  | 47 |  | (60) |
Loss allowance at the end of the year | 3,596 |  | 4,954 |  | 14,238 |  | 22,788 |
The changes in gross property development loans to customers were as follows:
EUR million |
| 2025 | 2024 | 2023
Balance at beginning of year | 2,545 | 2,433 | 2,327
Foreclosed assets | — | — | (1)
Net variation | 441 | 112 | 115
Written-off assets | (2) | — | (8)
Balance at end of year | 2,984 | 2,545 | 2,433
The gross movement in foreclosed properties were as follows (EUR billion):
| EUR Billion
| 2025 | 2024 | 2023
Gross additions | 0.1 |  | 0.1 | 0.3
Disposals | (0.7) | (0.8) | (1.2)
Difference | (0.6) |  | (0.7) |  | (0.9) |
Maximum exposure limits based on credit quality | Our investment strategy for sovereign risk considers country’s credit quality to set the maximum exposure limits. The following table shows the percentage of exposure by rating A:
Exposure distribution by rating
| 2025 | 2024 | 2023
AAA | 18 | % | 21 | % | 18 | %
AA | 17 | % | 18 | % | 19 | %
A | 43 | % | 41 | % | 41 | %
BBB | 14 | % | 11 | % | 12 | %
Less than BBB | 9 | % | 9 | % | 10 | %
A. Internal ratings are applied.
Disclosure of concentrations by risk factor | The following table displays the latest and average VaR values at 99% by risk factor over the last three years. It also shows the minimum and maximum VaR values in 2025 and 97.5% ES at the end of December 2025:
VaR statistics and expected shortfall by risk factor A
EUR million. VaR at 99% and ES at 97.5% with one day time horizon
| 2025 |  | 2024 |  | 2023
| VaR (99%) | ES (97.5%) |  | VaR |  | VaR
| Min | Average | Max | Latest | Latest |  | Average | Latest |  | Average | Latest
Total Trading | 9.6 |  | 17.6 |  | 29.2 |  | 18.7 |  | 16.9 |  |  | 17.1 |  | 18.7 |  |  | 11.7 |  | 13.5 |
Diversification effect | (10.7) |  | (21.0) |  | (59.3) |  | (17.7) |  | (18.9) |  |  | (19.8) |  | (27.3) |  |  | (14.9) |  | (17.1) |
Interest rate | 11.2 |  | 16.5 |  | 23.0 |  | 15.3 |  | 16.4 |  |  | 17.0 |  | 20.2 |  |  | 12.2 |  | 11.1 |
Equities | 2.4 |  | 6.5 |  | 10.8 |  | 8.1 |  | 7.5 |  |  | 6.0 |  | 9.5 |  |  | 3.2 |  | 6.0 |
Exchange rate | 3.3 |  | 7.4 |  | 37.5 |  | 6.3 |  | 5.8 |  |  | 5.8 |  | 5.9 |  |  | 5.3 |  | 4.8 |
Credit spread | 3.2 |  | 5.7 |  | 10.2 |  | 4.8 |  | 4.8 |  |  | 4.9 |  | 5.3 |  |  | 4.3 |  | 6.1 |
Commodities | 0.2 |  | 2.5 |  | 7.0 |  | 1.9 |  | 1.3 |  |  | 3.2 |  | 5.1 |  |  | 1.6 |  | 2.6 |
Total Europe | 9.6 |  | 15.0 |  | 28.2 |  | 13.2 |  | 13.2 |  |  | 12.7 |  | 16.0 |  |  | 9.4 |  | 11.8 |
Diversification effect | (8.9) |  | (18.0) |  | (32.4) |  | (15.9) |  | (17.8) |  |  | (15.4) |  | (18.4) |  |  | (10.5) |  | (13.8) |
Interest rate | 9.0 |  | 13.3 |  | 19.2 |  | 11.4 |  | 13.3 |  |  | 12.0 |  | 14.4 |  |  | 9.1 |  | 8.2 |
Equities | 2.7 |  | 6.4 |  | 11.0 |  | 7.4 |  | 7.1 |  |  | 5.9 |  | 8.8 |  |  | 2.8 |  | 5.8 |
Exchange rate | 3.7 |  | 7.3 |  | 19.7 |  | 5.3 |  | 5.7 |  |  | 5.1 |  | 5.8 |  |  | 3.5 |  | 5.2 |
Credit spread | 3.0 |  | 5.8 |  | 10.4 |  | 4.9 |  | 4.8 |  |  | 4.9 |  | 5.3 |  |  | 4.3 |  | 6.1 |
Commodities | 0.1 |  | 0.2 |  | 0.3 |  | 0.1 |  | 0.1 |  |  | 0.2 |  | 0.1 |  |  | 0.2 |  | 0.3 |
Total North America | 3.7 |  | 5.8 |  | 8.9 |  | 5.5 |  | 5.3 |  |  | 6.9 |  | 6.4 |  |  | 4.0 |  | 5.0 |
Diversification effect | (0.4) |  | (1.7) |  | (6.3) |  | (1.6) |  | (1.8) |  |  | (1.1) |  | (0.8) |  |  | (0.7) |  | (0.5) |
Interest rate | 3.8 |  | 5.9 |  | 8.8 |  | 4.8 |  | 4.9 |  |  | 6.9 |  | 6.6 |  |  | 3.7 |  | 5.0 |
Equities | 0.1 |  | 0.8 |  | 3.2 |  | 1.0 |  | 1.0 |  |  | 0.2 |  | 0.1 |  |  | 0.2 |  | 0.0 |
Exchange rate | 0.2 |  | 0.8 |  | 3.2 |  | 1.3 |  | 1.2 |  |  | 0.9 |  | 0.5 |  |  | 0.8 |  | 0.5 |
Total South America | 3.2 |  | 7.6 |  | 16.5 |  | 5.8 |  | 5.9 |  |  | 9.0 |  | 9.5 |  |  | 7.3 |  | 7.0 |
Diversification effect | (0.3) |  | (5.2) |  | (28.7) |  | (8.7) |  | (6.2) |  |  | (6.9) |  | (5.5) |  |  | (6.2) |  | (6.6) |
Interest rate | 2.8 |  | 7.2 |  | 18.1 |  | 4.0 |  | 3.8 |  |  | 8.8 |  | 6.5 |  |  | 7.3 |  | 5.6 |
Equities | 0.2 |  | 1.5 |  | 7.2 |  | 2.2 |  | 2.3 |  |  | 1.2 |  | 2.1 |  |  | 1.4 |  | 2.4 |
Exchange rate | 0.4 |  | 1.6 |  | 12.9 |  | 6.5 |  | 4.7 |  |  | 2.7 |  | 1.3 |  |  | 3.2 |  | 3.0 |
Commodities | 0.1 |  | 2.5 |  | 7.0 |  | 1.8 |  | 1.3 |  |  | 3.2 |  | 5.1 |  |  | 1.6 |  | 2.6 |
A. In South and North America, VaR levels of credit spreads and commodities are not shown separately due to their low or null materiality. In general, the structural VaR of Grupo Santander total assets and equity is minor.
Structural VaR
EUR million. Structural VaR 99% with a temporary horizon of one day.
| 2025 | 2024 | 2023
| Min | Average | Max | Latest | Average | Latest | Average | Latest
Structural VaR | 598.5 |  | 662.9 |  | 751.9 |  | 690.1 |  | 747.7 |  | 687.5 |  | 705.0 |  | 749.5 |
Diversification effect | (155.9) |  | (258.4) |  | (265.6) |  | (206.6) |  | (386.4) |  | (268.6) |  | (416.6) |  | (444.7) |
VaR Interest Rate A | 158.3 |  | 177.3 |  | 205.8 |  | 177.6 |  | 412.0 |  | 235.2 |  | 348.4 |  | 380.2 |
VaR Exchange Rate | 486.0 |  | 597.7 |  | 648.7 |  | 572.4 |  | 571.7 |  | 594.4 |  | 580.4 |  | 642.9 |
VaR Equities | 110.1 |  | 146.3 |  | 163.0 |  | 146.7 |  | 150.4 |  | 126.5 |  | 192.8 |  | 171.1 |
A. Includes credit spread VaR on ALCO portfolios.
Disclosure of high quality liquid assets |
EUR million |
| 2025 | 2024 | 2023
| Amount weighted applicable | Amount weighted applicable | Amount weighted applicable
High-quality liquid assets-HQLAs |  |  |
Cash and reserves available at central banks | 150,883 |  | 188,745 |  | 217,935 |
Marketable assets Level 1 | 173,744 |  | 150,912 |  | 119,043 |
Marketable assets Level 2A | 5,726 |  | 4,696 |  | 4,236 |
Marketable assets Level 2B | 7,584 |  | 6,951 |  | 6,814 |
Total high-quality liquid assets | 337,937 |  | 351,304 |  | 348,028 |
Disclosure of liquidity coverage ratio by component |
EUR million |
| 2025 | 2024 | 2023
High-quality liquid assets-HQLAs (numerator) | 301,618 | 315,524 | 348,028
Total net cash outflows (denominator) | 208,388 | 206,889 | 209,892
Cash outflows | 287,044 | 278,760 | 282,982
Cash inflows | 78,656 | 71,871 | 73,090
Consolidated LCR ratio (%) | 145 | % | 153 | % | 166 | %
Group LCR ratio (%) | 155 | % | 168 | % |
NSFR ratio (%) | 126 | % | 126 | % | 123 | %
Schedule of maturity analysis of assets and guarantees received and committed | The residual maturities of the liabilities associated with the assets and guarantees received and committed are presented below, as of 31 of December of 2025 (EUR billion):
Residual maturities of the liabilities | Unmatured | <=1month | >1 month <=3 months | >3 months <=12 months | >1 year <=2 years | >2 years <=3 years | 3 years <=5 years | 5 years <=10 years | >10 years | Total
Committed assets | 24.2 |  | 50.7 |  | 14.1 |  | 38.4 |  | 38.8 |  | 29.5 |  | 37.7 |  | 36.3 |  | 36.6 |  | 306.4 |
Guarantees received committed | 2.2 |  | 85.2 |  | 28.2 |  | 61.8 |  | 4.0 |  | 0.8 |  | 1.9 |  | 1.1 |  | — |  | 185.2 |
Schedule of on and off-balance sheet assets provided as security in transactions to obtain liquidity | The reported Group information as required by the EBA at 2025 year-end is as follows:
On-balance-sheet encumbered assets |  |  |  |
EUR billion |  |  |  |
| Carrying amount of encumbered assets | Fair value of encumbered assets | Carrying amount of unencumbered assets | Fair value of unencumbered assets
Loans and advances | 152.5 |  |  | 1,149.4 |  |
Equity instruments | 11.4 |  | 11.4 |  | 18.7 |  | — |
Debt securities | 117.9 |  | 118.5 |  | 182.2 |  | 180.7 |
Other assets | 23.1 |  |  | 212.4 |  |
Total assets | 304.9 |  |  | 1,562.7 |  |
Encumbrance of collateral received
EUR billion |  |
| Fair value of encumbered collateral received or own debt securities issued | Fair value of collateral received or own debt securities issued available for encumbrance
Collateral received | 185.2 |  | 70.3 |
Loans and advances | 0.5 |  | — |
Equity instruments | 12.2 |  | 7.1 |
Debt securities | 172.5 |  | 63.1 |
Other collateral received | — |  | 0.1 |
Own debt securities issued other than own covered bonds or ABSs | 1.4 |  | 1.1 |
Encumbered assets and collateral received and matching liabilities
EUR billion |  |
| Matching liabilities, contingent liabilities or securities lent | Assets, collateral received and own debt securities issued other than covered bonds and ABSs encumbered
Total sources of encumbrance (carrying amount) | 472.0 |  | 491.5 |
Schedule of regulatory capital | The key regulatory capital figures are indicated below:
Reconciliation of accounting capital with regulatory capital
EUR million |  |  |
| 2025 | 2024 | 2023
Subscribed capital | 7,345 |  | 7,576 |  | 8,092 |
Share premium account | 36,792 |  | 40,079 |  | 44,373 |
Reserves | 84,700 |  | 76,568 |  | 69,278 |
Treasury shares | (96) |  | (68) |  | (1,078) |
Attributable profit | 14,101 |  | 12,574 |  | 11,076 |
Approved dividend C | (1,698) |  | (1,532) |  | (1,298) |
Shareholders’ equity on public balance sheet | 141,144 |  | 135,197 |  | 130,443 |
Valuation adjustments | (37,973) |  | (36,596) |  | (35,020) |
Non-controlling interests | 9,578 |  | 8,726 |  | 8,818 |
Total Equity on public balance sheet | 112,748 |  | 107,327 |  | 104,241 |
Goodwill and intangible assets | (15,037) |  | (16,098) |  | (17,313) |
Eligible preference shares and participating securities | 9,645 |  | 10,371 |  | 9,002 |
Accrued dividend C | (1,827) |  | (1,611) |  | (1,471) |
Other adjustments A | (11,146) |  | (9,817) |  | (8,717) |
Tier 1 B | 94,383 |  | 90,172 |  | 85,742 |
A. Fundamentally for non-computable non-controlling interests and deductions and reasonable filters in compliance with CRR. B. Figures calculated by applying the transitional provisions of CRR 3. C. Assumes 25% of underlying profit, see note 4.a for proposed distribution of results. Note: Certain figures presented in this capital note have been rounded for ease of presentation. Consequently, the amounts corresponding to the rows or columns of totals in the tables presented in this note may not coincide with the arithmetic sum of the concepts or items that make up the total. 1 Data calculated applying the transitional provisions of CRR 3. The following table shows the capital coefficients and a detail of the eligible internal resources of the Group:
Capital coefficients |  |  |
EUR million |  |  |
| 2025 | 2024 | 2023
Level 1 ordinary eligible capital (EUR million) | 84,739 | 79,800 | 76,741
Level 1 additional eligible capital (EUR million) | 9,645 | 10,371 | 9,002
Level 2 eligible capital (EUR million) | 17,460 | 18,418 | 16,497
Risk-weighted assets (EUR million) | 629,430 | 624,503 | 623,731
Level 1 ordinary capital coefficient (CET 1) | 13.46 | % | 12.78 | % | 12.30 | %
Level 1 additional capital coefficient (AT1) | 1.53 | % | 1.66 | % | 1.45 | %
Level 1 capital coefficient (TIER1) | 15.00 | % | 14.44 | % | 13.75 | %
Level 2 capital coefficient (TIER 2) | 2.77 | % | 2.95 | % | 2.64 | %
Total capital coefficient | 17.77 | % | 17.39 | % | 16.39 | %
Eligible capital |  |  |
EUR million |  |  |
| 2025 | 2024 | 2023
Eligible capital |  |  |
Common Equity Tier I | 84,739 |  | 79,800 |  | 76,741 |
Capital | 7,345 |  | 7,576 |  | 8,092 |
(-) Treasure shares and own shares financed | (1,892) |  | (1,694) |  | (2,847) |
Share Premium | 36,792 |  | 40,079 |  | 44,373 |
Reserves | 84,663 |  | 76,608 |  | 68,721 |
Other retained earnings | (39,918) |  | (38,617) |  | (35,038) |
Minority interests | 9,037 |  | 8,479 |  | 6,899 |
Profit net of dividends | 10,576 |  | 9,431 |  | 8,307 |
Deductions | (21,863) |  | (22,061) |  | (21,766) |
Goodwill and intangible assets | (15,037) |  | (15,957) |  | (17,220) |
Others | (6,826) |  | (6,104) |  | (4,546) |
Additional Tier I | 9,645 |  | 10,371 |  | 9,002 |
Eligible instruments AT1 | 8,937 |  | 9,725 |  | 8,461 |
AT1-excesses-subsidiaries | 708 |  | 645 |  | 541 |
Tier II | 17,460 |  | 18,418 |  | 16,497 |
Eligible instruments T2 | 17,754 |  | 18,869 |  | 17,101 |
Excess IRB provision on PE | — |  | — |  | 76 |
T2-excesses - subsidiaries | (294) |  | (450) |  | (680) |
Total eligible capital | 111,845 |  | 108,589 |  | 102,240 |
Note: Banco Santander, S.A. and its affiliates had not taken part in any State aid programmes.
Schedule of leverage capital and ratios |
EUR million |  |  |
| 2025 | 2024 | 2023
Leverage |  |  |
Level 1 Capital | 94,385 |  | 90,170 |  | 85,742 |
Exposure | 1,924,349 |  | 1,885,572 |  | 1,826,922 |
Leverage Ratio | 4.90 | % | 4.78 | % | 4.69 | %

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