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Debt securities | 12 Months Ended
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Dec. 31, 2025
Disclosure Of Debt Instruments [Abstract] |
Debt securities | Debt securities a) Detail The detail, by classification, type and currency, of Debt securities in the consolidated balance sheets is as follows:
EUR million |
| 2025 | 2024 | 2023
Classification |  |  |
Financial assets held for trading | 98,568 |  | 82,646 |  | 62,124 |
Non-trading financial assets mandatorily at fair value through profit or loss | 245 |  | 447 |  | 860 |
Financial assets designated at fair value through profit or loss | 2,894 |  | 2,897 |  | 3,095 |
Financial assets designated at fair value through other comprehensive income | 58,305 |  | 76,558 |  | 73,565 |
Financial assets at amortised cost | 140,014 |  | 120,949 |  | 103,559 |
| 300,026 |  | 283,497 |  | 243,203 |
Type |  |  |
Spanish government debt securities | 63,742 |  | 56,919 |  | 40,321 |
Foreign government debt securities | 172,468 |  | 164,747 |  | 145,732 |
Issued by financial institutions | 17,465 |  | 16,776 |  | 14,681 |
Other fixed-income securities | 46,029 |  | 44,703 |  | 42,294 |
Impaired financial assets | 842 |  | 701 |  | 461 |
Impairment losses | (520) |  | (349) |  | (286) |
| 300,026 |  | 283,497 |  | 243,203 |
Currency |  |  |
Euro | 142,969 |  | 118,456 |  | 90,857 |
Pound sterling | 14,114 |  | 15,630 |  | 9,284 |
US dollar | 50,671 |  | 48,189 |  | 38,161 |
Brazilian real | 48,231 |  | 44,432 |  | 46,190 |
Other currencies | 44,561 |  | 57,139 |  | 58,997 |
Debt securities excluding impairment adjustments | 300,546 |  | 283,846 |  | 243,489 |
Impairment losses | (520) |  | (349) |  | (286) |
| 300,026 |  | 283,497 |  | 243,203 |
The increase in the year of the debt securities portfolio under the heading 'Financial assets at fair value with changes in other comprehensive income' is mainly due to the increase in exposure to sovereign debt, as a result of greater activity in the markets business, both its own and for distribution to clients. Likewise, the increase in the debt securities portfolio under the heading 'Financial assets at amortized cost' is due to the continuation of the strategy started in year 2022 in which two new business models were created for the optimization of excess liquidity and the management of the maturity of the balance sheet credit and deposit portfolios. At 31 December 2025, 2024 and 2023 the gross exposure by impairment stage of the book assets amounted to EUR 196,509 million, EUR 196,514 million and EUR 176,697 million in stage 1; EUR 1,480 million, EUR 597 million and EUR 203 million in stage 2, and EUR 842 million, EUR 701 million and EUR 461 million in stage 3, respectively. In addition, at 31 December 2025, the Group had EUR 8 million (EUR 44 million at 31 December 2024) of exposure in assets purchased with impairments, which correspond mainly to the business combinations carried out by the Group with any additional impairment signs. b) Breakdown The breakdown, by origin of the issuer, of debt securities at 31 December 2025, 2024 and 2023, net of impairment losses, is as follows:
EUR million
| 2025 |  | 2024 |  | 2023
| Private fixed-income | Public fixed-income | Total | % |  | Private fixed-income | Public fixed-income | Total | % |  | Private fixed-income | Public fixed-income | Total | %
Spain | 2,528 |  | 63,742 |  | 66,270 |  | 22.09 | % |  | 1,901 |  | 56,919 |  | 58,820 |  | 20.75 | % |  | 2,525 |  | 40,321 |  | 42,846 |  | 17.62 | %
United Kingdom | 2,336 |  | 9,227 |  | 11,563 |  | 3.85 | % |  | 3,077 |  | 9,903 |  | 12,980 |  | 4.58 | % |  | 2,816 |  | 4,748 |  | 7,564 |  | 3.11 | %
Portugal | 3,212 |  | 5,627 |  | 8,839 |  | 2.95 | % |  | 3,224 |  | 5,138 |  | 8,362 |  | 2.95 | % |  | 2,826 |  | 4,815 |  | 7,641 |  | 3.14 | %
Italy | 2,821 |  | 24,215 |  | 27,036 |  | 9.01 | % |  | 3,072 |  | 22,954 |  | 26,026 |  | 9.18 | % |  | 2,968 |  | 12,945 |  | 15,913 |  | 6.54 | %
Ireland | 4,239 |  | 42 |  | 4,281 |  | 1.43 | % |  | 4,557 |  | 14 |  | 4,571 |  | 1.61 | % |  | 5,632 |  | 11 |  | 5,643 |  | 2.32 | %
Poland | 22 |  | 1,465 |  | 1,487 |  | 0.50 | % |  | 2,472 |  | 15,224 |  | 17,696 |  | 6.24 | % |  | 2,937 |  | 12,482 |  | 15,419 |  | 6.34 | %
Other European countries | 12,682 |  | 25,894 |  | 38,576 |  | 12.86 | % |  | 11,593 |  | 12,702 |  | 24,295 |  | 8.57 | % |  | 9,797 |  | 15,495 |  | 25,292 |  | 10.40 | %
United States | 14,941 |  | 29,199 |  | 44,140 |  | 14.71 | % |  | 12,475 |  | 27,811 |  | 40,286 |  | 14.21 | % |  | 8,959 |  | 22,992 |  | 31,951 |  | 13.14 | %
Brazil | 13,518 |  | 33,908 |  | 47,426 |  | 15.81 | % |  | 12,738 |  | 32,645 |  | 45,383 |  | 16.01 | % |  | 13,551 |  | 32,342 |  | 45,893 |  | 18.87 | %
Mexico | 3,001 |  | 25,113 |  | 28,114 |  | 9.37 | % |  | 2,190 |  | 20,822 |  | 23,012 |  | 8.12 | % |  | 1,969 |  | 20,738 |  | 22,707 |  | 9.34 | %
Chile | 137 |  | 8,567 |  | 8,704 |  | 2.90 | % |  | 96 |  | 6,982 |  | 7,078 |  | 2.50 | % |  | 49 |  | 11,995 |  | 12,044 |  | 4.95 | %
Other American countries | 3,254 |  | 5,954 |  | 9,208 |  | 3.07 | % |  | 3,336 |  | 4,502 |  | 7,838 |  | 2.76 | % |  | 2,315 |  | 2,546 |  | 4,861 |  | 2.00 | %
Rest of the world | 1,125 |  | 3,257 |  | 4,382 |  | 1.45 | % |  | 1,100 |  | 6,050 |  | 7,150 |  | 2.52 | % |  | 806 |  | 4,623 |  | 5,429 |  | 2.23 | %
| 63,816 |  | 236,210 |  | 300,026 |  | 100 | % |  | 61,831 |  | 221,666 |  | 283,497 |  | 100 | % |  | 57,150 |  | 186,053 |  | 243,203 |  | 100 | %
The detail, by issuer rating, of Debt securities at 31 December 2025, 2024 and 2023 is as follows:
EUR million
| 2025 |  | 2024 |  | 2023
| Private fixed-income | Public fixed-income | Total | % |  | Private fixed-income | Public fixed-income | Total | % |  | Private fixed-income | Public fixed-income | Total | %
AAA | 15,952 |  | 9,320 |  | 25,272 |  | 8.42 | % |  | 16,889 |  | 6,440 |  | 23,329 |  | 8.23 | % |  | 15,152 |  | 7,887 |  | 23,039 |  | 9.47 | %
AA | 19,598 |  | 42,451 |  | 62,049 |  | 20.68 | % |  | 16,972 |  | 47,254 |  | 64,226 |  | 22.65 | % |  | 15,142 |  | 36,704 |  | 51,846 |  | 21.32 | %
A | 13,206 |  | 95,537 |  | 108,743 |  | 36.24 | % |  | 10,056 |  | 87,814 |  | 97,870 |  | 34.53 | % |  | 11,175 |  | 68,112 |  | 79,287 |  | 32.60 | %
BBB | 6,872 |  | 50,066 |  | 56,938 |  | 18.98 | % |  | 8,900 |  | 44,483 |  | 53,383 |  | 18.83 | % |  | 7,749 |  | 39,173 |  | 46,922 |  | 19.29 | %
Below BBB | 5,052 |  | 38,836 |  | 43,888 |  | 14.63 | % |  | 5,543 |  | 35,675 |  | 41,218 |  | 14.54 | % |  | 4,654 |  | 34,177 |  | 38,831 |  | 15.97 | %
Unrated | 3,136 |  | — |  | 3,136 |  | 1.05 | % |  | 3,471 |  | — |  | 3,471 |  | 1.22 | % |  | 3,278 |  | — |  | 3,278 |  | 1.35 | %
| 63,816 |  | 236,210 |  | 300,026 |  | 100 | % |  | 61,831 |  | 221,666 |  | 283,497 |  | 100 | % |  | 57,150 |  | 186,053 |  | 243,203 |  | 100 | %
During 2025, France's rating for sovereign issuances has been modified from AA- to A+. During 2024, Portugal's rating for sovereign issuances was modified from BBB+ to A-. For the year 2023, the distribution of the exposure by rating level of the previous table was not affected by ratings reviews of the sovereign issuers. The detail, by type of financial instrument, of private fixed-income securities at 31 December 2025, 2024 and 2023, net of impairment losses, is as follows:
EUR million
| 2025 | 2024 | 2023
Securitised mortgage bonds | 10,514 |  | 10,709 |  | 9,310 |
Other asset-backed bonds | 14,073 |  | 11,624 |  | 10,243 |
Floating rate debt | 18,721 |  | 17,323 |  | 15,376 |
Fixed rate debt | 20,508 |  | 22,175 |  | 22,221 |
Total | 63,816 |  | 61,831 |  | 57,150 |
c) Impairment losses 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). At 31 December 2025, 2024 and 2023 the loan loss provision by impairment stage of the assets accounted for under IFRS9 amounted to EUR 62 million, EUR 39 million and EUR 30 million in stage 1, EUR 66 million, EUR 9 million and EUR 8 million in stage 2, and EUR 392 million, EUR 301 million and EUR 248 million in stage 3, respectively.

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