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Loans and advances to customers | 12 Months Ended
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Dec. 31, 2025
Loans And Advances To Customers [Abstract] |
Loans and advances to customers | Loans and advances to customers a) Detail The detail, by classification, of Loans and advances to customers in the consolidated balance sheets is as follows:
EUR million
| 2025 | 2024 | 2023
Financial assets held for trading | 32,766 |  | 26,591 |  | 11,634 |
Non-trading financial assets mandatorily at fair value through profit or loss | 1,701 |  | 1,042 |  | 982 |
Financial assets designated at fair value through profit or loss | 4,739 |  | 4,610 |  | 6,219 |
Financial assets at fair value through other comprehensive income | 12,906 |  | 10,784 |  | 7,669 |
Financial assets at amortized cost | 985,176 |  | 1,011,042 |  | 1,009,845 |
Of which: |  |  |
Impairment losses | (21,158) |  | (22,125) |  | (22,788) |
| 1,037,288 |  | 1,054,069 |  | 1,036,349 |
Loans and advances to customers disregarding impairment losses | 1,058,446 |  | 1,076,194 |  | 1,059,137 |
Note 51 contains a detail of the residual maturity periods of 'Financial assets at amortized cost'. Note 54 shows the Group’s total exposure, by geographical origin of the issuer. There are no loans and advances to customers for material amounts without fixed maturity dates. b) Breakdown Following is a breakdown of the loans and advances granted to the Group's customers, which reflect the Group's exposure to credit risk in its main activity, without considering the balance of value adjustments for impairment, taking into account the type and situation of the transactions, the geographical area of their residence and the type of interest rate on the transactions:
EUR million
| 2025 | 2024 | 2023
Loan type and status |  |  |
Commercial credit | 51,110 |  | 53,209 |  | 55,628 |
Secured loans | 530,749 |  | 557,463 |  | 554,375 |
Reverse repurchase agreements | 73,980 |  | 59,648 |  | 44,184 |
Other term loans | 295,998 |  | 296,339 |  | 295,485 |
Finance leases | 38,540 |  | 40,120 |  | 38,723 |
Receivable on demand | 10,313 |  | 10,756 |  | 12,277 |
Credit cards receivables | 26,179 |  | 24,928 |  | 24,371 |
Impaired assets | 31,577 |  | 33,731 |  | 34,094 |
| 1,058,446 |  | 1,076,194 |  | 1,059,137 |
Geographical area |  |  |
Spain | 198,894 |  | 198,164 |  | 203,680 |
Rest of Europe | 467,697 |  | 502,664 |  | 489,706 |
of which United Kingdom | 258,739 |  | 266,934 |  | 263,808 |
The Americas | 374,739 |  | 359,264 |  | 350,873 |
of which USA | 135,088 |  | 136,054 |  | 126,529 |
of which Brazil | 90,951 |  | 91,066 |  | 100,758 |
Rest of the world | 17,116 |  | 16,102 |  | 14,878 |
| 1,058,446 |  | 1,076,194 |  | 1,059,137 |
Interest rate formula |  |  |
Fixed rate | 694,332 |  | 678,994 |  | 647,349 |
Floating rate | 364,114 |  | 397,200 |  | 411,788 |
| 1,058,446 |  | 1,076,194 |  | 1,059,137 |
At 31 December 2025, 2024 and 2023 the Group had granted loans amounting to EUR 18,127 million, EUR 16,562 million and EUR 15,544 million to Spanish public sector agencies which had a rating at 31 December 2025 of A (ratings of A at 31 December 2024 and 31 December 2023), and EUR 16,248 million, EUR 13,593 million, and EUR 11,530 million to the public sector in other countries (at 31 December 2025, the breakdown of this amount by issuer rating was as follows: 3.6% AAA, 26.4% AA, 25.6% A, 27.5% BBB, 16.4% below BBB and 0.5% without rating). Without considering the public administrations, the amount of the loans and advances at 31 December 2025, 2024 and 2023 amounts to EUR 1,024,071 million, EUR 1,046,039 million and EUR 1,032,063 million, of which, EUR 954,533 million, EUR 1,012,389 million and EUR 998,010 million are classified as performing, respectively. Following is a detail, by activity, of the loans to customers at 31 December 2025, net of impairment losses:
EUR million
|  |  | Secured loans
|  |  | Net exposure |  | Loan to value ratio C
| Total | Without collateral | Of which property collateral | Of which other collateral |  | Less than or equal to 40% | More than 40% and less than or equal to 60% | More than 60% and less than or equal to 80% | More than 80% and less than or equal to 100% | More than 100%
Public sector | 29,607 |  | 28,423 |  | 153 |  | 1,031 |  |  | 157 |  | 168 |  | 251 |  | 334 |  | 274 |
Other financial institutions (financial business activity) | 124,684 |  | 42,687 |  | 1,959 |  | 80,038 |  |  | 2,045 |  | 995 |  | 424 |  | 77,935 |  | 598 |
Non-financial corporations and individual entrepreneurs (non-financial business activity) (broken down by purpose) | 318,284 |  | 179,529 |  | 63,124 |  | 75,631 |  |  | 23,917 |  | 26,942 |  | 19,168 |  | 45,306 |  | 23,422 |
Of which: |  |  |  |  |  |  |  |  |  |
Construction and property development | 17,118 |  | 1,294 |  | 15,594 |  | 230 |  |  | 4,963 |  | 6,921 |  | 1,890 |  | 1,164 |  | 886 |
Civil engineering construction | 2,522 |  | 1,732 |  | 19 |  | 771 |  |  | 93 |  | 84 |  | 39 |  | 470 |  | 104 |
Large companies | 181,870 |  | 128,502 |  | 17,718 |  | 35,650 |  |  | 7,177 |  | 6,666 |  | 6,157 |  | 25,459 |  | 7,909 |
SMEs and individual entrepreneurs | 116,774 |  | 48,001 |  | 29,793 |  | 38,980 |  |  | 11,684 |  | 13,271 |  | 11,082 |  | 18,213 |  | 14,523 |
Households – other (broken down by purpose) | 542,623 |  | 108,903 |  | 338,778 |  | 94,942 |  |  | 100,584 |  | 126,917 |  | 113,075 |  | 55,214 |  | 37,930 |
Of which: |  |  |  |  |  |  |  |  |  |
Residential | 332,931 |  | 1,149 |  | 331,655 |  | 127 |  |  | 90,170 |  | 116,264 |  | 97,858 |  | 25,944 |  | 1,546 |
Consumer loans | 192,576 |  | 104,388 |  | 1,667 |  | 86,521 |  |  | 5,909 |  | 8,063 |  | 13,297 |  | 24,977 |  | 35,942 |
Other purposes | 17,116 |  | 3,366 |  | 5,456 |  | 8,294 |  |  | 4,505 |  | 2,590 |  | 1,920 |  | 4,293 |  | 442 |
Total A | 1,015,198 |  | 359,542 |  | 404,014 |  | 251,642 |  |  | 126,703 |  | 155,022 |  | 132,918 |  | 178,789 |  | 62,224 |
Memorandum item |  |  |  |  |  |  |  |  |  |
Refinanced and restructured transactions B | 18,151 |  | 5,546 |  | 6,896 |  | 5,709 |  |  | 2,347 |  | 2,381 |  | 2,037 |  | 2,457 |  | 3,383 |
A. In addition, the Group has granted advances to customers am ounting to EUR 22,090 million, bringing the total of loans and advances to EUR 1,037,288 million. B. Includes the net balance of the impairment of the accumulated value or accumulated losses in the fair value due to credit risk. C. The ratio is the carrying amount of the transactions at 31 December 2025 provided by the latest available appraisal value of the collateral. Note 54 contains information relating to the forborne loan portfolio. Following is the movement of the gross exposure broken down by impairment stage of loans and advances to customers recognised under 'Financial assets at amortised cost' and 'Financial assets at fair value through other comprehensive income' during 2025, 2024 and 2023:
2025
EUR million
| Stage 1 | Stage 2 | Stage 3 | Total
Balance at the beginning of year | 925,413 |  | 84,455 |  | 33,568 |  | 1,043,436 |
Movements |  |  |  |
Transfers |  |  |  |
To stage 2 from stage 1 | (39,015) |  | 39,015 |  |  | — |
To stage 3 from stage 1 | (12,097) |  |  | 12,097 |  | — |
To stage 3 from stage 2 |  | (8,266) |  | 8,266 |  | — |
To stage 1 from stage 2 | 16,079 |  | (16,079) |  |  | — |
To stage 2 from stage 3 |  | 1,764 |  | (1,764) |  | — |
To stage 1 from stage 3 | 441 |  |  | (441) |  | — |
Net changes on financial assets | 69,819 |  | (12,940) |  | (4,436) |  | 52,443 |
Write-offs | — |  | — |  | (13,266) |  | (13,266) |
Exchange differences and others | (54,818) |  | (6,369) |  | (2,493) |  | (63,680) |
Balance at the end of the year | 905,822 |  | 81,580 |  | 31,531 |  | 1,018,933 |
2024
EUR million
| Stage 1 | Stage 2 | Stage 3 | Total
Balance at the beginning of year | 929,133 |  | 76,654 |  | 33,821 |  | 1,039,608 |
Movements |  |  |  |
Transfers |  |  |  |
To stage 2 from stage 1 | (49,316) |  | 49,316 |  |  | — |
To stage 3 from stage 1 | (11,517) |  |  | 11,517 |  | — |
To stage 3 from stage 2 |  | (10,083) |  | 10,083 |  | — |
To stage 1 from stage 2 | 21,475 |  | (21,475) |  |  | — |
To stage 2 from stage 3 |  | 2,358 |  | (2,358) |  | — |
To stage 1 from stage 3 | 447 |  |  | (447) |  | — |
Net changes on financial assets | 43,281 |  | (11,616) |  | (4,889) |  | 26,776 |
Write-offs | — |  | — |  | (13,212) |  | (13,212) |
Exchange differences and others | (8,090) |  | (699) |  | (947) |  | (9,736) |
Balance at the end of the year | 925,413 |  | 84,455 |  | 33,568 |  | 1,043,436 |
2023
EUR million
| Stage 1 | Stage 2 | Stage 3 | Total
Balance at the beginning of year | 942,861 |  | 66,696 |  | 32,617 |  | 1,042,174 |
Movements |  |  |  |
Transfers |  |  |  |
To stage 2 from stage 1 | (43,278) |  | 43,278 |  |  | — |
To stage 3 from stage 1 | (12,636) |  |  | 12,636 |  | — |
To stage 3 from stage 2 |  | (9,915) |  | 9,915 |  | — |
To stage 1 from stage 2 | 15,180 |  | (15,180) |  |  | — |
To stage 2 from stage 3 |  | 2,899 |  | (2,899) |  | — |
To stage 1 from stage 3 | 488 |  |  | (488) |  | — |
Net changes on financial assets | 29,696 |  | (10,673) |  | (4,218) |  | 14,805 |
Write-offs | — |  | — |  | (13,847) |  | (13,847) |
Exchange differences and others | (3,178) |  | (451) |  | 105 |  | (3,524) |
Balance at the end of the year | 929,133 |  | 76,654 |  | 33,821 |  | 1,039,608 |
In addition, at 31 December 2025, the Group had EUR 307 million (EUR 515 million at 31 December 2024 and EUR 694 million at 31 December 2023) of exposure in assets purchased with impairment of which EUR 46 million still show signs of additional impairment, which correspond mainly to the business combinations carried out by the Group. c) Impairment losses on loans and advances to customers at amortised cost and at fair value through other comprehensive income The changes in the impairment losses on the assets making up the balances of financial assets at amortised cost and at fair value through other comprehensive income - Loans and advances - Customers:
EUR million
| 2025 | 2024 | 2023
Amount at beginning of the year | 22,125 |  | 22,788 |  | 22,684 |
Impairment losses charged to income for the year | 14,144 |  | 13,428 |  | 13,805 |
Of which: |  |  |
Impairment losses charged to profit or loss | 24,935 |  | 22,761 |  | 20,608 |
Impairment losses reversed with a credit to profit or loss | (10,791) |  | (9,333) |  | (6,803) |
Change of perimeter | — |  | — |  | (48) |
Write-off of impaired balances against recorded impairment allowance | (13,266) |  | (13,212) |  | (13,847) |
Exchange differences and other changes | (1,845) |  | (879) |  | 194 |
Amount at end of the year | 21,158 |  | 22,125 |  | 22,788 |
Which correspond to: |  |  |
Impaired assets | 13,527 |  | 14,088 |  | 14,238 |
Other assets | 7,631 |  | 8,037 |  | 8,550 |
Of which: |  |  |
Individually calculated | 2,359 |  | 2,258 |  | 2,951 |
Collective calculated | 18,799 |  | 19,867 |  | 19,837 |
In addition, provisions for debt securities amounting to EUR 182 million were recorded at 31 December 2025 (provisions amounting to EUR 226 million and EUR 24 million as of 31 December 2024 and 2023, respectively), written-off assets recoveries have been recorded in the year amounting to EUR 1,791 million at 31 December 2025 (EUR 1,600 million and EUR 1,587 million at 31 December 2024 and 2023, respectively). With this, the impairment recorded in Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes: 'Financial assets at fair value through other comprehensive income' and 'Financial assets at amortised cost (IFRS 9) and, Loans and receivables (IAS 39)'; amounts EUR 12,535 million at 31 December 2025 (EUR 12,136 million and EUR 12,298 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 |
d) Impaired assets and assets with unpaid past-due amounts The detail of the changes in the balance of the financial assets classified as 'Financial assets Loans to customers' considered to be impaired due to credit risk is as follows:
EUR million
| 2025 | 2024 | 2023
Balance at beginning of year | 33,731 |  | 34,094 |  | 32,888 |
Net additions | 13,648 |  | 13,779 |  | 14,944 |
Written-off assets | (13,266) |  | (13,212) |  | (13,847) |
Changes in the scope of consolidation | — |  | 17 |  | (59) |
Exchange differences and other | (2,536) |  | (947) |  | 168 |
Balance at end of year | 31,577 |  | 33,731 |  | 34,094 |
This amount, after deducting the related allowances, represents the Group’s best estimate of the discounted value of the flows that are expected to be recovered from the impaired assets. At 31 December 2025, the Group’s written-off assets totalled EUR 51,435 million (EUR 49,939 million and EUR 48,138 million at 31 December 2024 and 2023, respectively). Set forth below for each class of impaired asset are the gross amount, associated allowances and information relating to the collateral and/or other credit enhancements obtained at 31 December 2025:
EUR million
| Gross amount | Allowance recognised | Estimated collateral value A
Without associated real collateral | 13,846 |  | 8,133 |  | — |
With real estate collateral | 7,777 |  | 1,759 |  | 5,657 |
With other collateral | 9,954 |  | 3,635 |  | 5,424 |
Total | 31,577 |  | 13,527 |  | 11,081 |
A. Including the estimated value of the collateral associated with each loan. Accordingly, any other cash flows that may be obtained, such as those arising from borrowers’ personal guarantees, are not included. When classifying assets in the previous table, the main factors considered by the Group to determine whether an asset has become impaired are the existence of amounts past due —assets impaired due to arrears— or other circumstances that may arise which will not result in all contractual cash flows being recovered, such as a deterioration of the borrower’s financial situation, the worsening of its capacity to generate funds or difficulties experienced by it in accessing credit. e) Transferred credits 'Loans and advances to customers' includes, inter alia, the securitised loans transferred to third parties on which the Group has retained the risks and rewards, albeit partially, and which therefore, in accordance with the applicable accounting standards, cannot be derecognised. This is mainly due to mortgage loans, loans to companies and consumer loans in which the group retains subordinate financing and/or grants some kind of credit enhancement to new holders. Securitisation is used as a tool for the management of regulatory capital and as a means of diversifying the Group's liquidity sources. The breakdown of securitized loans held on the balance sheet, according to the nature of the financial instrument in which they are originated, is shown below:
EUR million
| 2025 | 2024 | 2023
Retained on the balance sheet | 80,072 | 80,824 | 75,738
Of which |  |  |
Securitised mortgage assets | 19,640 | 17,782 | 16,994
Of which: UK assets | 10,236 | 9,034 | 6,096
Other securitised assets | 60,432 | 63,042 | 58,744
Total A | 80,072 |  | 80,824 |  | 75,738 |
A. Note 22 details the liabilities associated with these securitisation transactions. At 31 December 2025, Grupo Santander had loans that had been fully derecognised and for which it retained servicing amounting to EUR 12,174 million (EUR 14,919 million and EUR 13,923 million at 31 December 2024 and 2023, respectively).

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- Definition The disclosure of loans and advances to customers. [Refer: Loans and advances to customers] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Note Expiry date 2027-01-01 -Name IAS -Number 1 -IssueDate 2025-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_10_e&doctype=Standard -URIDate 2025-03-27 + Details
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