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v3.26.1

Marketable debt securities (Tables) | 12 Months Ended
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Dec. 31, 2025
Marketable Debt Securities [Abstract] |
Schedule of marketable securities | The detail, by classification and type, of Marketable debt securities is as follows:
EUR million
| 2025 | 2024 | 2023
Classification |  |  |
Financial liabilities held for trading | — |  | — |  | — |
Financial liabilities designated at fair value through profit or loss | 11,686 |  | 7,554 |  | 5,371 |
Financial liabilities at amortized cost | 312,704 |  | 317,967 |  | 303,208 |
| 324,390 |  | 325,521 |  | 308,579 |
Type |  |  |
Bonds and debentures outstanding | 253,893 |  | 252,765 |  | 231,880 |
Subordinated | 28,859 |  | 35,461 |  | 30,529 |
Notes and other securities | 41,638 |  | 37,295 |  | 46,170 |
| 324,390 |  | 325,521 |  | 308,579 |
Disclosure of maturity analysis of debt instruments, book value and notional amounts | The distribution of the book value of debt securities issued by contractual maturity at 31 December 2025 is shown below:
EUR million |  |
| Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
Subordinated debt | — | 798 | 1,760 | 2,277 | 24,024 | 28,859
Senior unsecured debt | 10,509 | 13,643 | 51,461 | 34,465 | 35,618 | 145,696
Senior secured debt | 11,529 | 12,308 | 43,661 | 28,106 | 12,593 | 108,197
Promissory notes and other securities | 17,747 | 23,060 | 335 | 170 | 326 | 41,638
Debt securities issued | 39,785 |  | 49,809 |  | 97,217 |  | 65,018 |  | 72,561 |  | 324,390 |
The distribution by contractual maturity of the notional amounts of these debt securities issued at 31 December 2025 is as follows:
EUR million |  |
| Within 3 months | 3 to 12 months | 1 to 3 years | 3 to 5 years | More than 5 years | Total
Subordinated debt | — | 790 | 1,744 | 2,255 | 22,926 | 27,715
Senior unsecured debt | 10,056 | 12,654 | 50,189 | 34,089 | 36,469 | 143,457
Senior secured debt | 11,038 | 12,110 | 43,467 | 28,116 | 12,513 | 107,244
Promissory notes and other securities | 17,709 | 23,042 | 299 | 154 | 312 | 41,516
Debt securities issued | 38,803 |  | 48,596 |  | 95,699 |  | 64,614 |  | 72,220 |  | 319,932 |
The analysis of the maturities of lease liabilities at 31 December 2025, 2024 and 2023 is shown below:
EUR million |  |
| 2025 | 2024 | 2023
Maturity Analysis - Discounted payments |  |  |
Within 1 year | 466 |  | 526 |  | 586 |
Between 1 and 3 years | 619 |  | 868 |  | 918 |
Between 3 and 5 years | 315 |  | 405 |  | 480 |
Later than 5 years | 422 |  | 403 |  | 416 |
Total discounted payments at the end of the year | 1,822 |  | 2,202 |  | 2,400 |
Disclosure of bonds and debentures by currency | The detail, by currency of issue, of 'Bonds and debentures outstanding' is as follows:
| EUR million | 2025
Currency of issue | 2025 | 2024 | 2023 | Outstanding issue amount in foreign currency (Million) | Annual interest rate (%)
Euro | 117,350 | 110,973 | 101,657 | 117,350 | 2.72%
US dollar | 71,140 | 79,740 | 70,229 | 83,632 | 4.73%
Pound sterling | 25,548 | 23,961 | 20,520 | 22,301 | 5.14%
Brazilian real | 21,848 | 18,683 | 21,861 | 141,089 | 14.21%
Chilean peso | 4,697 | 4,579 | 4,921 | 4,977,648 | 3.61%
Other currencies | 13,310 | 14,829 | 12,692 |  |
Balance at end of year | 253,893 |  | 252,765 |  | 231,880 |  |  |
Disclosure of changes in bonds and debentures outstanding | The changes in 'Bonds and debentures outstanding' were as follows:
EUR million
| 2025 | 2024 | 2023
Balance at beginning of year | 252,765 |  | 231,880 |  | 211,597 |
Net inclusion of entities in the Group | — |  | (1,224) |  | (1,467) |
Of which: |  |  |
SPIRE SA Compartment 2023-374 | — |  | (1,224) |  | — |
Auto ABS UK Loans PLC | — |  | — |  | (841) |
PSA Bank Deutschland GmbH | — |  | — |  | (626) |
Issues | 72,014 |  | 77,921 |  | 68,568 |
Of which: |  |  |
Banco Santander, S.A. | 12,682 |  | 20,559 |  | 19,706 |
Banco Santander (Brasil) S.A. | 11,827 |  | 8,039 |  | 12,781 |
Santander Group UK | 11,450 |  | 9,884 |  | 6,002 |
Santander Consumer USA Holdings Inc. | 8,705 |  | 8,949 |  | 7,309 |
Santander International Products, Plc. | 5,071 |  | 2,752 |  | 1,054 |
Stellantis Financial Services Italia S.p.A. | 2,020 |  | 2,021 |  | 761 |
Santander Consumer Bank S.p.A. | 1,799 |  | 1,001 |  | 1,460 |
Santander Holdings USA, Inc. | 1,772 |  | 3,004 |  | 1,850 |
Fondo de Titulización, Santander Consumo 8 | 1,523 |  | — |  | — |
Fondo de Titulización, Santander Consumo 9 | 1,421 |  | — |  | — |
Banco Santander - Chile | 1,204 |  | 1,171 |  | 814 |
Santander Consumer Finance, S.A. | 1,181 |  | 2,271 |  | 2,557 |
Banco Santander Totta, S.A. | 1,069 |  | 1,129 |  | 1,734 |
Santander Bank, National Association | 853 |  | 4,133 |  | 1,346 |
SC Germany S.A., Compartment Consumer 2025-2 | 850 |  | — |  | — |
SC Austria S.à r.l., Compartment Consumer 2025-1 | 803 |  | — |  | — |
Secucor Finance 2025-1 Designated Activity Company | 801 |  | — |  | — |
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México | 787 |  | 875 |  | 634 |
Hyundai Capital Bank Europe GmbH Italy | 749 |  | — |  | — |
Banque Stellantis France | 728 |  | 897 |  | 1,145 |
Santander Consumer Bank AG | — |  | 180 |  | 1,256 |
SC Germany S.A., Compartment Consumer 2024-1 | — |  | 1,500 |  | — |
Santander Consumo 6, F.T. | — |  | 1,230 |  | — |
Santander Consumo 7, F.T. | — |  | 1,218 |  | — |
Santander Bank Polska S.A. | — |  | 1,002 |  | 1,102 |
SC Germany S.A., Compartment Consumer 2024-2 | — |  | 1,000 |  | — |
Redemptions and repurchases | (60,335) |  | (57,676) |  | (48,825) |
Of which: |  |  |
Banco Santander, S.A. | (14,854) |  | (15,888) |  | (7,889) |
Banco Santander (Brasil) S.A. | (9,430) |  | (6,919) |  | (10,542) |
Santander Consumer USA Holdings Inc. | (7,905) |  | (10,806) |  | (14,466) |
Santander Group UK | (4,936) |  | (7,764) |  | (6,185) |
Santander Consumer Finance, S.A. | (2,743) |  | (2,900) |  | (1,800) |
Santander Holdings USA, Inc. | (2,693) |  | (1,387) |  | — |
Santander Bank, National Association | (2,648) |  | (1,440) |  | (567) |
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México | (2,084) |  | (122) |  | (140) |
Banco Santander - Chile | (1,930) |  | (1,486) |  | (575) |
Santander International Products, Plc. | (1,327) |  | (584) |  | (728) |
Santander Consumer Bank S.p.A. | (1,327) |  | (233) |  | (266) |
Santander Consumer Bank AS | (1,174) |  | (839) |  | (681) |
Banque Stellantis France | (746) |  | (565) |  | (813) |
Stellantis Financial Services Italia S.p.A. | (698) |  | (22) |  | — |
Banco Santander Totta, S.A. | (223) |  | (1,055) |  | (108) |
Exchange differences and other movements | (10,551) |  | 1,864 |  | 2,007 |
Balance at year-end | 253,893 |  | 252,765 |  | 231,880 |
Disclosure of information on liabilities secured by financial assets | Set forth below is information on the liabilities secured by assets:
EUR million
| 2025 | 2024 | 2023
Asset-backed securities | 55,031 |  | 49,723 |  | 37,717 |
Of which, mortgage-backed securities | 5,961 |  | 4,377 |  | 3,019 |
Other mortgage securities | 51,438 |  | 50,141 |  | 49,478 |
Of which: mortgage-backed bonds | 22,624 |  | 22,631 |  | 24,619 |
Covered bonds (non mortgage and export financing) | 1,728 |  | 995 |  | 764 |
| 108,197 |  | 100,859 |  | 87,959 |

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