v3.26.1
Debt securities
 12 Months Ended
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
202520242023
Classification
Financial assets held for trading98,568 82,646 62,124 
Non-trading financial assets mandatorily at fair value through profit or loss245 447 860 
Financial assets designated at fair value through profit or loss2,894 2,897 3,095 
Financial assets designated at fair value through other comprehensive income58,305 76,558 73,565 
Financial assets at amortised cost140,014 120,949 103,559 
300,026 283,497 243,203 
Type
Spanish government debt securities63,742 56,919 40,321 
Foreign government debt securities172,468 164,747 145,732 
Issued by financial institutions17,465 16,776 14,681 
Other fixed-income securities46,029 44,703 42,294 
Impaired financial assets842 701 461 
Impairment losses(520)(349)(286)
300,026 283,497 243,203 
Currency
Euro142,969 118,456 90,857 
Pound sterling14,114 15,630 9,284 
US dollar50,671 48,189 38,161 
Brazilian real48,231 44,432 46,190 
Other currencies44,561 57,139 58,997 
Debt securities excluding impairment adjustments300,546 283,846 243,489 
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
202520242023
Private fixed-incomePublic fixed-incomeTotal%Private fixed-incomePublic fixed-incomeTotal%Private fixed-incomePublic fixed-incomeTotal%
Spain2,528 63,742 66,270 22.09%1,901 56,919 58,820 20.75%2,525 40,321 42,846 17.62%
United Kingdom2,336 9,227 11,563 3.85%3,077 9,903 12,980 4.58%2,816 4,748 7,564 3.11%
Portugal3,212 5,627 8,839 2.95%3,224 5,138 8,362 2.95%2,826 4,815 7,641 3.14%
Italy2,821 24,215 27,036 9.01%3,072 22,954 26,026 9.18%2,968 12,945 15,913 6.54%
Ireland4,239 42 4,281 1.43%4,557 14 4,571 1.61%5,632 11 5,643 2.32%
Poland22 1,465 1,487 0.50%2,472 15,224 17,696 6.24%2,937 12,482 15,419 6.34%
Other European countries12,682 25,894 38,576 12.86%11,593 12,702 24,295 8.57%9,797 15,495 25,292 10.40%
United States14,941 29,199 44,140 14.71%12,475 27,811 40,286 14.21%8,959 22,992 31,951 13.14%
Brazil13,518 33,908 47,426 15.81%12,738 32,645 45,383 16.01%13,551 32,342 45,893 18.87%
Mexico3,001 25,113 28,114 9.37%2,190 20,822 23,012 8.12%1,969 20,738 22,707 9.34%
Chile137 8,567 8,704 2.90%96 6,982 7,078 2.50%49 11,995 12,044 4.95%
Other American countries3,254 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 world1,125 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
202520242023
Private fixed-incomePublic fixed-incomeTotal%Private fixed-incomePublic fixed-incomeTotal%Private fixed-incomePublic fixed-incomeTotal%
AAA15,952 9,320 25,272 8.42%16,889 6,440 23,329 8.23%15,152 7,887 23,039 9.47%
AA19,598 42,451 62,049 20.68%16,972 47,254 64,226 22.65%15,142 36,704 51,846 21.32%
A13,206 95,537 108,743 36.24%10,056 87,814 97,870 34.53%11,175 68,112 79,287 32.60%
BBB6,872 50,066 56,938 18.98%8,900 44,483 53,383 18.83%7,749 39,173 46,922 19.29%
Below BBB5,052 38,836 43,888 14.63%5,543 35,675 41,218 14.54%4,654 34,177 38,831 15.97%
Unrated3,136 — 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
202520242023
Securitised mortgage bonds10,514 10,709 9,310 
Other asset-backed bonds14,073 11,624 10,243 
Floating rate debt18,721 17,323 15,376 
Fixed rate debt20,508 22,175 22,221 
Total63,816 61,831 57,150 
c) Impairment losses
The changes in the impairment losses on debt securities are summarised below:
EUR million
202520242023
Balance at beginning of year349 286 226 
Net impairment losses for the yearA
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 year520 349 286 
Of which:
By geographical location of risk:
European Union26 23 22 
America494 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.