v3.26.1
Investments
 12 Months Ended
Dec. 31, 2025
Investment [Abstract]  
Investments Investments
a) Breakdown
The detail, by company, of Investments is as follows:
EUR million
202520242023
Associated entities5,096 5,216 5,682 
Merlin Properties, SOCIMI, S.A.A
1,830 1,803 1,621 
Zurich Santander Insurance
America, S.L. - Consolidated		940 884 936 
Metrovacesa, S.A.748 841 899 
CNP Santander399 397 423 
Pluxee Beneficios Brasil S.A. A
295 309 — 
Caceis (Notes 3 and 12)
— — 1,139 
Other companies884 982 664 
Joint Ventures entities1,956 2,061 1,964 
Santander Caceis Latam Holding 1, S.L. - Consolidated (previously Santander Securities Services Latam Holding, S.L)404 381 389 
Santander Vida Seguros y Reaseguros, S.A.329 356 362 
U.C.I., S.A. - Consolidated293 325 349 
Fortune Auto Finance Co., Ltd232 261 254 
Hyundai Capital UK Limited270 249 205 
Volvo Car Financial Services UK Limited
116 99 76 
Banco RCI Brasil S.A.77 94 92 
Other companies235 296 237 
Total Associated entities and Joint ventures7,052 7,277 7,646 
A.Acquisition of 20% of Pluxee Beneficios Brasil S.A. and capital increase of Merlin Properties, SOCIMI, S.A., both carried out in 2024.
Of the entities included above, at 31 December 2025, the entities Merlin Properties, SOCIMI, S.A, and Metrovacesa, S.A. and Compañía Española de Viviendas en Alquiler, S.A., are the only listed companies.
Below is a breakdown of the Goodwill of the main investments in joint ventures and associates included in the balance of this heading:
EUR million
202520242023
Goodwill1,096 1,238 1,460 
Of which:
Zurich Santander Insurance America, S.L. - Consolidated526 526 526 
Pluxee Beneficios Brasil S.A.A
71 122 — 
Caceis (Notes 3 and 12)— — 337 
A.Acquisition of 20% of Pluxee Beneficios Brasil S.A. in 2024.
b) Changes
The changes in the investments were as follows:
EUR million
202520242023
Balance at beginning of year7,277 7,646 7,615 
Acquisitions (disposals) of companies and capital increases (reductions)A
(17)1,011 52 
Changes in the consolidation method (Note 3)
15 (13)(43)
Entities for sale (Notes 3 y 12)B
(168)(1,137)— 
Effect of equity accounting665 687 591 
Dividends distributed and reimbursements of share premium(694)(745)(565)
Of which:
Zurich Santander Insurance América, S.L. - Consolidado(206)(202)(202)
Metrovacesa, S.A.(118)(52)(50)
Santander Vida Seguros y Reaseguros, S.A.- Consolidated(87)(82)(52)
Merlin Properties, SOCIMI, S.A.(57)(53)(51)
CNP Santander(54)(88)(51)
CIP S.A.(16)(56)— 
Caceis— (114)— 
Hyundai Capital UK Limited— — (58)
Other global result28 (32)(24)
Exchange differences and other changes(54)(140)20 
Balance at end of year
7,052 7,277 7,646 
A.Includes the acquisition of 20% of Pluxee Beneficios Brasil S.A. and the capital increase of Merlin Properties, SOCIMI, S.A carried out in 2024.
B.Stakes of Santander Bank Polska S.A. and Caceis (Notes 3 and 12).
c) Impairment adjustments
During the years 2025, 2024 and 2023 there was no evidence of significant impairment in the Group's associated interests.

d) Other information
A summary of the financial information at the end of December 2025 of the main associates and joint ventures (obtained from the information available at the date of preparation of the consolidated financial statements) is shown below:
EUR million
AssociatesJoint ventures
Merlin Properties, SOCIMI, S.A.A
Metrovacesa, S.A.A
Pluxee Beneficios Brasil S.A.Zurich Santander Insurance América, S.L. - ConsolidatedCNP SantanderSantander Caceis Latam Holding, S.L. - ConsolidatedU.C.I., S.A. - ConsolidatedHyundai Capital UK LimitedFortune Auto Finance Co., LTDSantander Vida Seguros y Reaseguros, S.A.- Consolidated (note 3)Banco RCI Brasil S.A.
Current assets1,701 2,025 689 2,434 165 201 397 2,022 167 157 10 
Non current assets11,758 389 652 20,190 2,139 579 8,876 3,665 1,933 1,710 2,221 
Total assets13,459 2,414 1,341 22,624 2,304 780 9,273 5,687 2,100 1,867 2,231 
Current liabilities840 507 254 657 186 315 6,930 3,685 10 140 112 
Non current liabilities5,118 310 578 21,021 1,726 35 1,715 1,480 1,627 1,243 1,924 
Total liabilities5,958 817 832 21,678 1,912 350 8,645 5,165 1,637 1,383 2,036 
Attributable profit for the period284 16 87 534 101 97 (75)77 20 145 54 
Other accumulated comprehensive income(11)— — (33)(9)— 114 (1)— (21)4 
Rest of equity7,228 1,581 422 445 300 333 589 446 443 360 137 
Total Equity7,501 1,597 509 946 392 430 628 522 463 484 195 
Total liabilities and equity13,459 2,414 1,341 22,624 2,304 780 9,273 5,687 2,100 1,867 2,231 
Ordinary activities income544 658 457 4,559 568 163 499 426 159 907 312 
Profit (loss) from continuing operations284 16 87 534 101 97 (75)77 20 145 54 
Profit (loss) for the year from discontinuing operations— — — — — — — — — — — 
A.Data as of 31 December 2024, latest accounts available.