v3.26.1
Primary and secondary segments reporting
 12 Months Ended
Dec. 31, 2025
Disclosure of operating segments [abstract]  
Primary and secondary segments reporting Primary and secondary segments reporting
Grupo Santander bases segment reporting on financial information presented to the chief operating decision maker, which excludes certain statutory results items that distort year-on-year comparisons and are not considered for management reporting. This financial information (underlying basis) is computed by adjusting reported results for the effects of certain gains and losses (e.g. capital gains, write-downs, impairment of goodwill, etc.). These gains and losses are items that management and investors ordinarily identify and consider separately to better understand the underlying trends in the business.
Grupo Santander has aligned the information in this note with the underlying information used internally for management reporting and with that presented in Grupo Santander's other public documents.
Grupo Santander executive committee has been selected to be its chief operating decision maker. Grupo Santander's operating segments reflect its organizational and managerial structures. Grupo Santander 's executive committee reviews internal reporting based on these segments to assess performance and allocate resources.
The segments are split by global business and by country in which profits are earned. Santander prepares the information by aggregating the figures for Grupo Santander’s global businesses and countries, relating it to both the accounting data of the business units integrated in each segment and that provided by management information systems. The same general principles as those used in Grupo Santander are applied.
On 10 February 2026, the Group announced the implementation of a series of changes to its reporting structure. These changes are intended to improve the transparency and comparability of the metrics and financial statements, as well as to align the reporting with the way the bank has been managed since the beginning of 2026.
These changes, which affect the statutory and underlying income statements, the segment reporting and certain management metrics, have been applied to the periods presented herein and will apply to the information reported from the first quarter of 2026. These changes do not affect the Group’s consolidated balance sheet.
The main changes are as follows:
•In the underlying income statement, the results associated with the business subject to the Poland disposal are recorded in a single line item under 'non-recurring items'. Consequently, the global businesses, which, in accordance with IFRS 8, are reported only on an underlying basis, also exclude Poland.
•Certain charges that, until 31 December 2025, were recorded under the 'other provisions' line item are now presented in different lines of the income statement. In particular, charges mainly relating to bank levies and other taxes applicable to the banking sector, are reclassified to 'other operating costs' to ensure uniformity across the Group. In addition, certain recurring operating charges, primarily related to labour (mainly in Brazil) and legal processes, are presented in 'total costs' (comprising
'administrative expenses and amortizations' and 'other operating costs').
•Given that our payments platform strategy is now largely established, we are positioning Payments, renamed Payment Solutions, as the Group’s payments platform business. In this context, from 1 January 2026, the income statement and balance sheet items relating to the Cards business have been reclassified to Retail (previously recorded in Payments), to better align reporting with the management structure in these businesses in 2026.
•In addition to the change in the Payments business described above, two minor adjustments have been introduced to the primary segments: i) the Digital Consumer Bank (Consumer) business has been renamed Openbank; and ii) Wealth Management & Insurance has been reorganized into two business lines. These changes do not impact figures at the Group or primary segment levels.
The Group has recast the corresponding information of earlier periods to reflect these changes in the structure of its internal organization.
a) Primary segments
This primary level of segmentation, which is based on the Group’s management structure, comprises six reportable segments: five global businesses plus the Corporate Centre. The operating areas are:
•Retail & Commercial Banking (Retail): area that integrates the retail banking and commercial banking business (individuals, SMEs and corporates), except private banking clients and business originated in the consumer finance businesses.
•Openbank, formerly Digital Consumer Bank (Consumer): comprises all business originated by consumer finance companies, plus our digital bank (formerly Openbank), Open Digital Services (ODS) and SBNA Consumer.
•Corporate & Investment Banking (CIB): this business, which includes Global Transactional Banking, Global Banking (Global Debt Financing and Corporate Finance) and Global Markets, offers products and services on a global scale to corporate and institutional customers, and collaborates with other global businesses to better serve our broad customer base.
•Wealth Management & Insurance (Wealth): comprises two business lines: i) Private Banking, which includes the corporate private banking unit and International Private Banking in the US, Switzerland and the UAE; and ii) Insurance & Asset Management Solutions, which brings together the insurance business and liquid and illiquid asset management activities and includes the investment platforms and holdings that complement the traditional Wealth business.
•Payment Solutions (Payments): brings together the Group’s digital payment solutions, providing global technological solutions to Group entities and new customers in the open market. It comprises Getnet, Getnet Platforms and Ebury.
•Corporate Centre: includes the centralized activities relating to equity stakes in financial companies, financial management of the structural exchange rate position, assumed within the sphere of the Group's asset and liability committee, as well as management of liquidity and of shareholders' equity via issuances.
As Grupo Santander’s holding entity, this area manages all capital and reserves and allocations of capital and liquidity with the other businesses. It also incorporates goodwill impairments but not the costs related to the Grupo Santander’s central services (charged to the areas), except for corporate and institutional expenses related to the Grupo Santander’s functioning.
There are no customers located in any of the areas that generate income exceeding 10% of Total income.
The main masses of the balance sheets of the different segments, summarized, are indicated below:
EUR million
2025
Balance sheet (condensed)Retail & Commercial BankingOpenbankCorporate & Investment BankingWealth Management & InsurancePayment SolutionsCorporate CentreTotal
Loans and advances to customers594,262 203,857 204,210 26,516 977 7,465 1,037,288 
Customer deposits628,026 129,946 221,321 59,127 1,392 1,387 1,041,200 
Memorandum items
Gross loans and advances to customersA
591,287 211,894 146,065 26,680 1,002 7,537 984,466 
Customers funds726,779 138,999 149,731 181,509 1,392 1,387 1,199,798 
Customer depositsB
616,402 129,909 137,267 58,051 1,392 1,387 944,409 
Mutual funds110,377 9,089 12,464 123,458 — — 255,389 
EUR million
2024
Balance sheet (condensed)Retail & Commercial BankingOpenbankCorporate & Investment BankingWealth Management & InsurancePayment SolutionsCorporate CentreTotal
Loans and advances to customers598,852 207,107 178,746 24,478 1,066 6,911 1,017,160 
Customer deposits618,628 128,975 198,872 56,663 1,038 1,430 1,005,605 
Memorandum items
Gross loans and advances to customersA
600,230 215,164 130,840 24,643 1,087 6,997 978,961 
Customers funds706,505 137,122 147,492 161,304 1,038 1,299 1,154,759 
Customer depositsB
607,094 128,933 133,433 55,736 1,038 1,299 927,533 
Mutual funds99,411 8,189 14,059 105,568 — — 227,226 
EUR million
2023
Balance sheet (condensed)Retail & Commercial BankingOpenbankCorporate & Investment BankingWealth Management & InsurancePayment SolutionsCorporate CentreTotal
Loans and advances to customers610,528 199,158 163,627 22,456 1,165 6,531 1,003,465 
Customer deposits629,243 115,446 200,592 54,462 1,418 1,508 1,002,669 
Memorandum items
Gross loans and advances to customersA
611,882 206,649 132,308 22,550 1,194 6,608 981,192 
Customers funds688,569 120,996 166,721 148,292 1,418 1,508 1,127,503 
Customer depositsB
600,871 114,334 152,156 53,599 1,418 1,508 923,884 
Mutual funds87,698 6,662 14,565 94,693 — — 203,618 
A.Excluding reverse repos.
B.Excluding repos.
The condensed income statements for the primary segments are as follows:

EUR million
2025
Underlying income statement (condensed)Retail & Commercial BankingOpenbankCorporate & Investment BankingWealth Management & InsurancePayment SolutionsCorporate CentreTotal
Net interest incomeA
26,528 11,036 3,824 1,335 167 (490)42,401 
Net fee income6,222 1,479 2,552 1,642 1,059 (27)12,928 
Gains (losses) on financial transactionsB
680 (11)1,281 512 (24)(82)2,354 
Other operating incomeC
(983)511 359 552 171 14 625 
Total income32,447 13,015 8,016 4,042 1,373 (585)58,308 
Total Costs(13,913)(5,680)(3,752)(1,444)(1,203)(417)(26,410)
Net operating incomeD
18,534 7,335 4,264 2,598 170 (1,003)31,898 
Net loan-loss provisionsE
(7,150)(4,457)(278)(20)(24)(198)(12,128)
Other gains (losses) and provisionsF
(385)(312)(37)(14)(12)(75)(834)
Operating profit/(loss) before tax10,998 2,566 3,949 2,564 134 (1,275)18,936 
Tax on profit(2,974)(489)(1,114)(532)(19)190 (4,939)
Profit from continuing operations8,024 2,077 2,835 2,032 115 (1,085)13,997 
Net profit from discontinued operations— — — — — — — 
Consolidated profit8,024 2,077 2,835 2,032 115 (1,085)13,997 
Non-controlling interests(314)(336)(127)(50)(19)— (845)
Underlying profit attributable to the parent7,710 1,741 2,708 1,983 96 (1,085)13,152 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes an addition of EUR 50 million mainly corresponding to the results by commitments and contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except an addition EUR 50 million mainly corresponding to the results by commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognised in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
EUR million
2024
Underlying income statement (condensed)Retail & Commercial BankingOpenbankCorporate & Investment BankingWealth Management & InsurancePayment SolutionsCorporate CentreTotal
Net interest incomeA
27,854 10,777 3,779 1,591 132 (308)43,824 
Net fee income6,022 1,508 2,415 1,442 958 (11)12,335 
Gains (losses) on financial transactionsB
805 (4)1,568 256 — (408)2,216 
Other operating incomeC
(1,617)596 136 298 150 47 (391)
Total income33,064 12,877 7,897 3,587 1,240 (680)57,984 
Total Costs(14,704)(5,576)(3,922)(1,403)(1,209)(540)(27,354)
Net operating incomeD
18,359 7,302 3,975 2,183 31 (1,220)30,630 
Net loan-loss provisionsE
(7,064)(4,562)(141)(42)(16)3 (11,822)
Other gains (losses) and provisionsF
(545)(512)(19)(8)(247)(99)(1,431)
Operating profit/(loss) before tax10,750 2,228 3,815 2,134 (233)(1,317)17,377 
Tax on profit(3,132)(294)(1,023)(509)(57)162 (4,853)
Profit from continuing operations7,619 1,934 2,792 1,624 (290)(1,155)12,524 
Net profit from discontinued operations— — — — — — — 
Consolidated profit7,619 1,934 2,792 1,624 (290)(1,155)12,524 
Non-controlling interests(273)(275)(153)(40)(9)1 (750)
Underlying profit attributable to the parent7,345 1,659 2,639 1,584 (299)(1,154)11,774 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.'Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.'Net Loan loss provisions' refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes an addition of EUR 47 million mainly corresponding to the results by commitments and contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except an addition of EUR 47 million mainly corresponding to the results by commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognised in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
EUR million
2023
Underlying income statement (condensed)Retail & Commercial BankingOpenbankCorporate & Investment BankingWealth Management & InsurancePayment SolutionsCorporate CentreTotal
Net interest incomeA
25,586 10,221 3,361 1,499 92 (41)40,718 
Net fee income6,077 1,229 2,013 1,209 954 (13)11,468 
Gains (losses) on financial transactionsB
837 116 1,748 178 (10)(302)2,566 
Other operating incomeC
(1,707)709 (22)197 97 (86)(812)
Total income30,792 12,274 7,100 3,082 1,134 (442)53,940 
Total Costs(14,757)(5,526)(3,381)(1,266)(1,111)(460)(26,501)
Net operating incomeD
16,036 6,748 3,719 1,816 23 (901)27,439 
Net loan-loss provisionsE
(7,542)(4,106)(132)19 (24)2 (11,784)
Other gains (losses) and provisionsF
(298)35 (9)(1)(15)(62)(350)
Operating profit/(loss) before tax8,195 2,677 3,578 1,834 (17)(961)15,305 
Tax on profit(2,076)(426)(1,086)(429)(59)(36)(4,112)
Profit from continuing operations6,120 2,251 2,491 1,405 (75)(998)11,193 
Net profit from discontinued operations— — — — — — — 
Consolidated profit6,120 2,251 2,491 1,405 (75)(998)11,193 
Non-controlling interests(232)(350)(163)(45)(1)— (791)
Underlying profit attributable to the parent5,887 1,901 2,328 1,360 (77)(998)10,402 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes a release of EUR 38 million mainly corresponding to the results by commitments and contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except a release of EUR 38 million mainly corresponding to the results by commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognised in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
b) Secondary segments
This secondary level includes our main geographical units and the Corporate Centre, as described in the primary segments.
Detailed financial information is provided on Spain, the UK, Portugal, Openbank Europe (previously referred to as DCB Europe), which includes all consumer business, our digital bank in Europe and ODS, the US, Mexico, Brazil, Chile and Argentina.
Information is also provided for the 'Rest of the Group', the grouping which brings together everything that is not included in the aforementioned geographical units or the Corporate Centre.
There are no customers located in a place different from the location of the Group's assets that generate revenues in excess of 10% of ordinary revenues.
The main masses of the balance sheets of the different secondary segments, summarized, are indicated below:

EUR million
2025
Balance sheet (condensed)
Spain
United Kingdom
Portugal
Openbank Europe
United States
Mexico
Loans and advances to customers264,950 242,624 41,260 139,322 132,659 48,083 
Customer deposits354,943 225,708 40,576 82,359 122,000 55,595 
Memorandum items
Gross loans and advances to customersA
237,385 228,273 41,980 142,477 108,950 49,442 
Customers funds429,464 227,160 46,201 87,559 103,178 68,201 
Customer depositsB
322,070 219,440 40,576 82,359 87,686 45,498 
Mutual funds107,394 7,719 5,625 5,200 15,492 22,703 
EUR million
2025
Balance sheet (condensed)
Brazil
Chile
Argentina
Corporate Center
Rest of the Group
Total
Loans and advances to customers87,653 39,924 8,032 7,465 25,315 1,037,288 
Customer deposits92,256 29,503 9,959 1,387 26,913 1,041,200 
Memorandum items
Gross loans and advances to customersA
93,030 40,986 8,611 7,537 25,796 984,466 
Customers funds132,580 42,256 15,894 1,387 45,916 1,199,798 
Customer depositsB
80,449 28,293 9,959 1,387 26,691 944,409 
Mutual funds52,132 13,963 5,934 — 19,225 255,389 
EUR million
2024
Balance sheet (condensed)
Spain
United Kingdom
PortugalOpenbank Europe
United States
Mexico
Loans and advances to customers246,897 246,453 38,410 137,038 134,856 45,054 
Customer deposits323,425 230,408 38,304 81,376 125,403 49,836 
Memorandum items
Gross loans and advances to customersA
225,759 236,496 39,143 139,927 117,511 44,715 
Customers funds399,999 230,479 43,186 85,876 108,246 61,160 
Customer depositsB
306,389222,83538,30481,37693,54541,528
Mutual funds93,6097,6434,8824,50014,70219,632

EUR million
2024
Balance sheet (condensed)
Brazil
Chile
Argentina
Corporate Center
Rest of the Group
Total
Loans and advances to customers88,620 40,332 7,684 6,911 24,905 1,017,160 
Customer deposits93,994 30,181 11,293 1,430 19,955 1,005,605 
Memorandum items
Gross loans and advances to customersA
93,785 41,405 7,938 6,997 25,285 978,961 
Customers funds129,881 43,383 17,047 1,299 34,204 1,154,759 
Customer depositsB
81,378 30,060 11,293 1,299 19,527 927,533 
Mutual funds48,503 13,324 5,754 — 14,677 227,226 


EUR million
2023
Balance sheet (condensed)SpainUnited KingdomPortugalOpenbank EuropeUnited StatesMexico
Loans and advances to customers239,214 245,743 36,864 132,692 126,843 47,905 
Customer deposits324,099 233,453 36,366 69,334 121,782 53,703 
Memorandum items
Gross loans and advances to customersA
229,803 235,111 37,658 135,202 112,671 48,688 
Customers funds386,810 231,667 40,618 72,963 108,062 62,775 
Customer depositsB
308,745 224,396 36,366 69,334 95,697 45,693 
Mutual funds78,065 7,272 4,252 3,629 12,364 17,082 

EUR million
2023
Balance sheet (condensed)BrazilChileArgentinaCorporate CenterRest of the GroupTotal
Loans and advances to customers96,399 42,616 3,767 6,531 24,892 1,003,465 
Customer deposits110,162 29,578 6,478 1,508 16,207 1,002,669 
Memorandum items
Gross loans and advances to customersA
102,583 43,823 3,878 6,608 25,164 981,192 
Customers funds145,044 40,098 10,288 1,508 27,670 1,127,503 
Customer depositsB
90,297 29,337 6,478 1,508 16,034 923,884 
Mutual funds54,747 10,761 3,810 — 11,636 203,618 
A.Excluding reverse repos.
B.Excluding repos.
The condensed income statements are as follow
EUR million
2025
Underlying income statement (condensed)
Spain
United Kingdom
Portugal
Openbank Europe
United States
Mexico
Net interest incomeA
7,3055,008 1,346 4,685 5,888 4,554 
Net fee income3,022 369 506 804 1,328 1,454 
Gains (losses) on financial transactionsB
841 (100)70 (39)547 427 
Other operating incomeC
720 (245)33 474 165 (130)
Total income11,887 5,032 1,956 5,925 7,929 6,305 
Total Costs(4,465)(2,937)(544)(2,899)(3,890)(2,730)
Net operating incomeD
7,423 2,095 1,412 3,026 4,039 3,575 
Net loan-loss provisionsE
(1,142)(177)8 (1,363)(2,244)(1,239)
Other gains (losses) and provisionsF
(198)(124)(3)(266)(47)— 
Operating profit/(loss) before tax6,083 1,794 1,417 1,398 1,748 2,336 
Tax on profit(1,811)(486)(405)(322)(207)(627)
Profit/(loss) from continuing operations4,272 1,307 1,011 1,076 1,541 1,709 
Net profit/(loss) from discontinued operations— — — — — — 
Consolidated profit/(loss)4,272 1,307 1,011 1,076 1,541 1,709 
Non-controlling interests— — (2)(304)— (4)
Attributable profit/(loss) to the parent4,272 1,307 1,010 772 1,541 1,705 

EUR million
2025
Underlying income statement (condensed)
Brazil
Chile
Argentina
Corporate Centre
Rest of the Group
Total Group
Net interest incomeA
9,3801,917 1,727 (490)1,080 42,401 
Net fee income3,193 582 788 (27)908 12,928 
Gains (losses) on financial transactionsB
(64)230 229 (82)296 2,354 
Other operating incomeC
93 (15)(510)14 25 625 
Total income12,602 2,714 2,235 (585)2,309 58,308 
Total Costs(4,957)(919)(978)(417)(1,676)(26,410)
Net operating incomeD
7,645 1,795 1,257 (1,003)634 31,898 
Net loan-loss provisionsE
(4,409)(531)(574)(198)(260)(12,128)
Other gains (losses) and provisionsF
(11)(32)(33)(75)(45)(834)
Operating profit/(loss) before tax3,224 1,232 650 (1,275)328 18,936 
Tax on profit(836)(189)(216)190 (29)(4,939)
Profit/(loss) from continuing operations2,388 1,043 434 (1,085)300 13,997 
Net profit/(loss) from discontinued operations— — — — — — 
Consolidated profit/(loss)2,388 1,043 434 (1,085)300 13,997 
Non-controlling interests(220)(314)(1)— 1 (845)
Attributable profit/(loss) to the parent2,168 729 433 (1,085)300 13,152 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes an addition of EUR 50 million mainly corresponding to the results by commitments and contingent risks included in the line provisions or reversal of provisions, net of the statutory income statement.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except an addition of EUR 50 million mainly corresponding to the results by commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.


EUR million
2024
Underlying income statement (condensed)
Spain
United Kingdom
Portugal
Openbank Europe
United States
Mexico
Net interest incomeA
7,2564,950 1,548 4,361 5,693 4,631 
Net fee income2,867 283 467 902 1,152 1,385 
Gains (losses) on financial transactionsB
1,100 (18)45 (24)371 396 
Other operating incomeC
358 (203)5 405 365 (133)
Total income11,580 5,011 2,065 5,644 7,580 6,278 
Total Costs(4,509)(3,050)(574)(2,848)(3,965)(2,727)
Net operating incomeD
7,071 1,962 1,492 2,796 3,615 3,551 
Net loan-loss provisionsE
(1,259)(64)(11)(1,209)(2,507)(1,277)
Other gains (losses) and provisionsF
(372)(104)— (456)(55)— 
Operating profit/(loss) before tax5,440 1,794 1,481 1,131 1,053 2,274 
Tax on profit(1,678)(488)(478)(255)56 (598)
Profit/(loss) from continuing operations3,763 1,306 1,003 876 1,109 1,676 
Net profit/(loss) from discontinued operations— — — — — — 
Consolidated profit/(loss)3,763 1,306 1,003 876 1,109 1,676 
Non-controlling interests— — (2)(234)— (5)
Attributable profit/(loss) to the parent3,762 1,306 1,001 642 1,109 1,671 

EUR million
2024
Underlying income statement (condensed)
Brazil
Chile
Argentina
Corporate Centre
Rest of the Group
Total Group
Net interest incomeA
10,1211,822 2,919 (308)832 43,824 
Net fee income3,414 551 602 (11)722 12,335 
Gains (losses) on financial transactionsB
(37)238 229 (408)326 2,216 
Other operating incomeC
39 (18)(1,263)47 9 (391)
Total income13,536 2,592 2,487 (680)1,889 57,984 
Total Costs(5,219)(942)(1,337)(540)(1,643)(27,354)
Net operating incomeD
8,318 1,650 1,150 (1,220)246 30,630 
Net loan-loss provisionsE
(4,487)(497)(284)3 (230)(11,822)
Other gains (losses) and provisionsF
— (42)(39)(99)(263)(1,431)
Operating profit/(loss) before tax3,830 1,111 827 (1,317)(248)17,377 
Tax on profit(1,165)(211)(161)162 (37)(4,853)
Profit/(loss) from continuing operations2,665 899 666 (1,155)(285)12,524 
Net profit/(loss) from discontinued operations— — — — — — 
Consolidated profit/(loss)2,665 899 666 (1,155)(285)12,524 
Non-controlling interests(243)(271)(1)1 5 (750)
Attributable profit/(loss) to the parent2,422 629 665 (1,154)(280)11,774 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes an addition of EUR 47 million mainly corresponding to the results by commitments and contingent risks included in the line provisions or reversal of provisions, net of the statutory income statement.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except an addition of EUR 47 million mainly corresponding to the results by commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.

EUR million
2023
Underlying income statement (condensed)
Spain
United Kingdom
Portugal
Openbank Europe
United States
Mexico
Net interest incomeA
6,6415,152 1,465 4,193 5,742 4,408 
Net fee income2,699 338 464 796 766 1,374 
Gains (losses) on financial transactionsB
688 29 33 117 294 211 
Other operating incomeC
(190)(162)(17)375 406 (94)
Total income9,837 5,358 1,944 5,481 7,209 5,899 
Total Costs(4,815)(2,928)(567)(2,751)(3,707)(2,645)
Net operating incomeD
5,022 2,430 1,378 2,730 3,502 3,254 
Net loan-loss provisionsE
(1,522)(247)(77)(792)(2,593)(1,135)
Other gains (losses) and provisionsF
(100)(75)14 82 (46)— 
Operating profit/(loss) before tax3,399 2,107 1,314 2,019 863 2,119 
Tax on profit(1,029)(563)(416)(493)69 (541)
Profit/(loss) from continuing operations2,371 1,545 898 1,526 932 1,577 
Net profit/(loss) from discontinued operations— — — — — — 
Consolidated profit/(loss)2,371 1,545 898 1,526 932 1,577 
Non-controlling interests— — (2)(327)— (17)
Attributable profit/(loss) to the parent2,371 1,545 896 1,199 932 1,560 
EUR million
2023
Underlying income statement (condensed)
Brazil
Chile
Argentina
Corporate Centre
Rest of the Group
Total Group
Net interest incomeA
9,1161,383 1,879 (41)780 40,718 
Net fee income3,462 572 396 (13)615 11,468 
Gains (losses) on financial transactionsB
483 320 341 (302)353 2,566 
Other operating incomeC
43 11 (1,071)(86)(26)(812)
Total income13,104 2,285 1,544 (442)1,721 53,940 
Total Costs(5,430)(953)(831)(460)(1,415)(26,501)
Net operating incomeD
7,674 1,332 713 (901)306 27,439 
Net loan-loss provisionsE
(4,701)(365)(150)2 (203)(11,784)
Other gains (losses) and provisionsF
(62)(16)(58)(62)(25)(350)
Operating profit/(loss) before tax2,911 951 505 (961)77 15,305 
Tax on profit(776)(135)(117)(36)(75)(4,112)
Profit/(loss) from continuing operations2,135 816 388 (998)2 11,193 
Net profit/(loss) from discontinued operations— — — — — — 
Consolidated profit/(loss)2,135 816 388 (998)2 11,193 
Non-controlling interests(215)(234)(2)— 7 (791)
Attributable profit/(loss) to the parent1,921 582 386 (998)9 10,402 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes a release of EUR 38 million mainly corresponding to the results by commitments and contingent risks included in the line provisions or reversal of provisions, net of the statutory income statement.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except a release of EUR 38 million mainly corresponding to the results by commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
c) Reconciliations of reportable segment results
The tables below reconcile the statutory basis results to the underlying results for each of the periods presented as required by IFRS 8. For the purposes of these reconciliations, all material reconciling items are separately identified and described.
Grupo Santander assets and liabilities for management reporting purposes do not differ from the statutory reported figures and therefore are not reconciled.
EUR million
2025
Reconciliation of statutory results to underlying results Statutory results
Adjustments related to the Poland disposal
Other adjustmentsUnderlying results
Net interest incomeA
42,348 53 — 42,401 
Net fee income12,976 (48)— 12,928 
Gains (losses) on financial transactionsB
2,362 (8)— 2,354 
Other operating incomeC
625 — — 625 
Total income58,311 (3)— 58,308 
Administrative expenses, depreciation and amortisation(24,779)22 — (24,757)
Other operating costs
0 0 (1,653)(1,653)
Net operating incomeD
33,532 19 (1,653)31,898 
Net loan-loss provisionsE
(12,596)1 467 (12,128)
Other gains (losses) and provisionsF
(2,255)(1)1,422 (834)
Operating profit/(loss) before tax18,681 19 236 18,936 
Tax on profit(4,723)(6)(210)(4,939)
Adjusted profit for the year from continuing operations13,958 13 26 13,997 
Profit from discontinued operations (net)1,542 (1,542)— — 
Consolidated profit/(loss)15,500 (1,529)26 13,997 
Non-controlling interests(1,399)580 (26)(845)
Attributable profit/(loss) to the parent14,101 (949)— 13,152 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes an addition of EUR 50 million mainly corresponding to the results by commitments and contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except for an addition of EUR 50 million mainly corresponding to results from commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
To better understand the business trends, we reclassified certain items under some headings of the underlying income statement. These reclassifications between the statutory and underlying income statements include:
•In the statutory income statement, results associated with the business subject to the Poland disposal are reported in the 'profit/(loss) after tax from discontinued operations' line item. However, in the underlying income statement, the results related to the business subject to the Poland disposal are excluded.    
•Certain charges recorded in the statutory account under the line items that comprise 'other gains (losses) and provisions' are presented in the underlying income statement under the 'total costs' line item. These are mainly recurring operating charges, primarily related to labour and legal processes, and exclude EUR 620 million of restructuring charges and EUR 214 million of provisions for potential complaints related to motor finance dealer commissions.
•A capital gain in Q2 2025 of EUR 231 million from the sale of Santander’s remaining 30.5% stake in CACEIS was completely offset by a charge of EUR 467 million in Q2 2025 (EUR 231 million net of tax and minority interests), which strengthens the balance sheet after having updated macroeconomic parameters in Brazil’s credit provisioning models in 'Other gains (losses) and provisions'.
EUR million
2024
Reconciliation of statutory results to underlying resultsStatutory results
Adjustments related to the Poland disposal
Other adjustmentsUnderlying results
Net interest incomeA
43,787 37 43,824 
Net fee income 12,376 (41)12,335 
Gains (losses) on financial transactionsB
2,211 5 2,216 
Other operating incomeC
(331)(60)(391)
Total income 58,043 (59)— 57,984 
Administrative expenses, depreciation and amortisation (25,215)80 — (25,135)
Other operating costs— — (2,219)(2,219)
Net operating incomeD
32,828 21 (2,219)30,630 
Net loan-loss provisionsE
(12,183)9 352 (11,822)
Other gains (losses) and provisionsF
(3,298)— 1,867 (1,431)
Operating profit/(loss) before tax 17,347 30 — 17,377 
Tax on profit (4,844)(9)— (4,853)
Adjusted profit for the year from continuing operations12,503 21 — 12,524 
Profit from discontinued operations (net)1,241 (1,241)— — 
Consolidated profit/(loss)13,744 (1,220)— 12,524 
Non-controlling interests(1,170)420 — (750)
Attributable profit/(loss) to the parent12,574 (800)— 11,774 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes an addition of EUR 47 million mainly corresponding to the results by commitments and contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except for an addition of EUR 47 million mainly corresponding to results from commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations
To better understand the business trends, we reclassified certain items under some headings of the underlying income statement. These reclassifications between the statutory and underlying income statements include:
•In the statutory income statement, results associated with the business subject to the Poland disposal are reported in the 'profit/(loss) after tax from discontinued operations' line item. However, in the underlying income statement, the results related to the business subject to the Poland disposal are excluded.
•Certain charges recorded in the statutory account under the line items that comprise 'other gains (losses) and provisions' are presented in the underlying income statement under the 'total costs' line item. These are mainly recurring operating charges, primarily related to labour and legal processes, and exclude EUR 835 million of restructuring charges, EUR 353 million of provisions for potential complaints related to motor finance dealer commissions and EUR 243 million from charges related to the discontinuation of our merchant platform in Germany and Superdigital in Latin America.
•The recognition of provisions to strengthen the balance sheet in Brazil, amounted to EUR 352 million gross in Q2 2024 (EUR 174 million net of tax and non-controlling interests) were compensated with gains on Pluxee in Brazil in 'Other gains (losses) and provisions'.
EUR million
2023
Reconciliation of statutory results to underlying resultsStatutory results
Adjustments related to the Poland disposal
Other adjustmentsUnderlying results
Net interest incomeA
40,650 68 — 40,718 
Net fee income 11,495 (27)— 11,468 
Gains (losses) on financial transactionsB
2,565 1 — 2,566 
Other operating incomeC
(759)(53)— (812)
Total income 53,951 (11)— 53,940 
Administrative expenses, depreciation and amortisation (24,684)69 — (24,615)
Other operating costs0 — (1,886)(1,886)
Net operating incomeD
29,267 58 (1,886)27,439 
Net loan-loss provisionsE
(12,260)2 474 (11,784)
Other gains (losses) and provisionsF
(2,002)1 1,651 (350)
Operating profit/(loss) before tax 15,005 61 239 15,305 
Tax on profit (3,880)(19)(213)(4,112)
Adjusted profit for the year from continuing operations11,125 42 26 11,193 
Profit from discontinued operations (net)1,058 (1,058)— — 
Consolidated profit/(loss)12,183 (1,016)26 11,193 
Non-controlling interests(1,107)342 (26)(791)
Attributable profit/(loss) to the parent11,076 (674)— 10,402 
A.Net interest income includes the net amount of the profit and loss account items 'Interest income' and 'Interest expense'. It is presented this way because it is how it is presented to the main operational decision maker.
B.Gains (losses) on financial transactions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Gain or losses on financial assets and liabilities not measured at fair value through profit or loss, net, Gain or losses on financial assets and liabilities held for trading, net, Gains or losses on non-trading financial assets and liabilities mandatorily at fair value through profit or loss, net, Gain or losses on financial assets and liabilities measured at fair value through profit or loss, net, Gain or losses from hedge accounting, net and Exchange differences, net.
C.Other operating income includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Dividend income; Income from companies accounted for using the equity method, Other operating income, Other operating expenses, Income from assets under insurance or reinsurance contracts and Expenses from liabilities under insurance or reinsurance contracts.
D.Net Operating Income is used for the Group’s internal reporting and management reporting purposes but is not a line item in the statutory consolidated income statement.
E.Net loan-loss provisions refers to Impairment or reversal of impairment at financial assets not measured at fair value through profit or loss and net gains and losses from changes line item in the statutory income statement. Additionally, includes a release of EUR 38 million mainly corresponding to the results by commitments and contingent risks includes in the line of the statutory income statement of provisions or reversal of provisions.
F.Other gains (losses) and provisions includes the following line items in the statutory income statement, which are presented net for internal reporting and management reporting purposes: Provisions or reversal of provisions except a release of EUR 38 million mainly corresponding to results from commitments and contingent risks; Impairment of investments in joint ventures and associates, net; Impairment on non-financial assets, net; Gains or losses on non-financial assets, net; Negative goodwill recognized in results and Gains or losses on non-current assets held for sale not classified as discontinued operations.
To better understand the business trends, we reclassified certain items under some headings of the underlying income statement. These reclassifications between the statutory and underlying income statements include:
•In the statutory income statement, results associated with the business subject to the Poland disposal are reported in the 'profit/(loss) after tax from discontinued operations' line item. However, in the underlying income statement, the results related to the business subject to the Poland disposal are excluded.
• Certain charges recorded in the statutory account under the line items that comprise 'other gains (losses) and provisions' are presented in the underlying income statement under the 'total costs' line item. These are mainly recurring operating charges, primarily related to labour and legal processes, and exclude EUR 385 million of restructuring charges.
•Provisions to strengthen the balance sheet in Brazil in Q1 2023, totalling EUR 235 million, net of tax and non-controlling interests (EUR 474 million recorded in net loan-loss provisions, EUR 213 million positive tax impact and EUR 26 million in non-controlling interests), were more than offset by gains of EUR 270 million resulting primarily from the divestments of stakes in Brazil and Openbank in 'Other gains (losses) and provisions'.