v3.26.1
Trading derivatives (assets and liabilities) and short positions (Tables)
 12 Months Ended
Dec. 31, 2025
Trading Derivatives And Short Positions [Abstract]  
Schedule by type of inherent risk of fair value of trading derivatives
The detail, by type of inherent risk, of the fair value of the trading derivatives arranged by the Group is as follows (see note 11):
EUR million
202520242023
Debit balanceCredit balanceDebit balanceCredit balanceDebit balanceCredit balance
Interest rate risk29,550 23,728 30,834 24,754 31,480 26,014 
Currency risk24,755 20,508 29,395 29,110 22,834 23,094 
Price risk1,858 2,279 1,765 1,632 1,279 904 
Other risks2,192 5,453 2,106 2,257 735 577 
58,355 51,968 64,100 57,753 56,328 50,589 
Schedule of short positions
Following is a breakdown of the short positions (liabilities):
EUR million
202520242023
Borrowed securities
Debt instruments2,938 2,5663,263 
Of which:
Banco Santander, S.A.1,555 1,3471,383 
Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México1,358 1,199 1,881 
Equity instruments690 538 546 
Of which:
Banco Santander, S.A.429 358 312 
Short sales
Debt instruments40,387 32,726 22,365 
Of which:
Banco Santander, S.A.28,710 23,813 16,143 
Banco Santander (Brasil) S.A.7,417 5,950 3,462 
Santander US Capital Markets LLC 3,396 2,382 2,442 
44,015 35,830 26,174