v3.26.1
Loans and advances to customers (Tables)
 12 Months Ended
Dec. 31, 2025
Loans And Advances To Customers [Abstract]  
Schedule of detail, by classification, of loans and advances to customers
The detail, by classification, of Loans and advances to customers in the consolidated balance sheets is as follows:
EUR million
202520242023
Financial assets held for trading32,766 26,591 11,634 
Non-trading financial assets mandatorily at fair value through
profit or loss		1,701 1,042 982 
Financial assets designated at fair value through profit or loss4,739 4,610 6,219 
Financial assets at fair value through other comprehensive income12,906 10,784 7,669 
Financial assets at amortized cost985,176 1,011,042 1,009,845 
Of which:
Impairment losses(21,158)(22,125)(22,788)
1,037,288 1,054,069 1,036,349 
Loans and advances to customers disregarding impairment losses 1,058,446 1,076,194 1,059,137 
Schedule of the breakdown of loans and advances to customers
Following is a breakdown of the loans and advances granted to the Group's customers, which reflect the Group's exposure to credit risk in its main activity, without considering the balance of value adjustments for impairment, taking into account the type and situation of the transactions, the geographical area of their residence and the type of interest rate on the transactions:
EUR million
202520242023
Loan type and status
Commercial credit51,110 53,209 55,628 
Secured loans530,749 557,463 554,375 
Reverse repurchase agreements73,980 59,648 44,184 
Other term loans295,998 296,339 295,485 
Finance leases38,540 40,120 38,723 
Receivable on demand10,313 10,756 12,277 
Credit cards receivables26,179 24,928 24,371 
Impaired assets31,577 33,731 34,094 
1,058,446 1,076,194 1,059,137 
Geographical area
Spain198,894 198,164 203,680 
Rest of Europe 467,697 502,664 489,706 
of which United Kingdom258,739 266,934 263,808 
The Americas374,739 359,264 350,873 
of which USA
135,088 136,054 126,529 
of which Brazil90,951 91,066 100,758 
Rest of the world17,116 16,102 14,878 
1,058,446 1,076,194 1,059,137 
Interest rate formula
Fixed rate694,332 678,994 647,349 
Floating rate364,114 397,200 411,788 
1,058,446 1,076,194 1,059,137 
Schedule of loans and advances to customers in detail by activity
Following is a detail, by activity, of the loans to customers at 31 December 2025, net of impairment losses:

EUR million
Secured loans
Net exposure
Loan to value ratioC
TotalWithout
collateral		Of which
property
 collateral		Of which
other
 collateral		Less than or equal to 40%More
than 40% and less than or equal
to 60%		More
than 60% and less than or equal
to 80%		More
than 80% and less than or equal
to 100%		More than 100%
Public sector29,607 28,423 153 1,031 157 168 251 334 274 
Other financial institutions (financial business activity)124,684 42,687 1,959 80,038 2,045 995 424 77,935 598 
Non-financial corporations and individual entrepreneurs (non-financial business activity) (broken down by purpose)318,284 179,529 63,124 75,631 23,917 26,942 19,168 45,306 23,422 
Of which:
Construction and property development17,118 1,294 15,594 230 4,963 6,921 1,890 1,164 886 
Civil engineering construction2,522 1,732 19 771 93 84 39 470 104 
Large companies181,870 128,502 17,718 35,650 7,177 6,666 6,157 25,459 7,909 
SMEs and individual entrepreneurs116,774 48,001 29,793 38,980 11,684 13,271 11,082 18,213 14,523 
Households – other (broken down by purpose) 542,623 108,903 338,778 94,942 100,584 126,917 113,075 55,214 37,930 
Of which:
Residential332,931 1,149 331,655 127 90,170 116,264 97,858 25,944 1,546 
Consumer loans192,576 104,388 1,667 86,521 5,909 8,063 13,297 24,977 35,942 
Other purposes17,116 3,366 5,456 8,294 4,505 2,590 1,920 4,293 442 
TotalA
1,015,198 359,542 404,014 251,642 126,703 155,022 132,918 178,789 62,224 
Memorandum item
Refinanced and restructured transactionsB
18,151 5,546 6,896 5,709 2,347 2,381 2,037 2,457 3,383 
A.In addition, the Group has granted advances to customers amounting to EUR 22,090 million, bringing the total of loans and advances to EUR 1,037,288 million.
B.Includes the net balance of the impairment of the accumulated value or accumulated losses in the fair value due to credit risk.
C.The ratio is the carrying amount of the transactions at 31 December 2025 provided by the latest available appraisal value of the collateral.
Schedule of movement of gross exposure by impairment stage
Following is the movement of the gross exposure broken down by impairment stage of loans and advances to customers recognised under 'Financial assets at amortised cost' and 'Financial assets at fair value through other comprehensive income' during 2025, 2024 and 2023:
2025
EUR million
Stage 1Stage 2Stage 3Total
Balance at the beginning of year925,413 84,455 33,568 1,043,436 
Movements
Transfers
To stage 2 from stage 1(39,015)39,015 — 
To stage 3 from stage 1
(12,097)12,097 — 
To stage 3 from stage 2(8,266)8,266 — 
To stage 1 from stage 216,079 (16,079)— 
To stage 2 from stage 31,764 (1,764)— 
To stage 1 from stage 3441 (441)— 
Net changes on financial assets69,819 (12,940)(4,436)52,443 
Write-offs— — (13,266)(13,266)
Exchange differences and others(54,818)(6,369)(2,493)(63,680)
Balance at the end of the year905,822 81,580 31,531 1,018,933 
2024
EUR million
Stage 1Stage 2Stage 3Total
Balance at the beginning of year929,133 76,654 33,821 1,039,608 
Movements
Transfers
To stage 2 from stage 1(49,316)49,316 — 
To stage 3 from stage 1
(11,517)11,517 — 
To stage 3 from stage 2(10,083)10,083 — 
To stage 1 from stage 221,475 (21,475)— 
To stage 2 from stage 32,358 (2,358)— 
To stage 1 from stage 3447 (447)— 
Net changes on financial assets 43,281 (11,616)(4,889)26,776 
Write-offs— — (13,212)(13,212)
Exchange differences and others(8,090)(699)(947)(9,736)
Balance at the end of the year925,413 84,455 33,568 1,043,436 
2023
EUR million
Stage 1Stage 2Stage 3Total
Balance at the beginning of year942,861 66,696 32,617 1,042,174 
Movements
Transfers
To stage 2 from stage 1(43,278)43,278 — 
To stage 3 from stage 1(12,636)12,636 — 
To stage 3 from stage 2(9,915)9,915 — 
To stage 1 from stage 215,180 (15,180)— 
To stage 2 from stage 32,899 (2,899)— 
To stage 1 from stage 3488 (488)— 
Net changes on financial assets29,696 (10,673)(4,218)14,805 
Write-offs— — (13,847)(13,847)
Exchange differences and others(3,178)(451)105 (3,524)
Balance at the end of the year929,133 76,654 33,821 1,039,608 
Schedule of impairment loss and allowance for loans and advances to customers
The changes in the impairment losses on the assets making up the balances of financial assets at amortised cost and at fair value through other comprehensive income - Loans and advances - Customers:
EUR million
202520242023
Amount at beginning of the year22,125 22,788 22,684 
Impairment losses charged to income for the year14,144 13,428 13,805 
Of which:
Impairment losses charged to profit or loss24,935 22,761 20,608 
Impairment losses reversed with a credit to profit or loss(10,791)(9,333)(6,803)
Change of perimeter— — (48)
Write-off of impaired balances against recorded impairment allowance(13,266)(13,212)(13,847)
Exchange differences and other changes(1,845)(879)194 
Amount at end of the year21,158 22,125 22,788 
Which correspond to:
Impaired assets13,527 14,088 14,238 
Other assets7,631 8,037 8,550 
Of which:
Individually calculated2,359 2,258 2,951 
Collective calculated18,799 19,867 19,837 
Schedule of changes in loss allowance and gross carrying amount
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).
Following is the movement of the loan loss provision broken down by impairment stage of loans and advances to customers during 2025, 2024 and 2023:
2025
EUR million
Stage 1Stage 2Stage 3Total
Loss allowance at the beginning of the year3,293 4,744 14,088 22,125 
Transfers
To stage 2 from stage 1(847)2,734 1,887 
To stage 3 from stage 1(701)4,931 4,230 
To stage 3 from stage 2(1,189)2,760 1,571 
To stage 1 from stage 282 (466)(384)
To stage 2 from stage 3177 (344)(167)
To stage 1 from stage 316 (59)(43)
Net changes of the exposure and modifications in the credit risk1,269 (800)6,581 7,050 
Write-offs— — (13,266)(13,266)
FX and other movements(112)(569)(1,164)(1,845)
Loss allowance at the end of the year3,000 4,631 13,527 21,158 
2024
EUR million
Stage 1Stage 2Stage 3Total
Loss allowance at the beginning of the year3,596 4,954 14,238 22,788 
Transfers
To stage 2 from stage 1(626)2,676 2,050 
To stage 3 from stage 1(385)4,548 4,163 
To stage 3 from stage 2(1,591)3,444 1,853 
To stage 1 from stage 2109 (725)(616)
To stage 2 from stage 3278 (693)(415)
To stage 1 from stage 323 (156)(133)
Net changes of the exposure and modifications in the credit risk755 (704)6,655 6,706 
Write-offs— — (13,212)(13,212)
FX and other movements(179)(144)(736)(1,059)
Loss allowance at the end of the year3,293 4,744 14,088 22,125 
2023
EUR million
Stage 1Stage 2Stage 3Total
Loss allowance at the beginning of the year3,626 5,127 13,931 22,684 
Transfers
To stage 2 from stage 1(696)2,954 2,258 
To stage 3 from stage 1(405)4,278 3,873 
To stage 3 from stage 2(1,820)3,721 1,901 
To stage 1 from stage 2149 (905)(756)
To stage 2 from stage 3282 (920)(638)
To stage 1 from stage 327 (184)(157)
Net changes of the exposure and modifications in the credit risk875 (557)7,212 7,530 
Write-offs— — (13,847)(13,847)
FX and other movements20 (127)47 (60)
Loss allowance at the end of the year3,596 4,954 14,238 22,788 
The changes in gross property development loans to customers were as follows:
EUR million
202520242023
Balance at beginning of year2,5452,4332,327
Foreclosed assets——(1)
Net variation441112115
Written-off assets(2)—(8)
Balance at end of year2,9842,5452,433
The gross movement in foreclosed properties were as follows (EUR billion):
EUR Billion
202520242023
Gross additions0.1 0.10.3
Disposals(0.7)(0.8)(1.2)
Difference(0.6)(0.7)(0.9)
Schedule of changes in the impairment losses for loans and advances to customers
The detail of the changes in the balance of the financial assets classified as 'Financial assets Loans to customers' considered to be impaired due to credit risk is as follows:
EUR million
202520242023
Balance at beginning of year33,731 34,094 32,888 
Net additions13,648 13,779 14,944 
Written-off assets(13,266)(13,212)(13,847)
Changes in the scope of consolidation— 17 (59)
Exchange differences and other(2,536)(947)168 
Balance at end of year31,577 33,731 34,094 
Schedule of financial assets that are either past due or impaired, with or without collateral
Set forth below for each class of impaired asset are the gross amount, associated allowances and information relating to the collateral and/or other credit enhancements obtained at 31 December 2025:
EUR million
Gross
amount		Allowance recognised
Estimated collateral
valueA
Without associated real collateral13,846 8,133 — 
With real estate collateral7,777 1,759 5,657 
With other collateral9,954 3,635 5,424 
Total31,577 13,527 11,081 
A.Including the estimated value of the collateral associated with each loan. Accordingly, any other cash flows that may be obtained, such as those arising from borrowers’ personal guarantees, are not included.
Schedule of the breakdown of the securitized loans
The breakdown of securitized loans held on the balance sheet, according to the nature of the financial instrument in which they are originated, is shown below:
EUR million
202520242023
Retained on the balance sheet80,07280,82475,738
Of which
Securitised mortgage assets19,64017,78216,994
Of which: UK assets10,2369,0346,096
Other securitised assets60,43263,04258,744
TotalA
80,072 80,824 75,738 
A.Note 22 details the liabilities associated with these securitisation transactions.