v3.26.1
Subordinated liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Subordinated liabilities [abstract]  
Schedule of subordinated liabilities detail, by currency of issue
The detail, by currency of issue, of Subordinated liabilities, deposits and marketable debt securities, in the consolidated balance sheets is as follows:
EUR million2025
202520242023Outstanding issue amount in foreign currency (million)Annual interest rate (%)
Currency of issue
Euro11,40214,99913,68411,4024.55%
US dollar9,75013,42511,30011,4626.53%
Brazilian real4,3543,6002,51828,11716.30%
Pound sterling1,3471,4091,3531,1764.28%
Other currencies2,4342,3802,057
Balance at end of year29,287 35,813 30,912 
Schedule of changes in subordinated liabilities
The movement in the balance of subordinated liabilities in the last three years were as follows:
EUR million
202520242023
Balance at beginning of year35,813 30,912 25,926 
Net inclusion of entities in the Group— — (40)
IssuancesA
2,287 7,001 7,007 
Of which:
Banco Santander, S.A.1,862 5,625 5,610 
Banco Santander (Brasil) S.A.375 1,338 1,112 
Banque Stellantis France— 25 150 
Redemptions and repurchasesA
(7,110)(2,572)(1,781)
Of which:
Banco Santander, S.A.(6,754)(2,433)(1,000)
Santander UK Group Holdings plc(352)— — 
Santander Bank Polska S.A.— (100)— 
Santander UK plc— — (702)
Banque Stellantis France— — (78)
Exchange differences and other movements(1,703)472 (200)
Balance at end of year29,287 35,813 30,912 
A.The balance relating to issuances, redemptions and repurchases (EUR 4,823 million), together with the interest paid in remuneration of these issuances including PPCC (EUR 1,560 million), is included in the cash flow from financing activities.