| Schedule of components of other comprehensive income |
| | | | | | | | | | | | EUR millionA | | 2025 | | 2024 | | 2023 | | Other comprehensive income | (37,974) | | (36,595) | | (35,020) | | Items that will not be reclassified to profit or loss | (4,121) | | (4,757) | | (5,212) | | | Actuarial gains and losses on defined benefit pension plans | (3,896) | | (4,404) | | (4,324) | | | Non-current assets held for sale | 56 | | — | | — | | | Share in other income and expenses recognised in investments, joint ventures and associates | 1 | | (1) | | 1 | | | Other valuation adjustments | — | | — | | — | | | Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income | (250) | | (432) | | (776) | | | Inefficiency of fair value hedges of equity instruments measured at fair value with changes in other comprehensive income | — | | — | | — | | | Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income (hedged item) | 208 | | 284 | | 264 | | | Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income (hedging instrument) | (208) | | (284) | | (264) | | | Changes in the fair value of financial liabilities measured at fair value through profit or loss attributable to changes in credit risk | (32) | | 80 | | (113) | | Items that may be reclassified to profit or loss | (33,853) | | (31,838) | | (29,808) | | | Hedges of net investments in foreign operations (Effective portion) | (7,343) | | (8,002) | | (8,684) | | | Exchange differences | (25,475) | | (22,375) | | (19,510) | | | Hedging derivatives. Cash flow hedges (Effective portion) | 333 | | (298) | | (740) | | | Changes in the fair value of debt instruments measured at fair value with changes in other comprehensive income | (372) | | (736) | | (555) | | | Hedging instruments (items not designated) | (11) | | — | | — | | | Non-current assets classified as held for sale | (590) | | — | | — | | | Share in other income and expenses recognised in investments, joint ventures and associates | (395) | | (427) | | (319) | |
A.Net amount of taxes and minorities
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| Schedule of changes in fair value of equity instruments that will not be reclassified |
The following is a breakdown of the composition of the balance as of 31 December 2025, 2024 and 2023 under 'Other comprehensive income - Items that will not be reclassified to profit or loss - Changes in the fair value of equity instruments measured at fair value with changes in other global result' depending on the geographical origin of the issuer: | | | | | | | | | | | | | | | | EUR million | | 2025 | | Capital gains by valuation | Capital losses by valuation | Net gains/losses by valuation | Fair Value | | Equity instruments | | | | | | Domestic | | | | | | Spain | 47 | | (1326) | | (1,279) | | 133 | | | International | | | | | | Rest of Europe | 75 | | (81) | | (6) | | 186 | | | United States | 23 | | (1) | | 22 | | 36 | | | Latin America and rest | 1,013 | | — | | 1,013 | | 1,926 | | | 1,158 | | (1,408) | | (250) | | 2,281 | | | Of which: | | | | | | Publicly listed | 1,033 | | (49) | | 985 | | 1,993 | | | Non publicly listed | 125 | | (1,359) | | (1,235) | | 288 | |
| | | | | | | | | | | | | | | | EUR million | | 2024 | | Capital gains by valuation | Capital losses by valuation | Net gains/losses by valuation | Fair Value | | Equity instruments | | | | | | Domestic | | | | | | Spain | 39 | | (1,328) | | (1,289) | | 117 | | | International | | | | | | Rest of Europe | 131 | | (71) | | 60 | | 299 | | | United States | 22 | | — | | 22 | | 24 | | | Latin America and rest | 775 | | — | | 775 | | 1,753 | | | 967 | | (1,399) | | (432) | | 2,193 | | | Of which: | | | | | | Publicly listed | 779 | | (51) | | 728 | | 1,780 | | | Non publicly listed | 188 | | (1,348) | | (1,160) | | 413 | |
| | | | | | | | | | | | | | | | EUR million | | 2023 | | Capital gains by valuation | Capital losses by valuation | Net gains/losses by valuation | Fair Value | | Equity instruments | | | | | | Domestic | | | | | | Spain | 32 | | (1,173) | | (1,141) | | 252 | | | International | | | | | | Rest of Europe | 117 | | (71) | | 46 | | 267 | | | United States | 16 | | — | | 16 | | 19 | | | Latin America and rest | 370 | | (67) | | 303 | | 1,223 | | | 535 | | (1,311) | | (776) | | 1,761 | | | Of which: | | | | | | Publicly listed | 316 | | (118) | | 198 | | 1,225 | | | Non publicly listed | 219 | | (1,193) | (974) | | 536 | |
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| Schedule of exchange differences included in other comprehensive income that may be reclassified to profit or loss |
The detail, by country is as follows: | | | | | | | | | | | | | EUR million | | 2025 | 2024 | 2023 | | Net balance at end of year | (32,818) | | (30,377) | | (28,194) | | | Of which: | | | | | Brazilian real | (19,412) | | (19,293) | | (16,340) | | | Mexican peso | (4,137) | | (3,995) | | (2,942) | | | Pound sterling | (4,125) | | (3,444) | | (3,964) | | | Chilean peso | (2,926) | | (2,857) | | (2,531) | | | Argentine peso | (2,217) | | (2,090) | | (2,655) | | | Polish zloty | (43) | | (709) | | (786) | | | US dollar | 1,047 | | 2,923 | | 1,819 | | | Other | (1,005) | | (912) | | (795) | |
The breakdown of translation differences by currency is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | EUR million | | | | | | | | | 2025 | | | | Of which: | | Currency | Balance at the beginning of the year | Balance at the end of the year | Movement | From goodwill | From resultsA | From net assets | From transfersB | | Brazilian real | (16,664) | | (16,755) | | (91) | | (13) | | (41) | | (37) | | — | | | Pound sterling | (3,300) | | (4,126) | | (826) | | (48) | | (18) | | (760) | | — | | | Mexican peso | (1,437) | | (1,222) | | 215 | | 11 | | 40 | | 164 | | — | | | Argentine peso | (2,090) | | (2,216) | | (126) | | — | | — | | (126) | | — | | | Chilean peso | (2,180) | | (2,249) | | (69) | | (12) | | 9 | | (66) | | — | | | US dollar | 4,462 | | 2,340 | | (2,122) | | (225) | | (48) | | (1,849) | | — | | | Polish zloty | (202) | | 18 | | 220 | | 1 | | — | | 4 | | 215 | | | Other | (964) | | (1,265) | | (301) | | (1) | | 6 | | (306) | | — | | | Total Group | (22,375) | | (25,475) | | (3,100) | | (287) | | (52) | | (2,976) | | 215 | |
A.Profit and loss items are translated into euros at the average exchange rate for the year as described in note 2 a) ii. B.It includes the accumulated exchange differences of Santander Polska transferred to the heading 'Other comprehensive income - Items that may be reclassified to profit or loss - Non-current assets held for sale' (see Note 12). | | | | | | | | | | | | | | | | | | | | | | EUR million | | | | | | | | 2024 | | | | Of which: | | Currency | Balance at the beginning of the year | Balance at the end of the year | Movement | From goodwill | From resultsA | From net assets | | Brazilian real | (13,287) | | (16,664) | | (3,377) | | (631) | | (206) | | (2,540) | | | Pound sterling | (4,064) | | (3,300) | | 764 | | 39 | | 22 | | 703 | | | Mexican peso | (64) | | (1,437) | | (1,373) | | (82) | | (136) | | (1,155) | | | Argentine peso | (2,658) | | (2,090) | | 568 | | — | | — | | 568 | | | Chilean peso | (1,890) | | (2,180) | | (290) | | (34) | | (7) | | (249) | | | US dollar | 3,433 | | 4,462 | | 1,029 | | 116 | | 35 | | 878 | | | Polish zloty | (325) | | (202) | | 123 | | 34 | | 5 | | 84 | | | Other | (655) | | (964) | | (309) | | (10) | | (8) | | (291) | | | Total Group | (19,510) | | (22,375) | | (2,865) | | (568) | | (295) | | (2,002) | |
A.Profit and loss items are translated into euros at the average exchange rate for the year as described in note 2 a) ii.
| | | | | | | | | | | | | | | | | | | | | | EUR million | | | | | | | | 2023 | | | | Of which: | | Currency | Balance at the beginning of the year | Balance at the end of the year | Movement | From goodwill | From resultsA | From net assets | | Brazilian real | (14,199) | | (13,287) | | 912 | | 191 | | 11 | | 710 | | | Pound sterling | (4,446) | | (4,064) | | 382 | | 20 | | 4 | | 358 | | | Mexican peso | (1,132) | | (64) | | 1,068 | | 62 | | 41 | | 965 | | | Argentine peso | (1,754) | | (2,658) | | (904) | | (4) | | — | | (900) | | | Chilean peso | (1,605) | | (1,890) | | (285) | | (32) | | (34) | | (219) | | | US dollar | 4,062 | | 3,433 | | (629) | | (64) | | (16) | | (549) | | | Polish zloty | (776) | | (325) | | 451 | | 87 | | 32 | | 332 | | | Other | (570) | | (655) | | (85) | | (11) | | (1) | | (73) | | | Total Group | (20,420) | | (19,510) | | 910 | | 249 | | 37 | | 624 | |
A.Profit and loss items are translated into euros at the average exchange rate for the year as described in note 2 a) ii.
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| Schedule of other comprehensive income, that may be reclassified to profit or loss, by type of instrument and geographical origin of the issuer |
The breakdown, by type of instrument and geographical origin of the issuer, of 'Other comprehensive income – Items that may be reclassified to profit or loss - Changes in the fair value of debt instruments measured at fair value with changes in other comprehensive income' at 31 December 2025, 2024 and 2023 is as follows: | | | | | | | | | | | | | | | | EUR million | | 31 December 2025 | | Revaluation gains | Revaluation losses | Net revaluation gains/ (losses) | Fair value | | Debt instruments | | | | | | Issued by Public-sector | | | | | | Spain | 118 | | — | | 118 | | 10,142 | | | Rest of Europe | 209 | | (36) | | 173 | | 8,856 | | | America and rest of the world | 109 | | (528) | | (419) | | 31,685 | | | Issued by Private-sector | | | | | | Spain | 29 | | (53) | | (24) | | 9,745 | | | Rest of Europe | 28 | | (15) | | 13 | | 6,445 | | | America and rest of the world | 40 | | (273) | | (233) | | 5,458 | | | 533 | | (905) | | (372) | | 72,331 | |
| | | | | | | | | | | | | | | | EUR million | | 31 December 2024 | | Revaluation gains | Revaluation losses | Net revaluation gains/ (losses) | Fair value | | Debt instruments | | | | | | Issued by Public-sector | | | | | | Spain | 103 | | — | | 103 | | 13,764 | | | Rest of Europe | 268 | | (70) | | 198 | | 15,413 | | | America and rest of the world | 76 | | (944) | | (868) | | 38,784 | | | Issued by Private-sector | | | | | | Spain | 96 | | (23) | | 73 | | 6,019 | | | Rest of Europe | 25 | | (18) | | 7 | | 7,478 | | | America and rest of the world | 16 | | (265) | | (249) | | 6,247 | | | 584 | | (1,320) | | (736) | | 87,705 | |
| | | | | | | | | | | | | | | | EUR million | | 31 December 2023 | | Revaluation gains | Revaluation losses | Net revaluation gains/ (losses) | Fair value | | Debt instruments | | | | | | Issued by Public-sector | | | | | | Spain | 17 | | — | | 17 | | 9,867 | | | Rest of Europe | 333 | | (96) | | 237 | | 18,258 | | | America and rest of the world | 194 | | (820) | | (626) | | 38,169 | | | Issued by Private-sector | | | | | | Spain | 98 | | (9) | | 89 | | 5,129 | | | Rest of Europe | 19 | | (30) | | (11) | | 5,018 | | | America and rest of the world | 6 | | (267) | | (261) | | 5,106 | | | 667 | | (1,222) | | (555) | | 81,547 | |
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