v3.26.1
Equity (Tables)
6 Months Ended
Jun. 30, 2026
Equity [abstract]  
Schedule of other comprehensive income components Breakdown of other comprehensive income - Items not reclassified to profit or loss and Items that may be reclassified to profit or loss
EUR million
30-06-2026
31-12-2025
Other comprehensive income accumulated
(33,913)
(37,974)
 Items not reclassified to profit or loss
(3,160)
(4,121)
Actuarial gains or losses on defined benefit pension plans(3,895)(3,896)
Non-current assets held for sale— 56 
Share in other income and expenses recognised in investments, joint ventures and associates
Other valuation adjustments— — 
Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income744 (250)
Inefficacy 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)
253 208 
Changes in the fair value of equity instruments measured at fair value with changes
in other comprehensive income (hedging instrument)
(253)(208)
Changes in the fair value of financial liabilities measured at fair value through profit or loss
attributable to changes in credit risk
(15)(32)
  Items that may be reclassified to profit or loss
(30,753)
(33,853)
Hedge of net investments in foreign operations (effective portion)(8,181)(7,343)
Exchange differences(21,864)(25,475)
Hedging derivatives (effective portion)154 333 
Changes in the fair value of debt instruments measured at fair value with changes in other comprehensive income(577)(372)
Hedging instruments (items not designated)22 (11)
Non-current assets held for sale— (590)
Share in other income and expenses recognised in investments, joint ventures and associates(307)(395)
Schedule of changes in fair value of equity instruments that will not be reclassified
Below is a breakdown of the composition of the balance as of 30 June 2026 and 31 December 2025 under 'Other comprehensive income - Items not reclassified to profit or loss - Changes in the fair value of equity instruments measured at fair value with changes in other comprehensive income' depending on the geographical origin of the issuer:
EUR million
30-06-2026
31-12-2025
Revaluation gainsRevaluation lossesNet revaluation gains/(losses)Fair valueRevaluation gainsRevaluation lossesNet revaluation gains/(losses)Fair value
Domestic
Spain56 (383)(327)117 47 (1,326)(1,279)133 
International
Rest of Europe262 (31)231 1,669 75 (81)(6)186 
United States23 (1)22 35 23 (1.00)22 36 
America and rest of the world818 — 818 1,781 1,013 — 1,013 1,926 
1,159 (415)744 3,602 1,158 (1,408)(250)2,281 
Of which:
Listed1,022 (58)964 3,328 1,033 (49)984 1,993 
Unlisted137 (357)(220)274 125 (1,359)(1,234)288 
Schedule of other comprehensive income, that may be reclassified to profit or loss, by type of instrument and geographical origin of the issuer
Below is a breakdown of the composition of the balance as of 30 June 2026 and 31 December 2025 under Other comprehensive income - Items that may be reclassified to profit or loss - Changes in the fair value of debt instruments measured at fair value through other comprehensive income depending on the type of instrument:
EUR Million
30-06-2026
31-12-2025
Revaluation gainsRevaluation lossesNet revaluation gains/(losses)Revaluation gainsRevaluation lossesNet revaluation gains/(losses)
Loans and advances146 (121)25 169 (71)98 
Debt instruments289 (891)(602)364 (834)(470)
The detail of Debt instruments depending on the geographical origin of the issuer is as follows:
EUR million
30-06-2026
31-12-2025
Revaluation gains
Revaluation losses
Net revaluation gains/(losses)
Fair value
Revaluation gains
Revaluation losses
Net revaluation gains/(losses)
Fair value
Issued by public Public-sector
      Spain90 — 90 11,447 118 — 118 10,142 
      Rest of Europe 47 (42)5,484 61 (36)25 6,469 
      America and rest of the world 105 (645)(540)33,044 109 (528)(419)31,685 
Issued by Private-sector
Spain(5)279 (6)376 
Rest of Europe27 (5)22 4,045 28 (15)13 4,672 
America and rest of the world12 (194)(182)4,671 40 (249)(209)4,961 
289 (891)(602)58,970 364 (834)(470)58,305