| Disclosure of fair value of financial instruments [text block] |
Fair value of financial instruments The criteria and valuation methods used to estimate the fair value of financial instruments as of June 30, 2026 do not differ significantly from those included in Note 8 to the consolidated financial statements for the year ended December 31, 2025. The techniques and unobservable inputs used for the valuation of the financial instruments classified in the fair value hierarchy as Level 3, do not significantly differ from those detailed in Note 8 of the consolidated financial statements for the year ended December 31, 2025. The effect on the consolidated income statements and on the consolidated equity, resulting from changing the main assumptions used in the valuation of Level 3 financial instruments for other reasonably possible assumptions, does not differ significantly from that detailed in Note 8 of the consolidated financial statements for the year ended December 31, 2025. 7.1 Fair value of financial instruments recognized at fair value according to valuation method The fair value of the Group's financial instruments recognized at fair value in the condensed consolidated balance sheets is presented below, broken down according to the valuation method used to determine their fair value, and their respective book value as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. June 2026 (MILLIONS OF EUROS) | | | | | | | | Notes | Book value | Fair value | | Level 1 | Level 2 | Level 3 | | ASSETS | | | | | | | Financial assets held for trading | 9 | 154,695 | 35,728 | 115,958 | 3,009 | Derivatives | | 38,807 | 1,640 | 36,393 | 773 | Equity instruments | | 12,181 | 11,938 | 56 | 187 | Debt securities | | 36,343 | 22,150 | 13,596 | 598 | Loans and advances | | 67,363 | — | 65,912 | 1,451 | | Non-trading financial assets mandatorily at fair value through profit or loss | 10 | 13,171 | 9,862 | 1,669 | 1,641 | Equity instruments | | 12,253 | 9,785 | 1,225 | 1,243 | Debt securities | | 146 | 77 | 69 | — | Loans and advances | | 772 | — | 375 | 397 | | Financial assets designated at fair value through profit or loss | 11 | 1,007 | 1,000 | 7 | — | | | | | | | Debt securities | | 1,007 | 1,000 | 7 | — | | | | | | | | Financial assets at fair value through other comprehensive income | 12 | 62,205 | 54,306 | 4,739 | 3,160 | Equity instruments | | 790 | 455 | 95 | 240 | Debt securities | | 60,669 | 53,828 | 4,385 | 2,456 | Loans and advances | | 746 | 24 | 258 | 464 | | Derivatives – Hedge accounting | 14 | 666 | — | 666 | — | | LIABILITIES | | | | | | | Financial liabilities held for trading | 9 | 119,389 | 15,195 | 102,535 | 1,659 | Trading derivatives | | 36,160 | 1,701 | 33,244 | 1,216 | Short positions | | 13,751 | 13,494 | 251 | 6 | Deposits | | 69,478 | — | 69,040 | 438 | | | | | | | | Financial liabilities designated at fair value through profit or loss | 11 | 21,450 | — | 19,171 | 2,279 | Deposits from credit institutions | | — | — | — | — | Customer deposits | | 865 | — | 865 | — | Debt certificates issued | | 6,810 | — | 4,531 | 2,279 | Other financial liabilities | | 13,774 | — | 13,774 | — | | Derivatives – Hedge accounting | 14 | 2,102 | — | 2,087 | 16 |
| | | | | | | | | | | | | | | | | | FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVEL. December 2025 (MILLIONS OF EUROS) | | | | | | | | Notes | Book value | Fair value | | Level 1 | Level 2 | Level 3 | | ASSETS | | | | | | | Financial assets held for trading | 9 | 123,185 | 30,045 | 90,885 | 2,254 | Derivatives | | 32,551 | 955 | 30,829 | 768 | Equity instruments | | 9,901 | 9,536 | 158 | 208 | Debt securities | | 30,846 | 19,555 | 10,686 | 605 | Loans and advances | | 49,887 | — | 49,213 | 673 | | Non-trading financial assets mandatorily at fair value through profit or loss | 10 | 11,272 | 3,946 | 5,732 | 1,594 | Equity instruments | | 10,539 | 3,817 | 5,341 | 1,380 | Debt securities | | 192 | 128 | 63 | — | Loans and advances to customers | | 541 | — | 328 | 213 | | Financial assets designated at fair value through profit or loss | 11 | 1,006 | 1,004 | 2 | — | | | | | | | Debt securities | | 1,006 | 1,004 | 2 | — | | | | | | | | Financial assets at fair value through other comprehensive income | 12 | 58,809 | 52,134 | 4,760 | 1,915 | Equity instruments | | 1,360 | 1,015 | 107 | 237 | Debt securities | | 57,001 | 51,095 | 4,652 | 1,255 | Loans and advances to credit institutions | | 448 | 24 | 1 | 423 | | Derivatives – Hedge accounting | 14 | 570 | — | 570 | — | | LIABILITIES | | | | | | | Financial liabilities held for trading | 9 | 91,917 | 14,129 | 76,334 | 1,454 | Trading derivatives | | 30,345 | 1,131 | 28,021 | 1,193 | Short positions | | 13,100 | 12,999 | 102 | — | Deposits | | 48,472 | — | 48,211 | 261 | | | | | | | | Financial liabilities designated at fair value through profit or loss | 11 | 18,417 | — | 16,284 | 2,133 | Deposits from credit institutions | | — | — | — | — | Customer deposits | | 897 | — | 897 | — | Debt certificates issued | | 5,997 | — | 3,864 | 2,133 | Other financial liabilities | | 11,524 | — | 11,524 | — | | Derivatives – Hedge accounting | 14 | 1,933 | — | 1,926 | 7 |
7.2 Fair value of financial instruments recognized at amortized cost according to valuation method Below is shown the fair value of the Group's financial instruments in the condensed consolidated balance sheets recognized at amortized cost, broken down according to the valuation method used to determine their fair value, and their respective book value as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. June 2026 (MILLIONS OF EUROS) | | | | | | | | | | Notes | Book value | Fair value | | Carrying amount presented as fair value ⁽¹⁾ | Level 1 | Level 2 | Level 3 | Total | | ASSETS | | | | | | | | Cash, cash balances at central banks and other demand deposits | 8 | 64,016 | 64,016 | — | — | — | 64,016 | Financial assets at amortized cost | 13 | 627,627 | 46,147 | 64,965 | 32,285 | 482,747 | 626,145 | Debt securities | | 73,703 | — | 64,965 | 6,452 | 1,745 | 73,163 | | | | | | | | | | | | | | | | | | | | | | | | | Loans and advances | | 553,924 | 46,147 | — | 25,833 | 481,002 | 552,983 | | LIABILITIES | | | | | | | | Financial liabilities at amortized cost | 21 | 725,029 | 430,953 | 48,362 | 125,359 | 121,306 | 725,981 | | | | | | | | | | | | | | | | | | | | | | | | | Deposits | | 596,535 | 408,614 | — | 68,495 | 119,175 | 596,284 | Debt certificates issued | | 106,155 | — | 48,362 | 56,864 | 2,132 | 107,358 | Other financial liabilities | | 22,339 | 22,339 | — | — | — | 22,339 |
(1) Financial instruments whose book value is presented as an approximation to their fair value, mainly short-term financial instruments.
| | | | | | | | | | | | | | | | | | | | | | | | FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVEL. December 31, 2025 (MILLIONS OF EUROS) | | | | | | | | | | Notes | Book value | Fair value | | Carrying amount presented as fair value ⁽¹⁾ | Level 1 | Level 2 | Level 3 | Total | | ASSETS | | | | | | | | Cash, cash balances at central banks and other demand deposits | 8 | 58,837 | 58,837 | — | — | — | 58,837 | | Financial assets at amortized cost | 13 | 568,893 | 40,224 | 65,255 | 25,873 | 437,577 | 568,929 | Debt securities | | 73,379 | — | 65,255 | 6,526 | 1,322 | 73,103 | | | | | | | | | | | | | | | | | | | | | | | | | Loans and advances | | 495,513 | 40,224 | — | 19,347 | 436,255 | 495,826 | | LIABILITIES | | | | | | | | | Financial liabilities at amortized cost | 21 | 658,599 | 416,378 | 42,578 | 86,123 | 115,369 | 660,447 | | | | | | | | | | | | | | | | | | | | | | | | | Deposits | | 556,498 | 396,119 | — | 49,084 | 112,053 | 557,256 | Debt certificates issued | | 81,842 | — | 42,578 | 37,039 | 3,316 | 82,932 | Other financial liabilities | | 20,258 | 20,258 | — | — | — | 20,258 |
(1) Financial instruments whose book value is presented as an approximation to their fair value, mainly short-term financial instruments.
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